Dave Forsey Chief Executive 19 July 2012 - Sports Direct International

24. Retirement benefit obligations
The Group’s defined benefit pension obligations relate to Dunlop Slazenger Group Holdings Limited (“DSGHL”), which was acquired on 28
January 2004. DSGHL operates a number of plans worldwide, the largest of which is of the funded defined benefit type. The Scheme is closed
to new members.
The amounts for the current and previous four periods following the acquisition of DSGHL are as follows:
29 April 2012
(£’000)
24 April 2011
(£’000)
25 April 2010
(£’000)
26 April 2009
(£’000)
27 April 2008
(£’000)
Total fair value of plan assets 40,105 36,858 33,149 27,440 32,706
Present value of plan liabilities (59,423) (53,044) (52,888) (39,764) (44,411)
Net plan obligations (19,318) (16,186) (19,739) (12,324) (11,705)
Experience adjustments on plan liabilities (5,539) 869 (12,645) 5,887 4,652
Experience adjustments on plan assets 38 1,208 4,461 (6,336) (2,969)
The cumulative amount of actuarial gains and losses recognised in other comprehensive income as at 29 April 2012 was an actuarial loss of
£10,701,000 (2011: actuarial loss of £5,200,000).There were no unrecognised actuarial gains or losses or past service costs as at 24 April 2011
or 29 April 2012.
Amounts recognised in the income statement are as follows:
53 weeks ended
29 April 2012
(£’000)
52 weeks ended
24 April 2011
(£’000)
Current service cost 7 9
Interest on retirement benefit obligations 2,526 2,564
Expected return on plan assets (2,277) (2,133)
256 440
The current service cost is included within cost of sales. The interest on retirement benefit obligations and the expected return on plan assets
are included within finance costs and finance income, respectively.
Amounts recognised in other comprehensive income is as follows:
53 weeks ended
29 April 2012
(£’000)
52 weeks ended
24 April 2011
(£’000)
Actual less expected return on assets 38 1,208
Actuarial gains / (losses) relating to plan liabilities (5,539) 869
(5,501) 2,077
The actual return on plan assets for the 53 weeks ended 29 April 2012 was a gain of £2,315,000 (2011: gain of £3,341,000).
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