DERICHEBOURG - Universal registration document 2018-2019
4
Financial statements Consolidated financial statements for the year ended September 30, 2019, in compliance with IFRS Notes
Provisions for commitments to employees 4.13.2 In France, Group employees benefit from State pension plans and from retirement benefits paid by the employer in accordance with the collective agreements in force at each subsidiary. In other countries, the plans depend on local legislation, the type of business and the past practices of the subsidiary concerned. The projected costs and obligations recognized in the consolidated financial statements have been determined based on the following actuarial assumptions:
Actuarial assumptions for Business Services
Euro zone 2018-2019
Euro zone 2017-2018
Discount rate
0.50% 2.00% 2.00%
1.50% 2.00% 2.00%
Rate of inflation
Long-term forecast salary growth rate
Expected return on assets shares p fixed assets p liquidity p bonds p hedge funds p Mortality
Tables by generation TGM/TGF 05 Internal to the Company, applied to each employee Voluntary departure at 62 years of age for non-executives Voluntary departure at 62 years of age for executives
Tables by generation TGM/TGF 05 Internal to the Company, applied to each employee Voluntary departure at 62 years of age for non-executives Voluntary departure at 62 years of age for executives
Rate of turnover
Retirement age
Actuarial assumptions for Environmental Services and Holding companies
Euro zone 2018-2019
Euro zone 2017-2018
Discount rate
0.50% to 0.70%
1.50% to 1.95%
Long-term forecast salary growth rate
0% to 2%
0% to 2%
Expected return on assets Mortality
Tables by generation TGM/TGF 05 INSEE tables adapted to the Group’s turnover Voluntary departure at 62 years of age for non-executives Voluntary departure at 62 years of age for executives
Tables by generation TGM/TGF 05 INSEE tables adapted to the Group’s turnover Voluntary departure at 62 years of age for non-executives Voluntary departure at 62 years of age for executives
Rate of turnover
Retirement age
For Environmental Services and Business Services in France, the discount rate used in this measurement is 0.50%. IAS 19 specifies that the discount rate must be equal to the yield paid on high-quality corporate bonds having the same maturity as the commitment.
In the euro zone, the yield on high-quality corporate bonds (AA) at the measurement date was 0.48% according to the IBOXX benchmark The discount rate actually used in this valuation complies with IAS 19.
Reversals used
Write backs not used
Changes in scope
Impact of IFRS 5
Comprehensive income
09-30-18 Provisions
09-30-19
In millions of euros
Employee benefits
42.6
4.3
(3.9)
(0.1)
(0.1)
6.8
49.6
DERICHEBOURG p 2018/2019 Universal Registration Document 154
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