SYDNEY PORTS CORPORATION ANNUAL REPORT 12

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70 Sydney PortS CorPoration noteS to the FinanCiaL StateMentS note 15. defined Benefit SUPerannUation SChemeS The Corporation has three defined benefit superannuation schemes covering certain employees, all of which require contributions to be made to separately administered funds. The Pooled Fund (the “Fund”) holds in trust the investments of the following closed NSW public sector superannuation schemes, in which the Corporation participates: ■■ State Authorities Superannuation Scheme (SASS) ■■ State Authorities Non-Contributory Superannuation Scheme (SANCS) ■■ State Superannuation Scheme (SSS) These schemes are all defined benefit schemes – at least a component of the final benefit is derived from a multiple of member salary and years of membership. All the schemes are closed to new members. Amounts in the statement of financial position Other non-current liabilities 45,298 14,248 Net liability 45,298 14,248 (a) Reconciliation of the assets and liabilities recognised in the statement of financial position Sydney PortS CorPoration finanCial rePort 2011/12 SaSS $000 SanCS $000 At 30 June 2012 Present value of partially funded defined benefit obligation 19,779 3,774 89,952 113,505 Fair value of Fund assets (15,610) (2,920) (49,677) (68,207) Net liability recognised in the statement of financial position 4,169 854 40,275 45,298 SaSS $000 SanCS $000 At 30 June 2011 Present value of partially funded defined benefit obligation 18,701 3,586 64,555 86,842 Fair value of Fund assets (17,343) (3,394) (51,857) (72,594) Net liability recognised in the statement of financial position 1,358 192 12,698 14,248 There are no unrecognised past service costs, unrecognised (gains)/losses and adjustments for the limit on net assets in 2012 and 2011. 2012 $000 SSS $000 SSS $000 2011 $000 total $000 total $000
(b) Reconciliation of the present value of the defined benefit obligation SaSS $000 SanCS $000 Year ended 30 June 2012 Opening present value of partially funded defined benefit obligation 18,701 3,586 64,555 86,842 Current service costs 460 151 297 908 Interest costs 917 174 3,346 4,437 Contributions by Fund participants 244 – 379 623 Actuarial losses 1,909 335 24,118 26,362 Benefits paid Closing present value of partially funded defined (2,452) (472) (2,743) (5,667) benefit obligation 19,779 3,774 89,952 113,505 SaSS $000 SanCS $000 Year ended 30 June 2011 Opening present value of partially funded defined benefit obligation 17,711 3,672 62,950 84,333 Current service costs 475 160 286 921 Interest costs 859 176 3,201 4,236 Contributions by Fund participants 256 – 435 691 Actuarial (gains)/losses 787 (3) (222) 562 Benefits paid Closing present value of partially funded defined (1,387) (419) (2,095) (3,901) benefit obligation 18,701 3,586 64,555 86,842 (c) Reconciliation of the fair value of Fund assets SaSS $000 SanCS $000 Year ended 30 June 2012 Opening fair value of Fund assets 17,343 3,394 51,857 72,594 Expected return on Fund assets 1,379 269 4,362 6,010 Actuarial gains/(losses) (961) (271) (4,270) (5,502) Employer contributions 57 – 92 149 Contributions by Fund participants 244 – 379 623 Benefits paid (2,452) (472) (2,743) (5,667) Closing fair value of Fund assets 15,610 2,920 49,677 68,207 SaSS $000 SanCS $000 Year ended 30 June 2011 Opening fair value of Fund assets 17,127 3,528 49,105 69,760 Expected return on Fund assets 1,378 281 4,134 5,793 Actuarial gains/(losses) (76) 4 175 103 Employer contributions 45 – 103 148 Contributions by Fund participants 256 – 435 691 Benefits paid (1,387) (419) (2,095) (3,901) Closing fair value of Fund assets 17,343 3,394 51,857 72,594 SSS $000 SSS $000 SSS $000 SSS $000 total $000 total $000 total $000 total $000 Sydney PortS CorPoration finanCial rePort 2011/12 71
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18 17 16 15 14 13 SYDNEY PORTS CORP
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TABLE OF CONTENTS HIGHLIGHTS 2 OvER
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OvErvIEw SYDNEY PORTS mANAgES ThE C
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TrADE HIGHLIGHTS totaL Container tr
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imPort CommoditieS 2011/12 (teUs) f
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CHIEF EXECUTIvE OFFICEr’S rEPOrT
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Mr Yassine holds other non-executiv
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exeCutive generAl mAnAger, mArine s
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CUSTOMEr SErvICE CHArTEr FOllOwINg
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MArINE SErvICES mARINE SERvICES mAI
Page 21 and 22: SECUrITY wITh ITS AROuND-ThE-ClOCk
Page 23 and 24: POrT BOTANY LANDSIDE IMPrOvEMENT ST
Page 25 and 26: N 0 200 400 Metres 600 800 Mill Str
Page 27 and 28: INTErMODAL LOGISTICS CENTrE AT ENFI
Page 29 and 30: CrUISE IN DECEmBER 2011, SYDNEY wAS
Page 31 and 32: SUSTAINABILITY SYDNEY PORTS’ mAIN
Page 33 and 34: MAPS PORT BOTANY PORT FACILITIES AN
Page 35 and 36: Sydney HarboUr PreCinCtS and tenant
Page 37 and 38: CookS river raiL yardS A B maritime
Page 39 and 40: Port of eden Boydtown East Boyd Tow
Page 41: metroPoLitan road and raiL LinkS 50
Page 44 and 45: 42 BeGinninG oF audited FinanCiaL S
Page 46 and 47: 44 Sydney PortS CorPoration StateMe
Page 48 and 49: 46 Sydney PortS CorPoration noteS t
Page 88 and 89: Sydney PortS CorPoration indePenden
Page 90 and 91: 88 Sydney PortS CorPoration StateMe
Page 92 and 93: 90 Sydney PortS CorPoration Statuto
Page 102 and 103: 100 Sydney PortS CorPoration Statut
Page 104 and 105: 102 Sydney PortS CorPoration Statut
Page 106 and 107: 104 Sydney PortS CorPoration iNDeX
Page 108: Corporate office and address L4, 20
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SYDNEY PORTS CORPORATION ANNUAL REPORT 12

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