Annual Report 2011 - Mandarin Oriental Hotel Group

58 Mandarin Oriental International Limited
Notes to the Financial Statements Continued
12 Pension plans continued
The amounts recognized in the consolidated balance sheet are as follows:
2011 2010
US$m US$m
Fair value of plan assets 62.4 67.3
Present value of funded obligations (50.1 ) (48.1 )
Net pension assets 12.3 19.2
Analysis of net pension assets
Pension assets 12.5 19.3
Pension liabilities (0.2 ) (0.1 )
12.3 19.2
Movements in the fair value of plan assets
At 1st January 67.3 62.6
Exchange differences 0.1 (0.1 )
Expected return on plan assets 5.0 4.7
Actuarial (losses)/gains (8.7 ) 1.0
Contributions from company 1.0 2.4
Contributions from plan members 0.7 0.7
Benefits paid (3.1 ) (2.5 )
Transfer in/(out) other plans 0.1 (1.5 )
At 31st December 62.4 67.3
Movements in the present value of defined benefit obligations
At 1st January (48.1 ) (46.6 )
Exchange differences (0.1 ) –
Current service cost (3.4 ) (4.1 )
Interest cost (2.2 ) (2.3 )
Contributions from plan members (0.7 ) (0.7 )
Actuarial gains 1.4 1.6
Benefits paid 3.1 2.5
Transfer (in)/out other plans (0.1 ) 1.5
At 31st December (50.1 ) (48.1 )
The analysis of the fair value of plan assets at 31st December is as follows:
Equity instruments 29.5 31.1
Debt instruments 20.2 19.7
Other assets 12.7 16.5
62.4 67.3