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## 14. Trade Payables and other Liabilities 

The present value of trade payables and other liabilities corresponds to the book value. 

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## 15. Pension Provisions 

Pension provisions totaled € 21.2 million (previous year: € 18.5 million) as of the balance sheet date and are reduced by the value of the plan assets. The present value of plan assets does not include own financial instruments. The plan assets saw an actual increase in value of € 0.8 million (previous year: € 1.1 million) in 2004. 

Of the total provision amount, € 15.7 million (previous year: € 13.4 million) is attributable to PUMA AG, € 3.1 million (previous year: € 3.2 million) to the sub-group in Sweden, and € 2.4 million (previous year: € 1.9 million) to the other companies. 

The significant portion of pension provisions (74%) concerns PUMA AG. The calculation of pension provisions at PUMA AG is based on the Dr. Klaus Heubeck mortality tables of 1998. Valuation is in accordance with the projected unit credit method as defined in IAS 19. The PUMA AG pension plan covers general commitments that are, as a rule, based on maximum pension payments of € 127.82 for each month and each entitled employee, and on individual commitments. 

The following actuarial assumptions were applied concerning PUMA AG’s pension plans: 

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