AVIATION

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The Aviation Division recorded an attributable profit of HK$1,627 million in 2013, compared to a profit of HK$984 million in 2012. The Cathay Pacific group contributed a profit of HK$1,179 million, compared with a profit of HK$387 million in 2012. The improvement in the group's performance in 2013 was largely due to the strength of the passenger business and the positive impact of measures introduced in 2012 to protect the business from the high price of jet fuel. The cargo business continued to be affected by weak demand. The business overall continued to be affected by the sustained high price of jet fuel.

The HAECO group's profit attributable to shareholders in 2013 was HK$469 million, a decrease of 24% compared to the corresponding figure in 2012 of HK$618 million. HAECO's airframe maintenance and component overhaul services in Hong Kong continued to be affected by a shortage of skilled and semi-skilled labour. HAECO's line maintenance business in Hong Kong benefited from an increase in aircraft movements at Hong Kong International Airport. Results from Taikoo (Xiamen) Aircraft Engineering Company Limited ("TAECO") improved, with higher demand for its airframe maintenance services. The performance of Hong Kong Aero Engine Services Limited ("HAESL") was affected by the early retirement of Boeing 747-400 aircraft owned by its customers. In general, the operating results of HAECO's other subsidiaries and joint ventures in Mainland China improved.

2013 Movement in Underlying Profit

Cathay Pacific's results benefited from the strength of the passenger business and the positive impact of measures introduced in 2012 to protect the business from the high price of jet fuel.
HAECO's airframe maintenance and component overhaul services in Hong Kong continued to be affected by a shortage of skilled and semi-skilled labour.
TAECO's results improved, with higher demand for airframe maintenance services.
HAESL was affected by the early retirement of Boeing 747-400 aircraft owned by its customers.
HAECO's other subsidiaries and joint ventures (with the exception of TALSCO) performed better.

2013 Performance Highlights

Passenger Revenue
+2.4%
Passenger Yield
+1.8%
Cargo Revenue
-3.6%
Cargo Yield
-4.1%
Fuel Consumption
-1.5%
Cost per ATK
-1.9%

Cathay Pacific Network

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Note: These diagrams are not to scale and are for illustration purpose only.