Page 276 - 2012 Annual Report

276 VIVENDI l 2012 l Annual Report
FINANCIAL REPORT – CONSOLIDATED FINANCIAL STATEMENTS – STATUTORY AUDITORS’ REPORT ON THE
CONSOLIDATED FINANCIAL STATEMENTS – STATUTORY AUDITORS’ REPORT ON THE FINANCIAL STATEMENTS –
STATUTORY FINANCIAL STATEMENTS 4
4
III - CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2012
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Note 20 Employee benefits
(in millions of euros) Note
Employee defined benefit plans
Year ended December 31, 2011
Benefit
obligation
Fair value of
plan assets
Under-
funded
obligation
Unrecognized
actuarial
(gains)/losses
and past
service cost
Adjustment
related to
asset ceiling
Net
(provision)/
asset
recorded in
the statement
of financial
position
(A) (B) (C)=(B)-(A) (D) (E) (C)+(D)+(E)
Opening balance 784 240 (544) 117 - (427)
Current service cost 16 (16) (16)
Amortization of actuarial (gains)/losses (7) (7)
Amortization of past service cost (8) 8 (1) 7
Effect of curtailments -
Effect of settlements -
Adjustment related to asset ceiling -
Impact on selling, administrative and general expenses (16)
Interest cost 35 (35) (35)
Expected return on plan assets 9 9 9
Impact on other financial charges and income (26)
Net benefit cost (42)
Actuarial gains/(losses) arising from changes
in demographic assumptions -
Actuarial gains/(losses) arising from changes
in financial assumptions 7 (7) 7 -
Experience gains/(losses) (a) 1 (1) 1 -
Benefits paid (39) (39) -
Contributions by plan participants 1 1 -
Contributions by employers 49 49 49
Plan amendments 6 (6) 6 -
Business combinations -
Divestitures of businesses -
Transfers -
Other (foreign currency translation adjustments) 23 12 (11) 3 (8)
Closing balance 826 272 (554) 126 - (428)
Of which wholly or partly funded benefits 389
wholly unfunded benefits (c) 437
Of which assets related to employee benefit plans 18
provisions for employee benefit plans (d) 19 (446)
(a) Includes the impact on the benefit obligation resulting from the difference between benefits estimated at the previous year-end and benefits paid
during the year, and the difference between the expected return on plan assets at the previous year end and the actual return on plan assets during the
year. As a reminder, in 2010, 2009 and 2008, (gains)/losses that result from actual experience in respect of benefit obligations amounted to -€4 million,
€1 million, and €1 million, respectively, and gains/(losses) that result from actual experience in respect of plan assets amounted to €9 million,
€3 million and -€43 million, respectively.
(b) Relates to the impact of the acquisition of EMI Recorded Music on the value of the obligations, plan assets, and underfunded obligation for
€111 million, €52 million, and €59 million.
(c) In accordance with local laws and practices, certain plans are not covered by pension funds. As of December 31, 2012, they principally comprise
supplementary pension plans in the United States, pension plans in Germany and post-retirement benefit plans in the United States.
(d) Includes a current liability of €46 million as of December 31, 2012 (compared to €37 million as of December 31, 2011).