Unédic : Financial report 2009
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Unédic : Financial report 2009

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Consolidated financial Statements and auditors' report

Consolidated financial Statements and auditors' report

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Unédic : Financial report 2009 Unédic : Financial report 2009 Document Transcript

  • FINANCIAL REPORT 2009
  • CONTENTCONSOLIDATED FINANCIAL STATEMENTS 4 CONSOLIDATED BALANCE SHEET 6 CONSOLIDATED PROFIT AND LOSS ACCOUNT 7 CONSOLIDATED CASH FLOW STATEMENT 8 APPENDIX 9 1. Key events of the financial year 9 2. Accounting principles, rules and methods 12 3. Balance sheet analysis 14 4. Profit and loss account analysis 20 5. Additional information 24AUDITORS’ REPORT 25 2010 - Unédic financial report 3 ­
  • CONSOLIDATED BALANCE SHEET – UNEMPLOYMENT INSURANCE (IN MILLION EUROS) ASSETS 2009 2008 Fixed assets 464.0 554.9 Intangible fixed assets 14.1 23.3 Tangible fixed assets 420.5 4 99.1 Long-term investments 29.4 32.5 Current assets 7 832.8 4 742.9 Receivables : 4 256.3 4 113.7 • Benefit recipients 176.4 166.2 • Affiliates 4 079.9 3 947.5 Other receivables 295.3 208.8 Marketable securities 3 265.2 357.2 Cash and cash equivalents 12.7 37.4 Prepaid expenses 3.3 25.8 Deferred expenses 4.4 0.5 Bond redemption premiums 12.2 0.4 TOTAL ASSETS 8 313.4 5 298.7 LIABILITIES Net worth - 5 903.4 - 4 737.9 Retained earnings - 4 738.0 - 9 712.3 Profit / Loss for the year - 1 165.4 4 974.4 Provisions for contingencies and expenses 33.0 43.9 Liabilities 14 162.7 9 971.6 Borrowing 8 942.5 5 352.7 • Bond issuance 6 266.6 2 260.2 • Loans and miscellaneous financing 2 627.2 3 002.5 • Bank loans and overdrafts 34.9 78.5 • Other debts 13.8 11.5 Other Liabilities 5 220.2 4 618.9 • Affiliates 102.7 128.0 • Benefit recipients 2 345.8 1 943.7 • Tax and social security debts 63.2 140.9 • Trade payable 15.3 117.5 • State debts 0.0 0.0 • Other debts 2 693.2 2 288.7 Deferred income 21.1 21.1 TOTAL LIABILITIES 8 313.4 5 298.7­4 2010 - Unédic financial report
  • CONSOLIDATED PROFIT AND LOSS ACCOUNTS –UNEMPLOYMENT INSURANCE(IN MILLION EUROS) TECHNICAL MANAGEMENT 2009 2008Income 30 886.4 30 636.3 Contributions 30 562.3 30 339.3 Other income 238.7 113.7 Reversals of provisions 9.8 33.5 Expenses reallocated 75.6 149.8Expenses 31 884.2 24 342.4 Re-employment allowance 23 761.3 19 582.3 Other benefits 2 144.2 1 507.5 Redeployment benefits 778.0 822.3 Validation of retirement points 1 603.5 1 447.3 Other expenses 3 345.7 979.9 Provisions 251.5 3.1Technical profit or loss - 997.8 6 293.9ADMINISTRATIVE MANAGEMENTIncome 121.5 424.4 Provision of services 63.6 232.3 Other income 57.9 192.1Expenses 167.9 1 483.1 Purchases 0.9 23.4 External services 52.0 543.6 Taxes and levies 7.9 76.5 Wages and social security contributions 27.2 757.7 Other expenses 0.0 2.4 Depreciation expenses and amortization 79.9 79.9Administrative management profit or loss - 46.4 - 1 058.7FINANCIAL MANAGEMENT Financial income 2.4 13.5 Financial expenses 118.0 277.9Financial profit or loss - 115.6 - 264.4EXTRAORDINARY TRANSACTIONS Technical management 0.0 0.0 Administrative management - 0.8 3.6Extraordinary profit or loss - 0.8 3.6Corporate tax and similar levies - 4.8 NET PROFIT OR LOSS - 1 165.4 4 974.4 2010 - Unédic financial report 5 ­
  • CONSOLIDATED CASH FLOW STATEMENT – UNEMPLOYMENT INSURANCE (IN MILLION EUROS) 2009 2008 Consolidated net result - 1 165.4 4 974.4 Elimination of transactions with no effect on the cash flow or not linked to the activity: 314.5 - 134.7 • Depreciation, Amortisation and provisions 325.8 - 129.0 • Capital gains or losses on disposals - 11.2 - 5.7 Change in working capital requirement 191.7 - 353.8 Net cash flow linked to the activity - 659.2 4 485.9 Acquisition of tangible and intangible fixed assets - 54.1 - 49.9 Disposal of tangible and intangible fixed assets 24.1 8.0 Change in long term investments 3.1 - 1.1 Change in suppliers of fixed assets - 8.2 - 9.7 Net cash flow linked to investment operations - 35.1 - 52.7 Bond issuance 4 000.0 - 4 000.0 Short-term credit lines 0.0 0.0 Commercial paper - 375.0 130.0 Securitisation 0.0 - 100.0 Other transactions - 3.9 - 39.5 Net cash flow linked to financing transactions 3 621.1 - 4 009.5 Change in cash flow (all schemes) 2 926.9 423.7 Net cash flow at the opening of the period 316.1 - 107.6 Cash flow (assets): cash and cash equivalents 394.6 25.3 Cash flow (liabilities): bank loans and overdrafts - 78.5 - 132.9 Net cash flow at the closing of the period 3 243.0 316.1 Cash flow (assets): cash and cash equivalents 3 277.9 394.6 Cash flow (liabilities): bank loans and overdrafts - 34.9 - 78.5­6 2010 - Unédic financial report
  • 1. KEYS EVENTS OF THE  FINANCIAL YEAR1.1 REORGANISATION OF THE Another text, the agreement relating to the transfer of the debts and receivables and of the provisions of assets, hasPUBLIC EMPLOYMENT SERVICE enabled Pôle emploi to use the immovable, movable assets and computer applications to carry out its duties.1.1.1 START OF THE PÔLE EMPLOI ACTIVITY This agreement was applied during the year 2009, includingThe year 2009 has been marked by the start up of the in particular the payment of 50 million Euros in rent forPôle emploi [job centre] activity, resulting from a merger the use of the Unemployment insurance premises.of the Assédic/Garp and ANPE operational networks. Pôleemploi duties are based on Law No. 2008-126 of 13 Feb- The tripartite State-Unédic-Pôle emploi agreement providedruary 2008 relating to the re organisation of Public Employ- in 2009 a global financial settlement of the consequencesment Service and the tripartite State-Unédic-Pôle emploi of this merger. This was principally reflected by the coverageagreement setting its objectives and specifying the terms of social welfare provisions (retirement benefit, long–termand conditions of the financing of its activities by the State service award (“Médaille du travail”) paid leave, and, holidayand Unédic. allowances and 13th month salary)by the 10% contribution to financing of Pôle emploi, thus without additional costsA detailed cash-pooling agreement outlines the calcula- for Unemployment Insurance scheme.tion and payment principles for the share of funding ensuredby Unédic with a statutory contribution of 10% of theamount of contributions based on the latest certifiedaccounts, i.e. 2007, for the amount due in 2009. 