NOTES TO
FINANCIAL STATEMENTS
December 31, 2015
20
RETIREMENT BENEFIT OBLIGATIONS (CONT’D)
Changes in the present value of the defined benefit obligation are as follows:
Group
2015
2014
US$’000
US$’000
Opening defined benefit obligation
1,068
1,462
Retirement benefit obligations adjustment
–
(719)
Current service cost
66
111
Interest cost
84
116
Remeasurement (losses) gains:
From changes in financial assumptions
(68)
36
From experience adjustments
152
153
Benefit paid
(204)
(76)
Exchange difference
(75)
(15)
Closing defined benefit obligation
1,023
1,068
Changes in the fair value of the plan assets are as follows:
2015
2014
US$’000
US$’000
Opening fair value of plan assets
1,755
1,135
Interest income
132
99
Remeasurement gain:
Return on plan assets (excluding interest income)
(835)
1,132
Contributions by employer
–
21
Contributions by plan participants
9
12
Assets distributed on settlements
–
(563)
Benefit paid
(189)
(67)
Exchange difference
(159)
(14)
Closing fair value of plan assets
713
1,755
The fair value of plan assets at the end of the reporting period is analysed as follows:
2015
2014
US$’000
US$’000
Deposit
279
562
Equity instruments
121
684
Debt instruments
178
228
Other assets
135
281
Total
713
1,755
The fair values of the above equity and debt instruments are determined based on quoted market prices in
active markets.
125
FOCUSED & RESILIENT
SAMUDERA SHIPPING LINE LTD
ANNUAL REPORT 2015
