Annual Report 2004

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Statistics Productivity HK$ 3.0 Note: Based on year end share price, where applicable. 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 Cost per ATK HK$ 2.07 2.00 2.13 2.36 2.32 2.24 2.34 2.60 2.64 2.80 ATK per HK$’000 staff cost Unit 1,978 1,825 1,798 1,725 1,725 1,669 1,533 1,446 1,403 1,327 Aircraft utilisation Hours per day 12.0 11.4 12.1 12.1 12.9 12.4 12.2 11.8 11.4 10.8 Share prices HK$ High 16.4 15.5 13.6 14.3 17.6 16.8 8.9 16.4 14.9 12.8 Low 12.5 8.4 9.9 6.1 10.3 7.4 4.7 5.4 10.6 10.0 Year-end 14.7 14.8 10.7 10.0 14.4 13.9 7.7 6.3 12.2 11.8 Price ratios (Note) Times 2.5 2.0 1.5 1.0 0.5 0.0 Hours per day 14 12 10 8 6 4 2 0 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 COST PER ATK ATK PER HK$’000 STAFF COST AIRCRAFT UTILISATION SHARE PRICE 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Price/Earnings 11.2 37.9 9.0 50.8 9.7 21.6 (46.9 ) 12.8 10.2 11.4 Market capitalisation/ Shareholders’ funds 1.5 1.6 1.1 1.1 1.5 1.7 1.0 0.8 1.6 2.0 Price/Cash flow 4.5 7.8 3.8 7.2 5.9 7.0 6.4 4.5 6.1 4.9 70 Cathay Pacific Airways Limited 2004 Annual Report Average share price in HK$ Average HSI 16 16,000 14 12 10 8 6 4 2 0 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2004 Cathay Pacific share price Hang Seng Index (HSI) 14,000 12,000 10,000 8,000 6,000 4,000 2,000
Glossary TERMS Borrowings Total borrowings (loans and lease obligations) less security deposits, notes and zero coupon bonds. Net borrowings Borrowings and bank overdrafts less liquid funds. Available tonne kilometres (“ATK”) Overall capacity, measured in tonnes available for the carriage of passengers, excess baggage, cargo and mail on each sector multiplied by the sector distance. Available seat kilometres (“ASK”) Passenger seat capacity, measured in seats available for the carriage of passengers on each sector multiplied by the sector distance. RATIOS Earnings/(loss) per share = Profit/(loss) margin = Shareholders’ funds per share = Return on average shareholders’ funds = Dividend cover = Interest cover = Gross debt/equity ratio = Profit/(loss) attributable to shareholders Weighted average number of shares (by days) in issue for the year Profit/(loss) attributable to shareholders Turnover Shareholders’ funds Total issued and fully paid shares at end of the year Profit/(loss) attributable to shareholders Average shareholders’ funds Profit/(loss) attributable to shareholders Dividends Operating profit/(loss) Net finance charges Borrowings Shareholders’ funds Revenue passenger kilometres (“RPK”) Number of passengers carried on each sector multiplied by the sector distance. Revenue tonne kilometres (“RTK”) Traffic volume, measured in load tonnes from the carriage of passengers, excess baggage, cargo and mail on each sector multiplied by the sector distance. On-time performance Departure within 15 minutes of scheduled departure time. EBITDA Earnings before interest, tax, depreciation and amortisation. Net debt/equity ratio = Passenger/Cargo and mail load factor = Revenue load factor = Breakeven load factor Passenger/Cargo and mail yield = = Cost per ATK = Net borrowings Shareholders’ funds Revenue passenger kilometres/Cargo and mail tonne kilometres Available seat kilometres/ Available cargo and mail tonne kilometres Total passenger, cargo and mail traffic revenue Maximum possible revenue at current yields and capacity A theoretical revenue load factor at which the traffic revenue equates to the operating cost. Passenger turnover/ Cargo and mail turnover Revenue passenger kilometres/Cargo and mail tonne kilometres Total operating expenses of Cathay Pacific ATK of Cathay Pacific Cathay Pacific Airways Limited 2004 Annual Report 71
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Financial and Operating Highlights
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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
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Financial Review OPERATING EXPENSES
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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 76: Corporate and Shareholder Informati
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Annual Report 2004

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