Cathay Pacific 2010 Annual Report Download - page 75

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Cathay Pacific Airways Limited Annual Report 2010
73
19. Retirement benefits (continued)
Group Company
2010
HK$M
2009
HK$M
2010
HK$M
2009
HK$M
Fair value of plan assets comprises:
Equities 5,318 4,297 4,859 3,785
Debt instruments 1,919 1,725 1,712 1,607
Deposits and cash 840 526 825 522
Others –669 –669
8,077 7,217 7,396 6,583
The overall expected rate of return on plan assets is determined based on the average rate of return of major
categories of assets that constitute the total plan assets.
Group
2010
HK$M
2009
HK$M
2008
HK$M
2007
HK$M
2006
HK$M
Present value of funded obligations 7,615 7,460 7,108 8,223 7,844
Fair value of plan assets (8,077) (7,217) (5,924) (9,131) (8,065)
(Surplus)/deficit (462) 243 1,184 (908) (221)
Actuarial losses/(gains) arising on plan
liabilities 32 361 (1,324) 205 267
Actuarial (gains)/losses arising on plan
assets (302) (1,207) 3,368 (990) (529)
Company
2010
HK$M
2009
HK$M
2008
HK$M
2007
HK$M
2006
HK$M
Present value of funded obligations 6,991 6,870 6,522 7,549 7,196
Fair value of plan assets (7,396) (6,583) (5,426) (8,353) (7,369)
(Surplus)/deficit (405) 287 1,096 (804) (173)
Actuarial losses/(gains) arising on plan
liabilities 14 381 (1,210) 178 261
Actuarial (gains)/losses arising on plan
assets (283) (1,092) 3,070 (893) (495)
The difference between the fair value of the schemes’ assets and the present value of the accrued past
services liabilities at the date of an actuarial valuation is taken into consideration when determining future
funding levels in order to ensure that the schemes will be able to meet liabilities as they become due. The
contributions are calculated based upon funding recommendations arising from actuarial valuations. The Group
expects to make contributions of HK$378 million to the schemes in 2011.
Notes to the Accounts STATEMENT OF FINANCIAL POSITION