MANAGING DIRECTOR’S MANAGEMENT REPORT, CONSOLIDATED FINANCIAL STATEMENTS, TRANSACTIONS CARRIED OUT ON BEHALF OF THIRD PARTIES AND AUDITORS’ REPORT

1. FINANCIAL
REPORT
2010

3. FINANCIAL
REPORT
2010
INDEX
MANAGING DIRECTOR’S MANAGEMENT REPORT ..................................................................................................... 4
CONSOLIDATED FINANCIAL STATEMENTS ......................................................................................................................................
. 6
CONSOLIDATED BALANCE SHEET – UNEMPLOYMENT INSURANCE.................................................................................. 6
.
CONSOLIDATED PROFIT AND LOSS ACCOUNT – UNEMPLOYMENT INSURANCE .................................. 7
CONSOLIDATED CASH FLOW STATEMENT – UNEMPLOYMENT INSURANCE ................................................... 8
.
APPENDIX................................................................................................................................................................................................................................................................................................... 9
.
1. Key events of the financial year ....................................................................................................................................................................................................... 9
2. Accounting principles, rules and methods ................................................................................................................................................................ 13
3. Balance sheet analysis ................................................................................................................................................................................................................................. 16
4. Profit and loss account analysis .................................................................................................................................................................................................. 22
5. Additional information ................................................................................................................................................................................................................................... 27
TRANSACTIONS CARRIED OUT ON BEHALF OF THIRD PARTIES ..........................
. 28
AUDITORS’ REPORT .......................................................................................................................................................................................................................................
. 30
2010 – UNÉDIC FINANCIAL REPORT - 03

4. MANAGING DIRECTOR’S
MANAGEMENT REPORT
Characteristics of 2010 • enefit expenses increased by 9.4% in one year
B
- 5.4% for Unemployment benefit (Allocation d’aide au retour à l’emploi – ARE)
- 22.8% for the other benefits
After a year marked by an
• Proceeds from contributions rose by 2%, all factors remaining equal1,
unprecedented economic and
reflecting the increase in the affiliated wage bill in 2010.
financial crisis, growth in emerging
countries was very vigorous, while In this context, the technical management transactions are loss-making for the
it remained more modest in the 2010 financial year, by 3.21 billion Euros, before assignment of administrative
main advanced economies. Thus, management and financial management expenses, in particular.
in 2010, GDP in France rose by In terms of financing the Unemployment insurance scheme, it should be
an annual average of 1.4%, after emphasised that:
dropping by 2.6% in 2009 (Source: • During autumn, the rating agencies confirmed the maximum ratings
INSEE (French National Institute of attributed to Unédic (AAA, Aaa,) which may therefore continue to appear
Statistics and Economic Studies). on financial markets while benefiting from the best credit terms,
After an acceleration recorded in • The Amending Finance Law of 30 December 2010 authorises the Ministry
spring 2010, French activity stalled of Economy and Finance to grant a French State guarantee to bond issues
in the second half of the year due which Unédic shall launch in 2011 up to the maximum principal amount
to several exceptional factors of 7.5 billion Euros.
(the cold weather, strikes) which
disturbed activity. Growth in 2010 Reconciliation between the change in cash
was driven predominantly by strong balance and the accounting result
household consumption but also
benefited from an improvement in CHANGE IN CASH BALANCE
foreign trade. Business investment The net change in cash balance for the Unemployment insurance transactions
continued to drop, albeit at a is negative by 2,974 million Euros and is analysed in the following manner:
slower pace than in 2009, while the 31 Dec 2009 31 Dec 2010 Change
adjustment transaction of business Bond issues -6 200 -4 000 2 200
inventories died down. Bridging facility 0 -650 -650
Commercial papers -2 625 -5 280 -2 655
Together with the economic
Overdraft -35 -3 32
recovery, employment affiliated
Investments 3 265 1 364 -1 901
to the Unemployment insurance
Total -5 595 -8 569 -2 974
scheme rose by 0.7% in 2010, i.e.
119,700 jobs over one year, after and represents the result of current transactions.
dropping by 1.5% in 2009. At the same The contribution due to Pôle emploi (State employment agency) for the
time, the increase in the number 2010 financial year increased to 2,973 million Euros. Given the payments
of unemployed persons receiving made and the set-off of debts and receivables between Pôle emploi and
benefits from the Unemployment Unédic, the balance registered in the credit of the Pôle emploi 10% contri-
insurance scheme slowed down bution account is reduced to 337 million Euros.
(+2.4% in 2010 after +15.1% in 2009).
There were 2,196,000 recipients as NET ACCOUNTING RESULT
at 31 December 2010 (Seasonally The consolidated net accounting result of the Unemployment insurance
adjusted estimate data, mainland scheme, that is to say in terms of expenses and income, represents a deficit
France). amounting to 3,246.8 million Euros.
The discrepancy between the change in cash balance within the meaning
This change in the labour market
of “technical equilibrium” and the net accounting result is explained by
limited the depreciation of the
the transactions with no effect on the cash flow, i.e. a net expense resul-
Unemployment insurance scheme’s
ting from inventory entries for 273 million Euros (differential on benefits
accounts in 2010: to be paid, contributions to be received, current accounts, pension points
to be paid, write-offs, benefit overpayments, amortisation, provisions for
contingencies and expenses, etc.).
(1) Basic changes to the management of income resulting from the transfer of recovery to Acoss (Central Agency of Social Security Organisations)
04 - UNÉDIC FINANCIAL REPORT - 2010

