Download the PDF (5.4 MB) - Nedbank Group Limited

More documents

Recommendations

Info

350 NEDBANK GROUP Limited INTEGRATED REPORT 201035 LONG-TERM EMPLOYEE BENEFITS ... continued35.2 Postemployment benefits ... continuedRmPension andprovidentfundsMedical aidfundsExperience adjustments on present value of defined-benefitobligation for past five years2010 14 (48) (34)2009 190 (98) 922008 (82) 33 (49)2007 (17) (64) (81)2006 105 43 1482005 (22) 47 25Experience adjustments on fair value of plan assets for pastfive years2010 95 (10) 852009 188 27 2152008 (483) (39) (522)2007 433 22 4552006 448 47 4952005 374 42 416Estimate of future contributionsContributions expected for ensuing year 26 26Present valueof obligationFair value ofplan assetTotalSurplus/(Deficit)Fund surplus/(deficit) for past five yearsPension funds2010 3 985 4 965 9802009 3 510 4 694 1 1842008 3 315 4 455 1 1402007 2 963 4 723 1 7602006 3 000 4 265 1 2652005 2 951 3 660 709Medical aid funds2010 1 229 810 (419)2009 1 092 790 (302)2008 916 743 (173)2007 811 749 (62)2006 810 700 (110)2005 714 614 (100)2010 2009Effect of 1% change in assumed medical cost trend rates (Rm)1% increase – effect on current service cost and interest cost 26 211% increase – effect on accumulated benefit obligation 176 1561% decrease – effect on current service cost and interest cost (21) (16)1% decrease – effect on accumulated benefit obligation (144) (129)
351Reports andcertificationsConsolidatedannual financialstatementsShareholdermeeting mattersDefinitions andabbreviationsInstrumentcodesContactdetailsnotes to the financial statements for the year ended 31 December 201036 INTANGIBLE ASSETSClientrelationships,Rm Goodwill SoftwareSoftwaredevelopmentcostscontractualrights andother Total2010CostBalance at the beginning of the year 6 458 4 249 973 653 12 333Acquisitions 154 570 724Development costs commissioned to software 423 (423) –Impairment losses (54) (54)Disposals and retirements (4) (4)Grossdown of carrying value/amortisation* (35) (85) (120)Foreign currency translation and other movements (36) 7 (29)Balance at the end of the year 6 422 4 794 981 653 12 850Accumulated amortisation and impairment lossesBalance at the beginning of the year 1 477 3 181 222 38 4 918Amortisation charge 496 64 560Disposals and retirements (4) (4)Grossdown of carrying value/amortisation* (35) (85) (120)Foreign currency translation and other movements 2 2Balance at the end of the year 1 477 3 640 137 102 5 356Carrying amountAt the beginning of the year 4 981 1 068 751 615 7 415At the end of the year 4 945 1 154 844 551 7 4942009CostBalance at the beginning of the year 5 371 3 683 896 9 950Acquisitions 1 126 153 526 653 2 458Development costs commissioned to software 439 (439) –Impairment losses (1) (10) (11)Disposals and retirements (12) (12)Foreign currency translation and other movements (39) (13) (52)Balance at the end of the year 6 458 4 249 973 653 12 333Accumulated amortisation and impairment lossesBalance at the beginning of the year 1 477 2 750 222 4 449Amortisation charge 459 38 497Disposals and retirements (16) (16)Foreign currency translation and other movements (12) (12)Balance at the end of the year 1 477 3 181 222 38 4 918Carrying amountAt the beginning of the year 3 894 933 674 – 5 501At the end of the year 4 981 1 068 751 615 7 415* The group implemented a new system for the recording, valuation and calculation of amortisation so as to improve the recording of its software and softwaredevelopment costs. This has resulted in a grossdown being required for both the carrying value and the related accumulated amortisation for assets recorded on a netbasis in the previous system.
Page 2:
Dear shareholders and other stakeho
Page 5 and 6:
215Reports andcertificationsConsoli
Page 7 and 8:
Page 9 and 10:
Page 11 and 12:
Page 13 and 14:
Page 15 and 16:
Page 17 and 18:
Page 19 and 20:
Page 21 and 22:
Page 23 and 24:
Page 25 and 26:
Page 27 and 28:
Page 29 and 30:
Page 31 and 32:
Page 33 and 34:
Page 35 and 36:
Page 37 and 38:
Page 39 and 40:
Page 41 and 42:
Page 43 and 44:
Page 45 and 46:
Page 47:
Page 52 and 53:
262 NEDBANK GROUP Limited INTEGRATE
Page 54 and 55:
Page 56 and 57:
Page 58 and 59:
Page 60 and 61:
Page 62 and 63:
Page 64 and 65:
Page 66 and 67:
Page 68 and 69:
Page 70 and 71:
Page 72 and 73:
Page 74 and 75:
Page 76 and 77:
Page 78 and 79:
Page 80 and 81:
Page 82 and 83:
Page 84 and 85:
Page 86 and 87:
Page 88 and 89:
Page 90 and 91: 300 NEDBANK GROUP Limited INTEGRATE
Page 190 and 191:
Page 192 and 193:
Page 194 and 195:
Page 196:
show all

Download the PDF (5.4 MB) - Nedbank Group Limited

Create successful ePaper yourself

Delete template?

Save as template?