Cathay Pacific 2011 Annual Report Download - page 72

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Notes to the Accounts STATEMENT OF FINANCIAL POSITION
17. Long-term liabilities (continued)
(b) Obligations under finance leases
The Group has commitments under finance lease agreements in respect of aircraft and related equipment
expiring during the years 2012 to 2023. The reconciliation of future lease payments and their carrying value
under these finance leases is as follows:
Group Company
2011
HK$M
2010
HK$M
2011
HK$M
2010
HK$M
Future payments 33,677 33,098 37,114 33,525
Interest charges relating to future periods (3,354) (4,600) (5,048) (5,932)
Present value of future payments 30,323 28,498 32,066 27,593
Security deposits, notes and zero coupon bonds (5,678) (5,855) (870) (960)
Amounts due within one year included under
current liabilities (2,730) (2,911) (4,357) (4,277)
21,915 19,732 26,839 22,356
The present value of future payments is repayable as follows:
Group Company
2011
HK$M
2010
HK$M
2011
HK$M
2010
HK$M
Within one year 4,771 3,456 4,390 4,403
After one year but within two years 5,273 4,317 3,829 3,251
After two years but within five years 9,052 9,747 10,750 8,515
After five years 11,227 10,978 13,097 11,424
30,323 28,498 32,066 27,593
The future lease payment profile is disclosed in note 33 to the accounts.
As at 31st December 2011, the Group and the Company had obligations under finance leases which were
defeased by funds and other investments amounting to HK$6,493 million and HK$1,083 million respectively
(2010: HK$7,357 million and HK$1,083 million). Accordingly these liabilities and the related funds, as well as
related expenditure and income, have been netted off in the accounts.
As at 31st December 2011, the Group and the Company had financial liabilities designated as at fair value
through profit and loss of HK$4,156 million (2010: HK$4,231 million) and HK$4,156 million (2010: HK$4,231
million) respectively.
18. Other long-term payables
Group Company
2011
HK$M
2010
HK$M
2011
HK$M
2010
HK$M
Deferred creditors 906 97 392 –
Derivative financial liabilities – long-term portion 1,706 1,603 1,641 1,503
2,612 1,700 2,033 1,503
70