FINANCIAL REPORT
INSURANCE IN 2012
UNEMPLOYMENT

MANAGING DIRECTOR’S MANAGEMENT REPORT 3
CONSOLIDATED FINANCIAL STATEMENTS 6
KEY EVENTS OF THE FINANCIAL YEAR 9
1.1 Regulatory measures decided on in 2012 9
1.2 Financial relations between Pôle emploi and Unédic 9
1.3 State/Unédic joint arrangements 10
1.4 Increase in Unemployment insurance benefits 10
1.5 Financing the Unemployment insurance scheme 11
ACCOUNTING PRINCIPLES, RULES AND METHODS 13
2.1 General principles 13
2.2 Unemployment benefits 13
2.3 Contributions of affiliates 14
2.4 Other items 14
2.5 Principles of consolidation of Unemployment insurance scheme accounts 15
BALANCE SHEET ANALYSIS 16
3.1 Analysis of balance sheet assets 16
3.2 Analysis of balance sheet liabilities 19
PROFIT AND LOSS ACCOUNT ANALYSIS 23
4.1 Technical management 23
4.2 Administrative management 26
4.3 Financial management 28
4.4 Extraordinary profit or loss 28
4.5 Corporation tax 28
4.6 Financial year profit or loss 28
ADDITIONAL INFORMATION 29
5.1 Estimate of the benefits to be paid to benefit recipients receiving benefits
at the end of the financial year using underlying assumptions 29
5.2 Individual right to training 30
5.3 Number of Unemployment insurance staff 30
5.4 Scope of consolidation 30
AUDITORS’ REPORT
ON THE CONSOLIDATED ACCOUNTS 31
1
2
3
4
5

Managing Director’s
MANAGEMENT REPORT
CHARACTERISTICS OF 2012
2012 started in a fragile economic environ-
ment, in France as in the rest of the euro
zone. In particular, the prospects for growth
for 2012 were weakened by the downturn of
summer 2011, caused by the sovereign debt
crisis. As a result, French growth slightly
shrank in the first half of 2012, and then
activity made slight progress in the third
quarter, before falling off again in the fourth.
All in all, activity stagnated over the whole
of 2012, after growth of +1.7% in 2011 (source:
INSEE (National Institute of Statistics and
Economic Studies)).
Although a few jobs were created during
the first quarter, sluggish activity resulted in
job losses over the next three quarters. The
number of jobseekers required to engage in
positive job searches, unemployed (cate-
gory A), continuously increased in 2012,
under the combined impact of job losses
and an increase in the active population. At
the same time, the number of unemployed
people receiving benefits from the Unem-
ployment insurance scheme continued to
increase over the whole year. Thus, at the
end of December 2012, there were
2,292,000 unemployed people receiving
benefits in France, i.e. an increase of
+130,000 over the year (CVS data, whole of
France).
The slower rise in the wage bill and the
increase in benefit payments increased the
Unemployment insurance scheme’s indebt-
edness over 2012:
• the revenue from contributions increased
primarily under the influence of the rise in
the affiliated wage bill in 2012 (+2.5%);
• benefit expenses increased by +6.4% in
one year;
• +5.8% for Unemployment benefits (ARE);
• +13.0% for other benefits.
The discrepancy between the contribu-
tions and the benefits and assistance
expenses is positive, amounting to
2.67 billion Euros. After taking into account
expenses relating to validation of benefit
recipients’ pension points in particular (1.81
billion Euros) and the contribution of the
Unemployment insurance scheme to the
running of Pôle emploi (State employment
agency) (3.02 billion Euros), the technical
profit margin becomes loss-making by
2.58 billion Euros.
In terms of financing the Unemployment
insurance scheme, it should be empha-
sised that:
• during autumn 2011, the rating agencies
confirmed the maximum ratings attrib-
uted to Unédic (AAA, Aaa). However, at
the same time as downgrading France’s
rating, Standard & Poor’s downgraded
Unédic’s rating to AA+ in January 2012.
For the same reasons, Moody’s down-
graded the rating to Aa1 in November
2012. These decisions continued to have
no impact on the excellent credit condi-
tions obtained by Unédic on the financial
markets;
• the Amending Finance Law of 29 Decem-
ber 2012 authorises the Ministry of Econ-
omy and Finance to grant a French State
guarantee to bond issues to be launched
by Unédic in 2013 up to the limit of 5 bil-
lion Euros in principal;
• In April and May 2013, Unédic completed
almost all of its bond issues with 3 issues
for a total of 4.5 billion Euros.

4FINANCIAL REPORT – UNEMPLOYMENT INSURANCE IN 2012
RECONCILIATION BETWEEN THE CHANGE
IN CASH BALANCE AND THE ACCOUNTING RESULT
CHANGE IN CASH BALANCE
The net change in cash balance for the Unemployment insurance transactions is negative
by 2,314 million Euros and is reflected in the following manner:
This shows the result of current transac-
tions.
NET ACCOUNTING RESULT
The discrepancy between the change in
cash balance and the book loss for the
financial year of 529 million Euros is primar-
ily explained by:
• the allowance and write-back of allow-
ance transactions for amortisation and
provisions, without affecting the cash bal-
ance, for a net amount of 302 million
Euros;
• the 124 million euro drop in the working
capital requirements linked to the activity,
with a decrease in claims against the oper-
ators offsetting an increase in claims
against the affiliates and benefit recipi-
ents, and an increase in the benefit
expenses to be paid as at 31 December
2012.
The net position, taking into account the
profit or loss for the financial year, is nega-
tive by 13,453 million Euros as at 31 Decem-
ber 2012.
EVENTS SUBSEQUENT TO CLOSURE
None.
2013 OUTLOOK
Unédic regularly updates its expenditure
and revenue forecasts by taking into account
the change in the economic situation.
The latest break-even point forecast for
2013 and 2014, drawn up in May 2013, relies
on the consensus of economists in May,
which anticipates a reduction of -0.2% in
2013, followed by growth of +0.7% in 2014.
As a consequence of weak activity,
143,600 jobs affiliated to the Unemploy-
ment insurance scheme would be lost in
2013, followed by 40,800 in 2014. In con-
junction with the slowdown in inflation and
the increase in unemployment, the average
wage per capita (SMPT) would increase
more slowly: +2.0% in 2013 and 2014. The
wage bill, penalised by both the decrease in
employment and the deceleration in wage
growth would slow down to +1.1% in 2013,
and would then increase by +1.4% in 2014.
The increase in those registered with Pôle
emploiundercategoryAwouldcontinue,but
would nevertheless slow down during 2013,
mainly under the impact of public employ-
ment policies. There would be +178,700 peo-
ple registered in category A in 2013 and
+128,700 in 2014. Together with the increase
in the potential number of benefit recipients,
the increase in the number of unemployed
people receiving benefits from the Unem-
ployment insurance scheme would continue
(+77,800 unemployed people receiving
31 December 2011 31 December 2012 Change
BOND ISSUES - 5,900 -8,900 -3,000
COMMERCIAL PAPERS -7,480 -7,945 -465
OVERDRAFT -1 -40 -39
INVESTMENTS 1,551 1,517 -34
BANK BALANCES 307 1,531 1,224
TOTAL -11,523 -13,837 -2,314
(in millions of Euros)

5
benefits in 2013 and +65,600 in 2014).
This labour market situation would increase
expenditure and slow down the increase in
the Unemployment insurance scheme’s reve-
nue. In 2013, the “revenue/expenditure” bal-
ance would be -4.8 billion Euros, and the
accumulated deficit would reach 18.5 billion
Eurosattheendof2013.In2014,theforecasts
were established on the basis of the current
Unemployment insurance convention, with
this convention having to be renegotiated by
the social partners during the second half of
2013. The balance would be -5.6 billion Euros
and the deficit would reach -24.1 billion Euros
at the end of 2014.
In brief, the expenditure and revenue fore-
casts for 2013 and 2014 would be as follows:
In order to cover the cash requirement, the
Board of Directors, which met on 24 January
2013, approved a programme of bond issues
of 5 billion Euros, in one or more tranches,
with a maximum term of 10 years.
Three new bond issues were successfully
launched from April to May 2013:
• 1.5 billion Euros at 10 years at the rate of
2.25%;
• 1.5 billion Euros at 3 years at the rate of
0.375%;
• 1.5 billion Euros at 7 years at the rate of
1.25%.
These bond issues benefit from the State
guarantee.
2013 Forecast 2014 Projection
TOTAL REVENUE 33,091 33,422
TOTAL EXPENDITURE 37,854 38,984
CHANGE IN CASH BALANCE -4,763 -5,562
NET BANK INDEBTEDNESS POSITION -18,546 -24,109
(in millions of Euros, as at 31 December)

