The total present value of defined benefit obligations breaks down as follows between wholly or partly funded plans and wholly unfunded plans:
| € millions | 31.12.2023 | 31.12.2022 | 31.12.2021 |
|---|---|---|---|
| Present value of defined benefit obligations wholly or partly funded | Present value of defined benefit obligations wholly or partly funded 31.12.20233,612.3 |
Present value of defined benefit obligations wholly or partly funded 31.12.20223,325.7 |
Present value of defined benefit obligations wholly or partly funded 31.12.20214,635.0 |
| Fair value of plan assets | Fair value of plan assets 31.12.20233,825.6 |
Fair value of plan assets 31.12.20223,678.7 |
Fair value of plan assets 31.12.20214,686.6 |
| Net position of defined benefit obligations wholly or partly funded | Net position of defined benefit obligations wholly or partly funded 31.12.2023-213.3 |
Net position of defined benefit obligations wholly or partly funded 31.12.2022-352.9 |
Net position of defined benefit obligations wholly or partly funded 31.12.2021-51.6 |
| Present value of defined benefit obligations wholly unfunded | Present value of defined benefit obligations wholly unfunded 31.12.2023445.8 |
Present value of defined benefit obligations wholly unfunded 31.12.2022410.8 |
Present value of defined benefit obligations wholly unfunded 31.12.2021412.2 |
The retirement expense charged to the income statement is recorded within personnel expenses for the operating part and within financial costs for the financial part and can be analysed as follows:
|
€ millions |
2023 | 2022 | 2021 |
|---|---|---|---|
|
Service cost during the financial year |
Service cost during the financial year 2023190.5 |
Service cost during the financial year 2022236.0 |
Service cost during the financial year 2021221.9 |
|
Interest costs |
Interest costs 2023149.3 |
Interest costs 202286.6 |
Interest costs 202160.5 |
|
Expected return on assets |
Expected return on assets 2023-147.0 |
Expected return on assets 2022-80.1 |
Expected return on assets 2021-50.4 |
|
New plans/plan amendments |
New plans/plan amendments 20230.2 |
New plans/plan amendments 2022-0.8 |
New plans/plan amendments 2021-10.0 |
|
Curtailments |
Curtailments 2023-12.3 |
Curtailments 2022-15.1 |
Curtailments 2021-16.7 |
|
Settlements |
Settlements 2023-1.4 |
Settlements 20220.3 |
Settlements 20211.1 |
| TOTAL | TOTAL2023179.2 | TOTAL2022226.9 | TOTAL2021206.4 |
Contributions to defined contribution schemes recognised as an expense for 2023, 2022 and 2021 amounted to €680.7 million, €670.6 million and €559.3 million, respectively.
A change of 1% point in medical cost inflation would have the following impact:
| € millions | Increase of 1% | Decrease of 1% |
|---|---|---|
| Impact on projected benefit obligation | Impact on projected benefit obligation Increase of 1%4.60 |
Impact on projected benefit obligation Decrease of 1%-3.91 |
| Impact on current service cost and interest costs | Impact on current service cost and interest costs Increase of 1%1.12 |
Impact on current service cost and interest costs Decrease of 1%-1.01 |
Actuarial gains and losses for the periods presented are as follows:
|
€ millions 2023 |
Present value of defined benefit obligation | Plan assets | Net provisions |
|---|---|---|---|
|
Actuarial gains and losses: experience adjustments |
Actuarial gains and losses: experience adjustments Present value of defined benefit obligation44.1 |
Actuarial gains and losses: experience adjustments Plan assets-120.4 |
Actuarial gains and losses: experience adjustments Net provisions-76.3 |
|
Actuarial gains and losses: demographic assumptions |
Actuarial gains and losses: demographic assumptions Present value of defined benefit obligation-12.9 |
Actuarial gains and losses: demographic assumptions Plan assets— |
Actuarial gains and losses: demographic assumptions Net provisions-12.9 |
|
Actuarial gains and losses: financial assumptions |
Actuarial gains and losses: financial assumptions Present value of defined benefit obligation208.6 |
Actuarial gains and losses: financial assumptions Plan assets— |
Actuarial gains and losses: financial assumptions Net provisions208.6 |
| TOTAL | TOTALPresent value of defined benefit obligation239.8 | TOTALPlan assets-120.4 | TOTALNet provisions 119.3 |
|
€ millions 2022 |
Present value of defined benefit obligation | Plan assets | Net provisions |
|---|---|---|---|
| Actuarial gains and losses: experience adjustments | Actuarial gains and losses: experience adjustments Present value of defined benefit obligation100.3 |
Actuarial gains and losses: experience adjustments Plan assets1,036.1 |
Actuarial gains and losses: experience adjustments Net provisions1,192.0 |
| Actuarial gains and losses: demographic assumptions | Actuarial gains and losses: demographic assumptions Present value of defined benefit obligation-1.5 |
Actuarial gains and losses: demographic assumptions Plan assets— |
Actuarial gains and losses: demographic assumptions Net provisions-1.5 |
| Actuarial gains and losses: financial assumptions | Actuarial gains and losses: financial assumptions Present value of defined benefit obligation-1,530.4 |
Actuarial gains and losses: financial assumptions Plan assets— |
Actuarial gains and losses: financial assumptions Net provisions-1,586.1 |
| TOTAL | TOTALPresent value of defined benefit obligation-1,431.6 | TOTALPlan assets1,036.1 | TOTALNet provisions-395.5 |
|
€ millions 2021 |
Present value of defined benefit obligation | Plan assets | Net provisions |
|---|---|---|---|
| Actuarial gains and losses: experience adjustments | Actuarial gains and losses: experience adjustments Present value of defined benefit obligation31.5 |
Actuarial gains and losses: experience adjustments Plan assets-255.2 |
Actuarial gains and losses: experience adjustments Net provisions-223.7 |
| Actuarial gains and losses: demographic assumptions | Actuarial gains and losses: demographic assumptions Present value of defined benefit obligation23.2 |
Actuarial gains and losses: demographic assumptions Plan assets— |
Actuarial gains and losses: demographic assumptions Net provisions23.2 |
| Actuarial gains and losses: financial assumptions | Actuarial gains and losses: financial assumptions Present value of defined benefit obligation-384.6 |
Actuarial gains and losses: financial assumptions Plan assets— |
Actuarial gains and losses: financial assumptions Net provisions-384.6 |
| TOTAL | TOTALPresent value of defined benefit obligation-329.9 | TOTALPlan assets-255.2 | TOTALNet provisions-585.1 |
