证券时报网讯，摩根大通发布研究报告，给予国泰航空"增持"评级，目标价9.6港元。 报告认为国泰航空将受益于航空运费上涨、强劲现金流和财务状况改善，以及预期燃料成本下降带来的 利润率扩张。 校对：苏焕文 ...

Investment Rating - Buy (首次评级) [3][6] Core Views - Cathay Pacific is a global airline with a strong presence in Hong Kong and the Greater Bay Area, operating both passenger and cargo services globally [3] - The company is expected to benefit from the recovery of international air travel, particularly from transit passengers from mainland China [5] - Cathay Pacific is well-positioned to capitalize on the long-term structural changes in the aviation industry, including the reopening of polar routes and the competitive advantage in long-haul routes [5] - The company is entering a new phase of growth starting in 2025, driven by the normalization of travel demand and the expansion of Hong Kong International Airport's third runway system [5] Business Overview Passenger Business - Cathay Pacific's passenger business has shown strong recovery post-pandemic, with passenger volume rebounding significantly in 2023 and continuing to grow in 2024 [4] - The company's passenger load factor and revenue per passenger kilometer (RPK) have improved, although ticket prices are expected to decline slightly as capacity increases [4] - Cathay Pacific is expected to maintain high ticket prices due to the supply-demand imbalance, with passenger demand still being released gradually [4] Cargo Business - Cathay Pacific is a leading player in the global air cargo market, with significant capacity deployed in Northeast Asia and North America [3] - The company's cargo business has remained strong, with cargo yields staying above pre-pandemic levels [4] - The company is expected to continue increasing cargo capacity, leveraging Hong Kong's position as a global air cargo hub [4] Financial Performance and Valuation - Cathay Pacific's net profit is expected to decline to HKD 7.133 billion in 2024 but rebound to HKD 9.008 billion and HKD 10.82 billion in 2025 and 2026, respectively [6] - The company's ROE is projected to reach 10.9%, 12.6%, and 13.7% in 2024, 2025, and 2026, respectively [6] - Based on the PB-ROE valuation model, the target PB ratio for 2025 is 1.1-1.2x, implying a valuation range of HKD 78.7-85.8 billion, representing an upside potential of 37-50% [6] Strategic Advantages - Cathay Pacific benefits from its dominant position in Hong Kong's aviation market, with a market share of over 55% [102] - The company is expected to gain from the expansion of Hong Kong International Airport's third runway system, which will significantly increase capacity and open up new growth opportunities [104] - Cathay Pacific's extensive global network and focus on international routes position it well to benefit from the recovery of long-haul travel and the competitive advantages in the post-pandemic aviation landscape [5] Industry Outlook - The global aviation industry is expected to see a recovery in passenger demand, particularly in international travel, with Cathay Pacific well-positioned to benefit from this trend [5] - The air cargo market remains strong, with global demand for air freight continuing to grow, providing further growth opportunities for Cathay Pacific [132] - The long-term growth of the Greater Bay Area and the expansion of infrastructure in the region will further support Cathay Pacific's growth, particularly in the cargo segment [112]

Financial Performance - For the six months ended June 30, 2024, the group reported revenue of HKD 49,604 million, an increase of 13.8% compared to HKD 43,593 million in the same period of 2023[6]. - The attributable profit to shareholders of Cathay Pacific Group was HKD 3,613 million, a decrease of 15.3% from HKD 4,268 million in the previous year[6]. - Basic earnings per share decreased by 14.8% to HKD 52.4 cents from HKD 61.5 cents[6]. - Total revenue for Cathay Pacific increased by 14.0% to HKD 44.784 billion in the first half of 2024, up from HKD 39.273 billion in the previous year[40]. - Passenger service revenue rose by 20.0% to HKD 30.017 billion, with available seat kilometers increasing by 42.7%[40]. - Cargo service revenue increased by 1.5% to HKD 10.902 billion, with available cargo ton kilometers rising by 11.4%[40]. - Operating expenses for the group increased by 17.6% to HKD 45.152 billion, compared to HKD 38.403 billion in the first half of 2023[41]. - The operating profit before non-recurring items was HKD 5,907 million, down 11.0% from HKD 6,636 million in 2023[50]. - The net profit for the period was HKD 3,613 million, a decrease of 15.4% from HKD 4,268 million in the previous