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Cathay Pacific Airways Limited
24
Operating expenses
Group Cathay Pacific and Dragonair
2015
HK$M
2014
HK$M Change
2015
HK$M
2014
HK$M Change
Staff 18,990 18 ,101 +4.9% 17,028 16,247 +4.8%
Inflight service and passenger expenses 4,713 4,438 +6.2% 4,713 4,438 +6.2%
Landing, parking and route expenses 14,675 14,196 +3.4% 14,406 13,954 +3.2%
Fuel, including hedging losses 32,968 40,299 -18.2% 32,475 39,473 -17.7%
Aircraft maintenance 7,504 7, 077 +6.0% 7,168 6,766 +5.9%
Aircraft depreciation and operating leases 10,883 10,411 +4.5% 10,724 10,179 +5.4%
Other depreciation, amortisation and operating
 leases 2,310 2,116 +9.2% 1,712 1,490 +14.9%
Commissions 798 799 - 0.1% 798 799 - 0.1%
Others 2,837 4,119 -31.1% 4,222 5,177 -18.4%
Operating expenses 95,678 101,556 -5.8% 93,246 98,523 -5.4%
Net finance charges 1,164 1,158 +0.5% 1,007 1,115 -9.7%
Total operating expenses 96,842 102,714 -5.7% 94,253 99,638 -5.4%
• The combined cost per ATK (with fuel) of Cathay Pacific
and Dragonair decreased from HK$3.50 to HK$3.14.
• The Group’s total operating expenses decreased by
5.7% to HK$96,842 million.
Financial Review
Fuel, including
hedging
losses
Net nance
charges
Commissions
Others
Sta
Inight service and
passenger expenses
Landing,
parking
and route
expenses
8% Aircraft
maintenance
Depreciation,
amortisation
and operating
leases
Total operating expenses
14%
1%
1%
3%
19% 5%
15%
34%
40
60
80
120
140
160
0
10
20
40
50
60
100 30
2011 2012 2013 2014 2015
US$perbarrel
(jetfuel)
Barrels
inmillion
Fuel price and consumption
Intowingprice–beforehedging
Intowingprice–afterhedging
Upliftedvolume