Cathay Pacific 2002 Annual Report Download - page 18

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Cathay Pacific Airways Limited Annual Report 2002 15
Operating expenses
Group Cathay Pacific
2002 2001 2002 2001
HK$M HK$M Change HK$M HK$M Change
Staff 7,918 7,629 +3.8% 7,130 6,857 +4.0%
Inflight service and passenger expenses 1,464 1,586 -7.7% 1,464 1,586 -7.7%
Landing, parking and route expenses 4,649 5,112 -9.1% 4,468 4,815 -7.2%
Fuel 4,895 5,313 -7.9% 4,735 4,985 -5.0%
Aircraft maintenance 3,312 3,234 +2.4% 3,194 3,177 +0.5%
Aircraft depreciation and operating leases 3,711 3,993 -7.1% 3,624 3,837 -5.6%
Other depreciation and operating leases 1,009 975 +3.5% 765 728 +5.1%
Commissions 501 539 -7.1% 498 534 -6.7%
Exchange gain (179) (100) +79.0% (169) (105) +61.0%
Others 1,060 1,323 -19.9% 913 911 +0.2%
Operating expenses 28,340 29,604 -4.3% 26,622 27,325 -2.6%
Net finance charges 743 571 +30.1% 723 535 +35.1%
To tal operating expenses 29,083 30,175 -3.6% 27,345 27,860 -1.8%
•Staff costs increased due to resumption of
bonus and profit share payments.
•Inflight service and passenger expenses
decreased due to cost control initiatives and
weak foreign currencies.
•Landing, parking and route expenses fell as the
cost of operating more flights was offset by cost
initiatives and the effect of weak foreign
currencies.
•Fuel costs decreased as a result of a 7.0%
reduction in the average fuel price.
Financial Review
0201009998
20
40
60
80
100
700
750
800
850
900
26%
Staff
3%
Net finance
charges
17%
Fuel
16%
Landing,
parking and
route
expenses
5%
Inflight
service and
passenger
expenses
12%
Aircraft
maintenance
16%
Depreciation
and operating
leases
2%
Commissions
3%
Others
Cathay Pacific:
total operating expenses
Cathay Pacific:
fuel price and consumption
US cents per
American gallon
American gallon
in million
Uplifted volume
Into wing price
-
before hedging
Into wing price
-
after hedging