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20.2 Notes to the consolidated financial statements for the year ended December 31, 2016
FINANCIAL INFORMATION CONCERNING ASSETS,
FINANCIAL POSITION AND FINANCIAL PERFORMANCE
20
NOTE 22.
MINORITY INTERESTS
The largest minority interests were as follows:
(in millions of euros)
December 31, 2016
December 31, 2015
Katco
109
126
SET and SET Holding
82
184
Somaïr
68
65
Imouraren (*)
(285)
(129)
AREVA TA
18
11
Sofidif
18
18
Other
(20)
(41)
TOTAL
(10)
235
(*) Imouraren is held by ANC Expansion, itself held by CFMM (see note 36).
The percentages of the principal minority interests are mentioned in note 36.
AREVA believes it has an implicit obligation to ensure continuity of operation
of Eurodif and its subsidiaries; consequently, AREVA recognizes all of these
companies’ losses and negative net equity in “net income attributable to owners
of the part” and in “equity attributable to owners of the parent”.
NOTE 23.
EMPLOYEE BENEFITS
Depending on the prevailing laws and practices of each country, the group’s
companies make severance payments to their retiring employees based on their
compensation and seniority. Long-service medals and early retirement pensions
are paid in France and in Germany, while supplemental pensions contractually
guarantee a given level of income to certain employees. Some of the group’s
companies also grant other post-retirement benefits, such as the reimbursement
of medical expenses.
These defined benefit plans are recognized in accordance with the accounting
method defined in note 1.3.15.
The group calls on independent actuaries for a valuation of its commitments each
year.
In some companies, these commitments are covered in whole or in part by contracts
with insurance companies or pension funds. In such cases, the obligations and the
covering assets are valued independently. The difference between the commitment
and the fair value of the covering assets is either a funding surplus or a deficit. A
provision is recognized in the event of a deficit, and an asset is recognized in the
event of a surplus, subject to specific conditions.
Change in the discount rate and other financial assumptions
at December 31, 2016
The group’s discount rate for the Eurozone was set at 1.50%, compared with 2.15%
at year-end 2015. The long-term inflation assumption for the Eurozone was set at
1.5%.
The group’s key benefits
The “CAFC plan” set up in 2012 is an early retirement plan consisting of a working
time account with matching contributions from the employer for personnel who
work at night or in certain jobs identified in the agreement. The system is partially
covered by an insurance policy. The population of eligible beneficiaries is open.
The group’s second most material early retirement system (called “TB6”) is also
located in France. The beneficiaries are employees who work at night or in certain
types of jobs identified in the agreement.
Medical coverage partially funded by the employer during the retirement period
is currently in effect in some companies in France. The population of eligible
beneficiaries is open.
2016 AREVA
REFERENCE DOCUMENT
229