NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 (CURRENCY - SINGAPORE DOLLARS UNLESS OTHERWISE STATED) D3 Post-employment benefits (continued) Movement in net defined benefit liability/(asset) The following table shows a reconciliation from the opening balances to the closing balances for net defined benefit liability/(asset) and its components. Defined benefit obligation Fair value of plan assets Net defined benefit liability/(asset) Group 2022 $’000 2021 $’000 2022 $’000 2021 $’000 2022 $’000 2021 $’000 Balance at 1 January 814,980 822,428 (407,917) (362,023) 407,063 460,405 Included in profit or loss Current service cost 19,937 25,555 – – 19,937 25,555 Past service credit (72,656) – – – (72,656) – Interest cost/(income) 18,260 17,014 (11,517) (8,978) 6,743 8,036 Administrative expenses 62 293 1,311 952 1,373 1,245 (34,397) 42,862 (10,206) (8,026) (44,603) 34,836 Included in OCI Remeasurement loss/(gain): l Actuarial loss/(gain) arising from: - demographic assumptions – 1,952 – – – 1,952 - financial assumptions (212,833) (37,795) 213 (68) (212,620) (37,863) - experience assumptions 3,115 11,925 163 (241) 3,278 11,684 l Return on plan assets excluding interest income – – 76,850 (33,641) 76,850 (33,641) Effect of movements in exchange rates – 51 – – – 51 (209,718) (23,867) 77,226 (33,950) (132,492) (57,817) Others Contributions paid by the employer (7,670) (16,810) (4,347) (14,900) (12,017) (31,710) Benefits paid (19,208) (8,772) 19,167 16,973 (41) 8,201 Translation difference (14,977) (861) 3,460 (5,991) (11,517) (6,852) Balance at 31 December 529,010 814,980 (322,617) (407,917) 206,393 407,063 The expenses are recognised in the following line items in profit or loss: Group 2022 $’000 2021 $’000 Cost of sales 19,609 24,185 Administrative expenses 4,491 3,987 Other operating (income)/expenses (73,044) 77 Finance cost, net 4,341 6,587 Defined benefit obligation (income)/expenses (44,603) 34,836 CORPORATE OVERVIEW PERFORMANCE REVIEW SUSTAINABILITY FINANCIAL REPORT 219
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