Nokia 2003 Annual Report Download - page 129
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Notes to the Consolidated Financial Statements (Continued)
5. Pensions (Continued)
and the reserved portion as a defined benefit plan. The foreign plans include both defined
contribution and defined benefit plans.
The amounts recognized in the balance sheet relating to single employer defined benefit schemes
are as follows:
2003 2002
Domestic Foreign Domestic Foreign
Plans Plans Plans Plans
EURm EURm EURmEURm
Fair value of plan assets ................................ 683 204 636 126
Present value of funded obligations ....................... (666) (343) (539) (261)
Surplus/(Deficit) ....................................... 17 (139) 97 (135)
Unrecognized net actuarial (gains)/losses ................... 140 61 45 63
Prepaid/(Accrued) pension cost in balance sheet ............. 157 (78) 142 (72)
The amounts recognized in the profit and loss account are as follows:
2003 2002 2001
EURm EURm EURm
Current service cost .............................................. 54 58 49
Interest cost .................................................... 46 47 40
Expected return on plan assets ..................................... (55) (61) (75)
Net actuarial losses (gains) recognized in year ......................... 32 (16)
Past service cost ................................................. —11 —
Curtailment .................................................... (10) — (1)
Total, included in personnel expenses ................................ 38 57 (3)
Movements in prepaid pension costs recognized in the balance sheet are as follows:
2003 2002
EURm EURm
Prepaid pension costs at beginning of year .................................. 70 73
Net income (expense) recognized in the profit and loss account ................. (38) (57)
Contributions paid ..................................................... 47 54
Prepaid pension costs at end of year ....................................... 79* 70*
* Included within prepaid expenses and accrued income.
The principal actuarial weighted average assumptions used were as follows:
2003 2002
Domestic Foreign Domestic Foreign
%%%%
Discount rate for determining present values ............. 5.25 5.30 5.50 5.58
Expected long term rate of return on plan assets .......... 6.00 6.87 7.25 6.56
Annual rate of increase in future compensation levels ...... 3.50 3.49 3.50 3.09
Pension increases ................................... 2.30 2.27 2.30 2.29
F-20