Cathay Pacific 2006 Annual Report Download - page 88

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Cathay Pacific Airways Limited Annual Report 2006
86
28. Financial risk management (continued)
2006
Fixed/
floating
Effective
interest
rate (%)
Within
one year
HK$M
After one
year but
within
two years
HK$M
After two
years but
within
five years
HK$M
After five
years
HK$M
Total
HK$M
Company
Bank loans Floating 4.03-5.99 (7,107) – – – (7,107)
Other loans Fixed 3.06-3.82 – – (1,902) – (1,902)
Other loans Floating 3.80-4.24 (1,541) – – – (1,541)
Obligations under finance leases Fixed 1.64-11.19 (1,162) (618) (4,702) (8,080) (14,562)
Obligations under finance leases Floating 3.15-6.24 (9,378) – – – (9,378)
Pledged security deposits Fixed 3.79-8.75 803 – 1,007 1,439 3,249
Pledged security deposits Floating 5.24 125 – – – 125
Currency swap Floating 1.29-9.12 1,442 (395) (371) (699) (23)
Interest rate swap Fixed 4.20-6.43 940 – (940) – –
Liquid funds Fixed 2.27 – 180 – – 180
Liquid funds Floating 0-7.33 4,459 – – – 4,459
Bank overdrafts Floating 0-16.25 (19) – – – (19)
2005
Fixed/
floating
Effective
interest
rate (%)
Within
one year
HK$M
After one
year but
within two
years
HK$M
After two
years but
within five
years
HK$M
After five
years
HK$M
Total
HK$M
Company
Bank loans Floating 4.08-5.28 (3,678) – – – (3,678)
Other loans Fixed 3.06 – – (1,049) – (1,049)
Other loans Floating 2.68-2.83 (309) – – – (309)
Obligations under finance leases Fixed 1.64-11.19 (650) (1,305) (3,628) (9,418) (15,001)
Obligations under finance leases Floating 1.77-5.33 (10,273) – – – (10,273)
Pledged security deposits Fixed 3.79-8.75 188 811 757 1,844 3,600
Currency swap Floating 1.29-9.12 1,098 (78) (411) (398) 211
Interest rate swap Fixed 3.45-6.43 1,860 (702) (773) (385) –
Liquid funds Fixed 2.27 – – 23 – 23
Liquid funds Floating 0-7.45 4,864 – – – 4,864
Bank overdrafts Floating 0-9.25 (49) – – – (49)
(e) Fuel price risk
Exposure to fluctuations in the fuel price is managed by the use of fuel derivatives. The Group’s policy is to
reduce exposure by hedging a percentage of its anticipated fuel consumption. Around 43% of the anticipated
fuel consumption for 2007 and 5% for 2008 were hedged at the balance sheet date.
Notes to the Accounts Supplementary Information