Universal Registration Document 2021

Chapter 6. 2021 Consolidated financial statements

  Pension plans Post-employment medical cover
December 31, 2020 United States United Kingdom Euro Zone Other countries United States United Kingdom
Discount rate 2.11% 1.60% to 1.65% 0.60%

0%

to 5.20%

2.11% 1.60% to 1.65%
Future wage increases n/a 3.25% 2.25%(1)

1.25%

to 8%

5% n/a
Future pension increases n/a 2% to 3.50% 1.70%(1) n/a n/a n/a

(1) For Germany only.

The rate of increase in medical expenses used for 2021 is 6.1% with a gradual decrease to 4.3%.

/ Sensitivity analysis
  0.5% increase

Pension plans

(in millions of euros)

United States United Kingdom Euro zone Other Countries Total

Total Change in discount rate

Effect on actuarial benefit obligation at year-end

(9) (16) (7) (9) (41)

Change in the increase rate of salaries

Effect on actuarial benefit obligation at year-end

- - 5 7 12
  0.5% decrease

Pension plans

(in millions of euros)

United States United Kingdom Euro zone Other Countries Total

Total Change in discount rate

Effect on actuarial benefit obligation at year-end

9 17 8 11 45

Change in the increase rate of salaries

Effect on actuarial benefit obligation at year-end

- - (5) (6) (11)
  0.5% increase 0.5% decrease

Post-employment medical cover

(in millions of euros)

United States United Kingdom Total United States Total

Total Change in discount rate

Effect on actuarial benefit obligation at year-end

(1) - (1) 1 1

Change in the increase rate of salaries

Effect on actuarial benefit obligation at year-end

- - - - -