1.1.2 THE REORGANISATION OFThe merger also entails the transfer of the activities of the UNEMPLOYMENT INSURANCE SCHEMEUnemployment insurance allocation service and the col- The creation of Pôle emploi resulted in taking over Assédic’slection of Assédic/Garp contributions by Pôle emploi, the and Garp’s operational activities and transferring their staff,latter exercising these duties on behalf of Unédic. Pôle while the Unédic Board of Directors decided on a mergeremploi implements the provisions of the Unemployment measure of these institutions, which was then carried outinsurance agreement under the following texts: by the Boards of Directors of these agencies. The majority•  nédic-Pôle emploi agreement for the insurance U of institutions accepted this proposal, with two of them, allocation service; being subject to special merger rules (Alsace-Moselle local•  nédic-Pôle emploi agreement on the recovery of U law) and two others (Centre and Aquitaine regions) saw contributions due by employers. this process completed in January 2010. Moreover, this merger measure has not been approved to date by theUnédic’s annual financial statements have been established Board of Directors of Guyana Assédic, causing the Unédicbased on financial information produced by Pôle emploi Board of Directors to declare a withdrawal of approval.and summarised in the summary documents reflectingtransactions made on behalf of Unemployment insurance As at 31 December 2009, 25 Assédic and Garp units havescheme. These summary documents were subjected to an merged with Unédic and five other agencies have estab-audit opinion by the Pôle emploi statutory auditors. lished separate financial statements. The merger process entails the transfer of all of the institutions’ assets, as well as their debts and receivables, to Unédic. 2010 - Unédic financial report 7 ­
  • 1.2. AGREEMENT OF 19TH 1.3. FINANCING THE FEBRUARY 2009 UNEMPLOYMENT INSURANCE SCHEME This agreement entered in force on 1st April 2009 follow- ing agreement by the Ministry of Employment for a period 1.3.1 2009 FINANCING TRANSACTIONS of two years. At the end of the financial year 2009, the net worth of outstanding financing is 5.595 million Euros, i.e.: The agreement provides for simplified procedures for • Bond issues: 6.200 million Euros; allocating entitlements: • Commercial paper: 2.625 million Euros; •  ne day of affiliation allows one day of compensation o • Investments: - 3.265 million Euros; (with a minimum duration of affiliation of 4 months, • Bank overdrafts: 35 million Euros. and a maximum term of compensation of 24 months Note: therefore the total net debt including amounts owed for those under 50 and 36 months for those over 50); to Pôle emploi under the 10% scheme and not yet paid •  n unchanged compensation rate at 40.4% of daily ref- a (550 million Euros) stands at 6.145 million Euros. erence salary + fixed portion or compensation rate of 57.4% without fixed portion; 1.3.1.1 BOND ISSUE •  n unchanged contribution rate at 6.4% (employer’s a The outstanding bond debt amounts to 6.2 billion Euros share of 4% and employee’s share of 2.4%). This rate at the close of the financial year 2009. is likely to be reduced under the dual condition of a It corresponds to: surplus in technical management and an improvement •  he bond issue of 2.2 billion Euros at a rate of 3%, t in the Unédic net debt. maturing in February 2010 (borrowing guaranteed by the State - Article 107 of Law No. 2004-1485 of Three types of benefit are also included in the agreement: 30 December 2004); •  artial accumulation of allowances and wages for p recipients in situation of reduced activity; • he bond issue of 4 billion Euros (3 years, 2.125%) issued t •  ifferential allowances for recipients returning to work d in December 2009. at a lower paid job; •  ayment in the form of capital allowances for business p 1.3.1.2 COMMERCIAL PAPER purchasers and business creators. The use of this financing solution for associations was authorised, under certain conditions, in Article 37 of Law The individualised return to work agreement (CRP) was No. 2003-706 of 1st August 2003. The initial amount of also signed on the 19th February 2009 and has been 1.200 million Euros in 2004 was gradually increased to improved with compensation increased to 80% of the reach a ceiling amount of 6.000 million Euros on 31 Decem- reference salary and a maximum term of 12 months of ber 2009 authorised by the Board of Directors. These compensation instead of 8 months previously. commercial papers are drawn down as required. This commercial paper programme obtained a short-term The Unédic Board of Directors decided in its meeting of rating of “A1+” from Standard & Poor’s and “P1” from 26 June 2009, to increase the reference salary – which Moody’s rating agencies since its launching in January serves as the basis for calculating insurance– by 1% as of 2004. Since July 2009, it has also received a “F1+” rating July 2009. from Fitch Rating agency. Initially, at the request of Moody’s rating agency, syndicated and confirmed credit lines have been put in place to ensure 100% coverage of this programme and to mitigate any malfunctioning in the European monetary market. Since July 2009, the agencies’ coverage requirement has been reduced to 50% of the authorised programme.­8 2010 - Unédic financial report
  • 1.3.1.3 STANDARD BANK FINANCING Thus:Very short-term financing requirements are covered in the • n July 2009, reviews conducted with the agencies have iform of bank overdrafts agreed with Unédic’s banking part- enabled it to achieve the best possible rating (Standardners on a case by case basis (1.5 billion Euros negotiated). & Poor’s: AAA; Moody’s: Aaa; Fitch: AAA);The use of these bank overdrafts at the close of the year •  lso in July, the commercial paper programme was a2009 is 35 million Euros for Unédic. increased to 6 billion Euros (compared to 3 billion previously);1.3.1.4 INVESTMENTS • n November 2009, the closure of a 12 billion Euro EMTN iIn late 2009, surpluses of cash and cash equivalents totalled programme enabled the launching of a first bond issue3.265 million Euros. They mainly comprised the residual programme of 4 billion Euros, maturing in three years.proceeds from the 4 billion Euro bond issuance of 3 Decem-ber. From then until February 2010, redemption date of All of these operations have enabled to cover the require-the 2005 bonds, no commercial paper was issued so as ments of the year 2009 and to prepare for the repaymentto gradually reduce the volume of investments. of 2.2 billion Euros in February 2010, corresponding to theIt should also be noted that a commitment was made vis- amortization of the bond issue launched in February 2005.à-vis the rating agencies to constitute investments when A new bond issue as part of the EMTN programme shouldthe draw downs on the commercial paper programme be launched in 2010 to cover estimated needs (10.3 billionexceed an outstanding total over 3 billion Euros. Euros deficit at the end of 2010).It was agreed in return for this commitment that the levelof coverage was reduced to 50%. 