SOMFY_ANNUAL_FINANCIAL_REPORT_2017

07 CONSOLIDATED FINANCIAL STATEMENTS

Gross obligation

Plan assets Net obligation Balance sheet position

€ thousands

At 31 December 2015

19,910

–15,258

4,652

4,652

882

Net expense for the period:

1,299 1,299

–417

882

Current service cost and financial cost –

–

1,299 –417

1,299 –417

Return on plan assets – Employee contributions –

– – –

–417

–

–

–

–28

Contributions paid

–28 258 378

–28

–234

Benefits paid

–492 –220

–234

158

Actuarial gains and losses

158

43

Changes in foreign exchange rates Changes in consolidation scope

527

–484

43

–634 4,839

–634

–

–634 4,839

AT 31 DECEMBER 2016

20,390

–15,551

LONG SERVICE AND JUBILEE AWARDS

31/12/16

Cost

Benefits paid

Changes in consolidation scope and foreign exchange rates

31/12/17

€ thousands

2,282

Actuarial liabilities

2,172

173

–47

–16

31/12/15

Cost

Benefits paid

Changes in consolidation scope and foreign exchange rates

31/12/16

€ thousands

2,172

Actuarial liabilities

2,082

122

–48

16

TFR – TRATTAMENTO DI FINE RAPPORTO (ITALIAN SEVERANCE PAY PROVISION)

31/12/16

Cost

Benefits paid

Changes in consolidation scope

31/12/17

€ thousands

2,149

Liabilities

2,261

1,122

–1,233

–1

31/12/15

Cost

Benefits paid

Changes in consolidation scope

31/12/16

€ thousands

2,261

Liabilities

2,085

971

–785

–10

Defined benefit plans on the income statement had a positive impact of €0.5 million on net profit in 2017. The main actuarial assumptions used are as follows: At 31 December 2017

2016

Discount rate France

1.5% 1.5% 4.0%

1.5% 1.5% 4.0%

Germany

United States

Other

1.0–4.5%

1.0–4.0%

Future salary increases France

2.1–2.3%

2.0–2.3%

Germany

0.0% 2.0%

0.0% 2.0%

United States

Other 1.0–10.0% The sensitivity of the gross retirement benefit commitment based on a variation of +0.5%/–0.5% in discount rate is –6.40%/+7.05%, respectively. 1.0–3.5%

105

SOMFY – ANNUAL FINANCIAL REPORT 2017