Description Page - Doosan Power Systems

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DOOSAN BABCOCK ENERGY Annual Report and Financial Statements 2007 Notes to the financial statements continued 4. Employees and directors 30 Proforma 12 months 9 months 12 months ended ended ended December December March 2007 2007 2007 Average number of persons employed during the period: Production 4,179 4,148 4,164 Administration 405 412 358 4,584 4,560 4,522 The average monthly number of persons employed reflects staff levels of the Company and subsidiary undertakings during the period. Proforma 12 months 9 months 12 months ended ended ended December December March 2007 2007 2007 £000 £000 £000 Staff costs during the period: Wages & salaries 174,078 134,929 167,608 Social security costs 16,645 12,908 16,327 Other pension costs 6,929 5,023 6,864 197,652 152,860 190,799
4. Employees and directors (continued) Remuneration of directors DOOSAN BABCOCK ENERGY Annual Report and Financial Statements 2007 Proforma 12 months 9 months 12 months ended ended ended December December March 2007 2007 2007 £000 £000 £000 Directors’ emoluments 743 572 779 The aggregate emoluments of the highest paid director were £287,692 (March 2007: £258,745). He is a member of a Group pension scheme, under which his accrued pension at the year end was £94,864 (March 2007: £90,957). Retirement benefits accruing to the following number of directors: December March 2007 2007 Defined benefit schemes 2 2 Post-retirement benefits The Group operates two defined contribution schemes, a Group Personal Pension Plan and a Stakeholder Plan. The charge for the period in respect of these schemes was £336,318, £37,547 of which was outstanding at the year end. The Group operates a pension scheme providing benefits based on final pensionable pay. This scheme is now closed to new entrants. The Group’s pension contributions during the period amounted to £10,085,000 which was equal to the regular pension cost calculated by the Scheme’s actuary. The contributions are determined by a qualified actuary on the basis of triennial valuations using the projected unit method. The most recent valuation was at 31 March 2007. The assumptions which have the most significant effect on the results of the valuation and the contributions paid by the Group are those relating to the rate of return on investments and the rates of increase in salaries and pensions. It was assumed that the investment return would be 6.5% per annum, that salary increases would average 4.0% per annum and that present and future pensions would increase at the rate of 3.0% per annum. The market value of the scheme assets at 31 March 2007 was estimated to be £201.4m. Based on this, the Scheme is 90% funded. As a result of this it was agreed that the Group contribution level would remain at 30%. The actuarial valuation of the scheme at 31 March 2007 was updated to 31 December 2007 by a qualified actuary, using a set of assumptions consistent with those required under FRS17. The scheme was formally closed to new entrants with effect from 31 March 2001 although late new entrants were permitted to join until 31 January 2002. Under the Projected Unit Method (the method used for the purposes of FRS17), the current service cost will increase (as a percentage of scheme salaries) as members of the scheme approach retirement. 31
Page 1 and 2: Annual Report and Financial Stateme
Page 3 and 4: Financial Highlights * ORDER INTAKE
Page 5 and 6: An international presence From Atla
Page 7 and 8: On 14 December 2006 the Korean corp
Page 9 and 10: Our subsidiaries in Germany and Pol
Page 11 and 12: We are expanding and developing our
Page 13 and 14: Description Page DOOSAN BABCOCK ENE
Page 15 and 16: Board of Directors Gee Won Park Dir
Page 17 and 18: Five Year Summary Major Growth The
Page 19 and 20: The major uncertainty in terms of t
Page 21 and 22: Independent auditors' report to the
Page 23 and 24: Consolidated balance sheet as at 31
Page 25 and 26: Consolidated cash flow statement fo
Page 27 and 28: Notes to the financial statements 1
Page 29 and 30: 2. Geographical analysis DOOSAN BAB
Page 31: (b) Operating profit is stated afte
Page 35 and 36: 4. Employees and directors (continu
Page 37 and 38: 7. Intangible fixed assets DOOSAN B
Page 39 and 40: 8. Tangible fixed assets (continued
Page 41 and 42: 9. Fixed asset investments (continu
Page 43 and 44: 14. Provisions for liabilities (con
Page 45 and 46: 18. Cash flow (a) Reconciliation of
Page 47 and 48: 19. Analysis of changes in net fund
Page 49 and 50: 23. Reconciliation of movements in
Page 51 and 52: Contacts Main Offices Global Headqu

Description Page - Doosan Power Systems

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