www.cathaypacific.com 二零二二年中期報告 國泰航空有限公司 股份代號：00293 目錄 www.cathaypacific.com 2 財務及營業撮要 3 主席致函 6 業務回顧 18 財務評述 21 審閱報告 22 簡明財務報表 42 按上市規則所需提供的資料 44 免責聲明 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： | | 國泰航空有限公司 | | 企業事務部 | | 香港國際機場 | | 國泰城中座九樓 | | 電郵： ir@cathaypacific.com | | 國泰航空的主要國際互聯網絡網址為 | | --- | --- | |------------------------------------------------------------|--------------------------------------------| | | | | 國泰航空有限公司 | （「國泰 ...

Financial Performance - Cathay Pacific's revenue for 2021 was HKD 45.587 billion, a decrease of 2.9% compared to 2020[4] - The company reported a net loss attributable to shareholders of HKD 5.527 billion in 2021, a 74.5% improvement from the HKD 21.648 billion loss in 2020[4] - Loss per share improved to HKD 0.951 in 2021, down 77.6% from HKD 4.243 in 2020[4] - The loss margin improved by 34.0 percentage points to 12.1% in 2021 compared to 46.1% in 2020[4] - Cathay Pacific's net debt decreased by 4.4% to HKD 70.570 billion in 2021[4] - Available unrestricted liquidity increased by 5.8% to HKD 30.250 billion in 2021[4] - Cathay Pacific Group recorded a loss attributable to shareholders of HKD 5.527 billion in 2021, compared to a loss of HKD 21.648 billion in 2020[6] - Cathay Pacific's attributable loss in 2021 was HKD 776 million, compared to a loss of HKD 12.195 billion in 2020[6] - The Group achieved a profit attributable to shareholders of HKD 2.038 billion in the second half of 2021, compared to a loss of HKD 7.565 billion in the first half of 2021[6] - Cathay Pacific achieved a profit attributable to shareholders of HKD 3.303 billion in the second half of 2021, compared to a loss of HKD 5.031 billion in the first half of 2021[6] - The 2021 loss included impairment and related expenses of HKD 832 million, mainly related to 12 aircraft[6] - Total revenue for the group decreased by 2.9% to HKD 45.587 billion, while Cathay Pacific's total revenue decreased by 1.3% to HKD 42.184 billion[39] - Operating expenses for the group decreased by 21.5% to HKD 46.037 billion, with employee costs decreasing by 28.4%[43] - Fuel costs (including hedging gains/losses) decreased by 38.2% to HKD 7.031 billion[43] - Cathay Pacific's cost per available tonne kilometer (including fuel) decreased by 6.3% to HKD 3.88[44] - The group's total operating expenses decreased by 20.9% to HKD 48.666 billion[43] - Cathay Pacific's passenger yield increased by 87.4% to HKD 1.055 per passenger kilometer[41] - Cargo yield increased by 33.1% to HKD 3.94 per tonne kilometer[41] - Cathay Pacific's impairment and related expenses amounted to HKD 777 million, primarily related to 9 aircraft expected not to return to substantial economic service before retirement or return to lessors[47] - The company's passenger revenue decreased by 61.6%, mainly due to a 79.5% drop in passenger volume, partially offset by an 87.4% increase in yield[48] - Cargo revenue increased by 31.8%, driven by a 33.1% rise in yield, partially offset by a 1.1% decrease in cargo volume[48] - Total fuel costs for 2021 were HKD 9,367 million, with fuel hedging gains of HKD 2,336 million, resulting in a net fuel cost of HKD 7,031 million[49] - Fuel consumption in 2021 was 15 million barrels, a 19.8% decrease from 2020, with a 22.3% reduction in available capacity[50] - Total assets as of December 31, 2021, were HKD 196,627 million, with property, plant, and equipment increasing by HKD 5,891 million, including HKD 5,674 million for aircraft and related equipment[51] - Borrowings decreased by 3.5% to HKD 89,854 million, with 51% being fixed-rate borrowings[52] - The company's unrestricted available liquidity as of December 31, 2021, was HKD 30,250 million, including HKD 19,284 million in liquid funds and HKD 11,105 million in committed unused credit facilities[52] - Net borrowings (after deducting liquid funds) decreased