Cathay Pacific Airways Limited Annual Report 2019 A N N U A L R E P O R T XXXXXXXXXX Cathay Pacific Airways Limited Stock Code: 293 Management Discussion and Analysis 4 Financial and Operational...

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I need someone to do my common-size balance sheet for the years 2016 to 2019 for Cathay Pacific.


Cathay Pacific Airways Limited Annual Report 2019 A N N U A L R E P O R T 2 0 1 9 Cathay Pacific Airways Limited Stock Code: 293 Management Discussion and Analysis 4 Financial and Operational Highlights 6 Chairman’s Statement 9 Review of Operations 26 Financial Review 33 Sustainable Development Review Corporate Governance 36 Directors and Officers 38 Directors’ Report 45 Corporate Governance Report Financial Statements 63 Independent Auditor’s Report 69 Consolidated Statement of Profit or Loss and Other Comprehensive Income 70 Consolidated Statement of Financial Position 71 Consolidated Statement of Cash Flows 72 Consolidated Statement of Changes in Equity 73 Notes to the Financial Statements 121 Principal Subsidiaries and Associates 123 Principal Accounting Policies 138 Statistics 143 Glossary 144 Corporate and Shareholder Information 144 Disclaimer C O N T E N T S A Chinese translation of this Annual Report is available upon request from the Company’s Registrars. 本年報的中文譯本於本公司的股份登記處備索。 Cathay Pacific Airways Limited (“Cathay Pacific”), with its subsidiaries Hong Kong Dragon Airlines Limited (“Cathay Dragon”), Hong Kong Express Airways Limited (“HK Express”) and AHK Air Hong Kong Limited (“Air Hong Kong”), operated 236 aircraft at the end of 2019, directly connecting Hong Kong to 119 destinations in 35 countries worldwide (255 and 54 respectively with codeshare agreements), including 26 destinations in Mainland China. The Cathay Pacific Group is the world’s eighth-largest carrier of international passengers, and the third-largest carrier of international air cargo. Cathay Pacific was founded in Hong Kong in 1946. It has been deeply committed to its home base over the past seven decades and remains so, making substantial investments to develop Hong Kong as one of the world’s leading international aviation centres. Cathay Pacific itself operated 155 passenger and cargo aircraft at 31st December 2019. The Group’s other investments include its catering, ground-handling and cargo terminal companies, and corporate headquarters at Hong Kong International Airport. Hong Kong Cathay Dragon, a regional full-service airline registered and based in Hong Kong, is a wholly owned subsidiary of Cathay Pacific operating 48 aircraft at 31st December 2019. HK Express, a low-cost airline based in Hong Kong offering scheduled services within Asia, is a wholly owned subsidiary of Cathay Pacific operating 24 aircraft at 31st December 2019. Air Hong Kong, an express all-cargo carrier offering scheduled services in Asia, is a wholly owned subsidiary of Cathay Pacific operating nine aircraft at 31st December 2019. Cathay Pacific owns 18.13% of Air China Limited (“Air China”), the national flag carrier and a leading provider of passenger, cargo and other airline-related services in Mainland China. The Group continues to invest heavily in its home city. At 31st December 2019 it had 70 new aircraft due for delivery up to 2024. At 31st December 2019, Cathay Pacific and its subsidiaries employed more than 34,200 people worldwide, of whom around 28,200 are employed in Hong Kong. Shares of Cathay Pacific are listed on The Stock Exchange of Hong Kong Limited, as are the shares of its substantial shareholders Swire Pacific Limited (“Swire Pacific”) and Air China. Cathay Pacific is a founding member of the oneworld global alliance, whose combined network serves more than 1,000 destinations worldwide. Cathay Dragon is an affiliate member of oneworld. Cathay Pacific Cathay Pacific Freighter Cathay Dragon HK Express Air Hong Kong Cathay Pacific Airways Limited4 G R O U P F I N A N C I A L S TAT I S T I C S 2019 2018 Change Results Revenue HK$ million 106,973 111,060 -3.7% Profit attributable to the shareholders of Cathay Pacific HK$ million 1,691 2,345 -27.9% Earnings per share HK cents 43.0 59.6 -27.9% Dividend per share HK$ 0.18 0.30 -40.0% Profit margin % 1.6 2.1 -0.5%pt Financial position* Funds attributable to the shareholders of Cathay Pacific* HK$ million 62,773 63,936 -1.8% Net borrowings* HK$ million 82,396 58,581 +40.7% Shareholders’ funds per share* HK$ 16.0 16.3 -1.8% Net debt/equity ratio* Times 1.31 0.92 +0.39 times O P E R AT I N G S TAT I S T I C S – C AT H A Y PA C I F I C A N D C AT H A Y D R A G O N 2019 2018 Change Available tonne kilometres (“ATK”) Million 33,077 32,387 +2.1% Available seat kilometres (“ASK”) Million 163,244 155,362 +5.1% Available cargo tonne kilometres (“AFTK”)** Million 17,558 17,616 -0.3% Revenue tonne kilometres (“RTK”) Million 24,090 24,543 -1.8% Passenger revenue per ASK HK cents 44.2 47.1 -6.2% Revenue passenger kilometres (“RPK”) Million 134,397 130,630 +2.9% Revenue