After an extremely dynamic first quarter 2011, economic activity in France remained unchanged in the second quarter, due to the continuation and deepening of the sovereign debt crisis in the Euro zone. In the second half of 2011, growth remained verymodest, against a background of budgetary consolidation measures and a persistently high unemployment rate. At the end of the year, the GDP in France increased by an annual average of 1.7% in 2011, after increasing by 1.4% in 2010 (Source: Insee (National Institute of Statistics and Economic Studies).
Financial Report January - September 2017
Santander attributable profit for first nine months of 2017 reaches €5,077 million – up 10% after €515 million of one-off items
2001 – 2011 : Regards croisés sur le chômage indemniséUnédic
L’Unedic a organisé le vendredi 3 février 2012 une table ronde sur le thème : 2001 – 2011 : Regards croisés sur le chômage indemnisé en présence de Gaby Bonnand, Président de l’Unédic et de Vincent Destival Directeur général de l’Unédic.
Au sommaire : Le paritarisme au coeur de l'Assurance chômage, une situation conjoncturelle encore fragile, pour une qualité de service aux demandeurs d'emploi et aux entreprises, pour une capacité renforcée d'évaluation des dispositifs d'Assurance chômage
Financial Report January - September 2017
Santander attributable profit for first nine months of 2017 reaches €5,077 million – up 10% after €515 million of one-off items
2001 – 2011 : Regards croisés sur le chômage indemniséUnédic
L’Unedic a organisé le vendredi 3 février 2012 une table ronde sur le thème : 2001 – 2011 : Regards croisés sur le chômage indemnisé en présence de Gaby Bonnand, Président de l’Unédic et de Vincent Destival Directeur général de l’Unédic.
Au sommaire : Le paritarisme au coeur de l'Assurance chômage, une situation conjoncturelle encore fragile, pour une qualité de service aux demandeurs d'emploi et aux entreprises, pour une capacité renforcée d'évaluation des dispositifs d'Assurance chômage
Dossier de référence de la négociation d'assurance chômage ouverte en novembr...Unédic
Le 9 novembre 2018, les partenaires sociaux ont engagé une nouvelle négociation sur l’Assurance chômage. Un dossier de référence a été remis à l’ensemble des négociateurs lors de cette première séance de discussion. Ce dossier est également mis à la disposition de tous les acteurs intéressés par les évolutions de l’Assurance chômage. Réalisé par l’Unédic, le dossier de référence sur l’Assurance chômage réunit les données et les analyses disponibles les plus à même d’asseoir un diagnostic, d’alimenter utilement les échanges et de faciliter la négociation. Il s’appuie sur les travaux menés au cours des dernières années pour comprendre le fonctionnement du marché du travail et évaluer les règles de l’Assurance chômage.
Comment fonctionne l’Assurance chômage ? Pourquoi est-elle en déficit ? Quelles sont les règles d’indemnisation ? Combien y a-t-il d’allocataires et quel montant perçoivent-ils ? 8 fiches qui répondent de façon synthétique à ces questions récurrentes sur l’Assurance chômage… et à d’autres encore.
Dossier de référence de la négociation d'assurance chômage ouverte en novembr...Unédic
Le 9 novembre 2018, les partenaires sociaux ont engagé une nouvelle négociation sur l’Assurance chômage. Un dossier de référence a été remis à l’ensemble des négociateurs lors de cette première séance de discussion. Ce dossier est également mis à la disposition de tous les acteurs intéressés par les évolutions de l’Assurance chômage. Réalisé par l’Unédic, le dossier de référence sur l’Assurance chômage réunit les données et les analyses disponibles les plus à même d’asseoir un diagnostic, d’alimenter utilement les échanges et de faciliter la négociation. Il s’appuie sur les travaux menés au cours des dernières années pour comprendre le fonctionnement du marché du travail et évaluer les règles de l’Assurance chômage.
Comment fonctionne l’Assurance chômage ? Pourquoi est-elle en déficit ? Quelles sont les règles d’indemnisation ? Combien y a-t-il d’allocataires et quel montant perçoivent-ils ? 8 fiches qui répondent de façon synthétique à ces questions récurrentes sur l’Assurance chômage… et à d’autres encore.
Perspectives financières de l'Assurance chômage 2016-2019Unédic
Le Bureau de l’Unédic a adopté le 20 septembre 2016 des prévisions financières pour 2016 et 2017, ainsi que des projections à horizon 2019. Cet exercice est réalisé à partir des règles d’indemnisation en vigueur. Il se fonde sur le Consensus des économistes d’août 2016 qui anticipe une croissance de l’économie française réduite à 1,2% en 2017 du fait du Brexit. Cette dégradation des perspectives économiques conduit l’Unédic à prévoir un déficit de -3,8 Mds d’€ en 2017 et une dette cumulée de -33,8 Mds d’€ fin 2017. La remontée du chômage fin 2017 aurait des répercussions sur la période 2018-2019.
La Commission d’audit et de préparation des comptes de l’Unédic a maintenant plus de deux ans d’existence.
Son installation, en 2013, a participé à traduire opérationnellement les orientations fixées par l’accord de modernisation
du paritarisme et de sa gestion ; elle est pleinement inscrite dans la gouvernance de l’Unédic.
Au sommaire : rapport de gestion du Directeur général. Faits caractéristiques de l'exercice. Principes, règles et méthodes comptables. Analyse du bilan. Analyse du compte de résultat.
Dossier de référence de la négociation sur l'Assurance chômageUnédic
Lundi 22 février 2016, les partenaires sociaux se sont réunis pour la première séance de négociation sur l’Assurance chômage. Par la négociation, les partenaires sociaux définissent les règles d’indemnisation des demandeurs d’emploi et les montants des contributions des entreprises et des salariés. Un dossier de référence commun à tous les négociateurs est remis à l’ouverture des discussions. Ce dossier met à leur disposition les données et les analyses les plus utiles disponibles pour documenter leurs réflexions et faciliter la négociation. Il est le fruit des travaux conduits depuis la dernière négociation et présentés aux partenaires sociaux soit dans le cadre du groupe paritaire politique, soit dans celui du Bureau de l’Unédic.
Convention d'Assurance chômage 2014 : indicateurs de suiviUnédic
Ces indicateurs permettent de suivre la mise en œuvre des principales règles de la convention d'assurance chômage de 2014 : droits rechargeables, cumul allocation/salaire, différé spécifique et plafonnement du ratio capital/salaire. La dernière période observée est le 2ème trimestre 2015.
Droits rechargeables et cumul allocation/salaire vus par les demandeurs d'emploiUnédic
Cette étude qualitative, réalisée par le Crédoc en juin 2015, porte sur la connaissance et le vécu des nouvelles règles de cumul allocation/salaire et des droits rechargeables, ainsi que la perception du cadre réglementaire de l’indemnisation. Elle a été menée auprès de demandeurs d’emploi ayant cumulé allocation et salaire ou connu un rechargement de droit.
L’article 29 de la loi de finances pluriannuelles pour les années 2014 à 2019 prévoit que l’Unédic « transmet chaque année au parlement et au gouvernement, au plus tard le 30 juin, ses perspectives financières triennales, en précisant notamment les effets de la composante conjoncturelle de l’évolution de l’emploi salarié et du chômage sur l’équilibre financier du régime d’assurance chômage.
Le précis a pour ambition d'offrir un panorama de l’indemnisation du chômage et servir de fil d’Ariane dans le labyrinthe des textes qui disent le droit du chômage. De nombreux éclairages sont apportés sous forme de tableaux et de réponses aux questions les plus courantes. Des repères statistiques sont également proposés à chaque étape.
Cette publication présente de manière simplifiée les paramètres de la réglementation du chômage mais aussi des données relatives à l’emploi et au travail. Sa finalité est informative. Les conditions d’attribution sont définies par les textes réglementaires en vigueur.
La commission d’audit et de préparation des comptes de l’Unédic s’est réunie trois fois en 2014, année de la consolidation de ses modes de fonctionnement après son installation en 2013. Ce rapport conserve le caractère descriptif de la gouvernance du dispositif de maîtrise des activités et de sa mise en oeuvre ; il présente le programme de travail du département audit-risques et les principaux constats et recommandations issus des missions d’audit ainsi que les résultats du contrôle interne.
Au sommaire : rapport de gestion du Directeur général. Principes, règles et méthodes comptables. Analyse du bilan. Analyse du compte de résultat. États financiers consolidés. Rapport du commissaire aux comptes sur les comptes consolidés.
Bilan de l’année, faits marquants , chiffres clés, temps forts des activités… Retrouvez toutes les informations majeures de l’Unédic en 2014 dans son rapport d’activité.
