Cathay Pacific 2000 Annual Report Download

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ANNUAL REPORT 2000

Table of contents

  • Page 1
    ANNUAL REPORT 2000

  • Page 2

  • Page 3

  • Page 4
    ...pt Group profit/ (loss) HK$ million % 6,000 18 5,000 15 4,000 12 3,000 9 2,000 6 1,000 3 0 0 -1,000 1991 1992 1993 1994 1995 Profit/(loss) margin 1996 1997 1998 1999 2000 -3 Profit/(loss) attributable to shareholders 2 CATHAY PACIFIC AIRWAYS LIM ITED ANNUAL REPORT 2000

  • Page 5
    ... Airbus fleet. We have also added new attractions at The Wing, our aw ard-w inning airport lounge in Hong Kong. The one world global alliance and our travel rew ard programme, Asia M iles, continue to grow and develop and now provide significant benefits to our passengers. Our e-Business initiatives...

  • Page 6

  • Page 7

  • Page 8
    ... luxurious airport lounges in Hong Kong offer free Internet access and wireless Internet access for travellers with laptop computers. Desktop computers at The Wing are installed with broadband, high-speed Internet access. These facilities are being progressively introduced at Cathay Pacific lounges...

  • Page 9
    Frequent-flyers Members of The Marco Polo Club and Asia Miles can check their mileage with their personal digital assistant (PDA) or WAP phones and bid for exciting offers on our website. They will soon be able to claim awards for free flights online as well.

  • Page 10
    ... future The year 2000 w as an eventful one for Cathay Pacific. We embarked upon a major expansion plan involving a significant increase in our fleet, the addition of new staff, extra flights and new destinations, and the introduction of a range of new products and services. We also unveiled a number...

  • Page 11
    ... Hong Kong and the East Coast of North America w ith a much reduced flight time. Our fleet gets bigger and better During 2000, w e took delivery of a new B747-400 freighter and a B777-200 aircraft, and placed additional orders for five A330s and one B747-400 freighter - all scheduled for delivery...

  • Page 12
    ... by executive search company M organ and Banks, Cathay Pacific w as ranked as one of Hong Kong 's three best employers. The survey polled executives from more than 300 corporations on criteria such as staff benefits, staff communications and staff training. Staff remuneration is review ed regularly...

  • Page 13
    ... for the Cathay Pacific Junior Pilot Club w as organised at Cathay Pacific City in April. Cathay Pacific held an open day for community groups to tour our new version of the " Spirit of Hong Kong" B747-400 at Hong Kong International Airport. We w ere particularly pleased to contribute more than HK...

  • Page 14
    ...South East Asia and Middle East 1997 Europe Pacific and South Africa 1999 2000 Passenger load factor 1996 1998 Substantial grow th w as seen in our key markets of Australia, Canada, Hong Kong, Japan, Korea, the Philippines, Taiw an and U.S.A. The number of business-related passengers increased...

  • Page 15
    ... and, in the same month, w e introduced three services a w eek to Karachi. Europe Weak European currencies adversely affected yields, although this w as partly offset by increased first and business class traffic and by fare increases. CATHAY PACIFIC AIRWAYS LIM ITED ANNUAL REPORT 2000 13

  • Page 16
    ...Air Hong Kong Cathay Pacific AHK Air Hong Kong Cathay Pacific Airw ays Limited Cathay Pacific Cargo operates a fleet of three B747-400 freighters and four B747-200 freighters serving 19 destinations w orldw ide. One new B747-400 freighter joined the fleet in September w hilst a further tw o w ill...

  • Page 17
    .... Review of affiliated businesses and associated companies Cathay Pacific Catering Services (H.K.) Limited This w holly-ow ned subsidiary is the largest flight kitchen in Hong Kong. It serves 33 airlines, representing 64% market share in airline catering at Hong Kong International Airport. AHK Air...

  • Page 18
    ... Cathay Pacific holds a 19% interest, is a Hong Kong-based airline operating scheduled and charter services to 27 destinations in Asia, 17 of w hich are in M ainland China. With one A321 and one A320 joining the fleet in the second quarter of 2000, Dragonair now operates a fleet of 14 aircraft and...

