3912 reportcomplete final web:layout 1

Movement in retirement benefit obligation
(prepaid pension costs) recognised in the
statement of financial position:
2008 2007
USD 000 USD 000
Year ended 31 December
At beginning of year (650) 736
Total expense as above 2 131 2 299
Contribution paid (4 562) (3 665)
Exchange difference (59) (20)
Balance at 31 December (3 140) (650)
The assumptions used for the calculations are
the following:
2008 2007
Discount rate used in determining present values 3.50% 3.50%
Annual rate of increase in future compensation levels 1.75% 1.75%
Expected rate of future increases in pension benefits 0.50% 0.50%
Expected long-term rate of return on plan assets 4.50% 5.00%
The weighted average asset allocation at
31 December 2008 is:
Share of Expected
plan assets return rate
Cash 8% 1.50%
Equity securities 27% 7.00%
Debt securities 46% 3.50%
Real estate 11% 5.00%
Others 8% 3.50%
The expected future cash flows to be paid are:
2009 3 464
2010 3 432
2011 3 341
2012 3 366
2013 3 302
2014–2018 15 863
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The movement in the defined benefit obligation is:
2008 2007
USD 000 USD 000
Present value of obligation at 1 January 40 378 39 350
Service costs 5 402 4 879
Interest costs 1 487 1 103
Benefits paid (1 767) (1 285)
Experience gain (4 117) (6 559)
Impact of exchange rate changes 2 457 2 890
Present value of obligation at 31 December 43 840 40 378
The movement in the fair value of plan assets is:
2008 2007
USD 000 USD 000
Plan assets at fair value at 1 January 40 286 33 150
Employees contribution 2 639 2 118
Employer contribution 4 562 3 665
Benefits paid (1 767) (1 285)
Expected return on plan assets 2 119 1 690
Experience gain (8 588) (1 818)
Impact of exchange rate changes 2 435 2 766
Plan assets at fair value at 31 December 41 686 40 286
Selected pension data at 31 December of the
last five years is as follows:
2008 2007 2006 2005 2004
USD 000 USD 000 USD 000 USD 000 USD 000
Present value of obligation 43 840 40 378 39 351 33 028 30 241
Plan assets at fair value (41 686) (40 286) (33 150) (30 134) (30 446)
Deficit (surplus) 2 154 92 6 201 2 894 (205)
Experience adjustments on plan liabilities 4 117 6 559 (253) (3 997) (2 495)
Experience adjustments on plan assets (8 588) (1 818) (1 552) 157 (518)
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