CONSOLIDATED
financial statements
ASSETS 2012 2011
FIXED ASSETS 170.5 203.3
INTANGIBLE FIXED ASSETS 0.5 1.9
TANGIBLE FIXED ASSETS 143.7 174.2
FINANCIAL FIXED ASSETS 26.3 27.2
CURRENT ASSETS 7,862.0 6,834.4
RECEIVABLES 4,590.4 4,295.7
• BENEFIT RECEIVABLES 261.2 213.0
• AFFILIATED RECEIVABLES 4,329.2 4,082.7
OTHER RECEIVABLES 216.5 667.9
MARKETABLE SECURITIES 1,517.1 1.551.3
AVAILABLE CAPITAL 1,531.0 306.7
PREPAID EXPENSES 7.0 12.8
DEFERRED EXPENSES 7.4 2.8
BOND REDEMPTION PREMIUMS 12.1 7.0
TOTAL ASSETS 8,052.0 7,047.5
(in millions of Euros)
CONSOLIDATED BALANCE SHEET - UNEMPLOYMENT INSURANCE
LIABILITIES 2012 2011
NET FINANCIAL POSITION -13,453.2 -10,610.8
RESERVES 0.8
RETAINED EARNINGS -10,610.8 -9,150.2
RESULT FOR THE FINANCIAL YEAR -2,843.2 -1,460.6
PROVISIONS FOR CONTINGENCIES AND EXPENSES 55.8 56.2
DEBTS 21,394.0 17,583.8
LOANS AND FINANCIAL DEBTS 17,038.6 13,429.8
BOND ISSUES 9,040.6 5,936.5
• OTHER LOANS AND FINANCING 7,945.0 7,481.2
• BANK LOANS AND OVERDRAFTS 39.6 0.7
• OTHER FINANCIAL DEBTS 13.4 11.4
OTHER DEBTS 4,355.4 4,154.0
• AFFILIATED DEBTS 140.4 120.0
• BENEFIT DEBTS 2,734.7 2,549.2
• TAX AND SOCIAL SECURITY DEBTS 70.5 67.3
• TRADE PAYABLES 4.2 4.6
• STATE DEBTS 0.0 0.0
• OTHER DEBTS 1,405.6 1,412.9
ACCRUALS 55.4 18.3
TOTAL LIABILITIES 8,052.0 7,047.5
(in millions of Euros)

7
2012 2011
TECHNICAL MANAGEMENT
INCOME 33,212.1 32,720.5
CONTRIBUTIONS 32,958.2 32,314.2
OTHER INCOME 124.0 100.0
WRITE-BACK OF PROVISIONS 78.4 277.2
TRANSFERS OF EXPENSES 51.5 29.1
EXPENSES 35,790.2 33,975.4
UNEMPLOYMENT BENEFITS 26,681.7 25,220.8
OTHER BENEFITS 2,627.4 2,324.4
REDEPLOYMENT BENEFITS 972.8 1,097.5
VALIDATION OF PENSION POINTS 1,811.0 1,614.1
OTHER EXPENSES 3,346.8 3,354.8
PROVISIONS 350.5 363.8
TECHNICAL PROFIT OR LOSS -2,578.1 -1,254.9
CORPORATION TAX AND SIMILAR LEVIES -4.8 -3.6
CONSOLIDATED PROFIT AND LOSS ACCOUNT - UNEMPLOYMENT
INSURANCE
ADMINISTRATIVE MANAGEMENT
INCOME 84.7 81.4
PROVISION OF SERVICES 49.5 43.8
OTHER INCOME 35.2 37.6
EXPENSES 113.3 106.5
PURCHASES 0.7 0.5
EXTERNAL SERVICES 54.0 49.1
TAXES AND LEVIES 6.4 5.4
WAGES AND SOCIAL SECURITY CONTRIBUTIONS 27.4 25.9
OTHER EXPENSES 0.1 0.0
AMORTISATION AND PROVISIONS 24.7 25.6
ADMINISTRATIVE MANAGEMENT PROFIT OR LOSS -28.6 -25.1
FINANCIAL MANAGEMENT
FINANCIAL INCOME 44.2 14.4
FINANCIAL EXPENSES 281.3 191.4
FINANCIAL PROFIT OR LOSS -237.1 -177.0
EXTRAORDINARY TRANSACTIONS
TECHNICAL MANAGEMENT 0.0 0.0
ADMINISTRATIVE MANAGEMENT 5.4 0.0
EXTRAORDINARY PROFIT OR LOSS 5.4 0.0
PROFIT OR LOSS -2,843.2 -1,460.6
(in millions of Euros)

8FINANCIAL REPORT – UNEMPLOYMENT INSURANCE IN 2012
2012 2011
CONSOLIDATED NET RESULT -2,843.2 -1,460.6
ELIMINATION OF TRANSACTIONS WITH NO EFFECT ON CASH FLOW OR NOT LINKED
TO THE ACTIVITY:
286.0 111.5
• AMORTISATION AND PROVISIONS 293.6 112.7
• CAPITAL GAINS OR LOSSES ON DISPOSALS -7.6 -1.2
CHANGE IN WORKING CAPITAL REQUIREMENT 124.8 1,646.8
NET CASH FLOW LINKED TO THE ACTIVITY -2,432.4 -2,995.9
CONSOLIDATED CASH FLOW STATEMENT -
UNEMPLOYMENT INSURANCE
ACQUISITION OF TANGIBLE AND INTANGIBLE FIXED ASSETS -8.4 -1.5
DISPOSAL OF TANGIBLE AND INTANGIBLE FIXED ASSETS 22.6 15.2
CHANGE IN FINANCIAL FIXED ASSETS 0.9 1.7
CHANGE IN SUPPLIERS OF FIXED ASSETS -0.1 -0.5
NET CASH FLOW LINKED TO INVESTMENT TRANSACTIONS 15.0 14.9
BOND ISSUES 3,000 1,900.0
SHORT-TERM CREDIT LINES -1.2 -650.0
COMMERCIAL PAPERS 465.0 2,200.0
OTHER TRANSACTIONS 104.8 23.7
NET CASH FLOW LINKED TO FINANCING TRANSACTIONS 3,568.6 3,473.7
CHANGE IN CASH FLOW (ALL SCHEMES) 1,151.2 492.8
NET CASH FLOW AT THE OPENING OF THE PERIOD 1,857.3 1,364.5
POSITIVE CASH FLOW: AVAILABLE CAPITAL 1,858.0 1,367.1
NEGATIVE CASH FLOW: BANK LOANS AND OVERDRAFTS -0.7 -2.6
NET CASH FLOW AT THE CLOSING OF THE PERIOD 3,008.5 1,857.3
POSITIVE CASH FLOW: AVAILABLE CAPITAL 3,048.1 1,858.0
NEGATIVE CASH FLOW: BANK LOANS AND OVERDRAFTS -39.6 -0.7
(in millions of Euros)

9
Key events
OF THE FINANCIAL YEAR1
1.1
REGULATORY MEASURES
DECIDED IN 2012
While the Unemployment insurance conven-
tion and the Improved job security contract
(CSP) arrangement entered into in 2011 will
produce their effects up until 31 December
2013, the social partners have taken deci-
sions relating to specific populations.
Thus, the National multi-sector agreement
(ANI) of 11 July 2011, on supporting young
people to encourage them to stay in
employment, institutes a special financial
support arrangement for young people
under 26 by assuming responsibility for
costs relating to being recruited for a job.
This benefits are financed by a 5-point
reduction in the amount of Assistance for
the takeover or creation of a company
(ARCE), up to a limit of 40 million Euros.
Given the time required to implement the
assistance for young people, resulting in a
payment in 2012 limited to 4 million Euros,
this measure was extended until 31 Decem-
ber 2013.
Via a National multi-sector agreement of 6
February 2012 on long-term reduced activ-
ity (APLD), the social partners also decided
on changes with regard to the assumption
of responsibility by the Unemployment
insurance scheme: a package of 80 million
Euros for 2012 was added to the initial
package of 150 million Euros dating from
2009. Unédic contributes up to 2.90 Euros
within this new framework from the very
first hour of short-time working, which rep-
resented an expenditure of 18 million Euros
in 2012. This provision was extended until
30 June 2013, the date on which the new
regulations on reduced activity should
come into force.
1.2
FINANCIAL RELATIONS BETWEEN PÔLE EMPLOI
AND UNÉDIC
The financial relations between Pôle emploi
and Unédic originate in:
• the 2012-2014 tripartite agreement signed
between the State, Unédic and Pôle emploi,
which sets out the objectives of Pôle
emploi’s action and the resources placed at
its disposal;
• the cash management agreement entered
into between Unédic and Pôle emploi that
specifies the amount of the 10% contribu-
tionoutofthereceiptofcontributionsowed
by Unédic and the terms of payment, result-
ing in a cost of 3,025 million Euros in 2012;
• the bipartite agreements on the recovery of
contributions and benefits, with revenue of
1,004 million Euros and expenditure of
28,978 million Euros in 2012. Both these
pieces of legislation were replaced at the
beginning of 2013 by a single agreement on
service delegations and operational coop-
eration.

10FINANCIAL REPORT – UNEMPLOYMENT INSURANCE IN 2012
Furthermore, Pôle emploi is entrusted with
implementing specific arrangements by
entering into agreements:
• to finance the support of parties to the
Improved job security contract that fol-
lowed the Personal redeployment agree-
ment (CRP) and Occupation transition
contract (CTP) arrangements, with an
expenditure of 75.5 million Euros in 2012;
• in respect of measures provided for in the
National multi-sector agreement for the
support of young people, the 2012
expenditure being 4 million Euros.
Finally, transactions are paid out of the
operational budgets of both organisations:
• rental payments and charges paid by Pôle
emploi to occupy real estate sites belong-
ing to Unédic for 27.8 million Euros;
• the sale by Unédic of computer equip-
ment from the dissolution of the SI
Convergence Emploi EIG amounting to
1.5 million Euros;
• the sale to Pôle emploi of two real estate
sites, the IT production site of Castelnau-
le-Lez for 6.8 million Euros and that of
Vandoeuvre for 1 million Euros.
1.3
STATE /UNÉDIC JOINT ARRANGEMENTS
The State and the social partners agreed to
prepare the agreement on Long-term
reduced activity (APLD) by amending the
minimum term of agreements entered into
by companies from 3 months to 2 months. A
supplementary package of 80 million Euros
paid for by the Unemployment insurance
scheme was put in place for the actions
implemented until 31 December 2012, a
deadline that was ultimately postponed to
30 June 2013. The expenditure recorded in
2012 in this regard increased to 18 million
Euros.Theinitialpackageof150millionEuros
made it possible in this same year to assume
responsibility for this arrangement up to
10 millionEuros,withthetotalexpenditurefor
both packages representing 28 million Euros.
The Improved job security contract resulted
in 2012 in the assumption of responsibility
by the State of 24 million Euros, to finance
the improved job security benefits for ben-
eficiaries providing evidence of 12 to
24 months’ seniority in the company at the
time of signing up for the arrangement, for
the portion exceeding the unemployment
benefit amount. Furthermore, a trial period
has been implemented in fifteen employ-
ment areas, to enable jobseekers at the end
of a fixed-term contract (CDD) to take
advantage of support benefits provided for
within the framework of the CSP, with the
State contributing to the support costs.
1.4
INCREASE IN UNEMPLOYMENT
INSURANCE BENEFITS
The Unédic Board of Directors decided, at
its meeting on 27 June 2012, to increase the
reference salary, which serves as the basis
for calculating benefits, by 2% as of 1 July
2012.

