Cathay Pacific 2008 Annual Report Download - page 33

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25%
Current assets
7%
Intangible assets
53%
Aircraft and related equipment
4%
Buildings and other equipment
11%
Long-term investments
Total assets
HK$ million
0
10,000
20,000
40,000
50,000
60,000
Times
0.1
0.2
0.3
0.5
0.6
0.7
2004 2005 2006 2007 2008
Net debt and equity
30,000 0.4
Funds attributable to owners of Cathay Pacific
Net borrowings
Net debt/equity ratio
HK$ million
0
4,000
8,000
16,000
20,000
24,000
EUR HKD JPY USD
Borrowings before and after derivatives
12,000
SGD Others
Before derivatives
After derivatives
Others include CAD, KRW, RMB and TWD.
Interest rate profile: borrowings
%
0
20
40
60
80
100
2004 2005 2006 2007 2008
Fixed
Floating
Cathay Pacific Airways Limited Annual Report 2008 31
Financial Review
Assets
• Total assets as at 31st December 2008 were
HK$114,739 million.
• During the year, additions to fixed assets were
HK$9,202 million, comprising HK$8,306 million for
aircraft and related equipment, HK$661 million for
buildings and HK$235 million for other equipment.
Borrowings and capital
• Borrowings increased by 10.8% to HK$40,280
million compared with HK$36,368 million in 2007.
• Borrowings are mainly denominated in US dollars,
Hong Kong dollars, Singapore dollars, Japanese yen
and Euros, and are fully repayable by 2023 with
35% at fixed rates of interest net of derivatives.
• Liquid funds, 49% of which are denominated in US
dollars, decreased by 30% to HK$15,088 million.
• Net borrowings increased by 71.1% to
HK$25,198 million.
• Funds attributable to owners of Cathay Pacific
decreased by 24.2% to HK$38,325 million.
• Net debt/equity ratio increased from 0.29 times to
0.66 times.