Cathay Pacific 1999 Annual Report Download - page 42

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Notes to the Accounts – Balance Sheets
46 CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 1999
12. Fixed assets
(continued)
(d) Security, including charges over the assets concerned and relevant insurance policies, is provided to the leasing
companies or other parties that provide the underlying finance.
(e) Properties held at 31st December 1999 include land held under medium-term leases in Hong Kong with a net
book value of HK$1,741 million (1998: HK$1,061 million).
(f) Advance payments are made to manufacturers for aircraft and related equipment to be delivered in future
years. Advance payments included in owned aircraft and related equipment amount to HK$441 million
(1998: HK$1,194 million) for the Group and HK$55 million (1998: HK$60 million) for the Company.
No depreciation is provided on these advance payments.
(g) Included in the cost of the properties under construction in 1998 was land held under medium-term leases in
Hong Kong with a net book value of HK$708 million.
13. Subsidiary companies
Company
1999 1998
HK$M HK$M
Investments at cost 31,306 31,921
Net amounts due (to)/from subsidiary companies:
Loan accounts (12,198) (8,698)
Current accounts 6,182 7,325
25,290 30,548
Principal subsidiary companies are listed on page 62.
14. Associated companies
Group Company
1999 1998 1999 1998
HK$M HK$M HK$M HK$M
Hong Kong listed shares at cost (Market value:
HK$589 million, 1998: HK$484 million) ––52 52
Unlisted shares at cost ––56 56
Share of net assets other than goodwill
– listed in Hong Kong 607 616 ––
– unlisted 638 584 ––
1,245 1,200 108 108
Less: Provision ––(26) (26)
Loans to associated companies 122 125 33
1,367 1,325 85 85
Share of profits of associated companies
– listed 17 40 ––
– unlisted 91 132 ––
108 172 ––
Dividends received and receivable by the Company
and its subsidiary companies from associated companies 48 89 38 24
Principal associated companies are listed on page 63.