Cathay Pacific 2002 Annual Report Download - page 58

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Cathay Pacific Airways Limited Annual Report 2002 55
22. RESERVES
(continued)
Had HK SSAP 11 been adopted, there would have been no financial impact on the Group’s assets, liabilities and
cash flows. HK$559 million (2001: HK$2,599 million) would have been included in retained profit rather than the
cash flow hedge reserve and the effect on profit attributable to shareholders and earnings per share would be:
2002 2001
HK$M HK$M
Profit attributable to shareholders 3,983 657
HK SSAP 11 adjustment (2,040) 684
Adjusted profit with adoption of HK SSAP 11 1,943 1,341
Adjusted earnings per share with adoption of HK SSAP 11 58.3¢ 40.3¢
Earnings per share 119.5¢ 19.7¢
23. RECONCILIATION OF OPERATING PROFIT
TO CASH GENERATED FROM OPERATIONS
2002 2001
HK$M HK$M
Operating profit 4,750 832
Depreciation 3,829 3,884
Amortisation of intangible assets 120 111
(Gain)/loss on disposal of fixed assets and intangible assets (119) 48
Profit on disposal of an associated company (1)
-
Profit on disposal of partial interest in a subsidiary (32)
-
Currency adjustments and other items not involving cash flows (780) (428)
Decrease in stock 157 60
Decrease in trade debtors, other receivables and prepayments 488 222
Increase/(decrease) in net amounts due to related and associated companies 45 (23)
Increase/(decrease) in trade creditors and other payables 677 (964)
Increase/(decrease) in unearned transportation revenue 553 (289)
Non-operating movements in debtors and creditors (387) 1,160
Cash generated from operations 9,300 4,613
24. ANALYSIS OF CASH AND CASH EQUIVALENTS
2002 2001
HK$M HK$M
Short-term deposits and bank balances 3,438 2,619
Bank overdrafts (16) (18)
3,422 2,601
Notes to the Accounts
-
Balance Sheet/Cash Flow