Endeavour Energy Annual Performance Report - Parliament of New ...
Endeavour Energy Annual Performance Report - Parliament of New ...
Endeavour Energy Annual Performance Report - Parliament of New ...
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09<br />
Financial<br />
statements<br />
Notes to the Financial Statements<br />
For the year ended 30 June 2011<br />
14 Employee Benefits – Superannuation continued<br />
(h) Valuation method and principal economic assumptions<br />
The Projected Unit Credit (PUC) valuation method was used to determine the present value <strong>of</strong> defined benefit<br />
obligations and related current service costs. This method sees each period <strong>of</strong> service as giving rise to an additional<br />
unit <strong>of</strong> benefit entitlement and measures each unit separately to build up the final obligation.<br />
Principal actuarial assumptions used in determining pension and post-employment benefit obligations for the<br />
Corporation’s plans are shown below (expressed as weighted average):<br />
2011<br />
%<br />
2010<br />
%<br />
Discount rate 5.28 5.17<br />
Anticipated return on plan assets 8.10 8.10<br />
Expected future salary increases 4.00 4.00<br />
Future CPI increases 2.50 2.50<br />
(i)<br />
Actual return on plan assets<br />
2011<br />
$’000<br />
2010<br />
$’000<br />
Actual return on plan assets 28,981 26,495<br />
28,981 26,495<br />
(j)<br />
Historical information<br />
2011<br />
$’000<br />
2010<br />
$’000<br />
2009<br />
$’000<br />
2008<br />
$’000<br />
2007<br />
$’000<br />
Present value <strong>of</strong> the defined benefit obligation (354,746) (329,764) (294,602) (283,014) (287,875)<br />
Fair value <strong>of</strong> plan assets 289,611 268,056 233,120 290,066 322,730<br />
(Deficit)/surplus in the plan (65,135) (61,708) (61,482) 7,052 34,855<br />
Experience adjustments arising on plan liabilities 12,983 12,133 3,466 26,323 (22,053)<br />
Experience adjustments arising on plan assets (7,540) (8,567) (74,369) (53,389) 23,056<br />
15 Trade and Other Payables<br />
2011<br />
$’000<br />
2010<br />
$’000<br />
Trade payables 30,007 23,603<br />
Accruals 164,710 286,689<br />
Other payables 57,273 12,255<br />
Total current trade and other payables 251,990 322,547<br />
Trade and other payables are non-interest bearing and are settled within normal credit terms. The net <strong>of</strong> GST payable<br />
and GST receivable is remitted to the appropriate tax body on a monthly basis.<br />
Trade payables 17,332 34,288<br />
Total non-current trade payables 17,332 34,288<br />
The non-current trade payable relates to a derivative liability sold as part <strong>of</strong> the sale <strong>of</strong> the retail net assets, unable<br />
to be legally novated to the acquirer at balance date, for which a back-to-back asset (note 9) has been recognised<br />
(refer note 2(q)).<br />
78