Annual Report 2000 - Cathay Pacific

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Review of Operations Passenger services With the recovery of Asian economies, 2000 was an encouraging year. Passenger revenue was helped by both the increase in passenger numbers and the rise in yields. North Asian and North American routes performed strongly. However our European routes were affected by weakening European currencies. Available seat kilometres (“ASK”), load factor and yield: Substantial growth was seen in our key markets of Australia, Canada, Hong Kong, Japan, Korea, the Philippines, Taiwan and U.S.A. The number of business-related passengers increased, improving load factors in first and business classes. 12 CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000 ASK (million) Load Factor (%) Yield 2000 1999 Change 2000 1999 Change Change North Asia South East Asia and 9,912 9,475 +4.6% 74.1 67.0 +7.1%pt +9.5% Middle East 12,097 11,261 +7.4% 72.6 70.6 +2.0%pt +5.2% Europe 14,565 13,905 +4.7% 80.8 74.5 +6.3%pt +1.4% Pacific and South Africa 25,335 23,473 +7.9% 76.0 71.8 +4.2%pt +7.1% Overall 61,909 58,114 +6.5% 76.2 71.4 +4.8%pt +6.2% Load factor by region % 100 80 60 40 20 0 North Asia South East Europe Pacific and Asia and Middle East South Africa 1996 1997 1998 1999 2000 Passenger load factor and yield % HK cents 80 60 40 20 0 1996 1997 Passenger load factor 1998 1999 Yield 2000 Revenue generated from our oneworld alliance continued to increase with seamless travel now being offered to more offline destinations. The addition of extra frequencies helped to increase market share. 80 60 40 20 0
Highlights by sector are as follows: North Asia The strong yen and an increase in Japanese visitors to Hong Kong led to an improvement in the revenue earned from our Japanese routes. Further benefits were seen from the codeshare arrangements with Japan Airlines launched in 1999. The Korean market was very strong with growth recorded across all passenger classes. Our Taiwanese routes also performed well during the year. South East Asia and Middle East South East Asian routes experienced a continuing recovery during 2000, and traffic between the region and the US West Coast grew substantially during the year. The performance of our Middle East routes remained satisfactory despite intense competition. Successful codeshare arrangements commenced with Malaysian Airlines in September and, in the same month, we introduced three services a week to Karachi. Europe Weak European currencies adversely affected yields, although this was partly offset by increased first and business class traffic and by fare increases. Load factors on the European routes remained high throughout the year and our traditionally weaker routes produced improved results. Codeshare arrangements with Swissair enhanced the performance of the Zurich route. Pacific and South Africa The performance of our North American routes was outstanding in terms of both load factors and yields. Australian routes performed satisfactorily, although the service to Perth faced intense competition. Our codeshare arrangement with South African Airways further strengthened the performance of our Johannesburg route. Review of Operations CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000 13
Page 1: ANNUAL REPORT 2000
Page 5: Chairman’s Letter The year 2000 w
Page 9 and 10: Frequent-flyers Members of The Marc
Page 11 and 12: During the year, Cathay Pacific als
Page 13: The airline has improved and expand
Page 17 and 18: Cathay Pacific Cargo introduced its
Page 19 and 20: In March, a new Air Services Agreem
Page 21 and 22: First and business class revenues i
Page 23 and 24: Aircraft maintenance costs increase
Page 25 and 26: Cathay Pacific: fuel hedging US cen
Page 27 and 28: Directors and Advisers Executive Di
Page 29 and 30: Executive Officers James Barrington
Page 31 and 32: Fixed assets Movements of fixed ass
Page 33 and 34: Corporate governance The Company ha
Page 35 and 36: Auditors’ Report To the sharehold
Page 37 and 38: 3. Associated companies Associated
Page 39 and 40: 7. Intangible assets Intangible ass
Page 41 and 42: Consolidated Profit and Loss Accoun
Page 43 and 44: Company Balance Sheet at 31st Decem
Page 45 and 46: Consolidated Statement of Recognise
Page 47 and 48: 2. Turnover (continued) (b)Secondar
Page 49 and 50: 6. Taxation The taxation charge com
Page 51 and 52: 11. Fixed assets Aircraft and Other
Page 53 and 54: 11. Fixed assets (continued) The fu
Page 55 and 56: 14. Associated companies Group Comp
Page 57 and 58: 16. Long-term liabilities (continue
Page 59 and 60: 16. Long-term liabilities (continue
Page 61 and 62: 19. Liquid funds Group Company 2000
Page 63 and 64: 22. Reserves Non-distributable Capi
Page 65 and 66:
22. Reserves (continued) Included i
Page 67 and 68:
25. Analysis of changes in financin
Page 69 and 70:
29. Loans to Directors Loans made b
Page 71 and 72:
31. Related party transactions Mate
Page 73 and 74:
33. Commitments and contingencies (
Page 75 and 76:
Associated companies Place of Perce
Page 77 and 78:
1997 1996 1995 1994 1993 1992 1991
Page 79 and 80:
1997 1996 1995 1994 1993 1992 1991
Page 81 and 82:
Glossary Terms Borrowings Total bor
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Annual Report 2000 - Cathay Pacific

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