VINCI - 2005 annual report

Expenses recognised in respect of defined benefit plans
(in € millions) 2005 2004
Current service cost (42.4) (35.0)
Interest cost (48.3) (43.9)
Expected return on plan assets 21.3 19.8
Amortisation of actuarial gains and losses 0.2 0.0
Amortisation of past service cost (non vested benefits) (2.6) (2.4)
Other 2.3 (4.3)
Total (69.5) (65.8)
Expenses recognised in respect of defined contribution plans
Pension contributions recognised in respect of defined contribution plans
for the year amount to €231.1 million. This includes the contributions
23.2 OTHER EMPLOYEE BENEFITS
Commitments in respect of long-service or jubilee bonuses are covered
by a provision. At 31 December 2005, this amounts to €56.4 million
(including €6.0 million at less than one year) against €54.5 million at 31
December 2004(including €9.7 million at less than one year). These
238
VINCI 2005 ANNUAL REPORT
paid to the external multi-employer fund (CNPO) in respect of obligations
regarding lump-sums paid on retirement to building workers.
provisions mainly relate to France and Germany. They are calculated using
the same actuarial assumptions as for retirement commitments.
For the eurozone, the assumptions are as follows:
2005 2004
Discount rate 4.50% 4.75%
Inflation rate 2.0% 2.0%
Rate of salary increases 2%-3% 2%-3%