Cathay Pacific 2003 Annual Report Download - page 23

Download and view the complete annual report

Please find page 23 of the 2003 Cathay Pacific annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 76

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76

Cathay Pacific Airways Limited Annual Report 2003 21
Financial Review
Value added
The following table summarises the distribution of the Group’s value added in 2002 and 2003.
2003 2002
HK$M HK$M
To t al revenue 29,578 33,090
Less: Purchases of goods and services (15,846) (16,688)
Value added by the Group 13,732 16,402
Add: Income from investments 273 95
Share of profits of associated companies 151 324
Total value added available for distribution 14,156 16,821
Applied as follows:
To employees
-
Salaries and other staff costs 8,035 7,918
To government
-
Corporation taxes 409 328
To providers of capital
-
Dividends
-
paid 100 534
-
proposed 1,504 935
-
Minority interests 44 20
-
Net finance charges 620 74 3
Retained for re-investment and future growth
-
Depreciation 3,745 3,829
-
(Loss)/profit after dividends (301) 2,514
Total value added 14,156 16,821
•The Group value added decreased by
HK$2,665 million mainly due to a reduction in
revenue partly offset by cost savings.
•Dividends paid and proposed increased by
HK$135 million while the amount retained for
re-investment and future growth decreased
by HK$2,899 million.