Cathay Pacific 2003 Annual Report Download - page 20

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18 Cathay Pacific Airways Limited Annual Report 2003
Financial Review
Group interest cover
HK$ million Times
0302010099
0
1,000
2,000
3,000
4,000
5,000
6,000
0
3
6
9
12
15
18
Operating profit
Net finance charges
Interest cover
Group total assets
60%
Aircraft and
related
equipment
4%
Long-term
investments
8%
Properties
and other
equipment
27%
Current
assets
1%
Intangible
assets
•Net finance charges decreased due to the
lower average net borrowings.
•Cathay Pacific’s cost per ATK reduced from
HK$2.13 to HK$2.00 due to more cargo flights
and cost saving initiatives.
Associated companies
•The share of profits from associated companies
reduced by 53.2% to HK$126 million.
•Dragonair’s result was adversely affected by
the SARS outbreak in Hong Kong, Mainland
China and Taiwan.
•HAECO reported a lower profit than 2002
largely due to flight cancellations.
Taxation
•Despite reduced profits the tax charge at
HK$409 million was HK$81 million higher than
in the previous year as a result of both
increased overseas charges and prior year
under provisions.
Dividends
•Dividends paid and proposed for the year are
HK$1,604 million representing a dividend
cover of 0.8 times.
•Dividends per share increased from HK¢44
to HK¢48.
Assets
•To t al assets as at 31st December 2003
amounted to HK$75,037 million.
•During the year, additions to fixed assets were
HK$5,121 million, comprising HK$5,027 million
for aircraft and related equipment and HK$94
million for properties and other equipment.