Last checked at 26 Apr 2013 07:00
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 2013
This announcement is made pursuant to Rule 13.10B 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 25 April 2013 and the Board, among others, passed the resolution approving the quarterly report of the Company for the first quarter of 2013 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 director | Position of absent director | Reason(s) for absence | Name of proxy |
Christopher Dale Pratt | Director | Business engagement | Ian Sai Cheung Shiu |
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
currency: RMB
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) | 193,456,723 | 185,710,906 | 4.17 |
Owner's equity (or shareholders' equity) (RMB'000) | 51,794,103 | 50,578,538 | 2.40 |
Net asset per share attributable to shareholders of the listed company (RMB) | 4.20 | 4.17 | 0.72 |
For the period from the beginning of the year to the end of the reporting period | Increase/decrease as compared to the corresponding period of the previous year | |
(%) | ||
Net cash flows from operating activities (RMB'000) | 3,449,671 | 113.52 |
Net cash flows per share from operating activities (RMB) | 0.28 | 115.38 |
Reporting period | For the period from the beginning of the year to the end of the reporting period | Increase/decrease in the reporting period as compared to the corresponding period of the previous year | |
(%) | |||
Net profit attributable to shareholders of the listed company (RMB'000) | 248,592 | 248,592 | 3.98 |
Basic earnings per share (RMB) | 0.02 | 0.02 | 0 |
Basic earnings per share after deducting non-recurring profits and losses (RMB) | 0.01 | 0.01 | 0 |
Diluted earnings per share (RMB) | N/A | N/A | N/A |
Weighted average return on net assets (%) | 0.49 | 0.49 | Decreased by 0.02 ppt |
Weighted average return on net assets after deducting non- recurring profits and losses (%) | 0.3 | 0.3 | Increased by 0.13 ppt |
After deducting non-recurring profits and losses:
(RMB'000)
Items | Amounts |
Gains/(losses) from disposal of non-current assets | 2,035 |
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) | 144,542 |
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) | -4,098 |
Other non-operating income and expenses not covered above | -8,302 |
Effect of income tax | -32,199 |
Effect on minority interest (after tax) | -8,632 |
| |
Total | 93,346 |
|
2.2 Total number of shareholders and the top 10 shareholders not subject to selling restrictions as at the end of the reporting period
Unit: share
Total number of shareholders as at the end of the reporting period | 285,224 (including 4,570 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 ("CNAHC") | 5,104,206,083 | RMB ordinary shares 5,104,206,083 |
Cathay Pacific Airways Limited | 2,523,011,455 | Overseas listed foreign shares 2,523,011,455 |
HKSCC NOMINEES LIMITED | 1,788,059,796 | Overseas listed foreign shares 1,788,059,796 |
China National Aviation Corporation (Group) Limited ("CNACG") | 1,556,334,920 | RMB ordinary shares 1,332,482,920 |
Overseas listed foreign shares 223,852,000 | ||
China National Aviation Fuel Group Corporation | 86,300,000 | RMB ordinary shares 86,300,000 |
Sinotrans Air Transportation Development Co., Ltd. | 75,800,000 | RMB ordinary shares 75,800,000 |
New China Life Insurance Company Ltd. - Bonus - Personal Bonus - 018L - FH002 Shanghai | 68,378,218 | RMB ordinary shares 68,378,218 |
Guo Hua Life Insurance Co., Ltd Self-owned Funds | 43,576,065 | RMB ordinary shares 43,576,065 |
Industrial and Commercial Bank of China - Huaan Mid/Small-Cap Securities Investment Fund | 22,283,436 | RMB ordinary shares 22,283,436 |
Industrial and Commercial Bank of China - Castrol Strategy and Growth Securities investment Fund | 18,108,220 | RMB ordinary shares 18,108,220 |
Note: HKSCC NOMINEES LIMITED is a subsidiary of The Stock Exchange of Hong Kong Limited and its principal business is acting as nominee for and on behalf of other corporate shareholders or individual shareholders. The 1,788,059,796 H Shares held by it in the Company does not include the 166,852,000 Shares held by it as nominee of 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
Unit: RMB'000
Items in consolidated balance sheet | As of 31 March 2013 | As of 31 December 2012 | Amount of Change | Percentage | Reasons for Change |
