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1st Quarter Results

27 Apr 2012 08:00

RNS Number : 2091C

Air China Ld

27 April 2012

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

AIR CHINA LIMITED

(a joint stock limited company incorporated in the People's Republic of China with limited liability)

(Stock Code: 00753)

FIRST QUARTERLY REPORT 2012

This announcement is made pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited.

The board of directors (the "Board") of Air China Limited (the "Company") hereby announces that a meeting of the Board was held on 26 April 2012 and the Board, among others, passed the resolution approving the quarterly report for the first quarter of 2012 prepared in accordance with the PRC Accounting Standards.

1. IMPORTANT NOTICE

1.1 The Board, the supervisory committee, as well as the directors, supervisors and senior management of the Company hereby warrant that there are no false representations, misleading statements or material omissions in this report, and jointly and severally accept full responsibility for the truthfulness, accuracy and completeness of the contents of this quarterly report.

1.2 Directors absent from the board meeting are required to be disclosed separately.

Name of absent directors	Position of absent directors	Reason(s) for absence	Name of proxy

Sun Yude	Director	business engagement	Wang Changshun
Christopher Dale Pratt	Director	business engagement	Ian Sai Cheung Shiu
Fu Yang	Independent director	business engagement	Li Shuang
Han Fangming	Independent director	business engagement	Yang Yuzhong

1.3 This first quarterly financial report of the Company is unaudited.

1.4	The legal representative of the Company	Wang Changshun

	Person in charge of accounting function	Fan Cheng

	Person in charge of accounting department (accounting superintendent)	Xiao Feng

Wang Changshun (legal representative of the Company), Fan Cheng (person in charge of accounting function), and Xiao Feng (person in charge of accounting department (accounting superintendent)) hereby jointly declare that the financial statements set out in this quarterly report is true and complete.

2. BASIC INFORMATION OF THE COMPANY

2.1 Major accounting data and financial ratios

	At the end of the reporting period	At the end of the previous year	Increase/ decrease at the end of the reporting period as compared to the end of the previous year
			(%)

Total assets (RMB'000)	172,406,090.00	173,323,568.00	-0.53
Owner's equity (or shareholders' equity) (RMB'000)	46,975,580.00	46,738,018.00	0.50
Net asset per share attributable to shareholders of the listed company (RMB)	3.87	3.84	0.78

	From the beginning of the year to the end of the reporting period	Increase/ decrease over the corresponding period in the previous year
		(%)

Net cash flows from operating activities (RMB'000)	1,615,623.00	-54.69
Net cash flows from operating activities per share (RMB)	0.13	-55.17

	Reporting period	From the beginning of the year to the end of the reporting period	Increase/ decrease in this reporting period as compared to the corresponding period in the previous year
			(%)

Net profit attributable to shareholders of the listed company (RMB'000)	239,071.00	239,071.00	-85.70
Basic earnings per share (RMB)	0.02	0.02	-85.71
Basic earnings per share after deducting non-recurring profits and losses (RMB)	0.01	0.01	-92.31
Diluted earnings per share (RMB)	N/A	N/A	N/A
Weighted average return on net assets (%)	0.51	0.51	decreased by 3.43 ppt
Weighted average return on net assets after deducting non-recurring profits and losses (%)	0.17	0.17	decreased by 3.48 ppt

After deducting non-recurring profits and losses:

(RMB'000)

Items	Amount

Gains/(losses) from disposal of non-current assets	387
Government grants included in the profits and losses for the current period (except for those that are closely related to the Company's normal operating business and qualified under national policy to receive certain standard amount and quantities)	229,436
Gain/(loss) from changes in fair value of financial assets/liabilities held for trading and investment gains from disposal of financial assets/liabilities held for trading and available-for-sale financial assets (except for hedging activities related to the Company's normal operating business)	450
Other non-operating income and expenses not covered above	9,286
Effect of income tax	-59,877
Effect on minority interest (after tax)	-18,090


Total	161,592

2.2 Total number of shareholders and the top 10 shareholders not subject to selling restrictions as at the end of the reporting period

Total number of shareholders as at

the end of the reporting period

313,313 (including 4,666 registered

H Share shareholders)

