52016DC0474

EUROPEAN COMMISSION

Brussels, 11.7.2016

COM(2016) 474 final

COMMUNICATION FROM THE COMMISSION

ANNUAL ACCOUNTS OF THE EUROPEAN COMMISSION 2015

CONTENTS PART I

CERTIFICATION OF THE ACCOUNTS

FINANCIAL STATEMENTS AND EXPLANATORY NOTES

BALANCE SHEET

STATEMENT OF FINANCIAL PERFORMANCE

CASHFLOW STATEMENT

STATEMENT OF CHANGES IN NET ASSETS

NOTES TO THE FINANCIAL STATEMENTS

REPORTS ON THE IMPLEMENTATION OF THE BUDGET AND
EXPLANATORY NOTES Part II

CERTIFICATION OF THE ACCOUNTS

The annual accounts of the European Commission for the year 2015 have been prepared in accordance with the Financial Regulation applicable to the general budget of the European Union and the accounting rules adopted by myself in my capacity as the Commission's Accounting Officer, as are to be applied by all the institutions and Union bodies.

I acknowledge my responsibility for the preparation and presentation of the annual accounts of the European Commission in accordance with Article 68 of the Financial Regulation.

I have obtained from the authorising officers, who certified its reliability, all the information necessary for the production of the accounts that show the European Commission's assets and liabilities and the budgetary implementation.

I hereby certify that based on this information, and on such checks as I deemed necessary to sign off the accounts, I have a reasonable assurance that the accounts present fairly, in all material aspects, the financial position, the results of the operations and the cash-flow of the European Commission.

[signed]

Manfred Kraff

Accounting Officer of the Commission

8 July 2016

EUROPEAN COMMISSION

FINANCIAL YEAR 2015

FINANCIAL STATEMENTS AND EXPLANATORY NOTES

It should be noted that due to the rounding of figures into millions of euros, some financial data in the tables below may appear not to add-up.

CONTENTS

BALANCE SHEET

STATEMENT OF FINANCIAL PERFORMANCE

CASHFLOW STATEMENT

STATEMENT OF CHANGES IN NET ASSETS

NOTES TO THE FINANCIAL STATEMENTS

1.SIGNIFICANT ACCOUNTING POLICIES

2.NOTES TO THE BALANCE SHEET

BALANCE SHEET

			EUR millions
	Note	31.12.2015	31.12.2014
NON-CURRENT ASSETS
Intangible assets	2.1	128	109
Property, plant and equipment	2.2	5 592	4 799
Investments accounted for using the equity method	2.3	497	409
Financial assets	2.4	55 341	55 027
Pre-financing	2.5	29 884	18 184
Exchange receivables and non-exchange recoverables	2.6	899	1 230
		92 341	79 758
CURRENT ASSETS
Financial assets	2.4	9 579	11 134
Pre-financing	2.5	15 360	34 347
Exchange receivables and non-exchange recoverables	2.6	9 215	14 192
Inventories	2.7	75	82
Cash and cash equivalents	2.8	20 660	16 187
		54 889	75 942
TOTAL ASSETS		147 230	155 700

NON-CURRENT LIABILITIES
Pension and other employee benefits	2.9	(63 208)	(58 045)
Provisions	2.10	(1 562)	(1 378)
Financial liabilities	2.11	(50 897)	(50 932)
		(115 666)	(110 355)
CURRENT LIABILITIES
Provisions	2.10	(302)	(734)
Financial liabilities	2.11	(7 898)	(8 783)
Payables	2.12	(32 367)	(42 986)
Accrued charges and deferred income	2.13	(67 962)	(55 575)
		(108 528)	(108 078)
TOTAL LIABILITIES		(224 194)	(218 433)

NET ASSETS		(76 964)	(62 733)

Reserves	2.14	2 915	2 641
Amounts to be called from Member States*	2.15	(79 879)	(65 374)
NET ASSETS		(76 964)	(62 733)

* The European Parliament adopted a budget on 25 November 2015 which provides for the payment of the Commission's short-term liabilities from own resources to be collected by, or called up from, the Member States in 2016. Additionally, under article 83 of the Staff Regulations (Council Regulation 259/68 of 29 February 1968 as amended), the Member States shall jointly guarantee the liability for pensions.

STATEMENT OF FINANCIAL PERFORMANCE

			EUR millions
	Note	2015	2014
REVENUE
Revenue from non-exchange transactions
GNI resources		95 355	104 688
Traditional own resources	3.1	18 649	17 137
VAT		18 328	17 462
Fines		531	2 297
Recovery of expenses	3.2	1 547	3 418
Other	3.3	1 223	1 936
Sub-total		135 633	146 938
Revenue from exchange transactions
Financial income	3.4	1 787	2 241
Other	3.5	1 264	797
Sub-total		3 051	3 039
Total Revenue		138 684	149 977
EXPENSES *
Implemented by Member States	3.6
European Agricultural Guarantee Fund		(45 032)	(44 465)
European Agricultural Fund for Rural Development and other rural development instruments		(16 376)	(14 046)
European Regional Development Fund & Cohesion Fund		(38 745)	(43 345)
European Social Fund		(9 849)	(12 651)
Other		(2 380)	(2 307)
Implemented by the Commission, executive agencies and trust funds	3.7	(15 635)	(15 328)
Implemented by other EU agencies and bodies	3.8	(1 616)	(1 362)
Implemented by third countries and int. organisations	3.8	(3 031)	(2 770)
Implemented by other entities	3.8	(2 107)	(1 799)
Staff and pension costs	3.9	(7 537)	(7 357)
Changes in employee benefits actuarial assumptions		(2 008)	(9 052)
Finance costs	3.10	(1 933)	(2 877)
Share of net deficit of joint ventures and associates		(641)	(640)
Other	3.11	(4 655)	(3 204)
Total Expenses		(151 546)	(161 203)
ECONOMIC RESULT OF THE YEAR		(12 862)	(11 226)

Implemented by Member States: Shared management

Implemented by the Commission, executive agencies and trust funds: Direct management

Implemented by other EU agencies and bodies, third countries, international organisations and other entities: Indirect management

CASHFLOW STATEMENT

			EUR millions
	Note	2015	2014
Economic result of the year		(12 862)	(11 226)
Operating activities
Amortisation		20	15
Depreciation		221	164
(Reversal of) impairment losses on investments		–	–
(Increase)/decrease in loans		1 455	(1 241)
(Increase)/decrease in pre-financing		7 287	6 653
(Increase)/decrease in exchange receivables and non-exchange recoverables		5 308	(1 886)
(Increase)/decrease in inventories		7	4
Increase/(decrease) in pension and employee benefits liability		5 163	11 942
Increase/(decrease) in provisions		(249)	321
Increase/(decrease) in financial liabilities		(920)	1 185
Increase/(decrease) in payables		(10 619)	6 971
Increase/(decrease) in accrued charges and deferred income		12 386	(306)
Prior year budgetary surplus taken as non-cash revenue		(1 435)	(1 005)
Other non-cash movements		65	112

Investing activities
(Increase)/decrease in intangible assets and property, plant and equipment		(1 054)	(2 120)
(Increase)/decrease in investments accounted for using the equity method		(87)	(60)
(Increase)/decrease in available for sale financial assets		(214)	(1 610)

NET CASHFLOW		4 472	7 912

Net increase/(decrease) in cash and cash equivalents		4 472	7 912
Cash and cash equivalents at the beginning of the year	2.8	16 187	8 275
Cash and cash equivalents at year-end	2.8	20 660	16 187

STATEMENT OF CHANGES IN NET ASSETS

					EUR millions
	Reserves (A)		Amounts to be called from Member States (B)		Net Assets =(A)+(B)
	Fair value reserve	Other reserves	Accumulated Surplus/(Deficit)	Economic result of the year
BALANCE AS AT 31.12.2013	83	2 215	(48 228)	(4 685)	(50 616)
Movement in Guarantee Fund reserve	-	247	(247)	-	–
Fair value movements	119	-	-	-	119
Other	-	(24)	18	-	(6)
Allocation of the 2013 economic result	-	-	(4 685)	4 685	–
2013 budget result credited to Member States	-	-	(1 005)	-	(1 005)
Economic result of the year	-	-	-	(11 226)	(11 226)
BALANCE AS AT 31.12.2014	202	2 438	(54 147)	(11 226)	(62 734)
Movement in Guarantee Fund reserve	–	189	(189)	–	–
Fair value movements	84	–	–	–	84
Other	–	2	(20)	–	(18)
Allocation of the 2014 economic result	–	–	(11 226)	11 226	–
2014 budget result credited to Member States	–	–	(1 435)	–	(1 435)
Economic result of the year	–	–	–	(12 862)	(12 862)
BALANCE AS AT 31.12.2015	286	2 629	(67 016)	(12 862)	(76 964)

NOTES TO THE FINANCIAL STATEMENTS

For further information in addition to the following notes, please also see the 2015 EU consolidated accounts.

1.SIGNIFICANT ACCOUNTING POLICIES

The European Commission (hereinafter referred to as the Commission) applies the accounting policies of the European Union (hereinafter referred to as the EU). A summary of the significant EU accounting policies is given below.

1.1.LEGAL BASIS AND ACCOUNTING RULES

The accounts of the EU are kept in accordance with Regulation (EU, Euratom) No 966/2012 of the European Parliament and of the Council of 25 October 2012 on the financial rules applicable to the general budget of the Union and repealing Council Regulation (EC, Euratom) No 1605/2002 (OJ L 298, 26.10.2012, p. 1) hereinafter referred to as the 'Financial Regulation' and Commission Delegated Regulation (EU) No 1268/2012 of 29 October 2012 (OJ L 362, 31.12.2012, p. 1) laying down detailed rules of application of this Financial Regulation.

In accordance with article 143 of the Financial Regulation, the EU prepares its financial statements on the basis of accrual-based accounting rules that are based on International Public Sector Accounting Standards (IPSAS). These accounting rules, adopted by the Accounting Officer of the Commission, have to be applied by all the institutions and EU bodies falling within the scope of consolidation in order to establish a uniform set of rules for accounting, valuation and presentation of the accounts with a view to harmonising the process for drawing up the financial statements and consolidation. The accounts are kept in Euro on the basis of the calendar year.

1.2.ACCOUNTING PRINCIPLES

The objective of the financial statements is to provide information about the financial position, performance and cashflows of an entity that is useful to a wide range of users. For the EU as a public sector entity, the objectives are more specifically to provide information useful for decision making, and to demonstrate the accountability of the entity for the resources entrusted to it. It is with these goals in mind that the present document has been drawn up.

The overall considerations (or accounting principles) to be followed when preparing the financial statements are laid down in EU accounting rule 1 "Financial Statements" and are the same as those described in IPSAS 1, that is: fair presentation, accrual basis, going concern, consistency of presentation, aggregation, offsetting and comparative information. The qualitative characteristics of financial reporting according to article 144 of the Financial Regulation are relevance, reliability, understandability and comparability.

Preparation of the financial statements in accordance with the above mentioned rules and principles requires management to make estimates that affect the reported amounts of certain items in the balance sheet and statement of financial performance, as well as the disclosures related to financial instruments and contingent assets and liabilities.

1.3.CONSOLIDATION

Scope of consolidation

The consolidated financial statements of the EU comprise all significant controlled entities (i.e. the EU institutions (including the Commission) and the EU agencies), associates and joint ventures. The complete list of consolidated entities can be found in note 9 of the EU financial statements. It now comprises 52 controlled entities, 7 joint ventures and 1 associate. In comparison with 2014, the scope of consolidation remained unchanged except for one new joint venture included and one joint venture removed – see note 2.3.

Controlled entities

The decision to include an entity in the scope of consolidation is based on the control concept. Controlled entities are all entities over which the EU has, directly or indirectly, the power to govern the financial and operating policies so as to be able to benefit from these entities' activities. This power must be presently exercisable. Controlled entities are fully consolidated. The consolidation begins at the first date on which control exists, and ends when such control no longer exists.

The most common indicators of control within the EU are: creation of the entity through founding treaties or secondary legislation, financing of the entity from the general budget, the existence of voting rights in the governing bodies, audit by the Court and discharge by the European Parliament. An individual assessment for each entity is made in order to decide whether one or all of the criteria listed above are sufficient to result in control.

Under this approach, the EU's institutions (except the ECB) and agencies (excluding the agencies of the former 2nd pillar) are considered as under the exclusive control of the EU and are therefore included in the consolidation scope. Furthermore the European Coal and Steel Community (ECSC) in Liquidation is also considered as a controlled entity.

All material "inter-entity transactions and balances" between EU controlled entities are eliminated, while unrealised gains and losses on such transactions are not material and so have not been eliminated.

Joint Ventures

A joint venture is a contractual arrangement whereby the EU and one or more parties (the "venturers") undertake an economic activity which is subject to joint control. Joint control is the contractually agreed sharing of control, directly or indirectly, over an activity embodying service potential. Participations in joint ventures are accounted for using the equity method (see 1.5.4 below).

Associates

Associates are entities over which the EU has, directly or indirectly, significant influence but not control. It is presumed that significant influence exists if the EU holds directly or indirectly 20 % or more of the voting rights. Participations in associates are accounted for using the equity method (see 1.5.4 below).

Non-consolidated entities the funds of which are managed by the Commission

The funds of the Joint Sickness Insurance Scheme for staff of the EU, the European Development Fund and the Participants Guarantee Fund are managed by the Commission on their behalf. However since these entities are not controlled by the EU they are not consolidated in its financial statements.

1.4.BASIS OF PREPARATION

2.Currency and basis for conversion

Functional and reporting currency

The financial statements are presented in millions of euros, the euro being the EU's functional and reporting currency.

Transactions and balances

Foreign currency transactions are translated into euros using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of foreign currency transactions and from the re-translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of financial performance.

Different conversion methods apply to property, plant and equipment and intangible assets, which retain their value in euros at the rate that applied at the date when they were purchased.

Year-end balances of monetary assets and liabilities denominated in foreign currencies are converted into euros on the basis of the exchange rates applying on 31 December:

Euro exchange rates

Currency	31.12.2015	31.12.2014	Currency	31.12.2015	31.12.2014
BGN	1.9558	1.9558	PLN	4.2639	4.2732
CZK	27.0230	27.7350	RON	4.5240	4.4828
DKK	7.4626	7.4453	SEK	9.1895	9.3930
GBP	0.7340	0.7789	CHF	1.0835	1.2024
HRK	7.6380	7.6580	JPY	131.0700	145.2300
HUF	315.9800	315.5400	USD	1.0887	1.2141

Changes in the fair value of monetary financial instruments denominated in a foreign currency and classified as available for sale that relate to a translation difference are recognised in the statement of financial performance. Translation differences on non-monetary financial assets and liabilities held at fair value through profit or loss are recognised in the statement of financial performance. Translation differences on non-monetary financial instruments classified as available for sale are included in the fair value reserve.

3.Use of estimates

In accordance with IPSAS and generally accepted accounting principles, the financial statements necessarily include amounts based on estimates and assumptions by management based on the most reliable information available. Significant estimates include, but are not limited to: amounts for employee benefit liabilities, provisions, financial risk on inventories and accounts receivable, accrued income and charges, contingent assets and liabilities, degree of impairment of intangible assets and property, plant and equipment and amounts disclosed in the notes concerning financial instruments. Actual results could differ from those estimates. Changes in estimates are reflected in the period in which they become known.

3.1.BALANCE SHEET

4.Intangible assets

Acquired computer software licences are stated at historical cost less accumulated amortisation and impairment losses. The assets are amortised on a straight-line basis over their estimated useful lives. The estimated useful lives of intangible assets depend on their specific economic lifetime or legal lifetime determined by an agreement. Internally developed intangible assets are capitalised when the relevant criteria of the EU accounting rules are met and relate solely to the development phase of the asset. The costs capitalisable include all directly attributable costs necessary to create, produce, and prepare the asset to be capable of operating in the manner intended by management. Costs associated with research activities, non-capitalisable development costs and maintenance costs are recognised as expenses as incurred.

5.Property, plant and equipment

All property, plant and equipment are stated at historical cost less accumulated depreciation and impairment losses. Cost includes expenditure that is directly attributable to the acquisition, construction or transfer of the asset.

Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits or service potential associated with the item will flow to the EU and its cost can be measured reliably. Repairs and maintenance costs are charged to the statement of financial performance during the financial period in which they are incurred.

Land and works of art are not depreciated as they are deemed to have an indefinite useful life. Assets under construction are not depreciated as these assets are not yet available for use. Depreciation on other assets is calculated using the straight-line method to allocate their cost less their residual values over their estimated useful lives, as follows:

Type of asset	Straight line depreciation rate
Buildings	4 % to 10 %
Plant and equipment	10 % to 25 %
Furniture and vehicles	10 % to 25 %
Computer hardware	25 % to 33 %
Other	10 % to 33 %

Gains or losses on disposals are determined by comparing proceeds less selling expenses with the carrying amount of the disposed asset and are included in the statement of financial performance.

Leases

Leases of tangible assets, where the EU has substantially all the risks and rewards of ownership, are classified as finance leases. Finance leases are capitalised at the lease’s commencement at the lower of the fair value of the leased asset and the present value of the minimum lease payments. The interest element of the finance lease payment is charged to expenditure over the period of the lease at a constant periodic rate in relation to the balance outstanding. The rental obligations, net of finance charges, are included in financial liabilities (non-current and current). The interest element of the finance cost is charged to the statement of financial performance over the lease period so as to produce a constant periodic interest rate on the remaining balance of the liability for each period. The assets held under finance leases are depreciated over the shorter of the asset's useful life and the lease term.

Leases where the lessor retains a significant portion of the risks and rewards inherent to ownership are classified as operating leases. Operating lease payments are recognised as an expense in the statement of financial performance on a straight-line basis over the lease term.

6.Impairment of non-financial assets

Assets that have an indefinite useful life are not subject to amortisation/depreciation and are tested annually for impairment. Assets that are subject to amortisation/depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable (service) amount. The recoverable (service) amount is the higher of an asset’s fair value less costs to sell and its value in use.

Intangible assets and property, plant and equipment residual values and useful lives are reviewed, and adjusted if appropriate, at least once per year. An asset’s carrying amount is written down immediately to its recoverable (service) amount if the asset’s carrying amount is greater than its estimated recoverable (service) amount. If the reasons for impairments recognised in previous years no longer apply, the impairment losses are reversed accordingly.

7.Investments accounted for using the equity method

Participations in associates and joint ventures

Participations in associates and joint ventures are accounted for using the equity method and are initially recognised at cost. The EU's interest in the results of its associates and joint ventures is recognised in the statement of financial performance, and its share in the movements in reserves is recognised in the reserves. The initial cost together with all movements (further contributions, share of economic results and reserve movements, impairments, and dividends) give the book value of the associate or joint venture in the financial statements at the balance sheet date. Distributions received from an associate or joint venture reduce the carrying amount of the asset.

If the EU's share of deficits of a joint venture equals or exceeds its interest in the joint venture, the EU discontinues recognising its share of further losses ("unrecognised losses"). The unrecognised share of losses is the result of a technical accounting exercise needed when using the equity method of accounting. These unrecognised losses do not represent losses for the EU and are due to the fact that the expense recognition normally takes place before the capital increase for the contribution in kind of the venturers other than the EU.

Unrealised gains and losses on transactions between the EU and its associate or joint ventures are not material and have therefore not been eliminated. The accounting policies of associates or joint ventures may differ from those adopted by the EU for like transactions and events in similar circumstances.

If there are indications of impairment, a write-down to the lower recoverable amount is necessary. The recoverable amount is determined as described under 1.5.3. If the reason for impairment ceases to apply at a later date, the impairment loss is reversed to the carrying amount that would have been determined had no impairment loss been recognised.

In cases where the EU holds 20 % or more of an investment capital fund, it does not seek to exert significant influence. Such funds are therefore treated as financial instruments and categorised as available for sale financial assets.

8.Financial assets

Classification

The EU classifies their financial assets in the following categories: financial assets at fair value through profit or loss; loans and receivables; held-to-maturity investments; and available for sale financial assets. The classification of financial instruments is determined at initial recognition and re-evaluated at each balance sheet date.

(I)Financial assets at fair value through profit or loss

A financial asset is classified in this category if acquired principally for the purpose of selling in the short term or if so designated by the EU. Derivatives are also categorised in this category. Assets in this category are classified as current assets if they are expected to be realised within 12 months of the balance sheet date. During this financial year, the EU did not hold any financial assets in this category.

(II)Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They arise when the EU provides money, goods or services directly to a debtor with no intention of trading the receivable, or in case the EU is subrogated to the rights of the original lender following a payment made by the EU under a guarantee contract. Payments due within 12 months of the balance sheet date are classified as current assets. Payments due after 12 months from the balance sheet date are classified as non-current assets. Loans and receivables include term deposits with the original maturity above three months.

(III)Held-to-maturity investments

Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturities that the EU has the positive intention and ability to hold to maturity. During this financial year, the EU did not hold any investments in this category.

(IV)Available for sale financial assets

Available for sale financial assets are non-derivatives that are either designated in this category or not classified in any of the other categories. They are classified as either current or non-current assets, depending on the period of time the EU expects to hold them, which is usually the maturity date. Investments in entities that are neither consolidated nor accounted for using the equity method and other equity-type investments (e.g. Risk Capital Operations) are also classified as available for sale financial assets.

Initial recognition and measurement

Purchases and sales of financial assets at fair value through profit or loss, held-to-maturity and available for sale (except cash and cash equivalents) are recognised on trade-date – the date on which the EU commits to purchase or sell the asset. Loans are recognised when cash is advanced to the borrowers. Financial instruments are initially recognised at fair value. For all financial assets not carried at fair value through profit or loss transactions costs are added to the fair value at initial recognition. Financial assets carried at fair value through profit or loss are initially recognised at fair value and transaction costs are expensed in the statement of financial performance.

The fair value of a financial asset on initial recognition is normally the transaction price (i.e. the fair value of the consideration received). However, when a long-term loan that carries no interest or an interest below market conditions is granted, its fair value can be estimated as the present value of all future cash receipts discounted using the prevailing market rate of interest for a similar instrument with a similar credit rating.

Loans granted are measured at their nominal amount, which is considered to be the fair value of the loan. The reasoning for this is as follows:

-The “market environment” for EU lending is very specific and different from the capital market used to issue commercial or government bonds. As lenders in these markets have the opportunity to choose alternative investments, the opportunity possibility is factored into market prices. However, this opportunity for alternative investments does not exist for the EU which is not allowed to invest money on the capital markets; it only borrows funds for the purpose of lending at the same rate. This means that there is no alternative lending or investment option available to the EU for the sums borrowed. Thus, there is no opportunity cost and therefore no basis of comparison with market rates. In fact, the EU lending operation itself represents the market. Essentially, since the opportunity cost "option" is not applicable, the market price does not fairly reflect the substance of the EU lending transactions. Therefore, it is not appropriate to determine the fair value of EU lending with reference to commercial or government bonds.

-Furthermore as there is no active market or similar transactions to compare with, the interest rate to be used by the EU for fair valuing its lending operations under the EFSM, BOP and other such loans, should be the interest rate charged.

-In addition, for these loans, there are compensating effects between loans and borrowings due to their back-to-back character. Thus, the effective interest for the loan equals the effective interest rate for the related borrowings. The transaction costs incurred by the EU and then recharged to the beneficiary of the loan are directly recognised in the statement of financial performance.

Financial instruments are derecognised when the rights to receive cashflows from the investments have expired or the EU has transferred substantially all risks and rewards of ownership to another party.

Subsequent measurement

(I)Financial assets at fair value through profit or loss are subsequently carried at fair value. Gains and losses arising from changes in the fair value of the ‘financial instruments at fair value through profit or loss’ category are included in the statement of financial performance in the period in which they arise. The EU currently holds no investments in this category.

(II)Loans and receivables and held-to-maturity investments are carried at amortised cost using the effective interest method. In the case of loans granted on borrowed funds, the same effective interest rate is applied to both the loans and borrowings since these loans have the characteristics of 'back-to-back operations' and the differences between the loan and the borrowing conditions and amounts are not material. The transaction costs incurred by the EU and then recharged to the beneficiary of the loan are directly recognised in the statement of financial performance.

(III)Held to maturity – the EU currently holds no held to maturity investments.

(IV)Available for sale financial assets are subsequently carried at fair value. Gains and losses arising from changes in the fair value of available for sale financial assets are recognised in the fair value reserve, except for translation differences on monetary assets which are recognised in the statement of financial performance. When assets classified as available for sale financial assets are derecognised or impaired, the cumulative fair value adjustments previously recognised in the fair value reserve are recognised in the statement of financial performance. Interest on available for sale financial assets calculated using the effective interest method is recognised in the statement of financial performance. Dividends on available for sale equity instruments are recognised when the EU's right to receive payment is established.

The fair values of quoted investments in active markets are based on current bid prices. If the market for a financial asset is not active (and for unlisted securities), the EU establishes a fair value by using valuation techniques. These include the use of recent arm’s length transactions, reference to other instruments that are substantially the same, discounted cashflow analysis, option pricing models and other valuation techniques commonly used by market participants.

In cases where the fair value of investments in equity instruments that do not have a quoted market price in an active market cannot be reliably measured, these investments are valued at cost less impairment losses.

Impairment of financial assets

The EU assesses at each balance sheet date whether there is objective evidence that a financial asset is impaired. A financial asset is impaired and impairment losses are incurred if, and only if, there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset and that loss event (or events) has an impact on the estimated future cashflows of the financial asset that can be reliably estimated.

(a)Assets carried at amortised cost

If there is objective evidence that an impairment loss on loans and receivables or held-to-maturity investments carried at amortised cost has been incurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cashflows (excluding future credit losses that have not been incurred) discounted at the financial asset’s original effective interest rate. The carrying amount of the asset is reduced and the amount of the loss is recognised in the statement of financial performance. If a loan or held-to-maturity investment has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. The calculation of the present value of the estimated future cashflows of a collateralised financial asset reflects the cashflows that may result from foreclosure less costs for obtaining and selling the collateral, whether or not foreclosure is probable. If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed through the statement of financial performance.

(b)Assets carried at fair value

In the case of equity investments classified as available for sale financial assets, a significant or permanent (prolonged) decline in the fair value of the security below its cost is considered in determining whether the securities are impaired. If any such evidence exists for available for sale financial assets, the cumulative loss – measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognised in the statement of financial performance – is removed from reserves and recognised in the statement of financial performance. Impairment losses recognised in the statement of financial performance on equity instruments are not reversed through the statement of financial performance. If, in a subsequent period, the fair value of a debt instrument classified as available for sale financial asset increases and the increase can be objectively related to an event occurring after the impairment loss was recognised, the impairment loss is reversed through the statement of financial performance.

Investments in venture capital funds

Investments in Venture Capital Funds are classified as available for sale financial assets and, accordingly, are carried at fair value with gains and losses arising from changes in the fair value (including translation differences) recognised in the fair value reserve. Since they do not have a quoted market price in an active market, investments in Venture Capital Funds are valued on a line-by-line basis at the lower of cost or attributable net asset value. Unrealised gains resulting from the fair value measurement are recognised through reserves and unrealised losses are assessed for impairment so as to determine whether they are recognised as impairment losses in the statement of financial performance or as changes in the fair value reserve.

9.Inventories

Inventories are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method. The cost of finished goods and work in progress comprises raw materials, direct labour, other directly attributable costs and related production overheads (based on normal operating capacity). Net realisable value is the estimated selling price in the ordinary course of business, less the costs of completion and selling expenses. When inventories are held for distribution at no charge or for a nominal charge, they are measured at the lower of cost and current replacement cost. Current replacement cost is the cost the EU would incur to acquire the asset on the reporting date.

10.Pre-financing amounts

Pre-financing is a payment intended to provide the beneficiary with a cash advance, i.e. a float. It may be split into a number of payments over a period defined in the particular contract, decision, agreement or basic legal act. The float or advance is either used for the purpose for which it was provided during the period defined in the agreement or it is repaid. If the beneficiary does not incur eligible expenditure, they have the obligation to return the pre-financing advance to the EU. The amount of the pre-financing may be reduced (wholly or partially) by the acceptance of eligible costs (which are recognised as expenses).

Pre-financing is, on subsequent balance sheet dates, measured at the amount initially recognised on the balance sheet less eligible expenses (including estimated amounts where necessary) incurred during the period.

Interest on pre-financing is recognised as it is earned in accordance with the provisions of the relevant agreement. An estimate of the accrued interest revenue, based on the most reliable information, is made at the year-end and included on the balance sheet.

Other advances to Member States which originate from reimbursement by the EU of amounts paid as advances by the Member States to their beneficiaries (including "financial instruments under shared management") are recognised as assets and presented under the pre-financing heading. Other advances to Member States are subsequently measured at the amount initially recognised on the balance sheet less a best estimate of the eligible expenses incurred by final beneficiaries, calculated on the basis of reasonable and supportable assumptions.

The EU contributions to the trust funds of the European Development Fund or other unconsolidated entities are also classified as prefinancing since their purpose is to give a float to the trust fund to allow it to finance specific actions defined under the trust fund's objectives. The EU contributions to trust funds are measured at the initial amount of the EU contribution less eligible expenses, including estimated amounts where necessary, incurred by the trust fund during the reporting period and allocated to the EU contribution in accordance with the underlying agreement.

11.Exchange receivables and non-exchange recoverables

As the EU accounting rules require a separate presentation of exchange and non-exchange transactions, for the purpose of drawing up the accounts, receivables are defined as stemming from exchange transactions and recoverables are defined as stemming from non-exchange transactions (when the EU receives value from another entity without directly giving approximatelly equal value in exchange (for example recoverables from Member States related to own resources).

Receivables from exchange transactions meet the definition of financial instruments and are thus classified as loans and receivables and measured accordingly (see 1.5.5 above). The financial instruments notes disclosures concerning receivables from exchange transactions include accrued income and deferred charges from exchange transactions as they are not material.

Recoverables from non-exchange transactions are carried at original amount (adjusted for interest and penalties) less write-down for impairment. A write-down for impairment of recoverables from
non-exchange transactions is established when there is objective evidence that the EU will not be able to collect all amounts due according to the original terms of recoverables from non-exchange transactions. The amount of the write-down is the difference between the asset’s carrying amount and the recoverable amount. The amount of the write-down is recognised in the statement of financial performance. A general write-down, based on past experience, is also made for outstanding recovery orders not already subject to a specific write-down. See note 1.5.14 below concerning the treatment of accrued income at
year-end. Amounts displayed and disclosed as recoverables from non-exchanges transactions are not financial instruments as they do not arise from a contract that would give rise to a financial liability or equity instrument. However, in the notes to the financial statements recoverables from non-exchange transactions are disclosed together with receivables from exchange transactions where appropriate.

12.Cash and cash equivalents

Cash and cash equivalents are financial instruments and classified as available for sale financial assets. They include cash at hand, deposits held at call or at short notice with banks and other short-term highly liquid investments with original maturities of three months or less.

13.Pension and other employee benefits

Pension obligations

The EU operates defined benefit pension plans. Whilst staff contribute from their salaries one third of the expected cost of these benefits, the liability is not funded. The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the balance sheet date less the fair value of any plan assets. The defined benefit obligation is calculated by actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of government bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised immediately in the statement of financial performance. Past-service costs are recognised immediately in statement of financial performance, unless the changes to the pension plan are conditional on the employees remaining in service for a specified period of time (the vesting period). In this case, the past-service costs are amortised on a straight-line basis over the vesting period.

Post-employment sickness benefits

The EU provides health benefits to its employees through the reimbursement of medical expenses. A separate fund has been created for its day-to-day administration. Both current employees, pensioners, widowers and their relatives benefit from the system. The benefits granted to the "inactives" (pensioners, orphans, etc.) are classified as "Post-Employment Employee Benefits". Given the nature of these benefits, an actuarial calculation is required. The liability in the balance sheet is determined on a similar basis as that for the pension obligations (see above).

14.Provisions

Provisions are recognised when the EU has a present legal or constructive obligation towards third parties as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. Provisions are not recognised for future operating losses. The amount of the provision is the best estimate of the expenses expected to be required to settle the present obligation at the reporting date. Where the provision involves a large number of items, the obligation is estimated by weighting all possible outcomes by their associated probabilities (“expected value” method).