Other current assets | 297,466 | 144,552 | 152,914 | 105.78% | Increase in the VAT credit balance in this reporting period. |
Bills payable | 90,691 | 1,503 | 89,188 | 5934.00% | Increase in the bank acceptance bills of a subsidiary of the Company in this reporting period. |
Interest payable | 509,848 | 352,515 | 157,333 | 44.63% | The provision made for the interest on medium- term notes and corporate bonds in this reporting period. |
Bonds payable | 17,000,000 | 12,000,000 | 5,000,000 | 41.67% | Issuance of corporate bonds of RMB5 billion by the Company in this reporting period. |
Items in consolidated income statement | For the reporting period | Amounts for the corresponding period of the previous year | Amount of Change | Percentage | Reasons for Change |
Business taxes and surcharges | 70,082 | 530,141 | -460,059 | -86.78% | Decrease in provision made for business taxes due to the change of applicable taxes from business taxes to value- added taxes in this reporting period. |
Investment income | 73,595 | 5,140 | 68,455 | 1331.81% | Increase of RMB69 million in gains on investments by our joint ventures and associated companies recognized under the equity method in this reporting period as compared to the corresponding period of the previous year. |
Non-operating income | 154,491 | 246,073 | -91,582 | -37.22% | Decrease in our subsidy income in this reporting period. |
Income tax | 99,187 | 168,100 | -68,913 | -41.00% | Decrease in income tax due to the decrease in taxable income in this reporting period. |
Minority interests | 3,673 | 21,303 | -17,630 | -82.76% | Decrease in profits of our subsidiaries in this reporting period. |
Items in consolidated statement of cash flows | Amounts for the reporting period | For the corresponding period of the previous year | Amount of Change | Percentage | Reasons for Change |
Tax and levies paid | 750,831 | 1,607,471 | -856,640 | -53.29% | Decrease in enterprise income taxes in this reporting period as compared to the corresponding period of the previous year, and substantial decrease in business tax provided for and paid in this reporting period due to the change of applicable taxes from business taxes to value-added taxes. |
Net cash proceeds from disposal of fixed assets, intangible assets and other long- term assets | 27,668 | 179,793 | -152,125 | -84.61% | Decrease in aircraft disposals completed in this reporting period as compared to the corresponding period of the previous year. |
Other cash received relating to investment activities | 71,265 | 109,322 | -38,057 | -34.81% | Decrease in fixed deposits in this reporting period as compared to the corresponding period of the previous year. |
Cash paid for purchase of fixed assets, intangible assets and other long- term assets | 7,363,117 | 4,166,288 | 3,196,829 | 76.73% | Increase in the prepayments for the purchase of aircraft and payment of the balance of purchase prices upon the delivery of aircraft in this reporting period as compared to the corresponding period of the previous year. |
Cash paid for investments | 95,803 | 95,803 | Payment of investment amounts based on the schedule of our investments in two enterprises in this reporting period. | ||
Cash received from capital injection | 1,046,740 | 1,046,740 | Non-public issuance by the Company of its ordinary shares (A shares) to the parent company. | ||
Cash received from borrowings | 11,183,044 | 7,622,118 | 3,560,926 | 46.72% | Increase in bond issuances and the borrowings used as prepayments for the purchase of aircraft in this reporting period. |
Cash paid for repayment of borrowings | 4,640,837 | 8,482,728 | -3,841,891 | -45.29% | Decrease in repayments of mature debts in this reporting period as compared to the corresponding period of the previous year. |
Other cash paid relating to financing activities | 871,405 | 698,790 | 172,615 | 24.70% | Increase in finance leases paid in this reporting period as compared to the corresponding period of the previous year. |
Due to the change of its applicable taxes from business taxes to value-added taxes, the operating income, operating costs, business taxes and selling and administrative expenses of the Company and its subsidiaries decreased by RMB1.559 billion, RMB1.129 billion, RMB503 million and RMB7 million respectively, while the total profits of the Company and its subsidiaries increased by RMB80 million in the first quarter of 2013.
