05/03/2012 Guinness Peat Group plc - Results Presentation

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05/03/2012 Guinness Peat Group plc - Results Presentation

C O AT S P E N S I O N S C H E M E SDEFINED BENEFIT ARRANGEMENTSUS$13m current service chargeUKUS‒ US$2.1bn assets and US$2.3bn liabilities‒ 28,000 members, including 17,000 pensioners,11,000 deferred pensioners and less than 200 actives‒ Asset investment profile - 50% bonds, 38% equitiesand 12% other‒ Major driver of actuarial loss arising in the year wasfall in discount rate from 5.5% to 4.6% - driven by AAlong dated corporate bond rates‒ Increase in discount rate to 5.35% would eliminateaccounting deficit‒ Next funding valuation due April 2012; should beconcluded by July 2013‒ US$229m assets and US$157m liabilities‒ 5,000 members, including 3,000 pensioners, 1,000deferred pensioners and 1,000 active membersOther‒ includes Europe, mainly unfunded liabilities of $68mIAS19 surplus / (deficit)31 Dec2011US$m31 Dec2010US$mUK (251) 2US 34 32Other (96) (95)Total (313) (61)Defined benefit net liabilities recognised total US$313m(2010: US$61m), of which US$251m relates to the UK planUS plan has gross surplus of US$72m (2010: US$70m), ofwhich US$34m (2010: US$32m) is recognised as arecoverable net asset (will mainly be recovered throughcontinuation of the contribution holiday)European and other Group defined benefit liabilities arepredominantly in respect of unfunded arrangementsDEFINED CONTRIBUTION ARRANGEMENTSUS$3m current service chargeLargely in Europe and USGUINNESS PEAT GROUP – 14 Nov 2011 ICCONFIDENTIAL – NOT FOR EXTERNAL DISTRIBUTION11

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