SOMFY - Annual financial report 2018

07 CONSOLIDATED FINANCIAL STATEMENTS

€ thousands

Gross obligation

Plan assets

Net obligation

Balance sheet position

AT 31 DECEMBER 2016 Net expense for the period:

20,390

-15,551

4,839

4,839

644

1,079 1,079

-435

644

current service cost and financial cost –

–

1,079

1,079

return on plan assets – employee contributions –

– – –

-435

-435

-435

–

–

–

-1,045

Contributions paid

-1,045

-1,045

-353 -250 -178

Benefits paid

-353

–

-353 -250 -178

Actuarial gains & losses

-2

-248

Changes in foreign exchange rates Changes in consolidation scope

-2,122

1,944

–

–

–

–

AT 31 DECEMBER 2017

18,992

-15,335

3,657

3,657

LONG SERVICE AND JUBILEE AWARDS

31/12/17

Cost Benefits paid

Changes in consolidation scope & exchange rates

31/12/18

€ thousands

2,419

Actuarial liabilities

2,282

198

-52

-9

31/12/16

Cost Benefits paid

Changes in consolidation scope & exchange rates

31/12/17

€ thousands

2,282

Actuarial liabilities

2,172

173

-47

-16

TFR – TRATTAMENTO DI FINE RAPPORTO (ITALIAN SEVERANCE PAY PROVISION)

31/12/17

Cost

Benefits paid

Changes in consolidation scope

31/12/18

€ thousands

2,087

Liabilities

2,149

1,178

-1,240

–

31/12/16

Cost

Benefits paid

Changes in consolidation scope

31/12/17

€ thousands

2,149

Liabilities

2,261

1,122

-1,233

-1

Defined benefit plans had a negative impact of €1.8 million on net profit in 2018.

The main actuarial assumptions used are as follows: At 31 December

2018

2017

Discount rate France

1.5% 1.5% 4.0%

1.5% 1.5% 4.0%

Germany

United States

Other

1.0-5.0%

1.0-4.5%

Future salary increases France

2.0-2.1%

2.1-2.3%

Germany

2.0% 2.0%

2.0% 2.0%

United States

Other

1.5-4.0%

1.0-3.5%

The sensitivity of the gross retirement benefit commitment based on a variation of +0.5%/-0.5% in discount rate is -6.68%/+7.37%, respectively.

113

SOMFY – ANNUAL FINANCIAL REPORT 2018