Particulars of the top 10 shareholders not subject to selling restrictions

Name of shareholder (full name)	Number of listed shares not subject to selling restrictions held as at the end of the reporting period	Class of Shares

China National Aviation Holding Company	5,024,630,207	RMB ordinary shares
Cathay Pacific Airways Limited	2,517,385,455	Overseas listed foreign shares
HKSCC Nominees Limited	1,793,473,579	Overseas listed foreign shares
China National Aviation Corporation (Group) Limited	1,332,482,920	RMB ordinary shares
China National Aviation Corporation (Group) Limited	223,852,000	Overseas listed foreign shares
China National Aviation Fuel Group Corporation	86,300,000	RMB ordinary shares
Sinotrans Air Transportation Development Co., Ltd.	75,800,000	RMB ordinary shares
China Life Insurance Company Limited - Bonus- Personal Bonus - 005L - FH002 Shanghai	72,995,570	RMB ordinary shares
New China Life Insurance Company Ltd. - Bonus- Personal Bonus - 018L - FH002 Shanghai	68,600,000	RMB ordinary shares
Guo Dian Capital Holding Co., Ltd	48,000,000	RMB ordinary shares
Guo Hua Life Insurance Co., Ltd -Self-owned Funds	48,000,000	RMB ordinary shares

Note: HKSCC Nominees Limited is a subsidiary of The Stock Exchange of Hong Kong Limited and its main business is acting as nominee for other corporate shareholders or individual shareholders. The 1,793,473,579 H Shares it held in the Company did not include the 166,852,000 Shares held as nominee for China National Aviation Corporation (Group) Limited.

3. SIGNIFICANT EVENTS

3.1 Particulars of, and reasons for, significant changes in major items in the accounting statements and key financial indicators of the Company

Applicable Not applicable

The Group's net profit attributable to the parent company for the period from January to March 2012 has decreased by RMB1.432 billion as compared to the corresponding period in the previous year, mainly due to the continuous increase of jet fuel price. Besides, exchange gains and investment income also recorded decreases as compared to the corresponding period in the previous year. Reasons for the material changes of the major items in statements are listed as follows:

Items in statement	Change	Reasons for change

Domestic air traffic liabilities	-38.61%	Decrease in domestic air traffic liabilities outstanding as at the end of this reporting period

Finance expenses	244.35%	The movement of exchange rates was relatively small in this reporting period, resulting in decrease of RMB586 million in net exchange gain as compared to the corresponding period in the previous year

Gains from changes in fair value	-99.53%	Attributable to the gains from changes in the fair value of jet fuel hedging contracts in the corresponding period in the previous year

Investment income	-98.42%	Decrease of RMB319 million in gains arising from investments in associated companies and joint ventures realized in this reporting period as compared to the corresponding period in the previous year

Non-operating income	142.68%	Increase in subsidized revenue in this reporting period

Income tax	-66.42%	Decrease in earnings in this reporting period, resulting in the decrease in income tax expenses

Gains or losses attributable to minority interests	-85.52%	Decrease in the earnings of subsidiaries in this reporting period

Cash paid to or on behalf of employees	49.26%	Contribution made in this reporting period for the corporate annuity provided in the previous year, and increase in the labor costs as compared to the corresponding period in the previous year attributable to the remuneration realignment implemented by the Company since the second half of last year

Items in statement	Change	Reasons for change

Other cash received relating to investment activities	-91.83%	Attributable to the recovery of the secured bank deposits and the investments in subsidiaries made by minority interests in the corresponding period in the previous year

Other cash paid relating to investment activities	-36.82%	Decrease in the settlement of interest rate hedge in this reporting period

Cash paid for repayment of borrowings	36.60%	Repayment of the interim notes with the amount of RMB3 billion matured in this reporting period

Effect of exchange rate changes on cash and cash equivalents	-56.27%	Decrease in exchange rates changes in this reporting period as compared to the corresponding period in the previous year

