EDF / 2019 Universal registration document

6. Financial statements

Notes to the consolidated financial statements

34.2.4

Breakdown of obligations by type of beneficiary

31/12/2019

31/12/2018

(in millions of euros)

Current employees

18,994 14,316 33,310

16,009 13,192 29,201

Retirees

OBLIGATIONS

34.2.5

Fund assets

For France, fund assets, managed under an asset/liability model, amount to €12,581 million at 31 December 2019 (€11,165 million at 31 December 2018) and concern the coverage of retirement gratuities and the specific benefits of the special pension system.

They consist of insurance contracts with the following risk profile: 69% in a hedging pocket consisting of bonds, designed to replicate variations in ■ the obligation caused by changes in interest rates; 31% in a growth asset pocket consisting of international equities. ■

Fund assets break down as follows:

31/12/2019

31/12/2018

(in millions of euros)

FUND ASSETS

12,581 11,778

11,165 10,416

Assets funding special pension benefits Comprising (%) Listed equity instruments (shares) Listed debt instruments (bonds) Assets funding retirement gratuities Comprising (%) Listed equity instruments (shares)

31% 69%

27% 73%

787

734

34% 66%

27% 73%

Listed debt instruments (bonds)

Other fund assets

16

15

At 31 December 2019, the equities held as part of fund assets are distributed as follows: approximately 57% of the total are shares in North American companies; ■ approximately 19% of the total are shares in European companies; ■ approximately 24% of the total are shares in companies in the Asia-Pacific zone ■ and emerging countries. This distribution is relatively stable compared to the distribution at 31 December 2018.

At 31 December 2019, the bonds held as part of fund assets are distributed as follows: approximately 84% of the total are AAA and AA-rated bonds; ■ approximately 16% of the total are bonds with A, BBB and other ratings. ■ Around 80% of bonds are sovereign bonds issued by Euro zone countries, and the balance mainly consists of bonds issued by financial and non-financial firms. The performance of pension fund assets in France is +17.4% in 2019.

34.2.6

Future Cash Flows

Cash flows related to future employee benefits are as follows:

Cash flow under year-end economic conditions

Amount covered by provisions (present value)

(in millions of euros)

Less than one year One to five years Five to ten years More than ten years

1,427 4,837 5,033

1,418 4,645 4,514

36,539 47,836

22,733 33,310

CASH FLOWS RELATED TO EMPLOYEE BENEFITS

355

EDF | Universal registration document 2019