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Cathay Pacific Airways Limited Interim Report 201322
Financial Review
FUEL EXPENDITURE AND HEDGING
A breakdown of the Group’s fuel cost is shown below:
Six months ended 30th June
2013
HK$M
2012
HK$M
Gross fuel cost 18,974 20,798
Fuel hedging gains (300) (391)
Net fuel cost 18,674 20,407
FINANCIAL POSITION
• Additions to fixed assets were HK$6,543 million,
comprising HK$6,181 million for aircraft and
related equipment and HK$362 million for other
equipment and buildings.
• Borrowings decreased by 2.3% to HK$58,168
million. These are fully repayable by 2025
and are mainly denominated in UnitedStates
dollars, Hong Kong dollars, Japanese yen
and Euros, with 69.0% at fixed rates of
interest after taking into account the effect of
relatedderivatives.
• Liquid funds, 75.8% of which are denominated
in United States dollars, decreased by 3.3% to
HK$23,384 million.
• Net borrowings decreased by 1.6% to
HK$34,784million.
• Funds attributable to the owners of Cathay
Pacific increased by 3.4% to HK$57,924 million.
The net debt/equity ratio decreased to 0.60
times from 0.63 times (restated).
• The Group’s policies in relation to financial risk
management and the management of currency,
interest rate and fuel price exposures are set out
in the 2012 Annual Report.