1.3.3 REGULATION FUND FOR ENSURING STABILITY OF BENEFITS AND1.3.2 FINANCING OF THE 2010-2011 PERIOD CONTRIBUTIONS IN FLUCTUATINGThe 2009 loss is one of the consequences of negative ECONOMIC CLIMATEgrowth rate observed (provisional: -2.50%). Article 13 of the Protocol of 20 December 2002, includedThe gradual emergence from recession envisaged in the in Article 7 of the Agreement of 1st January 2004 and innext few years leads the Unemployment insurance scheme Article 6 of the Agreement of 18 January 2006, providesto anticipate results which should remain negative in 2010 for the creation of a “regulation fund intended to guaranteeand 2011. On the basis of growth rate assumptions of the stability of benefits and contributions in fluctuating+1.40% in 2010 and +1.60% in 2011, the financial posi- economic climate.” The fund will be financed using thetion could thus reach -13.8 billion Euro late 2011. reserves of the Unemployment insurance scheme and could correspond to three months of technical managementIn 2009, Unédic defined its financing strategy and set out expenses.the instruments necessary to address its deteriorating On 15 February 2007, the Unédic Board of Directors tookfinancial position. the decision to create this fund, and he financing methodThis strategy hinges around three axes: was determined on 21st June 2007.•  btain a rating allowing it to access capital markets o The change in the financial markets from the second half of under optimum cost conditions; 2007 did not allow the implementation of these decisions.• ncrease the size of its commercial paper programme i enabling it to obtain short-term financing;• mplement an EMTN programme to raise the necessary i medium term financing.The Board of Directors approved this strategy on26 June 2009. 2010 - Unédic financial report 9 ­
  • 2. ACCOUNTING PRINCIPLES  RULES AND METHODS 2.1. GENERAL PRINCIPLES 2.2.3. BENEFIT RECIPIENT RECEIVABLES Benefit recipients’ accounts with a debit balance The Unemployment insurance scheme’s consolidated (overpayments and advances) are provided for based on annual financial statements for the year ended 31 December the age of receivables. 2009 drawn up in Euros, including the balance sheet, the profit and loss account and the note, were drawn up in The method for calculating provisions for depreciation of accordance with the Unemployment insurance the benefit recipients’ over payments is based on statistical organisations chart of accounts approved by the National law, that measures the probability of recovering them. Accounting Council (CNC) dated 9 January 1995 (certificate Over payments for fraud were the subject of a 100% of compliance no. 79). provision. They take into account the specific information linked to the declaratory nature of Unemployment insurance and 2.3. CONTRIBUTIONS OF the consequences that arise therefrom, with regard to AFFILIATES both the declarations of affiliates and payments to recipients. 2.3.1. INCOME The signatory organisations of the agreement of The income from technical management correspond to 19 February 2009 on Unemployment insurance pursuant general and specific contributions that the employers are to Article L.351-3-1 of the French Labour Code on the required to pay for the year according to mandatory method of financing benefits paid under this scheme, periodic declarations that they make to the institutions. certify that Unemployment Insurance is a specific pay- as-you-go scheme. When the forms are not received within the specified time, an estimate of the contributions due is carried out per affiliate. 2.2. UNEMPLOYMENT BENEFITS 2.3.2. AFFILIATE RECEIVABLES 2.2.1. EXPENSES Contributions yet to be received for the year are calculated Regulatory provisions stipulate that job seekers register according to the income recorded between 1 January and then provide Pôle emploi with evidence of their situation 28 February of the following financial year and relating on a monthly basis to avoid their entitlements being called to the financial year elapsed. into question. These formalities enable the benefits to be dealt with on a monthly basis under technical manage- A provision is recorded at the end of the year on affiliates’ ment expenses. doubtful debts It is calculated based on the age of the Persons exempt from signing-on formalities are also, debts, the litigation stage reached and the type of debts accounted for exceptionally on a monthly basis. (declared or estimated amounts). 2.2.2. BENEFIT RECIPIENT DEBTS 2.3.3. CREDITOR AFFILIATES Under the item “Benefit Recipient debts” is the amount Funds paid by the affiliates and collected by the various of benefits considered as owing for the current financial regional departments of Pôle emploi and which could year, according to the principles referred to above, and not be allocated have remained as balance sheet which are calculated by using the benefits paid in January liabilities. of the following year.­10 2010 - Unédic financial report
  • 2.4. OTHER ITEMS The amounts thus obtained are recorded in the accounts as provisions for contingencies and losses and the change in these provisions is recorded in the profit / loss for the period2.4.1. FIXED ASSETS including the impacts of changes in the assumption.The intangible and tangible fixed assets are recorded in theaccounts according to CRC (Accounting Regulatory Commit-tee) provisions Regulation No. 2002-10 on the amortisation 2.4.3. EXTRAORDINARY PROFIT Extraordinary profit includes:and depreciation of assets and CRC Regulation No. 2004-06 • echnical management transactions; ton the definition, accounting and evaluation of assets. • tems relating to administrative management, that is to i say the items provided for by the general chart ofAssets are depreciated using the straight-line method over accounts and, in particular, the capital gains or lossesthe following terms: from disposals of tangible and intangible fixed assets.Software 5 years The capital gains or losses from disposals of long termBuildings 10 to 40 years investments are recorded as financial transactions.Fixtures and fittings 10 to 20 yearsIT facilities and equipment 3 to 6 yearsOffice furniture 10 yearsOffice equipment 5 years 2.5. PRINCIPLES OF CONSOLIDATIONOther 4 to 10 years OF UNEMPLOYMENT INSURANCE SCHEME ACCOUNTS2.4.2. EMPLOYEE-RELATED COMMITMENTS Unédic shall “consolidate” all Unemployment insuranceGiven the provisions of the National collective labour institutions’ accounts. Strictly on a legal basis, theagreement for Unemployment insurance scheme personnel, “consolidated” accounts correspond to a “combination”Unédic is required to pay retirement benefits calculated of the accounts according to Regulation No. 99-02 of thein months’ salary per number of years of service. National Accounting Council. There is no affiliation between the entities included in the scope of consolidationFurthermore, long-term service awards (médailles du tra- except for the SCIs (Non-trading Real Estate Companies),vail) are paid. subsidiaries of Unédic. For the 2009 financial year, this situation only concerns five institutions which did notCommitments are calculated using the following merge with Unédic as at 31 December 2009.information:•  se of personal information: age, gender, salary, length u The scope of consolidation is presented in the supplementary of service; information note.