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FINANCIAL STATEMENTS
6
CONSOLIDATED FINANCIAL STATEMENTS
Present value of the post-employment benefit obligation
In millions of euros
2015
2014
Present value of the post-employment benefit obligation at beginning of year
25.8
18.8
Service cost
2.2
2.0
Interest expense
0.4
0.3
Remeasurement of the defined benefit liability recognised in equity
(3.6)
5.8
Currency translation differences
0.2
–
Effect of changes in scope of consolidation
1.5
–
Benefits paid
(1.6)
(1.1)
PRESENT VALUE OF THE POST-EMPLOYMENT BENEFIT OBLIGATION AT YEAR-END
24.9
25.8
Plan assets
In millions of euros
2015
2014
Fair value of plan assets at beginning of year
1.5
1.6
Benefits paid
(0.1)
(0.1)
FAIR VALUE OF PLAN ASSETS AT YEAR-END
1.4
1.5
Plan assets are mainly split between two funds representing €0.8 million and €0.6 million respectively.
Actuarial assumptions
2015
2014
France
Discount rate
2.5%
1.3%
Projected rate of salary increases
2.5%
2.5%
Defined contribution plans
2015
2014
Amount expensed for defined contribution plans
22.3
21.4
Sensitivity analysis
The liability recognised for statutory retirement bonuses payable in accordance with the Syntec collective bargaining agreement is calculated
based on actuarial assumptions related to the following: mortality rate, staff turnover, future salaries, discount rate and expected return on plan
assets. Changes in these assumptions can impact the liability to a greater or lesser extent.
The Group has chosen to present a sensitivity analysis for the discount rate applicable for France, since any change in this assumption could
significantly affect the related liability:
1% decrease
0.5% decrease
0.5% increase
1% increase
Impact on equity (in millions of euros)
2.3
1.2
(1.3)
(2.7)
Impact on equity (%)
0.5%
0.3%
(0.3)%
(0.6)%
Impact on net post-employment benefit obligation (%)
(9.8)%
(5.1)%
5.5%
11.5%
ASSYSTEM
FINANCIAL REPORT
2015
110