Qui sont les allocataires indemnisés par l'Assurance chômage en 2014? Unédic
Dans cette étude, l’Unédic analyse les caractéristiques des 2,3 millions de chômeurs indemnisés en juin 2014, à la veille de l’entrée en vigueur de la convention d’assurance chômage de mai 2014. Cette étude apporte des informations détaillées sur le niveau de diplôme des allocataires, le profil des allocataires selon leurs caractéristiques sociodémographiques et leur dernier emploi, les salaires de référence des allocataires, le montant de leurs allocations, et la situation des cadres indemnisés.
Droits rechargeables : élargissement de l’accès au droit d’optionUnédic
Réunis le 25 mars, les négociateurs de la convention d’assurance chômage ont convenu d’une solution pour les demandeurs d’emploi confrontés à une baisse substantielle de ressources suite à une reprise systématique d’anciens droits. Afin de tenir compte de ces situations, les conditions d’accès au droit d’option existant pour les anciens titulaires de contrats d’apprentissage ou de professionnalisation seraient élargies. Il s’agit de préserver dans tous les cas l’intérêt d’une reprise d’emploi en cours d’indemnisation. Soumis à des critères précis, ce droit d’option permet aux personnes concernées d’opter pour une nouvelle ouverture de droits, telle qu’elle aurait été calculée en l’absence de reliquat de droits. En exerçant l’option, ces personnes renoncent définitivement aux droits précédemment acquis non épuisés. Environ 120 000 personnes par an pourraient accéder au droit d’option. Cet élargissement doit faire l’objet d’avenants à la convention d’Assurance chômage. Ils sont en cours de signature par les partenaires sociaux.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
2. MANAGING DIRECTOR’S MANAGEMENT REPORT 3
CONSOLIDATED FINANCIAL STATEMENTS 6
CONSOLIDATED BALANCE SHEET – UNEMPLOYMENT INSURANCE 6
CONSOLIDATED PROFIT AND LOSS ACCOUNT – UNEMPLOYMENT INSURANCE 7
CONSOLIDATED CASH FLOW STATEMENT 8
APPENDIX
1. Key events of the financial year 9
2. Accounting principles, rules and methods 14
3. Balance sheet analysis 17
4. Profit and loss account analysis 23
5. Additional information 29
AUDITORS’ REPORT 31
2| UNEMPLOYMENT INSURANCE – FINANCIAL REPORT 2011
3. MANAGING DIRECTOR’S
MANAGEMENT REPORT
Characteristics of 2011
After an extremely dynamic first quarter 2011, fit recipients’ pension points in particular (1.61
economic activity in France remained unchan- billion Euros) and the contribution of the
ged in the second quarter, due to the continua- Unemployment insurance scheme to the run-
tion and deepening of the sovereign debt crisis in ning of Pôle emploi (State employment agency)
the Euro zone. In the second half of 2011, growth (2.97 billion Euros), the technical profit.
remained very modest, against a background of
budgetary consolidation measures and a persis- In terms of financing the Unemployment insu-
tently high unemployment rate. At the end of rance scheme, it should be emphasised that:
the year, the GDP in France increased by an •during autumn, the rating agencies confirmed
annual average of 1.7% in 2011, after increasing the maximum ratings attributed to Unédic
by 1.4% in 2010 (Source: Insee (National Institute (AAA, Aaa). However, at the same time as
of Statistics and Economic Studies). downgrading France’s rating, Standard &
Job creations, which were still thriving in the first Poor’s downgraded Unédic’s rating to AA+ in
half of 2011, slowed down from the third quarter January 2012, without affecting the excellent
2011, in line with activity. The number of jobsee- credit conditions obtained by Unédic on the
kers required to engage in positive job searches, financial markets;
unemployed (category A) decreased in the first •the Amending Finance Law of 28 December
quarter 2011, before going back up in the second 2011 authorises the Ministry of Economy and
quarter, under the combined effect of less dyna- Finance to grant a French State guarantee to
mic job creations and an increase in the active bond issues which Unédic shall launch in 2012
population, in line with pension reform. At the up to the maximum principal amount of 7 bil-
same time, the number of unemployed persons lion Euros.
receiving benefits from the Unemployment
insurance scheme, on a downward trend since After two test phases carried out in 2010 in the
the end of 2010, increased again from mid-2011. Paris region and in the department of the Rhône,
So, at the end of December 2011, there were 2.2 the widespread application of the recovery pro-
million unemployed persons in receipt of bene- cedure took place on 1 January 2011 across the
fits in France, i.e. an increase of 87,000 jobsee- whole Acoss (Central Agency of Social Security
kers over the year (CVS data, whole of France). Organisations) network. CCMSA (Central Fund
for the Agricultural Mutual Insurance Scheme)
This change in the labour market made it possi- and CCVRP (Social Security and Unemployment
ble to limit the deterioration in the Benefit Management Agency) retain jurisdiction
Unemployment insurance scheme’s accounts to in their professional domain, while Pôle emploi
1.461 billion Euros in 2011, compared to the loss continues to manage the stock of existing debts,
of 3.247 billion recorded in 2010: in addition to the contributions of populations
•benefit expenses decreased by 0.5% in one year: (expatriate, casual workers in the entertainment
+0.7% for unemployment benefit (ARE); industry) and specific arrangements (CRP
-11.8% for the other benefits; (Personal redeployment agreement), CSP
•the revenue from contributions increased pri- (Improved job security contract).
marily under the influence of the increase in The Unemployment insurance scheme’s regula-
the affiliated wage bill in 2011 (+3.6%). tions have been the subject of a new Convention
The discrepancy between the contributions and on unemployment insurance applicable since 1
the benefit and assistance expenses is positive, June 2011, and the conclusion of the Improved
amounting to 3.7 billion Euros. After taking into job security contract taking over from the CRP
account expenses relating to validation of bene- and CTP (Occupation transition contract).
UNEMPLOYMENT INSURANCE – FINANCIAL REPORT 2011 | 3
4. Reconciliation between the change
in cash balance and the accounting result
The net change in cash balance for the Unemployment insurance operations is negative by 2,957 mil-
lion Euros and is analysed in the following manner:
Situation as at Situation as at
31 December 2010 31 December 2011 Change
Bond issues - 4,000 - 5,900 - 1,900
Bridge to bond - 650 0 650
Commercial papers - 5,280 - 7,480 - 2,200
Overdraft -3 -1 2
Marketable securities 1,364 1,551 187
Bank balances 3 307 304
Total - 8,566 -11,523 - 2,957
and represents the result of current operations.
The contribution due to Pôle emploi for the 2011 financial year increased to 2,966 million Euros. Given
the payments made and the set-off of debts and receivables between Pôle emploi and Unédic, the
balance standing to the credit of the Pôle emploi 10% contribution account is reduced to the sum of 212
million Euros.
Net accounting result capital requirements linked to the activity,
including, in particular, the repayment of a 770
The discrepancy between the change in cash million Euro debt to a financial institution, the
balance and the book loss for the financial year 125 million Euro reduction in Pôle emploi’s
of 1,461 million Euros is explained by: current account and a claim on Acoss for the
•the allowance and write-back of allowance balance of contribution receipts for December
operations for amortisation and deprecia- 2011 for 544 million.
tions, without affecting the cash balance, for a The net position, taking into account the profit
net amount of - 113 million Euros, or loss for the financial year, is negative by
•the 1,647 million Euro increase in the working 10,611 million Euros as at 31 December 2011.
Events subsequent to closure
COMPLETION OF THE LIQUIDATION The only residual elements concerned the
OF THE EIG, SI - CONVERGENCE EMPLOI amount of the recovery of software by Pôle
The latest dissolution arrangements were the emploi at the net book value as at 31 December
subject of an agreement between the mem- 2011, with the consequences being integrated
bers, which made it possible to proceed with into the 2011 annual accounts.
the completion of the liquidation of the EIG, SI -
Convergence emploi, with effect from 25 April
2012.
4| UNEMPLOYMENT INSURANCE – FINANCIAL REPORT 2011
5. MANAGING DIRECTOR’S MANAGEMENT REPORT
2012 outlook
Unédic regularly updates its expenditure and wage developments, would then slow down to
revenue forecasts by taking into account the 2.4% due to job losses.
change in the economic situation.
The increase in those registered with Pôle
The latest break-even point forecast for 2012, emploi under category A would continue, under
drawn up in May 2012, relies on the consensus the combined effect of the decline in employ-
of economists in April, which anticipates a ment and an ever-increasing working
growth of +0.3% in 2012. population. Together with an increase in the
As a consequence of weak growth, 74,100 jobs potential number of benefit recipients, the
affiliated to the Unemployment insurance increase in the number of unemployed persons
scheme would be lost. For its part, the average receiving benefits from the Unemployment
wage per capita (SMPT) would increase by 2.5%, insurance scheme would continue (+ 76,200
particularly under the influence of the mini- unemployed persons receiving benefits).
mum wage (Smic) reassessments as at 1 This labour market situation would increase
December 2011 and 1 January 2012. The expenditure and slow down the increase in the
increase in the wage bill, primarily supported by Unemployment insurance scheme’s revenue.