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
The Company entered into a reorganization agreement dated 20 November 2004 with CNAHC and CNACG, pursuant to which, CNAHC undertook to the Company that within a period of six months or one year from the date of establishment of the Company, it would assist in transferring to the Company the land use rights, the land use right certificates and the property ownership certificates of the properties as its investment in the Company.
As of 31 March 2013, as regards the land use rights invested by CNAHC in the Company, the Company has received the land use right certificates with the Company as their designated title owners. Except for the 14 properties under our Zhejiang branch, all the properties invested by CNAHC have been registered under the name of the Company. We have completed all necessary procedures for the title transfer of the 13 properties under our Zhejiang branch, and are awaiting the issuance of property ownership certificates by the local property management authorities. As the relevant local administrative authorities have promulgated new regulations after the establishment of the Company, the procedures for the transfer of the property ownership certificate of the remaining one property (with floor area of approximately 598.99 sq.m.) have not been completed. Accordingly, CNAHC has further undertook to assist the Company in completing the title transfer procedures of such remaining property in the next 3 years from July 2010. In March 2013, the relevant local administrative authorities issued the property ownership certificates of the property to the Company, and the property has been registered under the name of the Company. As such, the new undertaking has been performed on schedule.
3.4 Warning in respect of forecast of possible net loss from the beginning of the year to the end of the next reporting period or warning in respect of any significant changes in net profit as compared with that of the corresponding period of previous year and the underlying reasons
□ Applicable □✓ Not applicable
3.5 Distribution of cash dividends during the reporting period
The 2012 profit distribution plan of the Company was considered and approved at the 34th meeting of the third session of the Board. The Company proposed to distribute a cash dividend of RMB0.5935 (including tax) for every 10 shares to all shareholders of the Company based on a total share capital of 13,084,751,004 shares. The relevant cash dividend plan complies with the cash dividend policy stipulated in the articles of association of the Company, and will be submitted to the 2012 annual general meeting of the Company to be held on 23 May 2013 for consideration and approval.
Air China Limited
Legal representative: Wang Changshun
25 April 2013
4 APPENDIX
4.1 Consolidated Balance Sheet
31 March 2013
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 | 14,850,404 | 12,590,884 |
Provisions on payables | ||
Contributions made | ||
Financial assets held for trading | 13,022 | 12,671 |
Bills receivable | 367 | 1,253 |
Accounts receivable | 3,372,526 | 2,967,150 |
Prepayments | 783,307 | 623,754 |
Premium receivable | ||
Receivables on reinsurance | ||
Provisions for reinsurance contracts | ||
Interest receivable | ||
Dividend receivable | ||
Other receivables | 3,261,681 | 3,103,008 |
Purchase of financial assets resold | ||
Inventories | 1,159,045 | 1,105,048 |
Non-current assets due within a year | ||
Other current assets | 297,466 | 144,552 |
Total current assets | 23,737,818 | 20,548,320 |
NON-CURRENT ASSETS: | ||
Loans and advances | ||
Available-for-sale financial assets | ||
Held-to-maturity investments | ||
Long term receivables | 454,585 | 445,657 |
Long term equity investments | 15,345,190 | 15,240,177 |
Investment property | 227,060 | 229,824 |
Fixed assets | 117,666,281 | 116,303,025 |