3.2 Analysis and explanation on the progress of significant events and their impact and resolutions

Applicable Not applicable

3.3 Performance of undertakings given by the Company, the shareholders and de facto controller

Applicable Not applicable

3.4 Warning and explanation in respect of forecast of possible net loss from the beginning of the year to the end of the next reporting period or any significant changes in net profit as compared to the corresponding period in the previous year

Applicable Not applicable

3.5 Implementation of the cash dividend policies in the reporting period

The profit appropriation proposal for 2011 has been considered and approved at the 24th meeting of the 3rd session of the Board of the Company, pursuant to which, it is proposed to pay a dividend of RMB0.1180 (including tax) per share in cash to all shareholders based on its total share capital of 12,891,954,673 shares. The proposal for the payment of dividends will be submitted to the 2011 annual general meeting of the Company to be held on 24 May 2012 for consideration.

Air China Limited

Legal representative: Wang Changshun

26 April 2012

4. APPENDIX

4.1 Consolidated Balance Sheet

31 March 2012

Prepared by: Air China Limited

Unit: RMB'000 (Unaudited)

Items	Balance at the end of the period	Balance at the beginning of the year

CURRENT ASSETS:
Cash and bank balances	10,935,386	15,420,242
Provisions on payables
Contributions made
Held-for-trading financial assets	14,239	12,144
Bills receivable	3,752	1,601
Accounts receivable	2,662,787	2,652,439
Prepayments	631,096	584,983
Premium receivable
Receivables on reinsurance
Provisions for reinsurance contracts
Interests receivable
Dividends receivable
Other receivables	1,947,715	1,662,087
Purchase of financial assets resold
Inventories	1,105,146	1,128,164
Non-current assets due within a year
Other current assets
Total current assets	17,300,121	21,461,660

NON-CURRENT ASSETS:
Loans and advances
Available-for-sale financial assets
Held-to-maturity investments
Long-term receivables	429,776	424,618
Long-term equity investments	14,795,109	14,804,420
Investment properties	238,116	240,879
Fixed assets	103,967,430	101,737,456
Construction in progress	28,675,493	27,566,439
Construction materials
Disposal of fixed assets
Biological assets for production
Oil and gas assets
Intangible assets	2,832,286	2,805,249
Development expenses
Goodwill	1,102,185	1,102,185
Long-term deferred expenses	166,346	187,893
Deferred income tax assets	2,899,228	2,992,769
Items	Balance at the end of the period	Balance at the beginning of the year

Other non-current assets
Total non-current assets	155,105,969	151,861,908
Total assets	172,406,090	173,323,568

CURRENT LIABILITIES:
Short-term borrowings	12,554,137	11,507,317
Borrowings from central bank
Deposits from clients and placements from other banks
Contributions received
Held-for-trading financial liabilities	199,488	223,137
Bills payable	2,012
Accounts payable	12,542,945	12,081,912
Domestic air traffic liabilities	1,259,980	2,052,297
International air traffic liabilities	2,489,821	2,510,478
Receipts in advance	121,633	121,503
Sale of financial assets repurchased
Fees and commissions payable
Salaries and wages payable	1,976,976	2,703,428
Taxes payable	2,115,230	2,756,215
Interests payable	372,985	360,578
Dividend payable
Other payables	6,147,318	6,309,825
Amounts payable on reinsurance
Reserves on insurance contracts
Brokerage payable
Underwriting fees payable
Non-current liabilities due within a year	13,972,081	17,240,694
Other current liabilities
Total current liabilities	53,754,606	57,867,384

NON-CURRENT LIABILITIES:
Long-term borrowings	34,638,974	33,398,481
Debentures payable	6,000,000	6,000,000
Long-term payables	2,917,019	2,643,472
Obligations under finance leases payable	20,580,960	19,191,860
Specific payables
Estimated liabilities	337,284	346,284
Deferred income tax liabilities	1,214,255	1,213,030
Other non-current liabilities	3,202,628	3,161,536
Total non-current liabilities	68,891,120	65,954,663
Total liabilities	122,645,726	123,822,047

OWNER'S EQUITY(OR SHAREHOLDERS' EQUITY):
Issued capital	12,891,955	12,891,955
Capital reserve	16,288,148	16,288,523
Items	Balance at the end of the period	Balance at the beginning of the year

