2014 Registration Document and Annual Financial Report - page 246

Financial Statemements
Consolidated Financial Statements and Notes
5
B. Actuarial assumptions
Actuarial valuations are based on a certain number of long-term parameters supplied by the Group, which are reviewed each year.
2014
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% 3.0% 2%-10%
Discount rate
2.0% 2.0% 2.0% 2.0% 3.3% 1.5% 2.0% 2.0% 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%
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. In all other cases,
the discount rate is based on government bond rates.
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 2).
Registration Document 2014
244
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