Vodafone 2003 Annual Report Download - page 140

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Vodafone Group Plc Annual Report & Accounts and Form 20-F 2003
138
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Continued
Japanese defined benefit pension plan
The net periodic pension cost, benefit obligations, plan assets and funded status under US GAAP, translated at the year-end exchange rate of ¥187.43:£1, at
31 March 2003 comprised the following:
2003 2002
£m £m
Service cost 12 5
Interest cost 21
Net deferred items 1–
Net periodic pension cost 15 6
Termination benefits and curtailment costs 24 1
Change in benefit obligation
Benefit obligation at 1 April 2003 (2002: 12 October 2001) 115 97
Service cost 12 4
Interest cost 21
Amendments 523
Benefits paid (estimated 2002) (36) (10)
Curtailment 2–
Settlement 13 –
Special termination benefit 9–
Actuarial loss 4–
Exchange 1–
Benefit obligation at 31 March 127 115
Change in plans’ assets
Fair value of assets at 1 April 2003 (2002: 12 October 2001) 11
Employer’s contributions 36 10
Benefits paid (36) (10)
Fair value of assets at 31 March 11
Funded status
Projected benefit obligation (127) (115)
Fair value of plan assets 11
Unrecognised net loss 24 21
Prior period service cost 5–
Accrued pension cost (97) (93)
Weighted-average actuarial assumptions:
Discount rate 1.5% 3.0%
Rate of compensation increase N/a N/a
Expected long term return on plan assets 3.0% 4.4%
Amount recognised in the statement of financial position:
Unfunded benefit obligation 105
Net amount recognised 97
Accrued benefit liability 8
Intangible asset 5
Other comprehensive income 3
37. US GAAP information continued