Cathay Pacific 2014 Annual Report Download - page 70

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Cathay Pacific Airways Limited
68 Notes to the Financial Statements Statement of Financial Position
15. Long-term liabilities (continued)
The present value of future payments is repayable as follows:
Group Company
2014
HK$M
2013
HK$M
2014
HK$M
2013
HK$M
Within one year 3,978 5,345 5,157 8,738
After one year but within two years 4,622 4,013 5,815 4,531
After two years but within five years 10,916 12,202 15,354 13,994
After five years 12,603 16,291 20,312 21,288
32,119 37,851 46,638 48,551
The future lease payment profile is disclosed in note 31 to the financial statements.
As at 31st December 2014, the Group and the Company had obligations under finance leases amounting to
HK$1,062 million and HK$466 million respectively (2013: HK$5,428 million and HK$851 million) which were defeased
by funds and other investments. Accordingly these liabilities and the related funds, as well as related expenditure
and income, have been defeased in the financial statements.
As at 31st December 2014, the Group and the Company had financial liabilities designated as at fair value through
profit or loss of HK$3,129 million and HK$3,129 million respectively (2013: HK$3,587 million and HK$3,587 million).
16. Other long-term payables
Group Company
2014
HK$M
2013
HK$M
2014
HK$M
2013
HK$M
Deferred creditors 1,018 980 852 826
Derivative financial liabilities
 – long-term portion 7,747 277 7,743 262
Retirement benefit liabilities (note 17) 589 61 464 6
9,354 1,318 9,059 1,094
17. Retirement benefits
The Group operates various defined benefit and defined contribution retirement schemes for its employees in Hong
Kong and in certain overseas locations. The assets of these schemes are held in separate trustee-administered funds.
The retirement schemes in Hong Kong are registered under and comply with the Occupational Retirement Schemes
Ordinance and the Mandatory Provident Fund Schemes Ordinance (“MPFSO”). Most of the employees engaged outside
Hong Kong are covered by appropriate local arrangements.
The Group operates the following principal schemes:
(a) Defined benefit retirement schemes
A defined benefit scheme is a retirement plan that defines the benefit that an employee will receive on retirement,
usually dependent on one or more factors such as age, years of service and compensation. The Group has an
obligation to provide participating employees with these benefits.
The Swire Group Retirement Benefit Scheme (“SGRBS”) in Hong Kong, in which the Company, Cathay Pacific
Catering Services (H.K.) Limited (“CPCS”), Vogue Laundry Service Limited (“Vogue”) and Abacus Distribution
Systems (Hong Kong) Limited (“Abacus”) are participating employers, provides resignation and retirement benefits
to its members, which include the Company’s cabin attendants who joined before September 1996 and other
locally engaged employees who joined before June 1997, upon their cessation of service. The Company, CPCS,
Vogue and Abacus meet the full cost of all benefits due by SGRBS to their employee members, who are not required
to contribute to the scheme.