Construction in progress | 29,025,034 | 25,977,975 |
Construction materials | ||
Disposal of fixed assets | ||
Biological assets for production | ||
Oil and gas assets | ||
Intangible assets | 2,803,615 | 2,810,814 |
Development expenses | ||
Goodwill | 1,102,185 | 1,102,185 |
Long term deferred expenses | 283,966 | 296,613 |
Deferred tax assets | 2,810,989 | 2,756,316 |
Other non-current assets | ||
Total non-current assets | 169,718,905 | 165,162,586 |
Total assets | 193,456,723 | 185,710,906 |
CURRENT LIABILITIES: | ||
Short term loans | 19,148,870 | 16,787,697 |
Borrowings from central bank | ||
Short-term bonds payable | 1,500,000 | 1,500,000 |
Deposits from clients and placements from other banks | ||
Contributions received | ||
Financial liabilities held for trading | 95,322 | 120,413 |
Bills payable | 90,691 | 1,503 |
Accounts payable | 12,239,433 | 11,246,311 |
Domestic air traffic liabilities | 1,729,302 | 1,566,686 |
International air traffic liabilities | 2,308,912 | 2,310,101 |
Receipts in advance | 127,246 | 162,884 |
Sale of financial assets repurchased | ||
Fees and commissions payable | ||
Salaries and wages payable | 1,936,795 | 2,192,434 |
Taxes payable | 565,667 | 444,972 |
Interests payable | 509,848 | 352,515 |
Dividend payable | ||
Other payables | 5,034,348 | 5,322,884 |
Amounts payable on reinsurance | ||
Reserves on insurance contracts | ||
Brokerage payable | ||
Underwriting fees payable | ||
Non-current liabilities due within a year | 13,257,872 | 13,802,983 |
Other current liabilities | ||
Total current liabilities | 58,544,306 | 55,811,383 |
NON-CURRENT LIABILITIES: | ||
Long-term borrowings | 29,468,279 | 30,254,161 |
Debentures payable | 17,000,000 | 12,000,000 |
Long-term payables | 2,825,340 | 2,892,595 |
Obligations under finance leases payable | 24,855,529 | 25,476,607 |
Specific payables | ||
Estimated liabilities | 406,470 | 406,470 |
Deferred income tax liabilities | 1,667,914 | 1,561,424 |
Other non-current liabilities | 3,524,787 | 3,361,737 |
Total non-current liabilities | 79,748,319 | 75,952,994 |
Total liabilities | 138,292,625 | 131,764,377 |
OWNER'S EQUITY (OR SHAREHOLDERS' EQUITY): | ||
Issued capital | 13,084,751 | 12,891,955 |
Capital reserve | 17,551,433 | 16,699,590 |
Less: Treasury shares | ||
Specific reserves | ||
Surplus reserves | 4,572,881 | 4,572,881 |
General risk provisions | ||
Profit available for appropriation | 19,708,143 | 19,459,551 |
Foreign exchange translation reserve | -3,123,105 | -3,045,439 |
Total owner's equity attributable to shareholders of the Company | 51,794,103 | 50,578,538 |
Minority interests | 3,369,995 | 3,367,991 |
Total owner's equity | 55,164,098 | 53,946,529 |
Total liabilities and owner's equity | 193,456,723 | 185,710,906 |
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 2013
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 | 6,505,594 | 4,563,495 |
Held-for-trading financial assets | ||
Bills receivable | ||
Accounts receivable | 3,539,159 | 3,035,978 |
Prepayments | 451,961 | 356,752 |
Interests receivable | ||
Dividend receivable | ||
Other receivables | 3,121,199 | 2,959,011 |
Inventories | 772,286 | 712,204 |
Non-current assets due within a year | 96,956 | |
Other current assets | 254,666 | |
Total current assets | 14,644,865 | 11,724,396 |
NON-CURRENT ASSETS: | ||
Available-for-sale financial assets | ||
Held-to-maturity investments | ||
Long-term receivables | 273,522 | 268,036 |
Long-term equity investments | 22,439,774 | 22,286,909 |
Investment properties | ||
Fixed assets | 87,706,477 | 86,210,690 |
Construction in progress | 19,120,316 | 18,866,393 |
Construction materials | ||
Disposal of fixed assets | ||
Biological assets for production | ||
Oil and gas assets | ||
Intangible assets | 2,145,446 | 2,168,710 |
Development expenses | ||
Goodwill | ||
Long-term deferred expenses | 125,201 | 144,147 |
Deferred income tax assets | 1,943,112 | 1,936,769 |
