2021 Universal Registration Document

5 2021 CONSOLIDATED FINANCIAL STATEMENTS Notes to the consolidated financial statements

Change in pension assets and liabilities in the United Kingdom b. In the United Kingdom, net liabilities arising from post-employment defined-benefit plans reflect the net value of benefit obligations and the plan assets covering them. Changes in these assets and liabilities broke down as follows:

31/12/2021

31/12/2020

(in millions of euros)

Present value of the obligation at the beginning of the period

1,851.3

1,779.2

Changes in scope

-

-

Translation adjustments

129.2

-97.2

Current service cost

4.8

4.2

Past service cost

-

-

Interest

26.8

34.6

Employee contributions

-

-

Effect of obligation remeasurements

21.4 28.9 10.6 -18.1

203.0

Experience adjustments p

-5.1 -2.9

Impact of changes in demographic assumptions p Impact of changes in financial assumptions p

211.0

Plan amendments

- -

- -

Transfers

Benefits provided

-63.8

-72.4

PRESENT VALUE OF THE OBLIGATION AT THE END OF THE PERIOD

1,969.8

1,851.3

Fair value of plan assets at the beginning of the period

1,703.9

1,643.5

Changes in scope

-

-

Translation adjustments

121.0

-89.7 32.2 160.9 168.3

Interest

24.8 84.2 91.8 -7.6 34.5

Effects of plan asset remeasurements

Return on plan assets (excluding amounts included in interest income) p

Impact of changes in financial assumptions p

-7.4 29.5

Employer contributions Employee contributions

- -

- -

Transfers

Benefits provided

-63.8

-72.4

FAIR VALUE OF PLAN ASSETS AT THE END OF THE PERIOD

1,904.6

1,703.9

The decrease in net liabilities was mainly the result of the increase in the discount rate and the improvement in the return on plan assets, which offset the adverse effect of higher inflation. UK pension fund assets fall into four investment categories:

31/12/2021

31/12/2020

(in millions of euros)

Shares

285.0

319.8

Bonds/Private placements

1,068.0

1,043.8

Infrastructure and property assets

268.4 283.2

241.4

Other assets

98.9

TOTAL

1,904.6

1,703.9

Other assets mainly comprised cash and cash equivalents at 31 December 2021. The discount rate used for employee obligations is based on the return on AA bonds in line with the duration of the liabilities rounded to the nearest hundredth. In the United Kingdom, the benchmark used is the Mercer yield curve. A 0.25-point decrease in the discount rate would increase the benefit obligation by €89.1 million. A 0.25-point increase in the

discount rate would reduce the benefit obligation by €84.0 million. A 10% reduction in the value of the assets would reduce their amount by €190.5 million, whereas a 10% increase would increase their amount by €190.5 million. These sensitivity estimates are made on the basis of all other things being equal. At 31 December 2021, two plans were in a net asset position, totalling €20.4 million. These assets are deemed recoverable through a future decrease in contributions.

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SOPRA STERIA UNIVERSAL REGISTRATION DOCUMENT 2021

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