Cathay Pacific 2011 Annual Report Download - page 75

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Notes to the Accounts STATEMENT OF FINANCIAL POSITION
19. Retirement benefits (continued)
Group Company
2011
HK$M
2010
HK$M
2011
HK$M
2010
HK$M
Fair value of plan assets comprises:
Equities 4,484 5,318 4,104 4,859
Debt instruments 2,018 1,919 1,805 1,712
Deposits and cash 822 840 805 825
7,324 8,077 6,714 7,396
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
2011
HK$M
2010
HK$M
2009
HK$M
2008
HK$M
2007
HK$M
Present value of funded obligations 8,362 7,615 7,460 7,108 8,223
Fair value of plan assets (7,324) (8,077) (7,217) (5,924) (9,131)
Deficit/(surplus) 1,038 (462) 243 1,184 (908)
Actuarial losses/(gains) arising on plan
liabilities 612 32 361 (1,324) 205
Actuarial losses/(gains) arising on plan
assets 962 (302) (1,207) 3,368 (990)
Company
2011
HK$M
2010
HK$M
2009
HK$M
2008
HK$M
2007
HK$M
Present value of funded obligations 7,658 6,991 6,870 6,522 7,549
Fair value of plan assets (6,714) (7,396) (6,583) (5,426) (8,353)
Deficit/(surplus) 944 (405) 287 1,096 (804)
Actuarial losses/(gains) arising on plan
liabilities 547 14 381 (1,210) 178
Actuarial losses/(gains) arising on plan
assets 869 (283) (1,092) 3,070 (893)
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$180 million to the schemes in 2012.
Cathay Pacific Airways Limited Annual Report 2011 73