Unilever 2003 Annual Report Download - page 104

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Unilever Annual Report & Accounts and Form 20-F 2003 101
Notes to the consolidated accounts
Unilever Group
17 Pensions and similar obligations continued
Balance Sheet
The assets, liabilities and surplus/deficit position of the pension and other post-employment benefit plans and the expected rates of return on
the plan assets, at the balance sheet date, were:
€ million € million % € million € million % € million € million %
31 December 2003 31 December 2002 31 December 2001
Other post- Long-term Other post- Long-term Other post- Long-term
employment rates of employment rates of employment rates of
Pension benefit return Pension benefit return Pension benefit return
plans plans expected plans plans expected plans plans expected
Assets of principal plans:
Equities 8 054 –8.4% 7 281 – 8.2% 10 494 – 9.0%
Bonds 3 123 –5.0% 3 383 – 4.9% 4 138 – 5.5%
Other 1 582 –6.4% 1 644 – 5.4% 1 808 – 6.0%
Assets of other plans 272 3 7.5% 417 2 8.2% 536 3 8.0%
Total plan assets 13 031 3 12 725 2 16 976 3
Present value of liabilities
Principal plans (15 740) – (15 305) – (15 547) –
Other plans (1 052) (1 078) (1 675) (1 042) (1 781) (1 171)
Total present value of liabilities (16 792) (1 078) (16 980) (1 042) (17 328) (1 171)
Aggregate net surplus/(deficit)
of the plans (3 761) (1 075) (4 255) (1 040) (352) (1 168)
Irrecoverable surplus (116) – (87) – (265) –
Related deferred tax
asset/(liability) 814 379 1 058 388 (74) 467
Net pension asset/(liability) (3 063) (696) (3 284) (652) (691) (701)
Of which in respect of
Funded plans in surplus:
Aggregate surplus 858 – 677 – 2 454 –
Irrecoverable surplus(a) (116) – (87) – (265) –
Related deferred tax liability (252) – (209) – (740) –
Net pension asset 490 – 381 – 1 449 –
Funded plans in deficit:
Aggregate deficit (2 294) – (2 575) – (607) –
Related deferred tax asset 665 – 808 – 199 –
Net pension liability (1 629) – (1 767) – (408) –
Unfunded plans:
Aggregate liability (2 325) (1 075) (2 357) (1 040) (2 199) (1 168)
Related deferred tax asset 401 379 459 388 467 467
Net pension liability (1 924) (696) (1 898) (652) (1 732) (701)
(a) The surplus in the plans is only recoverable to the extent that the Group can benefit from either refunds formally agreed or future
contribution reductions.
The above amounts have been included in the restated balance sheet.
The definition of Principal plans has been extended during 2003 such that some plans have been moved from Other plans into Principal plans.