In brief, the expenditure and revenue forecasts for 2012 would be as follows:
Total revenue: €32,585 m
Total expenditure: €35,619 m
• of which ARE/AREF benefits €28,855 m
i.e. a negative change in cash balance of 3,034 million Euros. At the end of 2012, the aggregate debt
would be 14.1 billion Euros.
In order to guarantee enough liquidity to fulfil its missions, Unédic will contract new loans throu-
ghout 2012.
For this purpose, the Board of Directors, which met on 7 February 2012, approved a programme of
bond issues of 7 billion Euros, in one or more tranches, with a maximum term of 7 years.
Four new bond issues were successfully launched from February to June 2012:
• 2.5 billion Euros at 3 years at the rate of 1.75%;
• 1 billion Euros at 7 years at the rate of 3.00%;
• 1 billion Euros at 5 years at the rate of 2.125%;
• 1 billion Euros at 6 years at the rate of 2.125%.
Four additional bond issues also collected 1 billion Euros.
All of these bond issues benefit from the State guarantee.
UNEMPLOYMENT INSURANCE – FINANCIAL REPORT 2011 | 5
6. CONSOLIDATED
FINANCIAL STATEMENTs
Consolidated balance sheet
Unemployment insurance (in thousands of Euros)
ASSETS 2011 2010
Fixed assets 203.3 234.8
Intangible fixed assets 1.9 2.8
Tangible fixed assets 174.2 203.1
Financial fixed assets 27.2 28.9
Current assets: 6,834.4 5,445.8
Receivables: 4,295.7 3,930.0
- Benefit receivables 213.0 200.3
- Affiliated receivables 4,082.7 3,729.7
Other receivables 667.9 140.8
Marketable securities 1,551.3 1,364.2
Available capital 306.7 2.9
Prepaid expenses 12.8 7.9
Deferred expenses 2.8 2.9
Bond redemption premiums 7.0 8.0
TOTAL ASSETS 7,047.5 5,691.5
LIABILITIES 2011 2010
Net financial position -10,610.8 -9,150.2
Retained earnings -9,150.2 -5,903.4
Current year result -1,460.6 -3,246.8
Depreciations for contingencies and expenses 56.2 60.7
Debts 17,583.8 14,767.9
Loans and financial debts 13,429.8 9,955.0
- Bond issues 5,936.5 4,006.4
- Other loans and financing 7,481.2 5,932.4
- Bank loans and overdrafts 0.7 2.6
- Other financial debts 11.4 13.6
Other debts 4,154.0 4,812.9
- Affiliated debts 120.0 105.6
- Benefit debts 2,549.2 2,372.5
- Tax and social security debts 67.3 68.5
- Trade payables 4.6 6.0
- State debts 0.0 0.0
- Other debts 1,412.9 2,260.3
Accruals 18.3 13.1
TOTAL LIABILITIES 7,047.5 5,691.5
6| UNEMPLOYMENT INSURANCE – FINANCIAL REPORT 2011
7. Consolidated profit and loss statement
Unemployment insurance (in thousands of Euros)
Technical management 2011 2010
Income 32,720.5 30,809.6
Contributions 32,314.2 30,558.2
Other income 100.0 206.7
Write-back of depreciations 277.2 23.3
Transfers of expenses 29.1 21.4
Expenses 33,975.4 34,020.8
Unemployment benefit 25,220.8 25,047.6
Other benefits 2,324.4 2,634.1
Redeployment benefits 1,097.5 1,093.6
Validation of pension points 1,614.1 1,646.7
Other expenses 3,354.8 3,504.8
Depreciations 363.8 94.0
Technical profit or loss -1,254.9 -3,211.2
Administrative management
Income 81.4 97.7
Depreciation of services 43.8 44.2
Other income 37.6 53.5
Expenses 106.5 127.1
Purchases 0.5 0.7
External services 49.1 52.5
Taxes and levies 5.4 7.9
Wages and social security contributions 25.9 26.6
Other expenses 0.0 0.0
Amortisation and depreciations 25.6 39.4
Administrative management profit or loss -25.1 -29.4
Financial management
Financial income 14.4 4.8
Financial expenses 191.4 121.5
Financial profit or loss -177.0 -116.7
Opérations exceptionnelles
Technical management 0.0 0.0
Administrative management 0.0 114.8
Extraordinary profit or loss 0.0 114.8
Corporation tax and similar levies -3.6 -4.3
PROFIT OR LOSS -1,460.6 -3,246.8
UNEMPLOYMENT INSURANCE – FINANCIAL REPORT 2011 | 7
8. CONSOLIDATED FINANCIAL STATEMENTS
Consolidated cash flow statement
Unemployment insurance (in thousands of Euros)
2011 2010
Consolidated net result -1,460.6 -3,246.8
Elimination of transactions with no effect on the cash flow
or not linked to the activity: 111.5 -5.1
- Amortisation and depreciations 112.7 110.1
- Capital gains or losses on disposals -1.2 -115.2
Change in working capital requirement 1,646.8 10.2
Net cash flow linked to the activity -2,995.9 -3,241.7
Acquisition of tangible and intangible fixed assets -1.5 -6.6
Disposal of tangible and intangible fixed assets 15.2 326.3
Change in financial fixed assets 1.7 0.6
Change in suppliers of fixed assets -0.5 -1.5
Net cash flow linked to investment transactions 14.9 318.8
Bond issues 1,900.0 -2,200.0
Short-term credit lines -650.0 650.0
Commercial papers 2,200.0 2,655.0
Other operations 23.7 -60.4
Net cash flow linked to financing transactions 3,473.7 1,044.6
Change in cash flow (all schemes) 492.8 -1,878.5
Net cash flow at the opening of the period 1,364.5 3,243.0
Positive cash flow: available capital 1,367.1 3,277.9
Negative cash flow: bank loans and overdrafts -2.6 -34.9
Net cash flow at the closing 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
8| UNEMPLOYMENT INSURANCE – FINANCIAL REPORT 2011
9. A P P E N D I X
1.KEY EVENTS OF THE
FINANCIAL YEAR
1.1 The transfer of recovery
of contributions
Law no. 2008-126 of 13 February 2008 on the well as the recovery of contributions from casual
reform of the organisation of the public employ- workers in the entertainment industry, expa-
ment service provided for the transfer of triates and special contributions (CRP and CSP).
recovery to Acoss no later than 1 January 2012. The amount recovered in 2011 stands at 3,859
After the completion of two experiments million Euros, of which 3,479 million Euros in
conducted in 2010 in the Paris region and in the January and February 2011, for the previous
department of the Rhône, the widespread appli- year.
cation to all of the regions has been effective
since 1 January 2011. The CCMSA retains jurisdiction in the agricultu-
An agreement signed on 17 December 2010 bet- ral sector, with relations being directly
ween Unédic, AGS, Acoss and Pôle emploi established since 1 January 2011 between this
formalised this transfer of competencies and organisation and Unédic. The cash inflows from
organised relations between the various organi- contributions increased, for this year, to 1,093
sations. Significant work was carried out by million Euros.
Acoss and the Urssaf agencies to optimise the The CCVRP continues to recover contributions
efficiency of the new recovery procedures. from travelling sales representatives with mul-
Furthermore, Unédic relies on the arrangement tiple employers and, in 2011, collected 20 million
put in place by ACOSS which makes it possible Euros on our behalf.
to isolate with a specific code (CTP codes) the Two new agreements came into force on 1
cash flows managed on behalf of the January 2011, due to the geographical jurisdic-
Unemployment insurance scheme. This agree- tion of these organisations:
ment gave rise, in 2011, to the posting of 29,459 • the Social Services Compensation Fund of
million Euros in revenue for the financial year Monaco, with cash inflows of 78 million Euros;
and 25,759 million Euros in encashment. • the Social Security Fund of Saint-Pierre-et-
Miquelon, with cash inflows of 3 million Euros.
Acoss also manages specific arrangements on To complete the list of stakeholders in the field
behalf of Unédic: of contributions, three organisations should be
• individual employers with financial flows of noted:
669 million Euros; • the DGEFP (Delegation-General for
• chèques emploi associatif (employer cheque- Employment and Vocational Training) which
books for associations) (CEA) and titres emploi paid 177 million Euros by way of compensa-
service entreprise (enterprise service employ- tion for contribution exemptions enjoyed by
ment vouchers) (TESE) with financial flows of employers who have recruited apprentices;
61 million Euros; • the General Directorate of Infrastructure,
• simplified employment permits in force in the Transport and the Sea which paid 7 million
overseas departments with financial flows of Euros in addition to the contributions paid by
15 million Euros. companies from the ship management sector;
• IRCEM which paid back 5 million Euros by way
Pôle emploi has retained management of debts of adjustments from 2006 to 2010 for contri-
yet to be recovered as at 31 December 2010, as butions from individual employers.
