Cathay Pacific 2001 Annual Report Download
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ANNUAL REPORT 2001
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Aberdeen*
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Adelaide
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Amsterdam
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Auckland
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Bahrain
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Bangkok
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Berlin*
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Brisbane
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Cairns
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Cebu
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Chicago†
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Cologne*
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Colombo
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Delhi
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Denpasar
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Dubai
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Dusseldorf*
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Edinburgh*
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Frankfurt
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Fukuoka
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Glasgow*
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Hamburg*
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Hanoi
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Helsinki*
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Ho Chi Minh City
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Jakarta
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Johannesburg
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Karachi
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Kuala Lumpur
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London
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Los Angeles
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Manchester*
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Manila
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Melbourne
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Mumbai
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Munich*
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Nagoya
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Newcastle*
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New York
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Nottingham†
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Osaka
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Paris
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Penang
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Perth
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Prague*
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Riyadh
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Rome
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San Francisco
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Sapporo
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Seoul
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Sharjah†
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Singapore
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Stockholm*
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Stuttgart*
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Surabaya
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Sydney
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Taipei
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Tokyo
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Toronto
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Vancouver
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Zurich*
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Bandar Seri
Begawan
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Beijing
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Changsha
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Chengdu
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Chongqing
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Dalian
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Dhaka
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Fuzhou
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Guilin
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Haikou
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Hangzhou
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Hiroshima
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Kaohsiung
