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Cathay Pacific Airways Limited – Abridged Financial Statements
To provide shareholders with information on the results and financial position of the group’s significant listed associated company, Cathay Pacific Airways limited, the following is a summary of its audited consolidated statement of profit or loss and consolidated statement of other comprehensive income for the year ended 31st December 2013 and consolidated statement of financial position as at 31st December 2013, modified to conform to the group’s accounts prentation.
Audit Qualification:
The report of the auditor of Cathay Pacific Airways limited (the “Cathay Pacific Auditor”) on the consolidated financial statements for the year ended 31st December 2012 was qualified due to its inability to obtain sufficient appropriate audit evidence as to whether the carrying amount of the Cathay Pacific group’s investments in Air China limited (“Air China”) and Air China Cargo Co., ltd. (“Air China Cargo”) and the Cathay Pacific group’s share of results of the investees included in the Cathay Pacific group’s consolidated financial statements for the year ended 31st December 2012 were fairly stated. Air China and Air China Cargo are associates of the Cathay Pacific group accounted for under t
he equity method. As this limitation in the scope of the audit of the Cathay Pacific Auditor with respect to the Cathay Pacific group’s share of the results of Air China and Air China Cargo for the year ended 31st December 2012 still exists, the opinion of the Cathay Pacific Auditor on the current year’s consolidated financial statements is also qualified becau of the possible effect of this matter on the comparability of the current year’s figures and the corresponding figures in the consolidated statement of profit or loss and other comprehensive income.
Impact on Swire Pacific Limited:
Air China and Air China Cargo are not considered significant components of the Swire Pacific group. The auditors of Swire Pacific limited have issued an unqualified opinion in relation to the consolidated financial statements of Swire Pacific limited.
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SWIRE PACIFIC 2013 ANNUAL REPORT
Consolidated Statement of Profit or Loss
For the year ended 31st December 2013
20132012
(restated)
HK$M HK$M Turnover100,48499,376 operating expens(96,724)(97,763) operating profit3,7601,613 Finance charges(1,370)(1,629) Finance income351745
net finance charges(1,019)(884) Share of profits less loss of associated companies838754
Profit before taxation3,5791,483 Taxation(675)(409) Profit for the year2,9041,074
Profit for the year attributable to:
你爱我还是他– Cathay Pacific’s shareholders2,620862
– non-controlling interests284212
2,9041,074 Dividends
interim – paid236–Second interim – declared/paid629315
865315
HK¢HK¢earnings per share for profit attributable to Cathay Pacific’s shareholders
(basic and diluted)66.621.9
Consolidated Statement of Other Comprehensive Income
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For the year ended 31st December 2013
过年发的说说20132012课程观
(restated)
HK$M HK$M
Profit for the year2,9041,074 Other comprehensive income
Items that will not be reclassified to profit or loss
Defined benefit plans997142 Items that may be reclassified subquently to profit or loss
Cash flow hedges3,1701,587
net fair value gains on available-for-sale asts5346 Share of other comprehensive income of associated companies893
net translation differences on foreign operations49183 Other comprehensive income for the year, net of tax4,8001,861
Total comprehensive income for the year7,7042,935
Total comprehensive income attributable to:
Cathay Pacific’s shareholders7,4182,726
non-controlling interests286209
7,7042,935
222Cathay Pacific Airways Limited – Abridged Financial Statements
Consolidated Statement of Financial Position
At 31st December 2013
20132012
(restated)
HK$M HK$M ASSETS AND LIABILITIES
Non-current asts
Fixed asts94,93584,278 intangible asts9,8029,425 investments in associates20,31418,522 other long-term receivables and investments7,1356,254 Deferred tax asts20495
132,390118,574 Current asts
Stock1,5111,194 Trade, other receivables and other asts9,93810,833 liquid funds27,73624,182
39,18536,209 Current liabilities
Current portion of long-term liabilities11,17910,758 related pledged curity deposits(961)(2,601) net current portion of long-term liabilities10,2188,157 Trade and other payables18,20617,470 Unearned transportation revenue11,2379,581 Taxation1,116687
40,77735,895 Net current asts/(liabilities)(1,592)314 Total asts less current liabilities130,798118,888 Non-current liabilities
long-term liabilities57,46052,753 related pledged curity deposits(626)(1,364) net long-term liabilities56,83451,389 other long-term payables1,3183,205 Deferred taxation9,6338,156
67,78562,750 NET ASSETS63,01356,138 EQUITY
Share capital787787 rerves62,10155,234 Equity attributable to Cathay Pacific’s shareholders62,88856,021 Non-controlling interests125117 TOTAL EQUITY63,01356,138
223
SWIRE PACIFIC 2013 ANNUAL REPORT
Notes to the Accounts
At 31st December 2013
Contingencies
(a) Cathay Pacific Airways (“Cathay Pacific”) has under certain circumstances undertaken to maintain specified rates of return
within the Cathay Pacific group’s leasing arrangements. The Directors of Cathay Pacific do not consider that an estimate of the potential financial effect of the contingencies can practically be made.
