Basic HTML Version
217
Gamuda Berhad (29579-T) • Annual Report 2012
31. Retirement benefit obligations (cont’d.)
Movements in the net liabilities in the current year were as follows:
Group
Company
2012
2011
2012
2011
RM’000
RM’000
RM’000
RM’000
At beginning of year
14,374
11,630
2,164
3,097
Recognised in profit or loss
2,896
5,407
469
434
Contributions paid
(5,182)
(2,663)
(1,088)
(1,367)
At end of year
12,088
14,374
1,545
2,164
Principal actuarial assumptions used:
2012
2011
%
%
Discount rate
6.1
6.1
Expected rate of salary increases
- Up to age 39
8.0
8.0
- Ages 40 and above
6.0
6.0
Price inflation
3.5
3.5
32. Payables and derivatives
(a)
Payables
Group
Company
2012
2011
2012
2011
Non-current
RM’000
RM’000
RM’000
RM’000
Advance membership fees
11,347
8,795
-
-
Retirement benefit obligations (Note 31)
11,007
10,222
1,233
1,221
Retention sums payable after one year
101,254
61,794
-
3,323
Amount due to a third party
42,729
-
-
-
166,337
80,811
1,233
4,544
Advance membership fees received are in connection with the provision of services by way of golfing, sporting
and other recreational facilities. The advance membership fees are recognised as income over the tenure of
the membership period which expires in 2058 to 2070. The current portion is disclosed in Note 36.
Amount due to a third party represents the present value of amount payable to a non-controlling interest of a
subsidiary for land cost and services provided by the non-controlling interest. The amount is repayable in equal
annual instalments commencing from 1 January 2016 to 31 December 2019.
NoTES To ThE FINANCIAL STATEMENTS
31 July 2012