2016 — Page 116

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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