Annual Report 2004

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Notes to the Accounts – Balance Sheet 12. ASSOCIATED COMPANIES 50 Cathay Pacific Airways Limited 2004 Annual Report Group Company 2004 2003 2004 2003 HK$M HK$M HK$M HK$M Hong Kong listed shares at cost (Market value: HK$1,913 million, 2003: HK$2,100 million) – – 52 52 Unlisted shares at cost Share of net assets – – 26 38 – listed in Hong Kong 863 829 – – – unlisted 773 726 – – 1,636 1,555 78 90 Less: Provision – – (17 ) (17 ) Loans to associated companies 107 106 – 3 Share of profits of associated companies 1,743 1,661 61 76 – listed 140 113 – – – unlisted 216 38 – – Dividends received and receivable from 356 151 – – associated companies 122 187 97 157 Principal associated companies are listed on page 65. 13. OTHER LONG-TERM RECEIVABLES AND INVESTMENTS Group Company 2004 2003 2004 2003 HK$M HK$M HK$M HK$M Staff housing loans and other receivables Investments at fair value 403 443 395 433 – listed in Hong Kong 2,891 157 2,715 – – listed outside Hong Kong 51 51 49 49 – unlisted 731 612 731 612 4,076 1,263 3,890 1,094
Notes to the Accounts – Balance Sheet 14. LONG-TERM LIABILITIES Group 2004 2003 Current Non-current Current Non-current Note HK$M HK$M HK$M HK$M Long-term loans (a) 1,229 2,765 1,983 4,387 Obligations under finance leases (b) 3,740 14,897 2,896 17,031 Company 4,969 17,662 4,879 21,418 Long-term loans (a) 478 1,514 2,052 3,115 Obligations under finance leases (b) 5,080 20,951 3,721 24,427 (a) Long-term loans 5,558 22,465 5,773 27,542 Group Company 2004 2003 2004 2003 HK$M HK$M HK$M HK$M Bank loans – secured 2,328 3,304 673 1,931 – unsecured Other loans 894 2,784 894 2,784 – secured 425 452 425 452 – unsecured 347 372 – – 3,994 6,912 1,992 5,167 Security deposits Amount due within one year included – (542 ) – – under current liabilities (1,229 ) (1,983 ) (478 ) (2,052 ) Repayable as follows: Bank loans 2,765 4,387 1,514 3,115 – within one year 846 2,465 409 1,992 – after one year but within two years 1,376 893 1,137 510 – after two years but within five years 528 2,474 11 2,199 – after five years 472 256 10 14 Other loans 3,222 6,088 1,567 4,715 – within one year 383 60 69 60 – after one year but within two years 74 393 74 64 – after two years but within five years 266 263 233 220 – after five years 49 108 49 108 772 824 425 452 Security deposits Amount due within one year included – (542 ) – – under current liabilities (1,229 ) (1,983 ) (478 ) (2,052 ) 2,765 4,387 1,514 3,115 Cathay Pacific Airways Limited 2004 Annual Report 51
Page 6 and 7: Financial and Operating Highlights
Page 8 and 9: 2004 in Review 2004 was the second
Page 10 and 11: 2004 in Review - We commenced a new
Page 12 and 13: Review of Operations New records we
Page 14 and 15: Review of Operations - Passenger Se
Page 16 and 17: Review of Operations Review of subs
Page 18 and 19: Financial Review The Cathay Pacific
Page 20 and 21: Financial Review OPERATING EXPENSES
Page 22 and 23: Financial Review GROUP NET DEBT AND
Page 24 and 25: Directors and Officers NON-EXECUTIV
Page 26 and 27: Directors’ Report We submit our r
Page 28 and 29: Directors’ Report DISCLOSEABLE TR
Page 30 and 31: Directors’ Report SUBSTANTIAL SHA
Page 32 and 33: Corporate Governance committees: th
Page 34 and 35: Corporate Governance AUDIT COMMITTE
Page 36 and 37: Auditors’ Report To the sharehold
Page 38 and 39: Principal Accounting Policies 2. BA
Page 40 and 41: Principal Accounting Policies 9. DE
Page 42 and 43: Consolidated Profit and Loss Accoun
Page 44 and 45: Company Balance Sheet at 31st Decem
Page 46 and 47: Consolidated Statement of Changes i
Page 48 and 49: Notes to the Accounts 1. NATURE OF
Page 50 and 51: Notes to the Accounts - Profit and
Page 52 and 53: Notes to the Accounts - Balance She
Page 64 and 65: Notes to the Accounts - Directors a
Page 66 and 67: Notes to the Accounts - Related Par
Page 68 and 69: Principal Subsidiary and Associated
Page 70 and 71: Statistics Consolidated profit and
Page 72 and 73: Statistics 2004 2003 2002 Operating
Page 74 and 75: Statistics Productivity HK$ 3.0 Not
Page 76: Corporate and Shareholder Informati

Annual Report 2004

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