20. Obligations under finance leases
The Group has commitments under finance lease agreements in respect of aircraft and related equipment expiring during the years 1998 to 2015. The future payments under these finance leases are as follows:
As at 31st December 1997, the Company and the Group had obligations under finance leases which were defeased by funds and other investments amounting to HK$1,415 million and HK$1,601 million respectively (1996: HK$1,182 million and HK$1,335 million). Accordingly, these liabilities and the related funds, as well as related expenditure and income, have not been included in the consolidated accounts.
Included in Company's balances are amounts of HK$1,332 million (1996: HK$1,436 million) owing to subsidiary companies.
Directors' emoluments comprise the following:
Housing costs accounted for 27% (1996: 32%) of emoluments.
The five highest paid individuals of the Company included four (1996: three) directors, whose total emoluments are included in the amounts set out in note 25 above, and one (1996: two) other whose emoluments comprised:
The table below sets out the number of individuals, including those who have retired or resigned during the year, in each employment category whose total remuneration for the year fell into the following ranges:
Loans made by the Company to directors disclosed pursuant to Section 161B of the Companies Ordinance are as follows:
The loans are repayable on demand, secured on the borrower's retirement scheme entitlements, and bear interest at Hong Kong prime rate. There was no interest due but unpaid nor any provision made against these loans at 31st December 1997.
21. Reconciliation of operating profit to net cash flow from operating activities
22. Analysis of payments for fixed assets
23. Analysis of changes in financing
24. Analysis of cash and cash equivalents and net liquid funds
25. Directors' emoluments
26. Employee information
27. Loans to directors
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