15.Financial liabilities

Financial liabilities are classified as financial liabilities at fair value through profit or loss or as financial liabilities carried at amortised cost. Borrowings are composed of borrowings from credit institutions and debts evidenced by certificates. They are recognised initially at fair value, being their issue proceeds (fair value of consideration received) net of transaction costs incurred, then subsequently carried at amortised cost using the effective interest method; any difference between proceeds, net of transaction costs, and the redemption value is recognised in the statement of financial performance over the period of the borrowings using the effective interest method.

Financial liabilities are classified as non-current liabilities, except for maturities less than 12 months after the balance sheet date. In the case of loans granted on borrowed funds, the effective interest method may not be applied to loans and borrowings, based on materiality considerations. The transaction costs incurred by the EU and then recharged to the beneficiary of the loan are directly recognised in the statement of financial performance.

Financial liabilities categorised at fair value through profit or loss include derivatives when their fair value is negative. They follow the same accounting treatment as financial assets at fair value through profit or loss, see note 1.5.5. During this financial year, the EU did not hold any financial liabilities in this category.

16.Payables

A significant amount of the payables of the EU are not related to exchange transactions such as the purchase of goods or services – instead they are unpaid cost claims from beneficiaries of grants or other EU funding (non-exchange transactions). They are recorded as payables for the requested amount when the cost claim is received. Upon verification and acceptance of the eligible costs, the payables are valued at the accepted and eligible amount.

Payables arising from the purchase of goods and services are recognised at invoice reception for the original amount and corresponding expenses are entered in the accounts when the supplies or services are delivered and accepted by the EU.

The EU trust funds created and managed by the Commission are considered as part of the Commission's operational activities and are accounted for in the Commission accounts. Therefore, contributions from other donors to the EU trust funds fulfil the criteria of revenues from non-exchange transactions under conditions and they are presented as liabilities until the costs are incurred by the trust fund. The trust fund is required to finance specific projects and return remaining funds at the time of winding-up. At the balance sheet date the outstanding contribution liabilities are measured at contributions received less the expenses incurred by the trust fund, including estimated amounts when necessary, and allocated to the contributions of other donnors in accordance with the underlying agreements.

17.Accrued and deferred income and charges

Transactions and events are recognised in the financial statements in the period to which they relate. At year-end, if an invoice is not yet issued but the service has been rendered, the supplies have been delivered by the EU or a contractual agreement exists (e.g. by reference to a treaty), an accrued income will be recognised in the financial statements. In addition, at year-end, if an invoice is issued but the services have not yet been rendered or the goods supplied have not yet been delivered, the revenue will be deferred and recognised in the subsequent accounting period.

Expenses are also accounted for in the period to which they relate. At the end of the accounting period, accrued expenses are recognised based on an estimated amount of the transfer obligation of the period. The calculation of accrued expenses is done in accordance with detailed operational and practical guidelines issued by the Commission which aim at ensuring that the financial statements provide a faithful representation of the economic and other phenomena they purport to represent.

17.1.STATEMENT OF FINANCIAL PERFORMANCE

18.Revenue

REVENUE FROM NON-EXCHANGE TRANSACTIONS

The vast majority of the EU's revenue relates to non-exchange transactions:

GNI based resources and VAT resources

Revenue is recognised for the period for which the Commission sends out a call for funds to the Member States claiming their contribution. They are measured at their “called amount”. As VAT and GNI resources are based on estimates of the data for the budgetary year concerned, they may be revised as changes occur until the final data are issued by the Member States. The effect of a change in estimate is included when determining the net surplus or deficit for the period in which the change occurred.

Traditional own resources

Recoverables from non-exchange transactions and related revenues are recognised when the relevant monthly "A" statements (including duties collected and amounts due that are guaranteed and not contested) are received from the Member States. At the reporting date, revenue collected by the Member States for the period but not yet paid to the Commission is estimated and recognised as accrued income. The quarterly "B" statements (including duties neither collected nor guaranteed, as well as guaranteed amounts that have been contested by the debtor) received from the Member States are recognised as revenue less the collection costs to which they are entitled. In addition, a value reduction is recognised for the amount of the estimated recovery gap.

Fines

Revenue from fines is recognised when the EU's decision imposing a fine has been taken and it is officially notified to the addressee. If there are doubts about the undertaking's solvency, a value reduction on the entitlement is recognised. After the decision to impose a fine, the debtors have two months from the date of notification:

-either to accept the decision, in which case they must pay the fine within the time limit laid down and the amount is definitively collected by the EU;

-or not to accept the decision, in which case they lodge an appeal under EU law.

However, even if appealed, the fine must be paid within the time limit of three months laid down as the appeal does not have suspensory effect (Article 278 of the EU Treaty) or, under certain circumstances and subject to the agreement of the Commission's Accounting Officer, the debtor may present a bank guarantee for the amount instead.

If the undertaking appeals against the decision, and has already provisionally paid the fine, the amount is disclosed as a contingent liability. However, since an appeal against an EU decision by the addressee does not have suspensory effect, the cash received is used to clear the recoverable. If a guarantee is received instead of payment, the fine remains as a recoverable. If it appears probable that the General Court may not rule in favour of the EU, a provision is recognised to cover this risk. If a guarantee had been given instead, then the recoverable outstanding is written-down as required. The accumulated interest received by the Commission on the bank accounts where received payments are deposited is recognised as revenue, and any contingent liability is increased accordingly.

Since 2010, all provisionally cashed fines are managed by the Commission in a specifically created fund (BUFI) and invested in financial instruments categorised as available for sale financial assets.

REVENUE FROM EXCHANGE TRANSACTIONS

Revenue from the sale of goods and services is recognised when the significant risk and rewards of ownership of the goods are transferred to the purchaser. Revenue associated with a transaction involving the provision of services is recognised by reference to the stage of completion of the transaction at the reporting date.

Interest income and expense

Interest income and expense are recognised in the statement of financial performance using the effective interest method. This is a method of calculating the amortised cost of a financial asset or a financial liability and of allocating the interest income or interest expense over the relevant period. When calculating the effective interest rate, the EU estimates cashflows considering all contractual terms of the financial instrument (for example prepayment options) but does not consider future credit losses. The calculation includes all fees and points paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs and all other premiums or discounts.

Once a financial asset or a group of similar financial assets has been written down as a result of an impairment loss, interest income is recognised using the rate of interest to discount the future cashflows for the purpose of measuring the impairment loss.

Dividend income

Dividend income is recognised when the right to receive payment is established.

19.Expenses

Expenses from non-exchange transactions account for the majority of the EU's expenses. They relate to transfers to beneficiaries and can be of three types: entitlements, transfers under agreement and discretionary grants, contributions and donations.

Transfers are recognised as expenses in the period during which the events giving rise to the transfer occurred, as long as the nature of the transfer is allowed by regulation (Financial Regulation, Staff Regulations, or other regulation) or an agreement has been signed authorising the transfer; any eligibility criteria have been met by the beneficiary; and a reasonable estimate of the amount can be made.

When a request for payment or cost claim is received and meets the recognition criteria, it is recognised as an expense for the eligible amount. At year-end, incurred eligible expenses due to the beneficiaries but not yet reported are estimated and recorded as accrued expenses.

Expenses from exchange transactions arising from the purchase of goods and services are recognised when the supplies are delivered and accepted by the EU. They are valued at original invoice amount. Futhermore, at the balance sheet date expenses related to the service delivered during the period for which an invoice has not yet been received or accepted are estimated and recognised in the statement of financial performance.

19.1.CONTINGENT ASSETS AND LIABILITIES

20.Contingent assets

A contingent asset is a possible asset that arises from past events and of which the existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the EU. A contingent asset is disclosed when an inflow of economic benefits or service potential is probable.

21.Contingent liabilities

A contingent liability is a possible obligation that arises from past events and of which the existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the EU; or a present obligation that arises from past events but is not recognised because: it is not probable that an outflow of resources embodying economic benefits or service potential will be required to settle the obligation or in the rare circumstances where the amount of the obligation cannot be measured with sufficient reliability.

22.NOTES TO THE BALANCE SHEET

ASSETS

22.1.INTANGIBLE ASSETS

	EUR millions

Gross carrying amount at 31.12.2014	182
Additions	40
Disposals	(2)
Transfer between asset categories	-
Other changes	0
Gross carrying amount at 31.12.2015	219
Accumulated amortisation at 31.12.2014	(72)
Amortisation charge for the year	(20)
Disposals	2
Transfer between asset categories	-
Other changes	0
Accumulated amortisation at 31.12.2015	(91)
Net carrying amount at 31.12.2015	128
Net carrying amount at 31.12.2014	109

22.2.PROPERTY, PLANT AND EQUIPMENT

								EUR millions
	Land and buildings	Plant and equipment	Furniture and vehicles	Computer hardware	Other	Finance leases	Assets under construction	TOTAL
Gross carrying amount at 31.12.2014	1 368	708	72	245	130	1 514	2 739	6 776
Additions	20	41	3	21	22	8	905	1 021
Disposals	(4)	(17)	(3)	(31)	(5)	(1)	(38)	(99)
Transfer between asset categories	10	246	-	0	-	0	(257)	-
Other changes	1	0	1	1	0	31	1	35
Gross carrying amount at 31.12.2015	1 395	978	73	237	148	1 552	3 350	7 733
Accumulated depreciation at 31.12.2014	(731)	(298)	(54)	(202)	(96)	(597)		(1 978)
Depreciation charge for the year	(38)	(86)	(4)	(22)	(12)	(58)		(221)
Depreciation written back	-	-	-	-	-	-		-
Disposals	4	17	3	31	5	1		61
Transfer between asset categories	-	-	-	0	-	0		-
Other changes	0	0	0	0	0	(2)		(3)
Accumulated depreciation at 31.12.2015	(765)	(367)	(56)	(194)	(103)	(656)		(2 141)

NET CARRYING AMOUNT AT 31.12.2015	630	611	16	43	45	896	3 350	5 592
NET CARRYING AMOUNT AT 31.12.2014	637	411	18	44	34	917	2 739	4 799

22.3.INVESTMENTS ACCOUNTED FOR USING THE EQUITY METHOD

			EUR millions
	Note	31.12.2015	31.12.2014
Participations in joint ventures	2.3.1	5	–
Participations in associates	2.3.2	491	409
Total		497	409

23.Participations in joint ventures

							EUR millions
	GJU	SESAR	BBI	Clean Sky	IMI	ECSEL	FCH	Total
Participations at 31.12.2014	–	0	–	0	0	0	0	0
Contributions	–	93	1	224	147	145	67	677
Share of net result	–	(93)	4	(163)	(147)	(145)	(67)	(611)
Recognition of previously unrecognised share of loss	–	–	–	(61)	–	–	–	(61)
Other equity movements	–	0	0	0	0	0	0	(0)
Participations at 31.12.2015	–	0	5	0	0	0	0	5
Unrecognised share of loss	–	(252)	–	(38)	(161)	(55)	(156)	(662)

The following carrying amounts are attributable to the Commission based on its percentage of participation:

		EUR millions
	31.12.2015	31.12.2014
Non-current assets	188	250
Current assets	301	178
Non-current liabilities	–	–
Current liabilities	(856)	(813)
Revenue	13	2
Expenses	(811)	(666)

24.Participations in associates

	EUR millions
	EIF
Participation at 31.12.2014	409
Contributions	44
Share of net result	31
Other equity movements	7
Participation at 31.12.2015	491

The following carrying amounts are attributable to the Commission based on its percentage of participation:

		EUR millions
	31.12.2015	31.12.2014
Assets	578	497
Liabilities	(87)	(87)
Revenue	51	38
Surplus/(deficit)	26	21

European Investment Fund

		EUR millions
	Total EIF capital	Commission subscription
Total share capital	4 286	1 136
Paid-in	(857)	(227)
Uncalled	3 429	909

24.1.FINANCIAL ASSETS

			EUR millions
	Note	31.12.2015	31.12.2014
Non-current financial assets
Available for sale financial assets	2.4.1	5 820	5 356
Loans	2.4.2	49 521	49 671
Total		55 341	55 027
Current financial assets
Available for sale financial assets	2.4.1	2 101	2 351
Loans	2.4.2	7 477	8 783
Total		9 579	11 134
Total		64 919	66 161

25. Available for sale financial assets

		EUR millions
	31.12.2015	31.12.2014
BUFI investments	2 647	3 068
Guarantee Fund for external actions	2 002	1 825
European Bank for Reconstruction and Development	188	188
Sub-total	4 837	5 081
Budgetary Instruments:
Risk Sharing Finance Facility (RSFF)	773	842
Horizon 2020	765	514
ETF start up	485	399
Project Bond Initiative	217	125
Loan Guarantee Instrument for TEN-T projects (LGTT)	208	186
Risk Capital Operations	152	145
European Fund for South East Europe	118	117
Other budgetary instruments	366	298
Sub-total	3 084	2 626
Total	7 921	7 707
Non-current	5 820	5 356
Current	2 101	2 351

Fair value hierarchy of available for sale financial assets:

		EUR millions
	31.12.2015	31.12.2014
Level 1: Quoted prices in active markets	6 459	6 499
Level 2: Observable inputs other than quoted prices	152	61
Level 3: Valuation techniques with inputs not based on observable market data	1 310	1 147
Total	7 921	7 707

Reconciliation of financial assets measured using valuation techniques with inputs not based on observable market data (level 3):

	EUR millions

Opening balance at 31.12.2014	1 147
Purchases and sales	98
Gains or losses for the period in financial income or finance costs	(27)
Gains or losses in net assets	91
Transfers into level 3	–
Transfers out of level 3	–
Other	–
Closing balance at 31.12.2015	1 310

26. Loans

		EUR millions
	31.12.2015	31.12.2014
Loans from borrowed funds	56 645	58 288
Loans granted from the budget	353	165
Total	56 998	58 454
Non-current	49 521	49 671
Current	7 477	8 783

Loans granted from borrowed funds

					EUR millions
	MFA	Euratom	BOP	EFSM	Total
Total at 31.12.2014	1 842	349	8 590	47 507	58 288
New loans	1 245	-	-	12 160	13 405
Repayments	(67)	(48)	(2 700)	(12 160)	(14 975)
Exchange differences	-	-	-	-	–
Changes in carrying amount	4	-	(79)	2	(73)
Impairment	-	-	-	-	–
Total at 31.12.2015	3 024	301	5 811	47 509	56 645
Non-current	2 937	251	4 200	42 050	49 438
Current	87	50	1 611	5 459	7 207

Loans effective interest rates (expressed as a range of interest rates)

Loans	31.12.2015	31.12.2014
Macro Financial Assistance (MFA)	0 % - 4.54 %	0.181 % - 4.54 %
Euratom	0.08 % - 5.76 %	0.26 % - 5.76 %
Balance of Payment (BOP)	2.375 % - 3.625 %	2.375 % - 3.625 %
European Financial Stability Mechanism (EFSM)	0.625 % - 3.75 %	1.875 % - 3.750 %

Loans granted from the budget

		EUR millions
	31.12.2015	31.12.2014
Loans with special conditions	113	130
Term deposits 3 months < 1 year	240	36
Total	353	165
Non-current	83	110
Current	270	56

Impairment on loans granted from the budget

						EUR millions
	31.12.2014	Additions	Reversals	Write-off	Other	31.12.2015
Loans with special conditions	6	75	-	-	149	231

BOP Nominal value

				EUR millions
	Hungary	Latvia	Romania	Total
Total loans granted	6 500	3 100	8 400*	18 000
Disbursed at 31.12.2014	5 500	2 900	5 000	13 400
Disbursed in 2015	–	–	–	–
Loans disbursed 31.12.2015	5 500	2 900	5 000	13 400
Loans repaid at 31.12.2015	(4 000)	(2 200)	(1 500)	(7 700)
Outstanding amount at 31.12.2015	1 500	700	3 500	5 700

* Including precautionary assistance.

