Cathay Pacific 2003 Annual Report Download - page 61

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Cathay Pacific Airways Limited Annual Report 2003 59
Notes to the Accounts – Cash Flow / Directors and Employees
22. RECONCILIATION OF OPERATING PROFIT TO CASH GENERATED FROM OPERATIONS
2003 2002
HK$M HK$M
Operating profit 2,225 4,750
Depreciation 3,745 3,829
Amortisation of intangible assets 110 120
Loss/(gain) on disposal of fixed assets and intangible assets 38 (119)
Profit on disposal of an associated company
-
(1)
Profit on disposal of partial interest in a subsidiary
-
(32)
Currency adjustments and other items not involving cash flows 240 (780)
Decrease in stock 32 157
(Increase)/decrease in trade debtors, other receivables and prepayments (459) 488
Increase in net amounts due to related and associated companies 41 45
Increase in trade creditors and other payables 224 677
Increase in unearned transportation revenue 321 553
Non-operating movements in debtors and creditors (147) (387)
Cash generated from operations 6,370 9,300
23. ANALYSIS OF CASH AND CASH EQUIVALENTS
2003 2002
HK$M HK$M
Short-term deposits and bank balances 5,663 3,438
Bank overdrafts (14) (16)
5,649 3,422
24. DIRECTORS’ REMUNERATION
Directors’ remuneration disclosed pursuant to Section 161 of the Hong Kong Companies Ordinance is as
follows:
2003 2002
HK$M HK$M
Fees
--
Emoluments
-
Salaries, allowances and benefits in kind 34 35
-
Contributions to retirement schemes 33
37 38
Housing costs accounted for 26% (2002: 20%) of emoluments.