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36 Cathay Pacific Airways Limited Annual Report 2003
Consolidated Balance Sheet
at 31st December 2003
The notes on pages 41 to 65 form part of these accounts.
2003 2002 2003 2002
Note
HK$M HK$M US$M US$M
ASSETS AND LIABILITIES
Non-current assets and liabilities
Fixed assets
9
51,357 50,038 6,584 6,415
Intangible assets
10
405 489 52 63
Investments in associated companies
12
1,661 1,739 213 223
Other long-term receivables and investments
13
1,263 1,458 162 187
54,686 53,724 7, 011 6,888
Long-term liabilities (33,022) (31,382) (4,234) (4,024)
Related pledged security deposits 11,604 12,853 1,488 1,648
Net long-term liabilities
14
(21,418) (18,529) (2,746) (2,376)
Retirement benefit obligations
15
(181) (346) (23) (44)
Deferred taxation
16
(7,762) (7,614) (995) (976)
(29,361) (26,489) (3,764) (3,396)
Net non-current assets 25,325 27,235 3,247 3,492
Current assets and liabilities
Stock 398 430 51 55
Trade and other receivables
17
4,753 4,294 609 550
Liquid funds
18
15,200 13,180 1,949 1,690
20,351 17,904 2,609 2,295
Current portion of long-term liabilities (6,754) (6,409) (866) (822)
Related pledged security deposits 1,875 2,128 240 273
Net current portion of long-term liabilities
14
(4,879) (4,281) (626) (549)
Trade and other payables
19
(5,543) (5,280) (711) (677)
Unearned transportation revenue (2,839) (2,518) (364) (323)
Taxation (1,259) (874) (161) (112)
(14,520) (12,953) (1,862) (1,661)
Net current assets 5,831 4,951 747 634
Total assets less current and non-current liabilities 31,156 32,186 3,994 4,126
Minority interests (104) (71) (13) (9)
Net assets 31,052 32,115 3,981 4,117
CAPITAL AND RESERVES
Share capital
20
669 667 86 86
Reserves
21
30,383 31,448 3,895 4,031
Shareholders’ funds 31,052 32,115 3,981 4,117
The US$ figures are for information only and are translated at HK$7.8.
James Hughes-Hallett Henry Fan
Director Director
Hong Kong, 10th March 2004