UNEMPLOYMENT INSURANCE – FINANCIAL REPORT 2011 | 9
10. 1.2 The convention on Unemployment insurance
of 6 May 2011 and the improved job security
contract
Two important pieces of legislation were publi- pension may, under certain conditions, com-
shed in 2011 with the new convention on bine the amount of their pension with the
Unemployment insurance and the improved job Unemployment insurance benefit.
security contract. The contribution rate remains unchanged at
The convention was signed on 6 May 2011 and 6.4% (employer share of 4% and employee share
applies from 1 June 2011 to 31 December of 2.4%). This rate is likely to be reduced on the
2013. The procedures for the assignment of dual condition of a technical management sur-
rights remain unchanged, with: plus and an improvement in Unédic’s net
• one day of affiliation permitting one day of indebtedness.
benefits (with a minimum affiliation duration The personal redeployment agreement arran-
of 4 months, and a maximum benefit dura- gement was extended until 31 August 2011,
tion of 24 months for the under 50s, and 36 with the improved job security contract taking
months for the over 50s); over as of 1 September 2011. This arrangement
• a benefit rate unchanged at 40.4% of the daily applies to any companies with fewer than 1,000
reference salary + fixed portion, or benefit rate employees and any companies in receivership
of 57.4% without a fixed portion. or compulsory liquidation. Employees under-
The arrangements relating to benefits concern going a redundancy procedure for economic
the following aspects: reasons and who signed up to the improved job
• the new convention integrates the conse- security contract benefit:
quences of law no. 2010-1330 of 9 November • from a benefit equivalent to 80% of the salary
2010 on pension reform with regard to the for a period of 12 months if they have been
age at which unemployment benefits cease an employee of the company for at least a
to be paid; year;
• people who are unemployed on a seasonal • support services taking the form of a skills
basis now receive benefits according to the assessment, specific signposting measures,
depreciations of the general regulations; training programmes or validation of expe-
• recipients of a 2nd or 3rd category disability rience assets.
1.3 Financial relations between
Pôle emploi and Unédic
Pôle emploi and Unédic have financial relations 2011, allowing for financial adjustment with
within the framework of bipartite agreements regard to the repayment of 44 million Euros in
(service for the allocation and recovery of Unemployment insurance contributions and
contributions), the payment of the 10% contri- AGS contributions paid in error.
bution for the running of Pôle emploi and joint The consequences of this operation, namely the
management of special arrangements (CRP, repayment of Unemployment insurance bene-
CTP, CSP and special assistance for employ- fits, were the subject of a financial adjustment
ment). as the rights of former employees were modi-
fied during 2011, while the impact on the 10%
Other management operations were also contribution paid by Unédic will be effective in
implemented during 2011. 2013, in accordance with defined calculation
Pôle emploi’s exemption from paying procedures.
Unemployment insurance contributions
After monitoring the situation of all the former Framework agreement on the leases entered
employees of Pôle emploi in order to ascertain into with Pôle emploi
the benefit scheme which was applicable to As provided for upon the creation of Pôle
them, a protocol was signed on 16 December emploi, the calculation of individual rental pay-
10| UNEMPLOYMENT INSURANCE – FINANCIAL REPORT 2011
11. ments per site replacing a fixed amount defi- the future decrease being linked to the pro-
ned in 2008 was the subject of a framework gressive vacancy of sites under a
agreement between Unédic and Pôle emploi, tenancy-at-will agreement.
approved on 16 December 2011. The frame-
work agreement was completed by the signing Sale of the Montreuil site properties
by each of the sites occupied by Pôle emploi, In addition to the sale of fixed assets that took
either of a commercial lease with effect as of 1 place in 2010 and scheduled by the framework
July 2011, or a tenancy-at-will agreement with agreement of 15 November 2010, fixed assets
effect as of 1 January 2012. These new leases or consisting primarily of facilities, fitting out of
agreements have no impact on the overall level premises and office furniture were sold to Pôle
of rental payments paid by Pôle emploi, i.e. emploi, for the sum of 2.2 million Euros, on the
approximately 30 million Euros in 2011, with basis of a net book value as at 1 January 2010.
1.4 State /Unédic joint arrangements
By agreement of 5 November 2010, the State tial unemployment benefits to employees expe-
and Unédic agreed to compensate jobseekers riencing a reduction in activity. This measure
who exhausted their rights to Unemployment benefitted from a contribution by Unédic of 20.6
insurance benefit between 1 January and 31 million Euros in 2011.
December 2010. This arrangement made it pos- Finally, the State and Unédic signed the agree-
sible to pay a special allowance for employment ment on the improved job security contract
(AEPE) financed equally by the State and Unédic, under the terms of which the State and Unédic
managed by Pôle emploi. It represented an each contribute to the financing of the support
expenditure for the Unemployment insurance package, amounting to 800 Euros per benefi-
scheme of 8.9 million Euros in 2011, compared ciary of this arrangement.
with 5.2 million Euros in 2010. The State also contributes to the financing of
Furthermore, Unédic and the DGEFP continued the improved job security benefit for recipients
their partnership within the framework of the furnishing proof of 12 to 24 months’ employ-
agreement on long-term reduced activity ment in the company at the time of joining the
(APLD). This agreement, signed on 4 December scheme, for the portion exceeding the amount
2009, allows for the payment of additional par- of the unemployment benefit.
1.5 Increase in Unemployment
insurance benefits
The Unédic Board of Directors decided, at its mee- salary, which serves as the basis for calculating
ting on 30 June 2011, to increase the reference benefits, by 1.5% as of 1 July 2011.
UNEMPLOYMENT INSURANCE – FINANCIAL REPORT 2011 | 11
12. 1.6 Financing the Unemployment
insurance scheme
1.6.1.
2011 financing operations
At the end of the 2011 financial year, the net position of outstanding loans is 11,523 Euros, i.e.:
• bond issues: 5,900 million Euros;
• commercial papers: 7,480 million Euros;
• investments: -1,551 million Euros;
• bank balances: - 306 million Euros.
N.B.: the aggregate net debt including the sums payable to Pôle emploi for the 10% contribution and
which are not yet paid (212 million Euros) therefore amounts to 11,735 million Euros.
1.6.1.1. drawdowns as needed.
Bond issues and bank loans This commercial paper programme obtained the
short-term rating ”A1+” by the Standard & Poor’s
In 2009, Unédic opened a 12 billion Euro EMTN rating agency and “P1” by Moody’s as of its launch
(Euro Medium Term Notes) programme, within in January 2004. Since July 2009, it has also bene-
which its bond issues are launched. fitted from the F1+ rating from the Fitch rating
An initial public offering was launched within this agency.
framework in December 2009. Unédic raised 4 bil- Initially, at the request of the Moody’s rating
lion Euros from this in 3 years, which constituted agency, syndicated and confirmed lines of credit
its only bond issue at the end of the 2010 finan- were put in place to ensure 100% coverage of this
cial year. In 2011, Unédic raised a total of 1.9 billion programme and thereby mitigate any imbalances
Euros on the bond market: 1.5 billion Euros in 3 in the European money market.
years, to which 150 million Euros are added in 3 Since July 2011, the agencies’ coverage require-
years, and 250 million Euros in 18 months. In ment has been reduced to a quarter of the
2011, the EMTN programme benefitted from the authorised programme.
rating attributed to Unédic by the Fitch (AAA),
Moody’s (Aaa) and Standard and Poor’s (AAA) 1.6.1.3.
rating agencies. This last rating was revised to Traditional bank financing arrangements
AA+ in January 2012.
Given the restrictions imposed by Article 213-15 Short-term financing requirements are covered in
of the Financial and Monetary Code governing the form of bank overdrafts negotiated by mutual
bond issues by associations on the financial mar- agreement with Unédic’s banking partners (1.5
kets, the Board of Directors decided to apply for a billion Euros negotiated).
State guarantee for its bond issues in 2012. This The use of these overdrafts at the end of the 2011
guarantee was authorised by the Amending financial year is limited to 0.7 million Euros.
Finance Law of 28 December 2011 and granted
by order of the Minister for the Economy and 1.6.1.4.