year[52]. Operational Metrics - The group had available unrestricted cash of HKD 25,416 million, up 27.2% from HKD 19,985 million[6]. - The debt-to-equity ratio improved to 0.78 from 0.88, a decrease of 0.10 times[6]. - The group operated a fleet of 231 aircraft, with 73 new aircraft expected to join in the coming years[4]. - Available tonne-kilometers increased by 22.8% to 11,822 million compared to 9,628 million in the previous year[7]. - Available seat-kilometers rose by 42.7% to 52,881 million from 37,053 million year-on-year[7]. - Revenue passenger kilometers grew by 34.9% to 43,583 million, up from 32,308 million[7]. - Passenger load factor decreased by 4.8 percentage points to 82.4% from 87.2%[7]. - Average aircraft utilization increased by 34.3% to 9.0 hours per day from 6.7 hours[7]. Fleet and Capacity Expansion - The average age of the fleet increased by 0.5 years to 11.5 years compared to 11.0 years last year[7]. - The group plans to replace its Airbus A300-600F freighter fleet with second-hand Airbus A330F freighters by 2025[8]. - The company plans to expand its flight destinations from over 80 to 100 by 2025, having announced 10 new routes this year, with 8 already in service[12]. - The company plans to introduce new seating products over the next three years, including a redesigned business class on the Boeing 777-300ER and new cabins on the Airbus A330 by 2026[12]. Sustainability Initiatives - The group aims to reduce carbon emissions intensity by 12% by 2030 compared to 2019 levels, and has made progress in sustainable aviation fuel initiatives[11]. - The group plans to modernize its fleet with new generation aircraft, including Airbus A321neo, A320neo, Boeing 777-9, and A350F freighters, to support long-term development and achieve net-zero carbon emissions by 2050[11]. - Cathay Pacific aims to achieve net-zero carbon emissions by 2050 and reduce carbon intensity by 12% from 2019 levels by 2030[35]. - The airline plans to reduce single-use plastic per passenger from an average of 7.7 items in 2019 to 1.5 items by 2025[35]. Employee and Recruitment - The group employs over 27,200 staff worldwide, with approximately 22,700 based in Hong Kong[5]. - The group is in a significant recruitment and training phase to meet increasing travel demand, restoring passenger flights to 80% of pre-pandemic levels[9]. - The company will increase its workforce by 5,000 by the end of this year, bringing the total number of employees to 29,000 to support growth[12]. - The "Wellbeing@Cathay" program has been launched to enhance employee mental and physical health, including various health-related activities[37]. Customer Experience and Services - The company is committed to enhancing customer experience with free Wi-Fi services for business class passengers and Cathay Diamond Card members in the coming months[12]. - The company has partnered with Michelin-starred restaurants to enhance in-flight dining experiences, showcasing a range of gourmet meals[18]. - The company is focusing on digitalization and sustainability in its cargo operations, reflecting confidence in Hong Kong as a logistics hub[12]. Financial Management and Investments - The group continues to implement financial risk management policies, including currency, interest rate, and fuel price risk management[47]. - The company has completed the redemption of HKD 9.75 billion in preferred shares and paid HKD 2.4 billion in dividends related to these shares[11]. - The group plans to redeem and cancel all 195,000,000 preferred shares by the end of July 2024, subject to market conditions[85]. - The group issued HKD 18,250 million in non-listed notes under its USD 2.5 billion medium-term note program, compared to no issuance in the previous six months[78]. Market Expansion and Strategic Partnerships - The company is exploring strategic partnerships to enhance its market presence in Asia, particularly in the Greater Bay Area[110]. - The company plans to expand flight services to mainland China, increasing capacity to attract more travelers[17]. - New direct flights to Ningbo will be launched on August 1, 2024, enhancing connectivity in Northeast Asia[17]. Awards and Recognition - Cathay Pacific was awarded "Best Green Cargo Airline of the Year 2024" at the AFLAS Awards in June 2024[22]. - The company received four awards from the Hong Kong Human Resources Management Society, including the Gold Award for Employee Experience[26]. - The company received the "Top 5 Airlines by Absolute Cargo Growth (Global)" award at the Changi Airport Group's 2024 Changi Airline Awards in May[22].