passengers carried ‘000 35,233 35,468 -0.7% Passenger load factor % 82.3 84.1 -1.8%pt Passenger yield HK cents 53.6 55.8 -3.9% Cargo revenue per AFTK** HK$ 1.20 1.40 -14.3% Cargo revenue tonne kilometres (“RFTK”)** Million 11,311 12,122 -6.7% Cargo carried** ‘000 tonnes 2,022 2,152 -6.0% Cargo load factor** % 64.4 68.8 -4.4%pt Cargo yield** HK$ 1.87 2.03 -7.9% Cost per ATK (with fuel) HK$ 3.06 3.27 -6.4% Fuel consumption per million RTK Barrels 1,867 1,830 +2.0% Fuel consumption per million ATK Barrels 1,360 1,387 -1.9% Cost per ATK (without fuel) HK$ 2.19 2.25 -2.7% Underlying***cost per ATK (without fuel) HK$ 2.22 2.24 -0.9% ATK per HK$’000 staff cost Unit 1,879 1,801 +4.3% ATK per staff ‘000 1,256 1,217 +3.2% Aircraft utilisation Hours per day 11.9 12.3 -3.3% On-time performance % 76.3 72.7 +3.6%pt Average age of fleet Years 10.3 9.9 +0.4 years GHG emissions Million tonnes of CO2e 18.0 18.0 – GHG emissions per ATK Grammes of CO2e 545 556 -2.0% Lost time injury rate Number of injuries per 100 full-time equivalent employees 5.33 4.55 +17.1% * Shareholders’ funds, net borrowings and net debt/equity ratio at 31st December 2019 are arrived at after taking account of the effect of HKFRS 16. Disregarding the effect of adopting HKFRS 16, the net debt/equity ratio increased from 0.92 times to 0.96 times. Further details can be found in accounting policy 1. ** Including mail. Mail is no longer referred to separately but mail services continue to be accounted for under cargo services. *** Underlying costs exclude exceptional items, non-recurring item for 2019 and 2018, and are adjusted for the effect of foreign currency movements, as well as the adoption of HKFRS 16 for the year ended 31st December 2019. F I N A N C I A L A N D O P E R A T I O N A L   H I G H L I G H T S 5Annual Report 2019 F L E E T H K E X P R E S S C AT H A Y PA C I F I C / C AT H A Y D R A G O N 2020 Target – 3 Airbus A350-1000 4 Airbus A350-900 6 Airbus A321-200neo 2019 Took delivery – 4 Airbus A350-1000 2 Airbus A350-900 3 Boeing 777-300 O P E R AT I N G H I G H L I G H T S C U S T O M E R P R O P O S I T I O NN E T W O R K 2015 2016 2017 2018 2019 Cathay Pacific Cathay Dragon Average 2019: 76.3% Average 2018: 72.7% O N -T I M E P E R F O R M A N C E 2019 Seattle Komatsu Niigata Average 2019*: 90.4% 2020 Target – 4 Airbus A320-200neo 4x more Inflight Entertainment Hong Kong 5Annual Report 2019 * Period from 20th July 2019 to 31st December 2019 New food and beverage offerings New products for customers 7 destinations unique to the Group Cathay Pacific Cathay Dragon Cathay Pacific Airways Limited6 O V E R V I E W 2019 was a turbulent year for the Cathay Pacific Group. With our three-year transformation programme starting to bear fruit we delivered a positive performance in the first half of 2019 notwithstanding a difficult environment brought about by geopolitical and trade tensions. However, with social unrest in Hong Kong intensifying over the second half of the year and mounting US-China trade tensions, we experienced a sharp drop in both inbound and outbound passenger traffic. We were faced with an incredibly challenging environment to operate as the Hong Kong economy slipped into recession. As a result, our second- half results – traditionally stronger compared to first-half results – fell well below what we would have hoped for. The Cathay Pacific Group reported an attributable profit of HK$1,691 million for 2019. This compares with a HK$2,345 million profit for 2018. The earnings per share was HK43.0 cents in 2019 compared to an earnings per share of HK59.6 cents in 2018. The Cathay Pacific Group reported an attributable profit of HK$344 million in the second half of 2019, compared to an attributable profit of HK$1,347 million in the first half of 2019 and an attributable profit of HK$2,608 million in the second half of 2018. Cathay Pacific and Cathay Dragon reported an attributable loss of HK$434 million in the second half of 2019, compared to an attributable profit of HK$675 million in the first half of 2019 and an attributable profit of HK$1,253 million in the second half of 2018. Overall, passenger and cargo yields were under intense pressure in 2019 and both were below those seen in 2018. Events in Hong Kong in the second half of the year significantly reduced load factors, forward bookings and the number of passengers we carried. Inbound traffic was hit hard, particularly on short-haul and Mainland China routes, while outbound traffic also decreased. Demand for premium travel was weak and we became increasingly reliant on lower-yielding transit traffic. We carried 0.7% fewer passengers in 2019 than in 2018. C H A I R M A N ’ S S T A T E M E N T Cargo demand was depressed all year as a result of US- China trade tensions and was noticeably below that of 2018. However, it did pick up later in 2019 during the traditional high season, reflecting new consumer product, specialist airfreight shipments and
Answered 2 days AfterMay 14, 2021

