NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2024 (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 2024 2023 2024 2023 2024 2023 $’000 $’000 $’000 $’000 $’000 $’000 Balance at 1 January 534,004 529,010 (325,078) (322,617) 208,926 206,393 Included in profit or loss Current service cost 5,678 8,460 – – 5,678 8,460 Interest cost/(income) 24,182 24,505 (15,351) (15,566) 8,831 8,939 Administrative expenses (92) (291) 1,161 1,809 1,069 1,518 29,768 32,674 (14,190) (13,757) 15,578 18,917 Included in OCI Remeasurement loss/(gain): • Actuarial loss/(gain) arising from: – financial assumptions (26,358) 9,200 (283) 4 (26,641) 9,204 – experience assumptions 42 (3,559) (167) (111) (125) (3,670) • Return on plan assets excluding interest income – – 8,051 (11,346) 8,051 (11,346) (26,316) 5,641 7,601 (11,453) (18,715) (5,812) Others Contributions paid by the employer (6,187) (5,087) (4,242) (4,849) (10,429) (9,936) Benefits paid (21,369) (20,216) 21,364 19,689 (5) (527) Translation difference 8,069 (8,018) (9,419) 7,909 (1,350) (109) Balance at 31 December 517,969 534,004 (323,964) (325,078) 194,005 208,926 The expenses are recognised in the following line items in profit or loss: Group 2024 2023 $’000 $’000 Cost of sales 12,520 7,298 Administrative expenses 1,470 9,595 Other operating expenses 812 1,008 Finance cost, net 776 1,016 Defined benefit obligation expenses 15,578 18,917 215 CORPORATE OVERVIEW PERFORMANCE REVIEW SUSTAINABILITY FINANCIAL REPORT
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