Annual Report 2000 - Cathay Pacific

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Notes to the Accounts – Balance Sheets 22. Reserves (continued) 62 CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000 Non-distributable Capital Investment Cash flow Retained Share redemption revaluation Other hedge profit premium reserve reserve reserves reserve Total HK$M HK$M HK$M HK$M HK$M HK$M HK$M Group At 1st January 1999 Prior period adjustment 16,829 7,158 11 1,033 22 66 25,119 for goodwill 193 – – – – – 193 As restated Retained profit for the year 17,022 7,158 11 1,033 22 66 25,312 (restated) Exchange differences on cash flow – recognised during 1,164 – – – – – 1,164 the year – transferred to profit for – – – – – 48 48 – the year – – – – – 71 71 Revaluation surpluses – recognised during the year – transferred to profit for – – – 422 – – 422 the year on disposal – – – (482) – – (482) Exchange differences – – – – 4 – 4 At 31st December 1999 18,186 7,158 11 973 26 185 26,539 Company At 1st January 1999 14,076 7,158 11 1,088 – (35) 22,298 Retained profit for the year Exchange differences on cash flow – recognised during 444 – – – – – 444 the year – transferred to profit for – – – – – (89) (89) the year Revaluation surpluses – recognised during – – – – – 154 154 the year – transferred to profit for – – – 387 – – 387 the year on disposal – – – (466) – – (466) At 31st December 1999 14,520 7,158 11 1,009 – 30 22,728
22. Reserves (continued) Included in retained profit is an amount of HK$957 million (1999: HK$769 million) relating to retained profit attributable to associated companies. Investment revaluation reserve relates to changes in the fair value of long-term investments. Other reserves include the attributable post-acquisition reserves of associated companies capitalised by bonus issues and exchange differences arising from revaluation of foreign investments. Cash flow hedge reserve relates to exchange differences on borrowings, lease obligations, currency derivatives and related security deposits which are arranged in foreign currencies such that repayments can be met by anticipated operating cash flows. Exchange differences recorded in the cash flow hedge reserve are expected to be credited/ (charged) to operating profit as noted below, based on exchange rates ruling at 31st December 2000. 1st half 2nd half Total HK$M HK$M HK$M 2001 170 193 363 2002 279 235 514 2003 94 86 180 2004 (6) 33 27 2005 273 83 356 Beyond 2005 475 The actual exchange differences ultimately recognised in operating profit will depend upon exchange rates ruling on the repayment dates of the relevant long-term liabilities and lease obligations. Had HK SSAP 11 been adopted, there would have been no financial impact on the Group’s assets, liabilities and cash flows. HK$1,915 million (1999: HK$185 million) would have been included in retained profit rather than the cash flow hedge reserve and the effect on profit attributable to shareholders and earnings per share would be: 1,915 2000 1999 HK$M HK$M Profit attributable to shareholders 5,005 2,180 HK SSAP 11 adjustment 1,730 119 Adjusted profit with adoption of HK SSAP 11 6,735 2,299 Adjusted earnings per share with adoption of HK SSAP 11 199.7¢ 67.9¢ Earnings per share 148.4¢ 64.4¢ Notes to the Accounts – Balance Sheets CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000 63
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 and 14: The airline has improved and expand
Page 15 and 16: Highlights by sector are as follows
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: 22. Reserves Non-distributable Capi
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
Page 83: www.cathaypacific.com CATHAY PACIFI
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Annual Report 2000 - Cathay Pacific

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