Last checked at 26 Apr 2019 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.
中國國際航空股份有限公司
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 2019
This announcement is made pursuant to Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and Rule 13.09 and 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") held a meeting of the Board on 25 April 2019 and passed the resolution approving the first quarterly report 2019 of the Company for the first quarter ended 31 March 2019 (the "Reporting Period" or "Period") prepared in accordance with the PRC Accounting Standards for Business Enterprises.
1. IMPORTANT NOTICE
1.1 The Board and the supervisory committee of the Company together with the directors, supervisors and the senior management of the Company guarantee that the contents of the quarterly report are true, accurate and complete and do not contain any false representation, misleading statement or material omission, and shall jointly and severally accept legal liability.
1.2 Particulars of absent directors
Name of absent director | Position of absent director | Reason(s) for absence |
Name of proxy |
|
|
|
|
John Robert Slosar | Director | Business engagement | Cai Jianjiang |
Stanley Hui Hon-chung | Independent Director | Business engagement | Liu Deheng |
1.3 Mr. Cai Jianjiang (legal representative and the Chairman of the Board of the Company), Mr. Xiao Feng (person in charge of accounting function and the Chief Accountant), and Mr. Zhan Zhong (person in charge of accounting department (accounting superintendent) and the general manager of finance department) hereby guarantee that the financial statements set out in this quarterly report are true, accurate and complete.
1.4 The first quarterly report of the Company is unaudited.
2. BASIC INFORMATION OF THE COMPANY
2.1 Major financial data
Unit: RMB'000
|
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 | 281,178,118 | 243,716,006 | 15.37 |
Net asset attributable to shareholders of the listed company |
89,876,726 |
93,216,239 |
-3.58 |
|
|
|
|
| For the period from the beginning of the year to the end of the Reporting Period |
For the corresponding period of the previous year |
Increase/ decrease as compared to the corresponding period of the previous year |
|
|
| (%) |
|
|
|
|
Net cash flows from operating activities | 5,935,389 | 7,237,628 | -17.99 |
|
|
|
|
| For the period from the beginning of the year to the end of the Reporting Period |
For the corresponding period of the previous year |
Increase/ decrease as compared to the corresponding period of the previous year |
|
|
| (%) |
|
|
|
|
Revenue | 32,554,019 | 31,606,754 | 3.00 |
Net profit attributable to shareholders of the listed company |
2,722,816 |
2,628,202 |
3.60 |
Net profit attributable to shareholders of the listed company after deducting non-recurring profits and losses |
2,650,507 |
2,600,253 |
1.93 |
Weighted average return on net assets (%) | 3.07 | 3.01 | Increased by 0.06 ppt |
Basic earnings per share (RMB per share) | 0.20 | 0.19 | 3.60 |
Diluted earnings per share (RMB per share) | N/A | N/A | N/A |
Non-recurring profits and losses
|X| Applicable | | Not applicable
Unit: RMB'000
Items | Amounts for the Period |
|
|
Gains or losses on disposal of non-current assets | -1,542 |
Government subsidies recorded in the income statement for the current period (excluding those closely related to the Company's normal business and continuously entitled to in fixed amounts or quotas in accordance with the requirements of the state policy) |
32,228 |
Gains or losses from changes in fair value of financial assets/liabilities held for trading and derivative financial assets/liabilities and investment gains from disposal of financial assets/liabilities held for trading and derivative financial assets/liabilities and other debt investments (except for hedging activities related to the Company's normal operating business) |
441 |
Reversal of provision for impairment of receivables and contract asset which are individually tested for impairment |
12,700 |
Other non-operating income and expenses not covered above | 106,645 |
Effect of non-controlling shareholders' interests (after taxation) | -41,375 |
Effect of income tax | -36,788 |
|
|
Total | 72,309 |
|
|