  • Page 19
    ... good results w ith higher w orkloads. Hong Kong Aircraft Engineering Company Limited ("HAECO") HAECO, in w hich Cathay Pacific holds a 27% interest, provides aircraft maintenance and overhaul services at Hong Kong International Airport. CATHAY PACIFIC AIRWAYS LIM ITED ANNUAL REPORT 2000 17

  • Page 20
    ...to HK¢48.2 as a result of higher front-end traffic and price increases. Group turnover HK$ million 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 1996 1997 1998 1999 2000 Passenger services Catering and other services Cargo services 18 CATHAY PACIFIC AIRWAYS LIM ITED ANNUAL REPORT 2000

  • Page 21
    ... One Hong Kong cent change in passenger yield per revenue passenger kilometre at 2000 passenger load factor One Hong Kong cent change in cargo and mail yield per cargo and mail tonne kilometre at 2000 cargo and mail load factor 298 119 472 42 CATHAY PACIFIC AIRWAYS LIM ITED ANNUAL REPORT 2000 19

  • Page 22
    ...numbers. Landing, parking and route expenses increased due to additional flights; low er landing and parking charges at Hong Kong International Airport helped reduce the overall increase. Fuel costs increased as a result of higher fuel prices. 20 CATHAY PACIFIC AIRWAYS LIM ITED ANNUAL REPORT 2000

  • Page 23
    ... HK$4,213 million, comprising HK$4,127 million for aircraft purchases including advance payments and HK$86 million for properties and other equipment. 24% Current assets 10% Properties and other equipment 60% Aircraft and related equipment CATHAY PACIFIC AIRWAYS LIM ITED ANNUAL REPORT 2000 21

  • Page 24
    ... hedged. 24,000 18,000 12,000 6,000 0 1996 1997 1998 1999 2000 Shareholders' funds Net debt/equity ratio Net borrow ings Group interest rate profile: borrow ings % 100 80 60 40 20 0 1996 Floating 1997 1998 Fixed 1999 2000 22 CATHAY PACIFIC AIRWAYS LIM ITED ANNUAL REPORT 2000

  • Page 25
    ... financial commitments are effectively matched by the change in value of the foreign currency earnings used to make those repayments. Derivative financial instruments are used to manage the interest rate profile of the foreign currency commitments. CATHAY PACIFIC AIRWAYS LIM ITED ANNUAL REPORT 2000...

  • Page 26
    ... purchases of goods and services. Salaries and other staff costs grew by HK$183 million to HK$7,482 million. Dividends grew by HK$1,166 million w hile the amount retained for re-investment and future grow th increased by HK$1,944 million. 24 CATHAY PACIFIC AIRWAYS LIM ITED ANNUAL REPORT 2000

  • Page 27
    ...and was previously employed by International Civil Aviation Organisation and British Airways. He is also a Director of Hong Kong Aircraft Engineering Company Limited, AHK Air Hong Kong Limited, Hong Kong Aero Engine Services Limited and Associated Engineers Limited. David Turnbull, aged 45, has been...

  • Page 28
    ... Limited in 1993. Zhang Xianlin, aged 47, has been a Director of the Company since August 1997. He is a Director of China National Aviation Corporation (Group) Limited and Hong Kong Dragon Airlines Limited. * Member of the Audit Committee 26 CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000

  • Page 29
    ... has been Director Service Delivery since December 1996. He joined the Swire Group in 1975. Ian Riddell, aged 48, has been Director Information Management and e-Business since May 2000. He joined the Swire Group in 1994. Augustus Tang, aged 42, has been Director Corporate Planning since May 2000. He...

  • Page 30
    ...in principal accounting policy 4. Donations During the year, the Company and its subsidiary companies made charitable donations amounting to HK$4 million in direct payments and a further HK$13 million in the form of discounts on airline travel. 28 CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000

  • Page 31
    ... ratify certain minor amendments to the original share option scheme. During the year under review, the Company issued a total of 347,000 shares for the options exercised and received HK$2,592,090 in total for the subscription of the shares. CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000 29

  • Page 32
    ...overhaul of aircraft and related equipment accounted for approximately 2.7% of the airline's operating costs in 2000. Like the Company, HAECO is an associated company of Swire Pacific Limited; all contracts have been concluded on normal commercial terms in the ordinary course of the business of both...

  • Page 33
    ... Pacific Airways Limited or any of its associated corporations, a party to any arrangements to enable the Directors of the Company to acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate. CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000...

  • Page 34
    ... themselves for re-appointment. A resolution for the reappointment of KPMG as Auditors to the Company is to be proposed at the forthcoming Annual General Meeting. By order of the Board James Hughes-Hallett Chairman Hong Kong, 7th March 2001 32 CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000

  • Page 35
    ... the Group as at 31st December 2000 and of the Group's profit and cash flows for the year then ended and have been properly prepared in accordance with the Hong Kong Companies Ordinance. KPMG Certified Public Accountants Hong Kong, 7th March 2001 CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000...