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Kota Kinabalu
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Kuching
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Kunming
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Nanjing
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Ningbo
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Phnom Penh
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Phuket
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Qingdao
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Sanya
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Sendai
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Shanghai
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Wuhan
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Xiamen
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Xian
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Brussels
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Dubai
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Manchester
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Osaka
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Seoul
A Chinese translation of this Annual Report is available upon request from the Company’s Registrars.
̯αంɻʼᘭ̯cכ̯ʔ̇ɾٖͫত୮ௐॗe
•CATHAY PACIFIC
•DRAGONAIR
•AIR HONG KONG
†
Freighter services only
*
Codeshare services
Contents
2Financial and Operating Highlights
3Chairman’s Letter
42001 in Review
8Review of Operations
13 Financial Review
20 Directors and Officers
22 Directors’ Report
26 Auditors’ Report
27 Principal Accounting Policies
31 Consolidated Profit and Loss Account
32 Consolidated Balance Sheet
33 Company Balance Sheet
34 Consolidated Cash Flow Statement
35 Consolidated Statement of Recognised
Gains and Losses
35 Reconciliation of Movements in
Consolidated Shareholders’ Funds
36 Notes to the Accounts
60 Principal Subsidiary and
Associated Companies
62 Statistics
67 Glossary
68 Corporate and Shareholder Information
Hong Kong
Table of contents
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Page 1
...Minh City Jakarta Johannesburg Karachi Kuala Lumpur London Los Angeles Manchester* Manila Melbourne Mumbai Munich* Nagoya Newcastle* New York Nottingham†Osaka Paris Penang Perth Prague* Riyadh Rome San Francisco Sapporo Seoul Sharjah†Singapore Stockholm* Stuttgart* Surabaya Sydney Taipei... -
Page 2
The new Business Class cabin was rolled out in August, featuring amongst the longest and widest flat-bed seats in the sky, more table top space, an exclusive bar, and reception and private dressing areas. -
Page 3
Cathay Pacific Airways Limited Annual Report 2001 1 Cathay Pacific Airways is an international airline based and registered in Hong Kong, offering scheduled passenger and cargo services to 62 destinations around the world. We are deeply committed to Hong Kong, where the company was founded in 1946... -
Page 4
2 Cathay Pacific Airways Limited Annual Report 2001 FINANCIAL AND OPERATING HIGHLIGHTS Group Financial Statistics 2001 2000 Change Results Turnover Profit attributable to shareholders Earnings per share Dividend per share Profit margin Balance Sheet Shareholders' funds Net borrowings Shareholders... -
Page 5
... the introduction of a new Business Class product and various e-Business initiatives including the world's first inflight email service; we upgraded passenger lounges around the world and opened a new lounge, The Pier, at Hong Kong International Airport. Over the years Cathay Pacific has met and... -
Page 6
... opened at Hong Kong International Airport and now complements the luxurious facilities offered by "The Wing" . The Asia Miles travel reward programme added more than 350,000 new members over the year, bringing the total membership to over 1.2 million. New airline partners who joined the programme... -
Page 7
... its oneworld partner British Airways expanded codeshare agreements to include 11 more destinations in the UK and Continental Europe. The codeshare agreements also cover Cathay Pacific services from Hong Kong to Auckland and Kuala Lumpur. Our first daytime service between Hong Kong and London will... -
Page 8
... local cadet pilots at BAE Systems Flight Training in Adelaide, Australia. In October we took steps to keep ahead of our competitors by launching a version of our Internet site on the world's first commercial 3G mobile phone network, "Freedom of Mobile Multimedia Access" . The ser vice is 40 times... -
Page 9
... to Sydney Air Race 2001. The team was led by Captain Mike Miller, a Cathay Pacific pilot. ENVIRONMENT à´ à´ Together with the Hong Kong Federation of Youth Groups, we invited 46 students to take part in the Cathay Pacific International Wilderness Experience Programme 2001 held in South Africa... -
