Vetoquinol - Universal Registration Document - 2021

CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements Vetoquinol Universal Registration Document 2020 Financial report 99 6 6.5.31.5 Liquidity risk In view of its available cash and cash equivalents as of December 31, 2020, the Group is not exposed to liquidity risk. Contractual cash flows include the notional amounts of the Group’s financial liabilities and the non-discounted value of its contractual interest payments. €000 Book value Contractual cash flows Breakdown of contractual cash flows < 1 year 1-5 years > 5 years At December 31, 2020 Borrowings and other financial liabilities 112,301 112,301 112,125 176 - Bank overdrafts 107 107 107 - - Trade payables 41,469 41,469 41,469 - - Payables to fixed asset suppliers 2,756 2,756 2,756 - - Other operating liabilities 35,123 35,123 35,123 - - TOTAL FINANCIAL LIABILITIES 191,756 191,756 191,580 176 - €000 Book value Contractual cash flows Breakdown of contractual cash flows < 1 year 1-5 years > 5 years At December 31, 2019 201 277 - Borrowings and other financial liabilities 478 478 930 - - Bank overdrafts 930 930 30,445 - - Trade payables 30,445 30,445 2,776 - - Payables to fixed asset suppliers 2,776 2,776 20,618 - - Other operating liabilities 20,618 20,618 18,445 - - TOTAL FINANCIAL LIABILITIES 55,247 55,247 54,970 277 - 6.5.32 Provisions for employee benefits 6.5.32.1 Liabilities for pensions and other long-term employee benefits The schemes put in place to provide for these benefits are either defined contribution plans or defined benefit plans. Defined contribution plans: In accordance with the laws and customs specific to each country, Vetoquinol pays contributions based on employee salaries to national bodies in charge of pension and health insurance plans. There is no actuarial liability in this respect. Vetoquinol’s payments to such plans are recognized as expenses in the period in which they are incurred. Defined benefit plans for post-employment benefits: the amount recognized as a liability is the present value of the defined benefit plan obligation at the balance sheet date. The amount of future employee benefit payments is esti- mated using actuarial assumptions as to future salary levels, age at retirement and mortality, then discounted to present value by reference to interest rates on long- term blue chip corporate bonds. Actuarial gains and losses on pensions and post-em- ployment benefits arising from adjustments due to revised actuarial assumptions and experience are reco- gnized in other comprehensive income, net of deferred taxes, in the period in which they occur. €000 Dec 31, 2020 Dec 31, 2019 Provision for retirement bonus 7,618 7,209 Other employee benefits (CET time savings account, long-service awards, etc.) 1,778 1,695 TOTAL PROVISIONS FOR EMPLOYEE BENEFITS 9,396 8,904