Cathay Pacific 2014 Annual Report Download - page 76

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Cathay Pacific Airways Limited
74 Notes to the Financial Statements Statement of Financial Position
19. Trade, other receivables and other assets (continued)
The movement in the provision for bad debts included in trade debtors during the year was as follows:
Group Company
2014
HK$M
2013
HK$M
2014
HK$M
2013
HK$M
At 1st January 53 54 35 36
Amounts written back (1) (1) (1) (1)
At 31st December 52 53 34 35
20. Assets held for sale
Group Company
2014
HK$M
2013
HK$M
2014
HK$M
2013
HK$M
Assets held for sale 189 111 189 111
189 111 189 111
An impairment loss amounting to HK$14 million was recognised for the year ended 31st December 2014 (2013: HK$13
million). Impairment of assets held for sale is considered by writing down the carrying value to the estimated recoverable
amount of HK$97 million (2013: HK$437 million) which is the higher of the value in use and the fair value less costs of
disposal. The recoverable amount was determined based on the fair value less costs of disposal, using market
comparison approach by reference to the estimated sales value as at 31st December 2014 and 2013. The fair value on
which the recoverable amount is based on is catergorised as a Level 2 measurement.
21. Liquid funds
Group Company
2014
HK$M
2013
HK$M
2014
HK$M
2013
HK$M
Short-term deposits and bank balances (note 26) 10,211 12,359 7,802 9,607
Short-term deposits maturing beyond three months
 when placed 2,176 6,349 2,176 6,320
Funds with investment managers
 – debt securities listed outside Hong Kong 6,780 7,282 ––
 – bank deposits 224 32 ––
Other liquid investments
 – debt securities listed outside Hong Kong 1,295 1,439 1,179 1,168
 – bank deposits 412 275 200 177
21,098 27,736 11,357 17,272
Included in other liquid investments are bank deposits of HK$412 million (2013: HK$275 million) and debt securities of
HK$250 million (2013: HK$1,433 million) which are pledged as part of long-term financing arrangements. The
arrangements provide that these deposits and debt securities must be maintained at specified levels for the duration of
the financing.