Universal Registration Document 2021

Actuarial gains and losses on obligations in 2021

Actuarial gains and losses on obligations amount to €(239) million for 2021, including:

• €110 million in France as a result of:
• the €(3,099) million change in the discount rate,
• the €(540) million change in experience adjustments,
• the €151 million change in the ARRCO-AGIRC agreement,
• the €3,598 million change in the inflation rate;
• €(356) 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 €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

Actuarial gains and losses on fund assets in 2021

Actuarial gains and losses on fund assets amount to €(1,168) million for 2021. They mainly result from a €(859) million change in the United Kingdom and a €(287) million change in France due to a very good performance on the bond markets.

Net employee benefit liability at 31 December 2021

The net liability at 31 December 2021 amounted to €19,775 million, including:

• €22,025 million in France;
• €(2,714) million in the United Kingdom, reflecting recognition by EDF Energy of surplus funding on its EDFG pension scheme (as explained in the accounting principles and methods below), totalling €2,733 million compared to €1,725 million at 31 December 2020. This surplus funding, which increased due to the good performance by fund assets, is recognised in balance sheet assets under “non-current financial assets”.

Developments in the United Kingdom

Following the closure of the EEGSG, EEPS and BEGG defined-benefit pension plans and their replacement by a new defined-contribution plan (see “Accounting principles and methods” above) at 31 December 2021, restatement of this plan at 31 December 2021 led to a €35 million decrease in pension obligations due to the lower past service cost, recognised in “Personnel expenses”.

Employees were granted a transition bonus in connection with this change, recognised in “Personnel expenses” at the amount of €(82) million.

Changes in the net liability in 2021 were as follows: