PERNOD-RICARD_REGISTRATION_DOCUMENT_2017-2018
5
CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Actuarial value of cumulative benefit obligations
Fair value of plan assets
Limitation of plan assets
Recognised in liabilities and shareholders’ equity
Amount recognised in assets
At 30.06.2018
€ million
% € million
% € million
% € million
% € million
%
United Kingdom
4,122
79% 4,771
87%
0 0
0% 0% 0% 0% 0% 0% 0%
88
17% (737)
98%
United States
356 268 239 139 116
7% 5% 5% 3% 2%
212 255 167
4% 5% 3% 0% 1%
144
27%
0
0% 2% 0% 0% 0%
Canada Ireland France
(11)
39 72
7%
(15)
0 0 0
14% 23% 11%
0 0
15 58
123
Other countries
60
(1)
TOTAL
5,240
100% 5,478
100% (11)
526
100% (754)
100%
The breakdown of pension assets between the different asset classes (bonds, shares, etc.) is as follows:
30.06.2018
30.06.2017
Medical expenses and other employee benefits
Medical expenses and other employee benefits
Pension benefits
Breakdown of plan assets
Pension benefits
Shares Bonds
18% Not applicable 36% Not applicable 0% Not applicable 7% Not applicable 39% Not applicable 100% NOT APPLICABLE
18% Not applicable 35% Not applicable 0% Not applicable 6% Not applicable 40% Not applicable 100% NOT APPLICABLE
Other money market funds
Property assets
Other items
TOTAL
Contributions payable by the Group in FY19 in respect of funded benefits are estimated at €52 million. Benefits payable in respect of defined benefit plans over the next 10 years are broken down as follows:
Medical expenses and other employee benefits
Benefits payable in the next 10 years € million
Pension benefits
2019 2020 2021 2022 2023
259 266 272 285 286
8 8 8 8 8
2024-2028
1,571
41
On 30 June 2017 and 30 June 2018, the main assumptions used for the measurement of pension obligations and other long-term employee benefits were as follows:
30.06.2018
30.06.2017
Medical expenses and other employee benefits
Medical expenses and other employee benefits
Pension benefits
Actuarial assumptions in respect of commitments
Pension benefits
Discount rate
2.62%
3.50%
2.78%
3.40%
Average rate of increase in annuities
3.34% Not applicable
3.29% Not applicable
Average salary increase
2.81%
3.39%
2.60%
3.16%
Expected increase in medical expenses Initial rate ●
Not applicable Not applicable
6.65% Not applicable 4.75% Not applicable
6.22% 4.61%
Final rate ●
177
PERNOD RICARD REGISTRATION DOCUMENT 2017/2018
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