Audi 2013 Annual Report Download - page 256

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO THE BALANCE SHEET
CONSOLIDATED FINANCIAL STATEMENTS
253
B
The retirement benefit scheme within the Audi Group was
evolved into a pension fund model in Germany on January 1,
2001. The pension fund model is a contribution-based retire-
ment benefit scheme with guarantees backed by Volkswagen
Pension Trust e.V. An annual cost of providing benefits, based
on remuneration and status, is converted into a retirement
benefits entitlement payable for life (guarantee components)
using annuity conversion factors. The annuity conversion factors
include a guaranteed rate of interest. When the benefits are
due, the retirement benefits components acquired annually
are added together. The cost of providing benefits is invested
on an ongoing basis in a dedicated fund that is managed on a
fiduciary basis by Volkswagen Pension Trust e.V. and invested
in the capital market. If the plan assets are higher than the
present value of the obligations calculated using the guaran-
teed interest rate, a surplus is allocated (surplus components).
The pension fund model is classed as a defined benefit plan
pursuant to IAS 19. The dedicated fund administered on a
fiduciary basis satisfies the requirements of IAS 19 as plan
assets and has therefore been offset against the obligations.
31.1 / AMOUNTS RECORDED IN THE BALANCE SHEET FOR DEFINED BENEFIT OBLIGATIONS
EUR million Dec. 31, 2013 Dec. 31, 2012
Present value of externally funded defined benefit obligations 1,032 1,009
Fair value of plan assets 972 844
Financing status (balance) 60 165
Present value of defined benefit obligations not externally funded 3,150 3,305
Due to the limit on a defined benefit asset amount not
capitalized under IAS 19 – –
Provisions for pensions recognized in the Balance Sheet 3,209 3,470
31.2 / PRESENT VALUE OF DEFINED BENEFIT OBLIGATIONS
EUR million 2013 2012
Present value on January 1 4,314 3,218
Service cost 132 106
Interest cost 136 141
Actuarial gains (–)/losses (+) following changes in demographic assumptions +1 0
Actuarial gains (–)/losses (+) following changes in financial assumptions –317 +899
Actuarial gains (–)/losses (+) following experience-based adjustments +17 +39
Pension payments from company assets –95 –95
Pension payments from fund assets –8 –5
Changes in scope of consolidated companies and initial adoption of IAS 19 – 6
Effects from transfers 5 4
Currency differences –4 –1
Present value on December 31 4,181 4,314