Cathay Pacific 2011 Annual Report Download - page 33

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Cathay Pacific Airways Limited Annual Report 2011 31
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
Net debt and equity
30,000 0.4
2007 2008 2009 2010 2011
Funds attributable to owners of Cathay Pacific
Net borrowings
Net debt/equity ratio
Borrowings before and after derivatives
HK$ million
0
5,000
10,000
20,000
25,000
30,000
15,000
EUR HKD JPY USD Others
Before derivatives
After derivatives
Others include CAD, RMB and SGD.
Interest rate profile: borrowings
%
0
20
40
60
80
100
2007 2008 2009 2010 2011
Fixed
Floating
Financial Review
Borrowings and capital
Borrowings increased by 9.4% to HK$43,335 million in
2011 from HK$39,629 million in 2010.
Borrowings are mainly denominated in US dollars,
Hong Kong dollars, Japanese yen and Euros, and are
fully repayable by 2023 with 69% currently at fixed
rates of interest after taking into account derivative
transactions.
Liquid funds, 64.6% of which are denominated in US
dollars, decreased by 19.0% to HK$19,597 million.
Net borrowings increased by 53.8% to HK$23,738
million.
Funds attributable to the owners of Cathay Pacific
increased by 2.8% to HK$55,809 million.
The net debt/equity ratio increased from 0.28 times to
0.43 times.
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