Cathay Pacific 2015 Annual Report Download - page 68

Download and view the complete annual report

Please find page 68 of the 2015 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 116

  • 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
  • 113
  • 114
  • 115
  • 116

Cathay Pacific Airways Limited
66
Notes to the Financial Statements Statement of Financial Position
10. Investments in associates
2015
HK$M
2014
HK$M
Share of net assets
 –listedinHongKong 15,282 15,082
 –unlisted 2,241 2,316
Goodwill 3,882 4,068
21,405 21,466
Loans due from associates 1,473 1,452
22,878 22,918
At 31st December 2015, the market value of the Hong Kong listed shares is HK$16,092 million (2014: HK$16,513 million).
At 31st December 2015, included in the loans due from associates is a loan of HK$1,170 million (2014: HK$1,226 million)
which is unsecured, interest-bearing at 2.0% per annum (2014: interest-free) and repayable before 23rd March 2019.
Terms are subject to review annually.
Air China is considered material to the Group and the share of assets and liabilities and results is summarised as below:
2015
HK$M
2014
HK$M
Gross amounts of the associate’s
 –currentassets 25,706 27,020
 –non-currentassets 237,315 232,435
 –currentliabilities (66,060) (76,773)
 –non-currentliabilities (116,086) (107,483)
Revenue 130,432 129,998
Profit from continuing operations 8,909 3,275
Other comprehensive income (1,594) 284
Total comprehensive income 7,315 3,559
Dividend received from the associate 175 150
Reconciled to the Group’s interests in the associate
 –grossamountsofnetassetsoftheassociate 80,875 75,199
 –Group’sshareofnetassetsoftheassociateateffectiveinterest
  (2015:20.13%;2014:20.13%) 16,280 15,138
 –effectofcrossshareholdingandothers (998) (56)
 –goodwill 3,882 4,068
19,164 19,150
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.