2.2 Total number of shareholders, the top 10 shareholders and the top 10 holders of tradable shares (or shares not subject to selling restrictions) as at the end of the Reporting Period
Unit: share
Total number of shareholders | 140,457 | |||||
Particulars of the top 10 shareholders | ||||||
Name of shareholder (full name) |
Number of shares held as at the end of the Period |
Shareholding percentage | Number of shares held subject to selling restrictions |
Shares pledged or frozen |
Nature of shareholder | |
Status | Number | |||||
|
|
|
|
|
|
|
China National Aviation Holding Corporation Limited | 5,952,236,697 | 40.98 | 513,478,818 | Frozen | 127,445,536 | State-owned legal person |
Cathay Pacific Airways Limited | 2,633,725,455 | 18.13 | 0 | Nil | 0 | Foreign legal person |
HKSCC NOMINEES LIMITED | 1,687,836,428 | 11.62 | 0 | Unknown | 0 | Foreign legal person |
China National Aviation Corporation (Group) Limited | 1,556,334,920 | 10.72 | 0 | Frozen | 36,454,464 | Foreign legal person |
China National Aviation Fuel Group Corporation | 468,485,702 | 3.23 | 0 | Nil | 0 | State-owned legal person |
China Securities Finance Corporation Limited | 311,302,365 | 2.14 | 0 | Nil | 0 | State-owned legal person |
Zhongyuan Equity Investment Management Co., Ltd. | 128,369,705 | 0.88 | 0 | Unknown | 128,369,705 | State-owned legal person |
China Structural Reform Fund Co., Ltd. | 106,869,159 | 0.74 | 0 | Nil | 0 | State-owned legal person |
Hong Kong Securities Clearing Company Ltd. | 69,406,658 | 0.48 | 0 | Nil | 0 | Foreign legal person |
China Merchants Bank Co., Ltd. - Bosera CSI Central-SOEs' Structural Reform ETF | 33,312,200 | 0.23 | 0 | Nil | 0 | Others |
Particulars of the top 10 shareholders not subject to selling restrictions | |||
Name of shareholder | Number of tradable shares held not subject to selling restrictions |
Class and number of shares | |
Class | Number | ||
|
|
|
|
China National Aviation Holding Corporation Limited | 5,438,757,879 | RMB ordinary shares | 5,438,757,879 |
Cathay Pacific Airways Limited | 2,633,725,455 | Overseas listed foreign shares | 2,633,725,455 |
HKSCC NOMINEES LIMITED | 1,687,836,428 | Overseas listed foreign shares | 1,687,836,428 |
China National Aviation Corporation (Group) Limited | 1,556,334,920 | RMB ordinary shares | 1,332,482,920 |
|
| Overseas listed foreign shares | 223,852,000 |
China National Aviation Fuel Group Corporation | 468,485,702 | RMB ordinary shares | 468,485,702 |
China Securities Finance Corporation Limited | 311,302,365 | RMB ordinary shares | 311,302,365 |
Zhongyuan Equity Investment Management Co., Ltd. | 128,369,705 | RMB ordinary shares | 128,369,705 |
China Structural Reform Fund Co., Ltd. | 106,869,159 | RMB ordinary shares | 106,869,159 |
Hong Kong Securities Clearing Company Ltd. | 69,406,658 | RMB ordinary shares | 69,406,658 |
China Merchants Bank Co., Ltd. - Bosera CSI Central- SOEs' Structural Reform ETF | 33,312,200 | RMB ordinary shares | 33,312,200 |
Explanation on connected relationship or action in concert among the above shareholders | China National Aviation Corporation (Group) Limited is a wholly- owned subsidiary of China National Aviation Holding Corporation Limited. Accordingly, China National Aviation Holding Corporation Limited is directly and indirectly interested in 51.70% of the shares of the Company. | ||
Explanation of holders of preference shares with restored voting rights and number of shares held | Nil | ||
1. 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 1,687,836,428 H shares held by it in the Company do not include the 166,852,000 shares held by it as nominee of China National Aviation Corporation (Group) Limited.
2. According to the "Implementation Measures on Partial Transfer of State-owned Shares to
the National Social Security Fund in the Domestic Securities Market" (Cai Qi [2009] No. 94)
(《境內證券市場轉持部分國有股充實全國社會保障基金實施辦法》(財企[2009]94號))
and the Notice ([2009] No. 63) jointly issued by the Ministry of Finance, the State-owned Assets Supervision and Administration Commission of the State Council, China Securities Regulatory Commission and the National Council for Social Security Fund, 127,445,536 shares and 36,454,464 shares held by China National Aviation Holding Corporation Limited, the controlling shareholder of the Company, and China National Aviation Corporation (Group) Limited respectively are frozen at present.
