Annual Report 2011 - Hongkong Land

Notes to the Financial Statements
16 Pension Plans continued
The amounts recognised in the consolidated balance sheet are as follows:
2011 2010
Fair value of plan assets 30.3 33.8
Present value of pension obligations (23.9) (23.2)
US$m
US$m
6.4 10.6
Movements in the fair value of plan assets:
At 1st January 33.8 31.4
Exchange differences 0.1 (0.1)
Expected return on plan assets 2.5 2.3
Contributions from employers and plan members 0.3 0.5
Benefits paid (2.0) (0.9)
Actuarial (loss)/gain (4.3) 0.6
Transfer to other plans (0.1) –
At 31st December 30.3 33.8
Movements in the present value of pension obligations:
At 1st January 23.2 21.4
Exchange differences 0.1 –
Current service cost 1.3 1.3
Interest cost 1.1 1.0
Benefits paid (2.0) (0.9)
Actuarial loss 0.3 0.4
Transfer to other plans (0.1) –
At 31st December 23.9 23.2
The analysis of the fair value of plan assets at 31st December is as follows:
Equity instruments 14.6 15.8
Debt instruments 9.4 9.6
Other assets 6.3 8.4
30.3 33.8
The estimated amount of contributions expected to be paid to the plans in 2012 is US$0.3 million.
The amounts recognised in the consolidated profit and loss account are as follows:
2011 2010
US$m
US$m
Current service cost 1.3 1.3
Interest cost 1.1 1.0
Expected return on plan assets (2.5) (2.3)
Income recognised (0.1 ) –
Actual (loss)/return on plan assets in the year (1.8 ) 2.9
The above amounts are all recognised in arriving at operating profit and are included in cost of sales and administrative expenses.
48 Hongkong Land