Unilever 2004 Annual Report Download - page 132
Download and view the complete annual report
Please find page 132 of the 2004 Unilever 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
 |
 |
Unilever Annual Report and Accounts 2004 129
18 Pensions and similar obligations (continued)
Assumptions
The assumptions in respect of principal plans used to determine the periodic expense in the table above for pensions and other retirement
benefits are given in the table below:
%%%%%%
Other post- Other post- Other post-
Pension Pension Pension employment employment employment
plans plans plans benefit plans benefit plans benefit plans
2004 2003 2002 2004 2003 2002
Weighted average assumptions used to determine net cost
for the principal plans for the years ended 31 December
Discount rate 5.50 5.70 6.00 6.10 6.50 7.25
Expected long-term rate of return on plan assets 7.20 6.90 7.75 n/a n/a n/a
Salary increases 3.70 3.60 3.75 4.50 4.30 4.50
Pension increases 2.20 2.20 2.50 n/a n/a n/a
Expected rate of return on plan assets
The expected rate of return on plan assets was determined, based on actuarial advice, by a process that takes the current long-term rates of
return available on government bonds and applies to these rates suitable risk premiums that take account of available historic market returns
and current market expectations.
Post-employment healthcare benefits
Assumed healthcare cost trend rates have a significant effect on the amounts reported for the healthcare plans. A one-percentage-point change
in assumed healthcare cost trend rates would have the following effects:
€ million € million
1% point 1% point
increase decrease
Effect on total of service and interest cost components 5 (4)
Expected cash flows
During 2005 Unilever expects to make cash contributions of €315 million to funded defined benefit plans. This includes both mandatory and
discretionary payments. In addition, a further €43 million is expected to be contributed to defined contribution plans.
The table below shows the expected benefit payments from defined benefit plans. The benefits paid from funded plans include amounts
funded by employee contributions. The benefits paid in respect of unfunded plans are made from the Group’s cash resources.
€ million € million
Pension benefits Other benefits
Funded Unfunded Unfunded
Expected benefit payments
2005 811 222 92
2006 816 227 91
2007 842 236 94
2008 864 245 98
2009 885 250 101
2010–2014 4 665 1 384 534
Notes to the consolidated accounts
Unilever Group