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66 Cathay Pacific Airways Limited Annual Report 2003
Statistics
2003 2002 2001
Consolidated profit and loss summary
HK$M
Passenger services 18,663 22,376 20,580
Cargo services 9,913 9,387 8,343
Catering and other services 1,002 1,327 1,513
To t al turnover 29,578 33,090 30,436
Operating expenses (27,353) (28,340) (29,604)
Operating profit/(loss) 2,225 4,750 832
Net finance charges (620) (743) (571)
Profit on sale of investments
--
452
Share of profits of associated companies 151 324 188
Profit/(loss) before tax 1,756 4,331 901
Taxation (409) (328) (202)
Profit/(loss) after tax 1,347 4,003 699
Minority interests (44) (20) (42)
Profit/(loss) attributable to shareholders 1,303 3,983 657
Dividends paid (1,035) (701) (1,915)
Retained profit/(loss) for the year 268 3,282 (1,258)
Consolidated balance sheet summary
HK$M
Fixed and intangible assets 51,762 50,527 52,114
Long-term receivables and investments 2,924 3,197 3,165
Borrowings (26,297) (22,810) (24,024)
Liquid funds less bank overdrafts 15,186 13,164 9,746
Net borrowings (11,111) (9,646) (14,278)
Net current liabilities (excluding liquid funds and bank overdrafts) (4,476) (3,932) (1,764)
Retirement benefit obligations (181) (346)
-
Deferred taxation (7,762) (7,614) (7,836)
Minority interests (104) (71) (93)
Net assets 31,052 32,115 31,308
Financed by:
Shareholders’ funds 31,052 32,115 31,308
Per share
Shareholders’ funds
HK$
9.29 9.63 9.40
EBITDA
HK$
1.87 2.71 1.64
Earnings/(loss)
HK cents
39.0 119.5 19.7
Dividend
HK cents
48.0 44.0 17.5
Ratios
Profit/(loss) margin
%
4.4 12.0 2.2
Return of average shareholders’ funds
%
4.1 12.6 2.0
Dividend cover
Times
0.8 2.7 1.1
Interest cover
Times
3.6 6.4 1.5
Gross debt/equity ratio
Times
0.85 0.71 0.77
Net debt/equity ratio
Times
0.36 0.30 0.46