2.3 Total number of holders of preference shares, the top 10 holders of preference shares and the shareholdings of the top 10 holders of preference shares not subject to selling restrictions as at the end of the Reporting Period
| | Applicable |X| Not applicable
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
|X| Applicable | | Not applicable
In the first quarter of 2019, the Group achieved positive operating result by optimizing production organizations, increasing operating efficiency, refining yield control and maintaining strict cost control, and recorded revenue of RMB32,554 million, total profit of RMB4,085 million and net profits attributable to shareholders of the Company of RMB2,723 million. Net profits attributable to shareholders of the Company increased by RMB95 million as compared to the corresponding period of the previous year for which the scope of consolidation of the Group included Air China Cargo Co., Ltd.
3.1.1 Changes in important accounting policies
According to the Notice on the Amendment to the Accounting Standard for Business Enterprises No.21-Leases (Cai Kuai [2018] No.35) (the "New Lease Standard"), the Group adopted the New Lease Standard from 1 January 2019 and made adjustment to amount of relevant items in the financial statements as at 1 January 2019, while the data related to comparable period were not adjusted. For impact of adoption of the New Lease Standard by the Group at 1 January 2019, please refer to appendix 4.2.
The abovementioned impact of changes in accounting policies was made by the Group in accordance with the relevant regulations which had been issued by the Ministry of Finance as of the date of this report. If the Ministry of Finance issues new guidelines, interpretations, reporting requirements and new tax regulatory guidelines related to the New Lease Standard, the Group will review the accuracy of the above disclosures on changes in accounting policies, which may lead to inconsistency between the disclosure of the abovementioned impact of changes in accounting policies and the corresponding data of the first quarterly financial statements of 2019.
3.1.2 Description and reasons for changes of major financial statements items
In addition to the impact of implementing the New Lease Standard as set out in appendix 4.2, description and reasons for changes of other financial statements items were as follows:
Unit: RMB'000
Items in consolidated income statement | The first quarter of 2019 | The first quarter of 2018 | Percentage of Change (%) |
Reasons for Change |
|
|
|
|
|
Finance expenses | -112,936 | -997,160 | 88.67 | Mainly due to the increase in interest expenses as a result of adopting the New Lease Standard during the Period and the period-to-period decrease of net exchange gain. |
|
|
|
|
|
Investment income | 309,911 | 133,484 | 132.17 | Mainly due to the increase in the net profit of the Group's associates as compared to the corresponding period of the previous year. |
|
|
|
|
|
Other income | 704,118 | 503,353 | 39.89 | Mainly due to the increase in the income from cooperative routes during the Period. |
Items in consolidated cash flow statement | The first quarter of 2019 | The first quarter of 2018 | Percentage of Change (%) |
Reasons for Change |
|
|
|
|
|
Net cash proceeds from disposal of fixed assets, intangible assets and other long-term assets | 36,739 | 190,982 | -80.76 | Mainly due to the decrease in aircraft disposals completed during the Period as compared to the corresponding period of the previous year. |
|
|
|
|
|
Cash paid for purchase and construction of fixed assets, intangible assets and other long-term assets | 1,559,059 | 4,266,407 | -63.46 | Mainly due to the decrease in the cash payment of advances and remaining balances for aircraft during the Period as compared to the corresponding period of the previous year. |
|
|
|
|
|
Cash received from borrowings | 786,183 | 8,991,154 | -91.26 | Due to the period-to-period decrease in new debt during the Period. |
|
|
|
|
|
