Financial Report 2008 - Leighton Holdings

Notes to the Financial Statements continuedfor the year ended 30 June 200834. EMPLOYEE BENEFITSDefined contribution superannuation fundsDuring the year, the Group recognised $164,518 of defined contribution expenses. The Company recognised $239 of definedcontribution expenses.Defined benefit superannuation fundsThe Group makes contributions to the Leighton Superannuation Plan and the AMEC Superannuation Fund. These fundsprovide defined benefits to employee members upon retirement. The Company makes no contributions to defined benefit plans.The Group and the Company have used the AASB 1.20A exemption and disclosed amounts required under AASB 119.120A(p)for each annual reporting period prospectively from the date of transition to AIFRS.ConsolidatedCompany2008$’0002007$’0002008$’0002007$’000Defined benefit obligationsPresent value of wholly unfunded obligations - -Present value of funded obligations (24,167) (30,633)Fair value of fund assets – funded 26,089 32,758Present value of net obligations 1,922 2,125 - -Less unrecognised actuarial gains 3,185 (2,009)Recognised asset for defined benefit obligations 5,107 116 - -Movements in the net asset/(liability) for defined benefitobligations recognised in the balance sheetNet asset/(liability) for defined benefit obligations at 1 July 116 1,390Contributions received 4,366 5,486Expense recognised in the income statement 625 (6,760)Net asset for defined benefit obligations at 30 June 5,107 116 - -Changes in the present value of the defined benefit obligationOpening defined benefit obligation (30,633) (33,151)Service cost (1,379) (7,741)Interest cost (700) (1,487)Contributions by plan participants (378) (395)Actuarial gains/ (losses) (1,448) (5,300)Benefits paid 8,606 17,441Settlements 1,765 -Closing defined benefit obligation (24,167) (30,633) - -Leighton Holdings Limited Financial Report 2008 NOTES TO THE FINANCIAL STATEMENTS 50