Finance on 7 February 2012. Marketable securities
1.6.1.2. A commitment was made with regard to the
Commercial papers rating agencies to build up a reserve of liquid
assets when the drawdowns on the commercial
The use of this financing method for the associa- papers programme exceed an outstanding liability
tions was authorised, under certain conditions, in of 3 billion Euros. It is in return for this commit-
Article 37 of law no. 2003-706 of 1 August 2003. ment that the level of coverage could be reduced
The initial amount of 1.2 billion Euros in 2004 was to a quarter of the amount of the programme
gradually increased, to reach a ceiling amount of 9 concerning 9 billion Euros.
billion Euros authorised by the Board of Directors
in June 2011. Given a commercial paper outstanding liability of
The total outstanding amount of the programme 7,480 million Euros as at 31 December 2011, the
as at 31 December 2011 is 7.48 billion Euros. investments represent 1,551 million to date, of
These commercial papers are the subject of which 1,120 million is intended to cover the com-
12| UNEMPLOYMENT INSURANCE – FINANCIAL REPORT 2011
13. mitments (25% of the commercial paper outstan- to June 2012 raised 6.5 billion Euros with
ding liability exceeding 3 billion Euros) made with maturities of 3 to 7 years, thereby spreading
the rating agencies. evenly its exposure to interest rate risk;
• The commercial papers programme, the cei-
ling amount of which was increased to 12
1.6.2. billion Euros, continues to enable Unédic to
Financing of the 2012-2013 raise the additional short-term resources it
period needs under the best conditions.
The threefold strategy set out and approved by The financing instruments thus implemented
the Board of Directors from 2009 remains ope- will enable Unédic to cover the needs for 2012.
rational: These needs can be summarised thus:
• The work carried out with the rating agencies • refinancing of the bond issue issued in
enabled Unédic to continue to benefit from a December 2009 for 4 billion Euros;
rating enabling it to raise the necessary • coverage of the expected 2012 deficit for 3 bil-
resources under the best conditions. However, lion Euros in the technical balance of May
it should be noted that, at the beginning of 2012.
2012, the sovereign debt crisis led Standard &
Poor’s to downgrade the French State’s rating Concerning the 2013 financial year, the technical
to AA+, while keeping its short-term rating balance forecasts, based on a growth that
unchanged at A-1+. Unédic’s rating was auto- should remain weak (1%) and very poor job crea-
matically aligned with that of the French tion, anticipate a result for the Unemployment
State. This decision on the financing costs and insurance scheme that would remain negative,
the opportunities to access the financial mar- thereby generating a cash burn in the region of
kets for Unédic had very little effect, insofar as 4 billion Euros. Net indebtedness would then
the markets had anticipated it; reach approximately 18 billion Euros at the end
• The 12 billion Euro EMTN programme was of the year, for which the (support, remunera-
increased to 14 billion Euros, and shall enable tion and maturity) financing procedures are yet
Unédic to retain the responsiveness neces- to be specified given the situation of the finan-
sary to its future bond issues. Four bond cial markets.
issues and supplements made from February
UNEMPLOYMENT INSURANCE – FINANCIAL REPORT 2011 | 13
14. A P P E N D I X
2.ACCOUNTING PRINCIPLES
RULES AND METHODS
2.1 General principles
The Unemployment insurance scheme’s conso- Unemployment insurance and the conse-
lidated annual accounts for the financial year quences which arise therefrom, with regard to
ended 31 December 2011, drawn up in Euros, both the declarations of affiliates and the pay-
including the balance sheet, the profit and loss ments to recipients.
account and the appendix, were drawn up in
accordance with the Unemployment insurance The signatory organisations of the convention of
organisations’ chart of accounts approved by the 6 May 2011 on Unemployment insurance, in
National Accounting Council (CNC) dated 9 view of Article L.351-3-1 of the French Labour
January 1995 (notice of compliance no. 79). Code on the method of financing benefits paid
They take into account the specific information under this scheme, certify that Unemployment
linked to the declaratory nature of insurance is a specific ”pay-as-you-go” scheme.
2.2 Unemployment benefits
The regulatory depreciations stipulate that job- financial year, according to the principles refer-
seekers register then provide Pôle emploi with red to above, and which are calculated by using
evidence of their situation on a monthly basis the benefits paid in January of the following
to avoid their entitlements being called into year and the estimate of the payment adjust-
question. These formalities enable the benefits ments.
to be dealt with on a monthly basis under tech-
nical management expenses. In addition to the 2.2.3.
December benefits paid in January of the follo- Benefit recipient receivables
wing year, payment adjustments that may take
place in the following months will be estimated The accounts receivable of benefit recipients
to take into account corresponding expenditure (undue payments and advances) are the sub-
in the corresponding year. For persons exempt ject of a depreciation built up according to the
from checking, accounting is, the aforementio- age of the debts.
ned notwithstanding, also carried out on a
monthly basis. The method for calculating depreciations for
depreciation of the benefit recipients’ undue
2.2.2. payments is based on statistical law making it
Benefit debts possible to measure the probability of recove-
ring them.
Under the item ”Benefit debts” is the amount Undue payments for fraud were the subject of
of benefits considered as owing for the current a 100% depreciation of their amount.
14| UNEMPLOYMENT INSURANCE – FINANCIAL REPORT 2011
15. 2.3 Contributions of affiliates
2.3.1. 2.3.2.
Income Affiliate receivables
The income from technical management corres- Contributions yet to be received for the year are
ponds to general and specific contributions that calculated according to the income recorded bet-
the employers are required to pay for the year, ween 1 January and 28 February of the following
according to mandatory periodic declarations financial year and relating to the financial year
that they make to Urssaf agencies, CGSS (General elapsed. A depreciation is recorded at the end of
Social Security Fund), CMSA (Agricultural Social the year on affiliates’ debts which appear doubtful.
Mutual Fund) and regional departments of Pôle It is calculated according to the age of the debts
emploi. and forecasts of companies’ ability to pay accor-
ding to their characteristics.
The forms received in January are deemed to
concern the previous year. 2.3.3.
Creditor affiliates
For those received in February, the reference on
the form for the previous year makes it possible Funds paid by affiliates and collected by the various
to register amounts declared in unearned income. operators recovering on behalf of Unédic and which
When the forms are not received within the pres- could not be assigned to an identified debt are
cribed time limits, an estimate of the shown under balance sheet liabilities.
contributions due is carried out per affiliate.
2.4 Other items
2.4.1. Fixed assets
The intangible and tangible fixed assets are recorded in the accounts according to the depreciations
of ARC (Accounting Regulatory Committee) regulation no. 2002-10 on the amortisation and depre-
ciation of assets and ARC regulation no. 2004-06 on the definition, accounting and evaluation of
assets. Amortisation is practiced according to the straight-line method over the following durations:
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
2.4.2. • new CCN depreciations;
Corporate commitments • use of personal information: age, sex, salary,
length of service;
Given the depreciations of the National collec- • determination of internal actuarial assump-
tive agreement for Unemployment insurance tions: staff turnover rate (0% to 3% according
scheme personnel, Unédic is required to pay to the employee’s age), retirement age and
retirement indemnities calculated as monthly terms and conditions (60 to 65 according to
wage by number of years of service. the year of birth with retirement at the initia-
Furthermore, bonuses are to be paid under tive of the employee), wage increase rate of
long-term service bonuses (médailles du tra- 3% including inflation;
vail). • use of a discount rate for the commitment
Commitments are calculated using the follo- corresponding to the Bloomberg reference
wing information: rate, i.e. 3.75% for the 2011 financial year.
UNEMPLOYMENT INSURANCE – FINANCIAL REPORT 2011 | 15
16. Using this data, the amount of the commit- 2.4.3.
ments is calculated individually for each Extraordinary profit or loss
employee present, it being understood that for
the long-term service bonuses, the commit- The extraordinary profit or loss includes:
ment must be calculated for the bonuses which • technical management operations which do
risk being paid for the entire period of work, i.e. not derive from ordinary activity and relating
a maximum of 4 bonus levels. to benefit recipient or recovery domains;
The amounts thus obtained are recorded in the • items relating to administrative manage-
accounts as depreciations for contingencies ment, that is to say the items provided for by
and expenses and the change in these depre- the general chart of accounts and, in particu-
ciations is recorded in the result for the period lar, the capital gains or losses from disposals
including the impacts of assumption changes. of tangible and intangible fixed assets.
Added to this from 2010 is the amount of com-
mitments due under the defined benefits pen- The capital gains or losses from disposals of
sion plan for the senior executives of the financial fixed assets are, the aforementioned
Unemployment insurance scheme present as notwithstanding, recorded in the financial
at 1 January 2001, providing evidence of 8 years transactions.
in this role and having ended their career in an
Unemployment insurance institution.
