Cathay Pacific 2002 Annual Report Download - page 25

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22 Cathay Pacific Airways Limited Annual Report 2002
We submit our report and the audited accounts for the year ended 31st December 2002 which are on pages 29 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 2002 and the state of affairs of the Group and the
Company at that date are set out in the accounts on pages 33 to 61.
DIVIDENDS
We recommend the payment of a final dividend of HK¢56 per share for the year ended 31st December 2002.
Together with the interim dividend of HK¢16 per share paid on 2nd October 2002, this makes a total dividend for the
year of HK¢72 per share. This represents a total distribution for the year of HK$2,402 million. Subject to shareholders’
approval of the final dividend at the Annual General Meeting on 14th May 2003, payment of the dividend will be
made on 2nd June 2003 to shareholders registered on 14th May 2003. The shareholders’ register will be closed from
9th May 2003 to 14th May 2003, both dates inclusive.
RESERVES
Movements in the reserves of the Group and the Company during the year are set out in the statement of changes
in equity on pages 37 to 38.
ACCOUNTING POLICIES
The principal accounting policies of the Group are set out on pages 29 to 32. 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$8 million in the form of discounts on airline travel.
FIXED ASSETS
Movements of fixed assets are shown in note 10 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 Group and the
Company are shown in notes 15 and 20 to the accounts.
SHARE CAPITAL
During the year under review, the Group did not purchase or redeem any shares in the Company. At 31st December
2002, 3,336,007,848 shares were in issue (31st December 2001: 3,329,817,848 shares).
Directors’ Report