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VIPsight

Corporate Governance – portrayed in the individual cultural and legal framework, from the standpoint of equity capital.

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VIPsight International


 

VIPsight - December 2012


COMPANIES


Pension provisions in the billions

The German DAX companies have had to increase their pension reserves in the balance sheet in the third quarter. The reason is the continued low-interest-rate environment, decreasing the discount rate by which the often distant future liabilities are discounted. In large companies with the highest pension obligations, the additional reservations required range inthe billions.

Company

Cash

Provisions for pensions

Cash and cash equivalents compared to last year

Pension provisions in the previous year

Share of pension provisions to total assets

ThyssenKrupp AG

4,625.00

8,072.00

3,275.00

851

22.30%

Deutsche Lufthansa AG

1,173.00

4,022.00

-1,663.00

-110

20.90%

Bayer AG

3,523.00

7,174.00

-76

955

19.50%

Continental AG

1,273.80

1,298.00

159.2

-59.5

12.30%

RWE AG

1,431.00

11,997.00

-95

144

11.10%

Volkswagen AG

7,963.00

14,003.00

-2,258.00

1,370.00

10.50%

Altana AG

469.473

358.342

152.811

76.504

9.90%

Schering AG

776

595

-9

-300

9.70%

Linde AG

906

1,122.00

342

103

9.00%

MAN AG

1,019.00

1,185.00

415

-531

8.50%

TUI AG

599.2

1,293.60

118.1

231.3

8.40%

DaimlerChrysler AG

7,711.00

15,482.00

-71

1,559.00

7.70%

Henkel KGaA

1,212.00

1,061.00

-483

-1,157.00

7.60%

BMW AG

1,621.00

5,255.00

-507

1,031.00

7.00%

E.ON AG

15,119.00

8,720.00

3,103.00

131

6.90%

Siemens AG

8,121.00

4,917.00

-4,069.00

525

5.70%

BASF AG

1,090.80

1,546.60

-1,199.70

-2,577.50

4.30%

Infineon Technologies AG

1,148.00

436

540

59

4.20%

Deutsche Telekom AG

4,975.00

4,596.00

-3,030.00

387

3.60%

Metro AG

1,767.00

995

-340

-11

3.50%

Deutsche Post AG

2,084.00

5,780.00

-2,761.00

-102

3.40%

Adidas-Salomon AG

1,524.92

147.925

1,328.92

19.249

2.60%

SAP AG

3,213.57

183.619

17.03

43.929

2.00%

Fresenius Medical Care AG & Co. KGaA

71.84

91.789

22.048

0.487

1.40%

in millions of euros