Lenovo 2011 Annual Report Download - page 131

Download and view the complete annual report

Please find page 131 of the 2011 Lenovo annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 137

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137

2010/11 Annual Report Lenovo Group Limited
134
NOTES TO THE FINANCIAL STATEMENTS (continued)
37 Retirement benefit obligations (continued)
(c) Additional information on post-employment benefits (pension and medical) (continued)
Summary of pensions and post-retirement medical benefits of the Group:
2011 2010 2009 2008 2007
US$’000 US$’000 US$’000 US$’000 US$’000
Present value of defined benefit
obligations 255,673 239,566 210,613 220,650 213,775
Fair value of plan assets 180,803 158,699 142,613 135,160 110,827
Deficit 74,870 80,867 68,000 85,490 102,948
Actuarial losses/(gains) arising
on plan assets 3,642 (386) 6,023 (11,384) (2,152)
Actuarial losses/(gains) arising
on plan liabilities 3,548 11,226 (13,048) 10,081 8,040
The amounts recognized in the consolidated income statement are as follows:
Pensions Medical
2011 2010 2011 2010
US$’000 US$’000 US$’000 US$’000
Current service cost 7,655 4,833 551 1,221
Past service cost 14 –––
Interest cost 7,406 6,505 828 816
Expected return on plan assets (5,197) (3,947) (179) (196)
Curtailment losses –42 (94) –
Total expense recognized in the
income statement 9,878 7,433 1,106 1,841
(d) The Company does not have any pension plan or post-employment medical benefits plan.
38 Principal subsidiaries
The following includes the principal subsidiaries directly or indirectly held by the Company and, in the opinion of the directors,
are significant to the results of the year or form a substantial portion of the net assets of the Group. The directors consider
that giving details of other subsidiaries would result in particulars of excessive length.
Company name
Place of
incorporation/
establishment
Issued and
fully paid
up capital Effective holding Principal activities
2011 2010
Held directly:
聯想（北京）有限公司
(Lenovo (Beijing) Limited)1
(wholly foreign-owned enterprise)
Chinese Mainland HK$175,481,300 100% 100% Manufacturing and
distribution of IT
products and
provision of IT
services
聯想（上海）有限公司
(Lenovo (Shanghai) Co., Ltd.)1
(wholly foreign-owned enterprise)
Chinese Mainland HK$10,000,000 100% 100% Distribution of IT
products and
provision of IT
services
Held indirectly:
北京聯想軟件有限公司
(Beijing Lenovo Software Limited)1
(wholly foreign-owned enterprise)
Chinese Mainland HK$5,000,000 100% 100% Provision of IT services
and distribution of
IT products
惠陽聯想工業物業有限公司
(Huiyang Lenovo Industry
Property Limited)1
(Chinese-foreign equity joint venture)
Chinese Mainland US$2,045,500 100% 100% Property holding and
property
management