Main actuarial assumptions used:
France Italy Japan Taiwan
Discount rate Average rate of salary increase, including inﬂation Personnel turnover rate
1.80% 2.24% 1.49% / 6.13%
1.75% 3.00% 5.00%
0.60% 2.24% 3.49%
1.80% 2.00% 8.70%
The discount rate used is determined by reference to the yield the date of measurement on investment-grade corporate bonds with a maturity corresponding to the duration of the obligation. For the Eurozone, the discount rate used is determined by reference to the iBoxx rates. The personnel turnover rate was calculated via a table based on age group. For France, the personnel turnover rate for employees under 50 years of age was 1.49% for non-managerial grade personnel, and 6.13% for managerial grade personnel. It was 0% over 50 years of age.
NOTE 18 BORROWINGS AND FINANCIAL DEBTS
NOTE 18.1 NET CASH 2014 Cash and cash equivalents Borrowings and ﬁnancial debts Net cash 43,484 (394) 43,090 2013 29,534 (894) 28,640
The major part of cash is invested in interest-bearing sight accounts.
NOTE 18.2 BORROWINGS BY CATEGORY AND BY MATURITY
At December 31, 2014, the Group’s borrowings consisted solely of the remaining part of advances corresponding to public grants to ﬁnance R&D programs (see note 18.2.2), repayable on March 31, 2015, for €394,000. Note 18.2.1 Medium-Term Bank Loan In 2007, the company contracted a €48,000,000 medium-term bank loan from Société Générale and Natixis in order to ﬁnance the public stock buyback tender offer for 20% of the company’s share capital, carried out in May 2007, at a price of €6.75 per share. On March 31, 2013, the company repaid the balance outstanding, in advance of schedule and at its own initiative, the amount of €5,360,000, following receipt, on March 7, of the balance of €11,124,000 in damages remaining due to Lectra from El Corte Inglés (see note 23.2). Note 18.2.2 Repayable Advances The Group had received, between 2007 and 2010, a €2,000,000 repayable advance from OSEO Innovation, a French public body, to aid one of the company’s R&D programs. This advance bearing no interest was progressively repayable subject to the success and proﬁtability of the corresponding project.
146 – 2014 Financial Report
Consolidated ﬁnancial statements