Other non-current assets | ||
Total non-current assets | 133,753,848 | 131,881,654 |
Total assets | 148,398,713 | 143,606,050 |
CURRENT LIABILITIES: | ||
Short-term borrowings | 8,701,745 | 9,472,970 |
Short-term bonds payable | 1,500,000 | 1,500,000 |
Held-for-trading financial liabilities | 61,002 | 86,375 |
Bills payable | ||
Accounts payable | 8,112,133 | 7,471,856 |
Domestic air traffic liabilities | 1,343,312 | 1,075,356 |
International air traffic liabilities | 2,093,797 | 2,118,787 |
Receipts in advance | 55,998 | 66,562 |
Salaries and wages payable | 1,083,990 | 1,057,014 |
Taxes payable | 223,095 | 186,033 |
Interests payable | 462,455 | 311,029 |
Dividend payable | ||
Other payables | 1,443,866 | 1,601,657 |
Non-current liabilities due within a year | 10,703,192 | 11,213,067 |
Other current liabilities | ||
Total current liabilities | 35,784,585 | 36,160,706 |
NON-CURRENT LIABILITIES: | ||
Long-term borrowings | 17,870,837 | 18,433,492 |
Debentures payable | 17,000,000 | 12,000,000 |
Long-term payables | 1,392,111 | 1,488,439 |
Obligations under finance leases payable | 23,723,841 | 24,270,585 |
Specific payables | ||
Estimated liabilities | 46,099 | 46,099 |
Deferred income tax liabilities | 210,441 | 210,441 |
Other non-current liabilities | 2,461,851 | 2,328,772 |
Total non-current liabilities | 62,705,180 | 58,777,828 |
Total liabilities | 98,489,765 | 94,938,534 |
OWNER'S EQUITY (OR SHAREHOLDER'S EQUITY): | ||
Issued capital | 13,084,751 | 12,891,955 |
Capital reserve | 20,963,575 | 20,111,766 |
Less: Treasury shares | ||
Specific reserves | ||
Surplus reserves | 4,563,291 | 4,563,291 |
General risk provisions | ||
Profit available for appropriation | 11,297,331 | 11,100,504 |
Total owner's equity (or shareholders' equity) | 49,908,948 | 48,667,516 |
Total liabilities and owner's equity (or shareholders' equity) | 148,398,713 | 143,606,050 |
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 2013
Prepared by: Air China Limited
Unit: RMB'000 (Unaudited)
Items | Amounts for the period | Amounts for the corresponding period of the previous year | |
I. | Revenue from operations | 22,719,031 | 22,894,905 |
Including: Operating income | 22,719,031 | 22,894,905 | |
Interest income | |||
Premium earned | |||
Fees and commission income | |||
II. | Total operating costs | 22,575,438 | 22,711,130 |
Including: Operating costs | 19,676,482 | 19,495,874 | |
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 | 70,082 | 530,141 | |
Selling expenses | 1,643,964 | 1,601,675 | |
Administrative expenses | 722,258 | 689,491 | |
Finance expenses | 462,562 | 393,949 | |
Impairment loss of assets | 90 | ||
Add: Gains from changes in fair value (loss is represented by "-" sign) | -4,011 | 450 | |
Investment income (loss is represented by "-" sign) | 73,595 | 5,140 | |
Including: Gains arising from investments in associated companies and joint ventures | 73,682 | 5,140 | |
Exchange gains (loss is represented by "-" sign) | |||
III. | Profit from operations (loss is represented by "-" sign) | 213,177 | 189,365 |
Add: Non-operating income | 154,491 | 246,073 | |
Less: Non-operating expenses | 16,216 | 6,964 | |
Including: Loss arising from disposal of non-current assets | 1,859 | 107 | |
IV. | Total profit (total loss is represented by "-" sign) | 351,452 | 428,474 |
Less: Income tax expenses | 99,187 | 168,100 | |
V. | Net profit (net loss is represented by "-" sign) | 252,265 | 260,374 |
Net profits attributable to shareholders of the Company | 248,592 | 239,071 | |
Gains or losses attributable to minority interests | 3,673 | 21,303 | |
VI. | Earnings per share: | ||
(I) Basic | 0.02 | 0.02 | |
(II) Diluted | N/A | N/A | |
VII. | Other consolidated gains | -79,145 | -1,531 |
VIII. | Total consolidated gains | 173,120 | 258,843 |
Total consolidated gains attributable to shareholders of the Company | 171,116 | 237,562 | |