•  etermination of internal actuarial assumptions: staff d turnover rate, retirement age and terms and conditions, The main restatements concern: wage increase rate; • he financial lease held by SCI Reuilly 1; t•  se of a discount rate for the commitment corresponding u • he offset of depreciations and reversals by categories t to the Bloomberg reference rate, i.e. 4.81% for the 2009 of provisions: contingencies and expenses, affiliates, financial year. benefit recipients, administrative management; •  0% proportionate consolidation of the SI Convergence 5Based on this data, the amount of the commitments is Emploi EIG;calculated individually for each active employee,it being •  limination of transaction balances for managed third eunderstood that for the long-term service awards, the party (AGS) shown in Unédic’s annual financial state-commitment must be calculated for the bonuses likely to ments, so that only Unemployment insurance transac-be paid for the entire period of work, i.e. a maximum of tions are presented in the consolidated balance sheet.four award levels. 2010 - Unédic financial report 1 ­1
  • 3. BALANCE SHEET ANALYSIS 3.1. ANALYSIS OF BALANCE SHEET ASSETS 3.1.1. FIXED ASSETS 3.1.1.1. TANGIBLE AND INTANGIBLE FIXED ASSETS The transactions recorded with regard to the fixed assets and the depreciation and amortisation during the 2009 financial year are as follows: CHANGES IN GROSS FIXED ASSETS IN 2009 (in millions of Euros) Gross value Acquisitions Disposals and Gross value at at the opening and scrapping Transfers the closing of of the financial creations retirement the financial year year (5)=(1)+(2) (1) (2) (3) (4) (3)+(4) Total intangible fixed assets (A) 142.4 0.1 1.6 140.9 Total tangible fixed assets (B) 1 288.1 4.7 57.2 1 235.6 Property: land, buildings 904.4 7.5 17.6 1.1 895.4 and fittings Other tangible fixed assets 379.0 0.4 39.6 339.8 Tangible fixed assets in progress 4.7 - 3.2 0.0 - 1.1 0.4 TOTAL (A + B) 1 430.5 4.8 58.8 0.0 1 376.5 CHANGES IN DEPRECIATION AND AMORTISATION IN 2009 (in millions of Euros) Depreciation and Increases: Reductions: Transfers Gross value at amortisation at Provisions Disposals and the closing of the opening of scrapping the financial the financial retirement year (5)=(1)+(2) year (1) (2) (3) (4) (3)+(4) Total intangible fixed assets (A) 119.2 7.8 0.1 126.9 Total tangible fixed assets (B) 789.0 70.6 44.5 0.0 815.1 Property: buildings 485.9 47.6 14.0 0.0 519.5 and fittings Other tangible fixed assets 303.1 23.0 30.5 0.0 295.6 TOTAL (A + B) 908.2 78.4 44.6 0.0 942.0 3.1.1.2. LONG TERM INVESTMENTS This item, for the sum of 29.4 million Euros, mainly includes loans for their original amount for the building assistance programme of 29 million Euros and the deposits and collateral paid amounting to 0.4 million Euros.­12 2010 - Unédic financial report
  • 3.1.2. CURRENT ASSETS3.1.2.1. RECEIVABLESa) Benefit recipient debtorsThe gross value of this item is up by 3.00% on the previous financial year: 388.1 million Euros versus 376.4 million Euros.Some 95.65% of it is made up of Unemployment insurance over payments to benefit recipients, i.e. 371.2 million Euros.Transactions relating to Unemployment insurance over payments are as follows:(in millions of Euros) 2009 2008 Change 2009/2008Over payments and advance payments on accountat the opening of the financial year (A) 376.4 377.4 - 0.3 %Detection of over payments during the financial year (B) 746.2 586.8 34.1 %Reimbursement and recoveries of over payments (C) 715.0 561.2 27.4 %Write-offs and losses on over payments (D) 20.3 38.7 55.6 %Advances and payments on account paid (E) 12.3 Recovered advances and payments on account at end of financial 2008 (F) 11.5 Recovered advances and payments on account at end of financial 2008 (F1) 12.1 Benefit recipient debtors at the end of the financial year(including advances and payments on account) 388.1 376.4 + 3.1 %(G) = (A)+(B)-(C)-(D)+(E)-(F)+(F1) Provision recognised for bad debts (H) (211.7) (210.3) 1.1 %Provisioning rate (H) / (G) 54.5 % 55.9 % - 1.4 ptsNet book value (I) = (G)-(H) 176.4 166.1 6.2 %The risk of not recovering over payments is covered by a provision equal to 54.5% of the debt compared with a rateof 55.9% for the 2008 financial year.b) AffiliatesOutstanding gross contributions i.e. 5,063.4 million Euros, is up by 0.8% compared with the previous financial year. Itis broken down into:•  ain contributions: m 4,492.3 million Euros or 88.7% of the total,•  pecial contributions: s 378.3 million Euros or 7.5% of the total,•  ncillary contributions: 192.8 million Euros or 3.8% of the total. a (in millions of Euros) 2009 2008 Change 2009/2008Uncontested receivables to be received from 1st January and 28th February N+1 (A) 3 711.3 3 596.2 3.2 %Doubtful receivables (B) 1 352.1 1 089.2 24.1 %Gross value (C) = (A)+ (B) 5 063.4 4 685.4 8.1 %Provision recognised for doubtful debts (D) (983.5) (738.0) 33.3 %Provisioning rate (D) / (B) 72.7 % 67.8 % 4.9 ptsNet book value (E) = (C)- (D) 4 079.9 3 947.5 3.3 % 2010 - Unédic financial report 1 ­3
  • The provision recognised to cover the risk of not recover- 3.1.3. DEFERRED EXPENSES ing bad debts, which represents 72.7% of the disputed This item for the sum of 4.4 million Euros concerns the contributions to be received or an increase of 4.9 points costs of bond issues which are spread over the life of the compared with the 2008 financial year. loan on a straight line basis, i.e. three years for the Decem- This change is explained, in particular, by greater number ber 2009 issue and five years for the February 2005 issue. of cases ending in the recovery stage or bankruptcy, for which the rate of provisioning is considerable. This applies 3.1.4. REDEMPTION PREMIUMS equally to cases in situations of formal warning notice. The bond issued by Unédic includes an issue premium, More generally, the increase in provisioning results from corresponding to the difference between the nominal value the deterioration of the economic situation and the con- of the bonds and the issue value, for the sum of 12.5 mil- tribution recovery rate. lion Euros for the 4 billion Euro bond issued in 2009. 3.1.2.2. STATE This premium is amortised over the life of the issue, i.e. This item, for the sum of 53.7 million Euros, represents an three years, and represents a net value of 12.2 million amount due by the State for arrangements managed on Euros as at 31 December 2009. behalf of the State and not transferred to Pôle emploi. 3.1.2.3. OTHER DEBTS This item, for the sum of 241.1 million Euros, predomi- 3.2. ANALYSIS OF BALANCE SHEET nantly comprises: LIABILITIES •  n income to be received under the Franco-Swiss agree- a ment for 21.3 million Euros; 3.2.1. NET WORTH •  he AGS current account representing the balance of t The net worth, at the end of the 2009 financial year, is 2009 financial transactions of 87,6 million Euros; negative by 5,903.4 million Euros and breaks down as •  n income to be received from the State as part of the a follows: CA (Contract for the future) - CAE (Employment Support •  et worth as at 31 December 2008: -4,738.0 million Euros; n Contract) arrangement balance for 16.1 million Euros; •  egative result for the 2009 financial year: -1,165.4 mil- n •  claim against institutions under management agree- a lion Euros; ments amounting to 15.3 million Euros; •  et worth as at 31 December 2009: -5,903.4 million Euros. n •  claim against disposals of fixed assets for 5.7 million Euros; a •  n 87.1 million Euro claim against Pôle emploi relating a to current transactions of benefit recipient domains and other agreements. 3.1.2.4. MARKETABLE SECURITIES This item, for the sum of 3,265.2 million Euros, corresponds to monetary SICAVS, which allowed to cover repayment of the 2,200 million Euros in bonds maturing in February 2010.­14 2010 - Unédic financial report