  • Page 36
    ... the year, only those results relating to the period of ownership are included in the accounts. Goodwill arising on consolidation represents the excess of the cost of subsidiary and associated companies over the fair value of the Group's share of the net assets at the date of acquisition. In prior...

  • Page 37
    ... out in note 22 to the accounts. (ii) unrealised differences on net investments in foreign subsidiary and associated companies (including intra-Group balances of an equity nature) and related long-term liabilities are taken directly to reserves. CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000 35

  • Page 38
    ... reductions of obligations based on the interest rates implicit in the leases. Operating lease payments and income are charged and credited respectively to the profit and loss account on a straight line basis over the life of the related lease. 36 CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000

  • Page 39
    ...liability will arise in the foreseeable future. In addition, where initial cash benefits have been received in respect of certain lease arrangements, provision is made for the future obligation to make taxation payments on behalf of the lessors. CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000 37

  • Page 40
    ... programme The Group operates a frequent-flyer programme called Asia Miles through a wholly-owned subsidiary. The incremental cost of providing travel in exchange for redemption of miles earned by members is accrued in the accounts as an operating cost and a future liability after allowing for miles...

  • Page 41
    ... 2000 Note Turnover Passenger services Cargo services Catering and other services Total turnover Expenses Staff Route Fuel Aircraft maintenance Depreciation and operating leases Commissions Others Operating expenses Operating profit Finance charges Finance income Net finance charges Profit on sale...

  • Page 42
    ...) (117) (1,461) 600 3,500 (11) 3,489 670 30,654 31,324 676 26,539 27,215 86 3,930 4,016 87 3,402 3,489 James Hughes-Hallett Director Hong Kong, 7th March 2001 Henry Fan Director The notes on pages 44 to 73 form part of these accounts. 40 CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000

  • Page 43
    ...) (223) (81) (117) (1,579) (907) 3,000 670 25,630 26,300 676 22,728 23,404 86 3,286 3,372 87 2,913 3,000 James Hughes-Hallett Director Hong Kong, 7th March 2001 Henry Fan Director The notes on pages 44 to 73 form part of these accounts. CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000 41

  • Page 44
    ... and servicing of finance Tax paid Investing activities Sales of fixed assets Payments for fixed and intangible assets Net decrease in long-term receivables Purchase of long-term investments Receipts from disposal of an associated company Sales of funds with investment managers (Purchase)/sales of...

  • Page 45
    ... back - Premium received from share options exercised Shareholders' funds at 31st December (2,182) (461) 3 3 31,324 27,215 6,746 1999 HK$M 25,795 193 25,988 2,243 (1,016) - - - 27,215 The notes on pages 44 to 73 form part of these accounts. CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000 43

  • Page 46
    ... services, airline catering and other services provided to third parties. (a) Primary reporting by geographical segment 2000 HK$M 1999 HK$M Turnover by origin of sale North Asia - Hong Kong and Mainland China - Japan, Korea and Taiwan South East Asia and Middle East Europe Pacific and South Africa...

  • Page 47
    ... AHK Air Hong Kong Limited. Cathay Pacific catering services and other airline supporting services which supplement the Group's operating business are included in unallocated revenue. Analysis of net assets by business segment: The major revenue-earning asset of the Group is the aircraft fleet which...

  • Page 48
    ... of investments in 1999 represented the gain from the sale of an indirect interest of 0.4% in Equant N.V., a company which provides an international communications network. The Group still maintains an indirect interest of 0.6% in this company. 46 CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000

  • Page 49
    ... dealt with in the accounts of the Company. 8. Dividends 2000 HK$M Interim dividend paid on 4th October 2000 of HK¢20 per share (1999: HK¢3) Proposed final dividend of HK¢45 per share (1999: HK¢27) 674 1,508 2,182 1999 HK$M 102 914 1,016 CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000 47

  • Page 50
    ... shares used in calculating basic earnings per share Deemed issue of ordinary shares for no consideration Weighted average number of ordinary shares used in calculating diluted earnings per share 3,372 32 3,404 1999 Million 3,384 23 3,407 48 CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000

  • Page 51
    ... 15,523 42,139 - 1,113 - (119) 43,133 3,210 (1) 67 (247) (445) 2,584 106 - - - 445 551 6,313 (1) 19 (2) - 6,329 65,893 (2) 4,213 (1,984) - 68,120 Leased HK$M Other equipment Owned HK$M Leased HK$M HK$M Properties Total HK$M CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000 49

  • Page 52
    ... value of the aggregate future lease payments is HK$563 million (1999: HK$925 million). Operating leases for properties and other equipment are normally set with fixed rental payments with options to renew the leases upon expiry at new terms. 50 CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000

  • Page 53
    ... advance payments. (e) Security, including charges over the assets concerned and relevant insurance policies, is provided to the leasing companies or other parties that provide the underlying finance. (f) Properties held at 31st December 2000 include land held under medium-term leases in Hong Kong...

