Audi 2009 Annual Report Download - page 214

211
Consolidated Financial
Statements
178 Income Statement
179 Statement of Recognized
Income and Expense
180 Balance Sheet
181 Cash Flow Statement
182 Statement of Changes in Equity
Notes to the Consolidated
Financial Statements
184 Development of fixed assets
in the 2009 fiscal year
186 Development of fixed assets
in the 2008 fiscal year
188 General information
192 Recognition and
measurement principles
199 Notes to the Income Statement
205 Notes to the Balance Sheet
209 Liabilities
215 Additional disclosures
236 Events occurring subsequent
to the balance sheet date
237 Statement of Interests
held by the Audi Group
The retirement benefit systems are based predominantly on defined benefit plans, with a dis-
tinction being made between systems based on provisions and externally financed benefit sys-
tems.
The domestic and foreign benefit claims of those with entitlement to a pension from the com-
pany pension scheme are calculated in accordance with IAS 19 (Employee Benefits) on the basis
of the projected unit credit method. This measures future obligations on the basis of the pro
rata benefit entitlements acquired as of the balance sheet date. For purposes of measurement,
trend assumptions are used for the relevant variables affecting the level of benefits.
The retirement benefit scheme within the Audi Group was evolved into a pension fund model in
Germany on January 1, 2001. The retirement benefit commitments for this model are also clas-
sified as defined benefits in accordance with the requirements of IAS 19. The remuneration-
based annual cost of providing employee benefits is invested in mutual funds on a fiduciary
basis by Volkswagen Pension Trust e.V. (Wolfsburg). This model offers employees the opportu-
nity of increasing their pension entitlements, while providing full risk coverage. As the mutual
fund units administered on a fiduciary basis satisfy the requirements of IAS 19 as plan assets,
these funds were offset against the derived retirement benefit obligations.
The amounts recorded in the Balance Sheet for benefit commitments are presented in the fol-
lowing table:
EUR million Dec. 31, 2009 Dec. 31, 2008 Dec. 31, 2007 Dec. 31, 2006 Dec. 31, 2005
Present value of externally
funded defined benefit
obligations 586 464 368 306 238
Fair value of plan assets 583 471 368 306 238
Financing status (balance) 3 – 7–––
Due to the limit on a defined
benefit asset amount not
capitalized under IAS 19 – 7–––
Present value of defined benefit
obligations not externally
funded 2,096 1,946 1,957 1,974 2,180
Provisions for pensions
recognized in the Balance Sheet 2,098 1,946 1,957 1,974 2,180
The present value of the defined benefit commitments changed as follows:
EUR million 2009 2008
Present value on January 1 2,410 2,325
Changes in the group of consolidated companies and first-time adoption of
IAS 19 –91
Service cost 74 64
Interest cost 135 129
Actuarial gains (–) / losses (+) + 148 – 111
Pension payments from company assets – 79 – 72
Effects from transfers – 12
Pension payments from fund assets – 4– 19
Currency differences –1
Present value on December 31 2,681 2,410