Nokia 2004 Annual Report Download - page 148
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Notes to the Consolidated Financial Statements (Continued)
6. Pensions (Continued)
The amounts recognized in the profit and loss account are as follows:
2004 2003 2002
EURm EURm EURm
Current service cost .............................................. 62 54 58
Interest cost .................................................... 56 46 47
Expected return on plan assets ..................................... (56) (55) (61)
Net actuarial losses (gains) recognized in year ......................... —32
Past service cost gain (–) loss (+) .................................... (1) —11
Curtailment .................................................... —(10) —
Total, included in personnel expenses ................................ 61 38 57
Movements in prepaid pension costs recognized in the balance sheet are as follows:
2004 2003
EURm EURm
Prepaid pension costs at beginning of year .................................. 79 70
Net income (expense) recognized in the profit and loss account ................. (61) (38)
Contributions paid ..................................................... 108 47
Prepaid pension costs at end of year ....................................... 126* 79*
* included within prepaid expenses and accrued income
The principal actuarial weighted average assumptions used were as follows:
2004 2003
Domestic Foreign Domestic Foreign
%%%%
Discount rate for determining present values ............. 4.75 5.00 5.25 5.30
Expected long-term rate of return on plan assets .......... 5.00 5.31 6.00 6.87
Annual rate of increase in future compensation levels ...... 3.50 3.82 3.50 3.49
Pension increases ................................... 2.00 2.38 2.30 2.27
The prepaid pension cost above is made up of a prepayment of EUR 202 million (EUR 164 million
in 2003) and an accrual of EUR 76 million (EUR 85 million in 2003).
The domestic pension plans’ assets include Nokia securities with fair values of EUR 4 million in
2004 (EUR 19 million in 2003).
The foreign pension plan assets include a self investment through a loan provided to Nokia by the
Group’s German pension fund of EUR 62 million (EUR 64 million in 2003). See Note 32.
The actual return on plan assets was EUR 83 million in 2004 (EUR 41 million in 2003).
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