VINCI estimates the payments to be made in 2024 in respect of retirement benefit obligations at €86 million, comprising €58 million of benefits to be paid to retired employees or beneficiaries (benefits not covered by plan assets), and €28 million of contributions to be paid to fund managing bodies.
Pension funds are also likely to pay €115 million of benefits to retired employees or their beneficiaries, without any impact on the Group’s cash position.
| (in € millions) | 2023 | 2022 |
|---|---|---|
| Provisions for retirement benefit obligations recognised under liabilities on the balance sheet |
Provisions for retirement benefit obligations recognised under liabilities on the balance sheet2023
|
Provisions for retirement benefit obligations recognised under liabilities on the balance sheet2022
|
| At beginning of period | At beginning of period20231,117 | At beginning of period20221,408 |
| Total charge recognised with respect to retirement benefit obligations |
Total charge recognised with respect to retirement benefit obligations 202374 |
Total charge recognised with respect to retirement benefit obligations 202280 |
| Actuarial gains and losses recognised in other comprehensive income |
Actuarial gains and losses recognised in other comprehensive income 2023155 |
Actuarial gains and losses recognised in other comprehensive income 2022(414) |
| Benefits paid to beneficiaries by the employer |
Benefits paid to beneficiaries by the employer 2023(55) |
Benefits paid to beneficiaries by the employer 2022(61) |
| Contributions paid to funds by the employer |
Contributions paid to funds by the employer 2023(42) |
Contributions paid to funds by the employer 2022(39) |
| Business combinations and disposals of companies |
Business combinations and disposals of companies 2023(13) |
Business combinations and disposals of companies 20221 |
| Asset ceiling effect (IFRIC 14) and overfunded plans |
Asset ceiling effect (IFRIC 14) and overfunded plans 2023(86) |
Asset ceiling effect (IFRIC 14) and overfunded plans 2022135 |
| Currency translation differences |
Currency translation differences 2023(1) |
Currency translation differences 20225 |
| At end of period | At end of period20231,148 | At end of period20221,117 |
| (in € millions) | 2023 | 2022 |
|---|---|---|
| Current service cost |
Current service cost 2023(63) |
Current service cost 2022(88) |
| Actuarial liability discount cost |
Actuarial liability discount cost 2023(97) |
Actuarial liability discount cost 2022(46) |
| Interest income on plan assets |
Interest income on plan assets 202367 |
Interest income on plan assets 202233 |
| Past service cost (plan changes and curtailments) |
Past service cost (plan changes and curtailments) 202323 |
Past service cost (plan changes and curtailments) 202222 |
| Impact of plan settlements and other |
Impact of plan settlements and other 2023(4) |
Impact of plan settlements and other 2022(1) |
| Total | Total2023(74) | Total2022(80) |
The breakdown of plan assets by type of investment is as follows:
| non-inclus | 31/12/2023 | ||||
|---|---|---|---|---|---|
| United Kingdom | Switzerland | France | Other countries | Weighted average | |
| Breakdown of plan assets | |||||
| Equities | 2% | 34% | 10% | 25% | 15% |
| Bonds | 39% | 36% | 33% | 22% | 36% |
| Property | 9% | 24% | 3% | 8% | 13% |
| Money market securities | 5% | 6% | 1% | 4% | 5% |
| Other investments | 45% | 0% | 54% | 42% | 30% |
| Total | 100% | 100% | 100% | 100% | 100% |
| Plan assets (in € millions) | 988 | 637 | 125 | 137 | 1,887 |
| Plan assets by country (% of total) | 52% | 34% | 7% | 7% | 100% |
| non-inclus | 31/12/2022 | ||||
|---|---|---|---|---|---|
| United Kingdom | Switzerland | France | Other countries | Weighted average | |
| Breakdown of plan assets | |||||
| Equities | 15% | 34% | 17% | 26% | 22% |
| Bonds | 31% | 35% | 22% | 23% | 31% |
| Property | 10% | 25% | 5% | 10% | 14% |
| Money market securities | 8% | 6% | 1% | 1% | 6% |
| Other investments | 37% | 0% | 55% | 41% | 27% |
| Total | 100% | 100% | 100% | 100% | 100% |
| Plan assets (in € millions) | 1,052 | 586 | 136 | 142 | 1,916 |
| Plan assets by country (% of total) | 55% | 31% | 7% | 7% | 100% |
At 31 December 2023, the amount of plan assets listed on active markets (Level 1 fair value measurement as defined by IFRS 13) was €1,497 million (€1,417 million at 31 December 2022). During the period, the actual rate of return on plan assets was −7.3% in the UK, +0.3% in Switzerland and +3.3% in France.
