Cathay

2017-02-25 23:09:02   0  举报

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Cathay，中文译为“华夏”，是一个充满历史和文化色彩的名字。它源自中国古代的称呼，代表着中华民族的骄傲和荣耀。这个名字充满了神秘和浪漫的气息，仿佛能让人穿越时空，回到那个繁荣昌盛的时代。在这个名字中，我们可以感受到中国深厚的文化底蕴和独特的民族精神。无论是古老的建筑，还是传统的艺术，都蕴含着Cathay的独特魅力。这个名字不仅代表了中国的历史，更象征着中国的现在和未来。它是中国人民的骄傲，也是世界人民的瑰宝。

作者其他创作

大纲/内容

REV

passenger revenue －3.5%，accounting for 71.38%

passenger yield －11.4%

<span style="color: rgb(98, 72, 38); font-family: CathayPacific; font-size: 11pt;">a significant reduction in fuel surcharges</span><br>

<span style="color: rgb(98, 72, 38); font-family: CathayPacific; font-size: 11pt;">strong economy class demand. </span><br><div class="page" original-title="Page 18"><span style="color: rgb(98, 72, 38); font-family: CathayPacific; font-size: 11pt;">Premium class demand improved on regional</span></div><div class="page" original-title="Page 18"><span style="color: rgb(98, 72, 38); font-family: CathayPacific; font-size: 11pt;">routes but was not as strong as expected on some long-haul routes.</span> </div><div class="page" original-title="Page 7"> </div>

the main flight demand comes from travel instead of business

<span style="color: rgb(98, 72, 38); font-family: CathayPacific; font-size: 11pt;">a higher proportion of passengers were</span><br><div class="page" original-title="Page 18"><div class="section"><div class="layoutArea"><div class="column"><p><span style="font-size: 11.000000pt; font-family: 'CathayPacific'; color: rgb(38.284400%, 28.205100%, 15.076600%)">connecting through Hong Kong</span></p></div></div></div> </div>

<span style="color: rgb(98, 72, 38); font-family: CathayPacific; font-size: 11pt;">unfavourable</span><span style="color: rgb(98, 72, 38); font-family: CathayPacific; font-size: 11pt;">foreign currency movements</span>

分地区

欧洲、澳洲、加拿大受影响

欧洲是恐怖袭击8%

澳洲6%

和加拿大币值贬值，美元跟随，总占比13%<br>

southeast asia 8%

India 4.4%

亚洲市场比较好，strong competition

51%

通过把港龙改为pacific dragon开拓国内市场

air hk，hk express的短途竞争

日本 9%

Passenger Load Factor ＋2.4%

revenue passenger carried ＋7.9%

Cargo and mail －9%，accounting for 22.59%

Cargo and mail yield －13.2%

cargo的利润比客高？

cargo and mail load factor -0.1%

cargo and mail carried +4.4%

mail business in mainland china is growing

catering ，accounting for 6.03%

group subsidiary

currency exchange risk

价格优势最重要的竞争力

COST

fuel including hedging loss -17.7%

<span style="color: rgb(17, 19, 22); font-family: CathayPacific; font-size: 9pt; background-color: rgb(235, 235, 227);">Fuel costs decreased due to a 40.3% decrease in the average</span><br><div class="page" original-title="Page 27"><div class="section" style="background-color: rgb(92.000000%, 92.000000%, 88.900000%)"><div class="layoutArea"><div class="column"><p><span style="font-size: 9pt; font-family: CathayPacific; color: rgb(17, 19, 22);">into-plane fuel price</span></p></div></div></div> </div>

consumption increase +4.3

hedging loss from 911 to 8474, accounting for 8.86% in operating cost

<span style="color: rgb(17, 19, 22); font-family: CathayPacific; font-size: 9pt;">unrealised hedging losses</span>

net borrowing -3.5%

the percentage of floating rate is rising

comprehensive income

<span style="color: rgb(17, 19, 22); font-size: 9pt; font-family: CathayPacific;">unrealised hedging losses of HK$5,417 million recognised in the cash flow hedge reserve, offset by retained profit and other reserve movements. </span>

加大运营的规模可以增加成本优势，但是受derivatives影响，没有成本优势