Answer To: Cathay Pacific Airways Limited Annual Report 2019 A N N U A L R E P O R T XXXXXXXXXX Cathay Pacific...

Akshay Kumar answered on May 16 2021
139 Votes
IS
BS
        December 31,
        2016    2017    2018    2019
        (In HK$M, except share and per share data)
    Assets

    Current assets:
    Cash and cash equivalents    20290    19094    15315    14864
    as % of Total Assets    11.44    10.14    8.05    6.93
    Trade, other receivables & assets    9557    11361    12475    10608
    as % of Total Assets    5.39    6.03    6.56    4.95
    Assets held for sale    31.00    865    0    0
    as % of Total Assets    0.017    0.459    0.000    0.000
    Stock    1514.00    1515    1828    1812
    as % of Total Assets    0.85    0.80    0.96    0.84
    Total current assets    31392.00    32835.00    29618.00    27284.00
    as % of Total Assets    17.69    17.43    15.56    12.72
    Property and equipment, net    106456.0    111182    117124    140114
    as % of Total Assets    60.00    59.02    61.55    65.32
    Investments in associates    23298.0    28144    11174    27055
    as % of Total Assets    13.13    14.94    5.87    12.61
    Acquired intangible assets, net    10934.0    11221    27570    15151
    as % of...
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