Cathay Pacific 1998 Annual Report Download - page 55

Download and view the complete annual report

Please find page 55 of the 1998 Cathay Pacific annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 70

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70

53
CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 1998
Notes to the Accounts – Cash Flow Statement
21. Reconciliation of operating profit to net cash flow from operating activities
1998 1997
HK$M HK$M
Operating (loss)/profit after exceptional items (472) 2,054
Depreciation 2,885 2,411
Provision for impairment 607 –
Profit on sale of interest in associated company –(11)
Loss on disposal of fixed assets 117 104
Profit on sale of investments (185) –
Exchange differences on long-term loans and leasing obligations 64 275
Currency adjustments and other items not involving cash flows 87 (81)
Decrease/(increase) in stocks 380 (216)
Decrease in debtors 480 605
Increase in net amounts due to related and associated companies 185 26
Increase in creditors 639 59
Decrease in unearned transportation revenue (261) (449)
Non-operating movements in debtors and creditors (460) (55)
Net cash flow from operating activities 4,066 4,722
22. Analysis of payments for fixed assets
1998 1997
HK$M HK$M HK$M HK$M
Additions to fixed assets (10,042) (6,243)
Finance raised (note 23):
– assets acquired under finance leases (note 10) 4,968 1,065
– payments for assets acquired under finance leases – 4,968 (211) 854
Payments for fixed assets (5,074) (5,389)
23. Analysis of changes in financing
Long-term Obligations
loans, bonds under
and other finance Minority
liabilities leases interests Total
HK$M HK$M HK$M HK$M
At beginning of the year 4,675 18,447 104 23,226
Finance raised on leased assets – 4,968 – 4,968
Loan and finance lease repayments (764) (926) – (1,690)
New financing 1,161 1,756 – 2,917
Purchases of bonds and security deposits placed – (2,391) – (2,391)
Transfer of deposits placed to managed fund –9–9
Dividends paid to minority interests – – (31) (31)
Minority interests’ share of subsidiaries’
capital and revenue reserves – – 35 35
Non-cash movements 131 132 – 263
At end of the year 5,203 21,995 108 27,306