Cash received from issue of debentures | 5,700,000 | 500,000 | 1,040.00 | Due to the increase in short-term commerical papers and mid- to long-term bonds issued during the Reporting Period as compared to the corresponding period of the previous year. |
|
|
|
|
|
Cash paid for repayment of borrowings | 5,311,612 | 9,556,697 | -44.42 | Due to the period-to-period decrease in repayment of debt during the Period. |
|
|
|
|
|
Cash paid for repayment of debentures | 1,400,000 | 600,000 | 133.33 | Due to the period-to-period increase in repayment of debentures during the Period. |
|
|
|
|
|
Cash paid for distribution of dividends, profits or payment of interest expenses | 1,303,106 | 857,545 | 51.96 | Mainly due to the impact of adopting the New Lease Standard during the Period. |
|
|
|
|
|
Other cash paid relating to financing activities | 3,519,190 | 1,452,860 | 142.22 | Mainly due to the impact of adopting the New Lease Standard during the Period. |
3.2 Analysis and explanation on the progress of significant events and their impact and resolutions
| | Applicable |X| Not applicable
3.3 Undertakings that were failed to fulfill as scheduled during the Reporting Period
| | Applicable |X| Not applicable
3.4 Warnings and explanations with regard to forecast of a probable loss in respect of the accumulative net profits from the beginning of the year to the end of the next reporting period or any significant changes as compared with that of the corresponding period of previous year
| | Applicable |X| Not applicable
Company name |
| Air China Limited |
Legal representative |
| Mr. Cai Jianjiang |
Date |
| 25 April 2019 |
|
|
|
4. APPENDICES
4.1 Financial Statements CONSOLIDATED BALANCE SHEET
31 March 2019
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items |
31 March 2019 | 31 December 2018 |
|
|
|
CURRENT ASSETS: |
|
|
Cash and bank | 6,727,921 | 7,807,572 |
Provisions on payables |
|
|
Contributions made |
|
|
Financial asset held for trading |
|
|
Financial assets at FVTPL |
|
|
Derivative financial assets |
|
|
Bills and accounts receivable | 6,388,983 | 5,374,375 |
Including: Bills receivable | 631 | 403 |
Accounts receivable | 6,388,352 | 5,373,972 |
Prepayments | 837,105 | 1,188,879 |
Premium receivable |
|
|
Receivables on reinsurance |
|
|
Provisions for reinsurance contracts |
|
|
Other receivables | 2,377,506 | 3,031,157 |
Items |
31 March 2019 | 31 December 2018 |
|
|
|
Including: Interest receivable |
|
|
Dividend receivable |
|
|
Purchase of financial assets resold |
|
|
Inventories | 2,103,356 | 1,877,494 |
Contract asset |
|
|
Held-for-sale assets |
|
|
Non-current assets due within a year |
|
|
Other current assets | 4,524,181 | 4,446,630 |
Total current assets | 22,959,052 | 23,726,107 |
NON-CURRENT ASSETS: |
|
|
Loans and advances |
|
|
Investments in debt instruments |
|
|
AFS financial assets |
|
|
Other investments in debt instruments | 1,164,656 | 1,040,419 |
Held-to-maturity investments |
|
|
Long-term receivables | 1,140,188 | 1,142,235 |
Long-term equity investments | 15,276,604 | 16,540,888 |
Investment in other equity instruments | 257,857 | 270,114 |
Other non-current financial assets |
|
|
Investment properties | 169,113 | 170,942 |
Fixed assets | 81,360,907 | 160,402,819 |
Construction in progress | 31,654,195 | 32,179,581 |
Biological assets for production |
|
|
Oil and gas assets |
|
|
Right-of-use assets | 117,444,408 |
|
Intangible assets | 3,722,359 | 3,759,144 |
Development expenses |
|
|
Goodwill | 1,102,185 | 1,102,185 |
Long-term deferred expenses | 493,134 | 606,105 |
Deferred tax assets | 4,433,460 | 2,775,467 |
Other non-current assets |
|
|
Total non-current assets | 258,219,066 | 219,989,899 |
Total assets | 281,178,118 | 243,716,006 |
CURRENT LIABILITIES: |
|
|
Short-term loans | 14,350,714 | 17,561,546 |
Borrowings from central bank |
|
|
Contributions received |
|
|
Financial liabilities held for trading |
|
|
Financial liabilities at fair value through profit or loss |
|
|
Items |
31 March 2019 | 31 December 2018 |
|
|
|
Derivative financial liabilities |
|
|
