Cathay Pacific 2015 Annual Report Download - page 73

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Annual Report 2015
71
Notes to the Financial Statements Statement of Financial Position
14. Retirement benefits (continued)
The Group’s obligations are 88.4% (2014: 93.4%) covered by the plan assets held by the trustees at
31st December 2015.
2015
HK$M
2014
HK$M
Net expenses recognised in the Group’s profit or loss:
Current service cost 331 324
Net interest cost 39 15
Total included in staff costs 370 339
Actual return on plan assets 64 325
2015
HK$M
2014
HK$M
Net liabilities recognised in the statement of financial position:
Present value of funded obligations 8,912 8,961
Fair value of plan assets (7,879) (8,372)
Retirement benefit liabilities (note 13) 1,033 589
2015
HK$M
2014
HK$M
Movements in present value of funded obligations comprise:
At 1st January 8,961 8,414
Remeasurements:
 –actuarial(gains)/lossesarisingfromchangesinfinancialassumptions (253) 600
 –experiencelosses/(gains) 209 (226)
Movements for the year
 –currentservicecost 331 324
 –interestexpense 262 322
 –employeecontributions 45
 –benefitspaid (565) (438)
 –transfer (7) (40)
 –disposalofasubsidiary (30) –
At 31st December 8,912 8,961
The weighted average duration of the defined benefit obligations is seven years (2014: seven years).
2015
HK$M
2014
HK$M
Movements in fair value of plan assets comprise:
At 1st January 8,372 8,353
Movements for the year
 –returnonplanassetsexcludinginterestincome (287) 18
 –interestincome 223 307
 –employeecontributions 45
 –employercontributions 163 167
 –benefitspaid (565) (438)
 –transfer (7) (40)
 –disposalofasubsidiary (24) –
At 31st December 7,879 8,372
There were no plan amendments, curtailments and settlements during the year.