5. MANAGING DIRECTOR’S MANAGEMENT REPORT
The net financial position, taking 4% payable by the employer and 2011 Outlook
into account the result for the 2.4% payable by the employees.
In France, the increase in the
financial year is negative up to The rate is likely to be revised
number of unemployed persons
9,150 million Euros as of 31 Decem- downwards depending on the
receiving benefits from the
ber 2010. level of the half-yearly operating
Unemployment insurance scheme
result and that of debt.
slowed down in 2010: 51,500
Certification of the This agreement shall be recipients after 282,000 in 2009.
accounts for the applicable until 31 December 2013. The hypotheses used to forecast
financial year However, the clause setting out the the 2011 break-even point for the
conditions according to which Unemployment insurance scheme
The accounts for the 2010 financial the rate of contributions may be
year have been drawn up in accor- are as follows:
reduced shall be applicable until • GDP: +1.8%
dance with the chart of accounts 31 December 2016.
of the Unemployment insurance • Inflation: +2.0%
organisations. The 2010 financial In line with the acceleration of
THE EXTENSION OF THE TRANSFER activity recorded at the start of
year was not marked by any change
OF RECOVERY TO ACOSS the year, employment affiliated
in accounting method, but takes
into account the consequences Law no. 2008-126 of 26 February to the Unemployment insurance
of the first stages of the transfer 2008 on the reform of the scheme would rise by 146,000
of recovery to Acoss, and also the organisation of the public jobs in 2011. In the wake of job
start of Unédic’s direct relationship employment service provided creations, the number of
with the CCMSA (Central Fund for for the transfer of recovery to unemployed persons receiving
the Agricultural Mutual Insurance Acoss after a preparatory stage of benefits from the Unemployment
Scheme), taking over the inven- recovery carried out by Pôle insurance scheme would decrease
tory operations from Pôle emploi. emploi. The date of transfer to by 79,000 in 2011.
Thus, 52 employer accounts from Acoss had been approved by the
the Paris region were managed three organisations and scheduled The rise in inflation and the
for the Unemployment insurance for 1 January 2011. improvement in the labour market
and AGS (Employer Insolvency would benefit the average wage
After the completion of two per head of the non-agriculture
Insurance) part by the Paris Urssaf
(Social Security Contribution test stages with a sample of 52 market sector, which would rise by
Collection Agency) from January companies from the Paris region 2.3% in 2011, then by 2.5% in 2012.
2010, with the Rhône department as of January 2010, then all of Finally, the wage bill would profit
being managed by the Rhône the employers from the Rhône from increased employment in the
Urssaf as of September 2010. department as of September 2010 non-agricultural market sector: it
The establishment of separate to launch the new procedures and would increase by 3.1% in 2011 then
accounts for Unemployment recovery circuits, the extension of by 3.5% in 2012.
insurance organisations concerns recovery to all the employers was All of these effects lead to
only two institutions, the Lorraine implemented as of 1 January 2011. forecast a deterioration in the
and Guyana Assédic agencies, with This measure primarily concerns financial position of the Unem-
all the others being integrated into Acoss and the network of Urssaf ployment insurance scheme which
Unédic’s certified accounts. All agencies, but also the Social might be in the region of 2.0 billion
of the separate and consolidated Services Compensation Fund Euros over the financial year.
accounts were certified unreserve- Unédic’s indebtedness would
(CCSS) of Monaco and the Social
dly by the Auditors. therefore be approximately 10.6
Security Fund (CPS) of Saint-
Pierre and Miquelon. The CCMSA billion Euros as at 31 December 2011.
Events subsequent to and the CCVRP (Social Secu- To guarantee the liquidity
closure rity and Unemployment Benefit
required to fulfil its missions,
Unédic shall have to contract new
UNEMPLOYMENT INSURANCE Management Agency) shall retain
loans throughout 2011.
AGREEMENT OF 6 MAY 2011 their powers of recovery for their
To this end, the Board of
As of 1 June 2011, this agreement specific business sector while Pôle
Directors, which convened on 29
shall replace the agreement of emploi shall continue to manage
June 2010, approved a 4.5 billion Euro
19 February 2009 extended until recovery for casual workers in
programme of bond issues, in one
31 May 2011 to allow for the the entertainment industry, expa- or more tranches, with a maximum
continued payment of benefits. triates, the personal redeployment term of 5 years. An initial tranche
The contribution rate remain fixed agreement (CRP) arrangement and was successfully launched in March
at 6.4% and is divided up as follows: the burden of bad debts. 2011 for 1.5 billion Euros in 3 years.
2010 – UNÉDIC FINANCIAL REPORT - 05

6. CONSOLIDATED FINANCIAL
STATEMENTS
Consolidated balance sheet – Unemployment insurance (in thousands of Euros)
ASSETS 2010 2009
Fixed assets 234,8 464,0
Intangible fixed assets 2,8 14,1
Tangible fixed assets 203,1 420,5
Financial fixed assets 28,9 29,4
Current assets 5 445,8 7 832,8
Receivables : 3 930,0 4 256,3
- Benefit receivables 200,3 176,4
- Affiliated receivables 3 729,7 4 079,9
Other receivables 140,8 295,3
Marketable securities 1 364,2 3 265,2
Available capital 2,9 12,7
Prepaid expenses 7,9 3,3
Deferred expenses 2,9 4,4
B
ond redemption premiums 8,0 12,2
TOTAL ASSETS 5 691,5 8 313,4
LIABILITIES 2010 2009
N
et financial position -9 150,2 -5 903,4
Retained earnings -5 903,4 -4 738,0
Result for the financial year -3 246,8 -1 165,4
P
rovisions for contingencies and expenses 60,7 33,0
Debts 14 767,9 14 162,7
Loans and financial debts 9 955,0 8 942,5
- Bond issues 4 006,4 6 266,6
- Other loans and financing 5 932,4 2 627,2
- Bank loans and overdrafts 2,6 34,9
- Other debts 13,6 13,8
Other debts 4 812,9 5 220,2
- Affiliated debts 105,6 102,7
- Benefit debts 2 372,5 2 345,8
- Tax and social security debts 68,5 63,2
- Trade payables 6,0 15,3
- State debts 0,0 0,0
- Other debts 2 260,3 2 693,2
Accruals 13,1 21,1
TOTAL LIABILITIES 5 691,5 8 313,4
06 - UNÉDIC FINANCIAL REPORT - 2010

