Universal Registration Document 2020

6. Financial statements

Actuarial gains and losses on obligations in 2020

Actuarial gains and losses on obligations amount to €3,293 million for 2020, including:

  • ● €2,356 million in France as a result of:
  • the €2,695 million change in the discount rate,
  • the €(604) million change in the inflation rate;
  • €896 million in the United Kingdom, essentially associated with changes in the discount and inflation rates (see note 16.1.2).

Actuarial gains and losses on obligations amount to €5,130 million for 2019, including:

  •  €4,151 million in France as a result of:
  • the €5,515 million change in the discount rate,
  • the €(926) million change in the inflation rate,
  • €(285) million due to the proposed law on social security system fundingfor 2020,
  • €(183) million due to an update of the wage law;
  • €873 million in the United Kingdom, essentially associated with changes in the discount and inflation rates.
Actuarial gains and losses on fund assets in 2020

Actuarial gains and losses on fund assets amount to €(2,390) million for 2020. They mainly result from a €(1,179) million change in the United Kingdom and a€(1,204) million change in France due to a very good performance on the bond markets.

Net employee benefit liability at 31 December 2020

The net liability at 31 December 2020 amounted to €21,284 million, including:

  • €22,019 million in France;
  • €(1,289) million in the United Kingdom, reflecting:
  • recognition by EDF Energy of surplus funding on its EEGSG and BEGG pension schemes (as explained in the accounting principles and methods below), totalling€1,725 million compared to €1,246 million at 31 December 2019. This surplus funding, which increased due to the good performance by fund assets, is recognised in balance sheet assets under “non-current financial assets”;
  • recognition by EDF Energy of a €436 million provision in respect of its EEPS pension scheme at 31 December 2020, compared to €224 million at 31 December 2019.

Changes in the net liability in 2020 were as follows:

Provisions for employee benefits

In million of euros

Provisions at 31/12/2019 : 20,238

Net expense for 2020 : +1,358

Actuarial gains and losses :  +903

Employer’s contribution to funds : -308

Benefits paid :  -964

Translation adjustment :  +57

Provisions at 31/12/2020 : 21,284