  • 3.2.2. PROVISIONS FOR CONTINGENCIES The change in provisions for contingencies and expensesAND EXPENSES during the 2009 financial year is presented in the table below.This item for a total amount of 33.0 million Euros pre- (in millions of Euros) Opening Provision Write- Closingdominantly comprises the following provisions: balance back balance•  nédic’’s contribution to the financing of AS-FNE (spe- U provision cial benefit from the national employment fund) for used 22.6 million Euros; ARPE 0.9 -- 0.4 0.5• he rights acquired up to their retirement by the recipients t AS-FNE 33.9 -- 11.3 22.6 of ARPE (job substitution allowance) for 0.5 million Euros IDR 4.2 0.7 -- 4.9 (i.e. a reduction of 0.4 million Euros compared with 2008); Long-term service bonuses 1.0 0.1 -- 1.1 this provision covers the costs of benefits yet to be paid Other 3.9 -- -- 3.9 and the financing of additional pension benefits; Total 43.9 0.8 11.7 33.0•  rovisions for employee-related commitments: p •  rovisions for retirement indemnities (IDR) for the sum of p 4.9 million Euros  •  rovisions for long-term service bonuses for 1.1 mil- p lion Euros.3.2.3. BORROWINGSThe change in financing during the year 2009 is as follows:Financing Opening Of which Additional Financing Closing Of which balance accrued financing repayment balance accrued interest interestBond issues 2 260 60 4 000 6 267 67Bank loans / financings 3 002 375 2 627 of which Commercial papers 3 000 375 2 625 of which other loans 2 2 Current bank loans 78 35 TOTAL 5 340 60 4 000 375 8 929 67Amounts in millions of Euros 2010 - Unédic financial report 1 ­5
  • 3.2.3.1. BOND ISSUES 3.2.4. OTHER LIABILITIES The bond debt increased to 6,267 million Euros at the end of the 2009 financial year. 3.2.4.1. AFFILIATE DEBTS It corresponds to: This item, amounting to 102.7 million Euros, corresponds • he 2.2 billion Euro loan at a 3% rate due February 2010 t to the sums received from employers and that could not (borrowing guaranteed by the State – Article 107 of the be assigned to debts at the end of the financial year. Law No. 2004-1485 of 30 December 2004); • he 4 billion Euro loan (three years, 2.125%) issued in t 3.2.4.2. BENEFIT RECIPIENT DEBTS AND December 2009; RELATED ACCOUNTS •  he accrued interest on the 2.2 billion Euro loan, i.e. t This item, for a total amount of 2,345.8 million Euros cor- 60.1 million Euros. responds, essentially, to the benefits to be paid: benefits •  he accrued interest on the 4 billion Euro loan, i.e. t from the month of December 2009 paid at the start of 2010, 6.5 million Euros. i.e. 2,391.0 million Euros and 52.8 million Euros for the redeployment benefits to be paid to benefit recipients minus 3.2.3.2. BANK LOANS AND MISCELLANEOUS the advance retirement levy for the sum of 98 million Euros. FINANCING The total amount of this item comes to 2,672.2 million Euros. 3.2.4.3. TAX AND SOCIAL DEBTS It comprises: This item for a total of 63.1 million Euros comprises: • he commercial paper issued by Unédic amounting to t •  rovision for paid leave and holiday and 13th month p 2,625 million Euros; bonuses amounting to 3.1 million Euros instead of 4.2 mil- • he finance leasing debt corresponding to the financing t lion Euros in 2008; of the IT production centre for 2.2 million Euros. • he benefit recipient deductions outstanding, i.e. 46.6 mil- t lion Euros corresponding to benefits paid in The due dates of the commercial paper are as follows: December  2009; •  ther tax and social debts for 13.4 million Euros. o During the During the TOTAL 1st quarter 2010 2nd quarter 2010 3.2.4.4. TRADE PAYABLE 1 990 635 2 625 The sum of 15.3 million Euros, representing the invoices yet to be paid as at 31 December 2009, is divided into Amounts in millions of Euros two sections: •  uppliers of goods and services: 13.0 million Euros; s 3.2.3.3. CURRENT BANK LOANS •  uppliers of fixed assets: 2.3 million Euros. s The total amount of this item comes to 34.9 million Euros and comprises: • he accounting balances of bank and postal accounts t creditors for 34.8 million Euros; • he accrued interest on bank overdrafts used for 0.1 mil- t lion Euros. The current bank loans correspond to the negative cash flow presented in the cash flow statement.­16 2010 - Unédic financial report
  • 3.2.4.5. OTHER LIABILITIES 3.2.5. PREPAYMENTS AND DEFERREDThe main items of this section, the total amount of which INCOMEcomes to 2,693.2 million Euros, concern: Deferred income, i.e. 21.1 million Euros, essentially• he various creditors for 770.1 million Euros essentially t concerns payments made by public companies and public consist of a bank debt of 769.6 million Euros. This debt establishments which are not affiliated to the Unemployment results from the sale in 2007 of a State debt to a bank insurance scheme, but which have signed a management that Unédic undertook to pay on maturity, i.e. agreement with Unédic. 3 January  2011;• he cost to be paid as at 31 December 2009 to various t Payments are made for benefit recipients registered as pension funds, for the validation of the benefit recipi- unemployed and whose acquired rights may be spread ents’ additional pension points: over several financial years according to their age. •  16.5 million Euros due to ARRCO (Association of sup- 4 plementary pension plans for salaried employees)  •  87.1 million Euros due to AGIRC (General Associa- 8 tion of Pension Institutions for Managerial Staff) which is primarily broken down into: -  60.6 million Euros corresponding to Unédic’s com- 6 mitment to AGIRC, as provided for in the agreement of 19 December 1996 which had valued the amount of supplementary retirement contributions for the periods of unemployment prior to this date and set a 20 year payment schedule at the rate of 1/20th each year, with the debt amount being re-assessed each year by applying the price index;  -  26.5 million Euros corresponding to contributions 2 yet to be paid for 2009; •  9.9 million Euros due primarily to IRCANTEC 4 (Supplementary Retirement Pensions Institution for Non-Certified State Employees and Employees of Public Administrations); • he Pôle emploi current account for 550.5 million Euros. t 2010 - Unédic financial report 1 ­7
