NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
17 AVAILABLE-FOR-SALE SECURITIES
2016
HK$'000
2015
HK$'000
Listed debt securities outside Hong Kong
183,056
25,011
Listed equity securities
- in Hong Kong
- outside Hong Kong
Market value of listed securities at 31 December
Fair value of individually impaired available-for-sale securities
454,259
768,444
24,227
34,225
478,486
802,669
661,542
827,680
661,542
827,680
56,705
216,837
As at 31 December 2016, certain of the Group's listed available-for-sale equity securities were individually determined to be impaired on the basis of a material decline in their fair value below cost and adverse changes in the market in which these investees operated which indicated that the cost of the Group's investment in them may not be recovered. Impairment losses of HK$46,281,000 (2015: HK$51,992,000) on these investments were recognised in profit or loss in accordance with the policy set out in note 1(k)(i).
NET EMPLOYEE RETIREMENT BENEFITS LIABILITIES
18
(a)
Defined benefit retirement plan
The Group makes contributions to a defined benefit retirement plan registered under the Occupational Retirement Schemes Ordinance (Chapter 426 of the Laws of Hong Kong), which covers 11.7% (2015: 12.2%) of the Group's employees. The plan is administered by independent trustees with their assets held separately from those of the Group.
The plan is funded by contributions from the Group in accordance with an independent actuary's recommendation based on annual actuarial valuations. The latest independent actuarial valuation of the plan was at 31 December 2016 and was prepared by qualified staff of Willis Towers Watson, who are members of recognised actuarial bodies, using the projected unit credit method. The actuarial valuation indicates that the Group's obligations under the defined benefit retirement plan are fully (2015: 100%) covered by the plan assets held by the trustees.
Hong Kong Ferry (Holdings) Company Limited
114
Annual Report 2016
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