Universal Registration Document 2021

16.2.2 Provision for employee benefits by nature

At 31 December 2021

(in millions of euros)	Obligations	Fund assets	Provisions in the balance sheet
Provisions for post-employment benefits at 31/12/2021	Provisions for post-employment benefits at 31/12/2021Obligations33,813	Provisions for post-employment benefits at 31/12/2021Fund assets(13,411)	Provisions for post-employment benefits at 31/12/2021Provisions in the balance sheet20,402
Including:	Including:Obligations	Including:Fund assets	Including:Provisions in the balance sheet
Pensions*	Pensions* Obligations 26,196	Pensions* Fund assets (12,620)	Pensions* Provisions in the balance sheet 13,576
Benefits in kind (electricity/gas)	Benefits in kind (electricity/gas) Obligations 4,925	Benefits in kind (electricity/gas) Fund assets -	Benefits in kind (electricity/gas) Provisions in the balance sheet 4,925
Retirement gratuities	Retirement gratuities Obligations 897	Retirement gratuities Fund assets (776)	Retirement gratuities Provisions in the balance sheet 121
Other	Other Obligations 1,795	Other Fund assets (15)	Other Provisions in the balance sheet 1,780
Provisions for other long-term employee benefits at 31/12/2021	Provisions for other long-term employee benefits at 31/12/2021Obligations1,623	Provisions for other long-term employee benefits at 31/12/2021Fund assets-	Provisions for other long-term employee benefits at 31/12/2021Provisions in the balance sheet1,623
Including:	Including:Obligations	Including:Fund assets	Including:Provisions in the balance sheet
Annuities following work-related accident and illness, and invalidity	Annuities following work-related accident and illness, and invalidity Obligations 1,362	Annuities following work-related accident and illness, and invalidity Fund assets -	Annuities following work-related accident and illness, and invalidity Provisions in the balance sheet 1,362
Long service awards	Long service awards Obligations 230	Long service awards Fund assets -	Long service awards Provisions in the balance sheet 230
Other	Other Obligations 31	Other Fund assets -	Other Provisions in the balance sheet 31
PROVISIONS FOR EMPLOYEE BENEFITS AT 31/12/2021	PROVISIONS FOR EMPLOYEE BENEFITS AT 31/12/2021Obligations35,436	PROVISIONS FOR EMPLOYEE BENEFITS AT 31/12/2021Fund assets(13,411)	PROVISIONS FOR EMPLOYEE BENEFITS AT 31/12/2021Provisions in the balance sheet22,025

* Mainly EDF SA’s fund assets (53% of pension obligations were covered by funds at 31 December 2021).

At 31 December 2020

(in millions of euros)	Obligations	Fund assets	Provisions in the balance sheet
Provisions for post-employment benefits at 31/12/2020	Provisions for post-employment benefits at 31/12/2020Obligations33,893	Provisions for post-employment benefits at 31/12/2020Fund assets(13,470)	Provisions for post-employment benefits at 31/12/2020 Provisions in the balance sheet 20,423
Including:	Including:Obligations	Including:Fund assets	Including: Provisions in the balance sheet
Pensions*	Pensions* Obligations 25,951	Pensions* Fund assets (12,671)	Pensions* Provisions in the balance sheet 13,280
Benefits in kind (electricity/gas)	Benefits in kind (electricity/gas) Obligations 5,294	Benefits in kind (electricity/gas) Fund assets -	Benefits in kind (electricity/gas) Provisions in the balance sheet 5,294
Retirement gratuities	Retirement gratuities Obligations 941	Retirement gratuities Fund assets (784)	Retirement gratuities Provisions in the balance sheet 157
Other	Other Obligations 1,707	Other Fund assets (15)	Other Provisions in the balance sheet 1,692
Provisions for other long-term employee benefits at 31/12/2020	Provisions for other long-term employee benefits at 31/12/2020Obligations1,596	Provisions for other long-term employee benefits at 31/12/2020Fund assets-	Provisions for other long-term employee benefits at 31/12/2020 Provisions in the balance sheet 1,596
Including:	Including:Obligations	Including:Fund assets	Including: Provisions in the balance sheet
Annuities following work-related accident and illness, and invalidity	Annuities following work-related accident and illness, and invalidity Obligations 1,339	Annuities following work-related accident and illness, and invalidity Fund assets -	Annuities following work-related accident and illness, and invalidity Provisions in the balance sheet 1,339
Long service award	Long service award Obligations 225	Long service award Fund assets -	Long service award Provisions in the balance sheet 225
Other	Other Obligations 32	Other Fund assets -	Other Provisions in the balance sheet 32
PROVISIONS FOR EMPLOYEE BENEFITS AT 31/12/2020	PROVISIONS FOR EMPLOYEE BENEFITS AT 31/12/2020Obligations35,489	PROVISIONS FOR EMPLOYEE BENEFITS AT 31/12/2020Fund assets(13,470)	PROVISIONS FOR EMPLOYEE BENEFITS AT 31/12/2020 Provisions in the balance sheet 22,019

* Mainly EDF SA’s fund assets (53% of pension obligations were covered by funds at 31 December 2020).

16.2.3 Fund assets

For France, fund assets, managed under an asset/liability model, amount to €13,411 million at 31 December 2021 (€13,470 million at 31 December 2020) and concern the coverage of retirement gratuities and the specific benefits of the special pension system.

They consist of insurance contracts with the following risk profile:

67% in a hedging pocket consisting of bonds, designed to replicate variations in the obligation caused by changes in interest rates;
33% in a growth asset pocket consisting of international equities.

Fund assets break down as follows:

(in millions of euros)	31/12/2021	31/12/2020
FUND ASSETS	FUND ASSETS31/12/202113,411	FUND ASSETS31/12/202013,470
Assets funding special pension benefits	Assets funding special pension benefits31/12/202112,620	Assets funding special pension benefits31/12/202012,671
*Including (%)*	**Including (%)31/12/2021**	**Including (%)31/12/2020**
Listed equity instruments (shares)	Listed equity instruments (shares) 31/12/2021 33%	Listed equity instruments (shares) 31/12/2020 34%
Listed debt instruments (bonds)	Listed debt instruments (bonds) 31/12/2021 67%	Listed debt instruments (bonds) 31/12/2020 66%
Assets funding retirement gratuities	Assets funding retirement gratuities31/12/2021776	Assets funding retirement gratuities31/12/2020784
Including (%)	Including (%)31/12/2021	Including (%)31/12/2020
Listed equity instruments (shares)	Listed equity instruments (shares) 31/12/2021 33%	Listed equity instruments (shares) 31/12/2020 37%
Listed debt instruments (bonds)	Listed debt instruments (bonds) 31/12/2021 67%	Listed debt instruments (bonds) 31/12/2020 63%
Other fund assets	Other fund assets31/12/202115	Other fund assets31/12/202015