  • 4. PROFIT AND LOSS ACCOUNT ANALYSIS 4.1. TECHNICAL MANAGEMENT 4.1.1.4. REALLOCATED EXPENSES This item for the sum of 75.6 million Euros predominantly comprises: 4.1.1. PROCEEDS •  eimbursements of insurance by the affiliates amount- r 4.1.1.1. CONTRIBUTIONS ing to 14.8 million Euros; The proceeds from contributions for the 2009 financial •  he full reimbursement of insurance paid to the EJEN t year are up slightly by 0.7% compared with 2008: (National Youth Employment Programme) for the sum of 12.6 million Euros; in millions of Euros 2009 2008 2009/2008 • he reimbursement of insurance within the framework t of the Franco-Swiss agreement for 47.7 million Euros. It Main contributions 29 916.4 29 997.7 - 0.3 % should be noted that this agreement will end on 31 May Special contributions 645.9 341.6 89.1 % 2009 and will be replaced as of May 2010 by a new TOTAL 30 562.3 30 339.3 0.7 % arrangement for the reimbursement of insurance between European community countries. The main contributions decreased of 0.3% compared to the year 2008. Macroeconomic data with a direct impact on payroll adopted a reverse trend with an average salary increase 4.1.2. EXPENSES of 1.9% and a reduction in staff of the same percentage. Technical management expenses total rose by 31% in 2009 Special contributions have seen a major increase of 89.1%, as a result of the deterioration in the economic outlook, as a result of changes made to the CRP (Personal rede- resulting in a significant increase in benefits expenditure ployment agreement) scheme. and the contribution of 10% due to Pôle emploi to fund its operations and duties This expense represents an amount 4.1.1.2. OTHER PROCEEDS of 2.936 billion Euros in 2009. For informational purposes, This item for the sum of 238.6 million Euros predominantly it has substituted 2008 administrative management expenses comprises proceeds pursuant to management agreements, of approximately 1.3 billion Euros and the financing of aid i.e. 50.7 million Euros, in addition to overcharges for arrears and reclassification actions, for approximately 0.8 billion and penalties for 158.1 million Euros. Euros, which are now borne by Pôle emploi. 4.1.1.3. NET REVERSALS OF PROVISIONS 4.1.2.1. ALLOWANCES In accordance with the accounting principles of the Unem- ployment insurance scheme, the net amounts of charges (in millions of Euros) 2009 2008 2009/2008 to and reversal of provisions and liabilities and expenses, Unemployment benefit and for depreciation of claims on benefit recipients and (ARE) 23 761.3 19 582.4 21.3 % affiliates are presented for their net amount, i.e. a total of Other allowances 2 144.2 1 507.5 42.2 % 9.8 million Euros, representing the difference between: Training 948.0 937.3 1.1 % •  reduction in provisions relating to: a Benefit for older •  change in the participation of Unédic to current a unemployed financing of AS-FNE resulting in a reversal of 11.3 mil- persons (ACA) 47.8 103.1 - 53.6 % lion Euros;  Specific redeployment •  reversal of 0.4 million Euros to reflect a decrease in a benefit (ASR) 1 126.2 450.1 150.2 % recipients’ acquired rights until their retirement by ARPE;  Other 22.2 17.0 30.6 % •  nd an increase of the provision for 2.2 million Euros a TOTAL 25 905.5 21 089.9 22.8 % relating to disputes on payment of allocations.­18 2010 - Unédic financial report
  • •  he ARE, for 2009, sees its expenditures increase by t •  he ARCE (Company takeover and creation benefit) t 21.3%, with a 0.7% increase in the average daily ben- represents the main benefit amounting to 689.3 million efit amount and a 19.5% increase in the number of days Euros i.e. 88.6% of all benefits. Its amount rose by 19.6% for which benefits are paid; in 2009.• he expenses relating to ARE Training increased by 1.1% t with the number of days for which benefits are paid 4.1.2.3. VALIDATION OF PENSION POINTS decreasing 0.7% and an average daily compensation This item corresponds to the cost of validating benefit increasing 2.4%; recipients’ supplementary pension points for the sum of• he average daily ACA benefit amount dropped by 3.3% t 1,603.5 million Euros in 2009 compared with 1,447.3 million and the number of days for which benefits are paid was Euros in 2008. This increase is explained by the down by 52.2%, which results in a 53.6% decrease in regularisation of previous financial years and a change in expenditure; the expenses allowances.• he ASR ((Specific redeployment benefit for CRP (per- t sonalised redeployment agreement) recipients) increased The breakdown by pension scheme is shown in the table by 150.2% due to a 131.1% increase in the number of below: days for which benefits are paid and an increase of 7.7% in the average rate of indemnification. (in millions of Euros) TOTAL ARRCO 1 851.84.1.2.2. RETRAINING ALLOWANCES AGIRC 731.5It is to be noted that public aid to employers in 2009 falls Other funds (IRCANTEC - CRPNPAC) 80.9within the Pôle emploi’s scope of intervention. It is thesame for certain expenses in favour of the recipients, Total pension funds 2 664.2including funds available for training. Contribution of benefit recipients - 1 060.7Retraining allowances amounted to 778.0 million Euros Validation of pension points 1 603.5in 2009, compared to 822.2 million Euros in 2008 andare broken down in the following manner:in millions of Euros 2009 2008 2009/2008AFPE -Pre –employment training 0.0 28.0 - 100.0 %ADE – Decreasing aid to employer 0.0 55.3 - 100.0 %AFE - Flat-rate aid to employer 0.0 2.3 - 100.0 %Aid to employers 0.0 85.6 - 100.0 %AMG – Geographic mobility aid 0.0 16.4 - 100.0 %VAE – Validation of prior experiences 0.0 2.2 - 100.0 %Certified training 0.0 6.1 - 100.0 %Accredited training 0.0 69.2 - 100.0 %ASCRE – Supplementary specific unemployment benefit 0.7 1.1 - 36.4 %ADR – Differential redeployment benefit 33.8 30.3 11.6 %ARCE – Company takeover/creation benefit 689.3 576.4 19.6 %IDR – CRP differential redeployment indemnity 6.7 3.4 97.1 %Other benefits 47.5 31.5 50.8 %Aid to recipients 778.0 736.6 5.6 %Total redeployment benefits 778.0 822.2 - 5.4 % 2010 - Unédic financial report 1 ­9