(b) At 31st December 2013, contingent liabilities existed in respect of guarantees given by the Cathay Pacific group on behalf of
associated companies and staff relating to lea obligations, bank loans and other liabilities of up to HK$2,017 million (2012: HK$1,341 million).
(c) Cathay Pacific operates in many jurisdictions and in certain of the there are disputes with the tax authorities. Provisions have新加坡华人占多少
been made to cover the expected outcome of the disputes to the extent that outcomes are likely and reliable estimates can be made. However, the final outcomes are subject to uncertainties and resulting liabilities may exceed provisions.
(d) Cathay Pacific remains the subject of antitrust proceedings in various jurisdictions and continues to defend itlf vigorously
except as otherwi noted below. The proceedings are focud on issues relating to pricing and competition. Cathay Pacific is reprented by legal counl in connection with the matters.
in 2006 the Competition Bureau of Canada (the “Bureau”) commenced a non-public investigation of Cathay Pacific’s air cargo operations. on 20th June 2013, pursuant to a plea agreement entered into by Cathay Pacific and the Bureau, the ontario Superior Court of Justice accepted Cathay Pacific’s plea of guilty with respect to certain violations of the Canadian Competition Act英语推荐信模板
relating to a navCan surcharge. Pursuant to the plea agreement and the Court’s judgment, Cathay Pacific agreed to pay a fine of CAD$1.5 million (approximately HK$11.21 million at the exchange rate current when the judgment was entered). Cathay Pacific has satisfied the judgment.
in December 2008, Cathay Pacific received a statement of claim, since amended, from the new Zealand Commerce Commission (“nZCC”) with regard to Cathay Pacific’s air cargo operations. Agreement was reached between Cathay Pacific and the nZCC to ttle the allegations which aro out of the amended statement of claim. Under the ttlement, which was approved by the High Court
of new Zealand, Cathay Pacific pleaded guilty to certain violations of the Commerce Act 1986 and agreed to make
a payment of nZ$4.56 million (approximately HK$29.95 million at the exchange rate current when the judgment was entered),
丁香无月made up of a penalty of nZ$4.30 million and a contribution of nZ$0.26 million to the legal costs of the nZCC. Cathay Pacific
satisfied the judgment in April 2013.
in november 2010, the european Commission issued a decision in its airfreight investigation finding that, amongst other things, Cathay Pacific and a number of other international cargo carriers agreed to cargo surcharge levels and that such agreements infringed european competition law. The european Commission impod a fine of €57.12 million (equivalent to HK$618 million at the exchange rate current as of the date of the announcement) on Cathay Pacific. in January 2011, Cathay Pacific filed an appeal with the general Court of the european Union. The appeal is currently pending.
Cathay Pacific has been named as a defendant in a number of civil complaints, including class litigation and third party
contribution claims, in a number of countries including the United States, Canada, the United Kingdom, the netherlands,
norway and Australia alleging violations of applicable competition laws arising from Cathay Pacific’s conduct relating to its air cargo operations. in addition, civil class action claims have been filed in the United States and Canada alleging violations of
applicable competition laws arising from Cathay Pacific’s conduct relating to certain of its pasnger operations. Cathay Pacific is reprented by legal counl and is defending the actions, except as noted below.
Cathay Pacific is a defendant in various putative class action cas filed in the United States, in which the plaintiffs allege Cathay Pacific and other carriers that provide air cargo rvices fixed the prices of various air cargo charges and surcharges in violation of United States federal and state antitrust laws, and certain foreign competition laws. Tho cas have been consolidated into one ca for all pre-trial purpos, In re Air Cargo Shipping Services Antitrust Litigation, MDl no. 1775, e
Dny. Damages are demanded, but the amounts are not specified. Cathay Pacific has reached an agreement to ttle this matter in February 2014, by paying the plaintiffs US$65 million (approximately HK$504 million at the exchange rate current at date of payment). The
ttlement, which is subject to Court approval, will resolve claims against all putative class members who choo not to opt out of the agreement.
The proceedings and civil actions, except as otherwi stated above, are ongoing and the outcomes are subject to uncertainties.
Cathay Pacific is not in a position to asss the full potential liabilities but makes provisions bad on facts and circumstances in line with the relevant accounting policy.