2.5 Principles of consolidation of Unemployment
insurance scheme accounts
Unédic shall proceed with a ”consolidation” of The scope of consolidation is presented in the
all Unemployment insurance institutions’ chapter of the appendix on additional informa-
accounts. Strictly on a legal basis, the ”consoli- tion.
dated” whole corresponds to a “combination” of The main reprocessing operations concern:
the accounts according to regulation no. 99-02 • the leasing held by SCI Reuilly 1;
of the National Accounting Council. There is no • proportional integration, at 50% of the SI
legal relationship between the entities included Convergence Emploi EIG;
in the scope of consolidation except for SCI (real • elimination of balances from operations rela-
estate investment trust) Reuilly 1, subsidiary of ting to the managed third party (AGS) shown
Unédic. For the 2011 financial year, this situa- in Unédic’s annual accounts, in order to only
tion only concerns the single institution which present in the consolidated balance sheet the
did not merge with Unédic as at 31 December Unemployment insurance transactions
2011.
16| UNEMPLOYMENT INSURANCE – FINANCIAL REPORT 2011
17. A P P E N D I X
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
All of the movable and immovable property was the subject of:
• a sale of 11 real estate sites;
• a physical inventory carried out for the furniture and office equipment of the registered office.
The transactions recorded with regard to the fixed assets and the amortisation during the 2011
financial year are presented below.
CHANGES IN GROSS FIXED ASSETS IN 2011
(in millions of Euros) (1) (2) (3) (4) (5)=(1)+(2)-(3)+(4)
Gross value at Acquisitions Sales Transfers Gross value at
the opening of and creations or decom- the closing of the
the financial year missionings financial year
Total intangible fixed assets (A) 9.3 0.3 0 0 9.6
Total tangible fixed assets (B)) 518.8 1.2 37.2 0 482.8
Property: Land, buildings and fittings 507.8 0.9 33.6 2.5 477.6
Other tangible fixed assets 8.4 0.2 3.6 0.1 5.1
Current tangible fixed assets 2.6 0.1 0 -2.6 0.1
Total (A + B) 528.1 1.5 37.2 0 492.4
CHANGES IN AMORTISATION IN 2011
(in millions of Euros) (1) (2) (3) (4) (5)=(1) +(2)-(3)+(4)
Amortisation Acquisitions Sales Transfers Gross value at
at the opening of and creations or decom- the closing of the
the financial year missionings financial year
Total intangible fixed assets (A) 6.6 1.0 0 7.6
Total tangible fixed assets (B) 315.6 16.5 23.5 0 308.6
Property: buildings and fittings 310.3 16.2 20.7 0 305.8
Other tangible fixed assets 5.3 0.3 2.8 0 2.8
Total (A+B) 322.2 17.5 23.5 0 316.2
UNEMPLOYMENT INSURANCE – FINANCIAL REPORT 2011 | 17
18. 3.1.1.1. Financial fixed assets
This item, for an amount of 27.2 million Euros, essentially comprises the loans for their original
amount within the framework of the construction subsidy for 26.8 million Euros and the deposits and
securities paid amounting to 0.4 million Euros.
3.1.1. Current assets
This item, for an amount of 27.2 million Euros, essentially comprises the loans for their original
amount within the framework of the construction subsidy for 26.8 million Euros and the deposits and
securities paid amounting to 0.4 million Euros.
3.1.2.1. Receivables
a) Benefit recipient debtors
The gross value of this item is up by 8.48% on the previous financial year: 467 million Euros compa-
red with 430.5 million Euros. 95.58% of it is made up of undue Unemployment insurance payments
to benefit recipients, i.e. 446.3 million Euros. The transactions relating to the undue Unemployment
insurance payments are presented in the table below:
Change
(in millions of Euros) 2011 2010
2011 / 2010
Undue advances and payments on account at the opening of the financial year (A) 430.5 388.1 10.9%
Detection of undue payments during the financial year (B) 901.4 867.1 4%
Reimbursement and recoveries of undue payments (C) 821.6 796.2 3.2%
Write-offs and losses on undue payments (D) 43.6 28.8 51.4%
Advances and payments on account (E) 12.4 12.7 (2.4)%
Recovered advances and payments on account (F) 12.1 12.4 (2.4)%
Benefit recipient debtors at the end of the financial year (including
the advances and payments on account) (G) = (A) + (B) - (C) - (D) + (E) - (F) 467.0 430.5 8.48%
Depreciation set aside for bad debts (H) (254) (230.2) 10.3%
Depreciation rate (H) / (G) 54.4% 53.4% 1 pt
Net book value (I) = (G) - (H) 213 200.3 6.3%
The risk of not recovering undue payments is covered by the setting aside of a depreciation equal to
54.4% of the debt compared with a rate of 53.4% for the 2010 financial year.
b) Affiliates
The burden of gross contributions yet to be recovered, i.e. 5,169.4 million Euros, is up by 8.9% on the
previous financial year. It is broken down into:
• main contributions: 4,626.4 million Euros or 89.5% of the total;
• individual contributions: 365.9 million Euros or 7.1% of the total;
• additional contributions: 177.1 million Euros or 3.4% of the total.
Change
(in millions of Euros) 2011 2010
2011 / 2010
Uncontested debts to be received (A) 3,799.8 3,478.7 9.2%
Bad debts to be received (B) 1,369.6 1,268.6 8.0%
Gross value (C) = (A) + (B) 5,169.4 4,747.3 8.9%
Depreciation set aside for bad debts (D) (1,086.7) (1,017.6) 6.8%
Depreciation rate (D) / (B) 79.3% 80.2% -0.9 pts
Net book value (E) = (C) – (D) 4,082.7 3,729.7 9.5%
18| UNEMPLOYMENT INSURANCE – FINANCIAL REPORT 2011
19. The uncontested debts to be received corres- paid by the employers during December, to be
pond to contributions due for 2011 which were repaid to Unédic;
settled at the beginning of the following finan- • a claim against Saint-Pierre-et-Miquelon for
cial year. 0.8 million Euros, relating to current opera-
The burden of bad debts is up (8.0%), with this tions of the contribution recovery domain;
change resulting primarily from a smaller num- • a claim against CCMSA for 12.5 million Euros,
ber of write-off decisions, and a large number relating to current operations of the contri-
of calls for specific contributions made at the bution recovery domain;
beginning of 2012, the settlement of which was • a claim against CCVRP for 3.7 million Euros,
made after 28 February 2012. relating to current operations of the contri-
A depreciation is set aside in order to cover the bution recovery domain.
risk of not recovering bad debts, which repre-
sents 79.3% of the contested contributions to be 3.1.2.4.
received or an increase of 6.8% compared with Marketable securities
the 2010 financial year. The depreciation is cal-
culated by each of the operators responsible for This item, for the sum of 1,551 million Euros,
recovering Unemployment insurance contribu- corresponds to money market funds, 1,120 mil-
tions, according to the review of the results of lion of which are dedicated to the coverage of
recovering bad debts over previous years. commercial paper issues in the event of mar-
ket failure.
3.1.2.2.
State Marketable security inventory
as at 01/01/2011 1,364
This item, for an amount of 50.2 million Euros,
represents an amount due by the State for Acquisitions in 2011 14,080
arrangements prior to 2009 managed on behalf Sales in 2011 13,893
of the State and not transferred to Pôle emploi. Marketable security inventory
as at 31/12/2011 1,551
3.1.2.3.
Other debts
3.1.2.5.
This item, for an amount of 617.4 million Euros, Bank balances
predominantly comprises:
• the national participatory youth employment This item, for an amount of 306.7 million Euros,
programme (EJEN) to be received for 0.9 mil- comprises:
lion Euros; • passbook deposits paid for an amount of 300
• an income to be received from the State as million Euros, to which 0.3 million Euros in
part of the CA (Contract for the future) – CAE accrued interest is added at the end of the
(Employment Support Contract) arrangement financial year;
balance for 16.1 million Euros; • bank account balances amounting to 6.4 mil-
• a claim against establishments under mana- lion Euros.
gement agreements amounting to 18.6 mil-
lion Euros;
• a claim against sales of fixed assets for 2.2 3.1.3.
million Euros; Deferred expenses
• a 7.1 million Euro claim against Monaco rela-
ting to current operations of the contribution This item, for an amount of 2.8 million Euros,
recovery domain; concerns the costs of bond issues which are dis-
• a 544.4 million Euro claim against Acoss, cor- tributed in a linear manner over the term of the
responding to the balance of contributions bonds. >>>
UNEMPLOYMENT INSURANCE – FINANCIAL REPORT 2011 | 19
20. Summary of bond issues
Date Term Deferred fees Prior 2011 Aggregate Bond fee
and costs amortisation amortisation amortisation amortisation
as at balance
31/12/2011 31/12/2011
12/2009 3 years 4.4 1.6 1.5 3.1 1.3
03/2011 3 years 1.6 - 0.4 0.4 1.2
10/2011 18 months 0.2 - - - 0.2
12/2011 27 months 0.1 0.0 0.0 0.0 0.1
Total deferred expenses 6.3 1.6 1.9 3.5 2.8
3.1.4.
