MONCLER ANNUAL REPORT AT 31 DECEMBER 2020CONSOLIDATED FINANCIAL STATEMENTS 119118
The actuarial valuation of employee termination benefits (TFR) is based on the Projected Unit Credit Cost method. Reported below are the main economic and demographic assumptions utilised for actuarial valuations.
The following table shows the effect of variations, within reasonable limits, in key actuarial assumptions on defined benefit plan obligations at year end.
5.15. FINANCIAL LIABILITIES
Financial liabilities are detailed in the following table:
Short-term borrowings include bank overdraft, short-term financial lease liabilities arising from the application of IFRS 16 and, in the caption other short-term loans, mainly the current portion of financial liabilities payable to non-banking third parties. Long-term borrowings include long-term financial lease liabilities arising from the application of IFRS 16 and financial liabilities payable to non-bank third parties.
Assumptions
Discount rate 0.34%
Inflation rate 1.00%
Nominal rate of wage growth 1.00%
Labour turnover rate 7.78%
Probability of request of advances of TFR 2.22%
Percentage required in case of advance 70.00%
Life Table - Male M2019 (*)
Life Table - Female F2019 (*)
(*) Table ISTAT - resident population
Sensitivity analysis (Euro/000) Variation
Discount rate (+ 0.5%) (140)
Discount rate (-0.5%) 151
Rate of payments Increases x (+ 0.5%) (13)
Rate of payments Decreases x (-0.5%) 14
Rate of Price Inflation Increases (+ 0.5%) 100
Rate of Price Inflation Decreases (-0.5%) (94)
Rate of Salary Increases (+ 0.5%) 22
Rate of Salary Decreases (-0.5%) (21)
Increase the retirement age (+ 1 year) 13
Decrease the retirement age (-1 year) (13)
Increase longevity (+ 1 year) 0
Decrease longevity (-1 year) (0)
Borrowings (Euro/000) 31 December 2020 31 December 2019
Bank overdraft and short-term bank loans 15 3
Short-term financial lease liabilities 102,791 105,523
Other short-term loans 47,617 21,255
Short-term borrowings 150,423 126,781
Long-term financial lease liabilities 537,506 533,794
Other long-term borrowings 25,338 78,203
Long-term borrowings 562,844 611,997
Total 713,267 738,778
Financial lease liabilities amounted to 640 million euros (639 million euros in 2019) and are detailed in the following table:
The changes in financial lease liabilities during 2020 are reported in the following table:
The following table show the breakdown of the long-term borrowings in accordance with their maturity date:
The following tables show the breakdown of the long-term borrowings, excluded financial lease liabilities, in accordance with their maturity date:
The non-discounted cash flows referring to the lease liabilities are shown below.
Financial lease liabilities (Euro/000) 31 December 2020 31 December 2019
Short-term financial lease liabilities 102,791 105,523
Long-term financial lease liabilities 537,506 533,794
Total 640,297 639,317
(Euro/000) IFRS 16 Ex IAS 17 Financial lease liabilities
1 January 2020 639,207 110 639,317
Acquisitions 131,877 0 131,877
Disposals (136,853) (70) (136,923)
Financial expenses 21,996 6 22,002
Translation adjustement (15,976) 0 (15,976)
31 December 2020 640,251 46 640,297
Ageing of the Long-term borrowings (Euro/000) 31 December 2020 31 December 2019
Within 2 years 101,932 138,829
From 2 to 5 years 262,618 241,878
Beyond 5 years 198,294 231,290
Total 562,844 611,997
Ageing of Long-term borrowings excluded lease liabilities (Euro/000) 31 December 2020 31 December 2019
Within 2 years 7,551 52,722
From 2 to 5 years 17,787 25,481
Beyond 5 years 0 0
Total 25,338 78,203
Ageing of the lease liabilities not discounted (Euro/000) 31 December 2020 31 December 2019
Within 1 year 125,094 125,109
From 1 to 5 years 352,442 354,193
Beyond 5 years 231,189 255,990
Total 708,725 735,292
