DHL 2014 Annual Report Download - page 188

e discount rates for dened benet obligations in the euro zone
and the  were each derived from an individual yield curve
comprising the yields of -rated corporate bonds. Membership-
related factors were taken into account. For other countries, the
discount rate was determined in a similar way, provided there was
a deep market for -rated (or, to some extent,  and -rated)
corporate bonds. By contrast, government bond yields were used
for countries without a deep market for such corporate bonds.
For the annual pension increase in Germany, agreed rates in
particular must be taken into account in addition to the assump-
tions shown. e eective weighted average therefore amounts to
.  : . .
e signicant demographic assumptions made relate to life
expectancy and mortality. For the German Group companies, they
were calculated using the Richttafeln   mortality tables pub-
lished by Klaus Heubeck. Life expectancy for the British retirement
plans was based on the  /  tables of the Continuous
Mortality Investigation of the Institute and Faculty of Actuaries
adjusted to reect plan-specic mortality. Other countries used
their own, current standard mortality tables.
If one of the signicant nancial assumptions were to change,
the present value of the dened benet obligations would change
as follows:
Change in
assumption
Change in present value
of defined benefit obligations
Germany  Other Total
 December 
Discount rate +1.00
–1.00
–13.57
17.85
–16.06
19.78
–14.43
18.75
–14.40
18.53
Expected annual rate of future salary increase +0.50
– 0.50
0.18
– 0.17
0.11
– 0.10
1.17
–1.10
0.29
– 0.27
Expected annual rate of future pension increase +0.50
– 0.50
0.41
– 0.37
5.07
–3.18
6.13
– 4.37
2.51
–1.71
 December 
Discount rate +1.00
–1.00
–12.31
15.63
–16.14
19.58
–13.41
17.20
–13.59
17.01
Expected annual rate of future salary increase +0.50
– 0.50
0.17
– 0.15
1.06
–1.21
1.44
–1.30
0.60
– 0.62
Expected annual rate of future pension increase +0.50
– 0.50
0.30
– 0.27
4.09
– 4.08
5.81
– 4.14
2.15
–1.91
ese are eective weighted changes in the present value of the var-
ious dened benet obligations, e.g., taking into account the largely
xed nature of the pension increase for Germany.
A one-year increase in life expectancy for a -year-old bene-
ciary would increase the present value of the dened benet obli-
gations by .  in Germany (previous year: . ) and by . 
in the  (previous year: . ). e corresponding increase for
other countries would be .  (previous year: . ), for a total
increase of .  (previous year: . ).
When determining the sensitivity disclosures, the present
values were calculated using the same methodology used to cal-
culate the present values at the reporting date. e presentation
does not take into account interdependencies between the assump-
tions; rather, it supposes that the assumptions change in isolation.
is would be unusual in practice, since assumptions are oen
correlated.
e weighted average duration of the Group’s dened bene-
t obligations at  December  was . years in Germany
( December : . years) and . years in the  ( Decem-
ber : . years). In the other countries it was . years ( De-
cember : . years), and in total it was . years ( Decem-
ber : . years).
A total of .  ( December : . ) of the present
value of the dened benet obligations was attributable to active
beneciaries, .  ( December : . ) to terminated
bene ciaries and .  ( December : . ) to retirees.
Deutsche Post  Group —  Annual Report
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