Porsche 2011 Annual Report Download - page 188
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Provisions for pensions and similar obligations are recognized for benefits in the form of retirement,
invalidity and dependents’ benefits payable under pension plans. The benefits generally depend on the length of
service, remuneration and working hours arrangements of the employees. The direct and indirect obligations
include both current pension obligations and future pension and retirement benefit obligations. In addition,
personal retirement capital is accumulated in Germany by way of employee contributions to Porsche VarioRente.
Actuarial assumptions
The defined benefit obligations are calculated using actuarial methods. These include assumptions concerning
future wage and salary developments and pension increases. The measurement is based on the following
assumptions:
Changes in the present value of pension obligations:
The amounts recognized through profit or loss relate to current service cost of €1 million (prior year:
€0 million).
Germany
% 2011 SFY 2010
Discount rate 5.00 4.80
Increase in wages and salaries 3.00 3.00
Career progress 0.50 0.50
Increase in pensions 1.50 1.50
€ million 2011 SFY 2010
As of 1 January and 1 August 8 8
Current service cost 1 0
Interest expenses 0 0
Actuarial gains (–) and losses (+) 0 – 1
Benefits paid 0 0
Past service cost 0 0
Other changes – 1 1
As of 31 December 8 8
188 FINANCIALS