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ANNUAL REPORT 2014
65Notes to the Financial Statements Statement of Financial Position
12. Investments in subsidiaries (continued)
Other net amounts due from subsidiaries are unsecured, non-interest-bearing and have no fixed repayment terms.
Principal subsidiaries are listed on page 96.
13. Investments in associates
Group Company
2014
HK$M
2013
HK$M
2014
HK$M
2013
HK$M
Hong Kong listed shares at cost (Market value:
 HK$16,513 million, 2013: HK$15,249 million) ––10,466 10,466
Unlisted shares at cost ––39 1
Share of net assets
 – listed in Hong Kong 15,082 15,021 ––
 – unlisted 2,316 1,031 ––
Goodwill 4,068 4,165 ––
21,466 20,217 10,505 10,467
Less: Impairment loss ––(2) (3)
21,466 20,217 10,503 10,464
Loans due from associates 1,452 97 223 93
22,918 20,314 10,726 10,557
As at 31st December 2014, included in the loans due from associates is a loan of HK$1,226 million (2013: nil) which is
unsecured, interest-free and repayable before 23rd March 2019. Terms are subject to review annually.
Air China is considered material to the Group and the share of assets and liabilities and results is summarised as below:
2014
HK$M
2013
HK$M
Gross amounts of the associate’s
 – current assets 27,020 36,286
 – non-current assets 232,435 225,485
 – current liabilities (76,773) (89,882)
 – non-current liabilities (107,483) (97,625)
Revenue 129,998 125,548
Profit from continuing operations 3,275 6,484
Other comprehensive income 284 476
Total comprehensive income 3,559 6,960
Dividend received from the associate 150 189
Reconciled to the Group’s interests in the associate
 – gross amounts of net assets of the associate 75,199 74,264
 – Group’s share of net assets of the associate at effective interest
   (2014: 20.13%; 2013: 20.13%) 15,138 14,949
 – effect of cross shareholding and others (56) 72
 – goodwill 4,068 4,165
19,150 19,186
Air China is a strategic partner for the Group and the national flag carrier and a leading provider of passenger, cargo and
other airline-related services in Mainland China.