EFSM Nominal value

				EUR millions
	Ireland	Portugal	Greece	Total
Total loans granted	22 500	26 000	7 160	55 660
Disbursed at 31.12.2014	22 500	24 300	-	46 800
Disbursed in 2015	5 000	–	7 160	12 160
Loans disbursed at 31.12.2015	27 500	24 300	7 160	58 960
Loans repaid at 31.12.2015	(5 000)	–	(7 160)	(12 160)
Loans outstanding at 31.12.2015	22 500	24 300	-	46 800

26.1.PRE-FINANCING

			EUR millions
	Note	31.12.2015	31.12.2014
Non-current pre-financing
Pre-financing	2.5.1	28 548	15 806
Other advances to Member States	2.5.2	1 332	2 378
Contribution to Trust Funds		4	–
Total		29 884	18 184
Current pre-financing
Pre-financing	2.5.1	11 581	29 332
Other advances to Member States	2.5.2	3 779	5 015
Total		15 360	34 347
Total		45 244	52 531

27.Pre-financing

						EUR millions
	Gross amount	Cleared via cut-off	Net amount at 31.12.2015	Gross amount	Cleared via cut-off	Net amount at 31.12.2014
Shared Management
EAFRD & other rural development instruments	4 726	(1 629)	3 097	5 644	(2 115)	3 528
ERDF & CF	24 268	(7 416)	16 852	24 934	(2 182)	22 752
ESF	7 251	(1 325)	5 926	6 884	(953)	5 931
Other	4 359	(2 365)	1 994	4 626	(2 535)	2 091
Direct Management
Implemented by:
Commission	12 741	(9 744)	2 997	13 376	(10 407)	2 969
EU executive agencies	11 067	(7 769)	3 298	9 079	(6 618)	2 461
Trust funds	14	(5)	9	–	–	–
Indirect Management
Implemented by:
Other EU agencies & bodies	2 250	(1 649)	601	1 862	(1 487)	375
Third countries	2 151	(1 229)	922	1 981	(1 169)	812
International organisations	6 640	(4 014)	2 626	6 236	(3 476)	2 760
Other entities	5 327	(3 521)	1 806	4 369	(2 910)	1 460
Total	80 795	(40 666)	40 129	78 991	(33 853)	45 138
Non-current	28 548	–	28 548	15 806	–	15 806
Current	52 247	(40 666)	11 581	63 185	(33 853)	29 332

28.Other advances to Member States

		EUR millions
	31.12.2015	31.12.2014
Advances to Member States for financial instruments under shared management	3 287	3 823
Aid Schemes	1 824	3 570
Total	5 111	7 393
Non-current	1 332	2 378
Current	3 779	5 015

28.1.EXCHANGE RECEIVABLES AND NON-EXCHANGE RECOVERABLES

			EUR millions
	Note	31.12.2015	31.12.2014
Non-current
Recoverables from non-exchange transactions	2.6.1	899	1 201
Receivables from exchange transactions	2.6.2	0	29
Total		899	1 230
Current
Recoverables from non-exchange transactions	2.6.1	8 844	13 831
Receivables from exchange transactions	2.6.2	372	361
Total		9 215	14 192
Total		10 114	15 422

29. Recoverables from non-exchange transactions

			EUR millions
	Note	31.12.2015	31.12.2014
Non-current
Member States	2.6.1.1	856	305
Accrued income and deferred charges	2.6.1.2	–	853
Other recoverables		42	43
Total		899	1 201
Current
Member States	2.6.1.1	6 803	10 623
Fines		1 601	2 270
Accrued income and deferred charges	2.6.1.2	242	740
Other recoverables		197	198
Total		8 844	13 831
Total		9 742	15 032

30.Recoverables from Member States

		EUR millions
	31.12.2015	31.12.2014
Recoverables related to own resources:
Established in the A account	3 041	2 789
Established in the separate account	1 283	1 617
Own resources to be received	–	5 413
Impairment	(760)	(1 144)
Other	10	12
Own resource recoverables	3 573	8 686
Recoverables in the area of agriculture and rural development:
European Agricultural Guarantee Fund (EAGF)	3 846	2 250
European Agricultural Fund for Rural Development (EAFRD)	750	52
Temporary Rural Development Instrument (TRDI)	26	27
Special Accession Programme for Agriculture and Rural Development (SAPARD)	175	166
Impairment	(1 092)	(840)
EAGF and rural development recoverables	3 705	1 655
Pre-financing recovery expected	313	437
VAT paid and recoverable	13	16
Other recoverables from Member States	56	134
Total	7 660	10 928
Non-current	856	305
Current	6 803	10 623

31. Accrued income and deferred charges

		EUR millions
	31.12.2015	31.12.2014
Cohesion, Agricultural & Rural Development Funds: financial corrections	10	1 502
Other accrued income	162	69
Deferred charges relating to non-exchange transactions	70	22
Total	242	1 593
Non-current	–	853
Current	242	740

32. Receivables from exchange transactions

		EUR millions
	31.12.2015	31.12.2014
Non-current
Other receivables	0	29
Total	0	29
Current
Customers	167	160
Impairment on receivables from customers	(105)	(101)
Deferred charges relating to exchange transactions	142	146
Others	168	157
Total	372	361
Total	372	390

32.1.INVENTORIES

		EUR millions
	31.12.2015	31.12.2014
Scientific materials	55	66
Other	20	15
Total	75	82

32.2.CASH AND CASH EQUIVALENTS

		EUR millions
	31.12.2015	31.12.2014
Accounts with Treasuries and Central Banks	17 119	11 840
Current accounts	110	303
Imprest accounts	4	4
Transfers (cash in transit)	–	–
Other term deposits	28	28
Bank accounts for budget implementation & other term deposits	17 262	12 174
Cash belonging to financial instruments	1 298	1 275
Cash relating to fines	1 908	2 738
Cash relating to Trust Funds	192	–
Total	20 660	16 187

LIABILITIES

32.3.PENSION AND OTHER EMPLOYEE BENEFITS

Net employee benefit scheme liability

					EUR millions
	Pension Scheme of European Officials	Other retirement benefit schemes	Joint Sickness Insurance Scheme	31.12.2015 Total	31.12.2014 Total
Defined Benefit Obligation	54 967	859	7 662	63 488	58 317
Plan assets			(280)	(280)	(272)
Net liability	54 967	859	7 382	63 208	58 045

Actuarial assumptions - employee benefits

	Pension Scheme of European Officials	Joint Sickness Insurance Scheme
2015
Nominal discount rate	2.0 %	2.1 %
Expected inflation rate	1.4 %	1.4 %
Real discount rate	0.6 %	0.7 %
Expected rate of salary increases	1.2 %	1.2 %
Medical cost trend rates	N/A	3.0 %
Retirement age	63/64/65	63/64/66
2014
Nominal discount rate	2.0 %	2.1 %
Expected inflation rate	1.3 %	1.3 %
Real discount rate	0.7 %	0.8 %
Expected rate of salary increases	1.1 %	1.1 %
Medical cost trend rates	N/A	3.0 %
Retirement age	63/64/65	63

Movement in present value of employee benefits defined benefit obligation

				EUR millions
	Pension Scheme of European Officials	Other retirement benefit schemes	Joint Sickness Insurance Scheme	Total
Present value as at 31.12.2014	50 897	751	6 668	58 317
Current Service Cost	3 323	62	243	3 628
Interest cost	1 170	15	140	1 325
Net Actuarial (gains) and losses	1 429	59	674	2 162
Contributions from members			21	21
Benefits paid	(1 244)	(12)	(85)	(1 341)
Liability increase/(decrease) due to taxes on pensions	(608)	(16)		(624)
Present value as at 31.12.2015	54 967	859	7 662	63 488

Movement in present value of plan assets of the Joint Sickness Insurance Scheme

	EUR millions

Present value as at 31.12.2014	272
Net movement in plan assets	8
Present value as at 31.12.2015	280

5 year trend

					EUR millions
	2011	2012	2013	2014	2015
Present Value of the defined benefit obligation	34 408	41 891	46 367	58 317	63 488
Fair Value of plan assets	(270)	(271)	(264)	(272)	(280)
Employee benefits liability	34 138	41 620	46 103	58 045	63 208

Amounts recognised in the Statement of Financial Performance

				EUR millions
	Pension Scheme of European Officials	Other retirement benefit schemes	Joint Sickness Insurance Scheme	Total
2015
Current service cost	2 981	55	243	3 279
Interest cost	1 050	13	140	1 203
Past service cost	–	–	–	–
Change in plan assets			(71)	(71)
Sub-total – recorded in staff and pension costs	4 031	68	312	4 411
Actuarial gains and losses	1 282	52	674	2 008
Total	5 313	120	986	6 419

Joint Sickness Insurance Scheme sensitivity

		EUR millions
	One percentage point increase	One percentage point decrease
The aggregate of the current service cost and interest cost components of net periodic post-employment medical costs	88	(54)
The accumulated post-employment benefit obligation for medical costs	2 765	(1 686)

32.4.PROVISIONS

							EUR millions
	Amount at 31.12.2014	Additional provisions	Unused amounts reversed	Amounts used	Transfer to current	Change in estimation	Amount at 31.12.2015
Legal cases	638	251	(49)	(468)	-	0	371
Nuclear site dismantling	1 091	-	-	(32)	-	19	1 078
Financial	332	262	0	(179)	-	(5)	410
Fines	30	4	(30)	-	-	-	4
Other	22	11	(19)	(12)	-	-	2
Total	2 113	528	(98)	(691)	–	14	1 864
Non-current	1 378	315	(48)	(16)	(88)	20	1 562
Current	734	213	(50)	(675)	88	(6)	302

32.5.FINANCIAL LIABILITIES

			EUR millions
	Note	31.12.2015	31.12.2014
Non-current financial liabilities
Borrowings	2.11.1	49 438	49 551
Other financial liabilities	2.11.2	1 459	1 381
Total		50 897	50 932
Current financial liabilities
Borrowings	2.11.1	7 207	8 716
Other financial liabilities	2.11.2	690	66
Total		7 898	8 783
Total		58 794	59 714

33.Borrowings

		EUR millions
	31.12.2015	31.12.2014
Borrowings	56 645	58 287
Elimination Guarantee Fund*	-	(20)
Total	56 645	58 267

* At 31.12.2014, the Guarantee Fund held EFSM bonds issued by the Commission, so these needed to be eliminated.

Borrowings by Financial Instrument

					EUR millions
	MFA	Euratom	BOP	EFSM	Total
Total at 31.12.2014	1 842	349	8 590	47 507	58 288
New borrowings	1 245	-	-	12 160	13 405
Repayments	(67)	(48)	(2 700)	(12 160)	(14 975)
Exchange differences	-	-	-	-	–
Changes in carrying amounts	4	-	(79)	2	(73)
Total at 31.12.2015	3 024	301	5 811	47 509	56 645
Non-current	2 937	251	4 200	42 050	49 438
Current	87	50	1 611	5 459	7 207

Borrowings effective interest rates (expressed as a range of interest rates)

Borrowings	31.12.2015	31.12.2014
Macro Financial Assistance (MFA)	0 % - 4.54 %	0.181 % - 4.54 %
Euratom	0 % - 5.6775 %	0.138 % - 5.6775 %
Balance of Payment (BOP)	2.375 % - 3.625 %	2.375 % - 3.625 %
European Financial Stability Mechanism (EFSM)	0.625 % - 3.75 %	1.875 % - 3.750 %

34.Other financial liabilities

		EUR millions
	31.12.2015	31.12.2014
Non-current
Finance lease liabilities	1 021	1 041
Buildings paid for in instalments	299	318
Financial guarantee liability relating to European Fund for Strategic Investments (EFSI)	–	–
Other	139	22
Total	1 459	1 381
Current
Fines to be reimbursed	625	–
Finance lease liabilities	45	48
Buildings paid for in instalments	19	17
Other	1	1
Total	690	66
Total	2 149	1 447

Finance lease liabilities:

				EUR millions
Description	Future amounts to be paid
	< 1 year	> 1 year	> 5 years	Total Liability
Land and buildings	39	226	787	1 053
Other tangible assets	6	7	–	13
Total at 31.12.2015	45	233	787	1 066
Interest element	47	208	253	509
Total future minimum lease payments at 31.12.2015	93	442	1 040	1 575
Total future minimum lease payments at 31.12.2014	109	429	1 121	1 658

34.1.PAYABLES

						EUR millions
	Gross Amount	Adjust- ments*	Net Amount at 31.12.2015	Gross Amount	Adjust- ments*	Net Amount at 31.12.2014
Cost claims and invoices received from:
Member States
European Agricultural Fund for Rural Development & other rural development instruments	2 621	(230)	2 391	318	(23)	296
European Regional Development Fund & Cohesion Fund	8 360	(950)	7 410	19 928	(2 306)	17 623
European Social Fund	3 355	(2)	3 353	5 893	(272)	5 621
Other	436	(102)	334	751	(93)	658
Private and public entities	1 928	(223)	1 705	1 718	(106)	1 612
Total costs claims & invoices received	16 700	(1 507)	15 193	28 609	(2 800)	25 810
European Agricultural Guarantee Fund	6 851	N/A	6 851	11 066	N/A	11 066
Own Resources Payables	9 506	N/A	9 506	5 945	N/A	5 945
Sundry Payables	816	N/A	816	166	N/A	166
Total	33 873	(1 507)	32 367	45 786	(2 800)	42 986

* Estimated non-eligible amounts and pending prepayments.

34.2.ACCRUED CHARGES AND DEFERRED INCOME

		EUR millions
	31.12.2015	31.12.2014
Accrued charges	66 947	55 436
Deferred income	980	122
Other	34	16
Total	67 962	55 575

The split of accrued charges is as follows:

		EUR millions
	31.12.2015	31.12.2014
European Agricultural Guarantee Fund	38 263	33 667
European Agricultural Fund for Rural Development & other rural development instruments	14 806	13 414
European Regional Development Fund and Cohesion Fund	5 026	3 157
European Social Fund	2 636	976
Other	6 216	4 222
Total	66 947	55 436

NET ASSETS

34.3.RESERVES

			EUR millions
	Note	31.12.2015	31.12.2014
Fair value reserve	2.14.1	287	202
Guarantee Fund reserve		2 561	2 372
Other reserves		68	66
Total		2 915	2 641

35. Fair value reserve

Movement of fair value reserve during the period

		EUR millions
	2015	2014
Included in fair value reserve	79	107
Included in statement of financial performance	(3)	(3)
Total	77	104

In addition, an amount of EUR 7 million (2014: EUR 15 million) in the overall movement of the fair value reserve relates to investments accounted for using the equity method.