运券所充报告 国泰航空 (293 HK) 1H24 业绩低于预期，但仍看好公司盈利周势表现； 维持"买入" 国泰航空 1H24 归爲殷东净利润为 36.13 亿港币，同比下降 15.3%，收入为 469.04 亿港币, 闯比上升 13.8%。净利润相比我们预期的 45 亿港币低 20%, 主因国泰半位客公里收益同比下滑 11.0%。我们考虑收益水平或将趋势性回 落，预计公司 24-26 年净利润为 77.36/79.29/81.12 亿港币（前值 88.64/ 82.16/87.08 亿港币)。我们认为公司正处于盈利周期，且有望实现更高的盈 利能力及 ROE，给予 2024E PB 1.3 倍不变（参考公司历史盈利周期 2001 年-2015 年 PB 均值 1.2x，并给予溢价)，调整目标价至 11.15 港币 (2024E BPS 为 8.58 港币； 目标价前值 11.40 港币)； 另外公司技分红率 38%技复 中期分红，及时与市场分享收益，体现良好的盈利展望，维持"买入"。 运力稳步恢复，1H24 收益水平同比向常态回归 1H24 国泰运力技部就班恢复，ASK/RPK 同增 42.7%/34.9%， ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 國泰航空有限公司 (在香港註冊成立的有限公司) (股份代號：293) 公 告 二零二四年中期業績 財務及營業撮要 集團財務統計數字 二零二四年 二零二三年 | --- | --- | --- | --- | |-------------------------------|------------|------------------------|---------------| | | | 截至六月三十日止六個月 | 變幅 | | 業績 | | | | | 收益 | 49,604 | 43,593 | +13.8% | | 國泰集團股東應佔溢利 | 3,613 | 4,268 | -15.3% | | 每股普通股盈利 | | | | | —基本 | 52.4 | 61.5 | -14.8% | | —灘薄 | 47.0 | 55.2 | -14.9% | | 每股普通股股息 | 0.20 | - | ...

清明假期已过，匀速增长的数据似乎意味着——航空板块仍不能彻底“回血”。 据交通部数据，2024年清明假期全社会跨区域人员流动量7.5亿人次，日均2.5亿人次，较23年同期日均增长56.1%，较19年同期日均增长20.9%。根据出行方式来看，铁路、公路、水路、民航分别发送旅客4974、69519、280、510万人次，分别同比增长75%、55%、85%、24%，同比19年增长21%、22%、-50%、2%。 从上述数据，可以看到，由于三天假期较短，对于航空公司而言，此次的出行需求并未产生明显的催化，并且于春节假期时间相隔较近，民航整体出行需求与此前假期相比较弱。 这对于绝大多数仍处于“扭亏”状态的民航企业而言，并非是一个“好现象”。 据不完全统计，2023年，港股市场的6家航空股，仅1家实现盈利，即国泰航空(00293)录得归母净利润为90.67亿元，同比增长225.29%;其余5家则仍处于亏损状态，而东方航空股份(00670)更是净亏损高达81.68亿元，由此科技绝大部分航空企业仍处于“未回血状态”。 (数据来源：choice) 那么，由表及里，由浅入深，航空板块为啥“回血”这么难? 从运力端、旅客量、客 ...

