Cathay Pacific 2010 Annual Report Download - page 77

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Cathay Pacific Airways Limited Annual Report 2010
75
20. Deferred taxation (continued)
Group Company
2010
HK$M
2009
HK$M
2010
HK$M
2009
HK$M
Movements in deferred taxation comprise:
At 1st January 5,255 4,831 4,141 3,689
Movements for the year
– transferred from the profit and loss
– deferred tax expenses (note 7) 1,108 242 749 193
– operating expenses 70 76 52 56
– transferred to cash flow hedge reserve (52) 37 (49) 56
– initial cash benefit from lease arrangements 488 585 488 585
Current portion of provision in respect of certain lease
arrangements included under current liabilities –
taxation (1,054) (516) (831) (438)
At 31st December 5,815 5,255 4,550 4,141
The Group has certain tax losses which do not expire under current tax legislation and a deferred tax asset has been
recognised to the extent that recoverability is considered probable.
The provision in respect of certain lease arrangements equates to payments which are expected to be made during
the years 2012 to 2021 (2009: 2011 to 2020) as follows:
Group Company
2010
HK$M
2009
HK$M
2010
HK$M
2009
HK$M
After one year but within five years 1,792 2,598 1,406 2,018
After five years but within 10 years 2,772 2,376 2,515 2,108
After 10 years 384 470 384 470
4,948 5,444 4,305 4,596
21. Trade, other receivables and other assets
Group Company
2010
HK$M
2009
HK$M
2010
HK$M
2009
HK$M
Trade debtors 5,904 4,771 5,165 4,114
Derivative financial assets – current portion 2,349 746 2,349 733
Other receivables and prepayments 2,766 2,631 1,625 1,351
Due from associates 46 13 25 11
Aircraft held for sale 368 –––
11,433 8,161 9,164 6,209
Notes to the Accounts STATEMENT OF FINANCIAL POSITION