PDF, 1.2 MB - Pfleiderer AG
PDF, 1.2 MB - Pfleiderer AG PDF, 1.2 MB - Pfleiderer AG
108 being focused: being better Payments from defined benefit plans depend on the length of service, age and salary of the employee. Costs and obligations resulting from defined benefit pension plans are calculated on the basis of actuarial appraisals using the projected unit credit method. This method sets the service period of the employee in relation to the date of valuation, and includes estimated future changes in salary. Expenses for pensions for the fiscal years ending December 31, 2001 and December 31, 2002 were as follows: 2002 2001 ‘000 euros ‘000 euros Service cost 1,119 1,060 Interest charges 3,407 3,303 Amortization of actuarial profits (losses) 14 0 Total 4,540 4,363 The following table shows changes in benefit obligations recognized in the Consolidated Financial Statements for fiscal years ending December 31, 2001 and December 31, 2002: 2002 2001 ‘000 euros ‘000 euros Projected benefit obligation at beginning of year 62,205 55,229 Service cost 1,119 1,060 Interest cost 3,407 3,303 Benefits paid (3,307) (3,312) Actuarial (profit)/loss (1,107) 5,827 Retroactive plan amendments 358 0 Disposals and transfers 670 98 Projected benefit obligations at end of year 63,345 62,205 Unrecognized actuarial profit (loss) (4,718) (5,838) Unrecognized charges from increases in benefits (341) 0 Recognized amount 58,286 56,367 The discount rates correspond approximately to the interest rate achievable from high-grade fixed interest securities with the same maturity period on the date on which the benefit obligation is calculated. This is 5.5 percent calculated for the Group (2001: 5.5 percent). Pension benefit obligationss are calculated on the basis of an salary increase of 3 percent p.a. (2001: 2.8 percent).
V. Notes to Statement of Income 1. Other operating income/ other operating expenses 2. Net interest consolidated financial statements notes pfleiderer ag 109 The following amounts are shown in the Consolidated Balance Sheet as of December 31, 2001 and December 31, 2002: 2002 2001 ‘000 euros ‘000 euros Intangible assets 114 0 Accrued pension expenses 60,876 59,597 Accumulated changes in equity 2,476 3,230 Net pension costs 58,286 56,367 Jan. 1 – Jan. 1 – Dec. 31, 2002 Dec. 31, 2001 ‘000 euros ‘000 euros Other operating income 20,450 20,314 Other operating expenses 18,484 15,442 1,966 4,872 Other operating income/other operating expenses includes income from insurance compensation (6,177 thousand euros/2001: 2,993 thousand euros). This relates mainly to insurance compensation for damage in the Wood-Based Panels segments amounting to 5.3 million euros following fire damage and production downtime at the Arnsberg and Neumarkt plants. Also included in these figures are insurance compensation for loss of trade receivables of 874 thousand euros (2001: 389 thousand euros) and expenses incurred from allocation to accruals for restructuring of 1,613 thousand euros. Jan. 1 – Jan. 1 – Dec. 31, 2002 Dec. 31, 2001 ‘000 euros ‘000 euros Income from other securities and long-term loans 126 110 Other interest and similar income 2,868 5,539 Interest and similar expenses 18,259 28,322 – 15,265 – 22,673
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V. Notes to Statement of Income<br />
1. Other operating income/<br />
other operating expenses<br />
2. Net interest<br />
consolidated financial statements notes pfleiderer ag 109<br />
The following amounts are shown in the Consolidated Balance Sheet as of December 31, 2001<br />
and December 31, 2002:<br />
2002 2001<br />
‘000 euros ‘000 euros<br />
Intangible assets 114 0<br />
Accrued pension expenses 60,876 59,597<br />
Accumulated changes in equity 2,476 3,230<br />
Net pension costs 58,286 56,367<br />
Jan. 1 – Jan. 1 –<br />
Dec. 31, 2002 Dec. 31, 2001<br />
‘000 euros ‘000 euros<br />
Other operating income 20,450 20,314<br />
Other operating expenses 18,484 15,442<br />
1,966 4,872<br />
Other operating income/other operating expenses includes income from insurance compensation<br />
(6,177 thousand euros/2001: 2,993 thousand euros). This relates mainly to insurance<br />
compensation for damage in the Wood-Based Panels segments amounting to 5.3 million euros<br />
following fire damage and production downtime at the Arnsberg and Neumarkt plants. Also included<br />
in these figures are insurance compensation for loss of trade receivables of 874 thousand<br />
euros (2001: 389 thousand euros) and expenses incurred from allocation to accruals for<br />
restructuring of 1,613 thousand euros.<br />
Jan. 1 – Jan. 1 –<br />
Dec. 31, 2002 Dec. 31, 2001<br />
‘000 euros ‘000 euros<br />
Income from other securities and long-term loans 126 110<br />
Other interest and similar income 2,868 5,539<br />
Interest and similar expenses 18,259 28,322<br />
– 15,265 – 22,673
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