69 l BRADKEN LIMITED ANNUAL REPORT 2014
Notes to the consolidated financial statements
30 June 2014
(continued)
19 Employee defined benefit liability (continued)
Defined
Fair value
benefit
of
Benefit
obligation plan assets Liability
$'000
$'000
$'000
Balance at 1 July 2013
(56,530)
44,825
(11,705)
Pension costs charged to profit or loss
Service cost
(1,239)
(168)
Net Interest
(2,499)
1,999
Subtotal included in profit or loss
(3,738)
1,831
(1,907)
Benefits paid
2,592
(2,592)
-
Re-measurement gains/(losses) in other comprehensive income
Return on plan assets (excluding amounts included in net interest expense)
-
6,123
6,123
Actuarial changes arising from changes in demographic assumptions
(1,522)
-
(1,522)
Actuarial changes arising from changes in financial assumptions
(4,169)
-
(4,169)
Experience adjustments
466
-
466
Sub-total included in OCI
(5,225)
6,123
898
Contributions by employer
-
3,252
3,252
FX Translation
2,166
(1,821)
345
Balance at 30 June 2014
(60,735)
51,618
(9,117)
(c) Categories of the plan assets
2014
2013
$'000
$'000
Cash equivalents
10,311
8,093
Fixed interest
8,117
6,174
Equity securities
33,190
30,558
51,618
44,825
(d) Principal assumptions
2014
2013
$'000
$'000
Discount rate:
US Defined benefit retirement plan
3.92% 4.38%
Canadian defined benefit retirement plans
4.90% 4.60%
The major categories of plan assets included in the fair value of the total plan assets are as follows:
The principal assumptions used in determining pension obligations for the Group's plans are shown below:
Page 69
Bradken Limited
NOTES TO THE CONSOLIDATED
FINANCIAL STATEMENTS
(CONTINUED)
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