Cathay Pacific 2014 Annual Report Download - page 28

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Cathay Pacific Airways Limited
26
Operating expenses
Group Cathay Pacific and Dragonair
2014
HK$M
2013
HK$M Change
2014
HK$M
2013
HK$M Change
Staff 18,101 17,027 +6.3% 16,247 15,269 +6.4%
Inflight service and passenger expenses 4,438 4,138 +7.2% 4,438 4,138 +7.2%
Landing, parking and route expenses 14,196 13,531 +4.9% 13,954 13,287 +5.0%
Fuel, net of hedging (losses)/gains 40,299 38,132 +5.7% 39,473 37,264 +5.9%
Aircraft maintenance 7,077 7,542 -6.2% 6,766 7,207 -6.1%
Aircraft depreciation and operating leases 10,411 9,537 +9.2% 10,179 9,298 +9.5%
Other depreciation, amortisation and operating leases 2,116 1,926 +9.9% 1,490 1,354 +10.0%
Commissions 799 775 +3.1% 799 775 +3.1%
Others 4,119 4,116 +0.1% 5,177 4,500 +15.0%
Operating expenses 101,556 96,724 +5.0% 98,523 93,092 +5.8%
Net finance charges 1,158 1,019 +13.6% 1,115 974 +14.5%
Total operating expenses 102,714 97,743 +5.1% 99,638 94,066 +5.9%
• The Group’s total operating expenses increased by 5.1%
to HK$102,714 million.
• The combined cost per ATK (with fuel) of Cathay Pacific
and Dragonair decreased from HK$3.58 to HK$3.50.
Fuel, net of
hedging
(losses)/gains
Net nance
charges
Commissions
Others
Sta
Inight service and
passenger expenses
Landing,
parking
and route
expenses
7% Aircraft
maintenance
Depreciation,
amortisation
and operating
leases
Total operating expenses
12%
1%
1%
4%
18% 4%
14%
39%
40
60
80
120
140
160
0
10
20
40
50
60
100 30
2010 2011 2012 2013 2014
US$ per barrel
(jet fuel)
Barrels
in million
Fuel price and consumption
Into wing price – before hedging
Into wing price – after hedging
Uplifted volume
Financial Review