PDF, 1.2 MB - Pfleiderer AG

21. Pensions and similar
obligations
consolidated financial statements notes pfleiderer ag 107
Summarized deferred tax assets and liabilities are shown as follows:
Dec. 31, 2002 Dec. 31, 2001
‘000 euros ‘000 euros
Deferred tax assets
Short-term 8,702 7,023
Long-term
Deferred tax liabilties
33,638 44,693
Short-term 3,063 2,756
Long-term 39,314 54,649
Net deferred tax liabilities 37 5,689
The total amount of deferred taxes stemming from matters not recorded directly in
profits/losses in the fiscal year under review is 5,513 thousand euros (2001: 4,455 thousand
euros). No deferred taxes were formed to cover differences from currency translations recognized
without affecting income, arising from the consolidation of non-German affiliates.
Information on market values led the Company to reduce assets of discontinued operations
in fiscal 2000. Due to poor recoverability, resulting deferred tax assets had to be written
off in full.
Deferred taxes assets of 4,525 thousand euros were capitalized for changes from
financial derivatives not affecting results.
Deferred tax liabilities amounted to 988 thousand euros (2001: 1,195 thousand euros)
from recognition of the adjustment item from pension valuations in the year under review.
Pfleiderer grants eligible employees defined benefit obligations. Additionally, historical
obligations exist from previous pension schemes covering retirement benefit, invalidity and
dependants. Employer pension schemes were closed for new entrants by May 31, 1986. In
some non-German companies, benefit-type obligations providing lump sums are also recognized
under accruals for pensions.
Accruals for pensions for the fiscal years ending December 31, 2001 and December 31,
2002 were as follows:
2002 2001
‘000 euros ‘000 euros
Accrued pension liabilities 60,876 59,597
Other benefit obligations 387 221
Pension accruals 61,263 59,818