DHL 2004 Annual Report Download - page 112

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108
Changes
in plan assets
in € m
Deutsche
Post AG
2003
Deutsche
Postbank
group
2003
EXPRESS
excluding
DPAG
2003
LOGISTICS
excluding
DPAG
2003
Other
2003
Total
2003
Deutsche
Post AG
2004
Deutsche
Postbank
group
2004
EXPRESS
excluding
DPAG
2004
LOGISTICS
excluding
DPAG
2004
Other
2004
Total
2004
Fair value of plan assets
at January 1 1,422 0 523 451 0 2,396 1,668 0 641 457 0 2,766
Employer contributions 219 0 0 6 0 225 196 0 56 19 0 271
Employee contributions 00770140067013
Actual return on plan assets 77 0 29 5 0 111 46 0 3 40 0 89
Pension payments – 198 0 0 0 0 – 198 – 187 0– 22 – 17 0– 226
Transfers 148 0 34 – 12 0 170 5 0 25 – 9 0 21
Acquisitions 0 0 46 0 0 46 0 0 0 0 0 0
Plan curtailments 000000000000
Currency translation effects 00200200– 12 1 0 – 11
Fair value of plan assets
at December 31 1,668 0 641 457 0 2,766 1,728 0 697 498 0 2,923
Plan assets largely consist of fixed-income securities, fixed-term
deposits, other cash and cash equivalents, etc. (56.9%; previous year:
52.8%), equities and investment funds (14.2%; previous year: 11.1%),
and other assets such as real estate (28.9%; previous year: 36.1%).
78% (previous year: 65.2%) of the real estate, which has a fair value
of € 657 million (previous year: € 650 million), is owner-occupied
by Deutsche Post AG. The price risk is extremely low due to the
conservative composition of these assets.
Changes in net pension provisions
Changes in net pension provisions in 2003 and 2004 are shown in the table below:
Changes in
net pension provisions
in € m
Deutsche
Post AG
2003
Deutsche
Postbank
group
2003
EXPRESS
excluding
DPAG
2003
LOGISTICS
excluding
DPAG
2003
Other
2003
Total
2003
Deutsche
Post AG
2004
Deutsche
Postbank
group
2004
EXPRESS
excluding
DPAG
2004
LOGISTICS
excluding
DPAG
2004
Other
2004
Total
2004
Net pension provision
at January 1 5,480 563 – 15 63 56 6,147 5,450 572 116 110 11 6,259
Pension expense 435 46 60 23 4 568 47 19 5 20 22 113
Pension payments – 276 – 42 – 41 – 3 0– 362 – 283 – 40 – 7 – 6 0– 336
Contributions to funds – 219 0– 7 – 13 0– 239 – 196 0– 49 – 13 0– 258
Acquisitions 0 0 91 0 0 91 0 33 0 0 0 33
Transfers 30 4 35 42 – 49 62 5 0 79 – 64 0 20
Currency translation effects 0 1 – 7 – 2 0– 8 000000
Net pension provision
at December 31 5,450 572 116 110 11 6,259 5,023 584 144 47 33 5,831
Pension expense
The pension expense recognized in the income statement is as follows:
Pension expense
in € m
Deutsche
Post AG
2003
Deutsche
Postbank
group
2003
EXPRESS
excluding
DPAG
2003
LOGISTICS
excluding
DPAG
2003
Other
2003
Total
2003
Deutsche
Post AG
2004
Deutsche
Postbank
group
2004
EXPRESS
excluding
DPAG
2004
LOGISTICS
excluding
DPAG
2004
Other
2004
Total
2004
Current service cost excluding
employee contributions 94 10 41 23 4 172 91 11 63 21 16 202
Interest cost 382 35 35 28 0 480 389 38 46 23 0 496
Expected return on plan assets – 55 0– 37 – 26 0– 118 – 49 0– 44 – 27 0– 120
Recognized past service cost 6 1 – 4 0 0 3 0 – 2 – 1 3 6 6
Amortized unrealized
gains / losses 800401250– 1 2 0 6
Effects of plan curtailments 000000– 389 – 32 – 57 – 3 0– 481
Other 0 0 25 – 6 0 19 0 4 – 1 1 0 4
Pension expense 435 46 60 23 4 568 47 19 5 20 22 113