Financial Performance - Revenue increased by 85.1% to HKD 94,485 million in 2023 compared to HKD 51,036 million in 2022[6] - Net profit attributable to Cathay Pacific shareholders was HKD 9,789 million in 2023, a significant improvement from a loss of HKD 6,623 million in 2022[6] - Cathay Group recorded a profit attributable to shareholders of HKD 9.789 billion in 2023, compared to a loss of HKD 6.623 billion in 2022[10] - Cathay Pacific's post-tax profit for 2023 was HKD 11.341 billion, compared to a profit of HKD 1.434 billion in 2022[76] - Total revenue increased by 85.1% to HKD 94.485 billion in 2023[77] - Cathay Pacific's pre-tax profit for 2023 was HKD 10.042 billion, a significant improvement from HKD 2.456 billion in 2022[84] - Net profit for 2023 was HKD 9,790 million (USD 1,255 million), a significant improvement from a net loss of HKD 6,622 million (USD 849 million) in 2022[167] - Basic earnings per share for 2023 were HKD 140.8 cents (USD 18.1 cents), compared to a loss of HKD 112.4 cents (USD 14.4 cents) in 2022[167] - Total comprehensive income for 2023 was HKD 7,937 million (USD 1,018 million), recovering from a comprehensive loss of HKD 8,440 million (USD 1,082 million) in 2022[168] - The company reported a net profit of HKD 9,790 million for the year 2023, compared to a net loss of HKD 6,622 million in 2022[172] Operational Metrics - Available seat kilometers (ASK) surged by 326.8% to 85,607 million in 2023 from 20,056 million in 2022[6] - Passenger load factor improved by 12.1 percentage points to 85.7% in 2023 from 73.6% in 2022[6] - Cargo revenue ton kilometers (RTK) increased by 40.3% to 8,099 million in 2023 from 5,774 million in 2022[6] - Cathay Group's passenger flights recovered to 70% of pre-pandemic levels by the end of 2023, connecting Hong Kong to approximately 80 destinations[10] - Cathay Pacific carried 18 million passengers in 2023, a 541.4% increase from 2022, with an average daily passenger count of 49,300[18] - Cathay Pacific's passenger revenue reached HKD 55.95 billion, a 308.8% increase compared to 2022[18] - Cathay Pacific's cargo revenue decreased by 17.9% to HKD 22.16 billion in 2023, with cargo yield dropping by 41.3% to HKD 2.74[18] - Cathay Pacific's passenger traffic increased by 541.4% to 18 million passengers, with revenue passenger kilometers up by 396.8%[79] - Cathay Pacific's cargo load factor decreased to 62% in 2023 from 70.6% in 2022, but cargo yield remains 46.5% higher than pre-pandemic levels[18] - Cathay Pacific's passenger revenue in 2023 reached HKD 55.951 billion, a 308.8% increase compared to 2022[21] - Cathay Group operated passenger flights at 70% of pre-pandemic levels by the end of 2023, serving approximately 80 destinations[21] - Cathay Pacific carried 18 million passengers in 2023, with an average daily passenger count of 49,300, a 541.4% increase from 2022[21] - The load factor increased by 12.1 percentage points to 85.7% in 2023, while yield decreased by 17.7% to HKD 76.3 cents[21] - Available seat kilometers (ASK) increased by 326.8% in 2023, with the Americas region showing the highest increase at 213.6%[23] - The load factor for the Americas region reached 91.9% in 2023, an increase of 15.0 percentage points from 2022[23] - Cathay Pacific resumed flights from Guangzhou in March 2023, increasing frequency to twice daily[24] - The company introduced upstream port check-in and baggage check services for passengers traveling via the Hong Kong-Zhuhai-Macau Bridge starting August 2023[24] - Cathay Pacific celebrated 40 years of operations in the Americas, resuming the Chicago route in October 2023[25] - The London Heathrow route was restored to a maximum of five daily flights in 2023[26] - Cathay Pacific increased flights to mainland China to 170 weekly flights serving 15 cities and 16 airports by December 31, 2023[28] - The company operated flights to 23 destinations and 25 airports in North Asia