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

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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)). 78
16 Other Current Liabilities 2011 $’000 2010 $’000 Deposits and retentions 11,380 24,017 Unearned income 3,191 2,937 Total other current liabilities 14,571 26,954 17 Borrowings Effective interest rate % 2011 $’000 2010 $’000 Current Unsecured bank loans Floating rate loans 4.9 256,260 195,000 Fixed rate loans 6.3 143,235 266,353 Total current borrowings 399,495 461,353 Non-current Unsecured bank loans Floating rate loans 5.5 100,000 – Fixed rate loans 6.3 2,117,989 1,952,945 Total non-current borrowings 2,217,989 1,952,945 Bank loans are unsecured and repayable in full on various maturity dates. Interest rates are based on weighted average effective rates on the entire debt, excluding the impact of the Government Guarantee fee. 18 Provisions Employee benefits $’000 Self insurance $’000 Restructuring $’000 Other $’000 Total $’000 Balance at 1 July 2010 220,818 9,539 – 69,249 299,606 Provisions made during the period 87,653 513 2,036 10,414 100,616 Provisions used during the period (83,372) (2,472) – (5,520) (91,364) Balance at 30 June 2011 225,099 7,580 2,036 74,143 308,858 Current 128,361 1,462 2,036 9,007 140,866 Non-current 96,738 6,118 – 65,136 167,992 Balance at 30 June 2011 225,099 7,580 2,036 74,143 308,858 Current 119,865 1,288 – 7,541 128,694 Non-current 100,953 8,251 – 61,708 170,912 Balance at 30 June 2010 220,818 9,539 – 69,249 299,606 Endeavour Energy Annual Performance Report 2010–11 79
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ANNUAL PERFORMANCE REPORT 2010-11 I
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Contents LETTER TO SHAREHOLDING MIN
Page 5 and 6:
YeAR at a Glance Items 2009-10 2010
Page 7 and 8:
To that end, we pursued our second
Page 9 and 10:
Endeavour Energy’s six strategic
Page 11 and 12:
Performance indicator: lost time in
Page 13 and 14:
Performance indicator: Capital expe
Page 15 and 16:
Efficiency reviews to reduce costs
Page 17 and 18:
Each year we investigate bushfire r
Page 19 and 20:
STRATEGIC OBJECTIVE 6 - DELIVER PER
Page 21 and 22:
Network Strategy Network business o
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Major works in progress 2010-11 con
Page 25 and 26:
Major works in progress 2010-11 con
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The NSW Code of Practice - Demand M
Page 29 and 30: Network-related calls increased fro
Page 31 and 32: New apprentices vital to our workfo
Page 33 and 34: Equal employment opportunity As par
Page 35 and 36: Multicultural policies and services
Page 37 and 38: 06 8 % reduction in greenhouse emis
Page 39 and 40: Environmental management system Our
Page 41 and 42: ENDEAvoUR ENERGY’S GoveRNANCE AND
Page 43 and 44: EXECUTIve LEADERshIP TEAM Vince Gra
Page 45 and 46: 08 $ 245 m operating profit after t
Page 47 and 48: Debt Balance sheet debt increased b
Page 49 and 50: Directors’ Report For the yEAR en
Page 51 and 52: Statement of Comprehensive Income F
Page 53 and 54: Statement of Changes in Equity For
Page 55 and 56: Statement of Cash Flows For the yEA
Page 57 and 58: 2 Statement of Significant Accounti
Page 65 and 66: 4 Expenses 2011 $’000 2010 $’00
Page 67 and 68: 5 Gain/(loss) on sale of Retail bus
Page 69 and 70: 7 Deferred Tax (Assets)/Liabilities
Page 71 and 72: 8 Cash Flow Information continued (
Page 73 and 74: 9 Trade and Other Receivables conti
Page 75 and 76: 12 property Plant and Equipment con
Page 77 and 78: 13 Intangible Assets Software $’0
Page 79: 14 Employee Benefits - Superannuati
Page 83 and 84: 21 Financial Instruments continued
Page 91 and 92: 23 Expenditure Commitments continue
Page 93 and 94: 27 prudential Requirements An unsec
Page 95 and 96: Appendices Contents Five-year stati
Page 97 and 98: Australian Financial Services Licen
Page 99 and 100: Executive Remuneration General prin
Page 101 and 102: Table A: Number of applications by
Page 103 and 104: Implementation of Price Determinati
Page 105 and 106: GLossARY The Australian Consumer La
Page 107: Ausgrid LOCATIONS and contacts Kand
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