Less: Treasury shares
Specific reserves
Surplus reserves	3,471,812	3,471,812
General risk provisions
Profit available for appropriation	17,374,053	17,134,982
Foreign exchange translation reserve	-3,050,388	-3,049,254
Total owner's equity attributable to shareholders of the Company	46,975,580	46,738,018
Minority interests	2,784,784	2,763,503
Total owner's equity	49,760,364	49,501,521
Total liabilities and owner's equity	172,406,090	173,323,568

Legal representative of the Company: Wang Changshun

Person in charge of accounting function: Fan Cheng

Person in charge of accounting department: Xiao Feng

Balance Sheet of the Parent Company

31 March 2012

Prepared by: Air China Limited

Unit: RMB'000 (Unaudited)

Items	Balance at the end of the period	Balance at the beginning of the year

CURRENT ASSETS:
Cash and bank balances	3,547,683	7,797,123
Held-for-trading financial assets
Bills receivable
Accounts receivable	2,546,528	2,267,190
Prepayments	303,445	333,595
Interests receivable
Dividend receivable
Other receivables	1,857,089	1,827,398
Inventories	737,780	762,546
Non-current assets due within a year	2,000,000	2,200,000
Other current assets
Total current assets	10,992,525	15,187,852

NON-CURRENT ASSETS:
Available-for-sale financial assets
Held-to-maturity investments
Long-term receivables	251,501	251,729
Long-term equity investments	21,586,583	21,549,749
Investment properties
Items	Balance at the end of the period	Balance at the beginning of the year

Fixed assets	76,912,336	75,452,377
Construction in progress	21,552,700	20,539,767
Construction materials
Disposal of fixed assets
Biological assets for production
Oil and gas assets
Intangible assets	2,196,550	2,222,451
Development expenses
Goodwill
Long-term deferred expenses	100,413	117,328
Deferred income tax assets	2,113,355	2,170,000
Other non-current assets
Total non-current assets	124,713,438	122,303,401
Total assets	135,705,963	137,491,253

CURRENT LIABILITIES:
Short-term borrowings	8,697,141	9,309,099
Held-for-trading financial liabilities	146,556	176,167
Bills payable
Accounts payable	8,990,414	8,003,628
Domestic air traffic liabilities	835,283	1,411,187
International air traffic liabilities	2,278,861	2,297,526
Receipts in advance	54,732	60,116
Salaries and wages payable	1,269,701	1,737,612
Taxes payable	1,359,095	1,975,889
Interests payable	337,352	336,128
Dividend payable
Other payables	1,708,349	1,907,700
Non-current liabilities due within a year	11,728,962	14,795,817
Other current liabilities
Total current liabilities	37,406,446	42,010,869

NON-CURRENT LIABILITIES:
Long-term borrowings	22,160,293	21,170,298
Debentures payable	6,000,000	6,000,000
Long-term payables	1,456,202	1,380,986
Obligations under finance leases payable	19,862,865	18,428,125
Specific payables
Estimated liabilities	55,608	55,608
Deferred income tax liabilities	136,049	136,000
Other non-current liabilities	2,436,952	2,340,113
Total non-current liabilities	52,107,969	49,511,130
Total liabilities	89,514,415	91,521,999

Items	Balance at the end of the period	Balance at the beginning of the year

OWNER'S EQUITY (OR SHAREHOLDER'S EQUITY):
Issued capital	12,891,955	12,891,955
Capital reserve	20,111,677	20,111,677
Less: Treasury shares
Specific reserves
Surplus reserves	3,462,222	3,462,222
General risk provisions
Profit available for appropriation	9,725,694	9,503,400
Total owner's equity (or shareholders' equity)	46,191,548	45,969,254
Total liabilities and owner's equity (or shareholders' equity)	135,705,963	137,491,253

Legal representative of the Company: Wang Changshun

Person in charge of accounting function: Fan Cheng

Person in charge of accounting department: Xiao Feng

4.2 Consolidated Income Statement

January to March 2012

Prepared by: Air China Limited

Unit: RMB'000 (Unaudited)

Items		Amounts for the period	Amounts for the corresponding period in the previous year

