At the end of 2022, SFPI Group employed c. 4 000 staff, with about 60% in France, mainly in the DOM business (c. 40% of the total). Pension risks (largely retirement top-offs) are actually quite large as is frequently the case with industrial legacy businesses. A big chunk is derived from the German side of Dom (safety solutions). Pension deficits declined in 2022 as the actuarial impacts of higher rates contained obligations. The pension risks as a proportion of equity stand at 18% which is quite high for a small cap French operation.
