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18 Cathay Pacific Airways Limited Annual Report 2005
Cathay Pacific: total net operating expenses
14%
Depreciation and
operating leases
21%
Staff
11%
Aircraft
maintenance
1%
Net finance
charges
3%
Others
1%
Commissions
29%
Fuel
15%
Landing, parking
and route expenses
5%
Inflight service and
passenger expenses
Cathay Pacific: fuel price and consumption
2001 2002 2003 2004 2005
US cents per
American gallon
Into plane price – after hedging
Into plane price – before hedging
American gallons
in million
Uplifted volume
0
50
100
150
200
0
500
1,000
1,500
2,000
Financial Review
Operating expenses
Net operating expenses after deduction of Group recoveries HK$6,446 million (2004: HK$3,696 million) and of
Cathay Pacific recoveries HK$6,529 million (2004: HK$3,774 million) are analysed as follows:
Group Cathay Pacific
2005 2004 2005 2004
HK$M HK$M Change HK$M HK$M Change
Staff 9,025 8,842 +2.1% 8,132 7,985 +1.8%
Inflight service and passenger expenses 1,783 1,566 +13.9% 1,783 1,566 +13.9%
Landing, parking and route expenses 5,977 5,324 +12.3% 5,832 5,209 +12.0%
Fuel 11,640 7,836 +48.5% 11,400 7,704 +48.0%
Aircraft maintenance 4,527 3,784 +19.6% 4,459 3,768 +18.3%
Aircraft depreciation and operating leases 4,882 4,356 +12.1% 4,755 4,206 +13.1%
Other depreciation and operating leases 790 814 -2.9% 590 595 -0.8%
Commissions 555 529 +4.9% 555 529 +4.9%
Exchange gain (156) (199) -21.6% (148) (201) -26.4%
Others 1,297 966 +34.3% 1,147 820 +39.9%
Net operating expenses 40,320 33,818 +19.2% 38,505 32,181 +19.7%
Net finance charges 444 583 -23.8% 361 556 -35.1%
Total net operating expenses 40,764 34,401 +18.5% 38,866 32,737 +18.7%