Cathay Pacific 2004 Annual Report Download - page 21

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GROUP INTEREST COVER
– Aircraft depreciation and operating leases
increased due to the new aircraft deliveries.
– Net finance charges decreased due
to the lower average net borrowings.
– Cathay Pacific’s cost per ATK increased from
HK$2.00 to HK$2.07 due to higher fuel prices.
ASSOCIATED COMPANIES
– The share of profits from associated companies
increased by 135.8% to HK$356 million.
– Both HAECO and Dragonair reported higher profits
than 2003 as a result of improved traffic and the
improved business environment in Hong Kong.
TAXATION
– The tax charge of HK$504 million was
HK$95 million higher than the previous year as a
result of increased profit.
DIVIDENDS
– Dividends paid and proposed for the year are
HK$2,191 million representing a dividend cover
of 2.0 times.
– Dividends per share increased from HK¢48
to HK¢65.
GROUP TOTAL ASSETS
ASSETS
– Total assets as at 31st December 2004
amounted to HK$75,284 million.
– During the year, additions to fixed assets were
HK$4,329 million, comprising HK$4,244 million
for aircraft and related equipment and
HK$85 million for other equipment and properties.
BORROWINGS AND CAPITAL
– Borrowings decreased by 13.9% to
HK$22,631 million compared with
HK$26,297 million in 2003.
– Borrowings are mainly denominated in US dollar,
Euro, Japanese yen and Sterling, and are fully
repayable by 2018 with 58% at fixed rates
of interest.
– Liquid funds, 73% of which are denominated
in US dollar, decreased by 24.5% to
HK$11,474 million.
– Net borrowings increased by 0.7% to
HK$11,187 million.
– The Group’s shareholders’ funds increased
by 5.8% to HK$32,855 million.
– Net debt/equity ratio decreased from 0.36 times
to 0.34 times.
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Cathay Pacific Airways Limited 2004 Annual Report 17
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