enl commercial limited annual report 2011 - Investing In Africa

Notes to the Financial Statements
Year ended June 30, 2011
19 RETIREMENT BENEFIT OBLIGATIONS (continued)
(v)
Movement in the liability recognised on the statements of financial position is as follows:
THE GROUP
2011 2010
Rs’000 Rs’000
At July 1, 8,174 7,036
Total expense 4,142 4,144
Contributions paid (3,336) (3,006)
At June 30, 8,980 8,174
(vi) The assets in the plan were:
THE GROUP
2011 2010
Rs’000 Rs’000
Local equities 28 44
Property 1 2
Overseas bonds and equities 14 12
Insured contracts - 42
Fixed interest 22 -
Others 35 -
Total 100 100
Where the plan is funded, the overall expected rate of return on plan assets is determined by reference
to market yields on bonds and expected yield differences on other types of assets held.
For certain subsidiaries, the asset of the plan is equivalent to the value of deferred annuity contracts
which have been invested in the life fund of The Anglo Mauritius Assurance Society Ltd.
(vii) Amounts for the current and and previous four years are as follows:
THE GROUP
2011 2010 2009 2008 2007
Rs’000 Rs’000 Rs’000 Rs’000 Rs’000
Fair value of plan assets 25,406 21,747 18,215 18,577 14,588
Present value of defined benefit
obligations (39,379) (33,319) (30,325) (25,094) (16,357)
Deficit (13,973) (11,572) (12,110) (6,517) (1,769)
Asset experience gain/(loss)
during the year 577 (1,204) (4,285) (260) 1,308
Liability experience loss/(gain)
during the year 2,237 (2,714) 1,109 4,183 (801)
(viii) The principal actuarial assumptions used for accounting purposes were as follows:
THE GROUP
2011 2010
% %
Discount rate 10.0 10.0
Expected return on plan assets 10-10.5 10.5
Future salary increases 8-8.5 8.3
Future pension increases 4.0 4.0
(ix) Expected employer contributions for the year ending June 30, 2012 are Rs. 3 million for the group.
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ENL Commercial Limited
Annual Report 2011