Cathay Pacific 2007 Annual Report Download - page 60

Download and view the complete annual report

Please find page 60 of the 2007 Cathay Pacific annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 100

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100

Notes to the Accounts
Profit and Loss Account
5. Taxation (continued)
A reconciliation between tax charge and accounting profit at applicable tax rates is as follows:
2007
HK$M
2006
HK$M
Consolidated profit before tax 8,009 5,054
Notional tax calculated at Hong Kong profits tax rate of 17.5% (2006: 17.5%) (1,402) (884)
Expenses not deductible for tax purposes (57) (200)
Tax provisions under provided in prior years (37) (162)
Effect of different tax rates in overseas jurisdictions 449 292
Tax losses recognised 59 34
Income not subject to tax 189 138
Tax charge (799) (782)
Further information on deferred tax is shown in note 16 to the accounts.
6. Profit attributable to shareholders
Of the profit attributable to Cathay Pacific shareholders, a profit of HK$6,555 million (2006: HK$3,028 million) has
been dealt with in the accounts of the Company.
7. Dividends
2007
HK$M
2006
HK$M
2006 special dividend paid on 20th November 2006 of HK¢32 per share –1,259
2007 interim dividend paid on 2nd October 2007 of HK¢25 per share
(2006: HK¢20 per share) 985 786
2007 final dividend proposed on 5th March 2008 of HK¢59 per share
(2006: HK¢32 per share) 2,325 1,260
3,310 3,305
8. Earnings per share
Basic earnings per share and diluted earnings per share are calculated by dividing the profit attributable to Cathay
Pacific shareholders of HK$7,023 million (2006: HK$4,088 million) by the daily weighted average number of shares in
issue throughout the year of 3,938 million (2006: 3,526 million) shares and 3,942 million (2006: 3,533 million) shares
respectively with the latter adjusted for the effects of the share options.
2007
Million
2006
Million
Weighted average number of ordinary shares used in calculating
basic earnings per share 3,938 3,526
Deemed issue of ordinary shares for no consideration 47
Weighted average number of ordinary shares used in calculating
diluted earnings per share 3,942 3,533
Cathay Pacific Airways Limited Annual Report 2007
58