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Cathay Pacific Airways Limited
88 Notes to the Financial Statements Supplementary Information
31. Financial risk management (continued)
2013
USD
HK$M
EUR
HK$M
TWD
HK$M
SGD
HK$M
RMB
HK$M
JPY
HK$M
Company
Loans due from subsidiaries 5,558 – – – – –
Trade debtors, other receivables and prepayments 6,607 455 169 42 307 222
Liquid funds 6,920 40 2 75 4,455 88
Long-term loans (4,679) – – (1,532) – –
Obligations under finance leases (34,085) (2,990) – – – (5,214)
Trade creditors and other payables (5,774) (323) (61) (67) (223) (180)
Currency derivatives at notional value 21,067 (924) (2,187) (576) (1,334) (6,043)
Net exposure (4,386) (3,742) (2,077) (2,058) 3,205 (11,127)
In addition to the current exposure shown above, the Group is exposed to a currency risk on its future net
operating cash flow in foreign currencies primarily United States dollars, Euros, New Taiwan dollars, Singapore
dollars, Renminbi and Japanese yen. The Group currently has operating surpluses in all these foreign
currencies except Renminbi.
Sensitivity analysis for foreign currency exposure
A five percent appreciation of the Hong Kong dollar against the following currencies at 31st December 2014
would have resulted in a change in profit or loss and other equity components by the amounts shown below.
This represents the translation of financial assets and liabilities and the change in fair value of currency
derivatives at the reporting date. It assumes that all other variables, in particular interest rates, remain constant.
The analysis has been performed on the same basis as for 2013.
2014
Net increase/
(decrease) in
profit or loss
HK$M
Net increase/
(decrease) in
other equity
components
HK$M
United States dollars 1,247 (544)
Euros 2 345
New Taiwan dollars (5) 105
Singapore dollars (3) 103
Renminbi (173) 276
Japanese yen 25 274
Net increase 1,093 559
2013
Net increase/
(decrease) in
profit or loss
HK$M
Net increase/
(decrease) in
other equity
components
HK$M
United States dollars 1,031 (816)
Euros 32 111
New Taiwan dollars (4) 98
Singapore dollars (2) 102
Renminbi (306) 119
Japanese yen 11 520
Net increase 762 134