国泰航空(00293) - 2021 - 年度财报

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[