Porsche 2007 Annual Report Download - page 168
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165
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 German
entities that are required by law to transfer contributions to the national pension insurance com-
pany. Contributions of EUR 61,680 k were paid to the national pension insurance company in
Germany (prior year: EUR 55,532 k). 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.
Most 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 con-
cerning future wage and salary trends and pension increases. These parameters are estimated
annually by the Company. Measurement is based on the following assumptions:
Actuarial assumptions
If the assumed healthcare cost increase rate increases or decreases by one percentage point, the
effects are as follows:
Germany United Kingdom USA
% 2007/ 08 2006/07 2007/08 2006/07 2007/ 08 2006/07
Discount rate 5.70 5.25 6.00 5.70 6.25 6.00
Expected return
on plan assets ––5.63 5.47 6.00 6.00
Increase in salaries 3.00 3.00 4.00 4.00 4.00 4.00
Healthcare cost
increase rate –––– 5.00 5.00
Career progression 0.50 0.50 –– ––
Increase in pensions 2.00 2.00 3.80 3.00 3.00 3.00
Increase Decrease
EUR000 31/ 7/2008 31/ 7/2007 31/ 7/2008 31/ 7/2007
Current service and interest cost 371 25 343 – 26
Post-employment medical benefits 3,860 336 3,556 – 309