Cathay Pacific 2015 Annual Report Download - page 78

Download and view the complete annual report

Please find page 78 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
76
Notes to the Financial Statements Statement of Financial Position
17. Assets held for sale
2015
HK$M
2014
HK$M
Assets held for sale 1,497 189
1,497 189
An impairment loss amounting to HK$4 million was recognised for the year ended 31st December 2015 (2014: HK$14
million). Impairment of assets held for sale is considered by writing down the carrying value to the estimated recoverable
amount of HK$62 million (2014: HK$97 million) which is the higher of the value in use and the fair value less costs of
disposal. The recoverable amount was determined based on the fair value less costs of disposal, using market
comparison approach by reference to the estimated sales value at 31st December 2015 and 2014. The fair value on
which the recoverable amount is based is catergorised as a Level 2 measurement.
18. Liquid funds
2015
HK$M
2014
HK$M
Short-term deposits and bank balances (note 24) 7,207 10,211
Short-term deposits maturing beyond three months when placed 7,715 2,176
Funds with investment managers
 –debtsecuritieslistedoutsideHongKong 4,698 6,780
 –bankdeposits 7224
Other liquid investments
 –debtsecuritieslistedoutsideHongKong 817 1,295
 –bankdeposits 203 412
20,647 21,098
Included in other liquid investments are bank deposits of HK$203 million (2014: HK$412 million) and debt securities of
HK$134 million (2014: HK$250 million) which are pledged as part of long-term financing arrangements. The
arrangements provide that these deposits and debt securities must be maintained at specified levels for the duration of
the financing.