Page 10
8 Cathay Pacific Airways Limited Annual Report 2001 REVIEW OF OPERATIONS PASSENGER SERVICES The year saw a significant fall in passenger revenue as compared with 2000. This was due to the worldwide economic slowdown, the impact of the tragic events in the United States on 11th September, the ... -
Page 11
... home countries. A new codeshare agreement was signed with Philippine Airlines in November on the service between Hong Kong and Cebu. The Indian and Middle East markets performed satisfactorily. The revenue picture was helped by new services to Delhi and Riyadh, which started during the year. EUROPE... -
Page 12
... Pacific operates the principal flight kitchen at Hong Kong International Airport. à´ The dedicated overnight services operated by Cathay Pacific for DHL Worldwide Express continue to operate successfully. These services enable DHL to offer a superior express freight product. à´ The company... -
Page 13
... ramp handling company at Hong Kong International Airport. Services include aircraft loading, passenger steps and air bridge operations, baggage handling and cargo and mail delivery. à´ à´ In September, HAS took over responsibility for load control on Cathay Pacific flights departing from... -
Page 14
... overhaul services at Hong Kong International Airport. Taikoo (Xiamen) Aircraft Engineering Company Limited, 49% owned by HAECO and 9% owned by Cathay Pacific had a profitable year, with high usage of its hangar facilities. A third hangar is currently being built, with completion expected in 2003... -
Page 15
Cathay Pacific Airways Limited Annual Report 2001 13 FINANCIAL REVIEW The Group's attributable profit was HK$657 million compared to a profit of HK$5,005 million in 2000. This decline was due to the global economic slowdown, while the tragic events in the United States in September further reduced... -
Page 16
14 Cathay Pacific Airways Limited Annual Report 2001 FINANCIAL REVIEW à´ Cathay Pacific's cargo and mail load factor decreased by 5.2 percentage points to 67 .3% as cargo and mail revenue tonne kilometres decreased by 5.4% against an increase of 2.0% in capacity. AHK Air Hong Kong's load factor... -
Page 17
... numbers. Cathay Pacific: total operating expenses 3% Others 25% Staff 6% Inflight service and passenger expenses 17% Landing, parking and route expenses 18% Fuel à´ Landing, parking and route expenses increased due to additional flights and higher insurance premiums; weak foreign currencies... -
Page 18
16 Cathay Pacific Airways Limited Annual Report 2001 FINANCIAL REVIEW à´ Aircraft maintenance costs increased primarily due to an increase in the fleet size and additional engine overhaul work. Aircraft depreciation and operating lease costs increased mainly due to the new aircraft deliveries ... -
Page 19
... of business, the Group is exposed to fluctuations in foreign currencies, interest rates and jet fuel prices. These exposures are managed, sometimes with the use of derivative financial instruments, by the Treasury Department of Cathay Pacific in accordance with the Group's approved policies and... -
Page 20
... into wing fuel price Volume hedged à´ As an international airline, the Group's revenue streams are denominated in a number of foreign currencies resulting in exposure to foreign exchange fluctuations. To manage this exposure assets are, where possible, financed in those foreign currencies in... -
Page 21
Cathay Pacific Airways Limited Annual Report 2001 19 FINANCIAL REVIEW VALUE ADDED The following table summarises the distribution of the Group's value added in 2000 and 2001. 2001 HK$M 2000 HK$M Total revenue Less: Purchases of goods and services Other costs Value added by the Group Add: ... -
Page 22
... and the United States of America. He is also a Director of AHK Air Hong Kong Limited. Ken Barley, aged 57 , has been Director Flight Operations since December 1996. He joined the Company as an aircrew member in 1979 and was previously employed by Air New Zealand after serving as an officer in the... -
Page 23
... Aviation Corporation (Group) Limited and Hong Kong Dragon Airlines Limited. INDEPENDENT NON-EXECUTIVE DIRECTORS Lee Hon Chiu*, companies. Raymond Or*, aged 52, has been a Director of the Company since February 2000. He is General Manager of The Hongkong and Shanghai Banking Corporation Limited... -
Page 24
...2001 DIRECTORS' REPORT We submit our report and the audited accounts for the year ended 31st December 2001 which are on pages 27 to 61. ACTIVITIES The Cathay Pacific Group ("the Group") is predominantly managed and controlled in Hong Kong. As well as operating scheduled airline services, the Group... -
