24. Employee Benefits

The tables below provide information about the employee benefit obligations and actuarial assumptions used for the years ended 31 December 2011 and 31 December 2010.

The defined benefits obligations arise from unfunded plans.

(a) Movements in net liability of the defined benefit obligations

	31 December 2011	31 December 2010
Present value of defined benefit obligation	1,909,094	2,100,824
Unrecognized past service negative cost/(cost)	174,027	(272,070)
Net liability in the Statement of financial position at 31 December	2,083,121	1,828,754

(b) Amounts recognized in profit or loss

	Year ended 31 December 2011	Year ended 31 December 2010
Current service cost	101,759	84,783
Interest expense	155,222	135,388
Past service cost	139,725	95,328
Correction on DBO related to pensioners	—	69,481
Recognized actuarial loss	119,959	248,336
Net expense	516,665	633,316

(c) Movements in the present value of the defined benefit obligations

	Year ended 31 December 2011	Year ended 31 December 2010
Present value of defined benefit obligation at 1 January	2,100,824	1,815,215
Current service cost	101,759	84,783
Interest expense	155,222	135,388
Correction on DBO related to pensioners	—	69,481
Acquisition of subsidiary	—	8,352
Actuarial losses	119,959	248,336
Benefits paid	(262,298)	(260,731)
Past service negative cost	(306,372)	—
Present value of defined benefit obligation at 31 December	1,909,094	2,100,824

(d) Actuarial assumptions

Principal actuarial assumptions are as follows:

	31 December 2011	31 December 2010
Discount rate, annual	8.50%	8.00%
Future salary increase, per year	5.50%	5.00%
Inflation rate, per year	5.50%	5.00%

(e) Expense recognised in profit or loss

	Year ended 31 December 2011	Year ended 31 December 2010
Operating expenses	361,443	497,928
Finance costs	155,222	135,388
	516,665	633,316

Return to Notes to the Consolidated Financial Statements for the year ended 31 December 2011