DHL 1997 Annual Report Download - page 75

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In 1997, Deutsche Post AG set up accruals amounting to DM 2,410
million for part of the indirect obligations to pensioners of the VAP
(the Deutsche Bundespost’s Supplementary Pensions Institution).
These obligations had not previously been accrued, and in 1996
were disclosed only in the notes to the financial statements. Deutsche
Post AG also has indirect obligations through Deutsche Post
Pensions-Service e.V. relating to pensions and allowances payable to
retired civil servants and corresponding expectancies of serving civil
servants. These obligations, which are not disclosed in the balance
sheet, are partly funded by regular contributions from Deutsche Post
AG. The amount of these obligations was determined by actuarial
valuation to be approximately DM 16,710 (18,413) million.
The continuing obligations of Deutsche Post AG to pay contributions
to Deutsche Post Pensions-Service e.V. are limited by section 16 of the
Postpersonalrechtsgesetz to annual amounts of DM 4.0 thousand mil-
lion up to and including 1999, and thereafter to 33 % of the gross emol-
uments of serving civil servants and those granted leave of absence.
(11) Deutsche Post AG has pension obligations amounting to DM 5,010
(8,940) million to non-civil-service employees which are in excess
of the pension accruals set up in 1997. These obligations, which are
not disclosed in the balance sheet, were computed using actuarial
methods and in accordance with the rules for pension accruals set
out in section 6a of the Income Tax Act.
(12) Accruals for taxation were set up principally for real property tax
and flat-rate wage tax.
(13)
Other accruals consist principally of amounts accrued for the expected
shortfall between the sources of regular income of the Post Office Civil
Servants’ Health Insurance Fund and the benefits paid, unperformed
services relating to the sale of postage stamps, the letter mail and other
reorganization concepts and miscellaneous personnel expenses.
(14) The portions of accounts payable falling due in less than one year
or more than five years from the balance sheet date are shown in
the schedule forming Appendix 2 to these notes.
72
Notes to
the Financial
Statements