Vilmorin & Cie - Annual report 2017-2018

Financial INFORMATION 5 ANNUAL REPORT Vilmorin & Cie 188 2017-2018 Americas As a % 2018 2017 Average duration of the plan years 12.70 13.20 Adjustment rate % 4.10 3.85 Salaries progression rate 3.00 3.00 Inflation rate Not available Not available Middle East and Asia As a % 2018 2017 Average duration of the plan years 9.70 9.40 Adjustment rate % 2.47 2.64 Salaries progression rate 2.62 2.50 Inflation rate 1.60 1.49 The rates presented above are average rates weighted by the commitment at the date when the accounts were closed. The adjustment rates in the United Kingdom, the United Stated and in the euro zone are determined using bond yield curves, built up on the basis of a high-quality basket of corporate bonds (rated AA) whose maturity correspond to the weighted average duration (by commitment) of the plans being assessed. The inflation rates used correspond to the long-term objectives of the central banks in the above-mentioned monetary zones. Assessment of the group’s commitments is subject to the volatility of adjustment rates. A 25 percentage-point increase in the adjustment rate cuts the value of the commitment by 3.41%, which is 7.3 million euros. A 25 percentage-point drop in the adjustment rate increases the value of the commitment by 3.66%, which is 7.8 million euros. 4- Nature of the assets of the plans The assets for the plans are invested in the following: In millions of euros 06.30.18 06.30.17 Listed assets 157.2 154.5 Shares 80.7 80.6 Government bonds 1.8 15.9 Corporate bonds 19.0 36.8 Other bonds 33.1 - Cash and cash equivalents 4.2 2.1 Other listed securities 0.5 0.6 Real estate 2.4 2.4 Insurance contracts 15.5 16.1 Unlisted assets 2.4 2.5 Real estate - - Insurance contracts 2.4 2.5 Total 159.6 157.0 The assets for the plans do not include land or premises occupied by the group’s companies or other assets used or issued by the group. 5- Projected cash flows In millions of euros 06.30.18 06.30.17 Estimate of the benefits to be paid out < 1 year 7.3 7.4 From 2 to 5 years 38.0 37.8 From 6 to 10 years 44.3 44.9 Employer contributions planned for N+1 3.3 3.0 5.1. Consolidated Financial Statements