Cathay Pacific 2001 Annual Report Download - page 49

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Cathay Pacific Airways Limited Annual Report 2001 47
17. DEFERRED TAXATION
Movements on deferred taxation comprise:
Group Company
2001 2000 2001 2000
HK$M HK$M HK$M HK$M
At 1st January 7,146 6,714 7,026 6,564
Movements for the year
-
transfer from profit and loss account
-
tax provision 45 (9) 36 (42)
-
operating expenses 118 95 118 158
-
initial cash benefit from lease arrangements 759 504 759 504
Amount due within 1 year included under
current liabilities
-
taxation (232) (158) (232) (158)
At 31st December 7,836 7, 1 4 6 7,707 7,026
The deferred taxation provision comprises:
Group Company
2001 2000 2001 2000
HK$M HK$M HK$M HK$M
Timing differences arising from
-
different taxation and accounting treatments of
fixed assets 668 653 539 533
-
certain lease arrangements 7, 1 7 7 6,532 7, 1 7 7 6,532
-
other timing differences (9) (39) (9) (39)
7,836 7, 1 4 6 7,707 7,026
Provision has been made for all deferred taxation liabilities.
The provision in respect of certain lease arrangements equates to payments which are expected to be made
during the years 2003 to 2012 (2000: 2002 to 2011) as follows:
2001 2000
HK$M HK$M
After 1 year but within 5 years 2,751 1,576
After 5 years but within 10 years 3,730 4,342
After 10 years 696 614
7, 1 7 7 6,532
NOTES TO THE ACCOUNTS
-
BALANCE SHEETS