Page 25
...the airline's operating costs in 2001. 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 parties. DISPOSAL OF ASSETS During the year under review, the Group's indirect... -
Page 26
24 Cathay Pacific Airways Limited Annual Report 2001 DIRECTORS' REPORT CONNECTED TRANSACTION The following were connected transactions under the Listing Rules (Main Board) of The Stock Exchange. On 25th February 2002, Maplebeck Limited, a wholly-owned subsidiary of the Company, acquired from ... -
Page 27
Cathay Pacific Airways Limited Annual Report 2001 25 DIRECTORS' REPORT DIRECTORS' INTERESTS (CONTINUED) Shares Personal Family Other Total Philip Chen Derek Cridland James Hughes-Hallett Tony Tyler Raymond Yuen 9,000 17,000 12,000 5,000 9,000 - - 9,000 17,000 12,000 5,000 9,000 ... -
Page 28
...' REPORT To the shareholders of Cathay Pacific Airways Limited (Incorporated in Hong Kong with limited liability) We have audited the accounts on pages 27 to 61 which have been prepared in accordance with accounting principles generally accepted in Hong Kong, save as explained in accounting policy... -
Page 29
... the Group's share of net assets. In the Company's balance sheet investments in associated companies are stated at cost less any impairment loss recognised and loans to those companies. 4. FOREIGN CURRENCIES Foreign currency transactions entered into during the year are translated into Hong Kong... -
Page 30
28 Cathay Pacific Airways Limited Annual Report 2001 PRINCIPAL ACCOUNTING POLICIES 4. FOREIGN CURRENCIES (CONTINUED) Exchange differences arising on the translation of foreign currencies into Hong Kong dollars are reflected in the profit and loss account except that: (i) to reduce exposure to ... -
Page 31
Cathay Pacific Airways Limited Annual Report 2001 29 PRINCIPAL ACCOUNTING POLICIES 6. LEASED ASSETS Fixed assets held under lease agreements that give rights equivalent to ownership are treated as if they had been purchased outright at fair market value and the corresponding liabilities to the ... -
Page 32
30 Cathay Pacific Airways Limited Annual Report 2001 PRINCIPAL ACCOUNTING POLICIES 13. DEFERRED TAXATION Provision is made for deferred taxation using the liability method for all timing differences. In addition, where initial cash benefits have been received in respect of certain lease ... -
Page 33
Cathay Pacific Airways Limited Annual Report 2001 31 CONSOLIDATED PROFIT AND LOSS ACCOUNT for the year ended 31st December 2001 2001 Note HK$M 2000 HK$M 2001 US$M 2000 US$M Turnover Passenger services Cargo services Catering and other services Total turnover Expenses Staff Route Fuel Aircraft... -
Page 34
32 Cathay Pacific Airways Limited Annual Report 2001 CONSOLIDATED BALANCE SHEET at 31st December 2001 2001 Note HK$M 2000 HK$M 2001 US$M 2000 US$M ASSETS AND LIABILITIES Non-current assets and liabilities Fixed assets Intangible assets Investments in associated companies Other long-term ... -
Page 35
Cathay Pacific Airways Limited Annual Report 2001 33 COMPANY BALANCE SHEET at 31st December 2001 2001 Note HK$M 2000 HK$M 2001 US$M 2000 US$M ASSETS AND LIABILITIES Non-current assets and liabilities Fixed assets Intangible assets Investments in subsidiary companies Investments in associated ... -
Page 36
34 Cathay Pacific Airways Limited Annual Report 2001 CONSOLIDATED CASH FLOW STATEMENT for the year ended 31st December 2001 2001 Note HK$M 2000 HK$M 2001 US$M 2000 US$M Net cash inflow from operating activities Returns on investments and servicing of finance Interest received Dividends ... -
Page 37
Cathay Pacific Airways Limited Annual Report 2001 35 CONSOLIDATED STATEMENT OF RECOGNISED GAINS AND LOSSES for the year ended 31st December 2001 2001 HK$M 2000 HK$M Exchange differences on cash flow hedges - recognised during the year - transferred to the profit and loss account Revaluation (... -
Page 38
... Pacific Airways Limited Annual Report 2001 NOTES TO THE ACCOUNTS 1. NATURE OF OPERATIONS AND PRINCIPAL ACTIVITIES The Cathay Pacific Group ("the Group") is predominantly managed and controlled in Hong Kong. As well as operating scheduled airline services, the Group is engaged in other related... -
Page 39
...The Cathay Pacific Group is engaged in 2 main business segments: in passenger business through Cathay Pacific Airways Limited and in freight traffic ("Cargo") through Cathay Pacific Airways Limited and AHK Air Hong Kong Limited. Cathay Pacific catering services and other airline supporting services... -
Page 40
38 Cathay Pacific Airways Limited Annual Report 2001 NOTES TO THE ACCOUNTS - PROFIT AND LOSS ACCOUNT 4. NET FINANCE CHARGES 2001 HK$M 2000 HK$M Net interest charges - Obligations under finance leases - Interest income on related security deposits, notes and bonds 2,471 (1,410) 1,061 - Bank ... -
