Cathay Pacific 2000 Annual Report Download - page 73

Download and view the complete annual report

Please find page 73 of the 2000 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 83

  • 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

CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000 71
33. Commitments and contingencies
(continued)
(b)The Company has undertaken to indemnify lessors in respect of certain leasing arrangements
of the Group so as to maintain a specified rate of return on each of the lessors’ investments.
The Group has been notified by certain lessors of potential claims under these indemnities.
The likelihood of any specific claims being made is dependant upon the resolution of disputes
between these lessors and a third party. No claims have been received and the financial effect
of these contingencies remains uncertain.
(c) At 31st December 2000, contingent liabilities existed in respect of guarantees given by the
Company on behalf of subsidiary, associated and other related companies relating to long-
term loan facilities of up to HK$696 million (1999: HK$692 million).
34. Changes in the financial statements
The Group has prepared the accounts in accordance with HK SSAP 30 “Business Combinations”
and HK SSAP 29 “Intangible Assets” recently issued by the HKSA. This has resulted in changes
to the presentation of various items as described in accounting policies 2 and 7. Certain
comparative information has been restated accordingly.
Notes to the Accounts – Supplementary Information