Pensions (Tables)

12 Months Ended

Dec. 31, 2017

Retirement Benefits [Abstract]

Schedule of significant weighted average assumptions

The significant weighted-average assumptions used to determine net periodic costs of the plan during the year were as follows:

	2017	2016	2015
Year ended December 31,	%	%	%
Discount rate	2.70	3.85	3.70
Expected long-term rate of return on plan assets	3.87	4.90	4.10

The significant weighted-average assumptions used to determine benefit obligations of the plan at year end were as follows:

	2017	2016
December 31,	%	%
Discount rate	2.50	2.70

Schedule of fair value of plan assets

The fair value of Belmond’s pension plan assets at December 31, 2017 and 2016 by asset category is as follows:

	Total	Level 1	Level 2	Level 3
December 31, 2017	$’000	$’000	$’000	$’000
Cash	1,908	1,908	—	—
Equity securities:
U.K. managed funds	4,529	4,529	—	—
Overseas managed funds	8,486	8,486	—	—
Fixed income securities:
U.K. government bonds	3,058	3,058	—	—
Corporate bonds	3,437	3,437	—	—
Other types of investments:
Quoted hedge funds	4,635	4,635	—	—
Annuities	2,179	—	—	2,179
	28,232	26,053	—	2,179

	Total	Level 1	Level 2	Level 3
December 31, 2016	$’000	$’000	$’000	$’000
Cash	2,840	2,840	—	—
Equity securities:
U.K. managed funds	4,461	4,461	—	—
Overseas managed funds	5,667	5,667	—	—
Fixed income securities:
U.K. government bonds	2,774	2,774	—	—
Corporate bonds	2,004	2,004	—	—
Other types of investments:
Quoted hedge funds	4,330	4,330	—	—
Annuities	1,942	—	—	1,942
	24,018	22,076	—	1,942

Schedule of fair value measurements using significant unobservable inputs (Level 3)

Reconciliations of fair value measurements using significant unobservable inputs (Level 3) at December 31, 2017 and 2016 are as follows:

	Annuities
Year ended December 31, 2017	$’000
Beginning balance at January 1, 2017	1,942
Foreign exchange	190
Actual return on plan assets:
Assets still held at the reporting date	120
Purchases, sales and settlements, net	(73	)
Ending balance at December 31, 2017	2,179

	Annuities
Year ended December 31, 2016	$’000
Beginning balance at January 1, 2016	2,026
Foreign exchange	(342	)
Actual return on plan assets:
Assets still held at the reporting date	321
Purchases, sales and settlements, net	(63	)
Ending balance at December 31, 2016	1,942

Schedule of changes in the benefit obligation, the plan assets and funded status of the plan

The changes in the benefit obligation, the plan assets and the funded status for the plan were as follows:

	2017		2016		2015
Year ended December 31,	$’000		$’000		$’000
Change in benefit obligation:
Benefit obligation at beginning of year	25,465		24,556		27,353
Interest cost	713		861		984
Actuarial loss/(gain)	663		5,259		(702	)
Benefits paid	(485	)	(529	)	(1,723	)
Foreign currency translation	2,526		(4,682	)	(1,356	)
Benefit obligation at end of year	28,882		25,465		24,556
Change in plan assets:
Fair value of plan assets at beginning of year	24,018		24,202		24,968
Actual return on plan assets	1,264		3,116		309
Employer contributions	1,009		1,730		1,946
Benefits paid	(485	)	(529	)	(1,723	)
Foreign currency translation	2,426		(4,501	)	(1,298	)
Fair value of plan assets at end of year	28,232		24,018		24,202
Funded status at end of year	(650	)	(1,447	)	(354	)
Net actuarial (gain)/loss recognized in other comprehensive loss	(383	)	2,649		(727	)

Schedule of amounts recognized in the consolidated balance sheets

Amounts recognized in the consolidated balance sheets consist of the following:

	2017	2016
December 31,	$’000	$’000
Non-current liabilities	650	1,447

Schedule of amounts recognized in other comprehensive income/(loss)

Amounts recognized in accumulated other comprehensive loss gross of tax consist of the following:

	2017		2016
December 31,	$’000		$’000
Net loss	(12,200	)	(12,583	)
Prior service cost	—		—
Net transitional obligation	—		—
Total amount recognized in accumulated other comprehensive loss	(12,200	)	(12,583	)

Schedule of accumulated benefit obligations in excess of fair value of plan assets

The following table details certain information with respect to Belmond’s U.K. defined benefit pension plan:

	2017	2016
Year ended December 31,	$’000	$’000
Projected benefit obligation	28,882	25,465
Accumulated benefit obligation	28,882	25,465
Fair value of plan assets	28,232	24,018

Schedule of components of net periodic pension benefit cost

Components of net periodic benefit cost are as follows:

	2017		2016		2015
Year ended December 31,	$’000		$’000		$’000
Service cost	—		—		—
Interest cost on projected benefit obligation	713		861		984
Expected return on assets	(997	)	(1,121	)	(1,034	)
Net amortization and deferrals	780		615		750
Net periodic benefit cost	496		355		700

Schedule of future benefit payments

The following benefit payments, which reflect assumed future service, are expected to be paid:

Year ended December 31,	$’000
2018	483
2019	668
2020	536
2021	689
2022	583
Next five years	5,112

Schedule of contributions to defined contribution pension plans

Total contributions to the plans were as follows:

	2017	2016	2015
Year ended December 31,	$’000	$’000	$’000
Employers’ contributions	2,030	2,052	2,199