2013-vinci-annual-report

At 31 December 2013, the amount of plan assets listed on active markets (fair value level 1 as defined by IFRS 13) was €783 million. During
the period, the real rate of return on plan assets was 7.2% in Switzerland and 7.7% in the UK.
Sensitivity analysis
For all post-employment benefit plans for Group employees (lump sums paid on retirement, pensions and supplementary pensions),
a 0.5-point fall in the discount rate would increase actuarial debt by 7%.
For all pension and supplementary pension plans in force within the Group, a 0.5-point increase in long-term inflation rates would increase
the value of obligations by around 5%.
For pension and supplementary pension plans in Switzerland and the UK, sensitivity to mortality rates is calculated based on a one-year
reduction in the age of each beneficiary. Applying this assumption increases the corresponding obligation by around 2%.
254 VINCI 2013 ANNUAL REPORT
Expenses recognised in respect of defined contribution plans
In some countries, and more especially in France and Spain, the Group contributes to basic State Pension Plans, for which the expense
recognised is the amount of the contributions called by the State bodies. Basic State Pension Plans are considered as being defined contribution
plans.
The amounts taken as an expense in the period in respect of defined contribution plans (excluding basic State plans) totalled €496 million
in 2013 (€466 million in 2012). These amounts include the contributions paid in France to the external multi-employer fund (CNPO) in respect
of obligations in regard to lump sums paid on retirement to building workers.
19.2 Other non-current provisions
Changes in other non-current provisions reported in the balance sheet were as follows in 2013 and 2012:
Other
reversals not
used
Changes in
consolidation
scope and
miscellaneous
Change in the
part at less
than one year
of non-current
provisions
(in € millions)
Opening
Provisions
taken
Provisions
used
Translation
differences Closing
01/01/2012 602 201 (160) (12) 206 (52) – 785
Other employee benefits 132 16 (20) (1) 9 1 – 137
Financial risks 429 10 (1) (1) 126 – – 564
Other liabilities 525 152 (153) (34) 4 – (0) 495
Reclassification of the part at less than one year
of non-current provisions
(302) – – – 11 70 – (221)
31/12/2012 785 179 (174) (35) 150 70 – 975
Other employee benefits 137 12 (19) (3) (39) 2 (0) 91
Financial risks 564 8 (39) (0) (127) – (0) 406
Other liabilities 495 220 (140) (27) 15 – (2) 560
Reclassification of the part at less than one year of
non-current provisions
(221) – – – 12 (40) – (249)
31/12/2013 975 241 (198) (30) (139) (37) (2) 809
Other employee benefits
Provisions for other employee benefits mainly include long-service bonuses and jubilee bonuses. At 31 December 2013, these provisions
amounted to €91 million. In 2013, the fall in this item was mainly due to the reclassification of mutual healthcare insurers, which cover retired
former employees of ASF and Escota, under “Provisions for retirement benefit obligations”.
The provisions for other employee benefits have been calculated using the following actuarial assumptions:
31/12/2013 31/12/2012
Discount rate 3.4% 3.5%
Inflation rate 2.0% 2.0%
Rate of salary increases 2.0% – 3.0% 2.0% – 3.0%
Provisions for financial risks
Provisions for financial risks comprise in particular the attributable share of the negative net equity of companies accounted for under the
equity method, arising from negative fair values of interest rate hedging instruments designated as cash flow hedges in infrastructure project
companies operated under concessions or public-private partnerships.
Provisions for other liabilities
Provisions for other liabilities, not directly linked with the operating cycle, include mainly the provisions for disputes and arbitration, some
of which are described in Note H “Note on litigation”. These amounted to €560 million at 31 December 2013 (€495 million at 31 December 2012,
including €330 million at more than one year (€304 million at 31 December 2012).