Mandarin Oriental International Limited - Mandarin Oriental Hotel ...

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NOTES TO THE FINANCIAL STATEMENTS CONTINUED
12 Pension plans continued
The amounts recognized in the consolidated balance sheet are as follows:
MANDARIN ORIENTAL INTERNATIONAL LIMITED
2005 2004
US$m US$m
Fair value of plan assets 62.2 58.4
Present value of funded obligations (40.8) (36.9)
21.4 21.5
Unrecognized past service cost (0.3) (0.3)
Net pension assets 21.1 21.2
Analysis of net pension assets
Pension assets 22.8 22.9
Pension liabilities (1.7) (1.7)
21.1 21.2
Movements in the fair value of plan assets for the year
At 1st January 58.4 52.8
Expected return on plan assets 3.5 3.3
Actuarial gains and losses 1.9 3.8
Contributions from company 1.1 1.3
Contributions from plan members 0.9 1.0
Translation difference (0.1) –
Benefits paid (3.5) (3.5)
Transfer-out of assets – (0.3)
At 31st December 62.2 58.4
Movements in the present value of defined benefit obligations
At 1st January (36.9) (34.9)
Current service cost (3.3) (3.3)
Interest cost (2.2) (2.0)
Contributions from plan members (0.9) (1.0)
Actuarial gains and losses (1.3) 0.6
Translation difference 0.3 (0.1)
Benefits paid 3.5 3.5
Transfer-in of liabilities – 0.3
At 31st December (40.8) (36.9)