7. CONSOLIDATED FINANCIAL STATEMENTS
Consolidated profit and loss account – Unemployment insurance (in millions of Euros)
TECHNICAL MANAGEMENT 2010 2009
Income 30 809,6 30 886,4
Contributions 30 558,2 30 562,3
Other income 206,7 238,7
Write-back of provisions 23,3 9,8
Transfers of expenses 21,4 75,6
Expenses 34 020,8 31 884,2
Unemployment benefit 25 047,6 23 761,3
Other benefits 2 634,1 2 144,2
Redeployment benefits 1 093,6 778,0
Validation of pension points 1 646,7 1 603,5
Other expenses 3 504,8 3 345,7
Provisions 94,0 251,5
Technical profit or loss -3 211,2 -997,8
ADMINISTRATIVE MANAGEMENT
Income
97,7 121,5
Provision of services 44,2 63,6
Other income 53,5 57,9
Expenses 127,1 167,9
Purchases 0,7 0,9
External services 52,5 52,0
Taxes and levies 7,9 7,9
Wages and social security contributions 26,6 27,2
Other expenses 0,0 0,0
Depreciation expenses and provisions 39,4 79,9
A
dministrative management profit or loss -29,4 -46,4
FINANCIAL MANAGEMENTENT
Financial income 4,8 2,4
Financial expenses 121,5 118,0
F
inancial profit or loss -116,7 -115,6
EXTRAORDINARY TRANSACTIONS
Technical management 0,0 0,0
Administrative management 114,8 -0,8
Extraordinary profit or loss 114,8 -0,8
Corporation tax and similar levies -4,3 -4,8
PROFIT OR LOSS -3 246,8 -1 165,4
2010 – UNÉDIC FINANCIAL REPORT - 07

8. CONSOLIDATED FINANCIAL STATEMENTS
Consolidated cash flow statement – Unemployment insurance (in millions of Euros)
2010 2009
Consolidated net result -3 246,8 -1 165,4
Elimination of transactions with no effect on the cash flow or not linked to the activity: -5,1 314,5
- Amortisation and provisions 110,1 325,8
- Capital gains or losses on disposals -115,2 -11,2
Change in working capital requirement 10,2 191,7
N
et cash flow linked to the activity -3 241,7 -659,2
Acquisition of tangible and intangible fixed assets -6,6 -54,1
Disposal of tangible and intangible fixed assets 326,3 24,1
Change in financial fixed assets 0,6 3,1
Change in suppliers of fixed assets -1,5 -8,2
N
et cash flow linked to investment operations 318,8 -35,1
Bond issues -2 200,0 4 000,0
Short-term credit lines 650,0 0,0
Commercial papers 2 655,0 -375,0
Other transactions -60,4 -3,9
Net cash flow linked to financing transactions 1 044,6 3 621,1
Change in cash flow (all schemes) -1 878,5 2 926,9
Net cash flow at the opening of the period 3 243,0 316,1
Positive cash flow: available capital 3 277,9 394,6
Negative cash flow: bank loans and overdrafts -34,9 -78,5
Net cash flow at the closing 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
8 - UNÉDIC FINANCIAL REPORT - 2010

9. APPENDIX: KEY EVENTS OF THE FINANCIAL YEAR
APPENDIX
1. KEY EVENTS OF THE FINANCIAL YEAR
1.1. The first stages These results and guarantees sector and with Acoss for specific
obtained for the three organisations arrangements such as “individual
of the transfer of which were joined by the employers”, employer money
recovery Employer Insolvency Insurance vouchers for associations
Association (AGS) led to the (chèques emploi associatifs) and
Law no. 2008-126 of 13 February
signing of the agreement on the arrangements not included in the
2008 on the reform of the organisation
recovery of contributions and general agreement with Acoss.
of the public employment service
dues owed by the employers on
provided for the transfer of Pôle emploi shall permanently
17 December 2010.
recovery to Acoss no later than retain the recovery of contributions
1 January 2012. Financial flows for the sum of from casual workers in the enter-
615 million Euros were recorded tainment industry and expatriates
Work on this project carried out
in 2010 for both these protocols and, for now, the management of
by Acoss, Pôle emploi and Unédic
to which is added an amount of individual contributions linked
resulted in an early transfer on
155 million Euros collected in to the personal redeployment
1 January 2011, but also in
January 2011 for 2010. agreement (CRP) and the
the implementation of two
experiments: Besides the work carried out occupation transition contract
with Acoss and Pôle emploi for (CTP). It is also responsible for the
• concerning 52 employers from
the transfer of recovery, Unédic recovery of bad debts recorded as at
the Paris region who accepted
prepared with the other recovery 31 December 2010.
the recovery of Unemployment
operators the operating procedures
insurance contributions and AGS
dues from 1 January 2010 by the
applicable as at 1 January 2011. 1.2. Financial
Paris Urssaf, following the signing Thus, an agreement was signed with relationships between
of a cash flow protocol on the Social Services Compensation Pôle emploi and Unédic
5 February 2010; Fund (CCSS) of Monaco to ensure Pôle emploi and Unédic have
• relating to the employers from
recovery from Monaco-based financial relationships within the
the Rhône department for whom employers.
framework of bipartite agreements
the contributions and dues were This action was also carried out (benefit payments and recovery
invoked from 1 September 2010 with the Social Security Fund of contributions), the payment
by the Rhône Urssaf, following (CPS) of Saint-Pierre and Miquelon of the 10% contribution for the
the signing of a cash flow protocol which replaces Pôle emploi as of functioning of Pôle emploi and
on 26 July 2010. 1 January 2011 in this geographical the joint management of individual
These experiments tested the area. arrangements (CRP, CTP, Recovery Plan).
procedures provided for in the Finally, Unédic shall directly
project, both for financial transactions manage relations with the CCMSA
and exchanges of information. for employers from the agricultural
2010 – UNÉDIC FINANCIAL REPORT - 9

