Cathay Pacific 2002 Annual Report Download - page 19

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16 Cathay Pacific Airways Limited Annual Report 2002
•Aircraft depreciation and operating leases
decreased due to the disposal of the classic
aircraft and the non recurrence of an impairment
charge booked in 2001.
•Net finance charges were higher as a result of
a lower return on the Company’s liquid funds.
•Cathay Pacific’s cost per ATK reduced from
HK$2.36 to HK$2.13 due to lower fuel prices
and cost saving initiatives.
Associated companies
•The share of profits from associated companies
increased significantly by 75.8% to
HK$269 million.
•Profitability of both HAECO and Dragonair
improved as a result of higher workload and
increased traffic respectively.
Dividends
•Dividends paid and proposed for the year are
HK$2,402 million representing a dividend cover
of 1.7 times.
•Dividends per share increased from HK¢17.5
to HK¢72.
Assets
•To t al assets as at 31st December 2002
amounted to HK$71,628 million.
•During the year, additions to fixed assets were
HK$2,710 million, comprising HK$2,630 million
for aircraft and related equipment and
HK$80 million for properties and other
equipment.
Financial Review
-1,000
6,000
-3
00
1,000 3
2,000 6
3,000 9
4,000 12
5,000 15
18
0201009998
Group interest cover
Interest cover
Operating profit/(loss)
Net finance charges
HK$ million Times
Group total assets
25%
Current
assets
9%
Properties
and other
equipment
61%
Aircraft
and related
equipment
1%
Intangible
assets
4% Long-term
investments