I.	Revenue from operations	22,894,905	21,251,095
	Including: Operating income	22,894,905	21,251,095
	Interest income
	Premium earned
	Fees and commission income

II.	Total operating costs	22,711,130	19,422,785
	Including: Operating costs	19,495,874	17,120,177
	Interest expenses
	Fees and commission expenses
	Returned premium
	Net reimbursement paid
	Net amounts of provisions on insurance contracts drawn
	Bonus paid on insurance policy
	Reinsurance premium
	Business taxes and other levies	530,141	484,386
Items		Amounts for the period	Amounts for the corresponding period in the previous year

	Selling expenses	1,601,675	1,493,842
	Administrative expenses	689,491	597,286
	Finance expenses	393,949	-272,906
	Impairment loss of assets
	Add: Gains from changes in fair value (loss is represented by "-" sign)	450	94,824
	Investment income (loss is represented by "-" sign)	5,140	324,378
	Including: Gains arising from investments in associated companies and joint ventures	5,140	324,378
	Exchange gains (loss is represented by "-" sign)

III.	Profit from operations (loss is represented by "-" sign)	189,365	2,247,512
	Add:　Non-operating income	246,073	101,394
	Less:　Non-operating expenses	6,964	29,933
	Including: Loss arising from disposal of non-current assets	107	689

IV.	Total profit (total loss is represented by "-" sign)	428,474	2,318,973
	Less: Income tax expenses	168,100	500,623

V.	Net profit (net loss is represented by "-" sign)	260,374	1,818,350
	Net profits attributable to shareholders of the Company	239,071	1,671,318
	Gains or losses attributable to minority interests	21,303	147,032

VI.	Earnings per share:
	(I) Basic	0.02	0.14
	(II) Diluted	N/A	N/A

VII.	Other consolidated gains	-1,531	-149,391

VIII.	Total consolidated gains	258,843	1,668,959
	Total consolidated gains attributable to shareholders of the Company	237,562	1,522,405
	Total consolidated gains attributable to minority interests	21,281	146,554

Legal representative of the Company: Wang Changshun

Person in charge of accounting function: Fan Cheng

Person in charge of accounting department: Xiao Feng

Income Statement of the Parent Company

January to March 2012

Prepared by: Air China Limited

Unit: RMB'000 (Unaudited)

Items		Amounts for the period	Amounts for the corresponding period in the previous year

I.	Revenue from operations	16,117,209	15,211,642
	Less: Operating cost	13,945,805	12,297,367
	Business taxes and other levies	344,035	322,527
	Selling expenses	1,154,943	1,080,620
	Administrative expenses	389,850	328,765
	Finance expenses	223,194	-285,996
	Impairment loss of assets
	Add: Gains from changes in fair value (loss is represented by "-"sign)	-1,773	79,762
	Investment income (loss is represented by "-" sign)	36,835	91,678
	Including: Gains arising from investments in associated companies and joint ventures	36,835	91,678

II.	Profit from operations (loss is represented by "-" sign)	94,444	1,639,799
	Add: Non-operating income	187,842	79,526
	Less: Non-operating expenses	5,526	5,466
	Including: Loss arising from disposal of non-current assets	46	443

III.	Total profit (total loss is represented by "-" sign)	276,760	1,713,859
	Less: Income tax expenses	54,466	401,952

IV.	Net profit (net loss is represented by "-" sign)	222,294	1,311,907

V.	Earnings per share:
	(I) Basic	0.02	0.10
	(II) Diluted	N/A	N/A

VI.	Other consolidated gains

VII.	Total consolidated gains	222,294	1,311,907

Legal representative of the Company: Wang Changshun

Person in charge of accounting function: Fan Cheng

Person in charge of accounting department: Xiao Feng

4.3 Consolidated Cash Flow Statement

January to March 2012

Prepared by: Air China Limited

Unit: RMB'000 (Unaudited)

Items		Amounts for the period	Amounts for the corresponding period in the previous year

