BMW 2004 Annual Report Download - page 88
Download and view the complete annual report
Please find page 88 of the 2004 BMW annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78 -
79 -
80 -
81 -
82 -
83 -
84 -
85 -
86 -
87 -
88 -
89 -
90 -
91 -
92 -
93 -
94 -
95 -
96 -
97 -
98 -
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
-
191
-
192
-
193
-
194
-
195
-
196
-
197
-
198
-
199
-
200
 |
 |
The net obligation from pension plans in Germany and in the United Kingdom developed as follows:
The actuarial losses, which led to an increase
in the present value of pension entitlements in the
financial year 2004, resulted from changes in the
discount factors and assumptions about inflation
and mortalities used for the purposes of the actuarial
computation. The actual income from pension fund
assets in the United Kingdom, amounting to euro
528 million, exceeded the expected return of euro
261 million by euro 267 million, which is shown
above as actuarial gains.
Actuarial losses in excess of a corridor of 10%
of the defined benefit obligations amount to euro
589 million (2003: euro 321 million). They are re-
quired to be recognised as income or expenses over
the average remaining working lives of the relevant
employees. These losses will result in additional ex-
pense in the financial year 2005 of euro 29 million
in Germany, euro 11 million in the United Kingdom
and euro 2 million in the USA. The current short-fall
in Germany is mainly attributable to the reduction in
the discount factor from 5.5% to 4.8% in the light
of capital market developments.
87
in euro million Germany United Kingdom
Present value of Present value of Plan Net
pension benefits pension benefits assets obligation
2004 2003 2004 2003 2004 2003 2004 2003
1 January 2,513 2,186 5,564 5,329 – 4,744 – 4,722 820 607
Expense from pensions obligations 272 203 384 327 – 261 – 239 123 88
Payments to external funds – –––– 112 – 111 – 112 – 111
Pension payments – 59 –56 – 281 – 255 281 255 ––
Actuarial gains (-) and losses (+) 563 139 114 435 – 267 – 155 – 153 280
Translation differences and
other changes 47 41 –17 – 272 17 228 ––44
31 December 3,336 2,513 5,764 5,564 – 5,086 – 4,744 678 820