BMW 2009 Annual Report Download - page 114
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74 Group Financial Statements
74 Income Statements
74 Statement of
Comprehensive Income
76 Balance Sheets
78 Cash Flow Statements
80 Group Statement of Changes
in Equity
81 Notes
81 Accounting Principles
and Policies
90 Notes to the Income
Statement
97
Notes to the Statement
of Comprehensive Income
98
Notes to the Balance Sheet
119 Other Disclosures
133 Segment Information
Germany United Kingdom Other
in % 2009 2008 2009 2008 2009 2008
Expected rate of return on plan assets 6.12 5.43 6.03 5.93 6.55 6.99
Germany
Defined benefit obligation Plan assets Net obligation
in euro million 2009 2008 2009 2008 2009 2008
1 January 3,848 3,849 –1,155 – 2,693 3,849
Deconsolidation effects – – 4 – – – – 4
Expense from pension obligations and
expected return on plan assets 331 325 – 94 – 32 237 293
Payments to external funds – – –1,642 –1,375 –1,642 –1,375
Employee contributions (deferred remuneration
retirement scheme) 27 49 – 25 – 29 2 20
Payments on account and pension payments –111 – 99 7 3 –104 – 96
Actuarial gains (–) and losses (+) 522 – 271 – 234 278 288 7
Translation differences and other changes 2 –1 –1 – 1 –1
31 December 4,619 3,848 – 3,144 –1,155 1,475 2,693
United Kingdom
Defined benefit obligation Plan assets Net obligation
in euro million 2009 2008 2009 2008 2009 2008
1 January 4,403 6,327 – 4,059 – 5,686 344 641
Deconsolidation effects – – 24 – 28 – 4
Expense from pension obligations and
expected return on plan assets 334 379 – 257 – 303 7 7 7 6
Payments to external funds – – – 99 – 98 – 99 – 98
Employee contributions 1 1 3 –1 –13 – –
Payments on account and pension payments – 264 – 285 264 285 – –
Actuarial gains (–) and losses (+) 946 – 647 – 40 486 906 –161
Translation differences and other changes 323 –1,360 – 295 1,242 28 –118
31 December 5,743 4,403 – 4,487 – 4,059 1,256 344
Compared to the expected return of euro 370 million (2008:
euro 360 million), fund assets actually increased in the
financial year 2009 by euro 659 million (2008: decrease in
fund assets of euro 508 million). This gave rise to actuarial
gains on fund assets of euro 289 million (2008: actuarial
losses of euro 868 million). The actuarial gains on fund
assets compare with actuarial losses of euro 1,464 million
(2008: actuarial gains of euro 919 million) on benefit obli-
gations. These actuarial losses were attributable primarily
to lower discount rates and higher inflation rate expectations
in Germany and the United Kingdom.
This approach resulted in the following expected rates of return on plan assets (disclosed on the basis of weighted
averages).
The level of the pension obligations differs depending on
the pension system applicable in each country. Since the
state pension system in the United Kingdom only provides
a basic fixed amount benefit, retirement benefits are largely
organised in the form of company pensions and arrange-
ments financed by the individual. The pension benefits in
the United Kingdom therefore contain contributions made
by the employee.
The net obligation from pension plans in Germany, the
United Kingdom and other countries changed as follows: