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Net defined benefit assets (liability) | 12 Months Ended
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Dec. 31, 2024
Disclosure of net defined benefit liability (asset) [abstract] |
Net defined benefit assets (liability) | 15. Net defined benefit assets (liability)
| 2024 |  | 2023
Fair value of plan assets | $ | 42,488 |  |  | $ | 37,159 |
Defined benefit obligation | (41,042) |  |  | (31,440) |
Other employee benefits | (388) |  |  | (373) |
| $ | (41,430) |  |  | $ | (31,813) |
Net defined benefit asset | $ | 1,058 |  |  | $ | 5,346 |
In accordance with Panamanian law, the Company contributes to the following defined benefit plans: Seniority premium plan: is a contingent liability that companies must pay to their employees according to article 224 of Panama’s Labor Code according to the following:
Eligibility: | All employees
Benefit: | One week of salary per years of service
Salary: | Average of the 5 prior years of the monthly base salary
Payment: | Lump sum
The actuarial liability is recognized for the legal obligation under the formal terms of the plan, and for the implied projections as required under IAS 19R. These actuarial projections do not constitute a legal obligation for the Company. Indemnity plan: According to paragraph 225 of Panama’s Labor Code, in the case of unjustified dismissal the employee is entitled to an Indemnity Plan depending on their weekly salary and seniority. However, this benefit does not constitute a constructive obligation for the Company as described in paragraphs 61 and 62 of IAS19, therefore there is no obligation calculated for this benefit. The following table summarizes the components of net benefit expense included under “Wages, salaries, benefits and other employees’ expenses” in the accompanying consolidated statement of profit or loss:
Year ended December 31,2024 | Defined benefit obligation |  | Fair value of assets |  | Defined benefit assets (liability)
Current service cost | $ | 2,690 |  |  | $ | — |  |  | $ | 2,690 |
Interest cost on net benefit obligation | 2,015 |  |  | (2,205) |  |  | (190) |
Past service cost | 62 |  |  | — |  |  | 62 |
Net periodic benefit cost (income) | $ | 4,767 |  |  | $ | (2,205) |  |  | $ | 2,562 |
Year ended December 31,2023 | Defined benefit obligation |  | Fair value of assets |  | Defined benefit assets (liability)
Current service cost | 2,725 |  |  | $ | — |  |  | $ | 2,725 |
Interest cost on net benefit obligation | 1,715 |  |  | (1,641) |  |  | 74 |
Past service cost | 13 |  |  | — |  |  | 13 |
Net periodic benefit cost (income) | $ | 4,453 |  |  | $ | (1,641) |  |  | $ | 2,812 |
Year ended December 31,2022 | Defined benefit obligation |  | Fair value of assets |  | Defined benefit assets (liability)
Current service cost | 2,860 |  |  | — |  |  | 2,860 |
Interest cost on net benefit obligation | 972 |  |  | (722) |  |  | 250 |
Past service cost | 16 |  |  | — |  |  | 16 |
Net periodic benefit cost (income) | $ | 3,848 |  |  | $ | (722) |  |  | $ | 3,126 |
The following table shows reconciliation from the opening balance to the closing balances for net employee defined benefit liabilities and its components:
| Defined benefit obligation |  | Fair value of assets |  | Other employee benefits liability |  | Net defined benefit assets (liability)
At January 1, 2022 | $ | (34,593) |  |  | $ | 27,413 |  |  | $ | (490) |  |  | $ | (7,670) |
Current service cost | (2,860) |  |  | — |  |  | — |  |  | (2,860) |
Interest (cost) income | (972) |  |  | 722 |  |  | — |  |  | (250) |
Past service cost | (16) |  |  | — |  |  | — |  |  | (16) |
Return on plan assets | — |  |  | 172 |  |  | — |  |  | 172 |
Experience gain (loss) | (3,959) |  |  | — |  |  | — |  |  | (3,959) |
Actuarial changes arising from changes in financial assumptions | 10,874 |  |  | — |  |  | — |  |  | 10,874 |
Employer contributions | — |  |  | 3,911 |  |  | — |  |  | 3,911 |
Benefits paid | 1,194 |  |  | (869) |  |  | — |  |  | 325 |
Others | — |  |  | (152) |  |  | 129 |  |  | (23) |
As of December 31, 2022 | $ | (30,332) |  |  | $ | 31,197 |  |  | $ | (361) |  |  | $ | 504 |
Current service cost | (2,725) |  |  | — |  |  | — |  |  | (2,725) |
Interest (cost) income | (1,715) |  |  | 1,641 |  |  | — |  |  | (74) |
Past service cost | (13) |  |  | — |  |  | — |  |  | (13) |
Return on plan assets | — |  |  | (251) |  |  | — |  |  | (251) |
Experience gain (loss) | 80 |  |  | — |  |  | — |  |  | 80 |
Actuarial changes arising from changes in financial assumptions | 2,295 |  |  | — |  |  | — |  |  | 2,295 |
Employer contributions | — |  |  | 4,572 |  |  | — |  |  | 4,572 |
Benefits paid | 970 |  |  | — |  |  | — |  |  | 970 |
Others | — |  |  | — |  |  | (12) |  |  | (12) |
As of December 31, 2023 | $ | (31,440) |  |  | $ | 37,159 |  |  | $ | (373) |  |  | $ | 5,346 |
Current service cost | (2,690) |  |  | — |  |  | — |  |  | (2,690) |
Interest (cost) income | (2,015) |  |  | 2,205 |  |  | — |  |  | 190 |
Past service cost | (62) |  |  | — |  |  | — |  |  | (62) |
Return on plan assets | — |  |  | (335) |  |  |  |  | (335) |
Experience gain (loss) | (440) |  |  | — |  |  | — |  |  | (440) |
Actuarial changes arising from changes in financial assumptions | (5,633) |  |  | — |  |  | — |  |  | (5,633) |
Employer contributions | — |  |  | 4,875 |  |  | — |  |  | 4,875 |
Benefits paid | 1,238 |  |  | (1,416) |  |  | — |  |  | (178) |
Others | — |  |  | — |  |  | (15) |  |  | (15) |
As of December 31, 2024 | $ | (41,042) |  |  | $ | 42,488 |  |  | $ | (388) |  |  | $ | 1,058 |
As of December 31, 2024, and 2023, plan assets are comprised totally by fixed term deposits. For the year ended December 31, 2024, actuarial loss of $(6.4) million, (2023: actuarial gain of $2.1 million and 2022: actuarial gain of $7.2 million) were recognized in other comprehensive income. The following were the principal actuarial assumptions at the reporting date:
| 2024 |  | 2023 |  | 2022
Economic assumptions - |  |  |  |  |
Discount rate | 5.0% |  | 6.7% |  | 5.9%
Compensation - salary increase | 4.0% |  | 4.0% |  | 4.0%
Demographic assumptions - |  |  |  |  |
Mortality | Panama experience
Termination | 2003 SoA pension plan
Retirement |  |  |  |  |
Males |  |  | 62 years |  |
Females |  |  | 57 years |  |
Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amount shown below:
| December, 31 2024 |  | December, 31 2023 |  | December, 31 2022
| Increase |  | Decrease |  | Increase |  | Decrease |  | Increase |  | Decrease
Discount rate (0.5% movement) | $ | 1,832 |  |  | $ | (1,989) |  |  | $ | 1,296 |  |  | $ | (1,400) |  |  | $ | 1,338 |  |  | $ | (1,451) |
The sensitivity analyses above have been determined based on a method that extrapolates the impact on the defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period. The sensitivity analyses are based on a change in a significant assumption, keeping all other assumptions constant. The sensitivity analyses may not be representative of an actual change in the defined benefit obligation as it is unlikely that changes in assumptions would occur in isolation from one another. The following payments are expected contributions to the defined benefit plan in future years:
| 2024 |  | 2023
Up to one year | $ | 4,271 |  |  | $ | 3,313 |
One to five years | 13,301 |  |  | 11,873 |
Over five years | 21,288 |  |  | 18,878 |
Total expected payments | $ | 38,860 |  |  | $ | 34,064 |
The average duration of the defined benefit plan obligation at the end of the reporting period is 9.6 years.

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