Cathay Pacific 2015 Annual Report Download - page 29

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Annual Report 2015
27
Financial Review
0
10,000
30,000
50,000
40,000
20,000
Borrowings before and after derivatives
HK$million
EUR HKD JPY USD Others
Beforederivatives
Afterderivatives
OthersincludeSGD.
0
20,000
60,000
80,000
100,000
0
0.2
0.6
0.8
1.0
40,000 0.4
2011 2012 2013 2014 2015
HK$million
Net debt and equity
FundsattributabletotheshareholdersofCathayPacic
Netborrowings
Netdebt/equityratio
Times
%
0
20
40
60
80
100
2011 2012 2013 2014 2015
Interest rate prole: borrowings
Fixed
Floating
Borrowings and capital
• Borrowings decreased by 3.1% to HK$63,105 million in
2015 from HK$65,096 million in 2014.
• Borrowings are mainly denominated in United States
dollars, Hong Kong dollars, Japanese yen and Euros, and
are fully repayable by 2027, with 49.1% currently at fixed
rates of interest after taking into account derivative
transactions.
• Liquid funds, 76.9% of which are denominated in United
States dollars, decreased by 2.1% to HK$20,647 million.
• Net borrowings (after liquid funds) decreased by 3.5% to
HK$42,458 million.
• Funds attributable to the shareholders of Cathay Pacific
decreased by 7.3% to HK$47,927 million. This was in part
due to unrealised hedging losses of HK$5,417 million
recognised in the cash flow hedge reserve, offset by
retained profit and other reserve movements.
• The net debt/equity ratio increased from 0.85 times to
0.89 times.