18. Bank overdrafts
Group
2015 2014
$’000 $’000
Bank overdrafts
1,130
6,724
Bank overdrafts are denominated in Euro, unsecured and bear effective interest at 2.04%
(2014: 1.81%) per annum.
19. Other liabilities
Group
2015 2014
$’000 $’000
Pension plans
3,242
3,648
Other long term obligations
85
98
3,327
3,746
The Group operates defined benefit pension plans in Germany and Indonesia based
on employee pensionable remuneration and length of service. Germany plan requires
contributions to be made to separately administered funds.
One of the plans (Germany plan) is only applicable for employees joining the subsidiary
before 31 January 2002. This pension plan is unfunded and provides a pension on retirement
equal to 1.67% of average annum salary of the employees during their employment and
a 60% widow’s pension.
Indonesia plan is unfunded and provides different percentage of average salary for
different years of service.
The pension plans expose the Group to actuarial risks, such as life expectancy risk, interest
rate risk and inflation risk.
NOTES TO THE FINANCIAL
STATEMENTS
For the financial year ended 30 June 2015
ASL Marine Holdings Ltd. /Annual Report 2015
134
