BMW 2004 Annual Report Download - page 85
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Group Financial Statements 50
Income Statements 51
Balance Sheets 52
Cash Flow Statements 54
Group Statement of
Changes in Equity 56
Notes 57
--Accounting Principles
and Policies 57
--Notes to the Income Statement 66
--Notes to the balance sheet 74
--Other Disclosures 93
--Segment Information 100
--Disclosures pursuant to
§292a HGB
104
Auditors’ Report 107
84
reimbursement or a right to reduce future contribu-
tions, the surplus amount is recognised in accor-
dance with IAS 19 as an asset under miscellaneous
assets. A liability is recognised under pension provi-
sions 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 plan assets. Causes of actuarial gains or losses
include the effects 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 con-
tained in IAS 19, the following funding status ap-
plies to the Group’s pension plans:
in euro million Germany UK Other countries Total
31 December 2004 2003 2004 2003 2004 2003 2004 2003
Present value of pension benefits
covered by accounting provisions 3,336 2,513 ––104 91 3,440 2,604
Present value of funded
pension benefits – –5,764 5,564 249 222 6,013 5,786
Defined benefit obligations 3,336 2,513 5,764 5,564 353 313 9,453 8,390
Fair value of plan assets – –5,086 4,744 180 156 5,266 4,900
Net obligation 3,336 2,513 678 820 173 157 4,187 3,490
Actuarial gains (+) and
losses (–) not yet recognised – 771 – 208 – 699 – 852 –51 –44 – 1,521 – 1,104
Income (+) or expense (–) from past
service cost not yet recognised – ––––2 –2 –2 –2
Amount not recognised as an
asset because of the limit in
IAS 19.58 – –––910 910
Balance sheet amount at 31.12. 2,565 2,305 –21 –32 129 121 2,673 2,394
thereof pension provision 2,565 2,305 83130 122 2,703 2,430
thereof pension asset (–) – ––29 –35 –1 –1 –30 –36