Cathay Pacific 1998 Annual Report Download - page 49

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47
CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 1998
Notes to the Accounts – Balance Sheets
14. Current assets less current liabilities
Group Company
1998 1997 1998 1997
HK$M HK$M HK$M HK$M
Current assets:
Stocks 694 1,074 678 1,055
Debtors 3,268 3,748 2,821 3,295
Due from associated companies 21 413 1
Due from other related companies 2–1–
Short-term deposits and bank balances 2,291 4,474 1,730 1,667
Funds with investment managers
– debt securities listed outside Hong Kong 7,091 7,666 ––
– cash and deposits 225 434 ––
Other liquid investments
– debt securities listed outside Hong Kong 1,746 1,475 325 –
– cash and bank deposits 973 370 ––
Total current assets 16,311 19,245 5,568 6,018
Current liabilities:
Creditors (4,879) (4,240) (6,142) (5,230)
Due to associated companies (165) (127) (150) (112)
Due to related companies (176) (10) (166) –
Unearned transportation revenue (1,644) (1,905) (1,644) (1,905)
Taxation (673) (766) (653) (734)
Bank overdrafts and short-term loans
– secured –(29) –(29)
– unsecured (86) (63) (83) (63)
Long-term loans and liabilities
– due within one year (note 19) (980) (735) (909) (498)
Obligations under finance leases
– due within one year (note 20) (1,360) (916) (2,478) (1,202)
Proposed final dividend (237) (592) (237) (592)
Total current liabilities (10,200) (9,383) (12,462) (10,365)
Current assets less current liabilities 6,111 9,862 (6,894) (4,347)
Included in other liquid investments are short-term bank deposits of HK$973 million (1997: HK$370 million) and
debt securities of HK$706 million (1997: nil) which are pledged to lessors as part of long-term financing
arrangements. The arrangements provide that the Group must maintain these deposits and debt securities at
specified levels for the duration of the financing.