Cathay Pacific 2014 Annual Report Download - page 74

Download and view the complete annual report

Please find page 74 of the 2014 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 112

  • 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
  • 109
  • 110
  • 111
  • 112

Cathay Pacific Airways Limited
72 Notes to the Financial Statements Statement of Financial Position
18. Deferred taxation
Group Company
2014
HK$M
2013
HK$M
2014
HK$M
2013
HK$M
Deferred tax assets:
 – provisions (169) (158) (166) (150)
 – tax losses (1,637) (1,835) (209) (796)
 – cash flow hedges (1,214) –(1,221) –
 – retirement benefits (69) (17) (50) (8)
Deferred tax liabilities:
 – accelerated tax depreciation 3,511 3,508 1,928 2,067
 – investments in associates 625 582 ––
 – cash flow hedges –276 –293
Provision in respect of certain lease arrangements 8,216 7,073 8,216 7,073
9,263 9,429 8,498 8,479
The following amounts, determined after appropriate offsetting, are shown separately on the statement of financial
position:
Group Company
2014
HK$M
2013
HK$M
2014
HK$M
2013
HK$M
Net deferred tax asset recognised in the statement of
 financial position (428) (204) ––
Net deferred tax liability recognised in the statement of
 financial position 9,691 9,633 8,498 8,479
9,263 9,429 8,498 8,479
Group Company
2014
HK$M
2013
HK$M
2014
HK$M
2013
HK$M
Movements in deferred taxation comprise:
At 1st January 9,429 8,061 8,479 6,830
Movements for the year
 – charged to profit or loss
  – deferred tax expenses (note 5) 221 347 422 349
  – operating expenses 48 38 48 37
 – charged to other comprehensive income
  – transferred to cash flow hedge reserve (note 7) (1,490) 379 (1,514) 377
  – transferred to retained profit (note 7) (40) 122 (32) 109
 – initial cash benefit from lease arrangements 1,195 1,474 1,195 1,474
Current portion of provision in respect of certain lease
 arrangements included under current liabilities – taxation (100) (992) (100) (697)
At 31st December 9,263 9,429 8,498 8,479