Page 61

26 URBAN DEVELOPMENT CORPORATION Notes to the Non-Consolidated Financial Statements (Continued) Year ended March 31, 2010

8.

Retirement benefit asset (cont’d) (d)

Plan assets consist of the following: 2010 $’000 Equity fund Fixed income fund Mortgage and real estate

(e)

53,432 1,008,295 259,351

47,132 876,164 264,258

1,321,078

1,187,554

2010 $’000

2009 $’000

8,465 79,843 ( 114,085) ( 31,785) 33,607

17,628 72,118 ( 103,534) ( 4,147) -

Net (expense)/credit recognised in profit or loss:

Current service cost - employer Interest costs Expected return on plan assets Recognised actuarial losses Past service cost and purchase of pension increases (Decrease)/increase in income due to limitation Total included in employee benefit expense

( 420,403)

286,811

( 444,358)

268,876

Actual return on plan assets (f)

2009 $’000

200,089

82,298

Principal actuarial assumptions at the reporting date (expressed as weighted averages):

Discount rate Expected return on plan assets Future salary increases Future pension increases

2010

2009

11.50% 9.50% 9.00% 5.00%

16.00% 9.50% 11.00% 5.00%

(g)

As at March 31, 2010, the fair value of the plan assets of $1,321 million (2009: $1,187.5 million), exceeded the present value of the obligation by 65% (2009:146%).

(h)

Historical information: 2010 $’000 Present value of the defined benefit obligations Fair value of plan assets Surplus Experience adjustments arising on obligations Experience adjustments arising on plan assets

( 799,193) 1,321,078

2009 $’000

( 483,076) ( 511,780) 1,187,554 1,071,627

521,885 277,948 (

86,004)

2008 $’000

704,478

559,847

2007 $’000

2006 $’000

(438,497) 969,488

(300,902) 810,422

530,991

509,520

( 138,959)

3,609

( 41,483)

( 12,892)

(

6,036)

( 60,596)

( 69,972)

21,236) (

Annreport09 10