77
2014 ANNUAL REPORT
9 Employee benefits
a) The amounts recognised in the consolidated statement of financial position are as follows:
Defined benefit pension plans
Pension assets
Pension liability
2014
2013
2014
2013
Present value of defined benefit obligation
(2,706,572)
(2,572,194)
(302,311)
(291,793)
Fair value of plan assets
4,020,468
3,879,232
245,036
241,456
Surplus/(deficit)
1,313,896
1,307,038
(57,275)
(50,337)
Effect of asset ceiling
(14,171)
(14,050)
–
–
Net asset/(liability) recognised in the
consolidated statement
of financial position
1,299,725
1,292,988
(57,275)
(50,337)
Post-retirement medical benefits
2014
2013
Present value of defined benefit obligation
(423,502)
(304,850)
Fair value of plan assets
–
–
Net liability recognised in the consolidated statement of financial position
(423,502)
(304,850)
b) Changes in the present value of the defined benefit obligation are as follows:
Defined benefit pension plans
Post-retirement medical benefits
2014
2013
2014
2013
Opening defined benefit obligation
2,863,987
2,523,045
304,850
222,114
Exchange adjustments
(2,844)
–
(65)
–
Current service cost
100,108
86,269
14,709
10,593
Interest cost
148,843
143,022
15,385
12,304
Members’contributions
1,029
1,012
–
–
Re-measurements:
- Experience adjustments
(15,518)
23,019
91,436
27,971
- Actuarial gains/(losses) from change in
demographic assumptions
2,505
(10,800)
76
34,890
- Actuarial gains/(losses) from change in
financial assumptions
–
183,014
–
(552)
Benefits paid
(89,227)
(84,594)
(203)
(281)
Premiums paid by the Group
–
–
(2,686)
(2,189)
Closing defined benefit obligation
3,008,883
2,863,987
423,502
304,850