I.	Cash flows from operating activities:
	Cash received from sales of goods and provision of services	21,620,882	21,082,753
	Net increase in deposits from clients and placements from other banks
	Net increase in borrowings from central bank
	Net increase in contributions made to other financial institutions
	Cash received from premiums of original insurance contracts
	Net cash receipt from reinsurance operations
	Net increase in reserve of the insured and investment
	Net increase in disposal of held-for-trading financial assets
	Cash received from interests, fees and commission
	Net increase in contributions received
	Net increase in cash from repurchase operations
	Refund of tax and levy
	Other cash received relating to operating activities	722,354	626,646
	Subtotal of cash inflows of operating activities	22,343,236	21,709,399
	Cash paid for goods purchased and services received	13,595,271	11,576,711
	Net increase in loans and advances to clients
	Net increase in deposits in central bank and to other banks
	Cash paid in respect of claims under original insurance contracts
	Cash paid for interests, fees and commission
	Cash paid for bonus paid on insurance policy
	Cash paid to or on behalf of employees	3,761,819	2,520,296
	Tax and levies paid	1,607,471	2,161,881
	Other cash paid relating to operating activities	1,763,052	1,884,528
	Subtotal of cash outflows from operating activities	20,727,613	18,143,416
	Net cash flows from operating activities	1,615,623	3,565,983

Items		Amounts for the period	Amounts for the corresponding period in the previous year

II.	Cash flows from investment activities:
	Cash received from sales and redemption of investments
	Cash received from investment income	1,400
	Net cash proceeds from disposal of fixed assets, intangible assets and other long-term assets	179,793	156,191
	Net cash proceeds from disposal of subsidiaries and other business units
	Other cash received relating to investment activities	109,322	1,339,450
	Subtotal of cash inflows from investment activities	290,515	1,495,641
	Cash paid for purchase of fixed assets, intangible assets and other long-term assets	4,166,288	4,438,427
	Cash paid for investments
	Net increase in secured loans	58,475
	Net cash payments for acquisition of subsidiaries and other business units
	Other cash paid relating to investment activities	31,383	49,675
	Subtotal of cash outflows from investment activities	4,256,146	4,488,102
	Net cash flows from investment activities	-3,965,631	-2,992,461

III.	Cash flows from financing activities:
	Cash received from capital injection		170,324
	Including: Cash received from capital injection of minority shareholders in subsidiaries		170,324
	Cash received from borrowings	7,622,118	6,929,657
	Cash received from issue of debentures
	Other cash received relating to financing activities
	Subtotal of cash inflows from financing activities	7,622,118	7,099,981
	Cash paid for repayment of borrowings	8,482,728	6,209,830
	Cash paid for distribution of dividends, profits or payment of interest expenses	623,532	510,404
	Including: Dividends and profit paid to minority shareholders by subsidiaries
	Other cash paid relating to financing activities	698,790	553,746
	Subtotal of cash outflows from financing activities	9,805,050	7,273,980
	Net cash flows from financing activities	-2,182,932	-173,999

IV.	Effect of exchange rate changes on cash and cash equivalents	-10,391	-23,760

V.	Net increase in cash and cash equivalents	-4,543,331	375,763
	Add: Balance of cash and cash equivalents as at the beginning of the period	15,306,409	14,204,591

VI.	Balance of cash and cash equivalents as at the end of the period	10,763,078	14,580,354

Legal representative of the Company: Wang Changshun

Person in charge of accounting function: Fan Cheng

Person in charge of accounting department: Xiao Feng

Cash Flow Statement of the Parent Company

January to March 2012

Prepared by: Air China Limited

Unit: RMB'000 (Unaudited)

Items		Amounts for the period	Amounts for the corresponding period in the previous year

I.	Cash flows from operating activities:
	Cash received from sales of goods and provision of services	15,096,048	14,754,750
	Refund of tax and levy
	Other cash received relating to operating activities	431,195	317,779
	Subtotal of cash inflows from operating activities	15,527,243	15,072,529
	Cash paid for goods purchased and services received	8,793,724	8,091,690
	Cash paid to and on behalf of employees	2,365,344	1,509,811
	Taxes and levies paid	1,233,877	1,871,121
	Other cash paid relating to operating activities	1,289,663	1,263,146
	Subtotal of cash outflows from operating activities	13,682,608	12,735,768
	Net cash flows from operating activities	1,844,635	2,336,761