11
1.5
FINANCING THE UNEMPLOYMENT INSURANCE
SCHEME
1.5.1 2012 FINANCING OPERATIONS
At the end of the 2012 financial year, the net
position of outstanding loans was 13,837
Euros, i.e.:
1.5.1.1 Bond issues
and bank loans
In 2009, Unédic opened a 12 billion euro
EMTN (Euro Medium Term Notes) pro-
gramme, within which its bond issues were
launched. This programme’s upper limit was
increased to 14 billion Euros further to the
decision of the Board of Directors of 7 Feb-
ruary 2012.
In 2012, Unédic raised a total of 7 billion Euros
on the bond market: 1.3 billion Euros at
7 years, 1.2 billion Euros at 6 years, 1.3 billion
Euros at 5 years, 2.7 billion Euros at 3 years,
to which are added 0.5 billion Euros at
2 years. It also repaid the bond issue in an
amount of 4 billion Euros subscribed in 2009
and which became due on 3 December 2012.
In 2012, the EMTN programme benefited
from the rating attributed to Unédic by the
Fitch Ratings (AAA), Standard & Poor’s
(AA+) and Moody’s (Aa1) rating agencies,
with these last two ratings resulting from a
downgrade in January and November 2012
respectively.
Given the restrictions imposed by Article
213-15 of the Financial and Monetary Code
governing bond issues by associations on
the financial markets, the Board of Directors
decided to apply for a State guarantee for its
bond issues in 2013. This guarantee was
authorised by the Amended Finance Law of
29 December 2012 and granted by order of
the Ministry of Economy and Finance on 31
January 2013.
1.5.1.2 Commercial papers
The use of this financing method for the
associations was authorised, under certain
conditions, in Article 37 of law no. 2003-
706 of 1 August 2003. The initial amount
of 1,200 million Euros in 2004 was gradu-
ally increased, to reach an upper limit of
12,000 million Euros authorised by the
Board of Directors in June 2012. The total
outstanding amount of the programme as
at 31 December 2012 is 7,945 million Euros.
These commercial papers are the subject
of drawdowns as needed.
This commercial paper programme
obtained the short-term rating “A1+” by
the Standard & Poor’s rating agency and
“P1” by Moody’s as of its launch in January
2004. Since July 2009, it has also bene-
fited from the F1+ rating from the Fitch
Ratings agency.
Initially, at the request of the Moody’s rat-
ing agency, syndicated and confirmed
lines of credit were put in place to ensure
100% coverage of this programme and
thereby mitigate any imbalances in the
European money market.
Since July 2012, these lines of credit have
been completely replaced by a reserve of
liquid assets for a minimum of 2 billion
Euros,the level of which varies according
to the use of the commercial papers pro-
gramme.
1.5.1.3 Traditional bank financing
arrangements
Short-term financing requirements are cov-
ered in the form of bank overdrafts negoti-
ated by mutual agreement with Unédic’s
banking partners (1.5 billion Euros negoti-
ated).
The use of these overdrafts at the end of the
2012 financial year was 39.6 million Euros.
1.5.1.4 Investments
A commitment was made with regard to the
rating agencies to build up a reserve of liquid
assets according to the drawdowns on the
commercial papers programme. Given a
• BOND ISSUES: 8,900 MILLION EUROS,
• COMMERCIAL PAPERS: 7,945 MILLION EUROS,
• INVESTMENTS: -1,517 MILLION EUROS,
• BANK BALANCES: -1,491 MILLION EUROS
N.B.: the aggregate net debt including the sums payable to Pôle emploi for the 10% contribu-
tion and which are not yet paid (154 million Euros) therefore amounts to 13,991 million Euros.

12FINANCIAL REPORT – UNEMPLOYMENT INSURANCE IN 2012
commercial paper outstanding liability of
7,945 million Euros as at 31 December 2012,
the reserve of liquid assets intended to cover
the commitments made with the rating
agencies on this date is achieved with all
the 1,517 million Euros of investments and
1,491 million Euros of bank balances.
1.5.2 FINANCING OF THE 2013-2014
PERIOD
The threefold strategy set out and approved
by the Board of Directors from 2009
remains operational:
• The work carried out with the rating agen-
cies enabled Unédic to continue to benefit
from a rating enabling it to raise the neces-
sary resources under the best conditions.
However, it should be noted that, at the
beginning of 2012, the sovereign debt crisis
led Standard & Poor’s to downgrade the
French State’s rating to AA+, while keeping
its short-term rating unchanged at A-1+.
Unédic’s rating was automatically aligned
with that of the French State. The same
decision was made on 21 November 2012
by Moody’s, which downgraded the rating
from Aaa to Aa1.
These decisions on the financing costs and
the opportunities to access the financial
markets for Unédic had very little effect,
insofarasthemarketshadanticipatedthem;
• The EMTN programme, the upper limit of
which was increased to 14 billion Euros in
2012, shall enable Unédic to retain the
responsiveness necessary to its future
bond issues. An initial issue in April 2013
made it possible to raise 1.5 billion Euros
over a maturity of 10 years, thereby evenly
spreading its exposure to interest rate risk;
• The commercial papers programme, the
upper limit of which was increased to 12
billion Euros in 2012, continues to enable
Unédic to raise the additional short-term
resources it needs under the best condi-
tions.
The financing instruments thus imple-
mented will enable Unédic to cover the 2013
deficit forecast to be 4.8 billion Euros in the
financial statement of the Unemployment
insurance scheme published in May 2013.
Concerning the 2014 financial year, the
break-even point forecasts were made in
May 2013 on the basis of current regulation.
They assume a level of growth that should
remain weak (0.7%) and a loss of approxi-
mately 40,000 jobs, anticipating a result for
the Unemployment insurance scheme that
would remain negative, thereby generating
a cash burn in the region of 5.6 billion Euros.
Net indebtedness would then reach approx-
imately 24.1 billion Euros at the end of the
year, for which the (support, remuneration
and maturity) financing procedures are yet
to be specified given the situation of the
financial markets. These provisions shall be
adjusted as soon as the results of the nego-
tiation that must take place before the end
of 2013 are known.

13
2.1.
GENERAL PRINCIPLES
The Unemployment insurance scheme’s
consolidated annual accounts for the finan-
cial year ended 31 December 2012, drawn up
in Euros, including the balance sheet, the
profit and loss account and the appendix,
were drawn up in accordance with the
Unemployment insurance organisations’
chart of accounts approved by the National
Accounting Council (CNC) dated 9 January
1995 (notice of compliance no. 79).
They take into account the specific informa-
tion linked to the declaratory nature of
Unemployment insurance and the conse-
quences that arise therefrom, with regard to
both the declarations of affiliates and the
payments to recipients.
The signatory organisations of the Unem-
ployment insurance convention of 6 May
2011 , in view of Article L.351-3-1 of the
French Labour Code on the method of
financing benefits paid under this scheme,
certify that Unemployment insurance is a
specific “pay-as-you-go” scheme.
Unédic’s annual accounts were drawn up on
the basis of financial information produced
by the following operators: Acoss, CCMSA,
CCVRP, Pôle Emploi, CCSS (Monaco), CPS
(Saint-Pierre et Miquelon). This financial
information is summarised in summary
documents conveying the transactions
completed on behalf of the Unemployment
insurance scheme.
2.2.
UNEMPLOYMENT BENEFITS
2.2.1 EXPENSES
The regulatory provisions stipulate that job-
seekers register then provide Pôle emploi
with evidence of their situation on a monthly
basis to avoid their entitlements being
called into question. These formalities ena-
ble the benefits to be dealt with on a
monthly basis under technical manage-
ment expenses. In addition to the Decem-
ber benefits paid in January of the following
year, payment adjustments that may take
place in the following months will be esti-
mated to take into account corresponding
expenditure in the corresponding year. For
people exempt from checking, accounting
is, the aforementioned notwithstanding,
also carried out on a monthly basis.
2.2.2 BENEFIT DEBTS
Under the item “Benefit debts” is the
amount of benefits considered as owing for
the current financial year, according to the
principles referred to above, and which are
calculated by using the benefits paid in Jan-
uary of the following year and the estimate
of the payment adjustments taking place in
the following months.
2.2.3 BENEFIT RECIPIENT RECEIVABLES
The accounts receivable of benefit recipi-
ents (overpayments and advances) are the
subject of a provision built up according to
the age of the debts.
The method for calculating provisions for
depreciation of the benefit recipients’ over-
payments is based on statistical law making
it possible to measure the probability of
recovering them.
Overpayments for fraud were the subject of
a 100% provision of their amount.
ACCOUNTING
principles, rules and methods2