10. FRAMEWORK AGREEMENT SALE TO PÔLE EMPLOI OF confirmed that its status as a
FOR DISPOSAL OF MOVABLE REAL ESTATE SITES public administrative company
PROPERTY This concerned fixed assets used was incompatible with its inclusion
The financial relationships also by Pôle emploi which derived from in the Unemployment insurance
concern extraordinary transactions the network of Assédic agencies or scheme.
for the disposal of assets. Unédic establishments, in particular A repayment of the contributions
for IT equipment and software. and dues paid, i.e. approximately
Thus, in accordance with the com- 44 million Euros, shall take place in
mitments of both organisations Furthermore, Pôle emploi wanted 2011.
and the framework agreement for to acquire 78 real estate sites,
the disposal of movable property property of the Unemployment
of 15 November 2010, Unédic sold insurancescheme, for the sum of 1.3. Joint arrangements
to Pôle emploi the following tan- 179.1 million Euros. The corres- between the State and
gible and intangible fixed assets: ponding notarised instruments Unédic
• ffice furniture for 14.7 million
o were signed in November and
Euros; December 2010. In an agreement of 5 November
2010, the State and Unédic agreed
• ttings of premises whose leases
fi
DISSOLUTION OF GIE to indemnify those jobseekers
were taken over by Pôle emploi
SI CONVERGENCE EMPLOI who exhausted their entitlement
for 33.6 million Euros;
(FRENCH-LAW ECONOMIC to unemployment insurance
specific installations for 12 million INTEREST GROUP) benefit between 1t January and
Euros; 31t December 2010. This arrangement
ANPE (National Employment
• T equipment for 12 million Euros;
I pays exceptional employment
Agency) and Unédic had
• oftware for 11 million Euros;
s established an EIG in 2007, named benefits financed equally by the
SI Convergence emploi, in State and Unédic and managed
• ogiciels pour 11 millions d’euros ;
l
order to establish a common IT by Pôle emploi. It represents an
• arious other fixed assets for
v expenditure of 5.2 million Euros
1.9 million Euros. architecture and to share all of
the projects relating to managing during 2010.
jobseekers. As these IT projects
have been managed directly since Furthermore, Unédic and the
19 December 2008 by Pôle emploi, DGEFP (Delegation-General for
it was agreed on 28 September Employment and Vocational
2010 to implement the dissolu- Training) continued their
tion of the EIG. This operation is relationship within the framework
ongoing as at 31 December 2010, of the agreement on Long-term
with the financial arrangements yet reduced activity (APLD). This
to be specified. agreement signed on 4 Decem-
ber 2009 allows for the payment of
PÔLE EMPLOI’S EXCLUSION additional partial unemployment
FROM UNEMPLOYMENT benefits to employees experien-
INSURANCE CONTRIBUTIONS cing a reduction in activity. This
Pôle emploi had continued to measure benefited from being
contribute to the Unemploy- managed by Unédic for the sum of
ment insurance scheme for staff 44 million Euros in 2010.
under private status since its crea-
tion on 19 December 2008 until Finally, Unédic and the State
31 December 2009. ensured the continued financing
This decision was challenged by of benefits supporting CRP and
Pôle emploi, as a court decision CTP arrangements.
10 - UNÉDIC FINANCIAL REPORT - 2010

11. APPENDIX: KEY EVENTS OF THE FINANCIAL YEAR
Within the framework of the CTP, 1.5.1.1. Bond issues and bank loans The total outstanding liability of
Unédic finances the indemnification In 2009, Unédic opened a 12 billion the programme as at 31 December
of recipients up to the amount Euro EMTN (Euro Medium Term 2010 is 5,280 million Euros.
of the Unemployment benefit Notes) programme within which
(ARE), while the State ensures its bond issues shall be launched. These commercial papers shall be
that the arrangement breaks even drawn down as required.
An initial public offering was
by supplementing employers
launched with this in mind in
contributions. This programme of commercial
December 2009. Unédic then
papers obtained the short-term
With regard to the CRP, raised 4 billion Euros in 3 years
rating “A1+” by the Standard
Unédic integrates the result of this which constitutes its only bond
Poor’s rating agency and “P1” by
arrangement, consisting of issue at the end of the 2010 Moody’s as of its launch in January
employers revenues and minus financial year. 2004. Since July 2009, it has also
specific benefits paid to members,
The EMTN programme benefits benefited from the rating “F1+”
into its technical management
from the rating attributed to Unédic from the Fitch Rating Agency.
profit or loss.
by the SP (AAA), Moody’s (Aaa) and
Fitch (AAA) rating agencies. Initially, at the request of the
1.4. Review of Moody’s rating agency, syndicated
Given the constraints imposed
unemployment by Article 213-15 of the French
and confirmed credit lines were
insurance benefits Monetary and Financial Code
put in place to ensure 100%
coverage of this programme and
Unédic’s Board of Directors governing the issue of bonds by
therefore mitigate any European
decided, in its meeting of 29 June the associations on the financial
money market failures.
2010, to review the reference markets, the Board of Directors
wage, which serves as a basis for decided to apply for the State Since July 2009, the agencies
calculating benefits, by 1.2% as of guarantee for its bond issues in coverage requirement has been
1 July 2010. 2011. reduced to 50% of the authorised
programme.
1.5. Financing the In November 2010, a 3 billion Euro
Unemployment bridging facility over 6 months was
insurance scheme therefore authorised in order to
cover the cash flow requirements
1.5.1. 2010 FINANCING
until the launch of the first bond
TRANSACTIONS
issue guaranteed by the State
At the end of the 2010 financial (March 2011).
year, the net financial position is
8,566 million Euros, i.e.: 650 million Euros of this facility was
used as at 31 December 2010.
• ond issues: 4,000 million Euros,
b
• ank loan: 650 million Euros,
b 1.5.1.2. Commercial papers
• ommercial papers: 5,280 million
c The use of this financing
Euros, solution for the associations was
• nvestments: -1,364 million Euros,
i authorised, under certain
• funds available at bank: 0.2 million conditions, in Article 37 of law no.
Euros. 2003-706 of 1st August 2003. The
N.B.: the net global debt including initial amount of 1.2 billion Euros
the sums owed to Pôle emploi in 2004 was gradually increased to
under the 10% contribution and reach a ceiling amount of 6 billion
not yet paid (337 million Euros) Euros authorised by the Board of
therefore stands at 8,903 million Euros. Directors in June 2009.
2010 – UNÉDIC FINANCIAL REPORT - 11

