国泰航空(00293) - 2020 - 中期财报

Financial Performance - Cathay Pacific reported a revenue of HKD 27,669 million for the six months ended June 30, 2020, a decrease of 48.3% compared to HKD 53,547 million in 2019[10]. - The company recorded a loss attributable to shareholders of HKD (9,865) million, compared to a profit of HKD 1,347 million in the same period last year, marking a decline of HKD 11,212 million[10]. - Total revenue for the group fell by 48.3% to HKD 27.67 billion, while Cathay Pacific and Dragonair's total revenue dropped by 51.2% to HKD 25.33 billion[42]. - The group reported a loss of HKD 9,865 million for the period, compared to a profit of HKD 1,347 million in the same period last year[60]. - The operating loss for the period was HKD 8,735 million, compared to an operating profit of HKD 2,474 million in the same period last year[52]. - The company reported a significant decrease in operational expenses, totaling HKD 33,939 million, down 33.5% from HKD 51,073 million in the previous year[52]. - The group recognized impairment and related charges of HKD 2.465 billion (pre-tax), including a reduction in asset value of HKD 1.21 billion for 16 aircraft expected not to return to service[94]. Passenger and Cargo Operations - The passenger load factor decreased to 67.3%, down 16.9 percentage points from 84.2% in 2019[11]. - Passenger revenue decreased by 72.2% to HKD 10.39 billion, with passenger numbers dropping by 76% to 440,000[13]. - Cargo revenue increased by 8.8% to HKD 11.17 billion, reflecting a significant imbalance in supply and demand in the cargo market[13]. - Overall cargo volume decreased by 31.9% to 667,000 tons, reflecting a significant reduction in passenger flights[24]. - The cargo load factor increased by 5.9 percentage points to 69.3%[24]. - The company operated 2,228 cargo-only flights during the March to June period to increase cargo capacity[24]. Cost Management and Financial Restructuring - The company announced a capital restructuring plan amounting to HKD 39 billion, which included issuing HKD 19.5 billion in preferred shares and a rights issue raising HKD 11.7 billion[12]. - The total fuel cost decreased by HKD 9.069 billion (62.8%) due to a 22.4% drop in average fuel prices and a 51.8% reduction in fuel consumption[14]. - Non-fuel costs per available tonne-kilometer increased by 34.1% to HKD 2.99, indicating the impact of reduced capacity on fixed or semi-variable costs[14]. - Monthly cash burn was estimated at HKD 2.5 billion to HKD 3 billion due to significant customer refunds[16]. - The company implemented various cost-saving measures, including voluntary special leave plans with participation rates of 80% and 90% among staff[14]. Employee and Operational Changes - The company employed over 33,000 staff globally, with approximately 27,600 based in Hong Kong as of June 30, 2020[8]. - The company experienced a 32.9% decrease in onboard service and passenger expenses, reflecting reduced flight operations[47]. - The company has recruited over 260 employees in the first half of 2020, including 90 pilots[40]. - The airline's management anticipates a slow recovery in passenger business for an extended period[16]. Government Support and Financial Aid - The group received government support of HKD 1.06 billion related to the COVID-19 pandemic, with HKD 640 million recognized as revenue and HKD 420 million as cost reductions[41]. - The group received rental concessions totaling HKD 123 million due to COVID-19, which were accounted for as negative variable lease payments[94]. Environmental and Social Responsibility - Cathay Pacific has removed over 32 million single-use plastic items annually since announcing its single-use plastic strategy in 2018, aiming to halve its single-use plastic footprint by the end of 2022[37]. - The company donated approximately 170 tons of surplus food to local charities in the first half of 2020[37]. - Cathay Pacific's "Change for Good" program has raised HKD 193 million for UNICEF since its inception in 1991[39]. Future Outlook and Strategic Plans - The company aims to continue investing in Hong Kong to develop it as a major international aviation hub[7]. - The airline's management plans to optimize capacity in response to the changed market outlook and cost structure[16]. - The company is in discussions with Airbus and Boeing to delay the delivery of new aircraft, extending timelines to 2023 and beyond[14].