6 - Vicat
6 - Vicat
6 - Vicat
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
Financial information on the assets and liabilities,financial position and income statements of the issuer20.2. Historical financial information20Principal actuarial assumptionsDiscount rateFranceEurope(excludingFrance)United StatesTurkey,Kazakhstanand IndiaWest Africaand theMiddle East2010 4.5 % 2.4 % to 4.5 % 5.25 % 8.0 to 11.0 % 5.0 % to 11.0 %2009 5.3 % 3.3 % to 5.3 % 6.0 % 12.0 % 5.0 % to 9.0 %Rate of return onfinancial assets2010 4.0 % 3.6 % 8.5 % 5.0 %2009 4.0 % 4.4 % 8.5 %Wage inflation2010 2.5 % to 4.0 % 1.5 % to 3.0 % 1.0 % to 2.5 % 4.8 to 7.5 % 3.5 % to 8.0 %2009 2.5 % to 4.0 % 1.5 % to 3.0 % 0.0 % to 3.0 % 5.5 % 4.0 % to 8.0 %Rate of increasein medical costs2010 4.5 % to 7.0 %2009 4.5 % to 7.0 %The weight of the various asset categories in the portfolio of plan assets at December 31, 2010 is analyzed as follows :(In %) December 31, 2010Stocks 26,6Bonds 32,3Real estate 19,1Money market 6,1Other 15,9Total 100,0The sensitivity of the defined benefit obligation atDecember 31, 2010 corresponding to a variationof ± 25 basis points in the discount rate is € 8.8 and(11.6) million respectively.In addition, the sensitivity of the value of hedgingassets at December 31, 2010 corresponding to avariation of ± 100 basis points in the rate of return offinancial assets is € 3.1 and (2.7) million respectively.The estimated rate of change in medical costsused in calculating commitments related to postemploymentbenefits has a direct impact on thevaluation of some of these commitments. The effectof a one-percentage-point variation in this rate ofchange in medical costs would be as follows :(In thousands of euros) 1 % increase 1 % decreaseIncrease (decrease) in the present valueof the liabilities at December 31, 2010 4,844 (3,963)Increase (decrease) in the service cost andin the financial cost 479 (376)2010 registration document VICAT 149