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Financial Report | Statutory Auditors’ Report on the Consolidated Financial Statements |
Consolidated
Financial Statements
| Statutory Auditors’ Report on the Financial Statements | Statutory Financial Statements
Note 19. Employee benefits
■
■
Benefit obligation, fair value of plan assets, and funded status detailed by country
(in millions of euros)
Pension benefits
(a)
Post-retirement benefits
(b)
Total
December 31,
December 31,
December 31,
2014
2013
2014
2013
2014
2013
Benefit obligation
US companies
125
107
136
120
261
227
UK companies
296
233
1
1
297
234
German companies
209
190
-
-
209
190
French companies
157
233
-
-
157
233
Other
65
67
16
15
81
82
852
830
153
136
1,005
966
Fair value of plan assets
US companies
57
48
-
-
57
48
UK companies
252
201
-
-
252
201
German companies
3
3
-
-
3
3
French companies
54
65
-
-
54
65
Other
38
39
-
-
38
39
404
356
-
-
404
356
Underfunded obligation
US companies
(68)
(59)
(136)
(120)
(204)
(179)
UK companies
(44)
(32)
(1)
(1)
(45)
(33)
German companies
(206)
(187)
-
-
(206)
(187)
French companies
(103)
(168)
-
-
(103)
(168)
Other
(27)
(28)
(16)
(15)
(43)
(43)
(448)
(474)
(153)
(136)
(601)
(610)
(a)
No employee defined benefit plan individually exceeded 10% of the aggregate value of the obligations and of the underfunded obligation of these
plans.
(b)
Primarily relates to medical coverage (hospitalization, surgery, doctor visits and drug prescriptions), post-retirement and life insurance benefits for
certain employees and retirees in the United States. In accordance with the current regulation in relation to the funding policy of this type of plan,
the plan is not funded. The main risks for the group relate to changes in discount rates as well as the increase in the cost of benefits (please refer
to the sensitivity analysis described in Note 19.2.1).
19.2.4.
Benefits estimation and future payments
For 2015, hedge fund contributions and benefit payments by Vivendi to retirees are estimated to be €40 million in respect of pensions, of which
€22 million relates to pension funds and €8 million relates to post-retirement benefits.
Estimates of future benefit payments to beneficiaries by the relevant pension funds or by Vivendi (in nominal value for the following ten years) are as
follows:
(in millions of euros)
Pension benefits
Post-retirement benefits
2015
43
9
2016
32
9
2017
32
9
2018
29
9
2019
29
9
2020-2024
162
44
258
Annual Report 2014