by December 31, 2023[28] - Cathay Pacific resumed seasonal flights between Christchurch and Hong Kong in December 2023, marking the first seasonal flight restart since the pandemic[29] - The company operated flights to 7 destinations in South Asia, the Middle East, and Africa by December 31, 2023[30] - Cathay Pacific announced the purchase of up to 32 new Airbus A321neo and A320neo aircraft, expected to be delivered by 2029[32] - The company reopened all Cathay Pacific airport lounges globally, except for Paris Charles de Gaulle Airport, due to terminal maintenance[31] - Cathay Pacific launched a new lounge at Shenzhen Shekou Cruise Home Port, the first of its kind outside an airport in mainland China[31] - The company was ranked 9th in the AirlineRatings.com 2023 Top 25 Airlines in the World[32] - Cathay Pacific was awarded the "5-Star Global Airline" in the 2024 APEX Airline Awards[32] - The company received the "Best Inflight Entertainment" award in the 2023 Skytrax World Airline Awards[32] - Cathay Pacific's cargo revenue in 2023 was HKD 22.162 billion, a decrease of 17.9% compared to 2022[35] - Cargo yield in 2023 decreased by 41.3% to HKD 2.74, with an average load factor of 62%[35] - Available cargo ton kilometers (ACTK) in 2023 increased by 59.7% compared to 2022[37] - Cargo load factor in 2023 was 62.0%, a decrease of 8.6 percentage points from 2022[37] - Cargo revenue ton kilometers (RTK) in 2023 increased by 40.3% compared to 2022[35] - Total cargo tonnage in 2023 increased by 19.7% to 1.381 million tons[35] - Cathay Pacific operated cargo services to 11 destinations in the Americas and 5 in Europe as of December 31, 2023[38] - The company expanded its cross-Pacific routes in late 2023 to meet peak air cargo demand[38] - Cathay Pacific resumed cargo flights to mainland China cities starting in the summer of 2023[38] - The company increased passenger flights to Japan, South Korea, and Taiwan, noting an increase in inbound cargo tonnage[38] - Southeast Asia region saw a significant increase in cargo tonnage to Hong Kong and North Asia due to expanded belly cargo services[40] - Operated cargo services to 5 destinations and belly cargo services to 12 destinations in Southeast Asia as of December 31, 2023[40] - Operated cargo services to 3 destinations and belly cargo services to 5 destinations in the Southwest Pacific region as of December 31, 2023[40] - Cargo flights to Dhaka were reduced from 3 to 2 per week starting January 19, 2023[40] - Cargo flights to Chennai and Delhi were reduced by 1 per week starting winter 2023[40] - Cargo services to Bangalore were suspended starting winter 2023[40] - Announced purchase of 6 new Airbus A350F cargo aircraft with an option for 20 more, with first deliveries expected in early 2027[43] - Nearly half of cargo bookings are now made through the upgraded online booking platform "Book & Go"[40] - Successfully conducted the world's first ONE Record cargo arrangement pilot program with Hong Kong Airport Authority[41] - Cathay Cargo won "Air Cargo Airline of the Year" at the 49th Air Transport World (ATW) Industry Achievement Awards[45] - Cathay Pacific increased the number of redeemable seats per flight by 100% compared to pre-pandemic levels[49] - Cathay Pacific launched a full-mileage redemption website in August 2023, allowing redemptions for popular destinations starting at 3,000 miles[49] - Cathay Pacific's subsidiary, HK Express, resumed flights to pre-pandemic levels in April 2023, operating 130% of pre-pandemic capacity by the end of 2023[53] - HK Express achieved an average load factor of 86% in 2023, a 17.7 percentage point increase from 2022[53] - Cathay Pacific's subsidiary profits in 2023 were HKD 10 million, compared to a loss of HKD 1.764 billion in 2022[52] - Cathay Pacific's associated company losses in 2023 were HKD 1.562 billion, compared to a loss of HKD 6.293 billion in 2022[52] - Hong Kong Express