35.1. AMOUNTS TO BE CALLED FROM MEMBER STATES

	EUR millions

Amounts to be called from Member States at 31.12.2014	65 374
Return of 2014 budget surplus to Member States	1 435
Movement in Guarantee Fund reserve	189
Other reserve movements	19
Economic result of the year	12 862
Total amounts to be called from Member States at 31.12.2015	79 879

Top

EUROPEAN COMMISSION

Brussels, 11.7.2016

COM(2016) 474 final

COMMUNICATION FROM THE COMMISSION

ANNUAL ACCOUNTS OF THE EUROPEAN COMMISSION 2015

CONTENTS PART II

FINANCIAL STATEMENTS AND EXPLANATORY NOTES

3.NOTES TO THE STATEMENT OF FINANCIAL PERFORMANCE

4.CONTINGENT ASSETS & LIABILITIES AND OTHER SIGNIFICANT DISCLOSURES

5.FINANCIAL INSTRUMENTS DISCLOSURES

6.RELATED PARTIES

7.EVENTS AFTER THE BALANCE SHEET DATE

REPORTS ON THE IMPLEMENTATION OF THE BUDGET AND EXPLANATORY NOTES

3.NOTES TO THE STATEMENT OF FINANCIAL PERFORMANCE

REVENUE

REVENUE FROM NON-EXCHANGE TRANSACTIONS: TAXES

3.1.TRADITIONAL OWN RESOURCES

		EUR millions
	2015	2014
Customs duties	18 524	17 204
Sugar levies	125	(67)
Total	18 649	17 137

REVENUE FROM NON-EXCHANGE TRANSACTIONS: TRANSFERS

3.2.RECOVERY OF EXPENSES

		EUR millions
	2015	2014
Shared management	1 465	3 328
Direct management	76	46
Indirect management	6	44
Total	1 547	3 418

3.3.OTHER REVENUE FROM NON-EXCHANGE TRANSACTIONS

		EUR millions
	2015	2014
Budgetary adjustments	984	794
Contribution of third countries & accession countries	939	721
Staff taxes and contributions	815	975
Agricultural levies	814	409
Transfer of assets	197	1 448
Adjustments/provisions	70	349
Funding of institutions	(3 189)	(3 000)
Other	592	241
Total	1 223	1 936

REVENUE FROM EXCHANGE TRANSACTIONS

3.4.FINANCIAL INCOME

		EUR millions
	2015	2014
Interest income on:
Pre-financing	8	16
Late payments	20	387
Available for sale financial assets	45	47
Loans	1 601	1 709
Cash and cash equivalents	11	6
Impaired financial assets	7	-
Total interest income	1 693	2 165
Dividend income	8	6
Realised gains on sale of financial assets	20	9
Other financial income	66	61
Total	1 787	2 241

Net gains and losses on financial assets

		EUR millions
	2015	2014
Net gains/(losses) on available for sale financial assets	17	13

3.5.OTHER REVENUE FROM EXCHANGE TRANSACTIONS

		EUR millions
	2015	2014
Foreign exchange gains	949	466
Fee and premium revenue	43	59
Sales revenue	20	21
Property, plant and equipment related revenue	0	9
Other	251	244
Total	1 264	798

EXPENSES

TRANSFER PAYMENTS AND SUBSIDIES BY MANAGEMENT MODE

3.6.SHARED MANAGEMENT

		EUR millions
Implemented by Member States	2015	2014
European Agricultural Guarantee Fund	45 032	44 465
European Agricultural Fund for Rural Development & other rural development instruments	16 376	14 046
European Regional Development Fund and Cohesion Fund	38 745	43 345
European Social Fund	9 849	12 651
Other	2 380	2 307
Total	112 382	116 814

3.7. DIRECT MANAGEMENT

		EUR millions
	2015	2014
Implemented by the Commission	10 097	10 447
Implemented by EU Executive Agencies	5 532	4 881
Implemented by Trust funds	6	–
Total	15 635	15 328

3.8. INDIRECT MANAGEMENT

		EUR millions
	2015	2014
Implemented by other EU agencies & bodies	1 616	1 362
Implemented by third countries	905	1 005
Implemented by international organisations	2 126	1 765
Implemented by other entities	2 107	1 799
Total	6 754	5 931

3.9.STAFF AND PENSION COSTS

		EUR millions
	2015	2014
Staff costs	3 126	3 161
Pension costs	4 411	4 195
Total	7 537	7 357

3.10.FINANCE COSTS

		EUR millions
	2015	2014
Interest expenses:
Borrowings	1 588	1 696
Other	20	21
Finance leases	60	61
Impairment losses on available for sale financial assets	27	3
Impairment loss on loans and receivables	174	1 030
Realised loss on sale of financial assets	3	17
Other finance costs	60	49
Total	1 933	2 877

3.11.OTHER EXPENSES

		EUR millions
	2015	2014
Reduction of fines by the Court of Justice	1 137	-
Foreign exchange losses	761	359
Administrative and IT expenses	754	998
Property, plant and equipment related expenses	637	547
Adjustments/provisions	517	687
Funding and contributions to other EU bodies	402	439
Other	447	175
Total	4 655	3 204

Included under property, plant and equipment are operating leases expenses. Amounts committed to be paid during the remaining term of these lease contracts are as follows:

				EUR millions
	Future amounts to be paid
	< 1 year	1- 5 years	> 5 years	Total
Buildings	127	424	355	906
IT materials and other equipment	3	4	–	7
Total	131	428	355	913

Expenses relating to research and development are as follows:

		EUR millions
	2015	2014
Research costs	384	353
Non-capitalised development costs	60	54
Total	443	406

3.12.SEGMENT REPORTING BY MULTI ANNUAL FINANCIAL FRAMEWORK HEADINGS

							EUR millions
	Smart and inclusive growth	Sustainable growth	Security and citizenship	Global Europe	Administration	Not assigned to MFF headings*	Total
GNI resources	–	–	–	–	–	95 355	95 355
Traditional own resources	–	–	–	–	–	18 649	18 649
VAT	–	–	–	–	–	18 328	18 328
Fines	1	136	–	–	–	395	531
Recovery of expenses	103	1 408	14	21	0	–	1 547
Other	875	869	3	1	798	(1 325)	1 223
Non-exchange revenue	978	2 414	18	22	799	131 402	135 633
Financial income	61	2	0	29	0	1 695	1 787
Other	105	(10)	(9)	34	210	934	1 264
Exchange revenue	167	(8)	(9)	63	210	2 629	3 051
Total revenue	1 145	2 406	9	85	1 008	134 031	138 684
Expenses implemented by Member States:
EAGF	–	(45 032)	–	–	–	–	(45 032)
EAFRD & other rural develop. instruments	–	(16 376)	–	–	–	–	(16 376)
ERDF & CF	(38 745)	–	–	–	–	–	(38 745)
ESF	(9 849)	–	–	–	–	–	(9 849)
Other	(181)	(517)	(908)	(773)	–	(0)	(2 380)
Implemented by the Commission, executive agencies and trust funds	(9 813)	(464)	(799)	(4 545)	(13)	(0)	(15 635)
Implemented by other EU agencies and bodies	(994)	(51)	(551)	(19)	–	–	(1 616)
Implemented by third countries and international organisations	(343)	(0)	1	(2 661)	0	(29)	(3 031)
Implemented by other entities	(1 552)	–	(0)	(555)	(0)	–	(2 107)
Staff and pension costs	(1 534)	(329)	(370)	(569)	(4 735)	–	(7 537)
Changes in employee benefits actuarial assumptions	–	–	–	–	(2 008)	–	(2 008)
Finance costs	(89)	(63)	(1)	(18)	(104)	(1 657)	(1 933)
Share of net deficit of joint ventures and associates	(641)	–	–	–	–	–	(641)
Other expenses	(1 223)	(181)	(122)	(121)	(2 245)	(764)	(4 655)
Total expenses	(64 964)	(63 014)	(2 750)	(9 262)	(9 106)	(2 450)	(151 546)
Economic result of the year	(63 819)	(60 608)	(2 741)	(9 177)	(8 098)	131 580	(12 862)

* Including off-budget operations and unallocated immaterial programmes.

4.CONTINGENT ASSETS & LIABILITIES AND OTHER SIGNIFICANT DISCLOSURES

4.1.CONTINGENT ASSETS

		EUR millions
	31.12.2015	31.12.2014
Guarantees received:
Performance guarantees	173	193
Other guarantees	3	3
Other contingent assets	46	45
Total	222	241

4.2.CONTINGENT LIABILITIES

			EUR millions
	Note	31.12.2015	31.12.2014
Guarantees given	4.2.1	21 385	20 846
Fines		3 951	5 602
EAGF, rural development and pre-accession		1 377	505
Cohesion policy		3	9
Legal cases and other disputes		778	774
Other contingent liabilities		57	3
Total		27 551	27 739

5.Guarantees given

		EUR millions
	31.12.2015	31.12.2014
Guarantees on loans granted by the EIB
65% guarantee	18 712	18 283
70% guarantee	356	447
75% guarantee	112	168
100% guarantee	270	300
Total	19 450	19 198
Guarantee on EFSI portfolio	202	–
Other guarantees given	1 733	1 648
Total	21 385	20 846

5.1.OTHER SIGNIFICANT DISCLOSURES

6.Outstanding budgetary commitments not yet expensed

		EUR millions
	31.12.2015	31.12.2014
Outstanding budgetary commitments not yet expensed	174 295	141 600

7. Significant legal commitments*

			EUR millions
	Note	31.12.2015	31.12.2014
Multiannual actions under shared management	4.3.2.1	343 715	433 527
European Fund for Strategic Investments (EFSI)	4.3.2.2	16 000	–
Connecting Europe Facility (CEF)		10 051	–
Copernicus		2 939	3 476
Fisheries agreements		373	176
Protocol with Mediterranean countries		–	264
Galileo		124	719
Other contractual commitments		483	496
Total		373 684	438 657

* These concern legal commitments where the budgetary commitment has not yet been made.

8.Multiannual actions under shared management

						EUR millions
Funds	Financial framework 2014-2020 (A)	Legal commitments concluded (B)	Budget commitments (C )	Decommit- ments (D)	Legal commitments less budget commitments (=B-C+D)	Future obligations (=A-C)
European Regional Development Fund and Cohesion Fund	259 802	259 802	66 572	–	193 230	193 230
European Social Fund	89 624	89 624	26 410	–	63 213	63 213
Fund for European Aid to the most Deprived	3 814	3 814	1 036	–	2 777	2 777
HEADING 1B: COHESION POLICY FUNDS	353 239	353 239	94 018	–	259 221	259 221
European Agricultural Fund for Rural Development	99 348	98 786	23 414	–	75 371	75 933
European Maritime and Fisheries Fund	5 749	5 749	1 586	–	4 163	4 163
HEADING 2: NATURAL RESOURCES	105 097	104 535	25 000	–	79 535	80 096
Asylum and Migration Fund	3 371	631	631	–	0	2 741
Internal Security Fund	2 195	538	538	–	–	1 657
HEADING 3: SECURITY & CITIZENSHIP	5 566	1 169	1 169	–	0	4 398

Total	463 902	458 943	120 187	–	338 755	343 715

9.European Fund for Strategic Investments (EFSI)

	EUR millions
	31.12.2015
EFSI legal commitment outstanding at year-end	16 000
of which
Financial guarantee liability relating to EFSI	–
Contingent liability relating to EFSI	202

10.FINANCIAL INSTRUMENTS DISCLOSURES

10.1.RECONCILIATION OF CARRYING AMOUNT AND FAIR VALUE OF FINANCIAL INSTRUMENTS

Reconciliation of the carrying amounts and fair value of financial assets by class:

				EUR millions
	31.12.2015		31.12.2014
	Carrying amount	Fair value	Carrying amount	Fair value
Financial assets at fair value
Available for sale financial assets	7 921	7 921	7 707	7 707
Cash and cash equivalents	20 660	20 660	16 187	16 187
Total	28 581	28 581	23 895	23 895
Financial assets at amortised cost
Loans	56 998	56 999	58 454	58 454
Exchange receivables and non-exchange recoverables	10 114	10 114	15 422	15 422
Total	67 112	67 113	73 876	73 876
Total	95 693	95 694	97 770	97 770

Reconciliation of the carrying amounts and fair value of financial liabilities by class:

				EUR millions
	31.12.2015		31.12.2014
	Carrying amount	Fair value	Carrying amount	Fair value
Financial liabilities at fair value	–	–	–	–
Financial liabilities at amortised cost
Borrowings	56 645	56 645	58 267	58 267
Finance lease liabilities	1 066	1 066	1 089	1 089
Payables	32 367	32 367	42 986	42 986
Other	1 083	1 083	359	359
Total	91 161	91 161	102 701	102 701

10.2.CURRENCY RISKS

Exposure of the EC to currency risk at year end – net position

														EUR millions
	31.12.2015							31.12.2014
	USD	GBP	DKK	SEK	EUR	Other	Total	USD	GBP	DKK	SEK	EUR	Other	Total
Financial assets
Available for sale financial assets	81	76	11	8	7 717	28	7 921	68	77	7	9	7 504	42	7 707
Loans*	5	–	–	–	330	18	353	2	-	-	-	135	28	165
Receivables and recoverables	–	537	52	82	9 441	1	10 114	-	4 098	49	87	11 057	131	15 422
Cash and cash equivalents	29	1 784	366	1 284	16 357	840	20 660	38	1 126	467	926	12 878	752	16 187
Total	115	2 397	429	1 375	33 845	888	39 048	108	5 301	523	1 022	31 575	953	39 482
Financial liabilities
Payables	0	0	–	–	(32 367)	(0)	(32 367)	–				(42 986)		(42 986)
Total	0	0	–	–	(32 367)	(0)	(32 367)	–	–	–	–	(42 986)	–	(42 986)
Total	115	2 397	429	1 375	1 478	887	6 681	108	5 301	523	1 022	(11 411)	953	(3 504)

* Excluding back-to-back operations.

If the EUR had strengthened against the currency concerned by 10 % then this would have had the following impact:

				EUR millions
	Economic result
	USD	GBP	DKK	SEK
31.12.2015	(3)	(211)	(38)	(124)
31.12.2014	(4)	(475)	(47)	(92)

				EUR millions
	Net assets
	USD	GBP	DKK	SEK
31.12.2015	(7)	(7)	(1)	(1)
31.12.2014	(6)	(7)	(1)	(1)

If the EUR had weakened against the currency concerned by 10 % then this would have had the following impact:

				EUR millions
	Economic result
	USD	GBP	DKK	SEK
31.12.2015	4	258	46	152
31.12.2014	4	580	57	113

				EUR millions
	Net assets
	USD	GBP	DKK	SEK
31.12.2015	9	8	1	1
31.12.2014	8	9	1	1

10.3.INTEREST RATE RISK

The following table illustrates the sensivity of available for sale financial assets with variable interest rates (cashflow risk) and fixed interest rates (price risk) in relation to the economic result of the year and net assets to a reasonably possible change in interest rates of +/- 1 %.

		EUR millions
	Increase (+) / decrease (-) in basis points	Effect on economic result and net assets
31.12.2015: Available for sale financial assets	+100	(160)
	-100	172
31.12.2014: Available for sale financial assets	+100	(96)
	-100	103

10.4.CREDIT RISK

Analysis of the age of financial assets that are not impaired

					EUR millions
	Total	Neither past due nor impaired	Past due but not impaired
			< 1 year	1-5 years	> 5 years
Loans	56 998	56 998	0	–	–
Receivables and recoverables	10 114	8 510	73	1 383	148
Total at 31.12.2015	67 112	65 509	73	1 383	148
Loans	58 454	58 454	-	-	-
Receivables and recoverables	15 422	7 815	5 622	1 846	138
Total at 31.12.2014	73 875	66 269	5 622	1 846	138

Credit quality of financial assets that are neither past due nor impaired

							EUR millions
	31.12.2015				31.12.2014
	AFS*	Loans & receiv.	Cash	Total	AFS*	Loans & receiv.	Cash	Total
Counterparties with external credit rating
Prime and high grade	4 833	2 996	15 269	23 099	6 192	2 549	12 821	21 562
Upper medium grade	854	23 800	4 414	29 068	150	25 017	2 800	27 967
Lower medium grade	909	4 524	253	5 685	177	5 996	249	6 422
Non-investment grade	17	29 366	721	30 103	27	28 186	307	28 520
Total	6 612	60 687	20 657	87 955	6 545	61 748	16 178	84 471
Counterparties without external credit rating
Group 1 (debtors without defaults in the past)	–	4 727	3	4 730	15	4 385	10	4 409
Group 2 (debtors with defaults in the past)	–	95	–	95	–	136	–	136
Total	–	4 822	3	4 825	15	4 521	10	4 545
Total	6 612	65 509	20 660	92 780	6 560	66 269	16 187	89 016

* Available for sale financial assets (excl. equity instruments).

10.5.LIQUIDITY RISK

Maturity analysis of financial liabilities by remaining contractual maturity

				EUR millions
	< 1 year	1-5 years	> 5 years	Total
Borrowings	7 207	9 456	39 982	56 645
Finance lease liabilities	45	233	787	1 066
Payables	32 367	(0)	–	32 367
Other financial liabilities	645	164	273	1 083
Total at 31.12.2015	40 264	9 854	41 043	91 161
Borrowings	8 716	15 194	34 357	58 267
Finance lease liabilities	48	213	828	1 089
Payables	42 983	2	–	42 986
Other financial liabilities	17	84	234	335
Total at 31.12.2014	51 764	15 493	35 420	102 677

11.RELATED PARTIES

The related parties of the entity are the EU consolidated entities and the key management personnel of these entities. Transactions between these entities take place as part of the normal operations of the EU and as this is the case, no specific disclosure requirements are necessary for these transactions in accordance with the EU accounting rules.

Details on key management entitlements are provided in note 7 of the EU consolidated annual accounts.

