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Cathay Pacific Airways Limited
50 Independent Auditor’s Report
To the shareholders of
Cathay Pacific Airways Limited
(Incorporated in Hong Kong with
limited liability)
We have audited the consolidated financial statements of
Cathay Pacific Airways Limited (“the Company”) and its
subsidiaries (together “the Group”) set out on pages 51 to
101, which comprise the consolidated and company
statements of financial position as at 31st December 2014,
the consolidated statement of profit or loss and other
comprehensive income, the consolidated statement of
changes in equity and the consolidated statement of cash
flows for the year then ended and a summary of significant
accounting policies and other explanatory information.
Directors’ responsibility for the consolidated
financial statements
The Directors of the Company are responsible for the
preparation of consolidated financial statements that give a
true and fair view in accordance with Hong Kong Financial
Reporting Standards issued by the Hong Kong Institute of
Certified Public Accountants and the Hong Kong
Companies Ordinance and for such internal control as the
Directors determine is necessary to enable the preparation
of consolidated financial statements that are free from
material misstatement, whether due to fraud or error.
Auditor’s responsibility
Our responsibility is to express an opinion on these
consolidated financial statements based on our audit.
This report is made solely to you, as a body, in accordance
with section 80 of Schedule 11 to the new Hong Kong
Companies Ordinance (Cap. 622), and for no other purpose.
We do not assume responsibility towards or accept liability
to any other person for the contents of this report.
We conducted our audit in accordance with Hong Kong
Standards on Auditing issued by the Hong Kong Institute of
Certified Public Accountants. Those standards require that
we comply with ethical requirements and plan and perform
the audit to obtain reasonable assurance about whether
the consolidated financial statements are free from
material misstatement.
An audit involves performing procedures to obtain audit
evidence about the amounts and disclosures in the
consolidated financial statements. The procedures
selected depend on the auditor’s judgement, including the
assessment of the risks of material misstatement of the
consolidated financial statements, whether due to fraud
or error. In making those risk assessments, the auditor
considers internal control relevant to the entity’s
preparation of the consolidated financial statements that
give a true and fair view in order to design audit procedures
that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness
of the entity’s internal control. An audit also includes
evaluating the appropriateness of accounting policies used
and the reasonableness of accounting estimates made by
the Directors, as well as evaluating the overall presentation
of the consolidated financial statements.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our
audit opinion.
Opinion
In our opinion, the consolidated financial statements give a
true and fair view of the state of affairs of the Company and
of the Group as at 31st December 2014 and of the Group’s
profit and cash flows for the year then ended in accordance
with Hong Kong Financial Reporting Standards and have
been properly prepared in accordance with the Hong Kong
Companies Ordinance.
KPMG
Certified Public Accountants
8th Floor, Prince’s Building
10 Chater Road
Central, Hong Kong
18th March 2015