BMW 2001 Annual Report Download - page 81
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001 BMW Group in figures
004 Report of the Supervisory Board
008 Supervisory Board
011 Board of Management
012 Group Management Report
029 BMW Stock
033 Group Financial Statements
098 BMW AG Financial Statements
104 BMW Group Annual Comparison
106 BMW Group Locations
108 Glossary
112 Index
80
The actual return from external pension funds
was euro 297 million (2000: euro 73 million). The
shortfall against the expected return on plan assets
was attributable mainly to Great Britain, where the
return was less than expected due to the fall of stock
prices on the worlds stock exchanges. The differ-
ence between actual and expected return from ex-
ternal pension funds will be recognised as expense
over the expected average remaining working lives
of the employees participating in the plans when the
accumulated amount of the actuarial gains or losses
exceed 10% of the present value of the obligations.
The plan curtailments in the year 2000 were
made since the number of employees covered by
the pension plan in Great Britain will be reduced as
a consequence of the sale of Rover Cars and the
Land Rover business. At the date of sale, the
obligations to employees leaving the scheme were
revalued, resulting in an additional expense of euro
25 million. The transfer of fund assets to the
Phoenix Consortium and to Ford Motor Company
and the related settlement of the pension obliga-
tions to the employees leaving the scheme is ex-
pected to be concluded during 2002.
The changes in the net obligation, resulting
from the difference between the pension provision
and pension asset disclosed in the balance sheet, is
as follows:
in euro million Germany UK Other countries Total
2001 2000 2001 2000 2001 2000 2001 2000
Current service cost 95 64 56 107 29 16 180 187
Interest cost 109 99 391 413 11 10 511 522
Expected return on plan assets () 395 483 12 11 407 494
Actuarial gains and losses 123
Past service cost 1111
Effect of plan curtailments 25 25
Total expense 204 163 53 62 31 16 288 241