14. Trade Payables and other Liabilities 15. Pension Provisions Foreword | Mission | Management Report | Share | Marketing |  Consolidated Financial Statements - IFRS - | Report of Supervisory Board | Board of Management 77 The present value of trade payables and other liabilities  corresponds to the book value.  Trade payables 135.5 136.9 132.6 132.6 Other liabilities Liabilities from taxes 15.4 15.4 7.1 7.1 Liabilities from social security contributions  2.5 2.5 2.3 2.3 Liabilities to employees 30.2 30.2 24.5 24.5 Liabilities from the market valuation of forward exchange transactions 32.7 59.6 24.7 24.7 Leasing liabilities 0.4 0.4 0.5 0.5 Other liabilities 14.4 15.2 9.9 9.4 95.6 123.3 69.0 68.5 231.1 260.2 201.7 201.1 Dec. 31, 2004 Dec. 31, 2003 of which of which due within Total Total due within 1 year 1 year € million € million € million € million 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. 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.  The following actuarial assumptions were applied concerning PUMA AG’s pension plans:  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.  Discount rate 4.5% 5.5% Future pension increases 2.25% 2.25% Fluctuation rate 1.5% 1.5% Dec. 31, 2004 Dec. 31, 2003