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Cathay Pacific Airways Limited Annual Report 2009  Chairman’S Letter

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Cathay Pacific Airways Limited Annual Report 2009  Chairman’S Letter Annual Report 2009 Cathay Pacific Airways Limited Stock code: 00293 Cathay Pacific Airways Limited Airways Cathay Pacific www.cathaypacific.com Annual Report 2009 Annual Report C M Y K varnish Hong Kong Cathay Pacific is an international airline registered and Hong Kong Dragon Airlines Limited (“Dragonair”), an based in Hong Kong, offering scheduled passenger Asian regional airline registered and based in Hong and cargo services to 117 destinations in 36 countries Kong offering scheduled passenger and cargo services and territories. to 30 destinations in 10 countries and territories with a fleet of 29 aircraft, is a wholly owned subsidiary of The Company was founded in Hong Kong in 1946 and Cathay Pacific. Cathay Pacific owns 18.1% of Air China remains deeply committed to its home base, making Limited (“Air China”), the national flag carrier and a substantial investments to develop Hong Kong as one of leading provider of passenger, cargo and other airline the world’s leading global transportation hubs. In addition related services in Mainland China, and is the major to the fleet of 128 wide-bodied aircraft, these investments shareholder in AHK Air Hong Kong Limited (“Air Hong include catering, aircraft maintenance, ground handling Kong”), an all-cargo carrier offering scheduled services companies and the corporate headquarters, Cathay Pacific in the Asian region. City, at Hong Kong International Airport. PEOPLE AT CATHAY PACIFIC We strive to excel in everything we do to achieve our vision to be the world's best airline. From recognising our passengers as individuals to offering inspired service that meets their needs, we always go the extra mile to make them feel special – and to make sure they enjoy an exceptional travel experience. Contents Financial and Operating Highlights 2 Chairman’s Letter 3 Cathay Pacific 2009 in Review 5 Cathay Pacific Freighter Review of Operations 18 Dragonair Air Hong Kong Financial Review 26 Directors and Officers 33 Directors’ Report 35 Corporate Governance 42 Independent Auditor’s Report 47 Principal Accounting Policies 48 Cathay Pacific and its subsidiaries employ some 20,000 people in Hong Kong. Cathay Pacific is listed Consolidated Statement of Comprehensive Income 53 on The Stock Exchange of Hong Kong Limited, as are Consolidated Statement of Financial Position 54 its substantial shareholders Swire Pacific Limited Company Statement of Financial Position 55 (“Swire Pacific”) and Air China. Consolidated Statement of Cash Flows 56 Cathay Pacific is a founding member of the oneworld Consolidated Statement of Changes in Equity 57 global alliance, whose combined network serves Company Statement of Changes in Equity 58 almost 700 destinations worldwide. Dragonair is an Notes to the Accounts 59 affiliate member of oneworld. Principal Subsidiaries and Associates 96 Statistics 98 A Chinese translation of this Annual Report is available upon request from the Company’s Registrars. Glossary 103 本年報中文譯本，於本公司之股份登記處備索。 Corporate and Shareholder Information 104 2 Financial and Operating Highlights Group Financial Statistics 2008 2009 (restated) Change Results Turnover HK$ million 66,978 86,563 -22.6% Profit/(loss) attributable to owners of Cathay Pacific HK$ million 4,694 (8,696) +13,390 Earnings/(loss) per share HK cents 119.3 (221.0) +340.3 Dividend per share HK cents 10.0 3.0 +233.3% Profit/(loss) margin % 7.0 (10.0) +17.0%pt Financial Position Funds attributable to owners of Cathay Pacific HK$ million 42,238 36,709 +15.1% Net borrowings HK$ million 26,131 25,198 +3.7% Shareholders’ funds per share HK$ 10.7 9.3 +15.1% Net debt/equity ratio Times 0.62 0.69 -0.07 times Operating Statistics – Cathay Pacific and Dragonair 2008 2009 (restated) Change Available tonne kilometres (“ATK”) Million 22,249 24,410 -8.9% Passengers carried ‘000 24,558 24,959 -1.6% Passenger load factor % 80.5 78.8 +1.7%pt Passenger yield HK cents 51.1 63.5 -19.5% Cargo and mail carried ‘000 tonnes 1,528 1,645 -7.1% Cargo and mail load factor % 70.8 65.9 +4.9%pt Cargo and mail yield HK$ 1.86 2.54 -26.8% Cost per ATK HK$ 2.76 3.80 -27.4% Cost per ATK without fuel HK$ 2.00 1.89 +5.8% Aircraft utilisation Hours per day 11.2 11.5 -2.6% On-time performance % 86.8 81.4 +5.4%pt Cathay Pacific Airways Limited Annual Report 2009 3 Chairman’s Letter The Cathay Pacific Group recorded an attributable profit of HK$4,694 million for 2009. This compares to a loss of HK$8,696 million the previous year. Turnover for the year fell by 22.6% to HK$66,978 million. Earnings per share rose by HK340.3 cents to HK119.3 cents. The