PDF 25 MB - Sun International | Investor Centre
PDF 25 MB - Sun International | Investor Centre
PDF 25 MB - Sun International | Investor Centre
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SUN INTERNATIONAL ANNUAL REPORT ’10<br />
174<br />
NOTES TO THE GROUP FINANCIAL STATEMENTS CONTINUED<br />
for the year ended 30 June<br />
<strong>25</strong>. OTHER NON CURRENT LIABILITIES<br />
Financial instruments<br />
Derivative financial instruments<br />
Interest rate swaps – cash flow hedges (refer note 29) 28 56<br />
Interest rate cross currency swaps – cash flow hedges (refer note 29) 17 70<br />
Forward exchange contract (refer note 29) 15 –<br />
2010<br />
Rm<br />
2009<br />
Rm<br />
60 126<br />
Current portion<br />
Interest rate swaps – cash flow hedges (28) ( 47)<br />
Interest rate cross currency swaps – cash flow hedges (3) ( 44)<br />
Forward exchange contract (3) –<br />
26 35<br />
Non financial instruments<br />
Straight lining of operating leases <strong>25</strong> 22<br />
Deferred income 35 39<br />
Interchange commitment 22 14<br />
Post-retirement medical aid liability 75 84<br />
157 159<br />
Current portion (23) (4)<br />
Straight lining of operating leases<br />
Lease payments relating to property are straight-lined over the term of the leases.<br />
Deferred income<br />
Deferred income represents sales proceeds in respect of the second phase Vacation Club units<br />
constructed at <strong>Sun</strong> City. This revenue is recognised over the 15-year period of the members’ contracts.<br />
Interchange commitment<br />
The interchange commitment represents the group’s portion of the cost of constructing an interchange<br />
off the N1 highway in Worcester, which has commenced. This forms part of the group’s bid<br />
commitment for the Golden Valley Casino.<br />
Post-retirement medical aid liability<br />
The group contributes towards the post-retirement medical aid contributions of eligible employees<br />
employed by the group as at 30 June 2003. Employees who join the group after 1 July 2003 will<br />
not be entitled to any co-payment subsidy from the group upon retirement. Employees are eligible<br />
for such benefits on retirement based upon the number of completed years of service. The method<br />
of accounting and valuation are similar to those used for defined benefit schemes. The actuarial<br />
valuation to determine the liability is performed annually.<br />
134 155<br />
160 190<br />
Present value of unfunded obligations in the statements of financial position 75 84<br />
The group has no matched asset to fund the obligations. There are no unrecognised actuarial gains<br />
or losses and no unrecognised past service costs.
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