12.EVENTS AFTER THE BALANCE SHEET DATE

At the date of signing of these accounts, except for the matter outlined below, no material issues had come to the attention of the Accounting Officer of the Commission or were reported to him that would require separate disclosure under this section. The accounts and related notes were prepared using the most recently available information and this is reflected in the information presented.

On 23 June 2016, the citizens of the United Kingdom voted to leave the European Union. To give effect to this decision of the British people, Article 50 of the Treaty on European Union must be invoked. This article sets out the procedure to be followed if a Member State decides to leave the European Union, and only when this article is activated can the negotiations on the departure of the United Kingdom begin. In accordance with the guidelines provided by the European Council, the Union shall then negotiate and conclude an agreement with the United Kingdom, setting out the arrangements for its withdrawal, taking account of the framework for its future relationship with the Union. At the time of the signing of these accounts, formal notification of the triggering of Article 50 has not been presented.

EUROPEAN COMMISSION

FINANCIAL YEAR 2015

REPORTS ON THE IMPLEMENTATION OF THE BUDGET AND EXPLANATORY NOTES

It should be noted that due to the rounding of figures into millions of euros, some financial data in the tables below may appear not to add-up.

CONTENTS

EU BUDGET RESULT

RECONCILIATION OF ECONOMIC RESULT WITH BUDGET RESULT

STATEMENT OF COMPARISON OF BUDGET AND ACTUAL AMOUNTS

1. IMPLEMENTATION OF EC BUDGET REVENUE

1.1.SUMMARY OF THE IMPLEMENTATION OF BUDGET REVENUE

2. IMPLEMENTATION OF EC BUDGET EXPENDITURE

2.1.MFF: BREAKDOWN & CHANGES IN COMMITMENT & PAYMENT APPROPRIATIONS

2.2.MFF: IMPLEMENTATION OF COMMITMENT APPROPRIATIONS

2.3.MFF: IMPLEMENTATION OF PAYMENT APPROPRIATIONS

2.4.MFF: MOVEMENTS IN COMMITMENTS OUTSTANDING (RAL)

2.5.MFF: BREAKDOWN OF COMMITMENTS OUTSTANDING BY YEAR OF ORIGIN

2.6.POLICY AREA: BREAKDOWN AND CHANGES IN COMMITMENT AND PAYMENT APPROPRIATIONS63

2.7.POLICY AREA: IMPLEMENTATION OF COMMITMENT APPROPRIATIONS66

2.8.POLICY AREA: IMPLEMENTATION OF PAYMENT APPROPRIATIONS69

2.9.POLICY AREA: MOVEMENTS IN COMMITMENTS OUTSTANDING70

2.10.POLICY AREA: BREAKDOWN OF COMMITMENTS OUTSTANDING BY YEAR OF ORIGIN71

EU BUDGET RESULT

		EUR millions
	2015	2014
Revenue for the financial year	146 624	143 940
Payments against current year appropriations	(143 485)	(141 193)
Payment appropriations carried over to year N+1	(1 299)	(1 787)
Cancellation of unused appropriations carried over from year N-1	29	25
Evolution of assigned revenue	(704)	336
Exchange differences for the year	182	110
Budget result*	1 347	1 432

* Of which EFTA result is EUR (3) million in 2015 and EUR (3) million in 2014.

RECONCILIATION OF ECONOMIC RESULT WITH BUDGET RESULT

		EUR millions
	2015	2014
ECONOMIC RESULT OF THE YEAR	(12 862)	(11 226)

Revenue
Entitlements established in current year but not yet collected	(313)	(6 567)
Entitlements established in previous years and collected in current year	7 936	4 798
Accrued revenue (net)	(359)	(4 877)
Expenses
Accrued expenses (net)	10 038	9 230
Amount from liaison account	3 189	3 000
Expenses prior year paid in current year	(1 208)	(821)
Net-effect pre-financing	(4 848)	530
Payment appropriations carried over to next year	(1 658)	(1 365)
Payments made from carry-overs & cancellation of unused payment appropriations	1 365	1 238
Movement in provisions (incl. employee benefits)	4 914	12 263
Other	(1 725)	(1 705)

BUDGET RESULT OF THE YEAR (COMMISSION)	4 470	4 497

BUDGET RESULT OTHER INSTITUTIONS	(3 123)	(3 065)

BUDGET RESULT OF THE YEAR (EU)	1 347	1 432

STATEMENT OF COMPARISON OF BUDGET AND ACTUAL AMOUNTS

BUDGET REVENUE

					EUR millions
		Initial adopted budget	Amending budgets	Final adopted budget	Revenue
1.	Own resources	139 639	(9 971)	129 667	130 738
	of which Customs duties	16 701	1 934	18 635	18 607
	of which VAT	18 264	(241)	18 023	18 269
	of which GNI	104 548	(11 664)	92 884	94 009
3.	Surpluses, balances and adjustments	–	8 568	8 568	8 031
4.	Revenue accruing from persons working with the institutions and with other Union bodies	972	–	972	999
5.	Revenue accruing from the administrative operation of the institutions	54	40	94	311
6.	Contributions and refunds in connection with Union agreements and programmes	60	–	60	4 185
7.	Interests on late payments and fines	123	1 400	1 523	1 703
8.	Borrowing and lending operations	7	30	37	42
9.	Miscellaneous revenue	30	–	30	18
Total		140 885	66	140 951	146 027

BUDGET EXPENDITURE: COMMITMENTS BY MULTIANNUAL FINANCIAL FRAMEWORK (MFF) HEADING

							EUR millions
	MFF Heading	Initial adopted budget	Amending budgets & transfers	Final adopted budget	Additional appropriations*	Total appropriations available	Commitments made
1.	Smart and inclusive growth	66 782	11 173	77 955	11 429	89 384	88 151
	1a: Competitiveness for growth and jobs	17 552	0	17 552	2 538	20 090	18 905
	1b: Economic, social and territorial cohesion	49 230	11 173	60 403	8 890	69 293	69 246
2.	Sustainable growth: natural resources	58 809	5 069	63 877	5 262	69 140	67 375
	of which: Market related expenditure and direct payments	43 456	(1)	43 455	2 841	46 296	44 948
3.	Security and citizenship	2 147	375	2 522	347	2 869	2 826
4.	Global Europe	8 408	386	8 795	979	9 774	9 397
5.	Administration	4 994	–	4 994	344	5 338	5 200
6.	Compensations	–	–	–	–	–	–
8.	Negative reserve	–	–	–	–	–	–
9.	Special instruments	515	(51)	465	231	696	288
Total		141 655	16 952	158 607	18 592	177 199	173 236

* Additional appropriations include appropriations carried over from last year, assigned revenue and appropriations made available again following decommitments.

BUDGET EXPENDITURE: PAYMENTS BY MULTIANNUAL FINANCIAL FRAMEWORK (MFF) HEADING

							EUR millions
	MFF Heading	Initial adopted budget	Amending budgets & transfers	Final adopted budget	Additional appropri-ations*	Total appropriations available	Payments made
1.	Smart and inclusive growth	66 923	(347)	66 576	3 740	70 316	68 009
	1a: Competitiveness for growth and jobs	15 798	(189)	15 609	3 375	18 984	16 802
	1b: Economic, social and territorial cohesion	51 125	(158)	50 967	365	51 332	51 207
2.	Sustainable growth: natural resources	55 999	214	56 213	3 276	59 489	58 066
	of which: Market related expenditure and direct payments	43 448	(1)	43 447	2 857	46 304	44 940
3.	Security and citizenship	1 860	104	1 963	92	2 055	2 019
4.	Global Europe	7 422	229	7 652	576	8 228	7 884
5.	Administration	4 992	0	4 992	649	5 642	5 187
6.	Compensations	–	–	–	–	–	–
8.	Negative reserve	–	–	–	–	–	–
9.	Special instruments	352	(134)	218	105	322	288
Total		137 547	67	137 614	8 438	146 051	141 453

* Additional appropriations include appropriations carried over from last year, assigned revenue and appropriations made available again following decommitments.

1.IMPLEMENTATION OF EC BUDGET REVENUE

1.1.SUMMARY OF THE IMPLEMENTATION OF BUDGET REVENUE

										EUR millions
	Title	Income appropriations		Entitlements established			Revenue			Receipts as	Outstanding
		Initial adopted budget	Final adopted budget	Current year	Carried over	Total	On entitle-ments of current year	On entitlements carried over	Total	% of budget
1.	Own resources	139 639	129 667	130 733	32	130 766	130 729	9	130 738	100.83 %	28
3.	Surpluses, balances and adjustments	–	8 568	2 624	5 407	8 031	2 624	5 407	8 031	93.74 %	–
4.	Revenue accruing from persons working with the institutions and other union bodies	972	972	1 005	7	1 013	992	7	999	102.77 %	14
5.	Revenue accruing from the administrative operation of the institutions	54	94	307	16	324	299	12	311	330.76 %	13
6.	Contributions and refunds in connection with Union agreements and programmes	60	60	4 189	252	4 441	4 054	131	4 185	6974.62 %	256
7.	Interests on late payments and fines	123	1 523	480	8 016	8 497	256	1 447	1 703	111.82 %	6 793
8.	Borrowing and lending operations	7	37	45	3	48	39	3	42	114.97 %	6
9.	Miscellaneous revenue	30	30	18	9	27	17	1	18	59.87 %	9
Total		140 885	140 951	139 403	13 743	153 147	139 010	7 018	146 027	103.60 %	7 119

										EUR millions
Detail Title 1: Own resources
	Chapter	Income appropriations		Entitlements established			Revenue			Receipts as	Outstanding
		Initial adopted budget	Final adopted budget	Current year	Carried over	Total	On entitle-ments of current year	On entitlements carried over	Total	% of budget
11	Sugar levies	125	125	124	–	124	124	–	124	99.21 %	–
12	Customs duties	16 701	18 635	18 602	32	18 634	18 597	9	18 607	99.85 %	28
13	VAT	18 264	18 023	18 269	–	18 269	18 269	–	18 269	101.36 %	–
14	GNI	104 548	92 884	94 009	–	94 009	94 009	–	94 009	101.21 %	–
15	Correction of budgetary imbalances	–	–	(270)	–	(270)	(270)	–	(270)	–	–
Total		139 639	129 667	130 733	32	130 766	130 729	9	130 738	100.83 %	28

										EUR millions
Detail Title 3: Surpluses, balances and adjustments
	Chapter	Income appropriations		Entitlements established			Revenue			Receipts as	Outstanding
		Initial adopted budget	Final adopted budget	Current year	Carried over	Total	On entitle-ments of current year	On entitlements carried over	Total	% of budget
30	Surplus from previous year	–	1 435	1 435	–	1 435	1 435	–	1 435	100.00 %	–
31	VAT balances	–	(193)	24	(205)	(182)	24	(205)	(182)	94.40 %	0
32	GNI balances	–	7 326	1 346	5 613	6 958	1 346	5 613	6 958	94.98 %	(0)
34	Adjustment for non-participation in JHAP	–	–	(7)	–	(7)	(7)	–	(7)	–	–
35	United Kingdom correction - adjustments	–	–	(27)	–	(27)	(27)	–	(27)	–	–
36	United Kingdom correction - Intermediate calculation	–	–	(146)	–	(146)	(146)	–	(146)	–	–
Total		–	8 568	2 624	5 407	8 031	2 624	5 407	8 031	93.74 %	0

2.IMPLEMENTATION OF EC BUDGET EXPENDITURE

2.1.MFF: BREAKDOWN & CHANGES IN COMMITMENT & PAYMENT APPROPRIATIONS

												EUR millions
		Commitment appropriations						Payment appropriations
		Budget appropriations			Additional appropriations		Total	Budget appropriations			Additional appropriations		Total
		Initial adopted budget	Amending budgets & transfers	Final adopted budget	Carry-overs	Assigned revenue	Appropri-ations available	Initial adopted budget	Amending budgets & transfers	Final adopted budget	Carry-overs	Assigned revenue	Appropri-ations available
		1	2	3=1+2	4	5	6=3+4+5	7	8	9=7+8	10	11	12=9+10+11
1.	Smart and inclusive growth	66 782	11 173	77 955	8 480	2 949	89 384	66 923	(347)	66 576	128	3 612	70 316
	1a: Competitiveness for growth and jobs	17 552	0	17 552	–	2 538	20 090	15 798	(189)	15 609	112	3 263	18 984
	1b: Economic, social and territorial cohesion	49 230	11 173	60 403	8 480	411	69 293	51 125	(158)	50 967	16	349	51 332
2.	Sustainable growth: natural resources	58 809	5 069	63 877	2 867	2 395	69 140	55 999	214	56 213	902	2 374	59 489
	of which: Market related expenditure and direct payments	43 456	(1)	43 455	868	1 973	46 296	43 448	(1)	43 447	884	1 973	46 304
3.	Security and citizenship	2 147	375	2 522	254	93	2 869	1 860	104	1 963	8	84	2 055
4.	Global Europe	8 408	386	8 795	335	644	9 774	7 422	229	7 652	42	534	8 228
5.	Administration	4 994	0	4 994	–	344	5 338	4 992	0	4 992	301	348	5 642
6.	Compensations	–	–	–	–	–	–	–	–	–	–	–	–
8.	Negative reserve	–	–	–	–	–	–	–	–	–	–	–	–
9.	Special Instruments	515	(51)	465	162	69	696	352	(134)	218	36	69	322
Total		141 655	16 952	158 607	12 098	6 495	177 199	137 547	67	137 614	1 417	7 020	146 051

2.2.MFF: IMPLEMENTATION OF COMMITMENT APPROPRIATIONS


			Commitments made					Appropriations carried over to 2016				Appropriations lapsing
	MFF Heading	Total appropri-ations available	from final adopted budget	from carry-overs	from assigned revenue	Total	%	assigned revenue	carry-overs by decision	Total	%	from final adopted budget	from carry-overs	from assigned revenue (EFTA)	Total	%
		1	2	3	4	5=2+3+4	6=5/1	7	8	9=7+8	10=9/1	11	12	13	14=11+12+13	15=14/1
1.	Smart and inclusive growth	89 384	77 917	8 480	1 754	88 151	98.62 %	1 190	7	1 198	1.34 %	30	–	5	35	0.04 %
	1a: Competitiveness for growth and jobs	20 090	17 542	–	1 364	18 905	94.10 %	1 170	0	1 170	5.83 %	10	–	5	14	0.07 %
	1b: Economic, social and territorial cohesion	69 293	60 375	8 480	391	69 246	99.93 %	20	7	27	0.04 %	21	–	–	21	0.03 %
2.	Sustainable growth: natural resources	69 140	63 432	2 853	1 090	67 375	97.45 %	1 306	410	1 716	2.48 %	35	14	–	49	0.07 %
	of which: Market related expenditure and direct payments	46 296	43 018	854	1 077	44 948	97.09 %	896	410	1 306	2.82 %	27	14	–	42	0.09 %
3.	Security and citizenship	2 869	2 520	254	53	2 826	98.49 %	41	–	41	1.42 %	2	0	0	3	0.09 %
4.	Global Europe	9 774	8 745	335	317	9 397	96.15 %	327	17	344	3.52 %	32	1	–	33	0.34 %
5.	Administration	5 338	4 992	–	208	5 200	97.41 %	136	0	137	2.56 %	2	–	–	2	0.03 %
6.	Compensations	–	–	–	–	–	0.00 %	–	–	–	0.00 %	–	–	–	–	0.00 %
8.	Negative reserve	–	–	–	–	–	0.00 %	–	–	–	0.00 %	–	–	–	–	0.00 %
9.	Special Instruments	696	126	162	–	288	41.46 %	69	219	288	41.43 %	119	–	–	119	17.11 %
Total		177 199	157 732	12 083	3 422	173 236	97.76 %	3 068	654	3 723	2.10 %	221	15	5	240	0.14 %

