Cathay Pacific 2014 Annual Report Download - page 77

Download and view the complete annual report

Please find page 77 of the 2014 Cathay Pacific annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 112

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112

ANNUAL REPORT 2014
75Notes to the Financial Statements Statement of Financial Position
22. Trade and other payables
Group Company
2014
HK$M
2013
HK$M
2014
HK$M
2013
HK$M
Trade creditors 6,756 7,601 4,894 5,572
Derivative financial liabilities – current portion 7,291 799 7,268 727
Other payables 8,996 9,331 7,616 7,925
Due to associates 239 166 155 88
Due to other related companies 261 309 223 265
23,543 18,206 20,156 14,577
As at 31st December 2014, total derivative financial liabilities of the Group and the Company which did not qualify
for hedge accounting amounted to HK$201 million and HK$198 million respectively (2013: HK$233 million and
HK$227 million).
Group Company
2014
HK$M
2013
HK$M
2014
HK$M
2013
HK$M
Analysis of trade creditors by age:
Current 6,561 7,408 4,770 5,492
One to three months overdue 176 174 114 71
More than three months overdue 19 19 10 9
6,756 7,601 4,894 5,572
The Group’s general payment terms are one to two months from the invoice date.
23. Share capital
2014 2013
Number of shares HK$M Number of shares HK$M
Authorised (HK$0.20 each) – – 5,000,000,000 1,000
Issued and fully paid (HK$0.20 each)
At 1st January 3,933,844,572 787 3,933,844,572 787
Transition to no-par value regime on
 3rd March 2014 (note 24) – 16,319 – –
At 31st December 3,933,844,572 17,106 3,933,844,572 787
During the year, the Company did not purchase, sell or redeem any of its shares (2013: nil). At 31st December 2014,
3,933,844,572 shares were in issue (31st December 2013: 3,933,844,572 shares). Under the Hong Kong Companies
Ordinance (Cap. 622), which commenced operation on 3rd March 2014, the concepts of “authorised share capital” and
“par value” no longer exist. In accordance with Section 135 of the Hong Kong Companies Ordinance (Cap. 622), the
Company’s shares no longer have nominal value with effect from 3rd March 2014. In accordance with the transitional
provisions set out in Section 37 of Schedule 11 to the Hong Kong Companies Ordinance (Cap. 622) on 3rd March 2014,
any amount standing to the credit of the share premium account and the capital redemption reserve has become part of
the Company’s share capital. These changes do not have an impact on the number of shares in issue or the relative
entitlement of any of the members.