Cathay Pacific 2004 Annual Report Download - page 63

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Cathay Pacific Airways Limited 2004 Annual Report 59
21. RESERVES
(continued)
1st half 2nd half Total
HK$M HK$M HK$M
2005 37 (277 ) (240 )
2006 (147 ) (137 ) (284 )
2007 (77 ) (79 ) (156 )
2008 (88 ) (64 ) (152 )
2009 (131 ) (42 ) (173 )
Beyond 2009 (280 )
(1,285 )
Had HK SSAP 11 been adopted, there would have been no financial impact on the Group’s assets, liabilities and cash flows.
A HK$1,285 million deficit (2003: HK$770 million deficit) would have been included in retained profit rather than the cash flow hedge reserve
and the effect on profit attributable to shareholders and earnings per share would be:
2004 2003
HK$M HK$M
Profit attributable to shareholders 4,417 1,303
HK SSAP 11 adjustment (515 ) (1,329 )
Adjusted profit/(loss) with adoption of HK SSAP 11 3,902 (26 )
Adjusted earnings/(loss) per share with adoption of HK SSAP 11 116.1¢ (0.8)¢
Earnings per share 131.4¢ 39.0¢
22. RECONCILIATION OF OPERATING PROFIT TO CASH GENERATED FROM OPERATIONS
2004 2003
HK$M HK$M
Operating profit 5,247 2,225
Depreciation 3,801 3,745
Amortisation of intangible assets 84 110
Loss on disposal of fixed assets and intangible assets 29 38
Loss on disposal of associated companies 17 –
Currency adjustments and other items not involving cash flows 420 240
(Increase)/decrease in stock (126 ) 32
Increase in trade debtors, other receivables and prepayments (557 ) (460 )
Increase/(decrease) in net amounts due to related and associated companies 115 (22 )
Increase in trade creditors and other payables 1,488 288
Increase in unearned transportation revenue 783 321
Non-operating movements in debtors and creditors (706 ) (147 )
Cash generated from operations 10,595 6,370
23. ANALYSIS OF CASH AND CASH EQUIVALENTS
2004 2003
HK$M HK$M
Short-term deposits and bank balances 2,687 5,663
Bank overdrafts (30 ) (14 )
2,657 5,649
Notes to the Accounts – Balance Sheet / Cash Flow