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48 Cathay Pacific Airways Limited Annual Report 2002
15. LONG-TERM LIABILITIES
(continued)
Borrowings other than bank loans are repayable on various dates up to 2010 at interest rates between 3.7% and
7.0% per annum.
Long-term loans and other liabilities of the Group and the Company not wholly repayable within five years amounted
to HK$935 million and HK$460 million respectively (2001: HK$444 million and HK$395 million).
As at 31st December 2002, the Group and the Company had long-term liabilities which were defeased by funds
and other investments totalling HK$28,660 million (2001: HK$31,588 million). Accordingly, these liabilities and
the related funds, as well as related expenditure and income, have been netted off in the accounts.
(b) Obligations under finance leases
The Group has commitments under finance lease agreements in respect of aircraft and related equipment expiring
during the years 2003 to 2017. The future payments under these finance leases are as follows:
Group Company
2002 2001 2002 2001
HK$M HK$M HK$M HK$M
Within one year 6,645 4,269 6,621 4,390
After one year but within two years 4,804 6,239 4,840 6,192
After two years but within five years 12,790 19,189 13,610 18,912
After five years 19,341 22,324 22,487 22,056
Total future payments 43,580 52,021 47,558 51,550
Interest charges relating to future periods (10,382) (14,004) (14,641) (15,147)
Present value of future payments 33,198 38,017 32,917 36,403
Security deposits, notes and zero coupon bonds (14,441) (17,889) (5,748) (8,478)
Amounts due within one year included under current liabilities (3,318) (1,382) (4,227) (2,504)
15,439 18,746 22,942 25,421
The present value of future payments is repayable as follows:
Group Company
2002 2001 2002 2001
HK$M HK$M HK$M HK$M
Within one year 5,446 2,613 5,462 2,722
After one year but within two years 3,696 4,459 3,801 4,449
After two years but within five years 10,222 15,163 10,881 15,219
After five years 13,834 15,782 12,773 14,013
33,198 38,017 32,917 36,403
As at 31st December 2002, the Group and the Company had obligations under finance leases which were
defeased by funds and other investments amounting to HK$7,725 million and HK$1,561 million respectively
(2001: HK$5,804 million and HK$1,561 million). Accordingly these liabilities and the related funds, as well as
related expenditure and income, have been netted off in the accounts.
Notes to the Accounts
-
Balance Sheet