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) | 31/12/2022 | 31/12/2021 |
|---|---|---|
| FUND ASSETS | FUND ASSETS31/12/20227,039 | FUND ASSETS31/12/202113,124 |
| Including (%) |
Including (%)31/12/2022
|
Including (%)31/12/2021
|
| Listed equity instruments (shares) |
Listed equity instruments (shares) 31/12/20220% |
Listed equity instruments (shares) 31/12/202110% |
| Listed debt instruments (bonds) |
Listed debt instruments (bonds) 31/12/202262% |
Listed debt instruments (bonds) 31/12/202160% |
| Real estate properties |
Real estate properties 31/12/202210% |
Real estate properties 31/12/20215% |
| Cash and cash equivalents |
Cash and cash equivalents 31/12/20223% |
Cash and cash equivalents 31/12/20215% |
| Other (including private equity) |
Other (including private equity) 31/12/202225% |
Other (including private equity) 31/12/202120% |
At 31 December 2022, the bonds held as part of fund assets are distributed as follows:
Around 65% of all these bonds are sovereign bonds, mainly issued by the United Kingdom. The balance mainly consists of bonds issued by financial and non- financial firms.
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 conditions235 |
Less than one year Amount covered by provisions (present value)256 |
| One to five years |
One to five years Cash flow underyear- end economic conditions1,003 |
One to five years Amount covered by provisions (present value)897 |
| Five to ten years |
Five to ten years Cash flow underyear- end economic conditions1,414 |
Five to ten years Amount covered by provisions (present value)1,025 |
| More than ten years |
More than ten years Cash flow underyear- end economic conditions12,098 |
More than ten years Amount covered by provisions (present value)4,223 |
| CASH FLOWS RELATED TO EMPLOYEE BENEFITS | CASH FLOWS RELATED TO EMPLOYEE BENEFITSCash flow underyear- end economic conditions14,750 | CASH FLOWS RELATED TO EMPLOYEE BENEFITSAmount covered by provisions (present value)6,401 |
The average weighted duration of funds in the United Kingdom is 17.2 years at 31 December 2022.
| 31/12/2022 | 31/12/2021 | ||||||
|---|---|---|---|---|---|---|---|
| (in millions of euros) | Notes | Current | Non-current | Total | Current | Non-current | Total |
| Other provisions for decommissioning | 17.1 | 127 | 2,006 | 2,133 | 95 | 1,872 | 1,967 |
| Other provisions | 17.2 | 3,885 | 2,665 | 6,550 | 3,245 | 3,570 | 6,815 |
| OTHER PROVISIONS | 4,012 | 4,671 | 8,683 | 3,340 | 5,442 | 8,782 | |
The breakdown by company is as follows:
| (in millions of euros) | EDF | EDF Energy | Edison | Framatome | Other | Total |
|---|---|---|---|---|---|---|
| OTHER PROVISIONS FOR DECOMMISSIONING AT 31/12/2022 | OTHER PROVISIONS FOR DECOMMISSIONING AT 31/12/2022EDF987 | OTHER PROVISIONS FOR DECOMMISSIONING AT 31/12/2022EDF Energy108 | OTHER PROVISIONS FOR DECOMMISSIONING AT 31/12/2022Edison192 | OTHER PROVISIONS FOR DECOMMISSIONING AT 31/12/2022Framatome418 | OTHER PROVISIONS FOR DECOMMISSIONING AT 31/12/2022Other428 | OTHER PROVISIONS FOR DECOMMISSIONING AT 31/12/2022Total2,133 |
| Other provisions for decommissioning at 31/12/2021 |
Other provisions for decommissioning at 31/12/2021 EDF770 |
Other provisions for decommissioning at 31/12/2021 EDF Energy123 |
Other provisions for decommissioning at 31/12/2021 Edison188 |
Other provisions for decommissioning at 31/12/2021 Framatome443 |
Other provisions for decommissioning at 31/12/2021 Other443 |
Other provisions for decommissioning at 31/12/2021 Total1,967 |
