Mandarin Oriental International Limited - Mandarin Oriental Hotel ...

Notes to the Financial Statements Continued
12 Pension plans continued
The amounts recognized in the consolidated balance sheet are as follows:
56 Mandarin Oriental International Limited
2008 2007
US$m US$m
Fair value of plan assets 53.9 80.3
Present value of funded obligations (47.3 ) (46.4 )
Net pension assets 6.6 33.9
Analysis of net pension assets
Pension assets 6.6 34.0
Pension liabilities – (0.1 )
6.6 33.9
Movements in the fair value of plan assets
At 1st January 80.3 71.6
Expected return on plan assets 5.8 5.3
Actuarial (losses)/gains (30.6 ) 5.2
Contributions from company 1.1 0.4
Contributions from plan members 0.9 0.9
Exchange difference 0.2 (0.1 )
Benefits paid (4.0 ) (3.2 )
Transfer-in of assets 0.2 0.2
At 31st December 53.9 80.3
Movements in the present value of defined benefit obligations
At 1st January (46.4 ) (45.7 )
Current service cost (4.4 ) (4.1 )
Interest cost (2.3 ) (2.2 )
Contributions from plan members (0.9 ) (0.9 )
Actuarial gains 3.0 2.4
Curtailment and settlement (0.4 ) (0.4 )
Exchange difference (0.1 ) (0.1 )
Benefits paid – funded 4.0 3.2
Benefits paid – unfunded 0.4 1.6
Transfer-in of liabilities (0.2 ) (0.2 )
At 31st December (47.3 ) (46.4 )