2014 Registration Document and Annual Financial Report - page 281

5
Financial Statemements
Parent Company Financial Statements and Notes
(3) Pension benefit obligations and underlying actuarial assumptions.
2013
2014
Discount rate
3.0%
2.0%
Mortality tables
TG05 Générationnelle INSEE
TG05 Générationnelle INSEE
Rate of future salary increases*
3.00%
3.00%
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
46,00%
46,00%
* This rate has been set at 4% for defined benefit plans.
2013
2014
Provisions for pensions and other post-employment benefit obligations at Jan. 1
41
32
Service cost
5
3
Interest expense
1
1
Actuarial (gains)/losses
(1)
4
Curtailments and settlements
(15)
(2)
Other movements
(1)
-
PROVISIONS FOR PENSIONS AND OTHER POST-EMPLOYMENT BENEFIT OBLIGATIONS AT DEC. 31
32
38
(4) These provisions mainly concern impairment in value of shares in subsidiaries and affiliates, with the 2014 year-end balance primarily corresponding to write-downs
of ALNA (€881 million), CIWLT (€769 million), IBL (€652 million), Accor Participation Italie (€131 million), SHNM (€76 million), Belle Rivière Hôtel (€44 million), Accor
Hoteles Espagna (€41 million), SPFH (€24 million), LaThermale de France (€29 million), HOLPA (€25 million), Sofitel Luxury Hotels France (€27 million) and SIH Mexico
(€22 million).
Movements in these provisions in 2014 broke down as €75 million in additions and €74 million in reversals. Additions included €34 million for Accor Participation Italie,
€11 million for Accor Hospitality Espagna, €8 million for Sofitel Luxury Hotels France and €3 million for Accor Hospitality Argentina. Reversals included €10 million for
CEPIH, €6 million for SAHT, €6 million for Accor Afrique and €3 million for Holpa.
NOTE 8
MARKETABLE SECURITIES PORTFOLIO
(inmillions of euros)
Dec. 31, 2013
Gross value
Dec. 31, 2014
Gross value
Mutual fund units
30
30
Money market funds
-
800
Term deposits
1,160
691
TOTAL
1,190
1,521
No provisions for impairment in value were set aside in 2014 for marketable securities as their fair value exceeded or was equal to their
carrying amount.
Registration Document 2014
279
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