Note 12: Non-Current Provisions
| December 31, | ||||||||||||
| 2015 | 2016 | 2017 | ||||||||||
| (thousands of euros) | ||||||||||||
|
Pension retirement obligations |
490 | 853 | 1,260 | |||||||||
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|
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|
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Total |
490 | 853 | 1,260 | |||||||||
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|
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Commitments for Compensation Payable to Employees Upon Their Retirement
| thousands of Euros |
||||
|
As of January 1, 2015 |
(531 | ) | ||
|
Costs of services rendered (operating expense) |
(116 | ) | ||
|
Interest expense (finance expense) |
(9 | ) | ||
|
Benefit paid |
||||
|
Actuarial gains |
166 | |||
|
|
|
|||
|
As of December 31, 2015 |
(490 | ) | ||
|
|
|
|||
|
Costs of services rendered (operating expense) |
(104 | ) | ||
|
Interest expense (finance expense) |
(10 | ) | ||
|
Benefit paid |
— | |||
|
Actuarial losses |
(249 | ) | ||
|
|
|
|||
|
As of December 31, 2016 |
(853 | ) | ||
|
|
|
|||
|
Costs of services rendered (operating expense) |
(219 | ) | ||
|
Interest expense (finance expense) |
(11 | ) | ||
|
Benefit paid |
— | |||
|
Actuarial losses |
(177 | ) | ||
|
|
|
|||
|
As of December 31, 2017 |
(1,260 | ) | ||
|
|
|
|||
As part of the estimation of the retirement commitments, the following assumptions were used for all categories of employees:
| December 31, | ||||||||||||
| 2015 | 2016 | 2017 | ||||||||||
|
% social security contributions |
50.0 | % | 50.0 | % | 50.0 | % | ||||||
|
Salary increases |
2.0 | % | 2.0 | % | 2.0 | % | ||||||
|
Discount rate |
2.08 | % | 1.31 | % | 1.30 | % | ||||||
Assumptions for the years ended December 31, 2015 and 2016:
| • | Retirement age: 65 years old; |
| • | Terms of retirement: voluntary retirement; |
| • | Life table: INSEE 2010; |
| • | Collective agreement: Convention Collective Nationale de l’Industrie Pharmaceutique (National Collective Agreement in the Pharmaceutical Industry); |
| • | Turn-over of the personnel declining with age. |
Assumptions for the years ended December 31, 2017:
| • | Retirement age: 65 years old; |
| • | Terms of retirement: voluntary retirement; |
| • | Life table: TGH05-TGF05; |
| • | Collective agreement: Convention Collective Nationale de l’Industrie Pharmaceutique (National Collective Agreement in the Pharmaceutical Industry); |
| • | Turn-over of the personnel declining with age. |
The discount rates come from the corporate AA zero coupon yield curve.
No employee has retired during the last three fiscal years presented.