Cathay Pacific 2011 Annual Report Download - page 70

Download and view the complete annual report

Please find page 70 of the 2011 Cathay Pacific annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 108

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108

Notes to the Accounts STATEMENT OF FINANCIAL POSITION
15. Associates (continued)
The Group 2011 results include Air China’s results for the 12 months ended 30th September 2011 and any
significant events or transactions for the period from 1st October 2011 to 31st December 2011. Air China’s most
recently available accounts were drawn up to 30th September 2011 (2010: 30th September 2010). The Group has
taken advantage of the provision contained in HKAS 28 “Investments in Associates” whereby it is permitted to
include the attributable share of associates’ results based on accounts drawn up to a non-coterminous period
end where the difference must be no greater than three months. The Group’s share of the profits and net assets
of Air China for the year ended 30th September 2011 and as at that date included in the Group’s consolidated
financial statements for the year ended 31st December 2011 amounted to HK$2,013 million and
HK$11,642 million respectively.
Principal associates are listed on page 97.
16. Other long-term receivables and investments
Group Company
2011
HK$M
2010
HK$M
2011
HK$M
2010
HK$M
Investments at fair value
– listed in Hong Kong 136 183 ––
– unlisted 1,062 1,232 963 1,133
Leasehold land rental prepayments 1,472 1,514 ––
Loans and other receivables 1,635 101 1,629 95
Derivative financial assets – long–term portion 1,186 1,111 1,186 1,111
Retirement benefit assets (note 19) 292 218 266 199
5,783 4,359 4,044 2,538
Leasehold land is held under medium-term leases in Hong Kong with a total unamortised value of HK$1,514 million
(2010: HK$1,557 million).
17. Long-term liabilities
2011 2010
Note
Current
HK$M
Non-current
HK$M
Current
HK$M
Non-current
HK$M
Group
Long-term loans (a) 5,832 12,858 5,793 11,193
Obligations under finance leases (b) 2,730 21,915 2,911 19,732
8,562 34,773 8,704 30,925
Company
Long-term loans (a) 4,415 7,040 4,912 7,357
Obligations under finance leases (b) 4,357 26,839 4,277 22,356
8,772 33,879 9,189 29,713
68