Cathay Pacific 2015 Annual Report Download - page 71

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Annual Report 2015
69
Notes to the Financial Statements Statement of Financial Position
12. Long-term liabilities (continued)
(b) Obligations under finance leases
The Group has commitments under finance lease agreements in respect of aircraft and related equipment expiring
during the years 2016 to 2025. The reconciliation of future lease payments and their carrying value under these
finance leases is as follows:
2015
HK$M
2014
HK$M
Future payments 30,898 35,871
Interest charges relating to future periods (2,851) (3,752)
Present value of future payments 28,047 32,119
Securitydeposits,notesandzerocouponbonds (544) (720)
Amounts due within one year included under current liabilities (4,074) (3,756)
23,429 27,643
The present value of future payments is repayable as follows:
2015
HK$M
2014
HK$M
Within one year 4,618 3,978
After one year but within two years 3,845 4,622
After two years but within five years 9,707 10,916
After five years 9,877 12,603
28,047 32,119
The future lease payment profile is disclosed in note 29 to the financial statements.
At 31st December 2015, the Group had obligations under finance leases amounting to HK$215 million (2014:
HK$1,062 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.
At 31st December 2015, the Group had financial liabilities designated as at fair value through profit or loss of
HK$2,593 million (2014: HK$3,129 million).
13. Other long-term payables
2015
HK$M
2014
HK$M
Deferred liabilities 2,390 2,103
Derivative financial liabilities
 –long-termportion 12,415 7,747
Retirement benefit liabilities (note 14) 1,033 589
15,838 10,439
At 31st December 2015, the Group had a maintenance provision of HK$1,561 million (2014: HK$1,133 million) for
returning the aircraft under operating leases to certain maintenance conditions. The provision is included in above,
except for HK$3 million (2014: HK$48 million) which is included in trade and other payables.