2013 Registration document and annual financial report - page 297

Registration Document 2013
295
FINANCIAL STATEMENTS
Parent Company Financial Statements and Notes
5
(3) Pension benefit obligations and underlying actuarial assumptions.
Dec. 31, 2012
Dec. 31, 2013
Discount rate
3.0%
3.0%
Mortality tables
TG05 Générationnelle INSEE
TG05 Générationnelle INSEE
Rate of future salary increases*
3%
3%
Retirement age
65 years
65 years
Voluntary or compulsory retirement
Voluntary
Voluntary
Staff turnover rate
Rate progressively decreasing in line with age:
ƒƒ
ranging between 7.1% and 0%
for non-managerial employees
and 0% as from 44 years of age
ƒƒ
between 5.2% and 0% for managerial
employees and 0% as from 55 years of age
Rate progressively decreasing in line with age:
ƒƒ
ranging between 7.1% and 0%
for non-managerial employees
and 0% as from 44 years of age
ƒƒ
between 5.2% and 0% for managerial
employees and 0% as from 55 years of age
Payroll tax rate
46%
46%
* This rate has been set at 4% for defined benefit plans.
31 Dec. 31, 2012
31 Dec. 31, 2013
Provisions for pensions and other post-employment benefit obligations at Jan. 1*
24
41
Service cost
3
5
Interest expense
2
1
Actuarial (gains)/losses
14
(1)
Curtailments and settlements
-
(15)
Benefits/contributions paid
(1)
-
Other movements
(1)
(1)
PROVISIONS FOR PENSIONS AND OTHER POST-EMPLOYMENT
BENEFIT OBLIGATIONS AT DEC. 31
41
32
* In view of the revised version of IAS 19 and the recommendation issued by the French National Accounting Board (ANC), the 2012 opening balance sheet has been
restated, which led to a €6 million decrease in the provision due to the reclassification of unrecognized past service cost to equity (see note 7
(2)
).
(4) These provisions mainly concern impairment in value of shares in subsidiaries and affiliates, with the 2013 year-end balance primarily corresponding to write-downs for
ALNA (€881 million), CIWLT (€769 million), IBL (€652 million), SHNM (€76 million), Accor Participation Italy (€97 million), Belle Rivière Hôtel (€35 million), Accor Hoteles
España (€30 million), SPFH (€29 million), LaThermale de France (€29 million), HOLPA (€28 million), and SIH Mexico (€22 million).
Movements in 2013 in provisions for impairment in value of shares
in subsidiaries and affiliates broke down as €95 million in additions
and €227 million in reversals. Additions included €19 million for
La Thermale de France, €14 million for Accor Participation Italy,
and €8 million for Accor Hospitality Argentina. Reversals included
€19 million for Accor Hospitality Germany, €14 million for Risma,
€12 million for SH du Montparnasse, €11 million for Accor Afrique
and €116 million for a provision cancellation following the full asset
transfer to Accor of its subsidiary SIET.
NOTE
8 MARKETABLE SECURITIES PORTFOLIO
(in millions of euros)
Dec. 31, 2012
Gross value
Dec. 31, 2013
Gross value
Certificates of deposit
-
-
Retail certificates of deposit
-
-
Mutual fund units
-
30
Term deposits
1,354
1,160
TOTAL
1,354
1,190
No provisions for impairment in value were set aside in 2013 for marketable securities as their fair value exceeded or was equal to their
carrying amount.
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