DHL 2002 Annual Report Download - page 123

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38
There are additional obligations amounting to €437
million in addition to the obligations at December 31, 2002
listed in the table. These were largely attributable to Van Gend
& Loos B.V. and are fully funded.
An internal Pension Trust, Deutsche Post Pensionsfonds
GbR, was formed in fiscal year 2002. Its objective is to secure
the pension entitlements of employees by using insolvency-
proof transferred assets. Deutsche Post AG holds a 99.98%
interest in Deutsche Post Pensionsfonds GbR, Deutsche Post
Verwaltungs-Objekt GmbH holds a 0.01% interest and
Deutsche Post Pensions e.V. holds a 0.01% interest. Deutsche
Post AG transferred real estate to the Pension Trust in fiscal
year 2002 and leased it back. If Deutsche Post AG ever
becomes insolvent, Deutsche Post Pensions e.V. would
assume the pension payments. Under IAS 19, transfer of the
real estate to Deutsche Post Pensionsfonds GbR results in a
plan asset that is offset against the plan liabilities.
The following pension expenses were incurred in fiscal
year 2002 compared with the prior-year period:
The interest cost on entitlements acquired in previous
periods is carried under staff costs together with the other
expenses from the retirement benefit obligations.
The following table presents the change in the net
liabilities recognized for the year under review and the
previous year:
In accordance with IAS 19.92, actuarial gains and
losses are recognized only to the extent that they exceed the
greater of 10% of the present value of the obligations or
of the fair value of plan assets. The excess amount is spread
over the remaining working lives of the active employees
and recognized in income.
The actual return on plan assets is presented below:
Pension arrangements for civil servants
In addition to the state pension system operated by the
statutory pension insurance funds, to which contributions for
hourly workers and salaried employees are remitted in
the form of non-wage costs, Deutsche Post AG and Deutsche
Postbank AG pay contributions to defined contribution plans
in accordance with statutory provisions.
in €m 2001 2002
Current service cost 136 192
Interest cost 418 456
Expected return on plan assets 72 75
Amortized actuarial gains/losses 28 16
Amortized past service cost 1 21
Other 12 0
Expected employee contributions 6 0
Pension expense 461 536
Pension expense
in €m 2001 2002
Carrying amount at Jan. 1 6,669 6,581
Changes in consolidated group 6 33
Pension expense 461 536
Pension payments 339 225
Contributions to funds 224 513
Transfers of assets 0 10
Effect of plan curtailments
and settlements 10 224
Currency translation differences 2 2
Carrying amount at Dec. 31 6,581 6,196
Recognized net liabilities
in €m 2001 2002
Expected return on plan assets 72 75
Loss on plan assets -26 -22
Actual return on plan assets 46 53
Return on plan assets