| 31/12/2023 | |||||||
|---|---|---|---|---|---|---|---|
| (in € millions) | France | Germany | United Kingdom | Switzerland | Other countries | Total | |
| Actuarial liability from retirement benefit obligations | 825 | 309 | 1 021 | 550 | 139 | 2 843 | |
| Plan assets at fair value | 125 | 7 | 988 | 637 | 130 | 1 887 | |
| Deficit (or surplus) | 700 | 302 | 33 | (87) | 9 | 957 | |
| Provision recognised under liabilities on the balance sheet | I | 718 | 302 | 89 | 3 | 35 | 1 148 |
| Overfunded plans recognised under assets on the balance sheet | II | 18 | - | 56 | 3 | 20 | 96 |
| Asset ceiling effect (IFRIC 14) (*) | III | 0 | - | - | 88 | 7 | 95 |
| Total | I-II-III | 700 | 302 | 33 | (87) | 9 | 957 |
Change in actuarial liability and plan assets
| (in € millions) | 2024 | 2023 | |
|---|---|---|---|
| Actuarial liability from retirement benefit obligations |
Actuarial liability from retirement benefit obligations
|
Actuarial liability from retirement benefit obligations 2024
|
Actuarial liability from retirement benefit obligations 2023
|
| At beginning of period |
At beginning of period
|
At beginning of period 2024 2,843 |
At beginning of period 2023 2,757 |
| of which obligations covered by plan assets |
of which obligations covered by plan assets
|
of which obligations covered by plan assets 2024 1,954 |
of which obligations covered by plan assets 2023 1,849 |
| Current service cost |
Current service cost
|
Current service cost 2024 64 |
Current service cost 2023 63 |
| Actuarial liability discount cost |
Actuarial liability discount cost
|
Actuarial liability discount cost 2024 106 |
Actuarial liability discount cost 2023 97 |
| Past service cost (plan changes and curtailments) |
Past service cost (plan changes and curtailments)
|
Past service cost (plan changes and curtailments) 2024 (2) |
Past service cost (plan changes and curtailments) 2023 (23) |
| Plan settlements |
Plan settlements
|
Plan settlements 2024 (6) |
Plan settlements 2023 (3) |
| 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 2024 42 |
Actuarial gains and losses recognised in other comprehensive income 2023 40 |
| of which impact of changes in demographic assumptions |
of which impact of changes in demographic assumptions
|
of which impact of changes in demographic assumptions 2024 2 |
of which impact of changes in demographic assumptions 2023 (11) |
| of which impact of changes in financial assumptions |
of which impact of changes in financial assumptions
|
of which impact of changes in financial assumptions 2024 32 |
of which impact of changes in financial assumptions 2023 (12) |
| of which experience gains and losses |
of which experience gains and losses
|
of which experience gains and losses 2024 8 |
of which experience gains and losses 2023 63 |
| Benefits paid to beneficiaries |
Benefits paid to beneficiaries
|
Benefits paid to beneficiaries 2024 (139) |
Benefits paid to beneficiaries 2023 (143) |
| Employee contributions |
Employee contributions
|
Employee contributions 2024 17 |
Employee contributions 2023 15 |
| Business combinations |
Business combinations
|
Business combinations 2024 104 |
Business combinations 2023 1 |
| Disposals of companies and other assets |
Disposals of companies and other assets
|
Disposals of companies and other assets 2024 7 |
Disposals of companies and other assets 2023 (8) |
| Currency translation differences |
Currency translation differences
|
Currency translation differences 2024 36 |
Currency translation differences 2023 48 |
| At end of period |
At end of period I |
At end of period 2024 3,071 |
At end of period 2023 2,843 |
| of which obligations covered by plan assets |
of which obligations covered by plan assets
|
of which obligations covered by plan assets 2024 2,130 |
of which obligations covered by plan assets 2023 1,954 |
|
|
2024 |
2023 |
|
| Plan assets |
Plan assets
|
Plan assets 2024
|
Plan assets 2023
|
| At beginning of period |
At beginning of period
|
At beginning of period 2024 1,887 |
At beginning of period 2023 1,916 |
| Interest income during the period |
Interest income during the period
|
Interest income during the period 2024 68 |
Interest income during the period 2023 70 |
| 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 (*)2024 48 |
Actuarial gains and losses recognised in other comprehensive income (*)2023 (115) |
| Plan settlements |
Plan settlements
|
Plan settlements 2024 (3) |
Plan settlements 2023 (2) |
| Benefits paid to beneficiaries |
Benefits paid to beneficiaries
|
Benefits paid to beneficiaries 2024 (80) |
Benefits paid to beneficiaries 2023 (88) |
| Contributions paid to funds by the employer |
Contributions paid to funds by the employer
|
Contributions paid to funds by the employer 2024 35 |
Contributions paid to funds by the employer 2023 42 |
| Contributions paid to funds by employees |
Contributions paid to funds by employees
|
Contributions paid to funds by employees 2024 16 |
Contributions paid to funds by employees 2023 15 |
| Business combinations |
Business combinations
|
Business combinations 2024 100 |
Business combinations 2023 - |
| Disposals of companies and other assets |
Disposals of companies and other assets
|
Disposals of companies and other assets 2024 1 |
Disposals of companies and other assets 2023 (5) |
| Currency translation differences |
Currency translation differences
|
Currency translation differences 2024 34 |
Currency translation differences 2023 54 |
| At end of period |
At end of period II |
At end of period 2024 2,106 |
At end of period 2023 1,887 |
|
|
2024 |
2023 |
|
| Deficit (or surplus) |
Deficit (or surplus) I − II |
Deficit (or surplus) 2024 965 |
Deficit (or surplus) 2023 957 |
VINCI estimates the payments to be made in 2025 in respect of retirement benefit obligations at €98 million, comprising €62 million of benefits to be paid to retired employees or beneficiaries (benefits not covered by plan assets), and €36 million of contributions to be paid to fund managing bodies.
Pension funds are also likely to pay €127 million of benefits to retired employees or their beneficiaries, without any impact on the Group’s cash position.
