DHL 2002 Annual Report Download - page 122

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37
The benefit obligations funded by provisions are attrib-
utable mainly to pension obligations in Germany, and relate
primarily to the defined benefit plans of Deutsche Post AG
and Deutsche Postbank AG. There are various commitments
to individual groups of employees. The commitments
depend on length of service, and usually final salary as well.
The provisions for defined benefit plans are measured using
the projected unit credit method in accordance with IAS 19
(Employee Benefits), under which the future obligations are
determined using actuarial principles and actuarial assump-
tions. The expected benefits are spread relatively evenly over
the entire length of service of the employees, taking into
account changes in key parameters.
The significant defined benefit plans of Deutsche Post
AG are funded via Versorgungsanstalt der Deutsche Bundes-
post (VAP), Unterstützungskasse Deutsche Post Betriebs-
renten Service e.V. (DPRS), and Deutsche Post Pensions-
fonds GbR, which was established in 2002. The pension
funds and Deutsche Post Pensionsfonds GbR were provided
with plan assets (funded pension plans). Deutsche Post AG
and Deutsche Postbank AG have entered into direct commit-
ments for the remaining plans.
Other funded benefit obligations relate primarily to
the Danzas group and DHL International, as shown in the
following table:
Plan assets of €1,910 million (previous year: €1,579
million) are attributable to the benefit obligations at the
reporting date.
The remaining obligations amounting to €1,707 mil-
lion (previous year: €1,638 million) are fully covered by the
provisions recognized.
The plan assets are primarily composed of fixed-
income securities, mortgages, mortgage bonds, etc. (72.1%;
previous year: 87.5%), equities and investment funds (6.5%;
previous year: 6.2%) and other assets, such as real estate
(21.4%; previous year: 6.3%). The price risk is low due to
the conservative composition.
The actuarial computation of the benefit obligations
and pension expense in Germany (particularly of Deutsche
Post AG and Deutsche Postbank AG) was based on the fol-
lowing assumptions:
At the German Group companies, longevity is calcu-
lated on the 1998 mortality tables published by Dr. Klaus
Heubeck.
The following table presents changes in the recognized
pension provisions, based on the present value of the obliga-
tions:
Financial Statements
Notes
in €m 2001 2002
Deutsche Post AG 2,845 3,098
Danzas group 372 479
DHL International 0 40
3,217 3,617
Funded benefit obligations
in % 2001 2002
Discount rate 5.5 to 5.75 5.5 to 5.75
Expected wage and salary growth
(depending on employee group) 2.0 to 3.0 2.5
Expected pension growth
(depending on employee group) 1.75 to 2.5 2.0 to 2.5
Average expected fluctuation 1.0 1.0
Expected return on plan assets 3.1 to 4.25 3.0 to 4.25
Actuarial assumptions
in €m 2001 2002
Present value of obligations at Dec. 31 8,328 8,334
Share of funded obligations 3,217 3,617
Share of unfunded obligations 5,111 4,717
Fair value of plan assets 1,579 1,910
Unrecognized actuarial gains/losses 168 228
Unrecognized past service cost 0 0
Carrying amount at Dec. 31 6,581 6,196
Changes in recognized pension provisions