resumed daily flights to Ningbo in March, returning to pre-pandemic levels[54] - Hong Kong Express operated weekly approximately 230 flights serving 15 destinations in North Asia as of December 31, 2023[54] - Hong Kong Express launched daily flights to Hanoi in April and resumed Nha Trang route in June, increasing Vietnam destinations to three[55] - Hong Kong Express operated weekly approximately 72 flights serving 7 destinations in Southeast Asia as of December 31, 2023[55] - Hong Kong Express introduced a customer carbon offset program in October 2023, partnering with CHOOOSE[56] - Hong Kong Express' fleet consisted of 33 Airbus narrow-body aircraft with an average age of 7.1 years as of December 31, 2023[58] - Hong Kong Express received the first 4 Airbus A321-200neo aircraft in 2023, part of a previous order of 16[58] - Hong Kong Express announced the purchase of up to 32 new Airbus A321neo and A320neo aircraft, expected to be delivered by 2029[58] - Hong Kong Express' passenger revenue increased by 749.2% to HK$5,486 million in 2023[60] - Hong Kong Express' available seat kilometers increased by 859.5% to 9,432 million in 2023[61] - Cathay Pacific Catering Services produced 19.4 million meals and handled 43,389 flights in 2023, representing a 379% and 170% increase respectively compared to 2022[63] - Cathay Pacific Cargo Terminal handled 1.4 million tons of cargo in 2023, a 17% increase from 2022[64] - Hong Kong Airport Ground Services accounted for 45% and 17% of the apron and ground handling services market at Hong Kong International Airport in 2023, with flight numbers increasing by 134% and 426% respectively compared to 2022[64] Fleet and Aircraft - The company operates a fleet of 230 aircraft, with 75 new passenger and cargo aircraft expected to join the fleet in the coming years[5] - Cathay Group's total fleet consisted of 230 aircraft with an average age of 10.8 years as of December 31, 2023[7] - Cathay Group has 75 aircraft on order, including 57 for delivery in 2026 and beyond[7] - Cathay Pacific's fleet included 181 aircraft with an average age of 11.1 years as of December 31, 2023[7] - Hong Kong Express's fleet consisted of 33 aircraft with an average age of 7.1 years as of December 31, 2023[7] - Air Hong Kong plans to return 7 A300-600F freighters by 2025 and replace them with 6 second-hand A330F freighters, maintaining a fleet of 15 aircraft[8] - The company announced the purchase of an additional 32 Airbus A321neo and A320neo aircraft, bringing the total number of new aircraft ordered to over 70, with the option to purchase an additional 52[16] - Cathay Pacific will introduce new cabin products, including a redesigned business class and premium economy class on Boeing 777-300ER aircraft in 2024[19] - The company held 28 aircraft under lease agreements as of December 31, 2023, with ownership transferring at the end of the lease term or with a reasonably certain purchase option[188] - The company held 46 aircraft under lease agreements as of December 31, 2023, with ownership not transferring at the end of the lease term[188] - The confirmed lease liability (discounted) for aircraft and related equipment was HKD 26,146 million in 2023, down from HKD 28,683 million in 2022[189] - The potential future lease payments not included in lease liabilities due to extension options were HKD 4,375 million in 2023, down from HKD 5,228 million in 2022[189] - The company prepaid HKD 32.31 billion for aircraft and related equipment to manufacturers as of December 31, 2023, up from HKD 29.64 billion in 2022[192] - The company recognized a HKD 208 million impairment reversal for three previously impaired aircraft that were returned to service[192] - The total prepayments for intangible assets were HKD 20.805 billion as of December 31, 2023, up from HKD 20.468 billion in 2022[193] - The goodwill allocated to Cathay Pacific was HKD 7.884 billion as of December 31, 