Cathay Pacific 2009 Annual Report Download - page 96

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Notes to the Accounts SUPPLEMENTARY INFORMATION
31. Financial risk management (continued)
Carrying
amount
2009
HK$M
Fair value
2009
HK$M
Carrying
amount
2008
HK$M
Fair value
2008
HK$M
Company
Long-term loans (14,842) (15,085) (12,971) (13,213)
Obligations under finance leases (29,070) (31,736) (28,654) (32,654)
Pledged security deposits 1,651 1,983 1,932 2,433
The carrying amounts of other financial assets and liabilities are considered to be reasonable approximations to
their fair values.
(f) Financial instruments carried at fair value
The following table presents the carrying value of financial instruments measured at fair value as at 31st
December 2009 across three levels of the fair value hierarchy defined in HKFRS 7 “Financial Instruments:
Disclosures” with the fair value of each financial instrument categorised in its entirety based on the lowest level
of input that is significant to that fair value measurement. Level 1 includes financial instruments with fair values
measured using quoted prices in active markets for identical assets or liabilities. Level 2 includes financial
instruments with fair values measured using quoted prices in active markets for similar assets or liabilities, or
using valuation techniques in which all significant input are based on observable market data. Level 3 includes
financial instruments with fair values measured using valuation techniques in which any significant input is not
based on observable market data.
Group Company
2009
Level 1
HK$M
2009
Level 2
HK$M
2009
Level 3
HK$M
2009
Total
HK$M
2009
Level 1
HK$M
2009
Level 2
HK$M
2009
Level 3
HK$M
2009
Total
HK$M
Assets
Investments at fair value
– Listed 175 – – 175 – – – –
– Unlisted – – 1,373 1,373 – – 1,328 1,328
Liquid funds
– Funds with investment
managers – 2,370 – 2,370 – – – –
– Other liquid
investments – 1,388 – 1,388 – 1,146 – 1,146
Derivative financial assets – 2,637 – 2,637 – 2,624 – 2,624
175 6,395 1,373 7,943 – 3,770 1,328 5,098
Liabilities
Obligations under finance
leases designated as at
fair value through profit
or loss – (4,474) – (4,474) – (4,474) – (4,474)
Derivative financial
liabilities – (2,727) – (2,727) – (2,584) – (2,584)
– (7,201) – (7,201) – (7,058) – (7,058)
94