Total consolidated gains attributable to minority interests | 2,004 | 21,281 | |
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 2013
Prepared by: Air China Limited
Unit: RMB'000 (Unaudited)
Items | Amounts for the period | Amounts for the corresponding period of the previous year | |
I. | Revenue from operations | 16,011,358 | 16,117,209 |
Less: Operating cost | 13,935,926 | 13,945,805 | |
Business taxes and other levies | 31,336 | 344,035 | |
Selling expenses | 1,292,893 | 1,154,943 | |
Administrative expenses | 378,586 | 389,850 | |
Finance expenses | 302,151 | 223,194 | |
Impairment loss of assets | |||
Add: Gains from changes in fair value (loss is represented by "-"sign) | 1,027 | -1,773 | |
Investment income (loss is represented by "-" sign) | 57,657 | 36,835 | |
Including: Gains arising from investments in associated companies and joint ventures | 57,657 | 36,835 | |
II. | Profit from operations (loss is represented by "-" sign) | 129,150 | 94,444 |
Add: Non-operating income | 113,665 | 187,842 | |
Less: Non-operating expenses | 11,410 | 5,526 | |
Including: Loss arising from disposal of non-current assets | 1,203 | 46 | |
III. | Total profit (total loss is represented by "-" sign) | 231,405 | 276,760 |
Less: Income tax expenses | 34,578 | 54,466 | |
IV. | Net profit (net loss is represented by "-" sign) | 196,827 | 222,294 |
V. | Earnings per share: | ||
(I) Basic | |||
(II) Diluted | |||
VI. | Other consolidated gains | 156 | |
VII. | Total consolidated gains | 196,983 | 222,294 |
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 2013
Prepared by: Air China Limited
Unit: RMB'000 (Unaudited)
Items | Amounts for the period | Amounts for the corresponding period of the previous year | |
I. | Cash flows from operating activities: | ||
Cash received from sales of goods and provision of services | 23,664,318 | 21,620,882 | |
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 | 601,233 | 722,354 | |
Subtotal of cash inflows of operating activities | 24,265,551 | 22,343,236 | |
Cash paid for goods purchased and services received | 14,644,136 | 13,595,271 | |
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 | 3,481,693 | 3,761,819 | |
Tax and levies paid | 750,831 | 1,607,471 | |
Other cash paid relating to operating activities | 1,939,220 | 1,763,052 | |
Subtotal of cash outflows from operating activities | 20,815,880 | 20,727,613 | |
Net cash flows from operating activities | 3,449,671 | 1,615,623 | |
II. | Cash flows from investment activities: | ||
Cash received from sales and redemption of investments | |||
Cash received from investment income | 3,510 | 1,400 | |
Net cash proceeds from disposal of fixed assets, intangible assets and other long-term assets | 27,668 | 179,793 | |
Net cash proceeds from disposal of subsidiaries and other business units | |||
Other cash received relating to investment activities | 71,265 | 109,322 | |
Subtotal of cash inflows from investment activities | 102,443 | 290,515 | |
Cash paid for purchase of fixed assets, intangible assets and other long-term assets | 7,308,229 | 4,166,288 | |
Cash paid for investments | 95,803 | ||
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 | 29,540 | 31,383 | |
Subtotal of cash outflows from investment activities | 7,433,572 | 4,256,146 | |
Net cash flows from investment activities | -7,331,129 | -3,965,631 | |
III. | Cash flows from financing activities: | ||
Cash received from capital injection | 1,046,740 | ||
Including: Cash received from capital injection of minority shareholders in subsidiaries | |||
Cash received from borrowings | 11,183,044 | 7,622,118 | |
Cash received from issue of debentures | |||
Other cash received relating to financing activities | |||
Subtotal of cash inflows from financing activities | 12,229,784 | 7,622,118 | |
Cash paid for repayment of borrowings | 4,640,837 | 8,482,728 | |
