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31. Financial risk management (continued)
2007
USD
HK$M
EUR
HK$M
TWD
HK$M
SGD
HK$M
RMB
HK$M
JPY
HK$M
Company
Trade and other receivables (restated) 5,507 626 256 29 224 351
Liquid funds 755 600 31 657 771 113
Long-term loans (4,397) (220) – (3,390) – –
Obligations under finance leases (18,566) (4,086) – – – (530)
Trade and other payables (restated) (3,469) (234) (49) (65) (67) (136)
Currency derivatives at notional value 8,367 (345) (1,778) 1,101 (2,179) (929)
Net exposure (11,803) (3,659) (1,540) (1,668) (1,251) (1,131)
In addition to the current exposure shown above, the Group is exposed to a currency risk on its future net
operating cash flow in foreign currencies primarily Euros, Japanese yen, New Taiwan dollars, Australian
dollars and Renminbi. The Group currently has operating surpluses in all these foreign currencies except the
US dollars.
Sensitivity analysis for foreign currency exposure
A five percent appreciation of the Hong Kong dollars against the following currencies at 31st December 2009
would have increased profit and loss and other equity components by the amounts shown below. This
represents the translation of financial assets and liabilities and the change in fair value of currency derivatives
at the reporting date. It assumes that all other variables, in particular interest rates, remain constant. The
analysis is performed on the same basis for 2008.
2009 2008
Profit
and loss
HK$M
Other equity
components
HK$M
Profit
and loss
(restated)
HK$M
Other equity
components
HK$M
US dollars 686 (438) 559 189
Euros 4 164 (19) 157
New Taiwan dollars (12) 73 (11) 82
Singapore dollars (30) 76 (6) 77
Renminbi (94) 160 (43) 86
Japanese yen (18) 316 (20) 141
Increase 536 351 460 732
Notes to the Accounts SUPPLEMENTARY INFORMATION
Cathay Pacific Airways Limited Annual Report 2009 91