At 31 December 2021, the equities held as part of fund assets are distributed as follows:
This distribution is relatively stable compared to the distribution at 31 December 2020.
At 31 December 2021, the bonds held as part of fund assets are distributed as follows:
Around 64% of bonds are sovereign bonds issued by Euro zone countries, and the balance mainly consists of bonds issued by financial and non-financial firms.
The performance of pension fund assets in France is +3% in 2021.
Cash flows related to future employee benefits are as follows:
| (in millions of euros) | Cash flow underyear-end economic conditions | Amount covered by provisions (present value) |
|---|---|---|
| Less than one year | Less than one year Cash flow underyear-end economic conditions1,305 |
Less than one year Amount covered by provisions (present value)1,297 |
| One to five years | One to five years Cash flow underyear-end economic conditions4,402 |
One to five years Amount covered by provisions (present value)4,221 |
| Five to ten years | Five to ten years Cash flow underyear-end economic conditions5,171 |
Five to ten years Amount covered by provisions (present value)4,626 |
| More than ten years | More than ten years Cash flow underyear-end economic conditions41,036 |
More than ten years Amount covered by provisions (present value)25,292 |
| CASH FLOWS RELATED TO EMPLOYEE BENEFITS | CASH FLOWS RELATED TO EMPLOYEE BENEFITSCash flow underyear-end economic conditions51,914 | CASH FLOWS RELATED TO EMPLOYEE BENEFITSAmount covered by provisions (present value)35,436 |
At 31 December 2021, the average duration of employee benefit commitments in France is 21.5 years.
The United Kingdom segment chiefly comprises EDF Energy.
| (in millions of euros) | 31/12/2021 | 31/12/2020 |
|---|---|---|
| Current employees | Current employees 31/12/20215,837 |
Current employees 31/12/20205,702 |
| Retirees | Retirees 31/12/20214,573 |
Retirees 31/12/20204,415 |
| OBLIGATIONS | OBLIGATIONS31/12/202110,410 | OBLIGATIONS31/12/202010,117 |
Pension obligations in the United Kingdom are partly covered by the external fund EDFG which resulted from the merger at 31 December 2021 of the three funds BEGG, EEGSG et EEPS and has a present value of €13,124 million at 31 December 2021 (€11,406 million at 31 December 2020).
The investment strategy applied in these funds is a liability driven investment strategy. The allocation between growth and back-to-back is regularly reviewed by the trustees, at least after every actuarial valuation, to ensure that the funds’ overall investment strategy remains coherent in order to achieve the target coverage level required.
These assets break down as follows:
| (in millions of euros) | 31/12/2021 | 31/12/2020 |
|---|---|---|
| BEGG pension fund* | BEGG pension fund* 31/12/2021n.a. |
BEGG pension fund* 31/12/20208,585 |
| EEGSG pension fund* | EEGSG pension fund* 31/12/2021n.a. |
EEGSG pension fund* 31/12/20201,585 |
| EEPS pension fund* | EEPS pension fund* 31/12/2021n.a. |
EEPS pension fund* 31/12/20201,236 |
| EDFG pension fund* | EDFG pension fund* 31/12/202113,124 |
EDFG pension fund* 31/12/2020n.a. |
| FUND ASSETS | FUND ASSETS31/12/202113,124 | FUND ASSETS31/12/202011,406 |
| Including (%) | Including (%)31/12/2021
|
Including (%)31/12/2020
|
| Listed equity instruments (shares) | Listed equity instruments (shares) 31/12/202110% |
Listed equity instruments (shares) 31/12/202011% |
| Listed debt instruments (bonds) | Listed debt instruments (bonds) 31/12/202160% |
Listed debt instruments (bonds) 31/12/202061% |
| Real estate properties | Real estate properties 31/12/20215% |
Real estate properties 31/12/20206% |
| Cash and cash equivalents | Cash and cash equivalents 31/12/20215% |
Cash and cash equivalents 31/12/20204% |
| Other | Other 31/12/202120% |
Other 31/12/202018% |
n.a. : not applicable.
*In 2021, these three plans were closed and merged into a single plan called “EDF group of the ESPS” (EDFG).