2.3.MFF: IMPLEMENTATION OF PAYMENT APPROPRIATIONS

																EUR millions
			Payments made					Appropriations carried over to 2016					Appropriations lapsing
	MFF Heading	Total appropri-ations available	from final adopted budget	from carry-overs	from assigned revenue	Total	%	automatic carry-overs	carry-overs by decision	assigned revenue	Total	%	from final adopted budget	from carry-overs	assigned revenue (EFTA)	Total	10=7+8+9
		1	2	3	4	5=2+3+4	6=5/1	7	8	9	10=7+8+9	11=10/1	12	13	14	15=12+13+14	16=15/1
1.	Smart and inclusive growth	70 316	66 429	114	1 466	68 009	96.72 %	119	2	2 144	2 264	3.22 %	27	14	2	42	0.06 %
	1a: Competitiveness for growth and jobs	18 984	15 482	100	1 221	16 802	88.50 %	104	2	2 041	2 147	11.31 %	22	12	2	36	0.19 %
	1b: Economic, social and territorial cohesion	51 332	50 947	14	246	51 207	99.76 %	15	–	103	118	0.23 %	5	2	–	7	0.01 %
2.	Sustainable growth: natural resources	59 489	55 748	885	1 432	58 066	97.61 %	20	410	942	1 372	2.31 %	35	17	–	51	0.09 %
	of which: Market related expenditure and direct payments	46 304	42 995	868	1 077	44 940	97.05 %	14	410	896	1 320	2.85 %	28	16	–	44	0.10 %
3.	Security and citizenship	2 055	1 951	7	60	2 019	98.22 %	9	–	23	32	1.58 %	3	1	0	4	0.20 %
4.	Global Europe	8 228	7 611	37	237	7 884	95.82 %	33	–	297	330	4.02 %	8	5	–	13	0.16 %
5.	Administration	5 642	4 742	272	173	5 187	91.94 %	248	0	175	424	7.51 %	2	29	–	31	0.55 %
6.	Compensations	–	–	–	–	–	0.00 %	–	–	–	–	0.00 %	–	–	–	–	0.00 %
8.	Negative reserve	–	–	–	–	–	0.00 %	0	–	–	–	0.00 %	–	–	–	–	0.00 %
9.	Special Instruments	322	217	36	35	288	89.41 %	1	–	33	34	10.51 %	0	0	–	0	0.08 %
Total		146 051	136 698	1 351	3 404	141 453	96.85 %	430	412	3 615	4 456	3.05 %	74	66	2	142	0.10 %

2.4.MFF: MOVEMENTS IN COMMITMENTS OUTSTANDING (RAL)

										EUR millions
		Commitments outstanding at the end of previous year				Commitments of the year				Total commitments
	MFF Heading	Commitments carried forward from previous year	Decommitments/Revaluations/ Cancellations	Payments	Commitments outstanding at year-end	Commitments made during the year	Payments	Cancellation of commitments which cannot be carried over	Commitments outstanding at year-end	outstanding at the end of the year
1.	Smart and inclusive growth	143 009	(2 320)	(57 944)	82 746	88 151	(10 066)	(4)	78 081	160 827
	1a: Competitiveness for growth and jobs	33 532	(1 177)	(10 967)	21 389	18 905	(5 835)	(4)	13 066	34 455
	1b: Economic, social and territorial cohesion	109 477	(1 143)	(46 977)	61 357	69 246	(4 230)	(0)	65 015	126 372
2.	Sustainable growth: natural resources	19 382	(500)	(8 803)	10 079	67 375	(49 263)	(0)	18 112	28 191
	of which: Market related expenditure and direct payments	43	(2)	(30)	11	44 948	(44 910)	–	38	49
3.	Security and citizenship	2 582	(252)	(864)	1 466	2 826	(1 155)	–	1 671	3 137
4.	Global Europe	23 846	(685)	(5 934)	17 227	9 397	(1 951)	(0)	7 446	24 673
5.	Administration	313	(30)	(282)	1	5 200	(4 905)	(0)	295	295
6.	Compensations	–	–	–	–	–	–	–	–	–
8.	Negative reserve	–	–	–	–	–	–	–	–	–
9.	Special Instruments	0	(0)	(0)	–	288	(288)	–	1	1
Total		189 132	(3 788)	(73 826)	111 518	173 236	(67 627)	(5)	105 605	217 123

2.5.MFF: BREAKDOWN OF COMMITMENTS OUTSTANDING BY YEAR OF ORIGIN

										EUR millions
	MFF Heading	< 2009	2009	2010	2011	2012	2013	2014	2015	Total
1.	Smart and inclusive growth	1 949	710	1 446	2 995	11 077	35 400	29 168	78 081	160 827
	1a: Competitiveness for growth and jobs	295	672	1 209	1 541	3 885	5 942	7 844	13 066	34 455
	1b: Economic, social and territorial cohesion	1 653	38	237	1 455	7 191	29 459	21 324	65 015	126 372
2.	Sustainable growth: natural resources	223	62	82	127	213	7 231	2 140	18 112	28 191
	of which: Market related expenditure and direct payments	–	–	–	0	3	–	8	38	49
3.	Security and citizenship	21	39	62	136	277	580	350	1 671	3 137
4.	Global Europe	938	522	883	1 412	3 364	4 719	5 390	7 446	24 673
5.	Administration	–	–	–	–	–	0	0	295	295
9.	Special Instruments	–	–	–	–	–	–	–	1	1
Total		3 130	1 333	2 473	4 671	14 931	47 931	37 049	105 605	217 123

2.6.POLICY AREA: BREAKDOWN AND CHANGES IN COMMITMENT AND PAYMENT APPROPRIATIONS

												EUR millions
		Commitment appropriations						Payment appropriations
		Budget appropriations			Additional appropriations		Total	Budget appropriations			Additional appropriations		Total
Policy area		Initial adopted budget	Amending budgets & transfers	Final adopted budget	Carried over	Assigned revenue	Appropri-ations available	Initial adopted budget	Amending budgets & transfers	Final adopted budget	Carried over	Assigned revenue	Appropri-ations available
		1	2	3=1+2	4	5	6=3+4+5	7	8	9=7+8	10	11	12=9+10+11
01	Economic and financial affairs	371	1 281	1 652	–	118	1 770	459	(43)	416	7	121	544
02	Enterprise and industry	2 536	(19)	2 517	–	298	2 815	2 266	(120)	2 147	19	369	2 534
03	Competition	98	(1)	97	–	6	103	98	(1)	97	7	6	110
04	Employment, social affairs and inclusion	13 096	2 817	15 913	2 161	83	18 157	10 929	(305)	10 625	51	175	10 850
05	Agriculture and rural development	57 603	4 347	61 951	2 912	2 382	67 245	54 942	298	55 240	892	2 376	58 508
06	Mobility and transport	3 281	(699)	2 582	–	178	2 760	2 056	(96)	1 960	5	174	2 139
07	Environment	431	0	432	–	17	448	397	(3)	395	16	14	425
08	Research and innovation	6 699	(501)	6 198	–	769	6 967	5 987	(144)	5 843	23	1 223	7 089
09	Communications networks, content and technology	1 727	0	1 728	–	169	1 897	1 727	21	1 748	16	254	2 018
10	Direct research	404	(11)	393	–	551	944	402	(5)	397	44	492	933
11	Maritime affairs and fisheries	1 082	724	1 806	29	31	1 866	1 007	(49)	958	3	14	975
12	Internal market and services	119	(3)	116	–	12	128	115	(4)	111	4	12	127
13	Regional and urban policy	35 347	8 393	43 739	6 481	422	50 642	40 721	131	40 851	11	267	41 130
14	Taxation and customs union	161	(0)	161	–	9	170	137	13	151	5	8	163
15	Education and culture	2 918	(26)	2 892	–	447	3 339	2 661	164	2 825	14	610	3 450
16	Communication	245	2	247	–	12	259	240	5	244	12	12	269
17	Health and consumer protection	616	(14)	601	7	24	632	567	(31)	536	10	25	572
18	Home affairs	1 172	389	1 560	247	53	1 860	972	161	1 133	3	41	1 178
19	Foreign policy instruments	759	(51)	708	15	51	774	578	(22)	556	10	47	612
20	Trade	115	(1)	114	0	3	117	124	(10)	114	3	3	121
21	Development and cooperation	5 023	391	5 414	7	281	5 702	4 308	74	4 382	26	212	4 620
22	Enlargement	1 524	1	1 525	40	15	1 580	976	(13)	963	5	11	980
23	Humanitarian aid and civil protection	1 019	164	1 183	199	173	1 555	999	277	1 275	10	140	1 426
24	Fight against fraud	80	(0)	79	–	1	80	76	(0)	76	7	1	83
25	Commission's policy coordination and legal advice	192	1	192	–	11	204	192	1	192	14	11	218
26	Commission's administration	997	16	1 013	–	162	1 176	992	19	1 011	158	166	1 335
27	Budget	70	(14)	57	–	8	64	70	(14)	57	7	8	71
28	Audit	12	0	12	–	1	13	12	0	12	0	1	13
29	Statistics	134	1	135	–	14	149	116	1	117	5	22	144
30	Pensions and related expenditure	1 567	(4)	1 563	–	0	1 563	1 567	(4)	1 563	–	0	1 563
31	Language services	389	(5)	384	–	70	454	389	(5)	384	18	70	471
32	Energy	1 064	(100)	964	–	114	1 078	1 035	(43)	992	6	125	1 123
33	Justice	209	2	211	–	9	220	195	(20)	175	3	10	188
34	Climate action	127	0	128	–	1	129	84	(18)	66	3	1	70
40	Reserves	465	(127)	338	–	–	338	150	(150)	–	–	–	–
Total		141 655	16 952	158 607	12 098	6 495	177 199	137 547	67	137 614	1 417	7 020	146 051

3.POLICY AREA: COMPARISON OF BUDGET AND ACTUAL COMMITMENTS

							EUR millions
	Policy area	Initial adopted budget	Amending budgets & transfers	Final adopted budget	Additional appropri-ations*	Total appropriations available	Commitments made
01	Economic and financial affairs	371	1 281	1 652	118	1 770	1 654
02	Enterprise and industry	2 536	(19)	2 517	298	2 815	2 704
03	Competition	98	(1)	97	6	103	100
04	Employment, social affairs and inclusion	13 096	2 817	15 913	2 244	18 157	18 069
05	Agriculture and rural development	57 603	4 347	61 951	5 294	67 245	65 492
06	Mobility and transport	3 281	(699)	2 582	178	2 760	2 683
07	Environment	431	0	432	17	448	443
08	Research and innovation	6 699	(501)	6 198	769	6 967	6 674
09	Communications networks, content and technology	1 727	0	1 728	169	1 897	1 833
10	Direct research	404	(11)	393	551	944	504
11	Maritime affairs and fisheries	1 082	724	1 806	60	1 866	1 834
12	Internal market and services	119	(3)	116	12	128	126
13	Regional and urban policy	35 347	8 393	43 739	6 903	50 642	50 599
14	Taxation and customs union	161	(0)	161	9	170	165
15	Education and culture	2 918	(26)	2 892	447	3 339	3 249
16	Communication	245	2	247	12	259	253
17	Health and consumer protection	616	(14)	601	30	632	622
18	Home affairs	1 172	389	1 560	300	1 860	1 837
19	Foreign policy instruments	759	(51)	708	66	774	706
20	Trade	115	(1)	114	3	117	116
21	Development and cooperation	5 023	391	5 414	288	5 702	5 596
22	Enlargement	1 524	1	1 525	55	1 580	1 573
23	Humanitarian aid and civil protection	1 019	164	1 183	372	1 555	1 484
24	Fight against fraud	80	(0)	79	1	80	79
25	Commission's policy coordination and legal advice	192	1	192	11	204	199
26	Commission's administration	997	16	1 013	162	1 176	1 121
27	Budget	70	(14)	57	8	64	60
28	Audit	12	0	12	1	13	12
29	Statistics	134	1	135	14	149	141
30	Pensions and related expenditure	1 567	(4)	1 563	0	1 563	1 563
31	Language services	389	(5)	384	70	454	425
32	Energy	1 064	(100)	964	114	1 078	980
33	Justice	209	2	211	9	220	212
34	Climate action	127	0	128	1	129	128
40	Reserves	465	(127)	338	–	338	–
		141 655	16 952	158 607	18 592	177 199	173 236

* Additonal appropriations include appropriations carried over from previous year, assigned revenue and appropriations made available again following decommitments.

3.1.POLICY AREA: IMPLEMENTATION OF COMMITMENT APPROPRIATIONS

														EUR millions
			Commitments made					Appropriations carried over to 2016				Appropriations lapsing
	Policy area	Total appropri-ations available	from final adopted budget	from carry-overs	from assigned revenue	Total	%	assigned revenue	carry-overs by decision	Total	%	from final adopted budget	from carry-overs	Assigned revenue (EFTA)	Total	%
		1	2	3	4	5=2+3+4	6=5/1	7	8	9=7+8	10=9/1	11	12	13	14=11+12+13	15=14/1
01	Economic and financial affairs	1 770	1 651	–	3	1 654	93.42 %	115	–	115	6.51 %	1	–	–	1	0.06 %
02	Enterprise and industry	2 815	2 521	–	184	2 704	96.07 %	110	–	110	3.91 %	(4)	–	5	1	0.02 %
03	Competition	103	97	–	3	100	97.52 %	3	–	3	2.46 %	0	–	–	0	0.02 %
04	Employment, social affairs and inclusion	18 157	15 902	2 161	6	18 069	99.51 %	77	–	77	0.42 %	12	–	–	12	0.06 %
05	Agriculture and rural development	67 245	61 508	2 898	1 086	65 492	97.39 %	1 296	410	1 705	2.54 %	33	14	–	47	0.07 %
06	Mobility and transport	2 760	2 579	–	104	2 683	97.22 %	74	–	74	2.67 %	3	–	–	3	0.11 %
07	Environment	448	431	–	12	443	98.81 %	5	–	5	1.04 %	1	–	–	1	0.14 %
08	Research and innovation	6 967	6 197	–	477	6 674	95.79 %	292	–	292	4.19 %	1	–	–	1	0.02 %
09	Communications networks, content and technology	1 897	1 728	–	105	1 833	96.63 %	64	–	64	3.37 %	0	–	–	0	0.00 %
10	Direct research	944	393	–	111	504	53.44 %	439	–	439	46.56 %	0	–	–	0	0.00 %
11	Maritime affairs and fisheries	1 866	1 803	29	2	1 834	98.32 %	29	0	29	1.56 %	2	–	–	2	0.12 %
12	Internal market and services	128	116	–	10	126	98.15 %	2	–	2	1.77 %	0	–	–	0	0.08 %
13	Regional and urban policy	50 642	43 725	6 481	393	50 599	99.91 %	29	–	29	0.06 %	14	–	–	14	0.03 %
14	Taxation and customs union	170	161	–	4	165	96.71 %	5	0	5	3.17 %	0	–	–	0	0.13 %
15	Education and culture	3 339	2 891	–	358	3 249	97.31 %	89	–	89	2.67 %	1	–	–	1	0.02 %
16	Communication	259	246	–	7	253	97.89 %	5	–	5	1.99 %	0	–	–	0	0.12 %
17	Health and consumer protection	632	601	7	15	622	98.52 %	9	–	9	1.44 %	0	–	0	0	0.05 %
18	Home affairs	1 860	1 559	247	31	1 837	98.74 %	22	–	22	1.20 %	1	0	–	1	0.05 %
19	Foreign policy instruments	774	663	15	28	706	91.12 %	23	17	40	5.18 %	28	0	–	29	3.70 %
20	Trade	117	114	–	2	116	98.46 %	2	–	2	1.30 %	0	0	–	0	0.24 %
21	Development and cooperation	5 702	5 406	7	183	5 596	98.15 %	98	7	105	1.85 %	0	–	–	0	0.01 %
22	Enlargement	1 580	1 524	40	9	1 573	99.56 %	6	–	6	0.37 %	1	–	–	1	0.07 %
23	Humanitarian aid and civil protection	1 555	1 182	199	103	1 484	95.39 %	70	–	70	4.51 %	2	–	–	2	0.11 %
24	Fight against fraud	80	79	–	0	79	98.44 %	1	–	1	1.18 %	0	–	–	0	0.37 %
25	Commission's policy coordination and legal advice	204	192	–	6	199	97.32 %	5	0	5	2.61 %	0	–	–	0	0.07 %
26	Commission's administration	1 176	1 013	–	107	1 121	95.30 %	55	–	55	4.68 %	0	–	–	0	0.02 %
27	Budget	64	57	–	4	60	94.03 %	4	–	4	5.85 %	0	–	–	0	0.12 %
28	Audit	13	12	–	0	12	96.96 %	0	–	0	3.00 %	0	–	–	0	0.05 %
29	Statistics	149	135	–	6	141	94.86 %	7	–	7	4.92 %	0	–	0	0	0.22 %
30	Pensions and related expenditure	1 563	1 563	–	0	1 563	99.99 %	0	–	0	0.01 %	0	–	–	0	0.00 %
31	Language services	454	384	–	40	425	93.55 %	29	–	29	6.43 %	0	–	–	0	0.02 %
32	Energy	1 078	961	–	19	980	90.96 %	95	–	95	8.78 %	3	–	–	3	0.27 %
33	Justice	220	210	–	2	212	96.29 %	7	–	7	3.36 %	1	–	0	1	0.36 %
34	Climate action	129	128	–	1	128	99.57 %	0	–	0	0.34 %	0	–	–	0	0.09 %
40	Reserves	338	–	–	–	–	0.00 %	–	219	219	64.84 %	119	–	–	119	35.16 %
Total		177 199	157 732	12 083	3 422	173 236	97.76 %	3 068	654	3 723	2.10 %	221	15	5	240	0.14 %

