Endeavour Energy Annual Performance Report - Parliament of New ...

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