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Swire Pacific Limited


NOTES TO THE ACCOUNTS
Notes: [1] [2] [3] [4] [5] [6] [7] [8] [9] [10]


1.   Effect of share placement by a subsidiary

On 10th June 1996, Cathay Pacific placed with CITIC Pacific Limited 572,902,308 new shares, representing 20% of Cathay Pacific's existing capital, at a price of HK$11.00 per share. As a consequence of the placement, Swire Pacific's effective holding in Cathay Pacific was diluted from 52.6% to 43.9% and therefore Cathay Pacific and Hong Kong Aircraft Engineering Company are no longer subsidiaries of Swire Pacific. The consolidated results of Swire Pacific for the year ended 31st December 1996 incorporate the results of Cathay Pacific and Hong Kong Aircraft Engineering Company as subsidiaries for the period to 9th June 1996 and as associated companies thereafter. The gain reflecting the Group's share in the increased net assets of Cathay Pacific as a result of the issue of new shares has been transferred to the revenue reserves of the Group as disclosed in note 21. Cathay Pacific's consolidated profit and loss account for the year ended 31st December 1996 and its consolidated balance sheet as at 31st December 1996 are shown on pages 82 and 83.


2.   Turnover

Turnover represents sales by the Company and its subsidiary companies to outside customers and comprises revenue from:






















9.   Profit attributable to shareholders

Of the profit attributable to shareholders, HK$3,585 million (1995: HK$2,892 million) is dealt with in the accounts of the Company.





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