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This excerpt taken from the ELN 6-K filed Aug 28, 2009. d
Pensions
Under both IFRS and U.S. GAAP, actuarial gains and losses
relating to defined benefit plans arise as a result of two
factors: (a) experience adjustments due to differences
between the previous actuarial assumptions and actual outcomes;
and (b) changes in actuarial assumptions. At a minimum,
actuarial gains and losses are required to be recognised in the
income statement when the cumulative unrecognised amount thereof
at the beginning of the period exceeds a ’corridor’,
which is 10% of the greater of the present value of the
obligation and the fair value of the assets. Under both IFRS and
U.S. GAAP, we amortise actuarial gains and losses in excess
of the corridor on a straight-line basis over the expected
remaining working lives of the employees in the plans.
Under IFRS, the unamortised net actuarial losses relating to our
defined benefit plans that were not recognised in the income
statement are classified as assets. Under U.S. GAAP, these
unamortised net actuarial losses are recognised directly in
shareholders’ deficit. As at 30 June 2009, the defined
benefit plans had a total underfunded status (excess of the
projected benefit obligation over the fair value of the
plans’ assets) of $11.9 million (31 December
2008: $13.4 million) and total unamortised net actuarial
losses of $24.3 million (31 December 2008:
$27.4 million) based on the foreign exchange rate at the
balance sheet date. Under IFRS, the underfunded status is added
to the unamortised net actuarial losses resulting in a net
pension asset of $12.4 million (31 December 2008:
$14.0 million). Under U.S. GAAP, the underfunded
status is recognised as a long-term liability on the balance
sheet, and the unamortised net actuarial losses are recognised
as an increase in shareholders’ deficit. Consequently, a
reconciling difference of $24.3 million to
shareholders’ deficit arises at 30 June 2009
(31 December 2008: $27.4 million), reflecting this
difference in classification of the unamortised net actuarial
losses between IFRS (assets) and U.S. GAAP
(shareholders’ deficit).
Table of Contents
This excerpt taken from the ELN 6-K filed Mar 30, 2009. e Pensions
Under both IFRS and U.S. GAAP, actuarial gains and losses
relating to defined benefit plans arise as a result of two
factors: (a) experience adjustments due to differences
between the previous actuarial assumptions and actual outcomes;
and (b) changes in actuarial assumptions. At a minimum,
actuarial gains and losses are required to be recognised in the
income statement when the cumulative unrecognised amount thereof
at the beginning of the period exceeds a ’corridor’,
which is 10% of the greater of the present value of the
obligation and the fair value of the assets. Under both IFRS and
U.S. GAAP, we amortise actuarial gains and losses in excess
of the corridor on a straight-line basis over the expected
remaining working lives of the employees in the plans.
Under IFRS, the unamortised net actuarial losses relating to our
defined benefit plans that were not recognised in the income
statement are classified as assets. Under U.S. GAAP, these
unamortised net actuarial losses are recognised directly in
shareholders’ equity. At 31 December 2008, the defined
benefit plans had a total unfunded status (excess of the
projected benefit obligations over the fair value of the
plans’ assets) of $13.4 million and total unamortised
net actuarial losses of $27.4 million. At 31 December
2007, the defined benefit plans had a total overfunded status
(excess of the fair value of the plans’ assets over the
projected benefit obligations) of $8.8 million and total
unamortised net actuarial losses of $3.6 million. Under
IFRS, the overfunded/unfunded status is added to/netted-off
against the unamortised net actuarial losses resulting in a net
pension asset of $14.0 million and $12.4 million at
31 December 2008 and 2007, respectively. Under
U.S. GAAP, the overfunded/unfunded status is recognised as
a long-term asset/liability on the balance sheet, and the
unamortised net actuarial losses are recognised as a reduction
to shareholders’ equity (increase in shareholders’
deficit). Consequently, a reconciling difference of
$27.4 million to shareholders’ deficit arises at 2008
(2007: $3.6 million), reflecting this difference in
classification of the unamortised net actuarial losses between
IFRS (assets) and U.S. GAAP (shareholders’ deficit).
Table of Contents
Shareholders’
Information
We have not paid cash dividends on our Ordinary Shares in the
past. The declaration of any cash dividends will be at the
recommendation of our board of directors. The recommendations of
the board of directors will depend upon the earnings, capital
requirements and financial condition of the Company and other
relevant factors. Although we do not anticipate that we will pay
any cash dividends on our Ordinary Shares in the foreseeable
future, the Company expects that its board of directors will
review the dividend policy on a regular basis. Dividends may be
paid on the Executive Shares and “B” Executive Shares
at a time when no dividends are being paid on the Ordinary
Shares. For additional information regarding the Executive
Shares and “B” Executive Shares, please refer to
Note 23 to the Consolidated Financial Statements.
This excerpt taken from the ELN 6-K filed Apr 11, 2005. o Pensions The regular cost of providing benefits under defined benefit plans is charged to the profit and loss account over the service lives of the plan members. The regular costs are determined in consultation with independent, external, qualified actuaries. Variations from regular costs, where they arise, are allocated to operating profit/(loss) over the expected remaining service lives of the members. The costs of providing defined contribution benefit plans are expensed as incurred. | EXCERPTS ON THIS PAGE:
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