NOTES TO THE FINANCIAL STATEMENTS Year ended 31 December 2024 25 EMPLOYEE BENEFITS (CONT’D) Group 2024 2023 $’000 $’000 Changes in the present value of defined benefit obligations Defined benefit obligations at 1 January 90,903 92,414 Remeasurements: – Experience adjustment (4,013) (4,570) – Actuarial gain from changes in demographic assumptions – (2,033) – Actuarial (gain)/loss from changes in financial assumptions (5,153) 1,878 Benefits paid (3,661) (3,851) Interest cost 3,999 4,296 Current service costs 305 272 Past service costs 2 – Translation differences on consolidation 929 2,497 Defined benefit obligations at 31 December 83,311 90,903 Changes in the fair value of plan assets Fair value of plan assets at 1 January 88,826 85,138 Return on plan assets, excluding interest income (6,011) 707 Contributions by employer 225 340 Benefits paid (3,661) (3,825) Interest income 3,969 3,982 Translation differences on consolidation 928 2,484 Fair value of plan assets at 31 December 84,276 88,826 Represented by: Net defined benefit asset (4,877) – Net defined benefit liability 3,912 2,077 (965) 2,077 The fair values of plan assets in each category are as follows: Group 2024 2023 $’000 $’000 Equity 66,656 9,959 Bonds 11,116 11,942 Cash 6,504 66,925 Fair value of plan assets 84,276 88,826 Expenses recognised in profit or loss Current service costs 305 272 Past service costs 2 – Net interest costs 30 314 Defined benefit obligation expenses 337 586 ANNUAL REPORT 2024 FINANCIALS 149
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