12. APPENDIX: KEY EVENTS OF THE FINANCIAL YEAR
1.5.1.3 Traditional bank financing The threefold strategy set out and
Very short-term financing require- approved by the Board of Directors
ments are covered in the form of from 2009 remains operational.
bank overdrafts mutually agreed The work carried out with the rating
with Unédic’s bank partners (1.5 agencies confirmed the ratings
billion Euros negotiated). attributed to Unédic which
The use of these overdrafts at the continues to benefit from a
end of the 2010 financial year is rating enabling it to raise the
3 million Euros for Unédic. necessary resources under the best
conditions (AAA, Aaa, AAA).
1.5.1.4 Investments
A commitment was made with The 12 billion Euro EMTN
regard to the rating agencies to programme was updated and
build up a reserve of liquid assets shall enable Unédic to retain the
when the drawdowns on the responsiveness needed for its
commercial papers programme future bond issues. An issue made
exceed an outstanding liability of in March 2011 raised 1.5 billion
3 billion Euros. It is in return for Euros over a maturity of 3 years.
this commitment that the level of The commercial papers programme
coverage could be reduced to 50% continues to enable Unédic to raise
of the amount of the programme the additional short-term resources
concerning 6 billion Euros. it needs under the best conditions,
thereby spreading its exposure to
Given a commercial paper outstan-
interest rate risk evenly.
ding liability of 5,280 million
Euros as at 31 December 2010, the The possibility of a further
investments represent 1,364 million extension of the commercial
to this date, intended to cover papers programme shall be put to
the commitments (33.33% of the the June 2011 Board of Directors. If
commercial paper outstanding necessary, such an extension would
liability exceeding 3 billion Euros) provide greater adaptability to
made with the rating agencies accompany the reduction in
and to contribute to repaying a Unédic’s indebtedness.
770 million Euro debt maturing on
3 January 2011.
1.5.2. FINANCING OF THE
2011-2012 PERIOD
The gradual emergence from
recession envisaged over the next
few years leads the Unemployment
insurance scheme to anticipate
results which should remain negative
in 2011 and break even in 2012.
On the basis of growth rate assump-
tions of 1.80% in 2011 and 1.70% in
2012, the financial position could
therefore be at -10.6 billion Euros at
the end of 2011 and at -10.3 billion
Euros at the end of 2012.
12 - UNÉDIC FINANCIAL REPORT - 2010

13. APPENDIX: ACCOUNTING PRINCIPLES, RULES AND METHODS
APPENDIX
2. ACCOUNTING PRINCIPLES, RULES
AND METHODS
2.1. General principles 2.2. Unemployment 2.2.3. BENEFIT RECIPIENT
The Unemployment insurance benefits RECEIVABLES
scheme’s consolidated annual 2.2.1. EXPENSES The accounts receivable of benefit
accounts for the financial year recipients (undue payments and
Regulatory provisions stipulate
ended 31 December 2010 drawn advances) are the subject of a
that jobseekers register then
up in Euros, including the balance provision built up according to the
provide Pôle emploi with evidence
sheet, the profit and loss account age of the debts.
of their situation on a monthly
and the appendix were drawn up
in accordance with the Unem- basis to avoid their entitlements The method for calculating provisions
ployment insurance organisations being called into question. These for depreciation of the benefit
chart of accounts approved by formalities enable the benefits to recipients undue payments is
the National Accounting Council be dealt with on a monthly basis based on statistical law making it
(CNC) dated 9 January 1995 (notice under technical management possible to measure the probability
of compliance no. 79). expenses. of recovering them.
For persons exempt from checking,
They take into account the Undue payments for fraud were
specific information linked to the accounting is, the aforementioned
the subject of a 100% provision of
declaratorynatureofUnemployment notwithstanding, also carried out
their amount.
insurance and the consequences on a monthly basis.
which arise therefrom, with regard
to both the declarations of affiliates 2.2.2. BENEFIT RECIPIENT DEBTS
and payments to recipients. Under the item “Benefit Recipient
The signatory organisations of the debts” is the amount of benefits
agreement of 19 February 2009 on considered as owing for the
Unemployment insurance in view current financial year, according to
of Article L.351-3-1 of the French the principles referred to above,
Labour Code on the method of and which are calculated by using
financing benefits paid under the benefits paid in January of the
this scheme, certify that Unem- following year.
ployment insurance is a specific
pay-as-you-go scheme.
2010 – UNÉDIC FINANCIAL REPORT - 13

14. 2.3. Contributions of affiliates
2.3.1. INCOME
The income from technical management correspond to general and
specific contributions that the employers are required to pay for the
year according to mandatory periodic declarations that they make to
regional departments of Pôle emploi or Urssaf agencies involved in the
experiments linked to the transfer of recovery.
When the forms are not received within the specified time, 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 February of the following
financial year and relating to the financial year elapsed.
A provision is recorded at the end of the year on affiliates’ debts which
appear doubtful. It is calculated according to the age of the debts, the
litigation stage reached and the type of debts (declared or estimated
amounts).
2.3.3. CREDITOR AFFILIATES
Funds paid by the affiliates and collected by the various regional
departments of Pôle emploi and which could not be assigned to an
identified debt are shown under balance sheet liabilities.
For flows deriving from Acoss, a portion of the funds not assigned shall be
recorded as income from contributions following a statistical evaluation,
with the balance 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 ARC (Accounting Regulatory Committee) provisions
regulation no. 2002-10 on the amortisation and depreciation 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 terms
Software 5 years
Buildings and structures 10 to 40 years
Fixtures and fittings 10 to 20 years
IT facilities and equipment 3 to 6 years
Office furniture 10 years
Office equipment 5 years
Other 4 to 10 years
14 - UNÉDIC FINANCIAL REPORT - 2010

