notes to the financial statements - Investor Relations

NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2011
29 RETIREMENT BENEFIT OBLIGATION (CONT’D)
The movement in the fair value of plan assets of the year is as follows:
Annual Report 2011
107
Group
2011
$’000
Fair value of plan assets at 1 January –
Acquisition through business combinations (9,451)
Expected return on plan assets (176)
Company contribution (521)
Actuarial losses 97
Benefits paid 1,472
Exchange differences 948
Fair value of plan assets at 31 December (7,631)
The amounts recognised in the income statement are determined as follows:
Group
2011
$’000
Current service cost 703
Interest cost 163
Expected return on plan assets (176)
Amortisation of unrecognised losses 32
Exchange differences (110)
612
The expense is recognised in the following line items in the income statement:
Group
2011
$’000
Administrative expenses 612
The actual return on plan assets was $194,000. Plan assets comprise a qualifying insurance policy with a third party insurance
company under a contract subject to specific Swiss pension regulations (‘BVG’, ‘BVV’).
Expected contributions to post-employment benefits for the 12 months ending 31 December 2012 are $929,000.
Funded status as of year end
Group
2011
$’000
Present value of defined benefit obligation 10,733
Fair value of plan assets (7,631)
Deficit in the plan 3,102
Experience adjustments on plan liabilities 958
Experience adjustments on plan assets (97)