II.	Cash flows from investment activities:
	Cash received from sales and redemption of investments	200,000
	Cash received from investment income	1,400
	Net cash proceeds from disposal of fixed assets, intangible assets and other long-term assets	163,686	80,168
	Net cash proceeds from disposal of subsidiaries and other business units
	Other cash received relating to investment activities	111,742	34,665
	Subtotal of cash inflows from investment activities	476,828	114,833
	Cash paid for purchase of fixed assets, intangible assets and other long-term assets	2,898,489	4,014,863
	Cash paid for investments
	Net cash payments for acquisition of subsidiaries and other business units		510,000
	Other cash paid relating to investment activities	31,384	35,986
	Subtotal of cash outflows from investment activities	2,929,873	4,560,849
	Net cash flows from investment activities	-2,453,045	-4,446,016

Items		Amounts for the period	Amounts for the corresponding period in the previous year

III.	Cash flows from financing activities:
	Cash received from capital injection
	Cash received from borrowings	5,068,915	6,060,168
	Cash received from issue of debentures
	Other cash received relating to financing activities
	Subtotal of cash inflows from financing activities	5,068,915	6,060,168
	Cash paid for repayment of borrowings	7,658,256	4,212,437
	Cash paid for distribution of dividends, profits or payment of interest expenses	439,361	368,573
	Other cash paid relating to financing activities	603,158	518,857
	Subtotal of cash outflows from financing activities	8,700,775	5,099,867
	Net cash flows from financing activities	-3,631,860	960,301

IV.	Effect of exchange rate changes on cash and cash equivalents	-9,170	-9,244

V.	Net increase in cash and cash equivalents	-4,249,440	-1,158,198
	Add: Balance of cash and cash equivalents as at the beginning of the period	7,797,123	11,501,617

VI.	Balance of cash and cash equivalents as at the end of the period	3,547,683	10,343,419

Legal representative of the Company: Wang Changshun

Person in charge of accounting function: Fan Cheng

Person in charge of accounting department: Xiao Feng

By order of the Board

Air China Limited

Rao Xinyu Tam Shuit Mui

Joint Company Secretaries

Beijing, the PRC, 26 April 2012

As at the date of this announcement, the directors of the Company are Mr. Wang Changshun, Ms. Wang Yinxiang, Mr. Cao Jianxiong, Mr. Sun Yude, Mr. Christopher Dale Pratt, Mr. Ian Sai Cheung Shiu, Mr. Cai Jianjiang, Mr. Fan Cheng, Mr. Fu Yang*, Mr. Li Shuang*, Mr. Han Fangming* and Mr. Yang Yuzhong*.

