annual report 2011

IOOF | annual report 2011
Notes to the financial statements (cont’d)
For the year ended 30 June 2011
Directors’
retirement
Onerous
contracts
Restructuring
Consolidated
Employee
entitlements
Other
Total
$’000 $’000 $’000 $’000 $’000 $’000
Balance at 1 July 2010 594 3,082 998 38,080 2,834 45,588
Provisions made during the period 65 - - 18,651 376 19,092
Provisions utilised during the period - (2,352) (998) (19,403) (1,548) (24,301)
Balance at 30 June 2011 659 730 - 37,328 1,662 40,379
Balance at 1 July 2010 550
Provisions made during the period 210
Provisions utilised during the period (760)
Balance at 30 June 2011 -
Directors’ retirement provision
Directors appointed prior to 13 April 2003 are entitled to participate in a retirement benefits program which provides a cash based
benefit to Non-Executive Directors at the time of their retirement from the Board.
Onerous contracts
The provision for onerous contracts represents the value of future lease payments net of anticipated recoveries from third parties,
that the Group is presently obligated to make under non-cancellable operating lease contracts. The estimate may vary as a result of
changes in the utilisation of the leased premises and sub-lease arrangements where applicable. The unexpired term of these leases is
less than 1 year and 3 months.
Other provisions
Other provisions have been made for the present value of the Directors’ best estimates of legal settlements. The information usually
required by AASB 137 Provisions, Contingent Liabilities and Contingent Assets, is not disclosed on the grounds that it can be expected
to prejudice the outcome of the litigation.
25 Other liabilities
Consolidated Parent
2011 2010 2011 2010
$’000 $’000 $’000 $’000
Deferred revenue liability 15,431 19,516 - -
Lease incentives 1,962 1,482 - -
17,393 20,998 - -
Parent
Other
$’000
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