14FINANCIAL REPORT – UNEMPLOYMENT INSURANCE IN 2012
2.3
CONTRIBUTIONS OF AFFILIATES
2.3.1 INCOME
The income from technical management
corresponds to general and specific contri-
butions that the employers are required to
pay for the year, according to mandatory
periodic declarations that they make to Urs-
saf (Social Security Contribution Collection
Agencies), CGSS (General Social Security
Fund), CMSA (Agricultural Social Mutual
Fund) and regional departments of Pôle
emploi. The forms received in January are
deemed to concern the previous year. For
those received in February, the reference on
the form for the previous year makes it pos-
sible to register amounts declared in
unearned income.
When the forms are not received within the
prescribed time limits, an estimate of the
contributions due is carried out per affiliate.
2.3.2 AFFILIATE RECEIVABLES
Contributions yet to be received for the
year are calculated according to the income
recorded between 1 January and 28 Febru-
ary of the following financial year and relat-
ing to the financial year elapsed.
A provision is recorded at the end of the
year on affiliates’ debts that appear doubt-
ful. It is calculated according to the age of
the debts and forecasts of companies’ abil-
ity to pay according to their characteristics.
2.3.3 CREDITOR AFFILIATES
Funds paid by affiliates and collected by the
various operators recovering on behalf of
Unédic and which could not be assigned to
an identified debt are shown under balance
sheet liabilities.
2.4
OTHER ITEMS
2.4.1 FIXED ASSETS
The intangible and tangible fixed assets are
recorded in the accounts according to the
provisions of ARC (Accounting Regulatory
Committee) regulation no. 2002-10 on the
amortisation and depreciation of assets and
ARC regulation no. 2004-06 on the defini-
tion, accounting and evaluation of assets.
Amortisation is practised according to the
straight-line method over the following
durations:
2.4.2 CORPORATE COMMITMENTS
Given the provisions of the National collec-
tive agreement (CCN) for Unemployment
insurance scheme personnel, Unédic is
required to pay retirement indemnities cal-
culated as monthly wage by number of
years of service.
Furthermore, bonuses are to be paid under
long-term service bonuses (médailles du
travail).
Commitments are calculated using the fol-
lowing information:
• new CCN provisions: amendment of 10
February 2011;
• use of personal information: age, sex, sal-
ary, length of service;
• determination of internal actuarial
assumptions: staff turnover rate (0% to 3%
according to the employee’s age), retire-
ment age and terms and conditions (60 to
65 according to the year of birth with
retirement at the initiative of the
employee), a 3%wage increase rate includ-
ing inflation;
• use of a discount rate for the commitment
corresponding to the Bloomberg reference
rate, i.e. 2.90% for the 2012 financial year.
SOFTWARE 5 years
BUILDINGS AND STRUCTURES 10 to 40 years
FIXTURES AND FITTINGS 10 to 20 years
IT INSTALLATIONS AND EQUIPMENT 3 to 6 years
OFFICE FURNITURE 10 years
OFFICE EQUIPMENT 5 years
OTHER 4 to 10 years

15
Using this data, the amount of the commit-
ments is calculated individually for each
employee present, it being understood that
for the long-term service bonuses, the com-
mitment must be calculated for the bonuses
which risk being paid for the entire period of
work, i.e. a maximum of 4 bonus levels.
The amounts thus obtained are recorded in
the accounts as provisions for contingen-
cies and expenses and the change in these
provisions is recorded in the result for the
period including the impact of assumption
changes.
Added to this from 2010 is the amount of
commitments due under the defined ben-
efits pension plan for the senior executives
of the Unemployment insurance scheme
present as at 1 January 2001, providing evi-
dence of 8 years in this role and having
ended their career in an Unemployment
insurance institution.
2.4.3. EXTRAORDINARY PROFIT OR LOSS
The extraordinary profit or loss includes:
• technical management operations which
do not derive from ordinary activity and
relating to benefit recipient or recovery
domains;
• items relating to administrative manage-
ment, that is to say the items provided for
by the general chart of accounts and, in
particular, the capital gains or losses from
disposals of tangible and intangible fixed
assets.
The capital gains or losses from disposals of
financial fixed assets are, the aforemen-
tioned notwithstanding, recorded in the
financial transactions.
2.5
PRINCIPLES OF CONSOLIDATION OF
UNEMPLOYMENT INSURANCE SCHEME ACCOUNTS
Unédic shall proceed with a “consolidation”
of all Unemployment insurance institutions’
accounts. Strictly on a legal basis, the “con-
solidated” whole corresponds to a “combi-
nation” of the accounts according to
regulation no. 99-02 of the National
Accounting Council.
There is no legal relationship between the
entities included in the scope of consolida-
tion except for SCI (real estate investment
trust) Reuilly 1, subsidiary of Unédic.
For the 2012 financial year, SCI Reuilly 1,
wholly owned by Unédic, was absorbed by
the latter. This operation does not call into
question the consolidation of Sci Reuilly 1
for the 2012 financial year.
The scope of consolidation is presented in
the chapter of the appendix on additional
information.
The main reprocessing operations concern:
• the leasing held by SCI Reuilly 1;
• the goodwill arising from the first consoli-
dation of SCI Reuilly 1;
• elimination of balances from transactions
relating to the managed third party (AGS)
shown in Unédic’s annual accounts, in
order to only present in the consolidated
balance sheet the Unemployment insur-
ance transactions.

16FINANCIAL REPORT – UNEMPLOYMENT INSURANCE IN 2012
Balance sheet
ANALYSIS
3.1
ANALYSIS OF BALANCE SHEET ASSETS
3.1.1 FIXED ASSETS
3.1.1.1 Tangible and intangible fixed assets
All of the movable and immovable property was the subject of:
• a sale of 13 real estate sites;
• an inventory carried out on the intangible fixed assets.
The transactions recorded with regard to the fixed assets and the amortisation during the
2012 financial year are presented below.
3
(1) (2) (3) (4) (5)=(1)+(2)-(3)+(4)
Amortisation
at the opening
of the financial
year
Appropriation
Increases
Reductions
in sales and
decommissio-
nings
Transfers
Gross value
at the closing
of the financial
year
TOTAL INTANGIBLE FIXED ASSETS (A) 7.7 0.2 7.5 0 0.4
TOTAL TANGIBLE FIXED ASSETS (B) 308.6 20.6 21.3 0 307.9
PROPERTY: BUILDINGS AND FITTINGS 305.8 20.3 20.6 0 305.5
OTHER TANGIBLE FIXED ASSETS 2.8 0.3 0.7 0 2.4
TOTAL (A+B) 316.3 20.8 28.8 0 308.3
CHANGES IN AMORTISATION IN 2012
(in millions of Euros)
(1) (2) (3) (4) (5)=(1) +(2)-(3)+(4)
Gross value
at the opening
of the financial
year
Acquisitions
and creations
Sales
or decommissio-
nings
Transfers
Gross value
at the closing
of the financial
year
TOTAL INTANGIBLE FIXED ASSETS (A) 9.6 0.2 8.9 0 0.9
TOTAL TANGIBLE FIXED ASSETS (B) 482.8 8.2 39.6 0 451.4
PROPERTY:
LAND, BUILDINGS AND FITTINGS 477.6 7.8 37.4 0 448
OTHER TANGIBLE FIXED ASSETS 5.1 0.3 2.2 0.1 3.3
CURRENT TANGIBLE FIXED ASSETS 0.1 0.1 0 -0.1 0.1
TOTAL (A+B) 492.4 8.4 48.5 0 452.3
CHANGES IN GROSS FIXED ASSETS IN 2012
(in millions of Euros)
A provision for depreciation of properties and developments is recorded as part of the
planned disposal of certain sites for which a proposed purchase in lieu of the sale price
estimate is lower than the net book value.

17
3.1.1.2 Financial fixed assets
This item, for an amount of 26.2 million Euros, essentially comprises the loans for their orig-
inal amount within the framework of the construction subsidy for 25.8 million Euros and the
deposits and securities paid amounting to 0.4 million Euros.
3.1.2 CURRENT ASSETS
3.1.2.1 Receivables
a) Benefit recipient debtors
The gross value of this item is up by 15.72% compared with the previous financial year: 540.4
million Euros compared with 467 million Euros. 95.8% of it is made up of Unemployment
insurance overpayments to benefit recipients, i.e. 517.7 million Euros.
The transactions relating to the Unemployment insurance overpayments are presented in the
table below:
The risk of not recovering overpayments is covered by the setting aside of a provision equal
to 51.7% of the debt compared with a rate of 54.4% for the 2011 financial year.
b) Affiliates
The burden of gross contributions yet to be recovered, i.e. 5,662.5 million Euros, is up by 9.5%
compared with the previous financial year. It is broken down into:
• c• main contributions: 5,027.4 million Euros or 88.8% of the total;
• individual contributions: 455.1 million Euros or 8.0% of the total;
• additional contributions: 180.0 million Euros or 3.2% of the total.
2012 2011
Change
2012/2011
ADVANCES AND OVERPAYMENTS ON ACCOUNT AT THE OPENING
OF THE FINANCIAL YEAR (A)
467.0 430.5 8.4%
DETECTION OF OVERPAYMENTS DURING THE FINANCIAL YEAR (B) 933.7 901.4 3.6%
REIMBURSEMENT AND RECOVERIES OF OVERPAYMENTS (C) 811.0 821.6 (1.3)%
WRITE-OFFS AND LOSSES ON OVERPAYMENTS (D) 49.4 43.6 13.3%
ADVANCES AND PAYMENTS ON ACCOUNT (E) 10.0 12.4 (19.4)%
RECOVERED ADVANCES AND PAYMENTS ON ACCOUNT (F) 9.9 12.1 (18.2)%
BENEFIT RECIPIENT DEBTORS AT THE END OF THE FINANCIAL YEAR
(INCLUDING THE ADVANCES AND PAYMENTS ON ACCOUNT) (G) =
(A) + (B) - (C) - (D) + (E) - (F)
540.4 467.0 15.72%
PROVISION SET ASIDE FOR BAD DEBTS (H) (279.2) (254) 9.9%
PROVISIONING RATE (H) / (G) 51.7% 54.4% -2.7 pts
NET BOOK VALUE (I) = (G) - (H) 261.2 213 22.6%
TRANSACTIONS RELATING TO UNEMPLOYMENT INSURANCE OVERPAYMENTS
(in millions of Euros)
2012 2011
Change
2012/2011
UNCONTESTED DEBTS TO BE RECEIVED (A) 4,011.2 3,799.8 5.6%
BAD DEBTS TO BE RECEIVED (B) 1,651.3 1,369.6 20.6%
GROSS VALUE (C) = (A) + (B) 5,662.5 5,169.4 9.5%
PROVISION SET ASIDE FOR BAD DEBTS (D) (1,333.3) (1,086.7) 22.7%
PROVISIONING RATE (D) / (B) 80.7% 79.3% 1.4 pts
NET BOOK VALUE (E) = (C) – (D) 4,329.2 4,082.7 6.0%
(in millions of Euros)

