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Swire Pacific

Notes to the Accounts

Note: [1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11]

1. Effect of share placement by a subsidiary

Following the share placement by Cathay Pacific to CITIC Pacific Limited on 10th June 1996, Swire Pacific's interest 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. Cathay Pacific's consolidated profit and loss account for the year ended 31st December 1997 and its consolidated balance sheet as at 31st December 1997 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:







Hong Kong profits tax is calculated at 16.5% (1996: 16.5%) on the estimated assessable profits for the year. Overseas tax is calculated at tax rates applicable in countries in which the Group is assessable for tax.

7. Profit attributable to shareholders

Of the profit attributable to shareholders, HK$2,849 million (1996: HK$3,585 million) is dealt with in the accounts of the Company.

10. Earnings per share

Earnings per share are calculated by dividing the profit attributable to shareholders of HK$6,678 million (1996: HK$7,654 million) by the weighted average number of 958,898,011 'A' shares and 3,068,496,011 'B' shares in issue during the year (1996: 970,009,385 'A' shares and 3,076,706,271 'B' shares).




(d) The Company's properties, with a total net book value of HK$613 million (1996: HK$611 million), include long-term and medium-term leasehold land in Hong Kong held at a net book value of HK$139 million (1996: HK$355 million) and HK$474 million (1996: HK$ nil) respectively.

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