Redemption premiums
The bonds issued by Unédic include an issue 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 Term Deferred fees Prior 2011 Aggregate Issue
and costs amortisation amortisation amortisation Ptremium
as at balance
31/12/2011
12/2009 3 years 12.50 4.50 4.20 8.70 3.80
03/2011 3 years 4.30 - 1.10 1.10 3.20
Total issue premium 16.80 4.50 5.30 9.80 7.00
3.2 Analysis of balance sheet liabilities
3.2.1. Net financial position
• Net financial position as at 31 December 2010 -9,150.2 million Euros
• Negative result for the 2011 financial year: -1,460.6 million Euros
• Net financial position as at 31 December 2011: -10,610.8 million Euros
3.2.2. Depreciations for contingencies and expenses
This item, for a total amount of 56.2 million Euros, predominantly comprises the following depreciations:
•Unédic’s contribution to the financing of AS-FNE (special benefit from the national employment fund)
for 12.5 million Euros;
•the rights acquired up to their retirement by the recipients of ARPE (job substitution allowance) for 0.1
million Euros (i.e. a reduction of 0.1 million Euros on 2010); this depreciation covers the costs of bene-
fits 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 20.5 million Euros;
•the depreciation for risks of disputes over benefit recipient and recovery domains flagged up by the
regional departments of Pôle emploi for 5.3 million Euros;
•depreciations for corporate commitments:
- depreciation for retirement indemnities (IDR) for the sum of 15.5 million Euros;
- depreciation for long-term service bonuses for 1.7 million Euros.
20| UNEMPLOYMENT INSURANCE – FINANCIAL REPORT 2011
21. The change in depreciations for contingencies and expenses during the 2011 financial year is presented in the table below.
(In millions of Euros) Opening Depreciation Write-back Write-back Closing
balance depreciation depreciation balance
used not used
ARPE 0.2 - 0.1 - 0.1
AS-FNE 18.2 12.5 18.2 - 12.5
IDR 11.5 5.4 1.4 - 15.5
Long-term service bonuses 1.1 0.6 - - 1.7
Public employer reimbursement 20.8 -0.3 - - 20.5
Other 8.9 -0.1 2.9 - 5.9
Total 60.7 18.1 22.6 - 56.2
3.2.3. Loans and financial debts
The change in financing during 2011 is as follows:
Financing arrangements Opening Of which Additional Repayment Closing Of which
(amounts in millions of Euros) balance accrued interest financing of financing balance accrued interest
Bond issues 4,006 6 1,900 5,937 37
Credit/financing establishments loans 5,932 2,200 652 7,480
of which commercial papers 5,280 2,200 7,480
of which other loans 652 652 0
Bank loans and overdrafts 3 2 1
Total 9,941 6 4,100 654 13,418 37
3.2.3.1. Bond issues
The bonded debt amounts to 5,937 million Euros at the end of the 2011 financial year.
It corresponds to:
• the 4 billion Euro loan (3 years, 2.125%) issued in December 2009;
• the accrued interest on the 4 billion Euro loan, i.e. 6.6 million Euros;
• the 1.650 billion Euro loan (3 years, 2.375%), of which 1.500 billion issued in March 2011 and 0.150
billion in December 2011;
• the accrued interest on the 1.650 billion Euro loan, i.e. 30 million Euros;
• the 0.250 billion Euro loan (18 months, 1.37%) issued in October 2011;
• the accrued interest on the 0.250 billion Euro loan, i.e. 0.75 million Euros.
3.2.3.2. Loans from various credit and finance establishments
• The total amount of this item comes to 7,480 million Euros, corresponding to the commercial papers
issued by Unédic.
The transactions concerning the commercial papers were as follows in 2010:
Inventory as at 01/01/2011 Issues in 2011 Repayments in 2011 Inventory as at 31/12/2011
5,280 31,250 29,050 7,480
(amounts in millions of Euros)
The due dates of these commercial papers are as follows:
Due date of commercial During During During
Total
papers the 1st quarter 2012 the 2nd quarter 2012 the 2nd half of 2012
6,755 710 15 7,480
(amounts in millions of Euros)
UNEMPLOYMENT INSURANCE – FINANCIAL REPORT 2011 | 21
22. 3.2.3.3. benefit recipients’ additional pension points:
Bank loans and overdrafts • 540.1 million Euros due to Arrco (Association
The total amount of this item comes to 0.7 mil- of supplementary pension plans for salaried
lion Euros and corresponds to the accounting employees) which is broken down into:
balances of creditor bank and postal accounts • 488.7 million Euros corresponding to the
and the accrued interest on bank overdrafts contributions yet to be paid for 2011;
used. The bank loans and overdrafts correspond • 27.2 million Euros in respect of the semi-final
to the negative cash flow presented in the cash 2011 position;
flow statement. • -47.6 million Euros due by Arrco in respect of
the 2010 adjustment;
3.2.4. • 7.2 million Euros due to Arrco in respect of the
Other debts 2008 adjustment;
• 64.6 million Euros in respect of the AFSP
3.2.4.1. (Benefit from the specific temporary fund)
Affiliated debts arrangement;
This item, amounting to 120.1 million Euros, cor- • 510.0 million Euros due to Agirc (General
responds to the sums received from employers Association of Pension Institutions for
and which could not be assigned to debts at the Managerial Staff) which is primarily broken
end of the financial year. down into:
• 492.0 million Euros corresponding to Unédic’s
3.2.4.2. commitment to Agirc, as provided for in the
Benefit recipient debts and other accounts agreement of 19 December 1996 which had
payable valued the amount of supplementary retire-
This item, for a total amount of 2,549.2 million ment contributions for the periods of
Euros, corresponds, essentially, to the benefits unemployment prior to this date and set a 20
to be paid: benefits from the month of December year payment schedule at the rate of 1/20th
2011 paid at the start of 2012, i.e. 2,482.9 million each year, with the debt amount being re-
Euros and 64.9 million Euros for the redeploy- assessed each year by applying the price index;
ment benefits to be paid to benefit recipients • 228.6 million Euros corresponding to the
and less the advance retirement levy for an contributions yet to be paid for 2011;
amount of 101.7 million Euros. • 19.9 million Euros in respect of the semi-final
2011 position;
3.2.4.3. • -171.7 million Euros due by Agirc in respect of
Tax and social security debts the 2010 adjustment;
This item, for a total of 67.3 million Euros, com- • -64.0 million Euros due by Agirc in respect of
prises: the 2008 adjustment;
•depreciation for paid leave and holiday and • 70.8 million Euros due to other supplementary
13th month bonuses amounting to 2.6 million retirement pension organisations, including
Euros instead of 3.0 million Euros in 2010; Ircantec (Supplementary Retirement Pensions
•the benefit recipient advance levies yet to be Institution for Non-Certified State Employees
paid, i.e. 47.6 million Euros corresponding to and Employees of Public Administrations);
the benefits paid in December 2011; • the liaison accounts with Pôle emploi for 239.3
•the other tax and social security debts for 17.1 million Euros including that relating to the
million Euros. financing of Pôle emploi through the 10%
contribution for the sum of 211.7 million
3.2.4.4. Euros.
Trade debts
The amount of 4.6 million Euros, representing 3.2.5.
the invoices yet to be paid as at 31 December Accruals
2011, is divided into two sections: Unearned income, i.e. 18.3 million Euros, essen-
•suppliers of goods and services: 4.2 million tially concerns the payments made by public
Euros; companies and establishments which are not
•suppliers of fixed assets: 0.4 million Euros. affiliated to the Unemployment insurance
scheme, but which have signed a management
3.2.4.5. agreement with Unédic.
Other debts The payments are made for benefit recipients
The main items of this section, the total amount registered as unemployed and whose acquired
of which comes to 1,412.9 million Euros, concern: rights may be spread over several financial
• the cost to be paid as at 31 December 2011 to years according to their age.
various pension funds, for the validation of the
22| UNEMPLOYMENT INSURANCE – FINANCIAL REPORT 2011
23. A P P E N D I X
4.PROFIT AND LOSS
ACCOUNT ANALYSIS
4.1 Technical management
4.1.1. Income
4.1.1.1. Contributions
The income from contributions for the 2011 financial year is up by 5.75% on 2010:
(in millions of Euros) 2011 2010 2011 / 2010
Main contributions 31,878.6 30,115.7 5.85%
Special contributions 435.7 442.5 -1.54%
TOTAL 32,314.3 30,558.2 5.75%
The main contributions are up, with a change of of management agreements, i.e. 46.6 million
5.85%. Euros, in addition to the surcharges for delay and
The change in the wage bill is valued by Acoss at penalties for 41.5 million Euros.
