Financial Statements 2023

2. Notes to the IFRS Consolidated Financial Statements 2.6 Employees Costs and Benefits

Plan assets allocation

The fair value of the plan assets for retirement plans and deferred compensation can be allocated to the following classes:

2023

2022

Quoted prices

Unquoted prices

Quoted prices

Unquoted prices

Total

(In € million)

Total

Equity securities

Europe

475

0

475

565

0

565

Rest of the world

167

0

167

128

0

128

Emerging markets

206

0

206

417

0

417

Global

1,195

976

2,171

1,959

898

2,857

Bonds

Corporates

3,842

1,027

4,869

2,502

1,114

3,616

Governments

3,067

0

3,067

2,370

0

2,370

Pooled investments vehicles

640

0

640

725

0

725

Commodities

0

0

0

0

0

0

Hedge funds

0

0

0

0

0

0

Derivatives

0

(14)

(14)

0

(278)

(278)

Property

0

935

935

0

767

767

Cash and money market funds

320

193

513

202

144

346

Others

0

1,219

1,219

0

1,324

1,324

Balance at 31 December

9,912

4,336

14,248

8,868

3,969

12,837

The majority of funded plans apply broadly an asset ‑ liability matching framework. The strategic asset allocation of the plans takes into account the characteristics of the underlying obligations. Investments are widely diversified, such that the failure of any single investment would not have a material impact on the overall level of assets. A large portion of assets in 2023 consists of fixed income and equity instruments, although

the Company also invests in property, private markets and other alternatives. The Company reassesses the characteristics of the pension obligations from time to time or as required by the applicable regulation or governance framework. This typically triggers a subsequent review of the strategic asset allocation.

58

Airbus

Financial Statements 2023