VINCI - 2005 annual report

Changes in the period
CONSOLIDATED FINANCIAL STATEMENTS
(in € millions) 2005 2004
Present value of retirement benefit obligations
Balance at beginning of year 1,028.0 914.5
Current service cost 42.4 35.0
Cost for the period of discounting 48.3 43.9
Benefit payment (61.1) (35.7)
Actuarial gains and losses 24.5 15.2
Past service costs 6.8 46.0
Actuarial gains and losses / obligations (as %) 2.2% 1.5%
Effect of exchange rate fluctuations 9.5 (1.8)
Changes in consolidation scope and miscellaneous 7.5 5.6
Effects of curtailment and settlement (6.1) 7.0
Balance at end of year 1,099.8 1,028.0
Cover of obligations
Balance at beginning of year 336.2 314.4
Expected return on plan assets 21.3 19.8
Actuarial gains and losses 31.7 6.9
Actuarial gains and losses / obligations (as %) 2.9% 0.6%
Effect of exchange rate fluctuations 7.2 (1.4)
Changes in consolidation scope and miscellaneous 3.6 0.5
Employers’ contributions 23.1 10.7
Benefit payment (27.3) (12.4)
Effects of settlement (6.1) (2.4)
Balance at end of year 389.6 336.2
Unrecognised items in balance sheet
Balance at beginning of year 45.0 (9.3)
New items in 2005 (1.5) 58.1
Amortisation for the period (2.4) (2.4)
Exchange rate and other changes 1.8 (0.4)
Effects of curtailment and settlement 0.0 (1.1)
Balance at end of year 42.9 45.0
including actuarial gains and losses (2.9) 3.0
including past service costs 45.8 42.0
VINCI recognises no net assets relating to retirement benefit obligations
at 31 December 2005.
The items not recognised (the difference between the observed value of
obligations, or of plan assets, and the expected amounts) is €42.9 million
at 31 December 2005, of which €45.8 million concerned past service
costs relative to the changes, in France, in the national collective bargaining
agreement for managers in the civil engineering industry. These past
service costs are amortised over the remaining working life of employees
in service, which is approximately 18 years on average.
Actuarial gains and losses, small in amount, balance out and amount to
- €2.9 million at 31 December 2005. The biggest actuarial gain relates to
the UK subsidiary, VINCI PLC, which has €16.8 million in unrecognised
net assets 31 December 2005
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