Change in provisions for retirement benefit obligations during the period
| (in € millions) | 2024 | 2023 |
|---|---|---|
| Provisions for retirement benefit obligations recognised under liabilities on the balance sheet |
Provisions for retirement benefit obligations recognised under liabilities on the balance sheet 2024
|
Provisions for retirement benefit obligations recognised under liabilities on the balance sheet 2023
|
| At beginning of period |
At beginning of period 2024 1,148 |
At beginning of period 2023 1,117 |
| Total charge recognised with respect to retirement benefit obligations |
Total charge recognised with respect to retirement benefit obligations 2024 103 |
Total charge recognised with respect to retirement benefit obligations 2023 74 |
| Actuarial gains and losses recognised in other comprehensive income |
Actuarial gains and losses recognised in other comprehensive income 2024 (6) |
Actuarial gains and losses recognised in other comprehensive income 2023 155 |
| Benefits paid to beneficiaries by the employer |
Benefits paid to beneficiaries by the employer 2024 (59) |
Benefits paid to beneficiaries by the employer 2023 (55) |
| 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) |
| Business combinations and disposals of companies |
Business combinations and disposals of companies 2024 4 |
Business combinations and disposals of companies 2023 (13) |
| Asset ceiling effect (IFRIC 14) and overfunded plans |
Asset ceiling effect (IFRIC 14) and overfunded plans 2024 29 |
Asset ceiling effect (IFRIC 14) and overfunded plans 2023 (86) |
| Currency translation differences |
Currency translation differences 2024 1 |
Currency translation differences 2023 (1) |
| At end of period |
At end of period 2024 1,184 |
At end of period 2023 1,148 |
Breakdown of expenses recognised in respect of defined benefit plans
| (in € millions) | 2024 | 2023 |
|---|---|---|
| Current service cost |
Current service cost 2024 (64) |
Current service cost 2023 (63) |
| Actuarial liability discount cost |
Actuarial liability discount cost 2024 (106) |
Actuarial liability discount cost 2023 (97) |
| Interest income on plan assets |
Interest income on plan assets 2024 66 |
Interest income on plan assets 2023 67 |
| 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 |
| Impact of plan settlements and other |
Impact of plan settlements and other 2024 (1) |
Impact of plan settlements and other 2023 (4) |
| Total |
Total 2024 (103) |
Total 2023 (74) |
Breakdown of plan assets by country and type of investment
The breakdown of plan assets by type of investment is as follows:
| 31/12/2024 | |||||
|---|---|---|---|---|---|
| United Kingdom | Switzerland | France | Other countries | Weighted average | |
| Breakdown of plan assets | |||||
| Equities | 3 % | 35 % | 8 % | 26 % | 16 % |
| Bonds | 52 % | 37 % | 34 % | 19 % | 44 % |
| Property | 6 % | 23 % | 2 % | 8 % | 11 % |
| Money market securities | 4 % | 5 % | 1 % | 1 % | 4 % |
| Other investments | 36 % | 0 % | 56 % | 46 % | 25 % |
| Total | 100 % | 100 % | 100 % | 100 % | 100 % |
| Plan assets (in € millions) | 1,097 | 751 | 127 | 131 | 2,106 |
| Plan assets by country (% of total) | 52 % | 36 % | 6 % | 6 % | 100 % |
| 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 % |
At 31 December 2024, the amount of plan assets listed on active markets (Level 1 fair value measurement as defined by IFRS 13) was €1,643 million (€1,497 million at 31 December 2023). During the period, the average rate of return on plan assets was +3.6% in the UK and France, and +10.2% in Switzerland.
Sensitivity analysis
For all post-employment benefit plans for Group employees (lump sums paid on retirement, pensions and supplementary pensions), a 0.5 point rise in the discount rate would decrease the actuarial liability by around 6%.
For all pension and supplementary pension plans in force within the Group, a 0.5 point increase in long-term inflation rates would increase the value of obligations by some 3.5%.