* Independent non-executive director of the Company

This information is provided by RNS

The company news service from the London Stock Exchange

END

QRFUBAURUVASURR

Date		Source	Headline
16th Jun 2026	7:00 am	RNS	ANNOUNCEMENT ON KEY OPERATING DATA OF MAY 2026
15th Jun 2026	7:00 am	RNS	UPDATE ANNOUNCEMENT OF CAPITAL CONTRIBUTION
10th Jun 2026	10:15 am	RNS	COMPLETION OF ISSUANCE OF A SHARES
8th Jun 2026	7:00 am	RNS	CONNECTED TRANSACTION
29th May 2026	7:00 am	RNS	POLL RESULTS OF AGM AND RESIGNATION OF DIRECTOR
29th May 2026	7:00 am	RNS	LIST OF DIRECTORS AND THEIR ROLE AND FUNCTION
28th May 2026	7:00 am	RNS	INDICATIVE ANNOUNCEMENT
18th May 2026	7:00 am	RNS	ANNOUNCEMENT ON KEY OPERATING DATA OF APRIL 2026
13th May 2026	7:00 am	RNS	REVISED FORM OF PROXY
13th May 2026	7:00 am	RNS	SUPPLEMENTAL NOTICE OF AGM
13th May 2026	7:00 am	RNS	PROPOSED APPOINTMENT OF NON-EXECUTIVE DIRECTOR
7th May 2026	8:49 am	RNS	FORM OF PROXY FOR ANNUAL SHAREHOLDERS’ MEETING
7th May 2026	7:40 am	RNS	circular for anual shareholders‘ meeting
7th May 2026	7:00 am	RNS	NOTICE OF ANNUAL SHAREHOLDERS’ MEETING
30th Apr 2026	8:36 am	RNS	FIRST QUARTERLY REPORT OF 2026
30th Apr 2026	8:07 am	RNS	DISCLOSEABLE AND CONTINUING CONNECTED TRANSACTIONS
30th Apr 2026	7:33 am	RNS	CESSATION OF OFFICE OF SENIOR MANAGEMENT
27th Apr 2026	9:07 am	RNS	Sustainability and ESG Report 2025
27th Apr 2026	7:33 am	RNS	ANNUAL REPORT 2025
16th Apr 2026	7:00 am	RNS	NOTICE OF BOARD MEETING
16th Apr 2026	7:00 am	RNS	ANNOUNCEMENT ON KEY OPERATING DATA OF MARCH 2026
31st Mar 2026	7:00 am	RNS	LIST OF DIRECTORS AND THEIR ROLE AND FUNCTION
27th Mar 2026	7:00 am	RNS	ANNOUNCEMENT ON IMPAIRMEN PROVISION
27th Mar 2026	7:00 am	RNS	2025 ANNUAL RESULTS
26th Mar 2026	7:00 am	RNS	POLL RESULTS OF EGM
26th Mar 2026	7:00 am	RNS	LIST OF DIRECTORS AND THEIR ROLE AND FUNCTION
17th Mar 2026	7:00 am	RNS	NOTICE OF BOARD MEETING
17th Mar 2026	7:00 am	RNS	NOTICE OF BOARD MEETING
17th Mar 2026	7:00 am	RNS	KEY OPERATING DATA
17th Mar 2026	7:00 am	RNS	KEY OPERATING DATA
10th Mar 2026	12:24 pm	RNS	CIRCULAR FOR THE EXTRAORDINARY GENERAL MEETING
10th Mar 2026	12:24 pm	RNS	CIRCULAR FOR THE EXTRAORDINARY GENERAL MEETING
10th Mar 2026	11:29 am	RNS	FORM OF PROXY FOR EGM
10th Mar 2026	10:03 am	RNS	NOTICE OF EXTRAORDINARY SHAREHOLDERS' MEETING
10th Mar 2026	10:03 am	RNS	NOTICE OF EXTRAORDINARY SHAREHOLDERS’ MEETING
10th Mar 2026	9:10 am	RNS	OVERSEAS REGULATORY ANNOUNCEMENT
10th Mar 2026	9:10 am	RNS	OVERSEAS REGULATORY ANNOUNCEMENT
6th Mar 2026	10:26 am	RNS	Change of President & Director & EGM Book Closure
6th Mar 2026	10:19 am	RNS	LIST OF DIRECTORS AND THEIR ROLE AND FUNCTION
16th Feb 2026	7:00 am	RNS	ANNOUNCEMENT ON KEY OPERATING DATA OF JANUARY 2026
10th Feb 2026	7:26 am	RNS	OVERSEAS REGULATORY ANNOUNCEMENT
2nd Feb 2026	7:25 am	RNS	Profit Warning
16th Jan 2026	7:00 am	RNS	ANNOUNCEMENT ON KEY OPERATING DATA
9th Jan 2026	7:00 am	RNS	OVERSEAS REGULATORY ANNOUNCEMENT
6th Jan 2026	7:00 am	RNS	SALE OF CERTAIN CATHAY PACIFIC SHARES
31st Dec 2025	10:06 am	RNS	Rules of Remuneration and Appraisal Committee
31st Dec 2025	10:06 am	RNS	Rules of Remuneration and Appraisal Committee
31st Dec 2025	10:00 am	RNS	Rules of Audit and Risk Management Committee
31st Dec 2025	10:00 am	RNS	Rules of Audit and Risk Management Committee
31st Dec 2025	9:49 am	RNS	DISCLOSEABLE TRANSACTION PURCHASE OF AIRCRAFT

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