SYDNEY PORTS CORPORATION ANNUAL REPORT 12

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72 Sydney PortS CorPoration noteS to the FinanCiaL StateMentS note 15. defined Benefit SUPerannUation SChemeS (ContinUed) (d) Total (income)/expense recognised in profit or loss in the statement of comprehensive income Sydney PortS CorPoration finanCial rePort 2011/12 SaSS $000 SanCS $000 Year ended 30 June 2012 Current service costs 460 151 297 908 Interest costs 917 174 3,346 4,437 Expected return on Fund assets (net of expenses) (1,379) (269) (4,362) (6,010) Transfers to construction in progress (22) (2) (36) (60) Expense/(income) recognised (24) 54 (755) (725) SaSS $000 SanCS $000 Year ended 30 June 2011 Current service costs 475 160 286 921 Interest costs 859 176 3,201 4,236 Expected return on Fund assets (net of expenses) (1,378) (281) (4,134) (5,793) Transfers to construction in progress (21) (3) (38) (62) Expense/(income) recognised (65) 52 (685) (698) The superannuation expense recognised in profit or loss in the statement of comprehensive income is included in the line item “Employee benefits expense” (2012: $0.054 million; 2011: $0.052 million). The superannuation gain recognised in profit or loss in the statement of comprehensive income is included in the line item “Other revenue” (2012: $0.779 million; 2011: $0.750 million). Superannuation actuarial losses and adjustments for limits on net assets of $31.864 million (2011: $0.458 million) are separately identified in the statement of comprehensive income under “Other comprehensive income/(expense)”. (e) Amounts recognised in other comprehensive income in the statement of comprehensive income SaSS $000 SanCS $000 Year ended 30 June 2012 Superannuation actuarial (gains)/losses 2,870 606 28,388 31,864 Adjustment for limit on net assets – – – – Total recognised in other comprehensive income 2,870 606 28,388 31,864 SaSS $000 SanCS $000 Year ended 30 June 2011 Superannuation actuarial (gains)/losses 863 (8) (397) 458 Adjustment for limit on net assets – – – – Total recognised in other comprehensive income 863 (8) (397) 458 The cumulative amount of superannuation actuarial losses and adjustments for limit on net assets recognised in other comprehensive income in the statement of comprehensive income since 1 July 2004 is a $52.690 million loss (2011: $20.826 million loss). (f) Fund assets The percentage invested in each asset class at the statement of financial position date is: 30 JUne 2012 30 JUne 2011 Australian equities 28.0% 33.4% Overseas equities 23.7% 29.5% Australian fixed interest securities 4.9% 5.7% Overseas fixed interest securities 2.4% 3.1% Property 8.6% 9.9% Cash 19.5% 5.1% Other 12.9% 13.3% SSS $000 SSS $000 SSS $000 SSS $000 total $000 total $000 total $000 total $000
(g) Fair value of Fund assets All Fund assets are invested by the SAS Trustee Corporation at arm’s length through independent fund managers. (h) Actual return on Fund assets SaSS $000 SanCS $000 Year ended 30 June 2012 Actual return on Fund assets Year ended 30 June 2011 12 (2) 35 45 Actual return on Fund assets 1,426 284 4,104 5,814 (i) Expected rate of return on assets The expected return on assets assumption is determined by weighting the expected long-term return for each asset class by the target allocation of assets to each class. The returns used for each class are net of investment tax and investment fees. (j) Valuation method and principal actuarial assumptions at the statement of financial position date (i) Valuation method The Projected Unit Credit (PUC) valuation method was used to determine the present value of the defined benefit obligations and the related current service costs. This method treats each period of service as giving rise to an additional unit of benefit entitlement and measures each unit separately to calculate the final obligation. (ii) Economic assumptions 30 JUne 2012 30 JUne 2011 Discount rate 3.06% pa 5.28% pa Expected rate of return on assets 8.60% pa 8.60% pa Salary increase rate (excluding promotional increases) 2.50% pa 3.50% pa Rate of CPI increase 2.50% pa 2.50% pa (iii) Demographic assumptions The demographic assumptions at 30 June 2012 are those that were used in the 2009 triennial actuarial valuation. The triennial review report is available from the NSW Treasury website. (k) Funding arrangements for employer contributions (i) Surplus/deficit The following is a summary of the 30 June 2012 and 2011 financial position of the Fund calculated in accordance with AAS 25 Financial Reporting by Superannuation Plans. SaSS $000 SanCS $000 Year ended 30 June 2012 Accrued benefits 16,534 3,301 48,435 68,270 Net market value of Fund assets (15,610) (2,920) (49,677) (68,207) Net (surplus)/deficit Year ended 30 June 2011 924 381 (1,242) 63 Accrued benefits 17,076 3,334 46,137 66,547 Net market value of Fund assets (17,343) (3,394) (51,857) (72,594) Net (surplus) (267) (60) (5,720) (6,047) (ii) Funding method The method used to determine the employer contribution recommendations at the last actuarial review was the Aggregate Funding method. The method adopted affects the timing of the cost to the employer. Under the Aggregate Funding method, the employer contribution rate is determined so that sufficient assets will be available to meet benefit payments to existing members, taking into account the current value of assets and future contributions. Contribution rates are set after discussions between the Corporation, NSW Treasury and the SAS Trustee Corporation. SSS $000 SSS $000 total $000 total $000 Sydney PortS CorPoration finanCial rePort 2011/12 73
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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
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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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