Cash paid for distribution of dividends, profits or payment of interest expenses | 603,186 | 623,532 | |
Including: Dividends and profit paid to minority shareholders by subsidiaries | |||
Other cash paid relating to financing activities | 871,405 | 698,790 | |
Subtotal of cash outflows from financing activities | 6,115,428 | 9,805,050 | |
Net cash flows from financing activities | 6,114,356 | -2,182,932 | |
IV. | Effect of exchange rate changes on cash and cash equivalents | 27,018 | -10,391 |
V. | Net increase in cash and cash equivalents | 2,259,916 | -4,543,331 |
Add: Balance of cash and cash equivalents as at the beginning of the period | 11,787,943 | 15,306,409 | |
VI. | Balance of cash and cash equivalents as at the end of the period | 14,047,859 | 10,763,078 |
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 2013
Prepared by: Air China Limited
Unit: RMB'000 (Unaudited)
Items | Amounts for the period | Amounts for the corresponding period of the previous year | |
I. | Cash flows from operating activities: | ||
Cash received from sales of goods and provision of services | 16,358,454 | 15,096,048 | |
Refund of tax and levy | |||
Other cash received relating to operating activities | 422,431 | 431,195 | |
Subtotal of cash inflows from operating activities | 16,780,885 | 15,527,243 | |
Cash paid for goods purchased and services received | 10,514,808 | 8,793,724 | |
Cash paid to and on behalf of employees | 1,795,990 | 2,365,344 | |
Taxes and levies paid | 491,239 | 1,233,877 | |
Other cash paid relating to operating activities | 1,493,737 | 1,289,663 | |
Subtotal of cash outflows from operating activities | 14,295,774 | 13,682,608 | |
Net cash flows from operating activities | 2,485,111 | 1,844,635 | |
II. | Cash flows from investment activities: | ||
Cash received from sales and redemption of investments | 200,000 | ||
Cash received from investment income | 1,452 | 1,400 | |
Net cash proceeds from disposal of fixed assets, intangible assets and other long-term assets | 25,680 | 163,686 | |
Net cash proceeds from disposal of subsidiaries and other business units | |||
Other cash received relating to investment activities | 20,016 | 111,742 | |
Subtotal of cash inflows from investment activities | 47,148 | 476,828 | |
Cash paid for purchase of fixed assets, intangible assets and other long-term assets | 4,035,695 | 2,898,489 | |
Cash paid for investments | |||
Net cash payments for acquisition of subsidiaries and other business units | |||
Other cash paid relating to investment activities | 120,150 | 31,384 | |
Subtotal of cash outflows from investment activities | 4,155,845 | 2,929,873 | |
Net cash flows from investment activities | -4,108,697 | -2,453,045 | |
III. | Cash flows from financing activities: | ||
Cash received from capital injection | 1,046,740 | ||
Cash received from borrowings | 6,171,472 | 5,068,915 | |
Cash received from issue of debentures | |||
Other cash received relating to financing activities | |||
Subtotal of cash inflows from financing activities | 7,218,212 | 5,068,915 | |
Cash paid for repayment of borrowings | 2,521,960 | 7,658,256 | |
Cash paid for distribution of dividends, profits or payment of interest expenses | 343,731 | 439,361 | |
Other cash paid relating to financing activities | 811,770 | 603,158 | |
Subtotal of cash outflows from financing activities | 3,677,461 | 8,700,775 | |
Net cash flows from financing activities | 3,540,751 | -3,631,860 | |
IV. | Effect of exchange rate changes on cash and cash equivalents | 27,225 | -9,170 |
V. | Net increase in cash and cash equivalents | 1,944,390 | -4,249,440 |
Add: Balance of cash and cash equivalents as at the beginning of the period | 3,900,178 | 7,797,123 | |
VI. | Balance of cash and cash equivalents as at the end of the period | 5,844,568 | 3,547,683 |
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, 25 April 2013
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