Cathay Pacific 2007 Annual Report Download - page 32

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Directors’ Report
We submit our report and the audited accounts for the
year ended 31st December 2007 which are on pages
42 to 89.
Activities
Cathay Pacific Airways Limited (the “Company”) is
managed and controlled in Hong Kong. As well as
operating scheduled airline services, the Company
and its subsidiaries (the “Group”) are engaged in
other related areas including airline catering, aircraft
handling and aircraft engineering. The airline operations
are principally to and from Hong Kong, which is
where most of the Group’s other activities are also
carried out.
Details of principal subsidiaries, their main areas of
operation and particulars of their issued capital, and
details of principal associates are listed on pages 88
and 89.
Accounts
The profit of the Group for the year ended 31st
December 2007 and the state of affairs of the Group
and the Company at that date are set out in the
accounts on pages 46 to 89.
Dividends
We recommend the payment of a final dividend of
HK¢59 per share for the year ended 31st December
2007. Together with the interim dividend of HK¢25 per
share paid on 2nd October 2007, this makes a total
dividend for the year of HK¢84 per share. This
represents a total distribution for the year of HK$3,310
million. Subject to shareholders’ approval of the final
dividend at the Annual General Meeting on 7th May
2008, payment of the final dividend will be made on
2nd June 2008 to shareholders registered at the close
of business on the record date, 7th May 2008.
The register of members will be closed from 2nd May
2008 to 7th May 2008, both dates inclusive, during
which period no transfer of shares will be effected.
In order to qualify for the entitlement of the final
dividend, all transfer forms accompanied by the
relevant share certificates must be lodged with the
Company’s share registrars, Computershare Hong
Kong Investor Services Limited, 17th Floor, Hopewell
Centre, 183 Queen’s Road East, Hong Kong, for
registration not later than 4:30 p.m. on Wednesday,
30th April 2008.
Reserves
Movements in the reserves of the Group and the
Company during the year are set out in the statement
of changes in equity on pages 50 to 53.
Accounting policies
The principal accounting policies are set out on pages
42 to 45.
Donations
During the year, the Company and its subsidiaries
made charitable donations amounting to HK$13 million
in direct payments and a further HK$6 million in the
form of discounts on airline travel.
Fixed assets
Movements of fixed assets are shown in note 9 to the
accounts. Details of aircraft acquisitions are set out on
page 9.
Bank and other borrowings
The net bank loans, overdrafts and other borrowings,
including obligations under finance leases, of the
Group and the Company are shown in notes 14 and 19
to the accounts.
Share capital
During the year under review, the Group did not
purchase or redeem any shares in the Company.
Cathay Pacific Airways Limited Annual Report 2007
30