2013 Registration document and annual financial report - page 261

Registration Document 2013
259
Financial Statemements
5
Consolidated Financial Statements And Notes
2012
France
Europe excluding France
Worldwide
Structures
Other
countries
Netherlands Germany Belgium Poland Switzerland Italy
Rate of future salary
increases
3.0% 3.0% 1.5% 3.0% 3.0% 1.5% 2.0% 3%-4% 2%-10%
Discount rate
3.0% 3.0% 3.0% 3.0% 4.5% 1.8% 3.0% 3.0% 4%-8.7%
2013
France
Europe excluding France
Worldwide
Structures
Other
countries
Netherlands Germany Belgium Poland Switzerland Italy
Rate of future salary
increases
3.0% 3.0% 1.5% 3.0% 3.0% 1.0% N/A
4.0% 2%-10%
Discount rate
3.0% 3.0% 3.0% 3.0% 4.5% 2.0% 3.0% 3.0% 4%-8.7%
Weighted average
duration of the
obligation
14
19
13.2
11.85
12.5
10
14
The assumptions concerning the discount rate applied to calculate
the present value of benefit obligations were determined based
on the recommendations of independent experts. For subsidiaries
located in the euro zone, the discount rate is determined based
on the iBoxx Corporate AA 10+ euro zone index. For subsidiaries
outside the euro zone, the discount rate is based on an analysis
of investment grade corporate bond yields in each region. The
calculation method is designed to obtain a discount rate that is
appropriate in light of the timing of cash flows under the plan.
The Accor Group’s pension obligations are funded under insured
plans or by external funds. Plan assets therefore consist mainly of
the classes of assets held in insurers’ general portfolios managed
according to conservative investment strategies. Since January 1,
2013, in line with IAS 19 (revised), the expected long-term return
on plan assets had been matched to the discount rate (see note 1
page 189).
C. Funded status of post-employment defined benefit plans and long-term employee benefits
The method used by the Group is the “Projected Unit Credit” method.
At December 31, 2013
(in millions of euros)
Pensions
Other post-employment
benefits*
Total
Present value of funded obligation
143
-
143
Fair value of plan assets
(102)
-
(102)
EXCESS OF BENEFIT OBLIGATION/(PLAN ASSETS)
41
-
41
Present value of unfunded obligation
-
63
63
LIABILITY RECOGNIZED INTHE BALANCE SHEET
41
63
104
* Including length-of-service awards and loyalty bonus.
At December 31, 2012
(in millions of euros)
Pensions
Other post-employment
benefits*
Total
Present value of funded obligation
151
-
151
Fair value of plan assets
(101)
-
(101)
EXCESS OF BENEFIT OBLIGATION/(PLAN ASSETS)
50
-
50
Present value of unfunded obligation
-
65
65
LIABILITY RECOGNIZED INTHE BALANCE SHEET**
50
65
115
* Including length-of-service awards and loyalty bonus
** Adoption of the amendment to IAS 19 “Employee Benefits” from January 1, 2013 with retrospective application to the period presented led to the immediate recognition
in the opening statement of financial position at January 1, 2012 of all unrecognized past service costs.The effect of this change of method was a €9 million reduction in
provisions for pensions at December 31, 2012 (see note 1 page 189).
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