by 4.4% to HKD 70,570 million[52] - Cathay Pacific's net debt to equity ratio remained at 0.75x after excluding the impact of adopting HKFRS 16, and was 0.98x and 1.01x as of December 31, 2021, and December 31, 2020, respectively[55] - Cathay Pacific's shareholders' funds decreased by 1.4% to HKD 72.244 billion due to a loss of HKD 5.5 billion, partially offset by an increase in other comprehensive income of HKD 4 billion and the equity portion of guaranteed convertible bonds issued in February 2021 of HKD 500 million[55] - Total revenue for 2021 was HKD 45,587 million (USD 5,844 million), a decrease from HKD 46,934 million (USD 6,017 million) in 2020[116] - Cargo service revenue increased to HKD 35,814 million (USD 4,592 million) in 2021, up from HKD 27,890 million (USD 3,576 million) in 2020[116] - Passenger service revenue dropped significantly to HKD 4,357 million (USD 558 million) in 2021, compared to HKD 11,950 million (USD 1,532 million) in 2020[116] - Operating loss improved to HKD 1,443 million (USD 185 million) in 2021 from HKD 18,144 million (USD 2,326 million) in 2020[116] - Net loss for the year was HKD 5,526 million (USD 708 million), a significant improvement from HKD 21,647 million (USD 2,775 million) in 2020[116] - Property, plant, and equipment decreased to HKD 123,990 million (USD 15,896 million) in 2021 from HKD 131,925 million (USD 16,914 million) in 2020[117] - Total assets less current liabilities stood at HKD 153,492 million (USD 19,679 million) in 2021, down from HKD 157,850 million (USD 20,237 million) in 2020[117] - Net current liabilities improved to HKD 14,238 million (USD 1,825 million) in 2021 from HKD 19,157 million (USD 2,456 million) in 2020[117] - Shareholders' equity was HKD 72,249 million (USD 9,263 million) in 2021, slightly down from HKD 73,261 million (USD 9,392 million) in 2020[117] - Basic and diluted loss per share was HKD 95.1 cents (USD 12.2 cents) in 2021, compared to HKD 424.3 cents (USD 54.4 cents) in 2020[116] - Operating cash flow from business activities increased to HKD 8,835 million (USD 1,133 million) in 2021, compared to a negative HKD 14,291 million (USD 1,832 million) in 2020[119] - Net cash inflow from investment activities was HKD 493 million (USD 63 million) in 2021, a significant improvement from a negative HKD 11,758 million (USD 1,507 million) in 2020[119] - Net cash outflow from financing activities was HKD 6,932 million (USD 889 million) in 2021, compared to a net inflow of HKD 23,309 million (USD 2,988 million) in 2020[119] - Cash and cash equivalents increased by HKD 2,396 million (USD 307 million) in 2021, reaching HKD 8,573 million (USD 1,099 million) at year-end[119] - The company reported a net loss of HKD 5,527 million (USD 708 million) attributable to Cathay Pacific shareholders in 2021, an improvement from the HKD 21,648 million (USD 2,775 million) loss in 2020[121] - Total revenue from external customers was HKD 45,587 million (USD 5,844 million) in 2021, with Cathay Pacific contributing HKD 41,829 million (USD 5,363 million)[122] - Segment loss before restructuring costs, impairments, and related expenses was HKD 240 million (USD 31 million) in 2021[122] - Depreciation and amortization expenses totaled HKD 12,786 million (USD 1,639 million) in 2021[122] - Capital expenditures for property, plant, and equipment and intangible assets amounted to HKD 2,276 million (USD 292 million) in 2021[122] - The company issued HKD 526 million (USD 67 million) in convertible bonds during 2021[121] - Cathay Pacific's total revenue for 2021 was HK$49.197 billion, with sales to external customers contributing HK$46.934 billion[123] - The company reported a net loss of HK$21.648 billion for 2021, with Cathay Pacific's shareholders bearing a loss of HK$17.393 billion[123] - Revenue from North Asia, including Hong Kong and Mainland China, was