4.POLICY AREA: COMPARISON OF BUDGET AND ACTUAL PAYMENTS

							EUR millions
	Policy area	Initial adopted budget	Amending budgets & transfers	Final adopted budget	Additional appropri-ations*	Total appropriations available	Payments made
01	Economic and financial affairs	459	(43)	416	128	544	424
02	Enterprise and industry	2 266	(120)	2 147	388	2 534	2 234
03	Competition	98	(1)	97	13	110	98
04	Employment, social affairs and inclusion	10 929	(305)	10 625	226	10 850	10 711
05	Agriculture and rural development	54 942	298	55 240	3 267	58 508	57 093
06	Mobility and transport	2 056	(96)	1 960	179	2 139	2 055
07	Environment	397	(3)	395	30	425	416
08	Research and innovation	5 987	(144)	5 843	1 246	7 089	6 229
09	Communications networks, content and technology	1 727	21	1 748	270	2 018	1 855
10	Direct research	402	(5)	397	536	933	517
11	Maritime affairs and fisheries	1 007	(49)	958	17	975	960
12	Internal market and services	115	(4)	111	16	127	121
13	Regional and urban policy	40 721	131	40 851	278	41 130	41 078
14	Taxation and customs union	137	13	151	12	163	154
15	Education and culture	2 661	164	2 825	624	3 450	3 176
16	Communication	240	5	244	25	269	250
17	Health and consumer protection	567	(31)	536	35	572	552
18	Home affairs	972	161	1 133	45	1 178	1 163
19	Foreign policy instruments	578	(22)	556	56	612	589
20	Trade	124	(10)	114	6	121	116
21	Development and cooperation	4 308	74	4 382	238	4 620	4 523
22	Enlargement	976	(13)	963	17	980	962
23	Humanitarian aid and civil protection	999	277	1 275	150	1 426	1 325
24	Fight against fraud	76	(0)	76	8	83	74
25	Commission's policy coordination and legal advice	192	1	192	25	218	195
26	Commission's administration	992	19	1 011	324	1 335	1 120
27	Budget	70	(14)	57	15	71	60
28	Audit	12	0	12	1	13	12
29	Statistics	116	1	117	27	144	125
30	Pensions and related expenditure	1 567	(4)	1 563	0	1 563	1 563
31	Language services	389	(5)	384	87	471	424
32	Energy	1 035	(43)	992	130	1 123	1 035
33	Justice	195	(20)	175	13	188	179
34	Climate action	84	(18)	66	4	70	64
40	Reserves	150	(150)	–	–	–	–
Total		137 547	67	137 614	8 438	146 051	141 453

* Additonal appropriations include appropriations carried over from previous year, assigned revenue and appropriations made available again following decommitments.

4.1.POLICY AREA: IMPLEMENTATION OF PAYMENT APPROPRIATIONS

																EUR millions
	Policy area		Payments made					Appropriations carried over to 2016					Appropriations lapsing
		Total appropri-ations available	from final adopted budget	from carry-overs	from assigned revenue	Total	%	automatic carry-overs	carry-overs by decision	Assi-gned revenue	Total	%	from final adopted budget	from carry-overs	assigned revenue (EFTA)	Total	%
		1	2	3	4	5=2+3+4	6=5/1	7	8	9	10=7+8+9	11=10/1	12	13	14	15=12+13+14	16=15/1
01	Economic and financial affairs	544	410	6	8	424	77.95 %	6	–	113	119	21.81 %	0	1	–	1	0.24 %
02	Enterprise and industry	2 534	2 130	17	87	2 234	88.13 %	15	–	282	296	11.69 %	2	2	0	4	0.17 %
03	Competition	110	88	7	3	98	89.16 %	8	–	3	11	10.31 %	0	1	–	1	0.53 %
04	Employment, social affairs and inclusion	10 850	10 602	47	61	10 711	98.72 %	13	–	113	126	1.16 %	9	4	–	13	0.12 %
05	Agriculture and rural development	58 508	54 778	875	1 440	57 093	97.58 %	21	410	936	1 366	2.34 %	32	17	–	48	0.08 %
06	Mobility and transport	2 139	1 947	4	104	2 055	96.05 %	4	–	69	73	3.42 %	9	1	1	11	0.53 %
07	Environment	425	390	15	11	416	97.99 %	4	–	3	7	1.56 %	1	1	–	2	0.46 %
08	Research and innovation	7 089	5 811	21	397	6 229	87.86 %	30	–	826	856	12.08 %	2	2	–	4	0.06 %
09	Communications networks, content and technology	2 018	1 736	15	104	1 855	91.91 %	10	–	151	161	7.98 %	1	1	–	2	0.11 %
10	Direct research	933	357	39	121	517	55.46 %	39	–	371	411	44.03 %	0	5	–	5	0.51 %
11	Maritime affairs and fisheries	975	955	2	2	960	98.42 %	3	–	12	15	1.52 %	1	0	–	1	0.06 %
12	Internal market and services	127	107	3	10	121	94.97 %	3	–	2	6	4.64 %	0	0	–	1	0.40 %
13	Regional and urban policy	41 130	40 840	10	228	41 078	99.87 %	11	–	39	50	0.12 %	0	1	–	2	0.00 %
14	Taxation and customs union	163	146	4	4	154	94.87 %	5	–	3	8	5.02 %	0	0	–	0	0.12 %
15	Education and culture	3 450	2 812	13	351	3 176	92.07 %	13	–	259	272	7.89 %	0	1	–	1	0.03 %
16	Communication	269	233	11	6	250	92.97 %	11	–	6	17	6.42 %	0	1	–	2	0.61 %
17	Health and consumer protection	572	526	9	16	552	96.48 %	9	–	9	19	3.24 %	1	1	0	2	0.28 %
18	Home affairs	1 178	1 127	3	33	1 163	98.77 %	5	–	8	13	1.11 %	1	0	–	1	0.12 %
19	Foreign policy instruments	612	551	9	29	589	96.24 %	3	–	18	21	3.43 %	2	0	–	2	0.32 %
20	Trade	121	112	3	2	116	96.43 %	2	–	2	4	3.31 %	0	0	–	0	0.26 %
21	Development and cooperation	4 620	4 357	22	143	4 523	97.89 %	24	–	69	93	2.02 %	0	4	–	4	0.09 %
22	Enlargement	980	951	4	7	962	98.19 %	6	–	4	10	1.07 %	6	1	–	7	0.74 %
23	Humanitarian aid and civil protection	1 426	1 268	9	47	1 325	92.94 %	6	–	93	100	6.98 %	1	0	–	1	0.08 %
24	Fight against fraud	83	68	5	1	74	88.81 %	6	2	0	7	8.94 %	0	1	–	2	2.25 %
25	Commission's policy coordination and legal advice	218	178	12	6	195	89.85 %	14	0	6	20	9.31 %	0	2	–	2	0.84 %
26	Commission's administration	1 335	893	144	83	1 120	83.88 %	118	–	83	200	15.01 %	0	15	–	15	1.11 %
27	Budget	71	50	7	3	60	83.84 %	7	–	5	11	15.52 %	0	0	–	0	0.64 %
28	Audit	13	11	0	0	12	90.64 %	1	–	0	1	8.50 %	0	0	–	0	0.85 %
29	Statistics	144	112	5	8	125	86.78 %	5	–	14	18	12.78 %	0	1	0	1	0.44 %
30	Pensions and related expenditure	1 563	1 563	–	0	1 563	99.99 %	0	–	0	0	0.01 %	0	–	–	0	0.00 %
31	Language services	471	371	17	37	424	90.04 %	14	–	33	46	9.82 %	0	1	–	1	0.14 %
32	Energy	1 123	985	5	45	1 035	92.22 %	5	–	80	84	7.51 %	2	1	–	3	0.27 %
33	Justice	188	171	3	6	179	95.52 %	4	–	4	7	3.92 %	0	1	0	1	0.56 %
34	Climate action	70	61	3	0	64	91.31 %	4	–	0	4	6.02 %	1	0	–	2	2.68 %
40	Reserves	–	–	–	–	–	0.00 %	–	–	–	–	0.00 %	–	–	–	–	0.00 %
	Total	146 051	136 698	1 351	3 404	141 453	96.85 %	430	412	3 615	4 456	3.05 %	74	66	2	142	0.10 %

4.2.POLICY AREA: MOVEMENTS IN COMMITMENTS OUTSTANDING

										EUR millions
	Policy area	Commitments outstanding at the end of previous year				Commitments of the year
		Commitments carried forward from previous year	Decommitments/Revaluations/ Cancellations	Payments	Commitments outstanding at year-end	Commitments made during the year	Payments	Cancellation of commitments which cannot be carried over	Commitments outstanding at year-end	Total commitments outstanding at the end of the year
01	Economic and financial affairs	667	(14)	(140)	513	1 654	(284)	–	1 370	1 883
02	Enterprise and industry	2 204	(50)	(1 219)	935	2 704	(1 015)	(2)	1 688	2 623
03	Competition	7	(1)	(7)	–	100	(91)	–	9	9
04	Employment, social affairs and inclusion	26 124	(215)	(9 635)	16 274	18 069	(1 076)	(0)	16 993	33 266
05	Agriculture and rural development	17 308	(282)	(8 054)	8 971	65 492	(49 039)	(0)	16 453	25 424
06	Mobility and transport	5 647	(393)	(1 642)	3 613	2 683	(413)	–	2 270	5 883
07	Environment	1 093	(1)	(292)	800	443	(125)	–	318	1 118
08	Research and innovation	14 826	(84)	(4 535)	10 207	6 674	(1 693)	(2)	4 978	15 185
09	Communications networks, content and technology	3 305	(36)	(1 295)	1 975	1 833	(560)	(0)	1 273	3 247
10	Direct research	208	(21)	(131)	56	504	(387)	(0)	118	174
11	Maritime affairs and fisheries	1 571	(244)	(644)	682	1 834	(315)	(0)	1 519	2 201
12	Internal market and services	21	(3)	(15)	3	126	(105)	–	21	23
13	Regional and urban policy	84 237	(1 085)	(37 414)	45 738	50 599	(3 664)	(0)	46 935	92 673
14	Taxation and customs union	122	(8)	(76)	39	165	(79)	–	86	125
15	Education and culture	2 879	(52)	(1 312)	1 515	3 249	(1 864)	(0)	1 386	2 901
16	Communication	110	(7)	(83)	21	253	(167)	(0)	86	107
17	Health and consumer protection	535	(68)	(262)	206	622	(290)	–	333	538
18	Home affairs	1 586	(147)	(403)	1 036	1 837	(760)	–	1 076	2 113
19	Foreign policy instruments	862	(73)	(333)	456	706	(256)	(0)	449	905
20	Trade	22	(1)	(15)	6	116	(101)	(0)	14	20
21	Development and cooperation	16 379	(387)	(3 772)	12 220	5 596	(751)	(0)	4 845	17 066
22	Enlargement	3 669	(53)	(857)	2 759	1 573	(105)	(0)	1 468	4 227
23	Humanitarian aid and civil protection	671	(3)	(400)	268	1 484	(925)	–	559	827
24	Fight against fraud	31	(5)	(18)	8	79	(56)	(0)	23	31
25	Commission's policy coordination and legal advice	14	(2)	(12)	–	199	(184)	(0)	15	15
26	Commission's administration	201	(17)	(171)	13	1 121	(948)	(0)	172	185
27	Budget	7	(0)	(7)	–	60	(53)	–	7	7
28	Audit	0	(0)	(0)	–	12	(12)	–	1	1
29	Statistics	105	(6)	(45)	54	141	(80)	(0)	61	115
30	Pensions and related expenditure	–	–	–	–	1 563	(1 563)	(0)	–	–
31	Language services	18	(1)	(17)	–	425	(408)	–	17	17
32	Energy	4 416	(509)	(914)	2 993	980	(121)	(0)	859	3 853
33	Justice	181	(22)	(66)	94	212	(114)	–	99	193
34	Climate action	105	(1)	(40)	64	128	(25)	–	104	168
40	Reserves	–	–	–	–	–	–	–	–	–
		189 132	(3 788)	(73 826)	111 518	173 236	(67 627)	(5)	105 605	217 123

4.3.POLICY AREA: BREAKDOWN OF COMMITMENTS OUTSTANDING BY YEAR OF ORIGIN

										EUR millions
		< 2009	2009	2010	2011	2012	2013	2014	2015	Total
01	Economic and financial affairs	14	–	0	60	178	244	16	1 370	1 883
02	Enterprise and industry	11	20	34	60	184	304	323	1 688	2 623
03	Competition	–	–	–	–	–	–	0	9	9
04	Employment, social affairs and inclusion	515	36	26	448	1 662	6 383	7 203	16 993	33 266
05	Agriculture and rural development	75	0	–	3	206	6 830	1 856	16 453	25 424
06	Mobility and transport	76	44	85	402	695	700	1 612	2 270	5 883
07	Environment	49	61	74	102	136	177	202	318	1 118
08	Research and innovation	70	87	283	584	2 005	3 160	4 017	4 978	15 185
09	Communications networks, content and technology	17	20	40	82	284	551	980	1 273	3 247
10	Direct research	9	1	3	2	3	15	24	118	174
11	Maritime affairs and fisheries	99	–	8	25	47	454	49	1 519	2 201
12	Internal market and services	–	–	–	–	0	0	3	21	23
13	Regional and urban policy	1 365	3	216	1 020	5 918	23 611	13 606	46 935	92 673
14	Taxation and customs union	–	–	0	1	2	4	31	86	125
15	Education and culture	56	32	43	109	199	461	615	1 386	2 901
16	Communication	0	0	0	1	0	2	17	86	107
17	Health and consumer protection	6	11	9	14	15	39	112	333	538
18	Home affairs	14	28	50	110	245	491	99	1 076	2 113
19	Foreign policy instruments	7	5	14	17	76	96	242	449	905
20	Trade	–	–	0	0	0	2	3	14	20
21	Development and cooperation	555	448	706	1 108	2 304	3 246	3 853	4 845	17 066
22	Enlargement	140	55	138	252	411	616	1 146	1 468	4 227
23	Humanitarian aid and civil protection	9	13	25	25	24	30	142	559	827
24	Fight against fraud	0	0	–	–	0	2	5	23	31
25	Commission's policy coordination and legal advice	–	–	–	–	–	–	0	15	15
26	Commission's administration	–	–	–	0	–	7	6	172	185
27	Budget	–	–	–	–	–	–	–	7	7
28	Audit	–	–	–	–	–	–	–	1	1
29	Statistics	0	0	1	1	4	12	35	61	115
30	Pensions and related expenditure	–	–	–	–	–	–	0	–	–
31	Language services	–	–	–	–	–	–	0	17	17
32	Energy	41	467	717	238	324	469	737	859	3 853
33	Justice	–	1	1	5	9	22	57	99	193
34	Climate action	–	–	–	–	1	3	60	104	168
40	Reserves	–	–	–	–	–	–	–	–	–
Total		3 130	1 333	2 473	4 671	14 931	47 931	37 049	105 605	217 123

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