Cathay Pacific 2011 Annual Report Download - page 30

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28
Financial Review
41%
Fuel, net of
hedging
gains/(losses)
1%
Net finance charges
1%
Commissions
4%
Others
16%
Staff
4%
Inflight service
and passenger
expenses 14%
Landing,
parking
and route
expenses
9%
Aircraft
maintenance
10%
Depreciation
and operating
leases
Total operating expenses
US$ per barrel
(jet fuel)
40
60
80
120
140
160
Barrels
in million
0
10
20
40
50
60
Fuel price and consumption
100 30
2007 2008 2009 2010 2011
Into wing price – before hedging
Into wing price – after hedging
Uplifted volume
Operating expenses
Group Cathay Pacific and Dragonair
2011
HK$M
2010
HK$M Change
2011
HK$M
2010
HK$M Change
Staff 14,772 13,850 +6.7% 13,431 12,655 +6.1%
Inflight service and passenger expenses 3,794 3,308 +14.7% 3,794 3,308 +14.7%
Landing, parking and route expenses 13,105 11,301 +16.0% 12,820 11,104 +15.5%
Fuel, net of hedging gains/(losses) 38,877 28,276 +37.5% 38,061 27,705 +37.4%
Aircraft maintenance 8,468 7,072 +19.7% 8,268 6,921 +19.5%
Aircraft depreciation and operating leases 8,197 8,288 -1.1% 8,049 8,120 -0.9%
Other depreciation, amortisation
and operating leases 1,205 1,107 +8.9% 977 881 +10.9%
Commissions 791 736 +7.5% 791 736 +7.5%
Exchange gain (416) (196) +112.2% (423) (214) +97.7%
Others 4,113 4,729 -13.0% 4,625 5,080 -9.0%
Operating expenses 92,906 78,471 +18.4% 90,393 76,296 +18.5%
Net finance charges 744 978 -23.9% 701 933 -24.9%
Total operating expenses 93,650 79,449 +17.9% 91,094 77,229 +18.0%
Group’s total operating expenses increased by 17.9%
to HK$93,650 million.
•The combined cost per ATK (with fuel) of Cathay
Pacific and Dragonair increased from HK$3.16 to
HK$3.45. This principally reflected higher average
fuel prices.
•