Cathay Pacific 2001 Annual Report Download - page 60

Download and view the complete annual report

Please find page 60 of the 2001 Cathay Pacific annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 72

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72

58 Cathay Pacific Airways Limited Annual Report 2001
30. RELATED PARTY TRANSACTIONS
(CONTINUED)
(ii) The Company received agency commission and services fees from Hong Kong Dragon Airlines Limited
(“Dragonair”). The services fees were received in respect of computer support, engineering, station and
ground services provided to Dragonair. All these transactions were conducted in the ordinary course of
business and on normal commercial terms. A total of HK$193 million was received from Dragonair for
these transactions in 2001 (2000: HK$178 million). Dragonair is also a partner of the Asia Miles frequent-
flyer programme.
(b) Amounts due to and due from associated companies and other related companies at 31st December 2001
are disclosed in note 18 and note 20. These balances arising in the normal course of business are non-interest
bearing and have no fixed repayment terms.
(c) At 31st December 2001, the Company has given guarantees relating to long-term loan facilities of
HK$16 million (2000: HK$680 million) held by associated and other related companies.
(d) There were no material transactions with Directors except for those relating to remuneration (note 26) and
shareholdings (Directors’ Report).
31. WAIVER FROM COMPLIANCE WITH LISTING RULES
Pursuant to Rule 14.04 (8) of the Listing Rules of The Stock Exchange, that exchange has granted to the Company
a waiver from full compliance with the provisions of Chapter 14 of the Listing Rules, which relates to notifiable
transactions, in relation to the acquisition or disposal of aircraft. As a result of the waiver, instead of the normal
tests under Chapter 14, the test for the Company will be made by reference to Available Tonne Kilometres (ATKs).
The test will be a calculation based on ATKs for aircraft being acquired or disposed of compared to the aggregate
fleet ATKs. ATKs are calculated for each sector by multiplying the capacity, measured in tonnes available for the
carriage of passengers, excess baggage, cargo and mail on that sector, by the sector distance.
2001 2000
Fleet ATKs (in million tonne kilometres) 11,827 11,630
NOTES TO THE ACCOUNTS
-
RELATED PARTY TRANSACTIONS/SUPPLEMENTARY INFORMATION