BMW 2003 Annual Report Download - page 95
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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
12 A Review of the Financial Year
29 Outlook
30 Financial Analysis
44 Risk Management
047 BMW Stock
050 Corporate Governance
054 Group Financial Statements
118 BMW AG Principal Subsidiaries
120 BMW Group10-year Comparison
122 BMW Group Locations
124 Glossary, Index
94
reimbursement or a right to reduce future contribu-
tions,
the surplus amount is recognised in accordance
with IAS 19 as an asset under miscellaneous assets.
A liability is recognised under pension provisions in
the case of funded plans where the pension expense
exceeds the contributions paid to the fund.
Actuarial gains or losses may result from in-
creases or decreases in either the present value of
the defined benefit obligation or in the fair value of
the fund assets. Causes of actuarial gains or losses
include the effect of changes in the measurement
parameters, changes in estimates caused by the
actual development of risks impacting on pension
obligations and differences between the actual and
expected return on plan assets. Past service cost
arises where a BMW Group company introduces a
defined benefit plan or changes the benefits payable
under an existing plan.
Based on the measurement principles contained
in IAS 19, the following funding status applies to
the Group’s pension plans:
in euro million Germany UK Other countries Total
31 December 2003 2002 2003 2002 2003 2002 2003 2002
Present value of pension benefits
covered by accounting provisions 2,513 2,186 ––91 73 2,604 2,259
Present value of funded
pension benefits – –5,564 5,329 222 209 5,786 5,538
Defined benefit obligations 2,513 2,186 5,564 5,329 313 282 8,390 7,797
Fair value of fund assets – –4,744 4,722 156 144 4,900 4,866
Net obligation 2,513 2,186 820 607 157 138 3,490 2,931
Actuarial gains (+) and
losses (–) not yet recognised – 208 –69 – 852 – 617 –44 –52 –1,104 – 738
Income (+) or expense (–) from past
service cost not yet recognised – ––––2 –3 –2 –3
Amount not recognised as an
asset because of the limit in
IAS 19.58 – –––10 23 10 23
Balance sheet amount at 31.12. 2,305 2,117 –32 –10 121 106 2,394 2,213
thereof pension provision 2,305 2,117 333 122 107 2,430 2,257
thereof pension asset (–) – ––35 –43 –1 –1 –36 –44