main story of 2009 was the impact on our compared to 2008. Our passenger revenue fell by business of one of the most severe economic 20.8% to HK$45,920 million, reflecting substantial downturns in recent memory. The global slump reductions in premium traffic and in economy class resulted in extremely challenging business conditions yields, though economy class passenger numbers held for the Cathay Pacific Group and commercial aviation in up well. The strong US dollar in the first half of the year general. While there was some pick-up in both our also contributed to the 19.5% fall in passenger yield for passenger and cargo businesses towards the end of the year. the year as the recession began to ease, overall we Cargo revenue for the Cathay Pacific Group fell by saw a deep downturn in our key markets which in turn 29.9% to HK$17,255 million in 2009, while the amount led to sharply reduced revenues. of freight carried for Cathay Pacific and Dragonair We took a number of measures to help us address dropped by 7.1% to 1,527,948 tonnes. We reduced the steep downturn in business, including reducing cargo capacity by 13.1% in response to the weakness capacity in both Cathay Pacific and Dragonair, reducing in demand. This was reflected in a load factor of 70.8% operating costs and capital expenditure, introducing an (compared with 65.9% in 2008). Our cargo business unpaid leave scheme for staff, parking a number of was exceptionally weak in the first half of the year, aircraft, working to get concessions from suppliers with a significant decline in tonnage and yield in all key and requesting a deferral of new deliveries from markets. The latter half of the year was stronger with aircraft manufacturers. yield increasing in October, albeit from a very low base, and rising consistently for the remainder of Fuel prices in the first half of the year were significantly the year. Our cargo yield for the year fell by 26.8% lower than the record highs of mid-2008. However, to HK$1.86. they started to rise again in the middle of 2009, reaching uncomfortably high levels. This rise was Despite 2009 being a very difficult year for the reflected in mark to market gains of HK$2,018 million Cathay Pacific Group, we worked hard to keep the recorded in 2009 in respect of fuel hedging contracts fundamentals of our business intact. Though we cut for the period 2010-2011. These gains reversed a large capacity and parked a number of passenger and cargo part of the substantial losses recorded in 2008 in aircraft, we have kept our network substantially intact. respect of fuel hedging contracts. We expect the We also went to great efforts to ensure that the quality results of fuel hedging to be less volatile in future. of our product and service was not diminished and that the passenger experience was not compromised. We Cathay Pacific and Dragonair between them carried continued with the rollout of our innovative three-class 24.6 million passengers in 2009 – a fall of 1.6% on the cabin designs for our medium- and long-haul fleet, with previous year. Our capacity fell by 3.7% compared to all aircraft fitted with the cabins by November. New 2008 as we reduced frequencies and (in the case of aircraft continued to arrive, improving the overall Dragonair) temporarily suspended operations to six efficiency of our fleets, while the remaining older, fuel- destinations. This in turn supported the load factor, inefficient Boeing 747-200F “Classics” were retired. which at 80.5% rose by 1.7 percentage points 4 Chairman’s Letter A significant change in Cathay Pacific’s shareholding We have always managed our finances in a structure took place in the second half of the year, with conservative way, but our balance sheet was put Air China and Swire Pacific both agreeing to increase under considerable pressure in 2009 by the reduction their shareholdings by acquiring shares from CITIC in revenue during the period. The effect of the Pacific. Air China acquired a 12.5% interest, taking its reduction in revenue was offset by cost reductions. shareholding in Cathay Pacific to approximately The balance sheet also benefited from the sale for 29.99%. Swire Pacific acquired a 2% interest, taking HK$1,901 million of part of our shareholding in Hong its shareholding from approximately 39.97% to Kong Aircraft Engineering Company Limited approximately 41.97%. The change in shareholding (“HAECO”). The sale reduced our interest in HAECO benefits Cathay Pacific because we now have two from 27.45% to 15.00%. strong principal shareholders, both committed to the While we welcomed the improvement in business in long-term development of the aviation industry in Hong the latter part of 2009, we remain cautious about the Kong and Mainland China.
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