Cathay Pacific 2001 Annual Report Download - page 24

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22 Cathay Pacific Airways Limited Annual Report 2001
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 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 60 and 61.
ACCOUNTS
The profit of the Group for the year ended 31st December 2001 and the state of affairs of the Company and the
Group at that date are set out in the accounts on pages 31 to 61.
DIVIDENDS
We recommend the payment of a final dividend of HK¢5 per share for the year ended 31st December 2001. Together
with the interim dividend of HK¢12.5 per share paid on 3rd October 2001, this makes a total dividend for the year
of HK¢17.5 per share. This represents a total distribution for the year of HK$582 million. Subject to shareholders’
approval of the final dividend at the Annual General Meeting on 15th May 2002, payment of the dividend will be
on 3rd June 2002 to shareholders registered on 15th May 2002. The shareholders’ register will be closed from
10th May 2002 to 15th May 2002, both dates inclusive.
RESERVES
Movements in the reserves of the Group and the Company 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 27 to 30. 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$6 million in the form of discounts on airline travel.
FIXED ASSETS
Movements of fixed assets are shown in note 11 to the accounts. Details of aircraft acquisitions and disposals are
set out on page 5.
BANK AND OTHER BORROWINGS
The net bank loans, overdrafts and other borrowings, including obligations under finance leases, of the Company
and its subsidiary companies are shown in notes 16 and 20 to the accounts.
SHARE CAPITAL
During the year under review, the Company made the following purchases of its shares on The Stock Exchange of
Hong Kong Limited (“The Stock Exchange”). These purchases were made for the benefit of the Company and
shareholders taking into account relevant factors and circumstances at the time. All the shares purchased were
cancelled.
DIRECTORS’ REPORT