NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024 25 EMPLOYEE BENEFITS (CONT’D) The assets of each scheme have been taken at market value and the liabilities have been calculated using the following principal assumptions: 2024 2024 2023 2023 UK Taiwan UK Taiwan Inflation rate 3.3% – 3.2% – Discount rate 5.4% 1.8% 4.7% 1.4% Rate of salary increase 3.8% 3.0% 3.7% 3.0% Rate of pension increases 3.0% – 3.0% – Rate of revaluation 2.8% – 2.8% – The methodology for computing the discount rate is the yield range method. The assumptions used by the actuaries are the best estimates chosen from a range of possible actuarial assumptions, which due to the timescale covered, may not necessarily be borne out in practice. The present values of the schemes’ liabilities are derived from cash flow projections over long periods and are inherently uncertain. Sensitivity analysis The calculation of the defined benefit obligation is sensitive to the assumptions set out above. The following table summarises how the impact on the defined benefit obligation at the end of the reporting period would have increased/(decreased) as a result of a change in one of the relevant actuarial assumptions by one percent, holding other assumptions consistent. Defined benefit obligation 1 percent increase 1 percent decrease $’000 $’000 Group 2024 Discount rate (6,592) 8,867 Rate of salary increase 656 (583) 2023 Discount rate (8,941) 10,677 Rate of salary increase 676 (614) 26 LEASE LIABILITIES Group Company 2024 2023 2024 2023 $’000 $’000 $’000 $’000 Lease liabilities 663,418 670,940 20,430 26,642 Non-current 637,007 648,795 13,948 20,429 Current 26,411 22,145 6,482 6,213 663,418 670,940 20,430 26,642 The incremental borrowing rates of the Group’s and the Company’s lease liabilities range from 0.9% to 14.6% (2023: 0.9% to 14.6%) and 2.7% to 3.1% (2023: 2.7% to 3.1%) per annum respectively, as at 31 December 2024. Information about the Group’s and the Company’s exposure to foreign currency and liquidity risk is included in note 41. ANNUAL REPORT 2024 FINANCIALS 151
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