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58 Cathay Pacific Airways Limited 2004 Annual Report
20. SHARE CAPITAL
(continued)
2004 2003
Number of Number of
shares shares
Movements in options outstanding comprise:
At 1st January 53,194,800 60,883,000
Options exercised (26,700,300 ) (7,507,200 )
Options lapsed – (181,000 )
At 31st December 26,494,500 53,194,800
Options vested at 31st December 26,494,500 24,361,300
No option was granted under the Scheme during the year.
2004 2003
Details of share options exercised during the year:
Exercise date 6/1/04- 14/1/03-
31/12/04 30/12/03
Proceeds received (HK$) 199,451,241 56,078,784
Weighted average closing share price immediately
before the exercise date (HK$) 15.07 12.95
21. RESERVES
Group Company
2004 2003 2004 2003
HK$M HK$M HK$M HK$M
Retained profit 25,496 23,518 13,123 11,781
Share premium 7,455 7,261 7,455 7,261
Capital redemption reserve 21 21 21 21
Investment revaluation reserve 493 354 469 349
Cash flow hedge reserve (1,285 ) (770 ) (1,421 ) (813 )
Other reserves 1 (1 ) – –
32,181 30,383 19,647 18,599
Included in retained profit is an amount of HK$1,319 million (2003: HK$1,137 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.
Exchange differences recorded in the Group’s cash flow hedge reserve are expected to be credited/(charged) to operating profit
as noted on page 59 based on exchange rates ruling at 31st December 2004.
Notes to the Accounts – Balance Sheet