19. Other liabilities (cont’d)
Changes in present value of the defined benefit obligation are as follows:
Germany Plan Indonesia Plan
Total
2015 2014 2015 2014 2015 2014
$’000 $’000 $’000 $’000 $’000 $’000
At 1 July
2,952 1,673 696 565 3,648 2,238
Expenses/(reversal)
during the year (Note 31)
122 637
(70)
131
52 768
Remeasurement losses
Actuarial losses arising
from changes in
financial assumptions
28 699
–
–
28 699
Benefits paid
(125)
(111)
–
–
(125)
(111)
Net exchange differences
(361)
54
–
–
(361)
54
At 30 June
2,616 2,952
626 696 3,242 3,648
Net benefit expense:
Interest costs
100
98
–
–
100
98
Current service costs
22 539
(70)
131
(48)
670
122 637
(70)
131
52 768
The cost of defined benefit pension plans and the present value of the pension obligation
are determined using actuarial valuations. The actuarial valuations involve making various
assumptions. The principal assumptions used in determining pension obligations for the
defined benefit plans are shown below:
2015 2014
Discount rates:
Indonesia plan
8.5% 8.5%
Germany plan
2.4% 2.4%
Future salary increases:
Indonesia plan
7.0% 7.0%
Germany plan
2.0% 2.0%
Future pension increases:
Indonesia plan
7.0% 7.0%
Germany plan
1.75% 1.8%
Normal retirement age:
Indonesia plan
55 years 55 years
Germany plan
67 years 65 years
Assumptions regarding future mortality experience are set based on actuarial advice in
accordance with published statistics and experience in each territory. Mortality assumption
for Germany is based on postretirement mortality table RT 2005 G; while for Indonesia, the
mortality of the employees are assumed to be in line with the Indonesia Mortality Tables
2011 (TM1-111).
The average duration of the post-employment benefits at the end of the financial year is
22.5 years (2014: 22 years).
NOTES TO THE FINANCIAL
STATEMENTS
For the financial year ended 30 June 2015
ASL Marine Holdings Ltd. /Annual Report 2015
135