18FINANCIAL REPORT – UNEMPLOYMENT INSURANCE IN 2012
The uncontested debts to be received cor-
respond to contributions due for 2012,
which were settled at the beginning of the
following financial year.
The burden of bad debts has increased sub-
stantially (20.6%), with this change result-
ing not only from the worsening economic
situation, but also from the effects of the
transfer of recovery to Acoss, which has
seen its burden of bad debts increase by
360 million Euros.
For its part, the bad debts managed by Pôle
emploi have reduced, but less dramatically,
by 79 million Euros.
A provision is set aside in order to cover the
risk of not recovering bad debts, which rep-
resents 80.7% of the contested contribu-
tions to be received or a 22.7% increase
compared with the 2011 financial year. The
provision is calculated by each of the oper-
ators responsible for recovering Unemploy-
ment insurance contributions, according to
the review of the results of recovering bad
debts over previous years.
3.1.2.2 State
This item, for an amount of 50.2 million
Euros, represents an amount due by the
State for arrangements prior to 2009 man-
aged on behalf of the State and not trans-
ferred to Pôle emploi.
3.1.2.3 Other debts
This item, for an amount of 165.8 million
Euros, predominantly comprises:
• the national participatory youth employ-
ment programme (EJEN) to be received
for 0.9 million Euros;
• an income to be received from the State as
part of the CA (Contract for the future) –
CAE (Employment Support Contract)
arrangement balance for 16.1 million Euros;
• a claim against establishments under
management agreements amounting to
13.8 million Euros;
• a claim against sales of fixed assets for
1.1 million Euros;
• a 7.3 million euro claim against Monaco
relating to current transactions of the con-
tribution recovery domain;
• a 49.3 million euro claim against Acoss,
corresponding to the balance of contribu-
tions paid by the employers during
December, to be repaid to Unédic;
• a claim against Saint-Pierre et Miquelon
for 0.7 million Euros, relating to current
transactions of the contribution recovery
domain;
• a claim against CCMSA for 4.4 million
Euros, relating to current transactions of
the contribution recovery domain;
• a claim against the State concerning the
exemption of ship-owners for 0.9 million
Euros relating to current transactions of
the contribution recovery domain;
• a claim against the State concerning the
exemption of apprentices for 15.4 million
Euros relating to current transactions of
the contribution recovery domain;
• a claim against AGS for 47.2 million Euros
in respect of management costs re-in-
voiced to AGS.
3.1.2.4 Marketable securities
This item, for an amount of 1,517.1 million
Euros, corresponds to money market funds
amounting to 1,515 million Euros, dedicated
to the coverage of commercial paper issues
in the event of market failure.
Added to this is an amount of 2.1 million
Euros for the deposit certificates.
3.1.2.5 Bank balances
This item, for an amount of 1,531 million
Euros, comprises:
• passbook deposits paid for an amount of
1,500 million Euros;
• bank account balances amounting to
31 million Euros.
3.1.3 Deferred expenses
This item, for an amount of 7.4 million
Euros, concerns the costs of bond issues
that are distributed in a linear manner over
the term of the bonds.
Marketable
security
invento-
ry as at
01/01/2012
Acquisi-
tions
in 2012
Sales
in 2012
Marketable
security
invento-
ry as at
31/12/2012
1,551 36,271 36,307 1,515
(in millions of Euros)

19
3.2
ANALYSIS OF BALANCE SHEET LIABILITIES
3.2.1 NET FINANCIAL POSITION
The net financial position, at the end of the 2012 financial year, is negative by
13,453.2 million Euros and is changing as follows:
• net financial position as at 31 December 2011: -10,610.8 million Euros;
• result of the absorption of SCI Reuilly 1: 0.8 million Euros;
• negative result for the 2012 financial year: -2,843.2 million Euros;
• net financial position as at 31 December 2012: -13,453.2 million Euros.
3.1.4 Redemption premiums
The bonds issued by Unédic include a bond premium, corresponding to the difference
between the nominal value of the bonds and the issue value. These premiums are amortised
over the term of the issue.
Date
Deferred fees
and costs
Prior
amortisation
2012
amortisation
Aggregate
amortisation
as at 31/12/2012
Bond fee amortisation
balance
31/12/2012
2009 4.5 3.1 1.4 4.5 - -
2011 1.9 0.4 0.7 1.1 0.8
2012 7.9 - - 1.3 1.3 6.6
TOTAL DEFERRED
EXPENSES
14.3 3.5 3.4 6.9 7.4
SUMMARY OF DEFERRED EXPENSES FURTHER TO BOND ISSUES
(in millions of Euros)
Date
Issue premium
amount
Prior amortisation 2012 amortisation
Aggregate
amortisation
as at 31/12/2012
Issue premium
balance
31/12/2012
2009 12.5 8.6 3.9 12.5 - -
2011 4.3 1.1 1.4 2.5 1.8
2012 11.9 - - 1.6 1.6 10.3
TOTAL ISSUE
PREMIUM
28.7 9.7 6.9 16.6 12.1
(in millions of Euros)

20FINANCIAL REPORT – UNEMPLOYMENT INSURANCE IN 2012
3.2.2 Provisions for contingencies
and expenses
This item, for a total amount of 55.8 million
Euros, predominantly comprises the fol-
lowing provisions:
• Unédic’s contribution to the financing of
AS-FNE (special benefits from the national
employment fund) for 8.3 million Euros;
• the rights acquired up to their retirement
by the recipients of ARPE (job substitu-
tion allowance) for 0.1 million Euros: this
provision covers the costs of benefits yet
to be paid and the financing of additional
pension benefits;
• the unemployment insurance contributions
paid in error by certain public employers
and to be repaid for 21.1 million Euros;
• the provision for risks of disputes over
benefit recipient and recovery domains
flagged up by the regional departments of
Pôle emploi for 8.3 million Euros;
• provisions for corporate commitments
• provision for retirement indemnities (IDR)
for the sum of 15.0 million Euros;
• provision for long-term service bonuses
for 1.6 million Euros.
3.2.3 Loans and financial debts
Opening
balance
Provision
Write-back
provision
used
Write-back
provision
not used
Closing
balance
ARPE 0.1 - - - - - - 0.1
AS-FNE 12.5 8.3 12.5 - - 8.3
IDR 15.5 0.8 0.9 0.4 15.0
LONG-TERM SERVICE BONUSES 1.7 - - 0.1 - - 1.6
PUBLIC EMPLOYER REIMBURSEMENT 20.5 0.6 - - - - 21.1
OTHER 5.9 3.8 - - - - 9.7
TOTAL 56.2 13.5 13.5 0.4 55.8
CHANGE IN PROVISIONS FOR CONTINGENCIES AND EXPENSES DURING THE 2012 FINANCIAL YEAR
(in millions of Euros)
Financing arrangements
Opening
balance
Of which
accrued
interest
Additional
financing
Repayment
of financing
Closing
balance
Of which
accrued
interest
BOND ISSUES 5,937 37 7,000 4,000 9,040 140
CREDIT/FINANCING ESTABLISHMENTS
LOANS
7,480 - - 465 - - 7,945 - -
OF WHICH COMMERCIAL PAPERS 7,480 - - 465 - - 7,945 - -
OF WHICH OTHER LOANS 0 - - - - - - - -
BANK LOANS AND OVERDRAFTS 1 - - 39 - - 40 - -
TOTAL 13,418 37 7,504 4,000 17,025 140
CHANGE IN FINANCING DURING 2012
(in millions of Euros)

