NATIXIS - 2018 Registration document and annual financial report
FINANCIAL DATA Consolidated financial statements and notes
31/12/2018
31/12/2017
Post-employment defined-benefit plans
Other long-term employee benefits
Post-employment defined-benefit plans
Other long-term employee benefits
Supple- mentary pension benefits and other
Supplemen- tary pension benefits and other
Long- service awards
End-of- career awards
End-of-career awards
Long-service awards
Other benefits
Other benefits
Discount rate Inflation rate
2.88% 1.01% 1.16% 2.95% 2.40% 0.81% 0.92% 2.25% 2.44% 1.71% 1.70% 1.53% 2.41% 1.69% 1.69% 1.55%
Rate of increase in salaries (incl. Inflation)
2.94% 2.27% 2.27% 3.20% 2.85% 2.25% 2.25% 3.08%
Rate of increase in healthcare costs (incl. Inflation)
4.45%
4.43%
Duration (in years)
15
9
9
11
17
10
10
12
The discount rate is determined based on the yields of AA-rated corporate bonds of the same duration. This benchmark is obtained from the Bloomberg “EUR Composite (AA) Zero Coupon Yield” yield curve. For end-of-career awards and long-service awards, employee turnover is calculated by age bracket and grade based on a
three-year average. A rate of 0% is used for employees aged 60 and over. Wage growth including inflation is determined using the average rate of real compensation growth over the past six years. This wage growth is capped at the maximum nominal rate of increase seen over the same period.
5
h) Analysis of sensitivity to key assumptions
31/12/2018
31/12/2017
Post-employment defined-benefit plans
Other long-term employee benefits
Post-employment defined-benefit plans
Other long-term employee benefits
Supple- mentary pension benefits and other
Supplemen- tary pension benefits and other
Long- service awards
End-of- career awards
End-of-career awards
Long-service awards
Other benefits
Other benefits
(in percentage)
+1% change in discount rate -1% change in discount rate +1% change in rate of increase in healthcare costs -1% change in rate of increase in healthcare costs +1% change in rate of increase in salaries and income (incl. inflation) -1% change in rate of increase in salaries and income (incl. inflation)
(10.94)% (5.78)% (4.13)% (1.73)% (12.18)% (5.83)% (4.97)% (2.80)% 15.09% 6.57% 5.36% 3.50% 15.09% 6.57% 5.36% 3.50%
1.50%
1.50%
(1.09)%
(1.24)%
12.19% 12.29% 8.23%
12.19% 12.29% 8.23%
(9.38)% (9.93)% (6.79)%
(9.57)% (10.49)% (6.96)%
i) Schedule of non-discounted payments
31/12/2018
31/12/2017
Post-employment defined-benefit plans
Post-employment defined-benefit plans
Supplementary pension benefits and other
Supplementary pension benefits and other
(in millions of euros)
End-of-career awards
End-of-career awards
n+1 to n+5 n+6 to n+10 n+11 to n+15 n+16 to n+20
125 112 102 106 415
65 85 79 99
145 127 111 112 402
61 89 90
111 210
> n+20
172
TOTAL
860
500
898
562
371
Natixis Registration Document 2018
Made with FlippingBook HTML5