BMW 2009 Annual Report Download - page 115
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113 Group Financial Statements
Other
Defined benefit obligation Plan assets Net obligation
in euro million 2009 2008 2009 2008 2009 2008
1 January 537 455 – 277 – 343 260 112
Effects of first-time consolidation – 1 – – – 1
Deconsolidation effects – –1 – – – –1
Expense from pension obligations and
expected return on plan assets 62 55 –19 – 25 43 30
Payments to external funds – – – 54 – 8 – 54 – 8
Employee contributions 2 1 – 2 –1 – –
Payments on account and pension payments –19 –17 1 5 1 1 – 4 – 6
Actuarial gains (–) and losses (+) – 4 –1 –15 104 –19 103
Translation differences and other changes – 9 44 6 –15 – 3 29
31 December 569 537 – 346 – 277 223 260
Components of plan assets
Germany United Kingdom Other countries Total
in euro million 2009 2008 2009 2008 2009 2008 2009 2008
Equity instruments 1,020 379 823 642 165 151 2,008 1,172
Debt securities 1,835 641 2,951 2,620 142 101 4,928 3,362
Real estate – – 315 278 20 7 335 285
Other 289 135 398 519 1 9 1 8 706 672
31 December 3,144 1,155 4,487 4,059 346 277 7,977 5,491
Plan assets in Germany, the United Kingdom and other countries comprised the following:
A substantial portion of plan assets is invested in debt se-
curities
in order to minimise the effect of capital market
fluctuations. Other investment classes, such as stocks and
shares, serve to generate higher rates of return. This is
ne-
cessary to cover risks (such as changes in morbidity tables)
not taken into account in the actuarial assumptions applied.
Experience adjustments for pension plans are not dis-
closed since the amounts involved are immaterial. Actuarial
The present value of the defined benefit obligations and
the fair values of fund assets – as well as the actuarial
adjustments made for those two items – have developed
as follows over the last five years:
gains on fund assets are primarily attributable to experience
adjustments.
in euro million 2009 2008 2007 2006 2005
Defined benefit obligation 10,931 8,788 10,631 11,430 11,237
Fair value of plan assets 7,977 5,491 6,029 6,432 6,017
Net obligation 2,954 3,297 4,602 4,998 5,220
Actuarial gains (–) and losses (+) on defined benefit obligations 1,464 – 919 – 557 – 400 1,131
Actuarial gains (–) and losses (+) on plan assets – 289 868 44 –117 – 424