HK$30.721 billion, accounting for the largest share of regional revenue[125] - Depreciation and amortization expenses totaled HK$14.421 billion, with Cathay Pacific contributing HK$12.756 billion[123] - The company recorded a profit of HK$210 million from the deemed disposal of a portion of its equity in Air China Cargo[126] - Financial expenses net amounted to HK$2.629 billion, with interest expenses on lease liabilities being HK$905 million[128] - The company's total assets for property, plant, and equipment, and intangible assets purchases were HK$5.418 billion[123] - Revenue from the Americas region decreased to HK$3.171 billion in 2021 from HK$3.944 billion in 2020[125] - The company recognized a net exchange gain of HK$69 million in 2021, compared to a net exchange loss of HK$295 million in 2020[127] - Cathay Pacific's total financial expenses, including interest and other charges, were HK$2.486 billion[128] Operational Performance - The company operated a total of 234 aircraft at the end of 2021, with 74 parked outside Hong Kong[3] - Cathay Pacific plans to add 53 new passenger aircraft to its fleet in the coming years[3] - The company employed 21,600 staff globally at the end of 2021, with 17,700 based in Hong Kong[3] - Cathay Pacific holds an 18.13% stake in Air China, the flag carrier of China[3] - Available ton kilometers decreased by 22.3% to 11,354 million in 2021 compared to 14,620 million in 2020[5] - Available seat kilometers dropped significantly by 61.8% to 13,228 million in 2021 from 34,609 million in 2020[5] - Revenue passenger kilometers plummeted by 79.5% to 4,120 million in 2021 from 20,079 million in 2020[5] - Passenger load factor decreased by 26.9 percentage points to 31.1% in 2021 from 58.0% in 2020[5] - Cargo yield increased by 33.1% to HKD 3.94 in 2021 from HKD 2.96 in 2020[5] - Cost per available ton kilometer (excluding fuel) decreased by 2.6% to HKD 3.32 in 2021 from HKD 3.41 in 2020[5] - Greenhouse gas emissions reduced by 20.0% to 5.6 million tons of CO2 equivalent in 2021 from 7.0 million tons in 2020[5] - Lost time injury rate improved by 64.5% to 0.81 per 100 full-time equivalent employees in 2021 from 2.28 in 2020[5] - Aircraft utilization decreased by 20.9% to 3.4 hours per day in 2021 from 4.3 hours in 2020[5] - Fleet average age increased slightly by 0.4 years to 10.5 years in 2021 from 10.1 years in 2020[5] - Cathay Pacific has received 5 Airbus A321neo aircraft and plans to add 16 more by the end of 2023[6] - Cathay Pacific aims to increase the use of sustainable aviation fuel to 10% of total fuel consumption by 2030[6] - The Group is committed to achieving net-zero carbon emissions by 2050[6] - Cathay Pacific's cargo business performed strongly in 2021, with cargo revenue reaching HKD 32.377 billion, a 31.8% increase compared to 2020[7] - The company's passenger revenue in 2021 decreased to HKD 4.346 billion, a 61.6% decline compared to 2020[7] - Cathay Pacific carried 717,000 passengers in 2021, a 84.5% decrease compared to 2020, with an average daily passenger count of 1,965[7] - The passenger load factor in 2021 was 31.1%, compared to 58% in 2020[7] - Non-fuel costs decreased by 24.4% to HKD 37.708 billion in 2021[7] - Cathay Pacific's fuel costs increased by HKD 927 million (11.9%) compared to 2020, reflecting higher oil prices[7] - Hong Kong Express recorded a loss of HKD 1.978 billion in 2021, compared to a loss of HKD 1.723 billion in 2020[7] - Air China, which reports its accounts with a three-month delay, performed worse in 2021 compared to 2020 due to the impact of the COVID-19 pandemic[7] - Cathay Pacific achieved positive cash flow in the second half of 2021, driven by strong cargo performance and effective cash and cost management[7] - The company operated six "preighters" (partially converted Boeing 777-300ER passenger aircraft) to maximize cargo capacity[7] - The company's unrestricted usable cash balance as of December 31, 2021, was HKD 30.3 billion, with HKD 6.7 billion raised through convertible bonds and USD 650 million (equivalent to HKD 5.1 billion) through medium-term note issuance[8] - The company expects passenger capacity to remain at around 2% of pre-pandemic levels and cargo capacity to potentially drop to less than one-third of pre-pandemic levels if current restrictions persist[8] - In 2021, the company's crew members spent over 62,000 nights in quarantine hotels and over 11,000 nights at the Penny's Bay Quarantine Facility, with over 1,000 employees involved[8] - The company's cargo performance was strong, with October 2021 recording the highest cargo volume since the pandemic began, and November 2021 seeing a record number of cargo-only passenger flights[10] - The company's cargo load factor remained high, averaging 80% during the peak cargo season in the second half of 2021[10] - All crew members have been fully vaccinated, with a 100% vaccination rate in 2021, and over 230,000 tests conducted[10] - The company plans to leverage opportunities from the Greater Bay Area and the opening of the third runway at Hong Kong International Airport[8] - The company is committed to achieving net-zero carbon emissions by 2050 and enhancing its digital capabilities[8] - The company introduced the premium travel lifestyle brand "Cathay" and aims to continue offering new services to enhance passenger experience[8] - The company's passenger business was severely impacted by the pandemic, with passenger capacity significantly below pre-pandemic levels by the end of 2021[9] - Cathay Pacific's passenger revenue in 2021 was HKD 4.346 billion, a 61.6% decrease compared to 2020[12] - Passenger traffic measured in revenue passenger kilometers (RPK) decreased by 79.5% in 2021[12] - Available seat kilometers (ASK) decreased by 61.8% in 2021, with a load factor of 31.1%, down 26.9 percentage points[12][15] - Cathay Pacific carried 717,000 passengers in 2021, averaging 1,965 passengers per day, an 84.5% decrease from 2020[12] - The yield per passenger kilometer increased by 87.4% to HKD 1.055 in 2021[12] - By the end of 2021, passenger flight capacity was only 11.4% of pre-pandemic levels[13] - The Americas region saw a 54.7% decrease in ASK, with a load factor of 40.5%, down 13.8 percentage points[15] - The Southwest Pacific region experienced a 40.4% decrease in ASK, with a load factor of 9.0%, down 51.7 percentage points[15] - The North Asia region's ASK decreased by 71.4%, with a load factor of 28.1%, down 32.9 percentage points[15] - The Southeast Asia region's ASK decreased by 76.1%, with a load factor of 22.2%, down 34.9 percentage points[15] - Launched WhatsApp customer inquiry and support service in Hong Kong in January 2021, expanding globally to allow customers to contact the company via social messaging platforms for flight booking inquiries[16] - Partnered with Hong Kong Airport Authority, The Commons Project, and Prenetics to test the digital health platform CommonPass on flights from Hong Kong to Los Angeles in March 2021, and later on flights between Hong Kong and Singapore in July 2021, becoming the first airline in the Asia-Pacific region to test official vaccination records in real flight environments[

www.cathaypacific.com 二零二一年 中期報告 國泰航空有限公司 股份代號：00293 | --- | --- | --- | |-------|--------------------------|----------------------------------------------| | | | | | 目錄 | | 公司資料 | | 2 | 財務及營業撮要 | 國泰航空有限公司是於香港註冊成立的有限公司。 | | 3 | 主席致函 | | | 6 | 業務回顧 | 投資者關係 | | 17 | 財務評述 | 查詢有關國泰航空有限公司的詳情，請聯絡： | | 20 | 審閱報告 | 國泰航空有限公司 | | | 簡明財務報表 | 企業事務部 | | 21 | | 香港國際機場 | | 42 | 按上市規則所需提供的資料 | 國泰城中座九樓 | | 44 | 免責聲明 | 電郵： ir@cathaypacific.com | | | | 國泰航空的主要國際互聯網絡網址為 | | | | www.cathaypacific.com | | --- | |---------------- ...