2023, unchanged from 2022[195] - The discount rate used for the discounted cash flow analysis of Cathay Pacific's cash-generating unit was 9.6% in 2023, up from 9.5% in 2022[195] - The long-term growth rate assumption for cash flows beyond the forecast period was 3% in 2023, unchanged from 2022[195] Financial Position and Liquidity - The company's debt-to-equity ratio decreased to 0.88 times in 2023 from 0.92 times in 2022[6] - Cathay Group's unrestricted available liquidity stood at HKD 20 billion as of December 31, 2023[10] - The company repurchased 50% of the preferred shares in December 2023, amounting to HKD 9.75 billion, with plans to repurchase the remaining 50% by the end of July 2024[11] - The company paid approximately HKD 1.97 billion in preferred stock dividends to the Hong Kong Special Administrative Region Government in 2023[11] - Total assets as of December 31, 2023, amounted to HKD 174,115 million, with significant increases in property, plant, and equipment (HKD 8,731 million) and intangible assets (HKD 340 million)[87] - Borrowings decreased by 11.4% to HKD 68,294 million, with net borrowings (excluding lease liabilities) down by 10.1% to HKD 56,973 million[88] - Unrestricted available liquidity stood at HKD 19,985 million as of December 31, 2023, including HKD 15,530 million in liquid funds and HKD 4,460 million in committed unused credit[88] - Net debt (excluding lease liabilities) decreased by 8% to HKD 41,443 million[88] - Shareholders' equity decreased by 5.9% to HKD 60,226 million, primarily due to the redemption of HKD 9,750 million in preference shares and a reduction in other comprehensive income of HKD 1,853 million[91] - The company recorded a profit of HKD 9,789 million (excluding non-controlling interests), partially offset by dividends paid to preference shareholders of HKD 1,969 million[92] - Unused proceeds from the issuance of equity securities, including HKD 31.1 billion raised in 2020, were fully utilized for general corporate purposes in the first half of 2023[93] - The company proposed a dividend of HKD 2,768 million for the year, with a per-share dividend of HKD 0.43[87] - Total assets decreased to HKD 128,622 million in 2023 from HKD 137,512 million in 2022[169] - Net current liabilities increased to HKD 22,744 million in 2023 from HKD 17,066 million in 2022[169] - Property, plant, and equipment decreased to HKD 116,088 million in 2023 from HKD 118,855 million in 2022[169] - Intangible assets decreased to HKD 14,539 million in 2023 from HKD 14,800 million in 2022[169] - Cash and cash equivalents increased to HKD 7,894 million in 2023 from HKD 7,340 million in 2022[170] - Net cash inflow from operating activities increased to HKD 26,408 million in 2023 from HKD 17,836 million in 2022[170] - Net cash outflow from investing activities decreased to HKD 2,668 million in 2023 from HKD 2,760 million in 2022[170] - Net cash outflow from financing activities increased to HKD 23,178 million in 2023 from HKD 16,236 million in 2022[170] - Interest-bearing liabilities decreased to HKD 57,771 million in 2023 from HKD 62,463 million in 2022[169] - Share capital decreased to HKD 28,828 million in 2023 from HKD 48,322 million in 2022[169] - Cathay Pacific's total equity increased to HKD 60,033 million in

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或 因倚賴該等內容而引致的任何損失承擔任何責任。 國泰航空有限公司 (在香港註冊成立的有限公司) (股份代號：293) 公 告 二零二三年全年業績 財務及營業撮要 集團財務統計數字 2022 業績 2023 (重列) 變幅 ...

二 零 二 三 年 中 期 報 告 國泰航空有限公司 股份代號： 00293 www.cathaypacific.com 目錄 財務及營業撮要 2 主席致函 4 業務回顧 7 財務評述 20 審閱報告 23 簡明財務報表 24 按上市規則所需提供的資料 45 免責聲明 47 公司資料 國泰航空有限公司是於香港註冊成立的有限公司。 投資者關係 查詢有關國泰航空有限公司的詳情，請聯絡： ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 國泰航空有限公司 (在香港註冊成立的有限公司) (股份代號：293) 公 告 二零二三年中期業績 財務及營業撮要 集團財務統計數字 二零二三年 二零二二年 截至六月三十日止六個月 變幅 業績 收益 港幣百萬元 43,593 18,551 +135.0% 國泰航空股東應佔溢利/(虧損) 港幣百萬元 4,268 (4,999) +9,267 每股普通股盈利/(虧損) —基本 港仙 61.5 (82.3) +143.8 —灘薄 港仙 55.2 (82.3) +137.5 ...