Annual Report & Accounts 2012 - Euromoney Institutional Investor ...

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Euromoney Institutional Investor PLC Annual Report and Accounts 2012 www.euromoneyplc.com Notes to the Consolidated Financial Statements continued 27 Retirement benefit schemes continued The actual return on plan assets was a gain of £2,617,000 (2011: gain £56,000) representing the expected return plus the associated actuarial gain or loss during the year. The amounts charged to the Income Statement based on the above assumptions are as follows: 2012 £000 2011 £000 Current service costs (charged to administrative costs) 58 75 Interest cost (note 8) 1,314 1,290 Expected return on plan assets (note 8) (1,329) (1,451) Total charge/(income) recognised in Income Statement 43 (86) Pension costs and the size of any pension surplus or deficit are sensitive to the assumptions adopted. The table below indicates the effect of changes in the principal assumptions used above. 2012 £000 2011 £000 Mortality Change in pension obligation at September 30 from a one year change in life expectancy +/– 943 689 Change in pension cost from a one year change +/– 40 35 Salary Increases Change in pension obligation at September 30 from a 0.25% change +/– 38 30 Change in pension cost from a 0.25% year change +/– 4 3 Discount Rate Change in pension obligation at September 30 from a 0.1% change +/– 630 495 Change in pension cost from a 0.1% change +/– 3 1 Inflation Change in pension obligation at September 30 from a 0.1% change +/– 182 147 Change in pension cost from a 0.1% change +/– 7 7 Amounts recognised in the Consolidated Statement of Comprehensive Income (SOCI) are shown in the following table: 2012 £000 2011 £000 Actual return less expected return on pension scheme assets 1,288 (1,395) Return of surplus annuity payments 25 23 Experience adjustments on liabilities (178) 827 Losses arising from changes in assumptions (4,533) (487) Total losses recognised in SOCI (3,398) (1,032) Cumulative actuarial gain recognised in SOCI at beginning of year (415) 617 Cumulative actuarial gain recognised in SOCI at end of year (3,813) (415) 116
Euromoney Institutional Investor PLC Annual Report and Accounts 2012 www.euromoneyplc.com Our Performance 27 Retirement benefit schemes continued History of experience gains and losses: 2012 £000 2011 £000 2010 £000 2009 £000 2008 £000 Present value of defined benefit obligation (31,776) (26,260) (25,811) (21,916) (16,985) Fair value of scheme assets 27,019 24,361 24,274 21,552 19,512 (Deficit)/surplus in scheme (4,757) (1,899) (1,537) (364) 2,527 Experience adjustments on defined benefit obligation (178) 827 (14) (18) (36) Percentage of present value of defined benefit obligation 0.6% (3.1%) 0.1% 0.1% 0.2% Experience adjustments on fair value of scheme assets 1,288 (1,395) 1,363 760 (1,717) Percentage of the fair value of the scheme assets 4.8% (5.7%) 5.6% 3.5% (4.0%) The group expects to contribute approximately £509,000 (2011: expected contribution in 2012 of £509,000) to the MBPS during the 2013 financial year. 28 Contingent liabilities Claims in Malaysia Four writs claiming damages for libel were issued in Malaysia against the company and three of its employees in respect of an article published in one of the company’s magazines, International Commercial Litigation, in November 1995. The writs were served on the company on October 22 1996. Two of these writs have been discontinued. The total outstanding amount claimed on the two remaining writs is Malaysian ringgits 82.3 million (£16,669,000). No provision has been made for these claims in these financial statements as the directors do not believe the company has any material liability in respect of these writs. 29 Related party transactions The group has taken advantage of the exemption allowed under IAS 24 ‘Related party disclosures’ not to disclose transactions and balances between group companies that have been eliminated on consolidation. Other related party transactions and balances are detailed below: (i) The group had borrowings under a US$300 million multi-currency facility with DMGRH Finance Limited, a Daily Mail and General Trust plc (DMGT) group company as follows: 2012 US$000 2012 £000 2011 US$000 Amounts owing under US$ facility at September 30 62,381 38,631 171,450 110,059 Amounts owing under GBP facility at September 30 – 4,523 – 20,000 43,154 130,059 Commitment fee on unused portion of the available facility for year – 618 – 721 2011 £000 Notes to the Consolidated Financial Statements Company Accounts Group Accounts Our Governance 117
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