Financial Performance - The group's revenue for 2020 was HKD 46,934 million, a decrease of 56.1% compared to HKD 106,973 million in 2019[7]. - Cathay Pacific reported a loss attributable to shareholders of HKD 21,648 million in 2020, compared to a profit of HKD 1,691 million in 2019, representing a decline of HKD 23,339 million[7]. - The company reported a net loss of HKD 21,648 million for the year 2020, compared to a profit of HKD 1,691 million in 2019, marking a substantial year-over-year decline[147]. - The total comprehensive income for the year was significantly affected by the pandemic, leading to substantial losses across various segments[155]. - The company reported a total comprehensive loss of HKD 20,654 million for the year[142]. - The operating loss for the year was HKD 58,639 million, compared to an operating profit of HKD 3,441 million in 2019[142]. - The company incurred impairment and related expenses of HKD 28,815 million primarily related to 34 aircraft expected to be retired or returned to lessors[57]. - The company reported a significant impairment and related expenses of HKD (4,056) million, reflecting the challenging market conditions faced during the year[148]. Passenger and Cargo Operations - The passenger load factor decreased to 58.0% in 2020 from 82.3% in 2019, a drop of 24.3 percentage points[8]. - Passenger revenue for 2020 decreased by 84.3% to HKD 11.313 billion, with passenger numbers dropping by 86.9% compared to 2019[11]. - Cargo revenue ton kilometers decreased by 26.5% to 8,309 million in 2020 from 11,311 million in 2019[8]. - Cathay Pacific's cargo revenue for 2020 was HKD 24.57 billion, an increase of 16.2% compared to 2019, reflecting an imbalance between available cargo capacity and demand[12]. - The cargo load factor increased by 8.9 percentage points, with cargo yield rising by 58.3% to HKD 2.96[48]. - The company carried 460,000 passengers in 2020, a decrease of 86.9% compared to 2019, with revenue dropping 84.3% to HKD 11.31 billion[22]. Restructuring and Cost Management - The company implemented a corporate restructuring plan, resulting in a cost of approximately HKD 2.4 billion, saving around HKD 0.5 billion monthly[11]. - The restructuring plan involves a reduction of 8,500 positions, approximately 24% of the workforce, to improve operational efficiency[21]. - The company plans to maintain cash preservation measures, with senior management salary reductions continuing throughout 2021[13]. - The company announced a capital restructuring plan of HKD 39 billion in June 2020, supported by the Hong Kong SAR government and shareholders[10]. Government Support - The company received government support of HKD 2.689 billion related to the COVID-19 pandemic[10]. - The group received government support of HKD 16.89 billion related to the COVID-19 pandemic[44]. - The company received approximately HKD 26.89 billion in government support related to the COVID-19 pandemic[16]. Fleet and Operations - The average age of the fleet was 10.1 years in 2020, slightly down from 10.3 years in 2019[8]. - The group plans to delay the delivery of 60 new aircraft due to the pandemic[5]. - The company has reached an agreement with Airbus to delay the delivery of A350-900 and A350-1000 aircraft to 2023, and A321neo deliveries to 2025[12]. - The company ceased operations of Cathay Dragon by the end of 2020, affecting approximately 8,500 jobs[10]. Environmental and Social Responsibility - Cathay Pacific aims to achieve net zero carbon emissions by 2050 and is collaborating with governments and the UN to meet this goal[73]. - The company has set a target to halve its single-use plastic footprint by the end of 2022, based on 2018 levels, having already removed over 46 million single-use plastic items[73]. - The "ChangeMakers" program continued in 2020, focusing on environmental protection, youth development, and cultural integration[74]. - The company collected and donated over 648 tons of surplus food in 2020[74]. Corporate Governance - The company adheres to high standards of corporate governance, reflecting a commitment to integrity, transparency, and responsible conduct[103]. - The board of directors is responsible for the strategic leadership and oversight of the group, ensuring maximum returns for shareholders while considering the interests of stakeholders[103]. - The company has established various committees, including audit, remuneration, and risk management, to assist in fulfilling its responsibilities[104]. Financial Position and Liabilities - The total assets of the group as of December 31, 2020, amounted to HKD 204.57 billion, with an increase in property, plant, and equipment by HKD 8.72 billion during the year[62]. - The group’s total liabilities increased significantly, with borrowings and lease repayments totaling HKD (30,134) million in 2020, up from HKD (18,785) million in 2019[146]. - The adjusted net debt ratio, excluding lease liabilities, improved to 0.75 in 2020 from 0.99 in 2019[179]. Future Outlook - The company anticipates that passenger capacity in the first half of 2021 will be less than 25% of pre-pandemic levels, with overall capacity expected to be down by over 50% for the year[13]. - The management's basic scenario assumes passenger traffic will start to recover in the second half of 2021 but will not return to pre-crisis levels until 2024[170]. - The company plans to focus on market expansion and new product development in the upcoming year[142].

