Cathay Pacific 1999 Annual Report Download - page 47

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Notes to the Accounts – Balance Sheets
51CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 1999
19. Liquid funds
Group Company
1999 1998 1999 1998
HK$M HK$M HK$M HK$M
Short-term deposits and bank balances 1,814 2,205 1,195 1,644
Short-term deposits maturing beyond three months
when placed 124 86 57 86
Funds with investment managers
– debt securities listed outside Hong Kong 6,253 7,091 ––
– bank deposits 877 225 ––
Other liquid investments
– debt securities listed outside Hong Kong 757 1,746 –325
– bank deposits 1,770 973 ––
11,595 12,326 1,252 2,055
Included in other liquid investments are short-term bank deposits of HK$1,770 million (1998: HK$973
million) and debt securities of HK$558 million (1998: HK$706 million) which are pledged to lessors as part of
long-term financing arrangements. The arrangements provide that the Group must maintain these deposits and
debt securities at specified levels for the duration of the financing.
20. Trade and other payables
Group Company
1999 1998 1999 1998
HK$M HK$M HK$M HK$M
Creditors (5,721) (5,369) (6,102) (6,585)
Due to associated companies (123) (165) (111) (150)
Due to other related companies (180) (176) (163) (166)
Bank overdrafts – unsecured (28) (86) (28) (83)
(6,052) (5,796) (6,404) (6,984)
21. Share capital
1999 1998
Number of shares HK$M Number of shares HK$M
Authorised (HK$0.20 each): 3,900,000,000 780 3,900,000,000 780
Issued and fully paid (HK$0.20 each):
At beginning of the year 3,384,199,848 676 3,387,799,848 677
Shares purchased and cancelled –– (3,600,000) (1)
At end of the year 3,384,199,848 676 3,384,199,848 676
The Company adopted a share option scheme on 10th March 1999, whereby certain flight deck crew were
granted options to subscribe to shares at a price not less than the higher of 80% of the average of the closing
prices of the Company’s shares on The Stock Exchange on five trading days immediately preceding the date of
grant, and the nominal value of the shares.