Cathay Pacific Airways Limited
138
STATISTICS
2019 2018 2017 2016 2015 2014 2013 2012 2011 2010
Consolidated profit or loss summary HK$M
Passenger services 73,985 73,119 66,408 66,926 73,047 75,734 71,826 70,133 67,778 59,354
Cargo services 23,810 28,316 23,903 20,063 23,122 25,400 23,663 24,555 25,980 25,901
Other services and recoveries 9,178 9,625 6,973 5,762 6,173 4,857 4,995 4,688 4,648 4,269
Revenue 106,973 111,060 97,284 92,751 102,342 105,991 100,484 99,376 98,406 89,524
Operating expenses (103,646) (107,465) (99,563) (93,276) (95,678) (101,556) (96,724) (97,763) (93,125) (78,672)
Operating profit/(loss) 3,327 3,595 (2,279) (525) 6,664 4,435 3,760 1,613 5,281 10,852
Profit on disposal of investments – – 586 – – – – – – 2,165
Gain on deemed partial disposal of associates 114 – 244 – – – – – – 868
Net finance charges (2,939) (2,114) (1,761) (1,301) (1,164) (1,158) (1,019) (884) (744) (978)
Share of profits of associates 1,643 1,762 2,630 2,049 1,965 772 838 754 1,708 2,577
Profit/(loss) before taxation 2,145 3,243 (580) 223 7,465 4,049 3,579 1,483 6,245 15,484
Taxation (454) (466) (308) (497) (1,157) (599) (675) (409) (779) (1,441)
Profit/(loss) for the year 1,691 2,777 (888) (274) 6,308 3,450 2,904 1,074 5,466 14,043
Profit attributable to non-controlling interests – (432) (371) (301) (308) (300) (284) (212) (169) (185)
Profit/(loss) attributable to the shareholders of Cathay Pacific 1,691 2,345 (1,259) (575) 6,000 3,150 2,620 862 5,297 13,858
Dividends paid (1,495) (590) – (1,259) (2,046) (1,022) (551) (1,338) (3,777) (1,691)
Retained profit for the year 196 1,755 (1,259) (1,834) 3,954 2,128 2,069 (476) 1,520 12,167
Consolidated statement of financial position summary HK$M
Property, plant and equipment and intangible assets 155,265 128,298 122,403 117,390 111,158 108,789 104,737 93,703 82,099 74,116
Long-term receivables and investments 30,878 31,585 32,212 27,902 27,947 29,290 27,449 24,776 23,393 17,512
Borrowings (97,260) (73,877) (78,394) (70,169) (63,105) (65,096) (67,052) (59,546) (43,335) (39,629)
Liquid funds less bank overdrafts 14,864 15,296 19,094 20,290 20,647 21,098 27,736 24,182 19,597 24,194
Net borrowings (82,396) (58,581) (59,300) (49,879) (42,458) (43,998) (39,316) (35,364) (23,738) (15,435)
Net current liabilities (excluding liquid funds, bank overdrafts and
current portion of borrowings) (23,690) (20,329) (18,649) (21,727) (23,961) (22,478) (19,110) (15,711) (16,685) (14,022)
Other long-term payables (4,806) (4,649) (3,502) (7,517) (15,838) (10,487) (1,318) (3,205) (3,650) (1,700)
Deferred taxation (12,475) (12,385) (11,892) (10,643) (8,781) (9,263) (9,429) (8,061) (6,651) (5,842)
Net assets 62,776 63,939 61,272 55,526 48,067 51,853 63,013 56,138 54,768 54,629
Financed by:
Funds attributable to the shareholders of Cathay Pacific 62,773 63,936 61,101 55,365 47,927 51,722 62,888 56,021 54,633 54,476
Non-controlling interests 3 3 171 161 140 131 125 117 135 153
Total equity 62,776 63,939 61,272 55,526 48,067 51,853 63,013 56,138 54,768 54,629
Per share
Shareholders’ funds HK$ 15.96 16.25 15.53 14.07 12.18 13.15 15.99 14.24 13.89 13.85
EBITDA HK$ 4.91 3.85 2.68 2.56 4.45 3.44 3.04 2.31 3.34 5.80
Earnings/(loss) HK cents 43.0 59.6 (32.0) (14.6) 152.5 80.1 66.6 21.9 134.7 352.3
Dividend HK$ 0.18 0.30 0.05 0.05 0.53 0.36 0.22 0.08 0.52 1.11
Ratios
Profit/(loss) margin % 1.6 2.1 (1.3) (0.6) 5.9 3.0 2.6 0.9 5.4 15.5
Return on capital employed % 3.5 4.0 0.8 1.0 8.0 4.7 4.0 2.3 8.4 21.7
Dividend cover Times 2.4 2.0 (6.4) (2.9) 2.9 2.2 3.0 2.7 2.6 3.2
Cash interest cover Times 6.5 10.4 4.9 9.1 25.5 20.7 23.8 20.9 41.7 35.2
Gross debt/equity ratio Times 1.55 1.16 1.28 1.27 1.32 1.26 1.07 1.06 0.79 0.73
Net debt/equity ratio Times 1.31* 0.92 0.97 0.90 0.89 0.85 0.63 0.63 0.43 0.28
* Disregarding the effect of adopting HKFRS 16, the net debt/equity ratio increased from 0.92 to 0.96 times. Further details can be found in
accounting policy 1.
Note:
(1) The Group adopted HKFRS 16 with effect from 1st January 2019, and has changed its accounting policies in relation to lessee accounting.
Under the transition methods chosen, the Group recognises the cumulative effect of the initial application of HKFRS 16 as an adjustment to the
opening balance of equity at 1st January 2019. Comparative information in years earlier than 2019 is not restated and in accordance with the
policies applicable in those years.