15. APPENDIX: ACCOUNTING PRINCIPLES, RULES AND METHODS
2.4.2. CORPORATE COMMITMENTS 2.4.3. EXTRAORDINARY PROFIT The main pre-consolidation adjust-
OR LOSS ment transactions concern:
Given the provisions of the
National collective agreement for The extraordinary profit or loss • he leasing held by SCI Reuilly1;
t
Unemployment insurance scheme includes: • he offset of depreciations
t
personnel, Unédic is required • echnical management transac-
t and write-backs by categories of
to pay retirement indemnities provisions: contingencies and
tions which do not derive from
calculated as monthly wage by expenses, affiliates, benefit recipients,
number of years of service. ordinary activity and relate to
benefit recipient or recovery administrative management;
Furthermore, bonuses are to be domains, • roportional integration, at 50% of
p
paid under long-term service the SI Convergence Emploi EIG;
bonuses (médailles du travail). • tems relating to administrative
i
management, that is to say the • limination of balances from
e
Commitments are calculated using transactions relating to the managed
items provided for by the general
the following information: third party (AGS) shown in
chart of accounts and, in
• se of personal information: age,
u particular, the capital gains or Unédic’s annual accounts, in order
sex, salary, length of service; to solely present the Unemployment
losses from disposals of tangible
• etermination
d of internal insurance transactions in the
and intangible fixed assets.
actuarial assumptions: staff consolidated balance sheet.
turnover rate, retirement age The capital gains or losses from
and terms and conditions, wage
disposals of financial fixed
increase rate;
assets are, the aforementioned
• se of a discount rate for the
u notwithstanding, recorded in the
commitment corresponding to
financial transactions.
the Bloomberg reference rate, i.e.
4.75% for the 2010 financial year.
Using this data, the amount of 2.5. Principles of
the commitments is calculated consolidation of Unem-
individually for each employee
present, it being understood ployment insurance
that for the long-term service scheme accounts
bonuses, the commitment must be
calculated for the bonuses that risk Unédic shall “consolidate” all
being paid for the entire period of Unemployment insurance institu-
work, i.e. a maximum of 4 bonus tions’ accounts. Strictly on a legal
levels. basis, the “consolidated” whole
corresponds to a “combination” of
The amounts thus obtained are
the accounts according to regulation
recorded in the accounts as
no. 99-02 of the National Accounting
provisions for contingencies and
expenses and the change in these Council.
provisions is recorded in the
There is no legal relationship
result for the period including the
between the entities included in
impacts of assumption changes.
the scope of consolidation except
Added to this from 2010 is the for the SCIs (Non-trading Real
amount of commitments due Estate Companies), subsidiaries of
under the defined benefits Unédic. For the 2010 financial year,
pension plan for senior this situation only concerns two
executives of the Unemployment institutions which did not merge
insurance scheme present
with Unédic as at 31 December 2010.
as at 1 January 2001, providing
evidence of 8 years in this role The scope of consolidation is
and having ended their career in an presented in the chapter of the
Unemployment insurance institution. appendix on additional information.
2010 – UNÉDIC FINANCIAL REPORT - 15

16. APPENDIX
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 property and some real estate sites made available to Pôle emploi since its creation were the
subject of:
• framework agreement for the disposal of movable property of 15 November 2011, selling to Pôle emploi the
a
fixed assets acquired by the Assédic agencies and Unédic’s IT establishments;
• sale of 78 real estate sites, with these transactions taking place in November and December 2010.
a
The transactions recorded with regard to the fixed assets and the amortisation during the 2010 financial year are
presented below:
Gross
Gross
value at the
value at the Acquisitions Sales
closing of
CHANGES IN GROSS FIXED ASSETS opening of and or asset Transfers
the financial
IN 2010 (in millions of Euros) the financial creations retirement (4)
year
year (2) (3)
(5)=(1)+(2)-
(1)
(3)+(4)
T
otal intangible fixed assets (A) 140,9 0,3 131,9 9,3
Total tangible fixed assets (B)
1 235,6 6,3 723,1 518,8
Property: Land, buildings and fittings 895,4 1,9 389,6 507,8
Other tangible fixed assets 339,8 1,9 333,5 0,2 8,3
urrent tangible fixed assets
C 0,4 2,5 0 -0,2 2,6
Total (A+B) 1 376,5 6,6 855,0 0 528,1
Gross
Amortisa-
Reductions: value at the
tion at the
Increases: sales and closing of
CHANGES IN AMORTISATION opening of Transfers
Provisions asset retire- the financial
IN 2010 (in millions of Euros) the financial
(2) ment
(4)
year
year
(3) (5)=(1)+(2)-
(1)
(3)+(4)
T
OTAL intangible fixed assets (A) 126,9 0,7 121,0 6,6
Total tangible fixed assets (B) 815,1 23,1 522,6 0 315,6
Property: buildings and fittings 519,5 21,9 231,1 0 310,3
Other tangible fixed assets 295,6 1,2 291,5 0 5,3
Total (A+B) 942,0 23,8 643,6 0 322,2
16 - UNÉDIC FINANCIAL REPORT - 2010

17. APPENDIX: BALANCE SHEET ANALYSIS
3.1.1.2. Financial fixed assets
This item, for the sum of 28.9 million Euros, essentially comprises the loans for their original amount within the
framework of the construction subsidy for 28.5 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 10.9% on the previous financial year: 430.5 million Euros versus 388.1 million Euros.
95.2% of it is made up of undue Unemployment insurance payments to benefit recipients, i.e. 409.8 million Euros.
Transactions relating to undue Unemployment insurance payments are presented in the table below:
Change
2010 2009
(in millions of Euros) 2010/2009
Undue advances and payments on account at the opening of the financial year (A) 388,1 376,4 3,1 %
Detection of undue payments during the financial year (B) 867,1 746,2 16,2 %
Reimbursement and recoveries of undue payments (C) 796,2 715,0 11,3 %
Write-offs and losses on undue payments (D) 28,8 20,3 41,9 %
Advances and payments on account (E) 12,7 12,3 3,3 %
Recovered advances and payments on account (F) 12,4 11,5 7,8 %
Benefit recipient debtors at the end of the financial year (including advances and
430,5 388,1 10,9 %
payments on account) (G) = (A)+(B)- (C)-(D)+(E)-(F)
Provision set aside for bad debts (H) 230,2 211,7 8,7 %
Provisioning rate (H) / (G) 53,4 % 54,5 % 1,1 pts
Net book value (1) = (G)–(H) 200,3 176,4 13,6 %
The risk of not recovering undue payments is covered by the setting aside of a provision equal to 53.4% of the
debt compared with a rate of 54.5% for the 2009 financial year.
b) AFFILIATES
The burden of gross contributions yet to be recovered, i.e. 4,747.3 million Euros, is down by 6.2% compared with
the previous financial year. It is broken down into:
• ain contributions: 4,236.3 million Euros or 89.2% of the total,
m
• ndividual contributions: 311.9 million Euros or 6.6% of the total,
i
• additional contributions: 199.1 million Euros or 4.2% of the total.
Change
2010 2009
(in millions of Euros) 2010/2009
Uncontested debts to be received (A) 3 478,7 3 711,3 -6,3%
Bad debts to be received (B) 1 268,6 1 352,1 -6,2%
Gross value (C) = (A) + (B) 4 747,3 5 063,4 -6,2%
Provision set aside for bad debts (D) 1 017,6 983,5 34,0%
Provisioning rate (D) / (B) 80,2% 72,7% 7,5 pts
Net book value (E) = (C) – (D) 3 729,7 4 079,9 -8,6%
2010 – UNÉDIC FINANCIAL REPORT - 17

