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58 Cathay Pacific Airways Limited Annual Report 2003
Notes to the Accounts – Balance Sheet
21. RESERVES
(continued)
Exchange differences recorded in the Group’s cash flow hedge reserve are expected to be credited/(charged)
to operating profit as noted below based on exchange rates ruling at 31st December 2003.
1st half 2nd half Total
HK$M HK$M HK$M
2004 (171) (144) (315)
2005 151 (97) 54
2006 (61) (84) (145)
2007 (11) (41) (52)
2008 (46) (34) (80)
Beyond 2008 (232)
(770)
The actual exchange differences ultimately recognised in operating profit will depend upon exchange rates
ruling on the repayment dates of the relevant long-term liabilities and lease obligations.
Had HK SSAP 11 been adopted, there would have been no financial impact on the Group’s assets, liabilities
and cash flows. A HK$770 million deficit (2002: HK$559 million surplus) would have been included in retained
profit rather than the cash flow hedge reserve and the effect on profit attributable to shareholders and
earnings per share would be:
2003 2002
HK$M HK$M
Profit attributable to shareholders 1,303 3,983
HK SSAP 11 adjustment (1,329) (2,040)
Adjusted (loss)/profit with adoption of HK SSAP 11 (26) 1,943
Adjusted (loss)/earnings per share with adoption of HK SSAP 11 (0.8)¢ 58.3¢
Earnings per share 39.0¢ 119.5¢