Company Valuation Under IFRS : Interpreting and Forecasting ...

Company valuation under IFRS
Exhibit 4.16: BMW pension provisions
In € million Germany UK Other countries Total
31 December 2003 2002 2003 2002 2003 2002 2003 2002
Present value of
pension benefits
covered by
accounting
provisions 2,513 2,186 – – 91 73 2,604 2,259
Present value of
funded
pension benefits – – 5,564 5,329 222 209 5,786 5,538
Defined benefit
obligations 2,513 2,186 5,564 5,329 313 282 8,390 7,797
Fair value of fund
assets – – 4,744 4,722 156 144 4,900 4,866
Net obligation 2,513 2,186 820 607 157 138 3,490 2,931
Actuarial gains
(+) and losses
(–) not yet
recognised – 208 –69 –852 –617 –44 –52 –1,104 –738
Income (+) or
expense (–)
from past
service cost
not yet
recognised – – – – –2 –3 –2 –3
Amount not
recognised as
an asset because
of the limit in
IAS 19.58 – – – – 1 0 23 10 23
Balance sheet
amount at 31.12. 2,305 2,117 – 32 – 10 121 106 2,394 2,213
thereof pension
provision 2,305 2,117 3 33 122 107 2,430 2,257
thereof pension
asset (–) – – –35 –43 –1 –1 –36 –44
Source: BMW Group Annual Report 2003
126