Vodafone 2003 Annual Report Download - page 139

Download and view the complete annual report

Please find page 139 of the 2003 Vodafone 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.

Page out of 155

  • 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

Vodafone Group Plc Annual Report & Accounts and Form 20-F 2003 137
German defined benefit pension plan
The net periodic pension cost, benefit obligations, plan assets and funded status under US GAAP, translated at the year-end exchange rate of 11.4486:£1, at
31 March 2003 comprised the following:
2003 2002 2001
£m £m £m
Service cost 322
Interest cost 777
Actual loss on plans’ assets 21 –
Net periodic pension cost 12 10 9
Change in benefit obligation
Benefit obligation at 1 April 119 114 126
Service cost 322
Interest cost 777
Amendments (3) 5 (12)
Actuarial loss 13 ––
Benefits paid (estimated) (9) (8) (9)
Exchange movements 15 (1) –
Benefit obligation at 31 March 145 119 114
Change in plans’ assets
Fair value of assets at 1 April 122
Actual loss on plans’ assets –(1) –
Employer’s contributions 88 8 –
Members’ contributions –––
Benefits paid (estimated) (9) (8) –
Exchange movements 6––
Fair value of assets at 31 March 86 12
Funded status
Projected benefit obligation (145) (119) (114)
Fair value of plan assets 86 12
Unrecognised net loss 46 31 26
Accrued pension cost (13) (87) (86)
Weighted-average actuarial assumptions:
Discount rate 5.25% 6.0% 6.5%
Rate of compensation increase 2.00% 2.5% 2.5%
Expected long term return on plan assets 5.25% 6.0% 6.5%
Amount recognised in the statement of financial position:
Unfunded benefit obligation 55
Net amount recognised 13
Accrued benefit liability 42
Other comprehensive income 42