Cathay Pacific 2014 Annual Report Download - page 72

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Cathay Pacific Airways Limited
70 Notes to the Financial Statements Statement of Financial Position
17. Retirement benefits (continued)
Group Company
2014
HK$M
2013
HK$M
2014
HK$M
2013
HK$M
Movements in present value of funded obligations
 comprise:
At 1st January 8,414 9,102 7,698 8,333
Remeasurements:
 – actuarial losses/(gains) arising from changes in
   financial assumptions 600 (643) 547 (584)
 – experience gains (226) (132) (230) (147)
Movements for the year
 – current service cost 324 357 292 321
 – interest expense 322 279 293 254
 – employee contributions 5656
 – benefits paid (438) (534) (360) (464)
 – transfer (40) (21) (40) (21)
At 31st December 8,961 8,414 8,205 7,698
The weighted average duration of the defined benefit obligations is seven years (2013: eight years).
Group Company
2014
HK$M
2013
HK$M
2014
HK$M
2013
HK$M
Movements in fair value of plan assets comprise:
At 1st January 8,353 8,119 7,692 7,458
Movements for the year
 – return on plan assets excluding interest income 18 344 18 316
 – interest income 307 242 280 221
 – employee contributions 5656
 – employer contributions 167 197 146 176
 – benefits paid (438) (534) (360) (464)
 – transfer (40) (21) (40) (21)
At 31st December 8,372 8,353 7,741 7,692
There were no plan amendments, curtailments and settlements during the year.
Group Company
2014
HK$M %
2013
HK$M %
2014
HK$M %
2013
HK$M %
Fair value of plan assets comprises:
Equities
 – Asia Pacific 1,138 14 992 12 1,036 13 899 12
 – Europe 476 5 530 6 434 6 480 6
 – North America 981 12 990 12 894 11 897 12
 – others 832 10 1,034 12 757 10 938 12
Debt instruments 2,283 27 2,249 27 2,069 27 2,029 26
Deposits and cash 2,662 32 2,558 31 2,551 33 2,449 32
8,372 100 8,353 100 7,741 100 7,692 100
All equities and bonds are held in quoted unit trusts, through reputable investment managers.
The performance and risks are monitored and managed by an investment committee that meets between four and
six times a year.