Page 41
Cathay Pacific Airways Limited Annual Report 2001 39 NOTES TO THE ACCOUNTS - PROFIT AND LOSS ACCOUNT 6. TAXATION (CONTINUED) Hong Kong profits tax is calculated at 16% (2000: 16%) on the estimated assessable profits for the year. Overseas taxation is calculated at rates of tax applicable in ... -
Page 42
40 Cathay Pacific Airways Limited Annual Report 2001 NOTES TO THE ACCOUNTS - BALANCE SHEETS 11. FIXED ASSETS Aircraft and related equipment Owned Leased HK$M HK$M Other equipment Owned Leased HK$M HK$M Properties Total HK$M HK$M Group Cost At 1st January 2001 Exchange differences Additions ... -
Page 43
Cathay Pacific Airways Limited Annual Report 2001 41 NOTES TO THE ACCOUNTS - BALANCE SHEETS 11. FIXED ASSETS (CONTINUED) (a) Finance leased assets Certain aircraft are subject to leases with purchase options to be exercised by the Group at the end of the respective leases. The remaining lease ... -
Page 44
... in the year. (f) Security, including charges over the assets concerned and relevant insurance policies, is provided to the leasing companies or other parties that provide the underlying finance. (g) Properties held at 31st December 2001 include land held under medium-term leases in Hong Kong with... -
Page 45
Cathay Pacific Airways Limited Annual Report 2001 43 NOTES TO THE ACCOUNTS - BALANCE SHEETS 13. SUBSIDIARY COMPANIES Company 2001 2000 HK$M HK$M Unlisted shares at cost Net amounts due (to)/from subsidiary companies - Loan accounts - Current accounts Other investments 214 (14,945) 4,201 24,493 ... -
Page 46
44 Cathay Pacific Airways Limited Annual Report 2001 NOTES TO THE ACCOUNTS - BALANCE SHEETS 15. OTHER LONG-TERM RECEIVABLES AND INVESTMENTS Group 2001 HK$M Company 2000 HK$M 2001 HK$M 2000 HK$M Staff housing loans and other receivables Investments at fair value - listed in Hong Kong - listed ... -
Page 47
Cathay Pacific Airways Limited Annual Report 2001 45 NOTES TO THE ACCOUNTS - BALANCE SHEETS 16. LONG-TERM LIABILITIES (CONTINUED) (a) Long-term loans, bonds and other liabilities Group 2001 HK$M Company 2000 HK$M 2001 HK$M 2000 HK$M Bank loans - secured - unsecured Other loans - secured - ... -
Page 48
46 Cathay Pacific Airways Limited Annual Report 2001 NOTES TO THE ACCOUNTS - BALANCE SHEETS 16. LONG-TERM LIABILITIES 7.0% per annum. (CONTINUED) Borrowings other than bank loans are repayable on various dates up to 2010 at interest rates between 3.8% and Long-term loans and other liabilities ... -
Page 49
Cathay Pacific Airways Limited Annual Report 2001 47 NOTES TO THE ACCOUNTS - BALANCE SHEETS 17. DEFERRED TAXATION Movements on deferred taxation comprise: Group 2001 HK$M Company 2000 HK$M 2001 HK$M 2000 HK$M At 1st January Movements for the year - transfer from profit and loss account - tax ... -
Page 50
48 Cathay Pacific Airways Limited Annual Report 2001 NOTES TO THE ACCOUNTS - BALANCE SHEETS 18. TRADE AND OTHER RECEIVABLES Group 2001 HK$M Company 2000 HK$M 2001 HK$M 2000 HK$M Trade debtors Other receivables and prepayments Due from associated companies Due from other related companies 2,... -
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Cathay Pacific Airways Limited Annual Report 2001 49 NOTES TO THE ACCOUNTS - BALANCE SHEETS 20. TRADE AND OTHER PAYABLES Group 2001 HK$M Company 2000 HK$M 2001 HK$M 2000 HK$M Trade creditors Other payables Due to associated companies Due to other related companies Bank overdrafts - unsecured... -
Page 52
50 Cathay Pacific Airways Limited Annual Report 2001 NOTES TO THE ACCOUNTS - BALANCE SHEETS 22. RESERVES Non-distributable Investment revaluation reserve HK$M Retained profit HK$M Share premium HK$M Capital redemption reserve HK$M Other reserves HK$M Cash flow hedge reserve HK$M Total HK$M... -
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Cathay Pacific Airways Limited Annual Report 2001 51 NOTES TO THE ACCOUNTS - BALANCE SHEETS 22. RESERVES (CONTINUED) Retained profit HK$M Share premium HK$M Capital redemption reserve HK$M Non-distributable Investment revaluation reserve HK$M Other reserves HK$M Cash flow hedge reserve HK... -
Page 54
... Cathay Pacific Airways Limited Annual Report 2001 NOTES TO THE ACCOUNTS - BALANCE SHEETS 22. RESERVES (CONTINUED) Included in retained profit is an amount of HK$1,033 million (2000: HK$957 million) relating to retained profit attributable to associated companies. Investment revaluation reserve... -
Page 55
... 24. ANALYSIS OF CHANGES IN FINANCING Long-term loans, bonds and other liabilities HK$M Obligations under finance leases HK$M Minority interests HK$M Total HK$M At 1st January 2001 New financing Purchases of bonds and security deposits placed Loan and finance lease repayments Dividends paid to... -
