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40 Cathay Pacific Airways Limited Annual Report 2002
2. TURNOVER
(continued)
(b) Secondary reporting by business segment
2002 2001
HK$M HK$M
Revenue
-
external sales
-
Passenger services 22,376 20,580
-
Cargo services 9,387 8,343
31,763 28,923
Unallocated revenue
-
Catering and other services 1,327 1,513
33,090 30,436
The Group is engaged in two main business segments: in passenger business through the Company and in
freight traffic through the Company and AHK. Cathay Pacific catering services and other airline supporting services
which supplement the Group’s operating business are included in unallocated revenue.
Analysis of net assets by business segment:
The major revenue earning asset of the Group is the aircraft fleet which is jointly used by the passenger services
and cargo services segments. Management considers it is not appropriate to allocate such assets between the
two segments as there is no suitable basis for so doing. Accordingly, analysis of net assets by business segment
is not disclosed.
3. OPERATING PROFIT
2002 2001
Operating profit has been arrived at after charging/(crediting): HK$M HK$M
Depreciation of fixed assets
-
Leased 2,238 2,417
-
Owned 1,591 1,467
Amortisation of intangible assets 120 111
Operating lease rentals
-
Land and buildings 368 339
-
Aircraft and related equipment 444 753
-
Others 34 41
Operating lease income
-
Aircraft and related equipment (75) (160)
Cost of stock expensed 1,156 1,281
Exchange differences (179) (100)
Auditors’ remuneration 66
Income from unlisted investments (90) (64)
Income from listed investments (5)
-
Notes to the Accounts
-
Profit and Loss Account