Download - Siemens Pakistan
Download - Siemens Pakistan Download - Siemens Pakistan
Notes to the Financial Statements 135 7. STAFF RETIREMENT BENEFITS - Defined benefit plan 7.1 The actuarial valuation of gratuity scheme was carried out at September 30, 2008. The Projected Unit Credit method, using the following significant financial assumptions respectively for the Company and CTI (which is now a Business Unit of the Company), has been used for the actuarial valuation: Discount rate 14.60% per annum compound (2007: 11.00% and 10.00% ). Expected rate of increase in salaries 12.42% per annum (2007: 8.89% and 9.00%). Expected rate of return on plan assets 14.60% per annum (2007: 11.00% and 12.00%). The amounts recognised in the balance sheet are as follows: 2008 2007 (Rupees in ‘000) Fair value of plan assets 348,671 368,633 Present value of defined benefit obligation (441,555) (377,690) Deficit (92,884) (9,057) Unrecognised net loss 130,948 42,973 Surplus carried forward in the balance sheet 38,064 33,916 7.2 Movement in net asset in the balance sheet is as follows: Opening balance of net asset 33,916 56,352 Expense recognised for the year (29,267) (22,436) Contributions made by the Company 33,415 - . Closing balance of net asset 38,064 33,916 7.3 The following amounts have been charged in the profit and loss account in respect of these benefits: Current service expense 29,567 27,765 Interest expense 38,863 35,489 Expected return on plan assets (40,244) (42,296) Settlement cost - . 1,469 Expense for the year 28,186 22,427 Recognition of actuarial loss 1,081 9 Expense recognised in the financial statements 29,267 22,436 7.4 Movement in the present value of defined benefit obligation: Opening balance 377,690 335,459 Service expense 29,567 27,765 Interest expense 38,863 35,489 Benefits paid (52,821) (63,276) Benefits due but not paid to outgoing members - . (15,017) Settlement cost - . 1,469 Actuarial loss 48,256 55,801 Present value of defined benefit obligation at end of the year 441,555 377,690 7.5 Movement in the fair value of plan assets Opening balance 368,633 405,731 Expected return 40,244 42,296 Contributions made by the Company 33,415 - . Benefits paid (52,821) (63,276) Benefits due but not paid to outgoing members - . (15,017) Actuarial loss (40,800) (1,101) Fair value of plan assets at end of the year 348,671 368,633
136 Notes to the Financial Statements 7.6 Comparison for five years As at September 30, 2008 2007 2006 2005 2004 --------------------------------(Rupees in '000)-------------------------------- Fair value of plan assets 348,671 368,633 405,731 331,390 334,072 Present value of defined benefit obligation (441,555) (377,690) (335,459) (246,385) (225,050) (Deficit) / surplus (92,884) (9,057) 70,272 85,005 109,022 Experience adjustment on plan liabilities 11% 7% 18% 5% 8% Experience adjustment on plan assets -12% -1% 0% -2% 0% 7.7 Major categories / composition of plan assets are as follows: 2008 2007 --------------%------------- Debt instruments 9 13 Mixed funds 64 11 Cash and cash equivalents 27 76 100 100 7.8 The expected return on plan assets is taken as weighted average of the expected investment return on different assets of the gratuity fund. 7.9 Actual loss on plan assets for the year ended September 30, 2008 was Rs 0.556 million (2007: Profit of Rs 41.223 million). 7.10 Company's asset in respect of the gratuity scheme of Rs 38.064 million (2007: Rs 33.916 million) is included in note 18 'Other receivables'. 7.11 The Company plans to contribute Rs 38 million to the gratuity fund next year. 8. TRADE AND OTHER PAYABLES 2008 2007 Note (Rupees in ‘000) Trade Creditor 4,890,917 3,080,559 Accrued liabilities 1,496,336 1,402,309 Advances from customers - For goods 1,560,302 716,099 - For services including projects 5,309,275 1,393,760 Accrued mark-up on running finances 1,077 3,774 Unearned portion of revenue and maintenance contracts 102,175 36,012 Workers' profits participation fund 8.1 141,646 111,253 Workers' welfare fund 82,860 104,268 Unclaimed dividend 8,208 6,488 Derivative financial instruments 242,950 7,206 Other liabilities 138,895 196,771 13,974,641 7,058,499 Amount payable to related parties included in trade and other payables are as follows: - Payable to associates 787,464 3,453 8.1 Workers' profits participation fund Balance at beginning of the year 111,253 82,227 Interest paid on funds utilised in Company's business 6,836 1,215 Amount allocated for the year 138,607 110,865 Amount paid to the Fund (115,050) (83,054) Balance at end of the year 141,646 111,253
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136 Notes to the Financial Statements<br />
7.6 Comparison for five years<br />
As at September 30, 2008 2007 2006 2005 2004<br />
--------------------------------(Rupees in '000)--------------------------------<br />
Fair value of plan assets 348,671 368,633 405,731 331,390 334,072<br />
Present value of defined benefit obligation (441,555) (377,690) (335,459) (246,385) (225,050)<br />
(Deficit) / surplus (92,884) (9,057) 70,272 85,005 109,022<br />
Experience adjustment on plan liabilities 11% 7% 18% 5% 8%<br />
Experience adjustment on plan assets -12% -1% 0% -2% 0%<br />
7.7 Major categories / composition of plan assets are as follows: 2008 2007<br />
--------------%-------------<br />
Debt instruments 9 13<br />
Mixed funds 64 11<br />
Cash and cash equivalents 27 76<br />
100 100<br />
7.8 The expected return on plan assets is taken as weighted average of the expected investment return on different assets of the gratuity fund.<br />
7.9 Actual loss on plan assets for the year ended September 30, 2008 was Rs 0.556 million (2007: Profit of Rs 41.223 million).<br />
7.10 Company's asset in respect of the gratuity scheme of Rs 38.064 million (2007: Rs 33.916 million) is included in note 18 'Other receivables'.<br />
7.11 The Company plans to contribute Rs 38 million to the gratuity fund next year.<br />
8. TRADE AND OTHER PAYABLES 2008 2007<br />
Note (Rupees in ‘000)<br />
Trade Creditor 4,890,917 3,080,559<br />
Accrued liabilities 1,496,336 1,402,309<br />
Advances from customers<br />
- For goods 1,560,302 716,099<br />
- For services including projects 5,309,275 1,393,760<br />
Accrued mark-up on running finances 1,077 3,774<br />
Unearned portion of revenue and maintenance contracts 102,175 36,012<br />
Workers' profits participation fund 8.1 141,646 111,253<br />
Workers' welfare fund 82,860 104,268<br />
Unclaimed dividend 8,208 6,488<br />
Derivative financial instruments 242,950 7,206<br />
Other liabilities 138,895 196,771<br />
13,974,641 7,058,499<br />
Amount payable to related parties included in<br />
trade and other payables are as follows:<br />
- Payable to associates 787,464 3,453<br />
8.1 Workers' profits participation fund<br />
Balance at beginning of the year 111,253 82,227<br />
Interest paid on funds utilised in Company's business 6,836 1,215<br />
Amount allocated for the year 138,607 110,865<br />
Amount paid to the Fund (115,050) (83,054)<br />
Balance at end of the year 141,646 111,253
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