21
Added to this is an amount of 140.6 million
Euros corresponding to accrued coupons at
the end of the financial year.
3.2.3.2 Loans from
various credit
and finance establishments
• The total amount of this item comes to
7,945 million Euros, corresponding to the
commercial papers issued by Unédic.
The transactions concerning the commer-
cial papers were as follows in 2012:
The due dates of these commercial papers
are as follows:
3.2.3.3 Bank loans and overdrafts
The total amount of this item comes to
39.6 million Euros and corresponds to the
accounting balances of creditor bank and
postal accounts and the accrued interest on
bank overdrafts used.
The bank loans and overdrafts correspond
to the negative cash flow presented in the
cash flow statement.
3.2.4 OTHER DEBTS
3.2.4.1 Affiliated debts
This item, amounting to 140.4 million Euros,
corresponds to the sums received from
employers and which could not be assigned
to debts at the end of the financial year.
3.2.4.2 Benefit recipient debts
and other accounts payable
This item, for a total amount of 2,734.7 mil-
lion Euros, corresponds, essentially, to the
benefits to be paid:
• from the month of December 2012 paid in
January 2013, i.e. 2,692.4 million Euros and
51.1 million Euros for the redeployment
benefits to be paid to benefit recipients;
• for 2012 paid in February and March 2013
for an amount of 100.2 million Euros;
• less the advance retirement levy for an
amount of 115.3 million Euros.
3.2.3.1. Bond issues
The bonded debt amounts to 8,900 million Euros at the end of the 2012 financial year.
ISSUE Amount in Euros Issue date Maturity Coupon rate
2.1 1,500,000,000 31/03/2011 31/03/2014 2.375 %
2.2 150,000,000 23/12/2011
2.3 350,000,000 29/02/2012
2.4 150,000,000 25/04/2012
3 250,000,000 13/10/2011 13/04/2013 1.370 %
4.1 2,500,000,000 27/02/2012 27/02/2015 1.750 %
4.2 200,000,000 10/04/2012
5.1 1,000,000,000 29/02/2012 25/04/2019 3.000 %
5.2 300,000,000 25/04/2012
6.1 1,000,000,000 26/04/2012 26/04/2017 2.125 %
6.2 300,000,000 10/12/2012
7.1 1,000,000,000 01/06/2012 01/06/2018 2.125 %
7.2 100,000,000 16/10/2012
7.3 100,000,000 26/10/2012
BONDED DEBT
Invento-
ry as at
01/01/2012
Issues
in 2012
Repay-
ments
in 2012
Invento-
ry as at
31/12/2012
7,480 14,675 14,210 7,945
(in millions of Euros)
During
the 1st
quarter
2013
During
the 2nd
quarter
2013
During
the 2nd
half
of 2013
Total
5,425 1,965 555 7,945
(in millions of Euros)

22FINANCIAL REPORT – UNEMPLOYMENT INSURANCE IN 2012
3.2.4.3 Tax and social security debts
This item, for a total of 70.6 million Euros,
comprises:
• provision for paid leave and holidays and
13th month bonuses amounting to 2.6 mil-
lion Euros;
• the benefit recipient advance levies yet to
be paid, i.e. 47.6 million Euros correspond-
ing to the benefits paid in December 2012;
• other tax and social security debts for
20.4 million Euros.
3.2.4.4 Trade debts
The amount of 4.2 million Euros, represent-
ing the invoices yet to be paid as at 31
December 2012, is divided into two sections:
• suppliers of goods and services: 3.9 mil-
lion Euros;
• suppliers of fixed assets: 0.3 million Euros.
3.2.4.5 Other debts
The main items of this section, the total
amount of which comes to 1,405.6 million
Euros, concern:
• the cost to be paid as at 31 December 2012
to various pension funds, for the validation
of the benefit recipients’ additional pen-
sion points:
• 557.5 million Euros due to Arrco (Associ-
ation of supplementary pension plans
for salaried employees) which is broken
down into:
• 540.3 million Euros corresponding to
the contributions yet to be paid for
2012;
• -52.5 million Euros in respect of the
semi-final 2012 position;
• 5.1 million Euros due by Arrco in
respect of the 2011 adjustment;
• 64.6 million Euros in respect of the
AFSP (Benefits from the specific
temporary fund) arrangement.
• 612.0 million Euros due to Agirc (Gen-
eral Association of Pension Institutions
for Managerial Staff) which is primarily
broken down into:
• 398.9 million Euros corresponding
to Unédic’s commitment to Agirc,
as provided for in the agreement of
19 December 1996 which had val-
ued the amount of supplementary
retirement contributions for the
periods of unemployment prior to
this date and set a 20-year pay-
ment schedule at the rate of 1/20th
each year, with the debt amount
being re-assessed each year by
applying the price index;
• 262 million Euros corresponding to
the contributions yet to be paid for
2012;
• -37.5 million Euros in respect of the
semi-final 2012 position;
• -16.6 million Euros due by Agirc in
respect of the 2011 adjustment.
• 78 million Euros due to other supplemen-
tary retirement pension organisations,
including Ircantec (Supplementary
Retirement Pensions Institution for
Non-Certified State Employees and
Employees of Public Administrations).
• the liaison accounts with Pôle emploi for
138.8 million Euros including that relating
to the financing of Pôle emploi through
the 10% contribution for the sum of 154.0
million Euros.
3.2.5 Accruals
Unearned income, i.e. 55.4 million Euros,
concerns:
• the payments made by public companies
and establishments which are not affili-
ated to the Unemployment insurance
scheme, but which have signed a man-
agement agreement with Unédic. The
payments are made for benefit recipients
registered as unemployed and whose
acquired rights may be spread over sev-
eral financial years according to their
age. This represents an amount of 17.7
million Euros;
• he bond premiums on bond issues repre-
senting 37.7 million Euros. These premiums
are amortised over the term of the issue.
Date Issue amount
Bond premium
amount
Prior amortisation 2012 amortisation
Aggregate
amortisation
as at 31/12/2012
Prepaid income
balance
31/12/2012
2011 150 1.7 0.4 0.4 0.8 0.9
2012 1,500 42.5 0.0 5.7 5.7 36.8
44.2 0.4 6.1 6.5 37.7
(in millions of Euros)

23
Profit and loss
ACCOUNT ANALYSIS
4.1.
TECHNICAL MANAGEMENT
4.1.1 INCOME
4.1.1.1 Contributions
The income from contributions for the 2012 financial year is up by 1.99% compared
with 2011:
After correcting exceptional items recorded
in 2011, the increase in income from main
contributions is 2.56% in 2012.
This is explained by the 2.37% increase in
the wage bill and additional items under
previous financial years. The change in the
wage bill should be compared to the
increase in the average salary per capita
(SMPT) of 2.5% and the decrease in staff
numbers (-0.1% to -0.2%).
Special contributions saw a 43.4% increase
in relation to the increase in the number of
members of the CRP (Personal redeploy-
ment agreement) arrangement.
4.1.1.2. Other income
This item, for an amount of 124 million Euros,
predominantly comprises the income in
respect of management agreements, i.e. 52
million Euros, in addition to the surcharges
for delay and penalties for 57.7 million Euros.
4.1.1.3 Net write-back of provisions
The total amount of decreases or write-
backs of provisions is 78.4 million Euros,
and is related to:
• Unédic’s contribution to the current
financing of AS-FNE amounting to
12.6 million Euros;
• the depreciation of debts relating to man-
agement agreements for 0.6 million Euros;
• doubtful debts of affiliates for 52.3 million
Euros;
• the depreciation of detected overpay-
ments for 12.9 million Euros.
4.1.1.4 Transfer of expenses
This item, for the sum of 51.5 million Euros,
predominantly comprises:
• the reimbursements of benefits by the
affiliates amounting to 20.5 million Euros;
• the full reimbursement of benefits paid to
the EJEN (National Youth Employment
Programme) for the sum of 1.3 million
Euros;
2012 2011 2012/2011
MAIN CONTRIBUTIONS 32,333.4 31,878.6 1.43%
SPECIAL CONTRIBUTIONS 624.8 435.7 43.4%
TOTAL 32,958.2 32,314.3 1.99%
INCOME FROM CONTRIBUTIONS FOR THE 2012 FINANCIAL YEAR
(in millions of Euros)
4

24FINANCIAL REPORT – UNEMPLOYMENT INSURANCE IN 2012
• the reimbursement of benefits between
the EU countries for 5.8 million Euros;
• the partial payment of improved job secu-
rity contract (CSP) benefits by the State
for 23.9 million Euros.
4.1.2 EXPENSES
The technical management expenses total
increased by 5.34% in 2012 as a result of a
continuous decline in the economic situa-
tion over the financial year.
The benefit expenses and the cost of validat-
ing benefit recipients’ pension points were
the most affected by this decline. On the
other hand, the amount of assistance pay-
ments reduced by 11.4% with a significant
drop in payments in respect of Assistance
for the takeover or creation of a company.
4.1.2.1 Benefits
The overall cost of benefits increased by
6.4% in 2012, with the following breakdown:
The expenses per benefit result from the
assumption of responsibility for:
• payments to benefit recipients made dur-
ing the financial year;
• the reduction in expenses associated with
the detection of overpayments;
• the provision reversal recorded in 2012 for
benefits to be paid for the previous finan-
cial year;
• the supplementary expenses represented
by the provision recorded for the benefits
paid at the start of 2013 for periods from
2012 or previous years.
2012 2011 2012/2011
UNEMPLOYMENT BENEFITS (ARE) 26,681.7 25,220.7 5.79%
OTHER BENEFITS 2,627.4 2,324.5 13.03%
TRAINING UNEMPLOYMENT BENEFITS
(ARE)
1,057.3 1,060.0 -0.25%
SPECIFIC REDEPLOYMENT BENEFITS
(ASR)/ BENEFITS FROM THE SPECIFIC
TEMPORARY FUND (ASP)
1,554.8 1,239.6 25.4%
OTHER 15.3 24.9 -38.55%
TOTAL 29,309.10 27,545.2 6.40%
(in millions of Euros)
Benefits
paid in 2012
(+)
Overpayments
detected 2012
(-)
2012
benefits paid
in 2013
(+)
Write-back of 2011
benefits paid in
2012
(-)
Financial year
expenses
(=)
ARE 27,319.8 877.4 2,502.3 2,332.7 26,612.0
CSP/CTP/EJEN ARE 80.6 1.7 0.0 9.2 69.7
TOTAL ARE 27,400.4 879.1 2,502.3 2,341.9 26,681.7
TRAINING ARE 1,080.1 23.1 131.3 131.0 1,057.3
ASR/ASP 1,532.2 24.3 158.8 111.9 1,554.8
VARIOUS OTHERS 17.4 1.6 1.0 1.5 15.3
OTHER BENEFITS 2,629.7 49.0 291.1 244.4 2,627.4
TOTAL 30,030.1 928.1 2,793.4 2,586.3 29,309.1
(in millions of Euros)

