Cathay Pacific 2003 Annual Report Download - page 44

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42
Notes to the Accounts – Profit and Loss Account
Cathay Pacific Airways Limited Annual Report 2003
2. TURNOVER
(continued)
(b) Secondary reporting by business segment
2003 2002
HK$M HK$M
Revenue
-
external sales
-
Passenger services 18,663 22,376
-
Cargo services 9,913 9,387
28,576 31,763
Unallocated revenue
-
Catering and other services 1,002 1,327
29,578 33,090
The Group is engaged in two main business segments: in passenger business through the Company and in
freight traffic through the Company and a subsidiary. Catering services and other airline supporting services
which supplement the Group’s main operating business are included in unallocated revenue.
Analysis of net assets by business segment:
The major revenue earning asset 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
2003 2002
HK$M HK$M
Operating profit has been arrived at after charging/(crediting):
Depreciation of fixed assets
-
Leased 1,930 2,238
-
Owned 1,815 1,591
Amortisation of intangible assets 110 120
Operating lease rentals
-
Land and buildings 324 368
-
Aircraft and related equipment 675 444
-
Others 19 34
Operating lease income
-
Aircraft and related equipment (13) (75)
Cost of stock expensed 933 1,156
Exchange differences (244) (179)
Auditors’ remuneration 66
Income from unlisted investments (267) (90)
Income from listed investments (6) (5)