Short-term bonds payable | 6,760,505 | 3,467,482 |
Bills and accounts payable | 17,700,209 | 16,174,121 |
Domestic air traffic liabilities | 2,065,846 | 3,238,429 |
International air traffic liabilities | 5,548,081 | 5,647,845 |
Receipts in advance |
|
|
Sale of financial assets repurchased |
|
|
Deposits from clients and placements from other banks |
|
|
Brokerage payable |
|
|
Underwriting fees payable |
|
|
Employee compensations payable | 2,239,009 | 2,806,901 |
Taxes payable | 1,498,603 | 1,428,926 |
Other payables | 6,240,445 | 7,162,819 |
Including: Interest payable |
|
|
Dividend payable |
|
|
Fees and commissions payable |
|
|
Amounts payable on reinsurance |
|
|
Contract liabilities | 1,146,407 | 1,301,518 |
Held-for-sale liabilities |
|
|
Non-current liabilities due within a year | 17,785,251 | 13,441,489 |
Other current liabilities |
|
|
Total current liabilities | 75,335,070 | 72,231,076 |
NON-CURRENT LIABILITIES: |
|
|
Reserves on insurance contracts |
|
|
Long-term loans | 2,021,038 | 3,185,481 |
Debentures payable | 13,450,304 | 12,400,000 |
Including: Preference shares |
|
|
Perpetual bonds |
|
|
Lease liabilities | 81,507,285 |
|
Long-term payables | 3,971,478 | 4,208,771 |
Items |
31 March 2019 | 31 December 2018 |
|
|
|
Obligations under finance leases |
| 45,848,095 |
Defined benefit obligations | 266,262 | 263,862 |
Accrued liabilities | 2,847,843 | 431,705 |
Deferred income | 492,197 | 647,973 |
Deferred tax liabilities | 901,317 | 879,372 |
Other non-current liabilities | 3,191,400 | 3,062,739 |
Total non-current liabilities | 108,649,124 | 70,927,998 |
Total liabilities | 183,984,194 | 143,159,074 |
|
|
|
OWNERS' EQUITY(OR SHAREHOLDERS' EQUITY): |
|
|
Registered capital (or issued capital) | 14,524,815 | 14,524,815 |
Other equity instruments |
|
|
Including: Preference shares |
|
|
Perpetual bonds |
|
|
Capital reserve | 26,270,841 | 26,270,841 |
Less: Treasury shares |
|
|
Other comprehensive income | -1,427,788 | -962,968 |
Including: exchange difference on translation of financial statements in foreign currency |
-2,171,880 |
-1,705,555 |
Surplus reserves | 9,953,163 | 10,409,470 |
General risk provisions | 93,188 | 93,188 |
Retained earnings | 40,462,507 | 42,880,893 |
Total owners' equity(or shareholders' equity) attributable to equity shareholders of the Company |
89,876,726 |
93,216,239 |
Non-controlling interests | 7,317,198 | 7,340,693 |
Total owners' equity(or shareholders' equity) | 97,193,924 | 100,556,932 |
Total liabilities and owners' equity (or shareholders' equity) |
281,178,118 |
243,716,006 |
Legal representative: Mr. Cai Jianjiang
Person in charge of accounting function: Mr. Xiao Feng Person in charge of accounting department: Mr. Zhan Zhong
BALANCE SHEET OF THE COMPANY
31 March 2019
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Item | 31 March 2019 | 31 December 2018 |
|
|
|
Current assets: |
|
|
Cash and bank | 5,874,121 | 7,179,671 |
Financial asset held for trading |
|
|
Financial assets at fair value through profit or loss |
|
|
Derivative financial assets |
|
|
Bills and accounts receivable | 5,255,582 | 4,399,059 |
Including: Bills receivable |
|
|
Accounts receivable | 5,255,582 | 4,399,059 |
Prepayments | 411,498 | 787,964 |
Other receivables | 1,846,337 | 1,612,383 |
Including: Interest receivable |
|
|
Dividend receivable |
|
|
Inventories | 90,555 | 90,329 |
Contract asset |
|
|
Held-for-sale assets |
|
|
Non-current assets due within a year |
|
|
Other current assets | 1,870,645 | 1,986,693 |
Total current assets | 15,348,738 | 16,056,099 |
|
|
|
Item | 31 March 2019 | 31 December 2018 |
|
|
|
NON-CURRENT ASSETS: |
|
|
Investments in debt instruments |
|
|
AFS financial assets |
|
|
Other investments in debt instruments |
|
|
Held-to-maturity investments |
|
|
Long-term receivables | 1,035,258 | 477,016 |
Long-term equity investments | 23,904,128 | 24,707,500 |
Investment in other equity instruments | 22,783 | 22,783 |
Other non-current financial assets |
|
|
Investment properties |
|
|
Fixed assets | 56,313,200 | 114,433,435 |