  • Page 54
    ...shares at cost Net amounts due (to)/from subsidiary companies - Loan accounts - Current accounts Other investments (10,659) 5,691 30,101 25,347 (12,198) 6,182 31,092 25,290 214 1999 HK$M 214 Principal subsidiary companies are listed on page 72. 52 CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000

  • Page 55
    ... the Accounts - Balance Sheets 14. Associated companies Group 2000 HK$M Hong Kong listed shares at cost (Market value: HK$630 million, 1999: HK$589 million) Unlisted shares at cost Share of net assets - listed in Hong Kong - unlisted Less: Provision Loans to associated companies 676 740 1,416 - 116...

  • Page 56
    ...583 2,181 - 466 840 1,956 - 711 583 1,991 765 1999 HK$M 818 Company 2000 HK$M 650 1999 HK$M 697 The fair value of investments listed outside Hong Kong is stated after taking into account certain legal and contracted restrictions on the Group's ability to dispose of these investments. 16. Long-term...

  • Page 57
    ... and other liabilities Group 2000 HK$M Bank loans - secured - unsecured Other loans - secured - unsecured Bonds - unsecured Security deposits Amount due ... 65 - - - 52 4,599 198 5,078 451 3,633 198 3,981 400 1999 HK$M Company 2000 HK$M 1999 HK$M CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000 55

  • Page 58
    ... 2016. The future payments under these finance leases are as follows: Group 2000 HK$M Within one year After one year but within two years After two years but within five years After five years Total future payments Interest charges relating to future periods Present value of future payments Security...

  • Page 59
    ... lease arrangements - other timing differences 653 6,532 (39) 7,146 699 6,028 (13) 6,714 533 6,532 (39) 7,026 549 6,028 (13) 6,564 1999 HK$M Company 2000 HK$M 1999 HK$M Provision has been made for all significant deferred taxation liabilities. CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000...

  • Page 60
    ... 2000 HK$M 2,258 98 32 2,388 1999 HK$M 1,772 240 53 2,065 The Company normally grants a credit term of 30 days to customers or follows the local industry standard with the debt partially protected by bank guarantee or other monetary collateral. 58 CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000

  • Page 61
    ... 28 6,404 Analysis of trade creditors by age: Group 2000 HK$M Current One to three months overdue More than three months overdue 1,315 493 279 2,087 1999 HK$M 1,281 535 317 2,133 Company 2000 HK$M 1,136 420 94 1,650 1999 HK$M 1,056 470 46 1,572 CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000 59

  • Page 62
    ... - 670 3,384,199,848 - - 3,384,199,848 676 - - 676 3,900,000,000 1999 Number of shares 3,900,000,000 HK$M 780 HK$M 780 The Company adopted a share option scheme on 10th March 1999. Details of the scheme can be found in the Directors' Report. 60 CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000

  • Page 63
    ...Share redemption revaluation Other hedge profit premium reserve reserve reserves reserve HK$M HK$M HK$M HK$M HK$M HK$M Group At 1st January 2000 Retained profit for the year Purchase of Company's shares...- - 1,952 111 - 1,952 111 6 2,093 25,630 CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000 61

  • Page 64
    ... Share redemption revaluation Other hedge profit premium reserve reserve reserves reserve HK$M HK$M HK$M HK$M HK$M HK$M Group At... 7,158 - 11 - 11 - 1,033 - 1,033 - 22 - 22 - 66 25,119 - 193 Total HK$M 66 25,312 - 1,164 185 26,539 30 22,728 62 CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000

  • Page 65
    ... attributable to shareholders HK SSAP 11 adjustment Adjusted profit with adoption of HK SSAP 11 Adjusted earnings per share with adoption of HK SSAP 11 Earnings per share 5,005 1,730 6,735 199.7¢ 148.4¢ 1999 HK$M 2,180 119 2,299 67.9¢ 64.4¢ CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000 63

  • Page 66
    ...intangible assets 2000 HK$M Additions to fixed and intangible assets (excluding goodwill) Finance raised on fixed assets acquired under finance leases Payments for fixed and intangible assets (4,307) 1,113 (3,194) 1999 HK$M (3,992) 1,341 (2,651) 64 CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000

  • Page 67
    ...At 31st December 2000 At 1st January 1999 Finance raised on leased assets Loan and finance lease repayments New financing Purchases of bonds and security deposits placed Dividends paid to minority interests Acquisitions of minority shareholdings Minority interests' share of subsidiaries' capital and...

