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57Cathay Pacific Airways Limited Annual Report 2003
Notes to the Accounts – Balance Sheet
20. SHARE CAPITAL
(continued)
Upon exercise of share options, equity is increased by the number of options exercised at the exercise price.
2003 2002
Number of shares Number of shares
Movements in options outstanding comprise:
At 1st January 60,883,000 67,144,000
Options exercised (7,507,200) (6,190,000)
Options lapsed (181,000) (71,000)
At 31st December 53,194,800 60,883,000
Options vested at 31st December 24,361,300 29,913,500
No option was granted under the Scheme during the year.
2003 2002
Details of share options exercised during the year:
Exercise date 14/1/03-30/12/03 10/1/02-31/12/02
Proceeds received (HK$) 56,078,784 46,239,300
Weighted average closing share price immediately
before the exercise date (HK$) 12.95 12.14
21. RESERVES
Group Company
2003 2002 2003 2002
HK$M HK$M HK$M HK$M
Retained profit 23,518 23,250 11,781 11,998
Share premium 7,261 7,207 7,261 7,207
Capital redemption reserve 21 21 21 21
Investment revaluation reserve 354 412 349 430
Cash flow hedge reserve (770) 559 (813) 697
Other reserves (1) (1)
--
30,383 31,448 18,599 20,353
Included in retained profit is an amount of HK$1,137 million (2002: HK$1,198 million) relating to retained profit
attributable to associated companies.
Investment revaluation reserve relates to changes in the fair value of long-term investments.
Cash flow hedge reserve relates to exchange differences on borrowings, lease obligations, currency
derivatives and related security deposits which are arranged in foreign currencies such that repayments can be
met by anticipated operating cash flows.