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56 Cathay Pacific Airways Limited Annual Report 2003
Notes to the Accounts – Balance Sheet
19. TRADE AND OTHER PAYABLES
Group Company
2003 2002 2003 2002
HK$M HK$M HK$M HK$M
Trade creditors 1,947 1,520 1,822 1,391
Other payables 3,228 3,431 3,451 3,695
Due to associated companies 197 187 194 180
Due to other related companies 157 126 156 123
Bank overdrafts – unsecured 14 16 11 11
5,543 5,280 5,634 5,400
Group Company
2003 2002 2003 2002
HK$M HK$M HK$M HK$M
Analysis of trade creditors by age:
Current 1,478 1,071 1,369 972
One to three months overdue 367 343 362 332
More than three months overdue 102 106 91 87
1,947 1,520 1,822 1,391
20. SHARE CAPITAL
2003 2002
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 1st January 3,336,007,848 667 3,329,817,848 666
Share options exercised 7,507,200 2 6,190,000 1
At 31st December 3,343,515,048 669 3,336,007,848 667
The Company adopted a share option scheme (the “Scheme”) on 10th March 1999 for the purpose of
providing flight deck crew with an incentive to contribute towards the Company’s results. All participants of
the Scheme were flight deck crew who paid HK$1 each in acceptance of their share options and were granted
options to subscribe for shares of the Company 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 the five trading days immediately
preceding the date of grant, and the nominal value of the shares. The maximum number of shares available for
issue under the Scheme is 10% of the issued share capital of the Company. The entitlement of each
participant has not exceeded 0.32% of the maximum aggregate number of shares in respect of which options
have been granted under the Scheme.
Options to subscribe for a total of 68,327,000 shares at the exercise price of HK$7.47 per share were granted
under the Scheme on the date of grant 15th March 1999. Other than in limited circumstances, the options in
relation to 50% of the shares became exercisable on 15th March 2002, and the balance will be exercisable on
15th March 2004. The options will, except in limited circumstances, be exercisable until 14th March 2009.