18. Uncontested debts to be received portion being recorded in the • 17.2 million Euro claim against
a
correspond to contributions due accounts as bad debts, with the Acoss relating to current
for 2010 which were settled at impact being an 86.4 million Euro transactions of the contribution
the beginning of the following reduction in the burden of bad recovery domain.
financial year. debts between 2009 and 2010.
3.1.2.4. Marketable securities
The burden of bad debts is down A provision is set aside in order to This item, for the sum of
slightly (-6.2%), with this change cover the risk of not recovering 1,364 million Euros, corresponds to
resulting from the improvement in bad debts, which represents 80.2% money market funds, 760 million
the economic situation. of the contested contributions to of which are dedicated to the
be received or an increase of 7.5 coverage of commercial paper
It should be noted that for the points compared with the 2009 issues in the event of market
debts of affiliates managed by the financial year. This change is failure.
CCMSA, the review of such debts explained, in particular, by a review
of the results of the recovery of Marketable security inventory
until the end of the first quarter as at 01/01/2010
3 265
recorded the debts invoked in contested contributions over
previous years which resulted in Acquisitions in 2010 13 339
January 2011 in the accounts for
2010 as uncontested debts to be adjusting the provisioning rate of
Sales in 2010 15 240
received, while in previous years, such debts.
Marketable security inven-
a review of the results at the end tory as at 31/12/2010
1 364
of January resulted in a significant 3.1.2.2. State
This item, for the sum of
53.7 million Euros, represents 3.1.3. DEFERRED EXPENSES
an amount due by the State for This item for the sum of 2.9 million
arrangements prior to 2009 Euros concerns the costs of bond
managed on behalf of the State issues which are distributed in a
and not transferred to Pôle emploi. linear manner over the term of
the issue from December 2009, i.e.
3.1.2.3. Other debts 3 years.
This item, for the sum of
87.1 million Euros, predominantly 3.1.4. REDEMPTION PREMIUMS
comprises: The bond issued by Unédic
• he national participatory youth
t includes an issue premium,
employment programme (EJEN) corresponding to the difference
to be received for 0.7 million between the nominal value of the
Euros; bonds and the issue value, for the
• n income to be received from
a sum of 12.5 million Euros for the
the State as part of the CA 4 billion Euro bond issued in 2009.
(Contract for the future) – CAE This premium is amortised over
(Employment Support Contract) the term of the issue, i.e. 3 years,
arrangement balance for and represents a net value of
16.1 million Euros; 8.0 million Euros as at 31 December
• claim against establishments
a 2010.
under management agreements
amounting to 23.0 million Euros;
• claim against sales of fixed
a
assets for 2.5 million Euros;
• 20.6 million Euro claim against
a
Pôle emploi relating to current
transactions of benefit recipient
domains and other agreements
18 - UNÉDIC FINANCIAL REPORT - 2010

19. APPENDIX: BALANCE SHEET ANALYSIS
3.2. Analysis of balance sheet liabilities
3.2.1. NET FINANCIAL POSITION
The net financial position, at the end of the 2010 financial year, is negative by 9,150.2 million Euros and is changing
in the following manner:
• et financial position as at 31 December 2009: -5,903.4 million Euros
n
• egative result for the 2010 financial year: -3,246.8 million Euros
n
• net financial position as at 31 December 2019: -9,150.2 million Euros
3.2.2. PROVISIONS FOR CONTINGENCIES AND EXPENSES
This item for a total amount of 60.7 million Euros predominantly comprises the following provisions:
• Unédic’s contribution to the financing of AS-FNE (special benefit from the national employment fund) for
18.2 million Euros;
• he rights acquired up to their retirement by the recipients of ARPE (job substitution allowance) for 0.2 million
t
Euros (i.e. a reduction of 0.3 million Euros compared with 2009); this provision covers the costs of benefits yet
to be paid and the financing of additional pension benefits;
• he unemployment insurance contributions paid in error by some public employers and to be repaid for
t
20.8 million Euros;
• he provision relating to the procedures for sharing the fixed assets of the EIG for 2.7 million Euros;
t
• he provision for risks of dispute over dossiers from benefit recipient and recovery domains flagged up by the
t
regional departments of Pôle emploi for 5.7 million Euros;
• provisions for corporate commitments:
- rovisions for retirement indemnities (IDR) for the sum of 11.5 million Euros;
p
-
provisions for long-term service bonuses for 1.1 million Euros.
The change in provisions for contingencies and expenses during the 2010 financial year is presented in the table
below.
Write-back Write- back
Opening Closing
Provision provision provision
balance balance
(in millions of Euros) used not used
ARPE 0,5 - 0,3 - 0,2
AS-FNE 22,6 18,2 22,6 - 18,2
IDR 4,9 6,6 - - 11,5
L
ong-term service bonuses 1,1 - - - 1,1
Public employer reimbursement 0 20,8 - - 20,8
Other 3,9 5,0 - - 8,9
Total 33,0 50,6 22,9 - 60,7
3.2.3. FINANCIAL LOANS AND DEBTS
The change in financing during 2010 is as follows:
Financing arrangements Opening Of which Additional Repayment of Closing Of which
(Amounts in millions of Euros) balance accrued interest financing financing balance accrued interest
Bond issues 6 267 67 2 200 4 006 6
Credit/financing establishments loans 2 627 3 305 5 932
of which commercial papers 2 625 2 655 5 280
of which other loans 2 650 652
Bank loans and overdrafts 35 32 3
Total 8 929 67 3 305 2 232 9 941 6
2010 – UNÉDIC FINANCIAL REPORT - 19

