Annual Report 2019

202 Transport International Holdings Limited 2019 Annual Report Notes to the Financial Statements (Expressed in Hong Kong dollars unless otherwise indicated) 19 Employee retirement benefits (continued) (b) Plan assets consist of the following: 2019 2018 $’ 000 $’ 000 Equity securities: – Hong Kong and Mainland China 730,925 682,115 – Europe 389,903 319,856 – North America 551,666 497,958 – Other Asia Pacific 659,098 543,997 2,331,592 2,043,926 Bonds 744,200 785,100 Cash and others 62,772 78,753 3,138,564 2,907,779 All of the equity securities and bonds have quoted prices in active markets. (c) Movements in the present value of the defined benefit obligations: 2019 2018 $’ 000 $’ 000 At 1 January 1,997,136 2,257,415 Remeasurements: – Actuarial losses/(gains) arising from changes in demographic assumptions 160 (8,318) – Actuarial losses/(gains) arising from changes in financial assumptions 17,411 (27,301) – Actuarial gains arising from liability experience (7,992) (13,022) 9,579 (48,641) Benefits paid by the plans (282,844) (330,873) Current service cost 70,497 81,290 Interest cost 37,345 37,945 (175,002) (211,638) At 31 December 1,831,713 1,997,136 The weighted average duration of the Monthly Rated and Daily Rated defined benefit obligations are 9.0 and 5.6 years respectively (2018: 8.8 and 5.7 years respectively).