Annual Financial Statements 2020
68
ANNUAL FINANCIAL STATEMENTS NOTES TO THE ANNUAL FINANCIAL STATEMENTS CONTINUED
34.
34.4
Statement of cash flows notes continued
Direct taxation paid
35.
35.2
2020
N$'000
2019
N$'000
Current tax at beginning of the year
Current tax at end of the year
Total
Recognised in profit or loss and other comprehensive income
84 075
(125 984)
(104 356)
58 180
(244 920)
(84 075)
(146 265)
(270 815)
34.5
Proceeds from the sale of property and equipment
34.6
34.7
35.
35.1
Net book value of disposals
Loss on disposal
Total
Proceeds from the sale of intangibles
Net book value of disposals
Total
Dividends paid
Dividend paid during the year
Total
Post-employment benefits
Amounts recognised as liabilities in the statement of financial position
Post-employment healthcare benefit medical aid
Amounts recognised as expenses in profit and loss for the year
Retirement fund
Post-employment healthcare benefit medical aid
Total
Retirement fund
Post-employment benefits continued
Post-employment healthcare benefits
Post-employment medical scheme
STANDARD BANK NAMIBIA LIMITED
Annual financial statements 2020
2020
N$'000
2019
N$'000
The liability represents a post-employment healthcare benefit scheme that covers all
employees who joined on or before 1 March 2009. The liability is unfunded and is valued
every year using the projected unit credit method. The latest full statutory actuarial
valuation was performed on 30 June 2020.
2020
N$'000
2019
N$'000
Movement in the present value of defined medical scheme benefit obligation:
Balance at beginning of the year
Current service cost
118 896
3 027
Interest cost
12 791
112 624
2 394
7 606
2016
11 066
(759)
(591)
Remeasurement of post-employment benefit obligations relating to change in
actuarial assumptions
(22 627)
1 257
10 475
Change in financial assumptions
(24 522)
Change in demographic assumptions
4 913
Change in other assumptions
(3 018)
Contributions by employer
(4 087)
(3 728)
2020
N$'000
N$'000
2019
108 000
118 896
Balance at end of the year
Consisting of:
396
396
Present value of unfunded obligations
108 000
118 896
Obligation recognised in the statement of financial position
108 000
118 896
The amounts recognised in profit or loss are determined as follows:
Current service cost
3 027
2 394
2020
N$'000
2019
N$'000
Interest cost
Included in staff costs
12 791
15 818
7 606
10 000
(221 231)
(86 500)
(221 231)
(86 500)
The amounts recognised in statements of other comprehensive income
Remeasurement of post-employment benefit obligations relating to change in financial and
demographic assumptions
15 386
The principal actuarial assumptions used for accounting purposes were:
Discount rate
Medical inflation
14.10%
10.35%
10.75%
8.57%
2020
N$'000
2019
N$'000
Remaining life of employees post employment
18.0 - 22.5
years
17.7 years
108 000
118 896
65 852
64 993
15 818
10 000
81 670
74 993
All eligible full-time employees are members of the Standard Bank Namibia Pension Fund,
which has been registered in Namibia in accordance with the requirements of the Pension
Funds Act. The fund is a defined contribution fund and is governed by the Pension Funds Act
of 1956, and is actuarially valued every three years. An actuarial valuation was conducted as
at 30 June 2020 and the actuary certified the fund as being financially sound as at that date.
Members of the fund comprise 99% of the full-time staff. The contribution to the pension
fund is based on a percentage of pensionable earnings and charged to income as incurred.
Employer's contribution for the year
2020
N$'000
2019
N$'000
65 852
64 993
Mortality rates used:
During employment: SA85-90 (Light) ultimate table
Post-employment: PA (90) ultimate table
Current active employee members:
Particulars in respect of the current employee members belonging to the medical scheme for
which there is a post-retirement medical aid liability as at the reporting date are as follows:
Number of employees
Average age
Current pensioner members
Details of the current pensioner members belonging to the medical aid fund are as follows:
Number of employees
Average age
307
310
43.9 years
43.1 years
98
67.1 years
91
67.2 years
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