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Financial Review
24 CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 1999
Value added
The following table summarises the distribution of the Group’s value added in 1998 and 1999.
1999 1998
HK$M HK$M
Total revenue 28,702 26,610
Less: Purchases of goods and services (14,677) (15,184)
Other costs (756) (591)
Value added by the Group 13,269 10,835
Add: (Deficit)/surplus on sale of fixed assets (8) 18
Net investment income –28
Surplus on sales of investments 482 185
Share of profits of associated companies 93 149
Total value added available for distribution 13,836 11,215
Applied as follows:
To employees
– Salaries and other staff costs 7,299 7,786
To government
– Corporation taxes 144 133
To providers of capital
– Dividends 1,016 339
– Minority interests 84 35
– Net finance charges 918 311
Retained for re-investment and future growth
– Depreciation 3,200 3,492
– Retained profit/(loss) for the year 1,175 (881)
Total value added 13,836 11,215
•The Group value added grew by HK$2,621 million which was principally due to an improvement in total
revenue.
•Dividends increased by HK$677 million whilst the amount retained for future growth and for replacement of
assets increased by HK$1,764 million.