PERNOD RICARD - 2018-2019 Universal registration document

6.

CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements

Actuarial value of cumulative benefit obligations

Recognised in liabilities and shareholders’ equity

Fair value of plan assets

Limitation of plan assets

Amount recognised in assets

At 30.06.2019

€ million

% € million

% € million

% € million

% € million

%

United Kingdom

3,936

77% 4,914

87%

0 0

0%

93

17% (1,071)

99%

United States

372 287 254 144 119

7% 6% 5% 3% 2%

223 263 176

4% 5% 3% 0%

0% 149

27%

0

0%

Canada Ireland France

(9)

100%

44 78 132 64

8%

(11)

1%

0 0 0

0% 0% 0%

14% 24% 12%

0 0

0% 0% 0%

13

Other countries

56

1%

(1)

TOTAL

5,113 100% 5,645

100% (9)

100% 559 100% (1,083)

100%

The breakdown of pension assets between the different asset classes (bonds, shares, etc.) is as follows:

30.06.2019

30.06.2018

Medical expenses and other employee benefits

Medical expenses and other employee benefits

Pension benefits

Breakdown of pension assets

Pension benefits

Shares Bonds

18% 35% 0%

Not applicable Not applicable Not applicable Not applicable Not applicable

11% 43%

Not applicable Not applicable Not applicable Not applicable Not applicable

Other money market funds

1% 3%

Property assets

6%

Other items

40%

42%

TOTAL

100% NOT APPLICABLE

100% NOT APPLICABLE

Contributions payable by the Group in FY20 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:

Pension commitments

Medical expenses and other employee benefits

Benefits payable in the next 10 years € million

2020 2021 2022 2023 2024

261 266 271 279 286

8 8 7 8 8

2025-2029

1,561

39

At 30 June 2018 and 30 June 2019, the main assumptions used for the measurement of pension obligations and other long-term employee benefits were as follows:

30.06.2019

30.06.2018

Medical expenses and other employee benefits

Medical expenses and other employee benefits

Pension benefits

Pension benefits

Actuarial assumptions in respect of commitments

Discount rate

2.78%

3.40%

2.35%

2.98%

Average rate of increase in annuities

3.29% Not applicable

3.26% Not applicable

Average salary increase

2.60%

3.16%

2.63%

3.05%

Expected increase in medical expenses Initial rate —

Not applicable Not applicable

6.22% Not applicable 4.61% Not applicable

6.06% 4.69%

Final rate —

184

2018-2019

PERNOD RICARD UNIVERSAL REGISTRATIONDOCUMENT