Cathay Pacific 2014 Annual Report Download - page 31

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ANNUAL REPORT 2014
29
Borrowings and capital
• Borrowings decreased by 2.9% to HK$65,096 million in
2014 from HK$67,052 million in 2013.
• Borrowings are mainly denominated in United States
dollars, Hong Kong dollars, Japanese yen and Euros,
and are fully repayable by 2026, with 55% currently at
fixed rates of interest after taking into account
derivative transactions.
• Liquid funds, 62.4% of which are denominated in United
States dollars, decreased by 23.9% to HK$21,098 million.
• Net borrowings increased by 11.9% to HK$43,998 million.
• Funds attributable to the shareholders of Cathay Pacific
decreased by 17.8% to HK$51,722 million. This was
due to significant unrealised hedging losses of
HK$12,468 million recognised in the cash flow hedge
reserve in 2014.
• The net debt/equity ratio increased from 0.63 times to
0.85 times.
0
20,000
60,000
80,000
100,000
0
0.2
0.6
0.8
1.0
40,000 0.4
2010 2011 2012 2013 2014
HK$ million
Net debt and equity
Funds attributable to the shareholders of Cathay Pacic
Net borrowings
Net debt/equity ratio
Times
%
0
20
40
60
80
100
2010 2011 2012 2013 2014
Interest rate prole: borrowings
Fixed
Floating
0
10,000
30,000
40,000
20,000
Borrowings before and after derivatives
HK$ million
EUR HKD JPY USD Others
Before derivatives
After derivatives
Others include CAD, RMB and SGD.
Financial Review