Cathay Pacific 2015 Annual Report Download - page 27

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Annual Report 2015
25
Cathay Pacific and Dragonair operating results analysis
2015
HK$M
2014
HK$M
Airlines’ profit before taxation 4,463 2,409
Taxation (891) (563)
Airlines’ profit after taxation 3,572 1,846
Share of profits from subsidiaries and associates 2,428 1,304
Profit attributable to the shareholders of Cathay Pacific 6,000 3,150
The changes in the airlines’ profit before taxation can be analysed as follows:
HK$M
2014 airlines’ profit before taxation 2,409
Decrease of revenue (3,331) – Passenger revenue decreased due to a 11.4% decrease in yield,
offset in part by a 2.4% points increase in load factor and a 7.9%
increase in passenger carried.
– Cargo revenue decreased due to a 13.2% decrease in yield and a
0.1% point decrease in load factor, offset in part by a 4.4%
increase in cargo and mail tonnage carried.
Decrease/(increase) of costs:
– Fuel, including hedging losses 6,998 – Fuel costs decreased due to a 40.3% decrease in the average
into-plane fuel price, offset in part by an increase in hedging
losses and a 4.3% increase in consumption.
– Aircraft maintenance (402) – Increased mainly due to increase in operational capacity.
– Depreciation, amortisation and
operating leases
(767) – Increased mainly due to the delivery of new aircraft.
– Staff (781) – Increased mainly due to increases in headcount and salaries.
– All other operating expenses, including
inflight service, landing and parking,
commissions, net finance charges
and others
337 – Increases in other operating expenses were offset by an
exceptional credit (refund of fine from European Commission of
Euros 57.12 million).
2015 airlines’ profit before taxation 4,463
Fuel expenditure and hedging
A breakdown of the Group’s fuel cost is shown below:
2015
HK$M
2014
HK$M
Gross fuel cost 24,494 39,388
Fuel hedging losses 8,474 911
Fuel cost 32,968 40,299
Fuel consumption in 2015 was 43.5 million barrels (2014: 41.7 million barrels).
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