20. 3.2.3.1. Bond issues
The bonded debt amounts to 4,006 million Euros at the end of the 2010 financial year.
It corresponds to:
• he 4 billion Euro loan (3 years, 2.125%) issued in December 2009;
t
• he accrued interest on the 4 billion Euro loan, i.e. 6.4 million Euros.
t
3.2.3.2. Loans from various credit and finance establishments
The total amount of this item comes to 5,932.4 million Euros. It comprises:
• he commercial papers issued by Unédic amounting to 5,280 million Euros;
t
• he establishment of a bridging facility, pending the launch of a bond issue, for 650 million Euros;
t
• he leasing debt corresponding to the financing of the IT production centre for 1.6 million Euros;
t
• he accrued interest for 0.8 million Euros.
t
Transactions concerning the commercial papers were as follows in 2010:
Inventory as at 01/01/2010 Issues in 2010 Repayments in 2010 Inventory as at 31/12/2010
2 625 13 940 11 285 5 280
Amount in millions of Euros
The due dates of these commercial papers are as follows:
Due date of commercial During the During the
Total
papers 1st quarter 2011 2nd quarter 2011
4 085 1 195 5 280
A
mount in millions of Euros
3.2.3.3. Bank loans and overdrafts
The total amount of this item comes to 2.6 million Euros and comprises:
• he accounting balances of creditor bank and postal accounts for 2.5 million Euros;
t
• he accrued interest on bank overdrafts used for 0.1 million Euros.
t
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 105.6 million Euros, corresponds to the sums received from employers 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 2,372.5 million Euros corresponds, essentially, to the benefits to be paid: benefits
from the month of December 2010 paid at the start of 2011, i.e. 2,409.5 million Euros and 63.1 million Euros for
the redeployment benefits to be paid to benefit recipients minus the advance retirement levy for the sum of
98.4 million Euros.
20 - UNÉDIC FINANCIAL REPORT - 2010

21. APPENDIX: BALANCE SHEET ANALYSIS
3.2.4.3. Tax and social security debts 71.3 million Euros due to
5 • 5.7 million Euros due primarily
3
et sociales ARRCO (Association of to IRCANTEC (Supplementary
This item for a total of 68.5 million supplementary pension plans Retirement Pensions Institu-
Euros comprises: for salaried employees) which is tion for Non-Certified State
• rovision for paid leave and
p broken down into: Employees and Employees of
holiday and 13th month bonuses 61.8 million Euros correspon-
4 Public Administrations);
amounting to 3.0 million Euros ding to contributions yet to be • eciprocal accounts with Pôle
r
paid for 2010; emploi for 360.7 million Euros
instead of 3.1 million Euros in
6.9 million Euros due by
2 including the one relating to the
2009;
ARRCO pursuant to the 2009 financing of Pôle emploi through
• he benefit recipient advance
t regularisation;
levies yet to be paid, i.e. 49.0 the 10% contribution for the sum
1.7 million Euros due to
7 of 337.2 million Euros.
million Euros corresponding to ARRCO pursuant to the 2008
benefits paid in December 2010; regularisation;
• ther tax and social security debts
o 4.6 million Euros pursuant
6 3.2.5. ACCRUALS
for 16.5 million Euros. to the AFSP (Benefit from Unearned income, i.e. 13.1 million
the specific temporary fund) Euros, essentially concerns
3.2.4.4. Trade debts arrangement. payments made by public
The sum of 6.0 million Euros, 92.6 million Euros due to
4 companies and establishments
representing the invoices yet to AGIRC (General Association which are not affiliated to the
be paid as at 31 December 2010, is of Pension Institutions for Unemployment insurance scheme,
divided into two sections: Managerial Staff) which is but which have signed a manage-
primarily broken down into: ment agreement with Unédic.
• uppliers of goods and services:
s
5.2 million Euros 76.2 million Euros corres-
5 Payments are made for benefit
ponding to Unédic’s commit- recipients registered as unemployed
• uppliers of fixed assets: 0.8 million
s
ment to AGIRC, as provided and whose acquired rights may be
Euros
for in the agreement of spread over several financial years
19 December 1996 which according to their age.
3.2.4.5. Other debts
had valued the amount of
The main items of this section, the
supplementary retirement
total amount of which comes to contributions for the periods
2,260.3 million Euros, concern: of unemployment prior to
this date and set a 20 year
• he various creditors for 769.7
t payment schedule at the
million Euros essentially consist rate of 1/20th each year,
of a debt of 769.6 million Euros with the debt amount being
to a financial establishment. This re-assessed each year by
debt results from the sale in applying the price index;
2007 of a State debt to a financial 2.8 million Euros correspon-
9
establishment that Unédic ding to contributions yet to
undertook to pay on maturity, i.e. be paid for 2010;
3 January 2011; 58.0 million Euros due by
1
• he cost to be paid as at
t AGIRC pursuant to the 2009
31 December 2010 to various adjustment;
pension funds, for the validation 3.5 million Euros due by
2
of the benefit recipients’ AGIRC pursuant to the 2008
additional pension points: adjustment.
2010 – UNÉDIC FINANCIAL REPORT - 21

22. APPENDIX
4. PROFIT AND LOSS
ACCOUNT ANALYSIS
4.1. Technical management
4.1.1. PROCEEDS
4.1.1.1. Contributions
The proceeds from contributions for the 2010 financial year are down
slightly by 0.02% compared with 2009:
(in millions of Euros) 2010 2009 2010/2009
Main contributions 30 115,7 29 916,4 0,67 %
Special contributions 442,5 645,9 -31,49%
Total 30 558,2 30 562,3 -0,02%
The main contributions are up slightly with a change of 0.7%. It should
be noted that Acoss’ assumption of responsibility for the recovery of
contributions as of 1 January 2011 has an impact on the level of proceeds
from contributions in 2010. In fact, in December 2010, some employers
staggering pay made declarations to their Urssaf agencies and not to
the regional departments of Pôle emploi. As the principle of attaching
such proceeds to the accounting year is different between these two
organisations, the amount of 2010 contributions does not take into
account the sum of 298 million Euros for these employers.
Furthermore, the reimbursement of unemployment insurance
contributions to Pôle emploi generates a reduction in the proceeds from
2010’s main contributions of 42 million Euros.
Given this reassessment, the level of change in proceeds from
contributions (+1.8%) is very close to the increase in the private sector’s
wage bill in 2010 which stands at 1.9% (source: Acoss).
Special contributions experienced a considerable reduction of 31.5%,
given the improvement in the economic situation and the drop in the
number of members of the CRP (Personal redeployment agreement)
arrangement.
22 - UNÉDIC FINANCIAL REPORT - 2010