Cathay Pacific 2011 Annual Report Download - page 91

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Notes to the Accounts SUPPLEMENTARY INFORMATION
33. Financial risk management (continued)
2011
USD
HK$M
EUR
HK$M
TWD
HK$M
AUD
HK$M
RMB
HK$M
JPY
HK$M
Company
Trade debtors, other receivables
and prepayments 5,843 497 175 200 114 518
Liquid funds 3,889 36 89 67 949 608
Long-term loans (3,461) – – – – –
Obligations under finance leases (24,422) (3,592) – – – (1,350)
Trade creditors and other payables (5,503) (390) (63) (161) (142) (211)
Currency derivatives at notional value 26,534 (489) (4,338) (2,089) (4,573) (11,028)
Net exposure 2,880 (3,938) (4,137) (1,983) (3,652) (11,463)
2010
USD
HK$M
EUR
HK$M
TWD
HK$M
AUD
HK$M
RMB
HK$M
JPY
HK$M
Company
Trade debtors, other receivables
and prepayments 4,879 518 287 215 171 490
Liquid funds 4,623 145 72 14 1,325 246
Long-term loans (4,142) – – – – –
Obligations under finance leases (21,397) (3,807) – – – (1,429)
Trade creditors and other payables (2,804) (275) (55) (152) (177) (210)
Currency derivatives at notional value 35,809 (1,726) (6,072) (4,111) (9,890) (10,342)
Net exposure 16,968 (5,145) (5,768) (4,034) (8,571) (11,245)
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 US dollars, Euros, New Taiwan dollars, Australian dollars,
Renminbi and Japanese yen. 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
2011 would have resulted in a net increase in 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 2010.
Cathay Pacific Airways Limited Annual Report 2011 89