  • Page 68
    Notes to the Accounts - Directors and Employees 27. Directors' remuneration Directors' remuneration disclosed pursuant to Section 161 of the Hong Kong Companies Ordinance is as follows: 2000 HK$M Fees Emoluments - Salaries, allowances and benefits in kind - Contributions to retirement schemes 33 1 ...

  • Page 69
    ... scheme. Staff employed by the Company in Hong Kong on expatriate terms before April 1993 were eligible to join another scheme, the Cathay Pacific Airways Limited Retirement Scheme ("CPALRS"). Both members and the Company contribute to CPALRS. CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000 67

  • Page 70
    ... schemes. Where staff elected to join the MPF, both the Company and staff are required to contribute 5% of the employees' relevant income (capped at HK$20,000). Staff may elect to contribute more than the minimum as a voluntary contribution. 68 CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000

  • Page 71
    ... between the Group and associated companies and other related parties which were carried out in the normal course of business on commercial terms are summarised below: 2000 Associated companies HK$M Turnover Aircraft maintenance costs Route operating costs Dividends received Fixed assets purchase 67...

  • Page 72
    ...These Group commitments are expected to be paid as follows: HK$M 2001 2002 7,014 150 7,164 Commitments include amounts for the acquisition of two B747-400 freighters and eight A330-300 aircraft. Operating lease commitments are shown in note 11. 70 CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000

  • Page 73
    ..." and HK SSAP 29 "Intangible Assets" recently issued by the HKSA. This has resulted in changes to the presentation of various items as described in accounting policies 2 and 7. Certain comparative information has been restated accordingly. CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000 71

  • Page 74
    ... catering Travel tour operator Aircraft leasing Travel reward programme Airline catering Computer network for interchange of air cargo related information Information processing Hong Kong Hong Kong Hong Kong Hong Kong Hong Kong Isle of Man Hong Kong Hong Kong Isle of Man Hong Kong Canada Hong Kong...

  • Page 75
    ... Associated Engineers Limited Cathay Kansai Terminal Services Company Limited Cebu Pacific Catering Services Inc Hong Kong Aircraft Engineering Company Limited Hong Kong Airport Restaurant Caterers Company Limited Hong Kong Dragon Airlines Limited VN/CX Catering Services Limited * Shareholding...

  • Page 76
    Statistics 2000 Consolidated profit and loss summary Passenger services Cargo services Catering and other services Total turnover Operating expenses Operating profit/(loss) Net finance charges Profit on sale of investments Share of profits of associated companies Profit/(loss) before taxation ...

  • Page 77
    ... 0.33 12.1 18.9 2.1 9.8 1.05 0.24 10.0 20.9 2.2 6.3 1.40 0.50 9.0 18.9 2.0 5.6 1.72 0.55 9.8 19.3 1.9 9.2 1.72 0.55 13.1 30.0 2.5 11.3 1.75 0.54 14.4 38.1 2.4 15.3 1.93 0.63 CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000 75

  • Page 78
    ... load factor Cargo carried Cargo and mail tonne kilometres Cargo and mail load factor Excess baggage carried Mail carried Length of scheduled routes network Destinations at year end Staff number at year end ATK per staff On-time performance Departure (within 15 minutes) Average aircraft utilisation...

  • Page 79
    ... 19 7 2 4 - - 62 10 2 5 13 19 7 2 4 - - 62 7 4 - 13 19 4 2 - - 8 57 - 2 - 13 18 4 1 - - 17 55 - - - 13 17 4 - - - 19 53 - - - 13 14 4 - - - 18 49 - - - 14 10 3 - - - 18 45 CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000 77

  • Page 80
    ... Oct Nov Dec 2000 Cathay Pacific share price Hang Seng Index (HSI) 2000 Productivity Cost per ATK ATK per HK$'000 staff cost Aircraft utilisation Share prices High Low Year-end Price ratios (Note) Price/Earnings Market capitalisation/ Shareholders' funds Price/Cash flow Times HK$ 1999 1998 1997...

  • Page 81
    ... per share Profit/(loss) margin = = Return on average shareholders' funds Gross debt/equity ratio = = Net debt/equity ratio = Revenue load factor = Passenger/Cargo and mail load factor Passenger/Cargo and mail yield Cost per ATK = = = CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000...

  • Page 82
    ... in Hong Kong with limited liability. Investor relations For further information about Cathay Pacific Airways Limited, please contact: Corporate Communication Department Cathay Pacific Airways Limited 7th Floor, North Tower Cathay Pacific City Hong Kong International Airport Hong Kong Tel...

  • Page 83
    CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000 www.cathaypacific.com