Page 56
54 Cathay Pacific Airways Limited Annual Report 2001 NOTES TO THE ACCOUNTS - CASH FLOW STATEMENT/DIRECTORS AND EMPLOYEES 25. ANALYSIS OF CASH AND CASH EQUIVALENTS 2001 HK$M 2000 HK$M Short-term deposits and bank balances Bank overdrafts 2,619 (18) 2,601 1,275 (88) 1,187 26. DIRECTORS' ... -
Page 57
Cathay Pacific Airways Limited Annual Report 2001 55 NOTES TO THE ACCOUNTS - DIRECTORS AND EMPLOYEES 27. EMPLOYEE INFORMATION (CONTINUED) The table below sets out the number of individuals, including those who have retired or resigned during the year, in each employment category whose total ... -
Page 58
56 Cathay Pacific Airways Limited Annual Report 2001 NOTES TO THE ACCOUNTS - DIRECTORS AND EMPLOYEES 29. RETIREMENT BENEFITS The Group operates various defined benefit and defined contribution retirement schemes for its employees in Hong Kong and in some overseas locations. The assets of these ... -
Page 59
Cathay Pacific Airways Limited Annual Report 2001 57 NOTES TO THE ACCOUNTS - DIRECTORS AND EMPLOYEES/RELATED PARTY TRANSACTIONS 29. RETIREMENT BENEFITS (CONTINUED) The differences between the market values of the schemes' assets and the present value of the accrued past services liabilities at ... -
Page 60
...Pacific Airways Limited Annual Report 2001 NOTES TO THE ACCOUNTS - RELATED PARTY TRANSACTIONS/SUPPLEMENTARY INFORMATION 30. RELATED PARTY TRANSACTIONS (CONTINUED) (ii) The Company received agency commission and services fees from Hong Kong Dragon Airlines Limited ("Dragonair"). The services fees... -
Page 61
...staff relating to long-term loan facilities of up to HK$1,202 million (2000: HK$696 million). 33. CHANGES IN THE FINANCIAL STATEMENTS In prior years, the final dividend was recognised in the year to which it related. With the introduction of the revised HK SSAP 9 "Events after the balance sheet date... -
Page 62
... Limited Cathay Pacific Leasing Limited Cathay Pacific Loyalty Programmes Limited CLS Catering Services Limited Global Logistics System (H.K.) Company Limited Guangzhou Guo Tai Information Processing Company Limited Hong Kong Computerised reservation systems and related services Cargo airline... -
Page 63
... Associated Engineers Limited Cathay Kansai Terminal Services Company Limited Cebu Pacific Catering Services Inc Hong Kong Aircraft Engineering Company Limited Hong Kong Airport Restaurant Caterers Company Limited Hong Kong Dragon Airlines Limited VN/CX Catering Services Limited * Shareholding held... -
Page 64
62 Cathay Pacific Airways Limited Annual Report 2001 STATISTICS 2001 2000 1999 Consolidated profit and loss summary Passenger services Cargo services Catering and other services Total turnover Operating expenses Operating profit/(loss) Net finance charges Profit on sale of investments Share of... -
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Cathay Pacific Airways Limited Annual Report 2001 63 1998 1997 1996 1995 1994 1993 1992 18,532 6,955 1,123 26,610 (27,281) (671) (311) 185 172 (625) 104 (521) (35) (... -
Page 66
... load factor Cargo carried Cargo and mail tonne kilometres Cargo and mail load factor Excess baggage carried Mail carried Length of scheduled routes network Destinations at year end Staff number at year end ATK per staff On-time performance Departure (within 15 minutes) Average aircraft utilisation... -
Page 67
Cathay Pacific Airways Limited Annual Report 2001 65 1998 1997 1996 1995 1994 1993 1992 202 271 59 10,857 7,213 60,295 10,299 40,679 67.1 67.5 580 3,339 ... -
Page 68
... 1997 1996 1995 1994 1993 1992 Productivity Cost per ATK ATK per HK$'000 staff cost Aircraft utilisation Share price High Low Year-end Price ratios (Note) Price/Earnings Market capitalisation/ Shareholders' funds Price/Cash flow Times HK$ Unit Hours per day HK$ 2.36 12.1 2.32 12.9 2.24 12... -
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Cathay Pacific Airways Limited Annual Report 2001 67 GLOSSARY TERMS Borrowings Total borrowings (loans and lease obligations) less security deposits, notes and zero coupon bonds. Net borrowings Borrowings and bank overdrafts less liquid funds. Available tonne kilometres ("ATK") Overall capacity, ... -
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... 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: 2747 5210 Fax: 2810 6563 Cathay Pacific's main Internet... -
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DESIGN: FORMAT LIMITED THIS REPORT IS PRINTED ON RECYCLED PAPER PRINTED IN HONG KONG -
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CATHAY PACIFIC AIRWAYS LIMITED ANNUAL REPORT 2001 www.cathaypacific.com