Construction in progress | 20,672,777 | 21,300,211 |
Biological assets for production |
|
|
Oil and gas assets |
|
|
Right-of-use assets | 84,531,099 |
|
Intangible assets | 2,658,748 | 2,687,038 |
Development expenses |
|
|
Goodwill |
|
|
Long-term deferred expenses | 281,519 | 294,316 |
Deferred tax assets | 3,658,901 | 2,340,262 |
Other non-current assets |
|
|
Total non-current assets | 193,078,413 | 166,262,561 |
Total assets | 208,427,151 | 182,318,660 |
CURRENT LIABILITIES: |
|
|
Short-term loans | 6,685,162 | 7,988,814 |
Financial liabilities held for trading |
|
|
Financial liabilities at fair value through profit or loss |
|
|
Derivative financial liabilities |
|
|
Bills and accounts payable | 13,823,397 | 12,793,179 |
Domestic air traffic liabilities | 1,616,494 | 2,297,562 |
International air traffic liabilities | 5,083,726 | 5,111,873 |
Receipts in advance |
|
|
Contract liabilities | 542,834 | 767,900 |
Item | 31 March 2019 | 31 December 2018 |
|
|
|
Employee compensations payable | 747,045 | 1,166,450 |
Taxes payable | 971,589 | 1,112,465 |
Other payables | 8,004,214 | 8,310,250 |
Including: Interest payable |
|
|
Dividend payable |
|
|
Held-for-sale liabilities |
|
|
Non-current liabilities due within a year | 13,956,094 | 10,432,216 |
Other current liabilities |
|
|
Total current liabilities | 51,430,555 | 49,980,709 |
|
|
|
NON-CURRENT LIABILITIES: |
|
|
Long-term loans | 1,194,539 | 1,523,388 |
Debentures payable | 10,500,000 | 10,500,000 |
Including: Preference shares |
|
|
Perpetual bonds |
|
|
Lease liabilities | 56,683,580 |
|
Long-term payables | 1,924,804 | 2,175,079 |
Accrued liabilities | 1,859,802 | 88,705 |
Obligations under finance leases |
| 30,729,202 |
Deferred income | 363,906 | 371,494 |
Deferred tax liabilities |
|
|
Other non-current liabilities | 2,888,409 | 2,654,793 |
Total non-current liabilities | 75,415,040 | 48,042,661 |
Total liabilities | 126,845,595 | 98,023,370 |
OWNERS' EQUITY(OR SHAREHOLDERS' EQUITY): |
|
|
Registered capital(or Issued capital) | 14,524,815 | 14,524,815 |
Other equity instruments |
|
|
Including: Preference shares |
|
|
Perpetual bonds |
|
|
Capital reserve | 30,618,680 | 30,618,680 |
Less: Treasury shares |
|
|
Other comprehensive income | 206,238 | 206,238 |
Surplus reserves | 9,916,057 | 10,372,364 |
Retained earnings | 26,315,766 | 28,573,193 |
Total owners' equity (or shareholders' equity) | 81,581,556 | 84,295,290 |
Total liabilities and owners' equity (or shareholders' equity) |
208,427,151 |
182,318,660 |
Legal representative: Mr. Cai Jianjiang
Person in charge of accounting function: Mr. Xiao Feng Person in charge of accounting department: Mr. Zhan Zhong
CONSOLIDATED INCOME STATEMENT
January to March 2019
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items | First quarter of 2019 | First quarter of 2018 |
|
|
|
I. Total revenue from operations | 32,554,019 | 31,606,754 |
Including: Operating income | 32,554,019 | 31,606,754 |
Interest income |
|
|
Premium earned |
|
|
Fees and commission income |
|
|
|
|
|
II. Total operating cost | 29,587,953 | 28,230,239 |
Including: Operating costs | 26,936,042 | 26,595,757 |
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 |
|
|
Taxes and other levies | 47,161 | 34,984 |
Selling expenses | 1,655,505 | 1,498,159 |
General and administrative expenses | 1,052,924 | 1,078,410 |
Research and development expenditures |
22,086 |
20,672 |
Finance expenses | -112,936 | -997,160 |
Including: Interest expense | 1,200,965 | 657,222 |
Interest income | 28,702 | 20,113 |
Impairment loss of assets |
| -583 |
Impairment losses in respect of credit |
-12,829 |
|
Add: Other income | 704,118 | 503,353 |
Investment income (loss is represented by "-" sign) |
309,911 |
133,484 |
Including: Share of profits or losses of associates and joint ventures |
297,353 |
124,259 |
Exchange gains (loss is represented by "-" sign) |
|
|
Gains from net exposure to hedging (loss is represented by "-" sign) |
|
|
Gains from changes in fair value (loss is represented by "-" sign) |
|
4,364 |
