Cathay Pacific 2014 Annual Report Download - page 36

Download and view the complete annual report

Please find page 36 of the 2014 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 112

  • 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
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112

Cathay Pacific Airways Limited
34 Directors’ Report
We submit our report and the audited financial statements
for the year ended 31st December 2014 which are on pages
51 to 101.
Activities
Cathay Pacific Airways Limited (the “Company”) is managed
and controlled in Hong Kong. As well as operating scheduled
airline services, the Company and its subsidiaries (the
“Group”) are engaged in other related areas including airline
catering, aircraft handling, aircraft engineering and cargo
terminal operations. The airline operations are principally to
and from Hong Kong, which is where most of the Group’s
other activities are also carried out.
Details of principal subsidiaries, their main areas of operation
and particulars of their issued capital, and details of principal
associates are listed on pages 96 and 97.
Financial Statements
The profit of the Group for the year ended 31st December
2014 and the state of affairs of the Group and the Company
at that date are set out in the financial statements on pages
51 to 101.
Dividends
The Directors have declared a second interim dividend of
HK$0.26 per share for the year ended 31st December 2014.
Together with the first interim dividend of HK$0.10 per share
paid on 6th October 2014, this makes a total dividend for
the year of HK$0.36 per share. This represents a total
distribution for the year of HK$1,416 million. The second
interim dividend will be paid on 7th May 2015 to shareholders
registered at the close of business on the record date, being
Friday, 10th April 2015. Shares of the Company will be traded
ex-dividend as from Wednesday, 8th April 2015.
Closure of register of members
The register of members will be closed on Friday, 10th April
2015, during which day no transfer of shares will be effected.
In order to qualify for entitlement to the interim dividend, all
transfer forms accompanied by the relevant share
certificates must be lodged with the Company’s share
registrars, Computershare Hong Kong Investor Services
Limited, 17th Floor, Hopewell Centre, 183 Queen’s Road
East, Hong Kong, for registration not later than 4:30 p.m. on
Thursday, 9th April 2015.
To facilitate the processing of proxy voting for the annual
general meeting to be held on 20th May 2015, the register of
members will be closed from 15th May 2015 to 20th May
2015, both days inclusive, during which period no transfer of
shares will be effected. In order to be entitled to attend and
vote at the annual general meeting, all transfer forms
accompanied by the relevant share certificates must be
lodged with the Company’s share registrars, Computershare
Hong Kong Investor Services Limited, 17th Floor, Hopewell
Centre, 183 Queen’s Road East, Hong Kong, for registration
not later than 4:30 p.m. on Thursday, 14th May 2015.
Reserves
Movements in the reserves of the Group and the Company
during the year are set out in the statement of changes in
equity on page 55 and in note 24 to the financial statements,
respectively.
Accounting policies
The principal accounting policies are set out on pages 98
to 101.
Donations
During the year, the Company and its subsidiaries made
charitable donations amounting to HK$12 million in direct
payments and a further HK$8 million in the form of discounts
on airline travel.
Fixed assets
Movements of fixed assets are shown in note 10 to the
financial statements. Details of aircraft acquisitions are set
out on page 11.
Bank and other borrowings
The net bank loans and other borrowings, including
obligations under finance leases, of the Group and
the Company are shown in notes 15 and 22 to the
financial statements.
Share capital
During the year under review, the Group did not purchase,
sell or redeem any shares in the Company and the Group has
not adopted any share option scheme.
At 31st December 2014, 3,933,844,572 shares were in issue
(31st December 2013: 3,933,844,572 shares). There has
been no movement in share capital during the year.
Capital commitments and contingencies
The details of capital commitments and contingent liabilities
of the Group and the Company as at 31st December 2014
are set out in note 30 to the financial statements.