25
Improved job security benefits have taken
over from the Specific redeployment bene-
fits and the Occupation transition benefits
for those signed up to this support arrange-
ment as of 1 September 2011.
The main changes in terms of payment of
benefits are as follows:
• ARE payments represented the sum of
27.320 billion Euros in 2012 compared with
25.797 billion Euros in 2011, i.e. a 5.90%
increase which is explained by a 1.44%
increase in the average amount of the daily
benefits, and a 4.39% increase in the num-
ber of compensated days;
• Training ARE payments (excluding social
contributions of 75 million Euros) repre-
sented an amount of 1,005 billion Euros in
2012 compared with 0.984 billion Euros in
2011, i.e. a 2.12% increase which is explained
bya1.56%increaseintheaverageamountof
the daily benefits, and a 0.55% increase in
the number of compensated days;
• ASR and ASP payments represented the
sum of 1.532 billion Euros in 2012 compared
with 1.271 billion Euros in 2011, i.e. a 20.5%
increase which is explained by a 1.69%
reductionintheaverageamountofthedaily
benefits, and a 22.55% increase in the num-
ber of compensated days.
4.1.2.2 Redeployment benefits
Redeployment benefits amounted to
972.8 million Euros in 2012, compared with
1,097.5 million Euros in 2011, and are broken
down in the following manner:
Assistance for the takeover or creation of a
company (ARCE) represents the main ben-
efits amounting to 841.5 million Euros or
86.5% of all benefits. Its amount decreased
by 13.95% in 2012.
4.1.2.3. Validation of
pension points
This item corresponds to the cost of the val-
idation of benefit recipients’ supplementary
pension points for the sum of 1,811 million
Euros in 2012, compared with 1,614.1 million
Euros in 2011. This increase is explained by
the increase in benefit recipient expendi-
ture and expenditure adjustments recorded
in 2011.
The breakdown by pension scheme is
shown in the table below:
2012 2011 2012/2011
IDR – ASP DIFFERENTIAL REDEPLOYMENT INDEMNITY 13.2 0 100%
ADR – COMPENSATORY ALLOWANCE
UPON REDEPLOYMENT
50.5 50.9 -0.79%
ARCE – ASSISTANCE FOR THE TAKEOVER OR CREATION
OF A COMPANY
841.5 977.9 -13.95%
IDR – CRP DIFFERENTIAL REDEPLOYMENT INDEMNITY 7.3 14.4 -49.31%
OTHER BENEFITS 60.3 54.3 11.05%
TOTAL REDEPLOYMENT BENEFITS 972.8 1,097.5 -11.36%
REDEPLOYMENT BENEFITS
(in millions of Euros)
TOTAL
ARRCO 2,207.7
AGIRC 677.3
OTHER FUNDS (IRCANTEC – CRPNPAC) 134.9
TOTAL PENSION FUNDS 3,019.9
CONTRIBUTION OF BENEFIT RECIPIENTS -1,208.9
VALIDATION OF PENSION POINTS 1,811.0
(in millions of Euros)

26FINANCIAL REPORT – UNEMPLOYMENT INSURANCE IN 2012
4.1.2.4 Other technical
management expenses
This item, for an amount of 3,346.8 million
Euros, is down by 0.24% compared with 2011.
The main expenses comprise:
• the debt write-offs and cancellations of affili-
ate debts for 155.5 million Euros;
• the debt write-offs and cancellations of ben-
efit recipient debts for 49.8 million Euros;
• the assumption of responsibility by Unédic
for its contribution to the FNE (National
Employment Fund) agreements for 7.6 mil-
lion Euros;
• the 10% contribution due by Unédic to Pôle
emploi for 3,024.9 million Euros;
• Unédic’s contribution to the Improved job
security contract (CSP) costs for 76.9 million
Euros;
• Unédic’s contribution to the financing of the
long-term reduced activity (APLD) arrange-
ment for the sum of 28.3 million Euros.
4.1.2.5 Provisions
The provisions total 350.5 million Euros and
are broken down as follows:
• depreciation of claims against affiliates for
298.9 million Euros;
• depreciation of overpayments to benefit
recipients for 38.7 million Euros;
• depreciation for contingencies and
expenses amounting to 12.9 million Euros
which primarily concerns the provision for
financing the ASFNE for 8.3 million Euros,
the provision for Acoss disputes of 0.9 mil-
lion Euros and the provision for Pôle
emploi contingencies and expenses of
3 million Euros.
4.2
ADMINISTRATIVE MANAGEMENT
4.2.1 INCOME
4.2.1.1 Provision of services
This item, amounting to 49.5 million Euros, is essentially made up of income received from
third parties within the framework of management agreements:
4.2.1.2 Other income
This item, for a total amount of 22.9 million
Euros, mainly represents the rent paid by
Pôle emploi within the context of the supply
of the Unemployment insurance scheme’s
real estate assets.
4.2.2 EXPENSES
The expenses came to 113.3 million Euros in
2012 and increased by 6.38% compared
with 2011.
The amortisation of the real estate base
(284 sites as at 31 December 2012), its main-
tenance and its management constitute a
significant administrative management
expense.
4.2.2.1 Purchases
This item represents 0.6% of the administra-
tive management expenses, or 0.7 million
Euros, compared with 0.5 million Euros in
2011.
2012 2011
AGS 45.3 41.1
PÔLE EMPLOI 4.1 2.6
OTHER AGREEMENTS WITH THIRD PARTIES 0.0 0.0
OTHER PROVISIONS OF SERVICES 0.1 0.0
TOTAL 49.5 43.7
(in millions of Euros)

27
4.2.2.2 External services
This item represents 47.6% of the adminis-
trative management expenses.
The increase in the bank costs item is due to
the bond issue costs in 2012.
The “Other external services” item includes,
inter alia, expenses relating to the financing
of employer and union organisations, within
the context of managing the Unemploy-
ment insurance scheme, i.e. 3.8 million
Euros in 2012.
4.2.2.3 Taxes and levies
This item represents 5.7% of the administra-
tive management costs and is broken down
as follows:
The “Other taxes and levies” item benefited
from property tax and household refuse
collection tax rebates amounting to 0.3 mil-
lion Euros in 2012 compared to 2 million
Euros in 2011.
4.2.2.4 . Wages and social
security costs
This item represents 24.6% of the adminis-
trative management costs. It is broken
down into:
4.2.2.5 Amortisation and provisions
This item represents 21.8% of the adminis-
trative management expenses, or 24.7 mil-
lion Euros, compared with 25.6 million
Euros in 2011, with the reduction being
attributable to the sales of real estate sites.
2012 2011
WORKS AND SERVICES PROVIDED BY THIRD PARTIES 9.3 11.0
OTHER EXTERNAL SERVICES (INCLUDING EXPENSES TO FINANCE UNION AND EMPLOYER
ORGANISATIONS: 3.8 MILLION EUROS IN 2012)
8.8 10.5
RENTS 2.2 2.0
TRANSPORTATION AND TRAVEL 1.3 1.3
POSTAL AND TELECOMMUNICATIONS COSTS 0.5 0.5
NOTARIAL FEES AND COSTS 19.5 18.0
BANK AND POSTAL COSTS 12.4 5.7
TOTAL 54.0 49.1
(in millions of Euros)
2012 2011
WAGES 18.5 17.6
SOCIAL SECURITY COSTS 8.9 8.3
TOTAL 27.4 25.9
(in millions of Euros)
2012 2011
TAXES ON EARNINGS 2.0 1.9
OTHER TAXES
AND LEVIES
4.4 3.4
TOTAL 6.4 5.3
(in millions of Euros)

28FINANCIAL REPORT – UNEMPLOYMENT INSURANCE IN 2012
4.3
FINANCIAL MANAGEMENT
The financial result is negative:
• -177 million Euros in 2011;
• -237 million Euros in 2012.
2012 expenses came to 281.2 million Euros and correspond mainly to:
• structured financing expenses for 274.3 million Euros, or:
• 242.9 million Euros for the bond issues and the bridging facility;
• 31.4 million Euros in interest on the commercial papers programme;
• amortisation of bond issue redemption premiums for 6.9 million Euros.
The average financing rate for 2012 came to 1.38%.
4.4
EXTRAORDINARY PROFIT OR LOSS
The income from extraordinary transactions is slightly profitable (+5.4 million Euros) and is
made up of the following transactions:
• capital gains of 4.8 million Euros for sales of fixed assets;
• withdrawal from SCI Reuilly 1 for 2.9 million Euros;
• cost relating to the net book value of the fixed assets disposed of for a sum of 2.2 million
Euros;
• miscellaneous expenses amounting to 0.1 million Euros.
4.5
CORPORATION TAX
Unédic is liable for corporation tax for profit or loss on property revenue and income from
movable property. The tax due, at the rate of 24%, came to 4.8 million Euros for 2012.
4.6
FINANCIAL YEAR PROFIT OR LOSS
This item represents the net profit or loss for the 2012 financial year for the Unemployment
insurance scheme. The result is negative by 2,843.2 million Euros.

