Porsche 2004 Annual Report Download - page 141
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137
(21) Pension provisions
Employees of the entities included in the consolidated financial statements are entitled to benefits
under the company pension plan. The benefits vary according to local legal, economic and tax
conditions and are usually based on the employee service period and the beneficiary’s salary. The
direct and indirect obligations include both current pension obligations and future pension and
retirement benefit obligations.
The company pension plan of the Group essentially relates to defined benefit plans, but there
are also some defined contribution plans. The defined contribution plans principally concern Ger-
man entities that are required by law to transfer contributions to the national pension insurance
company. Contributions of T€ 52,699 were paid to the national pension insurance company in
Germany (previous year: T€ 49,493). The defined benefit plans are calculated using the projected
unit credit method in accordance with IAS 19. The benefit obligations are recognized at service
cost as of the measurement date. The benefit obligation for active employees increases annually
by the interest cost plus the present value of the new benefit entitlements earned in the current
fiscal year.
The majority of the benefits pertain to Porsche AG. In addition, personal retirement capital is
accumulated in Germany by employee contributions to Porsche VarioRente.
The benefit obligations are calculated using actuarial methods. These include assumptions
concerning future wage and salary trends and pension increases. These parameters are estimated
annually by the Company. The measurement is based on the following assumptions for German
entities:
On aggregate, the benefit obligations of foreign entities are not material.
The net benefit obligations are as follows:
2004/05 2003/04
Discount rate 4.00% 5.00%
Future increase in salaries 3.50% 3.50%
Increase in pensions 1.75 % 1.75 %
Actuarial assumptions
July31,2005 July31,2004
T€ T€
Present value of benefit obligations financed by provisions 719,183 535,129
Present value of funded benefit obligations 44,131 40,492
Projected benefit obligations 763,314 575,621
Fair value of plan assets – 32,476 – 24,670
Net obligations 730,838 550,951
Actuarial gains (+) and losses (–) – 134,574 – 134
Carrying amounts as of July 31 596,264 550,817