Items | First quarter of 2019 | First quarter of 2018 |
|
|
|
Gains from disposal of assets (loss is represented by "-" sign) |
-7 |
-568 |
|
|
|
III. Profit from operations (loss is represented by "-" sign) |
3,980,088 |
4,017,148 |
Add: Non-operating income | 114,880 | 13,358 |
Less: Non-operating expenses | 9,730 | 6,219 |
|
|
|
IV. Total profit (total loss is represented by "-" sign) | 4,085,238 | 4,024,287 |
Less: Income tax expenses | 848,053 | 846,567 |
|
|
|
V. Net profit (net loss is represented by "-" sign) | 3,237,185 | 3,177,720 |
(I) Classified by continuity of operations |
|
|
1. Net profit from continuing operations (net loss is represented by "-" sign) |
3,237,185 |
3,177,720 |
2. Net profit from discontinued operation (net loss is represented by "-" sign) |
|
|
(II) Classified by ownership of equity |
|
|
1. Net profits attributable to shareholders of the Company (net loss is represented by "-" sign) |
2,722,816 |
2,628,202 |
2. Net profits attributable to non-controlling interests (net loss is represented by "-" sign) |
514,369 |
549,518 |
|
|
|
VI. Other comprehensive income after taxation | -472,019 | -903,232 |
Other comprehensive income after taxation attributable to shareholders of the Company |
-462,981 |
-868,818 |
(I) Other comprehensive income that cannot be subsequently reclassified to profit or loss |
2,961 |
|
1. Changes arising on remeasurement of defined benefit plans |
|
|
2. Other comprehensive income accounted for using the equity method that cannot be reclassified to profit or loss |
|
|
3. Change in fair value of investments in other equity instruments |
2,961 |
|
Items | First quarter of 2019 | First quarter of 2018 |
|
|
|
4. Change in fair value of own credit risk |
|
|
(II) Other comprehensive income that will be reclassified to profit or loss |
-465,942 |
-868,818 |
1. Other comprehensive income accounted for using the equity method that may be reclassified to profit or loss |
|
|
2. Change in fair value of other debt investments |
383 |
|
3. Fair value gain or loss of available-for- sale financial assets |
|
-10,491 |
4. Amount of financial assets reclassified into other comprehensive income |
|
|
5. Gains or losses arising from reclassification of held-to-maturity investments to available-for-sale financial assets |
|
|
6. Credit impairment reserve for other debt investment |
|
|
7. Reserve for cash flow hedging (Effective portion of profit or loss on cash flow hedge) |
|
|
8. Exchange difference on translation of financial statements in foreign currency |
-466,325 |
-858,327 |
9. Others |
|
|
Other comprehensive income after taxation attributable to non-controlling interests |
-9,038 |
-34,414 |
VII. Total comprehensive income | 2,765,166 | 2,274,488 |
Total comprehensive income attributable to shareholders of the Company |
2,259,835 |
1,759,384 |
Total comprehensive income attributable to non- controlling interests |
505,331 |
515,104 |
VIII. Earnings per share: |
|
|
(I) Basic earnings per share (RMB per share) | 0.20 | 0.19 |
(II) Diluted earnings per share (RMB per share) | N/A | N/A |
Legal representative: Mr. Cai Jianjiang
Person in charge of accounting function: Mr. Xiao Feng Person in charge of accounting department: Mr. Zhan Zhong
INCOME STATEMENT OF THE COMPANY
January to March 2019
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items | First quarter of 2019 | First quarter of 2018 |
|
|
|
I. Revenue from operations | 22,202,958 | 21,061,803 |
Less: Operating costs | 18,631,830 | 17,862,405 |
Taxes and other levies | 18,237 | 2,492 |
Selling expenses | 1,171,404 | 1,125,788 |
General and administrative expenses | 435,612 | 396,071 |
R&D expenses | 15,357 | 13,216 |
Finance expenses | -16,660 | -448,853 |
Including: Interest expenses | 865,872 | 442,266 |
Interest income | 39,676 | 10,816 |
Impairment loss of assets |
|
|
Impairment loss of credit |
|
|
Add: Other income | 417,276 | 312,229 |
Investment income (loss is represented by "-" sign) | 45,000 | 195,798 |
Including: Share of profits or losses of associates and joint ventures |
