Final Sameer Annual Report 2010 - Sameer Africa Limited

Notes to the consolidated financial statements
for the year ended 31 december 2010
16. RETIREMENT BENEFIT OBLIGATIONS - Group and Company
At start of year 105,371 116,037
Charged to employee benefits costs (Note 8) 10,750 (8,410 )
Utilised during year (3,418 ) (2,256 )
At end of year 112,703 105,371
Movement in present value of the defined benefit obligations:
Present value of unfunded obligations:
- Active members 104,584 98,078
- Transferred to management 8,119 7,605
- (Under)/over provision (312 )
Total present value of unfunded obligations 112,703 105,371
Net liability in the consolidated statement of financial position 112,703 105,371
Current service cost net of employees contributions 5,870 5,818
Interest on obligation 10,691 12,618
Net actuarial gains recognised in the year (6,123 ) (7,642 )
Total include in “staff costs” in respect of gratuity arrangement 10,438 17,717
Reconciliation:
Net liability at start of year 105,371 93,148
Net expense recognised in employee costs 10,438 17,717
Employer contributions (3,418 ) (5,182 )
Prior year (under)/over provision 312 (312 )
Net liability at end of year 112,703 105,371
Actuarial assumptions:
Discount rate (% p.a.) 10.0% 13.5%
Future salary increases (% p.a.) 7.0% 11.0%
Future pension increases (% p.a.) N/A N/A
17. PROPERTY, PLANT AND EQUIPMENT
(a) Group Capital
Plant & Vehicles & work in
2010: Buildings machinery equipment progress Total
KShs‘000 KShs‘000 KShs‘000 KShs‘000 KShs‘000
Cost
At 1 January 2010 329,481 2,286,216 267,877 107,114 2,990,688
Reclassification (7,744 ) (273,822 ) (20,581 ) (914 ) (303,061 )
At 31 December 2010 321,737 2,012,394 247,296 106,200 2,687,627
Additions 865 27 539 77 467 21 834 127 705
Transfers 786 48 471 33 568 (82,825 ) -
Currency translation - - (113 ) - (113 )
Disposals - - (2,779) - (2,779 )
At 31 December 2010 323,388 2,088,404 355,439 45,209 2,812,440
X 40 SAMEER Annual Report 2010 2009