+3.6% between 2011 and 2010, breaking down
into a 1% increase in staff numbers and a 2.5% 4.1.1.3.
increase in the average salary per capita (SMPT). Net write-back of depreciations
Furthermore, the difference in the change in A decrease or the write-back of depreciations is
contribution income is explained by the special recorded relating to:
adjustments recorded in 2010 and 2011. •Unédic’s contribution to the current financing of
Special contributions saw a reduction of 1.54% AS-FNE amounting to 18.2 million Euros;
given the drop in the number of members of the •the reduction in acquired rights until their reti-
CRP (Personal redeployment agreement) arran- rement by the beneficiaries of ARPE for 0.1 mil-
gement. lion Euros;
•the depreciation of debts relating to manage-
4.1.1.2. ment agreements for 0.3 million Euros;
Other income •doubtful debts of affiliates for 257.7 million
Euros;
This item, for an amount of 100 million Euros, •the depreciation of detected undue payments
predominantly comprises the income in respect for 0.9 million Euros.
UNEMPLOYMENT INSURANCE – FINANCIAL REPORT 2011 | 23
24. 4.1.1.4. 4.1.2.
Transfer of expenses Expenses
This item, for the sum of 29.1 million Euros, pre- The technical management expenses total
dominantly comprises: decreased by 0.13% in 2011, as a result of the
•the reimbursements of benefits by the affi- improvement in the economic situation during
liates amounting to 15.6 million Euros; the first few months of the year, with the
•the full reimbursement of benefits paid to the increase in expenses nevertheless resuming in
EJEN (National Youth Employment the fourth quarter.
Programme) for the sum of 7.4 million Euros;
•the reimbursement of benefits between the EU The reduction in expenses more specifically
countries for 5.5 million Euros; affects the benefit paid to members of the CRP,
•the reimbursement of CSP (improved job secu- the number of which has decreased by 15.6%,
rity contract) benefits for 0.5 million Euros. even taking into account the CSP which took
over from this arrangement.
4.1.2.1. Benefits
(in millions of Euros) 2011 2010 2011/2010
Unemployment benefit (ARE) 25,220.7 25,047.6 0.69%
Other benefits 2,324.5 2,634.1 - 11.75%
Unemployment benefit (ARE) Training 1,060.0 1,044.1 1.52%
Benefit for older unemployed persons (ACA) 8.4 21.1 - 60.19%
Specific redeployment benefit (ASR) 1,180.9 1,551.8 - 23.90%
Benefit from the specific temporary fund (ASP) 58.7 100%
Other 16.5 17.1 - 3.51%
TOTAL 27,545.2 27,681.7 - 0.49%
The expenses per benefit result from the those signed up to this support arrangement
assumption of responsibility for: from 1 September 2011.
• payments to benefit recipients made during The change in payments to benefit recipients for
the financial year; the main benefits is as follows:
• the reduction in expenses associated with the • ARE payments represented the sum of 25.797
detection of overpayments; billion Euros in 2011 compared with 25.712 bil-
• the depreciation reversal recorded in 2010 for lion Euros in 2010, i.e. a 0.34% increase which is
benefits to be paid for the previous financial explained by a 1.02% increase in the average
year; amount of the daily benefit, and a 0.68% reduc-
• the supplementary expenses represented by tion in the number of compensated days;
the depreciation recorded for the benefits paid • ARE Training payments represented an
at the start of 2012 for periods from 2011 or amount of 0.984 billion Euros in 2011 compa-
previous years. red with 0.982 billion Euros in 2010, i.e. a 0.2%
The calculation of these supplementary increase which is explained by a 0.72% increase
expenses no longer only concerns the assump- in the average amount of the daily benefit, and
tion of responsibility for the transactions of a 0.52% reduction in the number of compensa-
January 2012, but also the transactions of ted days;
February and March 2012 from periods from • ASR, ASP and CTP payments represented the
2011 or previous years. This represents an addi- sum of 1.376 billion Euros in 2011 compared
tional amount of 103 million Euros. with 1.711 billion Euros in 2010, i.e. a 19.5%
decrease which is explained by a 5.3% decrease
A new benefit, the improved job security benefit, in the average amount of the daily benefit, and
takes over from the specific redeployment bene- a 15% reduction in the number of compensated
fit and the occupation transition benefit for days.
24| UNEMPLOYMENT INSURANCE – FINANCIAL REPORT 2011
25. 4.1.2.2. Redeployment benefits
Redeployment benefits amounted to 1,097.5 million Euros in 2011, compared with 1,093.6 million Euros
in 2010, and are broken down in the following manner:
(in millions of Euros) 2011 2010 2011/2010
ASCRE – Supplementary specific unemployment benefit 0 0 0.00%
ADR – Compensatory allowance upon redeployment 50.9 43.6 16.74%
ARCE – Assistance for the takeover or creation of a company 977.9 989.7 -1.19%
IDR – CRP differential redeployment indemnity 14.4 19.1 -24.61%
Other benefits 54.3 41.2 31.80%
Total redeployment benefits 1,097.5 1,093.6 0.36%
ARCE (assistance for the takeover or creation of a company) represents the main benefit amounting to
977.9 million Euros or 89% of all benefits. Its amount decreased by 1.19% in 2011.
4.1.2.3. Validation of pension points
This item corresponds to the cost of the validation of benefit recipients’ supplementary pension points
for the sum of 1,614.1 million Euros in 2011, compared with 1,646.7 million Euros in 2010. This decrease
is explained by the drop in benefit recipient expenditure and adjustments over previous years.
The breakdown by pension scheme is shown in the table below:
(in millions of Euros) TOTAL
Arrco 1,988.7
Agirc 645.7
Other funds (Ircantec – CRPNPAC) 106.1
Total pension funds 2,740.5
Contribution of benefit recipients -1,126.4
Validation of pension points 1,614.1
4.1.2.4. ployment agreement) for 50.6 million Euros;
Other technical management expenses •Unédic’s contribution to the CSP (Improved job
security contract) costs for 18.8 million Euros;
This item, for an amount of 3,354.8 million Euros, •Unédic’s contribution to the financing of the
is down by 4.28% compared with 2010. The main long-term reduced activity (APLD) arrange-
expenses comprise: ment for the sum of 20.6 million Euros.
•the debt write-offs and cancellations of affilia-
ted debts for 207.9 million Euros; 4.1.2.5.
•the debt write-offs and cancellations of bene- Depreciations
fit recipient debts for 43.8 million Euros;
•the assumption of responsibility by Unédic of The depreciation of claims or against affiliates is
its contribution to the FNE (National 326.8 million Euros for the year.
Employment Fund) agreements for 12.3 mil- The depreciation of undue payments to benefit
lion Euros; recipients reach the amount of 24.8 million
•the 10% contribution due by Unédic to Pôle Euros.
emploi for 2,965.7 million Euros; The depreciation for contingencies and expenses
•Unédic’s contribution to the supporting costs amounting to 12 million Euros concerns the
of those signed up to the CRP (Personal rede- depreciation for financing the ASFNE.
UNEMPLOYMENT INSURANCE – FINANCIAL REPORT 2011 | 25
26. 4.2 Administrative management
4.2.1. Income
4.2.1.1. Depreciation of services
This item, amounting to 43.7 million Euros, is essentially made up of income received from third par-
ties within the framework of management agreements:
(in millions of Euros) 2011 2010
AGS 41.1 40.7
Pôle emploi 2.6 3.8
Other agreements with third parties 0.0 0.0
Other depreciations of services 0.0 -0.3
TOTAL 43.7 44.2
4.2.1.2. Other income The amortisation of the real estate base
(approximately 300 sites as at 31 December
This item, for a total amount of 30.2 million Euros, 2011), its maintenance and its management
mainly represents the rent paid by Pôle emploi constitute a significant administrative manage-
within the context of the supply of the ment expense.
Unemployment insurance scheme’s real estate
assets for 29.4 million Euros, to which is added 4.2.2.1. Purchases
the re-invoicing of co-ownership expenses for 0.8
million Euros. This item represents 0.47% of the administrative
management expenses, or 0.5 million Euros,
4.2.2. Expenses compared with 0.7 million Euros in 2010.
The expenses come to 106.5 million Euros in 4.2.2.2. External services
2011 and are down 16.2% compared with 2010,
particularly as a result of the sale of fixed assets This item represents 46.1% of the administrative
to Pôle emploi. management expenses.
(in millions of Euros) 2011 2010
Works and services provided by third parties 11.1 10.7
Other external services (including expenses to finance union and
employer organisations: 4 million Euros in 2011) 10.5 13.7
Rents 2.0 2.0
Transportation and travel 1.3 1.5
Postal and telecommunications costs 0.5 0.5
Notarial fees and costs 18.0 19.3
Bank and postal costs 5.7 4.8
TOTAL 49.1 52.5
The Other external services item includes, inter alia, expenses relating to the financing of employer and
union organisations, within the context of managing the Unemployment insurance scheme, i.e. 4 mil-
lion Euros in 2011.
26| UNEMPLOYMENT INSURANCE – FINANCIAL REPORT 2011