| 31/12/2021 | |||||||
|---|---|---|---|---|---|---|---|
| (in € millions) | France | Germany | United Kingdom | Switzerland | Other countries | Total | |
| Actuarial liability from retirement benefit obligations | 993 | 436 | 1,642 | 547 | 165 | 3,783 | |
| Plan assets at fair value | 142 | 9 | 1,635 | 583 | 160 | 2,530 | |
| Deficit (or surplus) | 851 | 427 | 7 | (36) | 5 | 1,254 | |
| Provision recognised under liabilities on the balance sheet | I | 859 | 427 | 88 | 4 | 30 | 1,408 |
| Overfunded plans recognised under assets on the balance sheet | II | – | – | 81 | 2 | 27 | 110 |
| Asset ceiling effect (IFRIC 14) (*) | III | – | – | – | 38 | 6 | 44 |
| Total | I−II−III | 859 | 427 | 7 | (36) | (3) | 1,254 |
(*) Effect of asset ceiling rules and minimum funding requirements.
| (in € millions) | 2022 | 2021 | |
|---|---|---|---|
| Actuarial liability from retirement benefit obligations |
Actuarial liability from retirement benefit obligations
|
Actuarial liability from retirement benefit obligations 2022
|
Actuarial liability from retirement benefit obligations 2021
|
| At beginning of period |
At beginning of period
|
At beginning of period 2022 3,783 |
At beginning of period 2021 3,625 |
| of which obligations covered by plan assets |
of which obligations covered by plan assets
|
of which obligations covered by plan assets 2022 2,717 |
of which obligations covered by plan assets 2021 2,538 |
| Current service cost |
Current service cost
|
Current service cost 2022 88 |
Current service cost 2021 91 |
| Actuarial liability discount cost |
Actuarial liability discount cost
|
Actuarial liability discount cost 2022 46 |
Actuarial liability discount cost 2021 41 |
| Past service cost (plan changes and curtailments) |
Past service cost (plan changes and curtailments)
|
Past service cost (plan changes and curtailments) 2022 (22) |
Past service cost (plan changes and curtailments) 2021 (4) |
| Plan settlements |
Plan settlements
|
Plan settlements 2022 – |
Plan settlements 2021 – |
| Actuarial gains and losses recognised in other comprehensive income |
Actuarial gains and losses recognised in other comprehensive income
|
Actuarial gains and losses recognised in other comprehensive income 2022 (971) |
Actuarial gains and losses recognised in other comprehensive income 2021 2 |
| of which impact of changes in demographic assumptions |
of which impact of changes in demographic assumptions
|
of which impact of changes in demographic assumptions 2022 (6) |
of which impact of changes in demographic assumptions 2021 (22) |
| of which impact of changes in financial assumptions |
of which impact of changes in financial assumptions
|
of which impact of changes in financial assumptions 2022 (1,114) |
of which impact of changes in financial assumptions 2021 48 |
| of which experience gains and losses |
of which experience gains and losses
|
of which experience gains and losses 2022 149 |
of which experience gains and losses 2021 (24) |
| Benefits paid to beneficiaries |
Benefits paid to beneficiaries
|
Benefits paid to beneficiaries 2022 (159) |
Benefits paid to beneficiaries 2021 (126) |
| Employee contributions |
Employee contributions
|
Employee contributions 2022 15 |
Employee contributions 2021 14 |
| Business combinations |
Business combinations
|
Business combinations 2022 1 |
Business combinations 2021 1 |
| Disposals of companies and other assets |
Disposals of companies and other assets
|
Disposals of companies and other assets 2022 15 |
Disposals of companies and other assets 2021 4 |
| Currency translation differences |
Currency translation differences
|
Currency translation differences 2022 (39) |
Currency translation differences 2021 135 |
| At end of period |
At end of period I |
At end of period 2022 2,757 |
At end of period 2021 3,783 |
| of which obligations covered by plan assets |
of which obligations covered by plan assets
|
of which obligations covered by plan assets 2022 1,849 |
of which obligations covered by plan assets 2021 2,717 |
|
|
2022
|
2021
|
|
| Plan assets |
Plan assets
|
Plan assets 2022
|
Plan assets 2021
|
| At beginning of period |
At beginning of period
|
At beginning of period 2022 2,530 |
At beginning of period 2021 2,140 |
| Interest income during period |
Interest income during period
|
Interest income during period 2022 33 |
Interest income during period 2021 27 |
| Actuarial gains and losses recognised in other comprehensive income (*) |
Actuarial gains and losses recognised in other comprehensive income (*)
|
Actuarial gains and losses recognised in other comprehensive income (*)2022 (557) |
Actuarial gains and losses recognised in other comprehensive income (*)2021 208 |
| Plan settlements |
Plan settlements
|
Plan settlements 2022 – |
Plan settlements 2021 – |
| Benefits paid to beneficiaries |
Benefits paid to beneficiaries
|
Benefits paid to beneficiaries 2022 (98) |
Benefits paid to beneficiaries 2021 (55) |
| Contributions paid to funds by the employer |
Contributions paid to funds by the employer
|
Contributions paid to funds by the employer 2022 39 |
Contributions paid to funds by the employer 2021 64 |
| Contributions paid to funds by employees |
Contributions paid to funds by employees
|
Contributions paid to funds by employees 2022 15 |
Contributions paid to funds by employees 2021 13 |
| Business combinations |
Business combinations
|
Business combinations 2022 – |
Business combinations 2021 – |
| Disposals of companies and other assets |
Disposals of companies and other assets
|
Disposals of companies and other assets 2022 (4) |
Disposals of companies and other assets 2021 2 |
| Currency translation differences |
Currency translation differences
|
Currency translation differences 2022 (42) |
Currency translation differences 2021 130 |
| At end of period |
At end of period II |
At end of period 2022 1,916 |
At end of period 2021 2,530 |
|
|
2022
|
2021
|
|
| Deficit (or surplus) |
Deficit (or surplus) I−II |
Deficit (or surplus) 2022 841 |
Deficit (or surplus) 2021 1,254 |
(*) Experience gains and losses corresponding to the observed difference between the actual return on plan assets and a nominal return based on the discount rate for the actuarial liability.
VINCI estimates the payments to be made in 2023 in respect of retirement benefit obligations at €107 million, comprising €57 million of benefits to be paid to retired employees or beneficiaries (benefits not covered by plan assets), and €50 million of contributions to be paid to fund managing bodies.
Pension funds are also likely to pay €123 million of benefits to retired employees or their beneficiaries, without any impact on the Group’s cash position.