國 泰 航 空 公 司 二 零 － 九 年 報 告 書 國泰航空有限公司 股份代號：293 II URSEMBRERRED 目 錄 財務及營業撮要 4 財務及營業撮要 6 主席致函 9 業務回顧 26 財務評述 33 可持續發展回顧 企業管治 36 董事及要員 38 董事局報告 45 企業管治報告 財務報表 | --- | --- | |-------|--------------------------| | | | | 63 | 獨立核數師報告 | | 69 | 綜合損益及其他全面收益表 | | 70 | 綜合財務狀況表 | | 71 | 綜合現金流量表 | | 72 | 綜合股東權益變動表 | | 73 | 財務報表附註 | | 121 | 主要附屬公司及聯屬公司 | | 123 | 主要會計政策 | | 138 | 業務統計數字 | | 143 | 詞彙 | | 144 | 公司及股東資料 | | 144 | 免責聲明 | 本年報的英文譯本於本公司的股份登記處備索。 香港 國泰航空有限公司（「國泰航空」）連同旗下附屬公司港龍航空 有限公司（「國泰港龍航空」）、香港快運航空有限公司（「香港 快運」）及香 ...

二零一九年 中期報告 國泰航空有限公司 股份代號：00293 香港 — 國泰航空 — 國泰航空貨機 — 國泰港龍航空 — 華民航空 按上市規則所需提供的資料 | --- | --- | |-------|----------------| | | | | 2 | 財務及營業撮要 | | 3 | 主席致函 | | 5 | 業務回顧 | | 13 | 財務評述 | | 16 | 審閱報告 | | 17 | 簡明財務報表 | | 39 | | 免責聲明 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 國泰航空的官方網址為 www.cathaypacific.com 查詢有關國泰航空有限公司的詳情，請聯絡： 國泰航空有限公司 企業事務部 香港國際機場 國泰城中座四樓 電郵：ir@cathaypacific.com 電話：(852) 2747 5210 傳真：(852) 2810 6563 公司資料 國泰航空有限公司（「國泰航空」）連同港龍航空有限公 司（「國泰港龍航空」）及香港華民航空有限公司（「華民 航空」）於二零一九年六月三十日營運共二百一十六架 飛機，直接聯繫香港至全球三十五個國家共一百一十一 個目的 ...

國 泰 航 空 公 司 二零一八年報告書 园泰航空有限公司 股份代號：293 目錄 | --- | --- | |----------|--------------------------| | | | | | 管理層討論與分析 | | 4 | 財務及營業撮要 | | 6 | 主席致函 | | 9 | 業務回顧 | | 19 | 財務評述 | | 25 | 可持續發展回顧 | | 企業管治 | | | 29 | 董事及要員 | | 31 | 董事局報告 | | 39 | 企業管治報告 | | 財務報表 | | | 53 | 獨立核數師報告 | | 58 | 綜合損益及其他全面收益表 | | 59 | 綜合財務狀況表 | | 60 | 綜合現金流量表 | | 61 | 綜合股東權益變動表 | | 62 | 財務報表附註 | | 103 | 主要附屬公司及聯屬公司 | | 105 | 主要會計政策 | | 118 | 業務統計數字 | | 123 | 詞彙 | | 124 | 公司及股東資料 | | | | 124 免責聲明 三十一日營運十架飛機，在亞洲提供定期航班。國泰航空 投資，務求令香港發展為一個主要國際航 ...