Cathay Pacific 2004 Annual Report Download - page 56

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52 Cathay Pacific Airways Limited 2004 Annual Report
14. LONG-TERM LIABILITIES
(continued)
(a) Long-term loans
(continued)
Borrowings other than bank loans are repayable on various dates up to 2010 at interest rates between 0% and 7% per annum
while bank loans are repayable up to 2018.
Long-term loans and other liabilities of the Group and the Company not wholly repayable within five years amounted to HK$999
million and HK$279 million respectively (2003: HK$954 million and HK$483 million).
As at 31st December 2004, the Group and the Company had long-term liabilities which were defeased by funds and other
investments totalling HK$23,234 million (2003: HK$28,000 million). Accordingly, these liabilities and the related funds, as well
as related expenditure and income, have been netted off in the accounts.
(b) Obligations under finance leases
The Group has commitments under finance lease agreements in respect of aircraft and related equipment expiring during the
years 2005 to 2017. The future payments under these finance leases are as follows:
Group Company
2004 2003 2004 2003
HK$M HK$M HK$M HK$M
Within one year 6,899 5,328 6,826 5,350
After one year but within two years 3,892 6,679 4,212 6,690
After two years but within five years 9,498 10,598 11,162 11,916
After five years 19,015 19,874 19,679 22,315
Total future payments 39,304 42,479 41,879 46,271
Interest charges relating to future periods (8,504 ) (9,615 ) (11,504 ) (13,308 )
Present value of future payments 30,800 32,864 30,375 32,963
Security deposits, notes and zero coupon
bonds (12,163 ) (12,937 ) (4,344 ) (4,815 )
Amounts due within one year included
under current liabilities (3,740 ) (2,896 ) (5,080 ) (3,721 )
14,897 17,031 20,951 24,427
The present value of future payments is repayable as follows:
Group Company
2004 2003 2004 2003
HK$M HK$M HK$M HK$M
Within one year 5,867 4,229 5,849 4,285
After one year but within two years 3,054 5,609 3,426 5,688
After two years but within five years 7,405 8,125 9,050 9,359
After five years 14,474 14,901 12,050 13,631
30,800 32,864 30,375 32,963
As at 31st December 2004, the Group and the Company had obligations under finance leases which were defeased by
funds and other investments amounting to HK$8,735 million and HK$1,556 million respectively (2003: HK$8,186 million and
HK$1,554 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