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86 Cathay Pacific Airways Limited Annual Report 2005
Statistics
2005 2004
Consolidated profit and loss summary HK$M
Passenger services 30,274 26,407
Cargo services 12,852 11,395
Catering and other services 1,337 1,263
Turnover net of recoveries 44,463 39,065
Net operating expenses (40,320) (33,818)
Operating profit/(loss) 4,143 5,247
Net finance charges (444) (583)
Profit on sale of investments – –
Share of profits of associates 269 298
Profit/(loss) before tax 3,968 4,962
Taxation (500) (446)
Profit/(loss) for the year 3,468 4,516
Profit attributable to minority interests (170) (99)
Profit/(loss) attributable to Cathay Pacific shareholders 3,298 4,417
Dividends paid (2,196) (2,189)
Retained profit/(loss) for the year 1,102 2,228
Consolidated balance sheet summary HK$M
Fixed and intangible assets 50,416 50,607
Long-term receivables and investments 7,184 7,332
Borrowings (22,455) (22,631)
Liquid funds less bank overdrafts 13,405 11,444
Net borrowings (9,050) (11,187)
Net current liabilities (excluding liquid funds and bank overdrafts) (6,767) (6,381)
Retirement benefit obligations (72) (102)
Deferred taxation (6,460) (7,280)
Net assets 35,251 32,989
Financed by:
Funds attributable to Cathay Pacific shareholders 34,968 32,855
Minority interests 283 134
Total equity 35,251 32,989
Per share
Shareholders’ funds HK$ 10.34 9.75
EBITDA HK$ 2.49 2.79
Earnings/(loss) HK cents 97.7 131.4
Dividend HK cents 48.0 65.0
Ratios
Profit/(loss) margin % 7.4 11.3
Return of average shareholders’ funds % 9.7 13.8
Dividend cover Times 2.0 2.0
Interest cover Times 9.3 9.0
Gross debt/equity ratio Times 0.64 0.69
Net debt/equity ratio Times 0.26 0.34