Cathay Pacific 2000 Annual Report Download - page 30

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28 CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2000
Directors’ Report
We submit our report and the audited accounts for the year ended 31st December 2000 which are
on pages 34 to 73.
Activities
The Cathay Pacific Group (“the Group”) is predominantly managed and controlled in Hong Kong. As
well as operating scheduled airline services, the Group is engaged in other related areas, including
airline catering, aircraft handling and engineering. The airline operations are principally to and from
Hong Kong, which is where most of the Group’s other activities are also carried out. Details are set
out in note 2 to the accounts.
Details of principal subsidiary companies, their main areas of operation and particulars of their issued
capital, and details of principal associated companies are listed on pages 72 to 73.
Accounts
The profit of the Group for the year ended 31st December 2000 and the state of affairs of the
Company and the Group at that date are set out in the accounts on pages 39 to 73.
Dividends
We recommend the payment of a final dividend of HK¢45 per share for the year ended 31st
December 2000. Together with the interim dividend of HK¢20 per share paid on 4th October 2000,
this makes a total dividend for the year of HK¢65 per share. This represents a total distribution for
the year of HK$2,182 million. Subject to shareholders’ approval of the final dividend at the Annual
General Meeting on 16th May 2001, payment of the dividend will be on 1st June 2001 to
shareholders registered on 16th May 2001. The shareholders’ register will be closed from 11th May
2001 to 16th May 2001, both dates inclusive.
Reserves
Movements in the reserves of the Company and the Group during the year are set out in note 22 to
the accounts.
Accounting policies
The principal accounting policies of the Group are set out on pages 34 to 38. A statement of the
reasons for a departure from the standard accounting practices laid down by the Hong Kong Society
of Accountants is set out 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.