DHL 2013 Annual Report Download - page 184

e discount rates for dened benet obligations in the euro
zone and the  were each derived from a yield curve comprising
the yields of  rated corporate bonds. Country-specic factors
were taken into account. For other countries, the discount rate was
determined in a similar way, provided there was a deep market for
 or -rated corporate bonds. By contrast, government bond
yields were used for countries without a deep market for such
corporate bonds.
For the annual pension increases in Germany, agreed rates in
particular must be taken into account in addition to the assump-
tions shown. e eective weighted average therefore amounts to
.  : . .
e key demographic assumptions made relate to life expec-
tancy and mortality. For the German Group companies, they were
calculated using the Richttafeln   mortality tables published
by Klaus Heubeck. Life expectancy for the British retirement plans
was based on the mortality rates used for the last funding valuation.
ese are based on plan-specic mortality analyses and include an
allowance for an expected increase in future life expectancy. Other
countries used their own, current standard mortality tables.
If one of the key nancial assumptions were to change, the
present value of the dened benet obligations would change as
follows:
Change in
assumption
Change in present value
of defined benefit obligations
Germany  Other Total
 December 
Discount rate
+ 1.00
–1.00
–12.31
15.63
–16.14
19.58
–13.41
17.20
–13.59
17.01
Expected rate of future salary increase
+ 0.50
– 0.50
0.17
– 0.15
1.06
–1.21
1.44
–1.30
0.60
– 0.62
Expected rate of future pension increase
+ 0.50
– 0.50
0.30
– 0.27
4.09
– 4.08
5.81
– 4.14
2.15
–1.91
ese are eective weighted changes in the present value of
the various dened benet obligations, e. g., taking into account
the largely xed nature of pension increases for Germany.
A one-year increase in life expectancy for a -year-old
beneciary would increase the present value of the dened benet
obligations by .  in Germany and by .  in the . e cor-
responding increase for other countries would be . , for a total
increase of . .
When determining the sensitivity disclosures, the present
values were calculated using the same methodology used to cal-
culate the present values at the reporting date. e presentation
does not take into account interdependencies between the assump-
tions; rather, it supposes that the assumptions change in isolation.
is would be unusual in practice, since assumptions are oen
correlated.
e weighted average duration of the Group’s dened benet
obligations at  December  was . years in Germany (pre-
vious year: . years) and . years in the  (previous year: .
years). In the other countries it was . years (previous year: .
years), and in total it was . years (previous year: . years).
A total of .  (previous year: . ) of the present value
of the dened benet obligations was attributable to future bene-
ciaries still working for the company, .  (previous year: . )
to future beneciaries no longer with the company and .  (pre-
vious year: . ) to pensioners.
180 Deutsche Post DHL 2013 Annual Report
Notes
Balance sheet disclosures
Consolidated Financial Statements