BMW 2008 Annual Report Download - page 108
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109 Group Financial Statements
Other
Defined benefit obligation Plan assets Net obligation
in euro million 2008 2007 2008 2007 2008 2007
January 455 450 – 343 – 298 112 152
Effects of first-time consolidation 1 – – – 1 –
Deconsolidation effects –1 – – – –1 –
Expense from pension obligations 55 51 – 25 – 23 30 28
Payments to external funds – – – 8 – 57 – 8 – 57
Employee contributions 1 1 –1 –1 – –
Pension payments –17 –16 1 1 6 – 6 –10
Actuarial gains (–) and losses (+) –1 8 104 2 103 10
Translation differences and other changes 44 – 39 –15 28 29 –11
December 537 455 – 277 – 343 260 112
Plan assets in Germany, the United Kingdom and other countries comprised the following:
For the first time, benefit obligations in Germany are being
financed partly by pension provisions and partly by fund
assets. In both Germany and the United Kingdom, a sub-
stantial portion of plan assets is invested in debt securities
in order to minimise the effect of capital market fluctua-
tions. Other investment classes, such as stocks, serve to
generate higher rates of return. This is necessary to cover
Experience adjustments on defined benefit obligations
are not dis
closed since the amounts involved are immate-
risks (such as longer life expectancies) not taken into ac-
count in the actuarial assumptions applied.
The present value of the defined benefit obligations and
the fair values of fund assets – as well as the experience-
based (actuarial) adjustments made for those two items –
have developed as follows over the last four years:
rial. Actuarial
gains on plan assets are primarily attributable
to experience adjustments.
in euro million 2008 2007 2006 2005
Defined benefit obligation 8,788 10,631 11,430 11,237
Fair value of plan assets 5,491 6,029 6,432 6,017
Net obligation 3,297 4,602 4,998 5,220
Actuarial gains (–) and losses (+) on defined benefit obligations – 919 – 557 – 400 1,131
Actuarial gains (–) and losses (+) on plan assets 868 44 –117 – 424
Components of plan assets
Germany United Kingdom Other countries Total
in euro million 2008 2007 2008 2007 2008 2007 2008 2007
Equity instruments 379 – 642 1,266 151 205 1,172 1,471
Debt securities 641 – 2,620 3,135 101 111 3,362 3,246
Real estate – – 278 487 7 6 285 493
Other 135 – 519 798 1 8 21 672 819
December 1,155 – 4,059 5,686 277 343 5,491 6,029