29
Additional
INFORMATION
5.1
ESTIMATE OF THE BENEFITS TO BE PAID
TO BENEFIT RECIPIENTS RECEIVING BENEFITS
AT THE END OF THE FINANCIAL YEAR USING
UNDERLYING ASSUMPTIONS
The method of management by distribution
implies that certain technical provisions
which might be set aside within the frame-
work of an insurance or welfare activity are
not set aside within the specific framework
of the Unemployment insurance scheme.
However, they constitute potential forecast
expenditure calculated at the end of the
financial year, which only the break-even
point of the Unemployment insurance
scheme or a change in regulation might call
into question in the future.
With a view to ensuring third parties are bet-
ter informed, we present to you below the
estimates that we consider the most impor-
tant, in addition to their means of calculation.
More extensive information on the expendi-
ture and income forecasts can be found in the
managementreportinthe“2013Outlook”sec-
tion, in accordance with works regularly con-
ducted by the Unemployment insurance
scheme on the benefits/contributions equilib-
rium and the coverage of its financing needs.
5.1.1 ESTIMATE OF THE BENEFITS YET
TO BE PAID BY THE UNEMPLOYMENT
INSURANCE SCHEME TO THE BENEFIT
RECIPIENTS COMPENSATED AT THE END
OF THE FINANCIAL YEAR
The amount of benefits to be paid over the
average duration of unemployment yet to
run as of 31 December 2012, to benefit recip-
ients registered on this date, was assessed
by Unédic’s studies and analyses depart-
ment at 23,034 million Euros. This amount
does not take into account the benefits to
be paid to recipients of an indemnification
maintenance until their retirement. The
means and procedures used to calculate
this estimate are as follows:
• calculation of benefits paid in 2012 to cur-
rent benefit recipients as at 31 December
2011 (2,331,792 benefit recipients), i.e.
15,248 million Euros;
• calculation of benefits yet to be paid to
this population after 31 December 2012, i.e.
6,558 million Euros. This population repre-
sents 27.90% of current benefit recipients
as at 31 December 2011;
• for this 2011 population, the total amount
of benefits yet to be paid by the Unem-
ployment insurance scheme is 21,807 mil-
lion Euros;
• this amount is updated, taking into
account a 5.63% increase in benefit recip-
ients as at 31 December 2012 compared
with 31 December 2011; the estimate of the
benefits yet to be paid to the benefit recip-
ients compensated at the end of the 2012
financial year is 23,034 million Euros.
5.1.2 ESTIMATE OF THE BENEFITS YET
TO BE PAID BY THE UNEMPLOYMENT
INSURANCE SCHEME TO BENEFIT
RECIPIENTS RECEIVING AN EXTENSION
OF AN ALLOWANCE
These benefits concern the jobseeker ben-
efit recipients who may, under certain con-
ditions, collect their indemnities up to
retirement age.
The amount of benefits yet to be paid to
these benefit recipients registered at the
end of the financial year was assessed by
Unédic’s studies and analyses department
at 505 million Euros. The calculation is made
by prolonging the indemnification rate used
as at 31 December 2012 until the day before
the retirement date, with the maximum age
being 65.
5

30FINANCIAL REPORT – UNEMPLOYMENT INSURANCE IN 2012
5.2
INDIVIDUAL RIGHT TO TRAINING
The vocational training agreement, signed on 6 October 2005, implements, by adapting them
to the context of Unemployment insurance, the provisions of law no. 2004-391 of 4 May 2004
and the National multi-sector agreement of 5 December 2003.
The provisions of the agreement stipulate that from 1 January 2004, employees of the Unem-
ploymentinsuranceschemeacquireindividualrightstotraining,cappedat21hoursperannum
and per employee. This right, cumulated over 6 years, therefore amounts to a maximum of 126
hours per employee as at 31 December 2012.
Whentheaccountsaredrawnup,theacquiredrightsarecalculatedbyusingthepersonaldata
of the Unemployment insurance employees. As at 31 December 2012, the accumulation of
acquired rights came to almost 32,333 hours.
5.3
NUMBER OF UNEMPLOYMENT INSURANCE STAFF
The number of Unédic staff as at 31 December 2012 is 347 Unédic employees, 234 of which
are allocated to the Unédic/AGS Delegation.
5.4
SCOPE OF CONSOLIDATION
The scope of consolidation includes:
• Unédic;
• one unmerged Assédic agency, French
Guiana;
• SCI Reuilly 1, Unédic subsidiary which was
the subject of a merger by Unédic on 31
August 2012;
• the SI Convergence Emploi EIG created in
March 2007 by ANPE and Unédic and
which was removed on 25 April 2012.
No. INSTITUTIONS
69 French Guiana
SCI Reuilly 1
Unédic
SI Convergence Emploi EIG

AUDITORS’ REPORT
on the consolidated accounts
Financial year ended 31 December 2012

32FINANCIAL REPORT – UNEMPLOYMENT INSURANCE IN 2012
1.
OPINION ON THE CONSOLIDATED ACCOUNTS
We conducted our audit in accordance with
professional standards applicable in France.
Those standards require that we plan and
perform the audit to obtain reasonable
assurance about whether the consolidated
accounts are free of material misstatement.
An audit includes examining, on a test basis
or by means of other methods of selection,
evidence supporting the amounts and
information in the consolidated accounts.
An audit also includes assessing the
accounting principles used and significant
estimates made, as well as evaluating the
overall presentation of the accounts. We
believe that the information that we have
collected is sufficient and relevant on which
to base our opinion.
We certify that, in accordance with French
accounting rules and principles, the consoli-
dated accounts of the financial year give a
true and fair view of the assets, the financial
position, and the income of the whole made
up of the Unemployment insurance institu-
tions and the other entities included in the
combination of accounts (“the consolidation”).
Although not wishing to undermine the
opinion expressed above, we draw your
attention to the point referred to in the
appendix relating to the measures taken in
order to finance the Unemployment insur-
ance scheme given the economic context
and its impact on the technical equilibrium
forecasts (see note 1.5.2. “Financing of the
2013-2014 period”).
To the members of the Board of Directors:
In fulfilment of the assignment entrusted
to us by your Board of Directors, we
hereby report to you, for the financial year
ended 31 December 2012, on:
• the audit of the so-called combined con-
solidated accounts of the Unemployment
insurance scheme managed by Unédic, as
they are enclosed with this report;
• the justification of our assessments;
• the specific verifications and informa-
tion required by law.
The consolidated accounts have been
approved by the Managing Director of
Unédic. Our role is to express an opinion
on these accounts based on our audit.
2.
JUSTIFICATION OF THE ASSESSMENTS
Pursuant to the provisions of Article L.823-9
of the French Commercial Code relating to
the justification of our assessments, we
hereby inform you that the assessments we
have carried out concerned the appropriate
nature of the accounting principles applied
and, where necessary, the reasonable nature
of the significant estimates used and the
overall presentation of the accounts, by way
of:
• The note in the appendix referring to the
accounting principles, rules and methods
specifies that the Unemployment insur-
ance scheme is a specific scheme by distri-
bution and that the accounts were drawn
upinaccordancewiththechartofaccounts
of the unemployment insurance organisa-
tions approved by the National Accounting
Council. In order to draw up the consoli-
dated accounts, the specific nature of
Unemployment insurance is thereby taken
into account and the consequences arising
therefrom, both in respect of the declara-
tions of affiliates and the payments to ben-
efit recipients.
• Furthermore, the financial year’s accounts
were drawn up with a view to continued
Unemployment insurance activities, given
the structuring hypothesis referred to in
note 1.5.2 of the “Financing of the 2013-
2014 period” appendix which sets out
Unédic’s ability to have access to the nec-
essary financing.
As part of our assessment of the accounting
rules and principles used, we verified the
appropriate nature of the accounting meth-
ods specified above and the information
provided in the notes of the appendix.

33
3.
SPECIFIC VERIFICATIONS AND INFORMATION
We have also performed, in accordance with
professional standards applicable in France,
the specific verifications required by law.
We have no matters to report regarding their
fair presentation and conformity with the
consolidated accounts given in the Manag-
ing Director’s management report and in the
documents sent to the members of the
Board of Directors on the financial position
and the consolidated accounts.
• Note 2.1 of the appendix specifies that the
Unemployment insurance scheme’s
accounts were drawn up on the basis of
financial information produced by third
parties, primarily by Pôle emploi and
Acoss, with regard to the transactions car-
ried out by these entities on behalf of the
Unemployment insurance scheme.
• We have familiarised ourselves with the
“Auditors’ Report on the accounting state-
ments of Pôle emploi linked to the manage-
ment on behalf of Unédic of individual
contributions from certain affiliates and
payments to benefit recipients”, drawn up
on 16 May 2013, and which gives a favoura-
ble opinion.
• We have familiarised ourselves with the
“Court’s positions on the 2012 accounts of
Acoss’ recovery activity” adopted by the
6th Chamber of the French Audit Court on
26 June 2013 and which give reasonable
assurance as to the cash flows specifically
concerning the Unemployment insurance
scheme both in terms of income and col-
lections.
• We ensured the correct transcription of
these accounting statements in the Unem-
ployment insurance scheme’s accounts.
• We were aware of the work carried out by
the Pôle emploi Auditors and by the
French Audit Court and we supplemented
it with specific requests concerning both
the internal audit and the audit of the
accounts. Our work consisted in examin-
ing the relevance and sufficient nature of
the information obtained.
The assessments were made in the context
of our audit of the consolidated accounts,
taken as a whole, and therefore contributed
to the formation of our opinion expressed in
the first part of this report.
Paris and Neuilly, 27 June 2013
THE AUDITORS
FCN Deloitte Associés
SERGE FLOCH STÉPHANE LOUBIÈRES ANNE BLANCHE VINCENT BLESTEL

NOTES FINANCIAL REPORT – UNEMPLOYMENT INSURANCE IN 2012

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