  • 4.1.2.4. OTHER TECHNICAL MANAGEMENT 4.2. ADMINISTRATIVE MANAGEMENT EXPENSES This item, for the sum of 3,345.7 million Euros, is up sig- nificantly with the 10% contribution due by Unédic to 4.2.1. PROCEEDS Pôle emploi, which amounts to 2,936.8 million Euros. 4.2.1.1. PROVISION OF SERVICES This item, amounting to 63.3 million Euros, is essentially made The other main expenses comprise: up of proceeds received from third parties and from the State •  he debt write-offs and waiver of affiliate debts for t within the framework of management agreements: 218.2 million Euros; (in millions of Euros) 2009 2008 • he debt write-offs and waiver of benefit recipient debts t for 20.3 million Euros; State (Solidarity Funds) 0.0 83.5 • he assumption of responsibility by Unédic of its con- t State (Employment Delegation) 0.0 20.9 tribution to the FNE (National Employment Fund) agree- AGS 39.3 38.4 ments for 25.7 million Euros; ANPE - Pôle emploi 5.5 9.5 •  nédic’s contribution to the CRP (Personalised rede- U Other agreements with third parties 18.5 79.9 ployment agreement) balance sheet costs for 89.1 mil- Other provisions of services 0.3 0.1 lion Euros; TOTAL 63.6 232.3 •  nédic’s contribution to the financing of reduced activ- U ity (APLD) for the sum of 42.7 million Euros. 4.2.1.2. OTHER PROCEEDS 4.1.2.5. PROVISIONS This item, for a total amount of 57.9 million Euros, mainly In accordance with the accounting principles of the Unem- represents: ployment insurance scheme, provisions and reversals of • he rent paid by Pôle emploi within the framework of t provisions for depreciation of debts and for contingencies the availability of the Unemployment insurance scheme’s and expenses are presented for their net amount. real estate assets for 50 million Euros; •  he reversals of provisions for the sum of 2.2 million t The provision for depreciation of claims on affiliates Euros set aside in 2008 by Assédic/Garp and the Unédic amounts to 250.1 million Euros. information technology centre. • he reallocated expenses : 4.7 million Euros. t The provision for depreciation of over payments to benefit recipients is 1.4 million Euros. 4.2.2. EXPENSES All expense items reported a large decrease in 2009 fol- lowing the transfer of Assédic, GARP and Unédic activi- ties to Pôle emploi. Only depreciation and amortisation remains at the same level of expenses as in 2008, pend- ing the implementation of real estate sales operations, including Pôle emploi. 4.2.2.1. PURCHASES This item represents 0.5% of administrative management expenses, amounting to 0.9 million Euros compared to 23.3 million Euros for the year 2008.­20 2010 - Unédic financial report
  • 4.2.2.2. EXTERNAL SERVICES 4.3. FINANCIAL MANAGEMENTThis item represents 31% of administrative managementexpenses. The financial result is negative:(in millions of Euros) 2009 2008 •   264.4 million Euros in 2008; -Works and services provided by third parties 10.2 166.5 •   115.6 million Euros in 2009. -Other external services 8.1 130.8Rents 2.4 71.0 The 2009 expenses come to 118 million Euros and cor-Transportation and travel 2.2 38.6 respond essentially to: •  tructured financing expenses for 114.8 million Euros, i.e.: sPostal and telecommunications costs 0.9 73.4 • 72.4 million Euros for bond issues Notary fees and costs 20.7 59.0 •  2.4 million Euros in interest on the commercial paper 4Bank and postal costs 7.5 4.3 programme TOTAL 52.0 543.6 •  xpenses relating to authorised bank overdrafts for e 2,4 million Euros; •  mortisation of bond issue redemption premiums for a4.2.2.3. TAXES AND LEVIES 0.7 million Euros.This item represents 4.7% of administrative managementexpenses and is broken down as follows: The average financing rate for 2009 came to 2.047%.(in millions of Euros) 2009 2008Taxes on earnings 2.1 59.9Other taxes and levies 5.8 16.6 4.4. EXTRAORDINARY PROFITTOTAL 7.9 76.5 OR LOSS The negative result from extraordinary transactions comes4.2.2.4. WAGES AND SOCIAL SECURITY COSTS to -0.8 million Euros and is broken down as follows:This item represents 16.2% of administrative management •  apital gains of 11.2 million Euros for fixed assets cexpenses. It is broken down into: disposals;(in millions of Euros) 2009 2008 •  eduction in income from Pôle emploi related to the rWages 18.3 516.2 “PPAE Monitoring” service for 4 million Euros; •  iscellaneous expenses for the sum of 8 million Euros. mSocial security costs 8.9 241.5TOTAL 27.2 757.7 4.5. FINANCIAL YEAR PROFIT4.2.2.5. OTHER EXPENSES OR LOSSDebt write-offs on litigation costs incumbent on affiliates,which represented an expense of 2.4 million Euros in This item represents the net profit or loss for the 20092008, now fall under the management of Pôle emploi. financial year for the Unemployment insurance scheme.4.2.2.6. DEPRECIATIONS AMORTISATION The result is negative by 1,165.4 million Euros.AND PROVISIONSThis item represents 47,6% of administrative managementexpenses, or the sum of 79.9 million Euros, comparedwith 79.4 million Euros in 2008. 2010 - Unédic financial report 2 ­1
  • 5. ADDITIONAL INFORMATION 5.1. FINANCIAL COMMITMENTS Unemployment insurance, the provisions of Law No. 2004-391 of 4 May 2004 and the national multi-sector LINKED TO TECHNICAL agreement of 5 December 2003. MANAGEMENT The provisions of the agreement stipulate that from 1  January 2004, employees of the Unemployment The method of management by distribution implies that insurance scheme acquire individual rights to training, certain technical provisions which might be set aside within capped at 21 hours per annum and per employee. This the framework of an insurance or welfare activity are not set entitlement, cumulated over 6 years, therefore amounts aside within the specific framework of the Unemployment to a maximum of 126 hours per employee as at insurance scheme. However, they constitute financial com- 31  December 2009. mitments at the end of the financial year that only the break- When the accounts are drawn up, the acquired rights are even point of the Unemployment insurance scheme or a calculated by using the personal data of the Unemployment change in regulation might call into question in the future. insurance employees. As at 31 December 2009, the With a view to ensuring better information for third par- accumulation of acquired rights comes to almost 31,170 hours. ties, we present to you below the financial commitments we consider to be the most important. 5.3. NUMBER OF UNEMPLOYMENT 5.1.1. ESTIMATE OF THE BENEFITS YET TO BE PAID BY THE UNEMPLOYMENT INSURANCE STAFF INSURANCE SCHEME TO THE BENEFIT The number of Unédic staff as at 31 December 2008 is RECIPIENTS RECEIVING BENEFITS AT THE 356 Unédic employees, of which 240 are allocated to the END OF THE FINANCIAL YEAR Unédic/AGS Delegation. The outstanding sum of benefits to be paid over the average duration of unemployment as of 31 December 2009 to benefit recipients registered on this date was assessed by Unédic’s depart- 5.4. SCOPE OF CONSOLIDATION ment of studies and analyses at 22.6 billion Euros. This amount does not take into account the benefits to be paid to recipients The scope of consolidation includes: of an indemnification maintenance until their retirement. •  nédic, including equally 24 Assédic and Garp, which U is the object of a merger procedure with Unédic; 5.1.2. ESTIMATE OF THE BENEFITS YET • ive unmerged Assédic agencies; f TO BE PAID BY THE UNEMPLOYMENT •  CI Reuilly 1, a Unédic subsidiary which holds the S INSURANCE SCHEME TO BENEFIT finance lease for the construction of the Montpellier IT production centre; RECIPIENTS RECEIVING AN •  CI Reuilly 2, a Unédic subsidiary, created for asset S INDEMNIFICATION MAINTENANCE purposes within the framework of the reform of the These benefits concern the job seeker benefit recipients Public employment service; who may, under certain conditions, collect their indem- • he SI convergence emploi EIG created in March 2007 t nities up to retirement age. by ANPE and Unédic within the framework of imple- The sum of outstanding benefits to these benefit recipients reg- menting a common IT system, and in the process of istered at the end of the financial year was assessed by Unédic’s being dissolved. department for studies and analyses at 0.7 billion Euros. No. INSTITUTIONS No. INSTITUTIONS 5.2. INDIVIDUAL RIGHT TO 01 Aquitaine 17 Alsace TRAINING 35 Centre Region 63 Lorraine 69 Guyane The vocational training agreement, signed on 6 October Unédic SCI Reuilly 2 2005, implements, by adapting them to the context of SCI Reuilly 1 SI Convergence Emploi EIG­22 2010 - Unédic financial report
  • AUDITORS’ REPORTIn fulfilment of the assignment entrusted to us by your • he justification of our assessments; tBoard of Directors, we hereby report to you, for the year • he audits and specific informa¬tion required by law. tended 31 December 2009, on: The consolidated accounts have been drawn-up by the• he audit of the accompanying so-called consolidated t Managing Director of Unédic. Our role is to express an accounts of the Unemployment insurance scheme man- opinion on these accounts based on our audit. aged by Unédic, as they have attached to this report;1 - OPINION ON THE CONSOLIDATED ACCOUNTSWe conducted our audit in accordance with professional of the Unemployment insurance institutions and the otherstandards applicable in France. Those standards require entities included in the combination of accounts (“thethat we plan and perform the audit to obtain reasonable consolidation”).assurance as to whether the consolidated accounts are Although not to undermine the opinion expressed above,free of material misstatement. An audit includes examin- we draw your attention to the points referred to in theing, on a test basis or by means of other methods of selec- appendix relating to:tion, evidence supporting the amounts and information • he measures taken in order to finance the Unemploy- tin the consolidated accounts. ment insurance scheme given the return to the economicAn audit also includes assessing the accounting principles trend recorded in 2008 and its impact on the technicalused and significant estimates made, as well as evaluating equilibrium forecasts (see note 1.3.2. “Financing of thethe overall presentation of the accounts. We believe that 2010-2011 period”);the information that we have collected is sufficient and • he effect of Law No. 2008-126 of 13 February 2008 on the trelevant on which to base our opinion. reform of the Public Employment Service organisation onWe certify that, in accordance with French accounting the accounts as at 31st December 2009 (see note 1.1 “Reor-rules and principles, the consolidated accounts of the ganisation of the Public Employment”) and its consequencesfinancial year give a true and fair view of the assets, the in terms of comparability (see note 4.1.2 “Expenses”).financial position, and the income of the whole made up2 - JUSTIFICATION OF THE ASSESSMENTSThe consolidated accounts statements were approved at •  he note in the annex setting out the principles, rules Ta time of financial crisis, which was accompanied by a and accounting methods states that the Unemploymentslowdown in economic activity, a difficulty in accessing insurance scheme is a specific scheme by distribution,financing and a lack of visibility on the future. These ele- and that the accounts have been drawn-up in accord-ments have been taken into consideration by your asso- ance with the charts of accounts of the Unemploymentciation for assessing the appropriateness of the continuity insurance organisations approved by the Nationalof operation agreement selected for the establishment of Accounting Council. For the establishment of the con-accounts and to perform the required accounting esti- solidated accounts, the specificities that stem from themates by applying the accounting policies required under declarative nature of Unemployment insurance and theaccounting principles as at 31st December 2009. It is in consequences arising therefore both as regards thethis context that, in accordance with the provisions of statements of affiliates declarations and payments toArticle L.823-9 of the Commercial Code, we made our recipients, have been taken into consideration.own assessments that we bring to your attention. 2010 - Unédic financial report 2 ­3
  • Furthermore, the financial year’s consolidated accounts •  e have been appraised of the “Auditors’ Report on Pôle W were drawn up with a view to continued Unemployment emploi accounting statements linked to the management Insurance activities, given the structuring hypothesis on behalf of Unédic of contributions from affiliates and referred to in note 1.3.2 of the “Financing of the 2010- payments to benefit recipients”, drawn up on 4 June 2010, 2011 period” appendix which sets out its ability to have and which gives a favourable opinion. access to the necessary financing. •  e ensured the correct transcription of these account- W As part of our assessment of the accounting rules and ing statements in the Unemployment insurance scheme’s principles used, we verified the appropriate nature of accounts. the accounting methods specified above and the infor- •  e were aware of the work carried out by the Pôle emploi W mation provided in the notes of the appendix and we Statutory Auditors and we supplemented it with specific have ensured that they have been properly applied. requests concerning both the internal audit and the audit of the accounts. Our work consisted in examining the •  ote 1.1.1 of the appendix specifies that Unédic accounts N relevance and sufficient nature of the information obtained. were established based on financial information pre- pared by Pôle emploi regarding the operations performed The assessments were made in the context of our audit of by this entity on behalf of the Unemployment insurance the consolidated accounts, taken as a whole, and therefore scheme. These elements have been the subject of an contributed to the forming of our opinion expressed in the audit opinion by the Statutory Auditors of Pôle emploi. first part of this report. 3 - SPECIFIC AUDITS AND INFORMATION We have also performed the specific audits required by We have no comments to report regarding their fair law of the information given in the management report, in presentation and conformity with the consolidated accordance with professional standards applicable in France. accounts. Paris and Neuilly, the 28th June 2010 The Auditors FCN Deloitte & Associés Michel DORAY Serge FLOCH Anne BLANCHE Vincent BLESTEL­24 2010 - Unédic financial report
  • www.unedic.orgUnédic- 80 rue de Reuilly - 75012 Paris - Tel. : +33 (0)1.53.17.20.00 - Fax : +33 (0)1.53.17.21.11 Unédic – Information and Communication Department, Accounting Departement - ISSN : 0997-1351 – Rep.: DIIC 3601 - June 2010 - Financial report 2009 - Design/création :