44,441 |
189,972 |
Gains from net exposure to hedging (loss is represented by "-" sign) |
|
|
Gains from changes in fair value (loss is represented by "-" sign) |
|
|
Income from disposal of assets (loss is represented by "-" sign) |
|
|
|
|
|
II. Profit from operations (loss is represented by "-" sign) | 2,409,454 | 2,618,711 |
Add: Non-operating income | 1,446 | 2,169 |
Less: Non-operating expenses | 6,173 | 4,246 |
|
|
|
III. Total profit (total loss is represented by "-" sign) | 2,404,727 | 2,616,634 |
Less: Income Taxation | 555,390 | 570,956 |
|
|
|
IV. Net profit (net loss is represented by "-" sign) | 1,849,337 | 2,045,678 |
(I) Net profit from continuing operations (net loss is represented by "-" sign) |
1,849,337 |
2,045,678 |
(II) Net profit from discontinued operations (net loss is represented by "-" sign) |
|
|
|
|
|
Items | First quarter of 2019 | First quarter of 2018 |
|
|
|
V. Other comprehensive income after taxation, net |
|
|
(I) Other comprehensive income that cannot be subsequently reclassified to profit or loss |
|
|
1. Change arising from re-measurement of defined benefit plans |
|
|
2. Other comprehensive income accounted for using the equity method that cannot be reclassified to profit or loss |
|
|
3. Changes in fair value of investment in other equity instruments |
|
|
4. Changes in fair value of enterprise's own credit risk |
|
|
(II) Other comprehensive income that will be reclassified to profit or loss |
|
|
1. Other comprehensive income accounted for using the equity method that can be reclassified to profit or loss |
|
|
2. Change in fair value of other debt investments |
|
|
3. Gains or losses from changes in fair value of available-for-sale financial assets |
|
|
4. Amount of financial assets reclassified into other comprehensive income |
|
|
5. Gains or losses from reclassification of held-to-maturity investments to available-for-sale financial assets |
|
|
6. Provision for credit impairment of other debt investments |
|
|
7. Cash flows hedging reserve (effective portion of gains or losses from cash flows hedging) |
|
|
8. Exchange difference on translation of financial statements in foreign currency |
|
|
9. Others |
|
|
|
|
|
VI. Total comprehensive income | 1,849,337 | 2,045,678 |
|
|
|
VII. Earnings per share: |
|
|
(I) Basic earnings per share (RMB per share) |
|
|
(II) Diluted earnings per share (RMB per share) |
|
|
Legal representative: Mr. Cai Jianjiang
Person in charge of accounting function: Mr. Xiao Feng Person in charge of accounting department: Mr. Zhan Zhong
CONSOLIDATED CASH FLOW STATEMENT
January to March 2019
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items | First quarter of 2019 | First quarter of 2018 |
|
|
|
I. Cash flows from operating activities: |
|
|
Cash received from sales of goods and provision of services | 31,766,329 | 32,612,171 |
Net increase in deposits from clients and placements from other banks |
|
|
Net increase in borrowings from central bank |
|
|
Net increase in borrowings from 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 |
|
|
Cash received from interest, fees and commission |
|
|
Net increase in contributions received |
|
|
Net increase in cash from repurchase operations |
|
|
Net cash receipt from securities trading as agent |
|
|
Refund of taxes and levies | 9,016 | 52,298 |
Other cash received relating to operating activities | 1,546,956 | 2,073,744 |
Subtotal of cash inflows of operating activities | 33,322,301 | 34,738,213 |
Cash paid for goods purchased and services received | 16,579,439 | 17,045,091 |
Net increase in loans and advances to clients |
|
|
Net increase in deposits in central bank and other banks |
|
|
Cash paid in respect of claims under original insurance contracts |
|
|
Net increase of held-for-trading financial assets |
|
|
Net increase in contributions made |
|
|
Cash paid for interest, fees and commissions |
|
|
Cash paid for bonus paid on insurance policy |
|
|
Cash paid to or on behalf of employees | 6,662,886 | 6,098,999 |
Taxes and levies paid | 1,685,285 | 1,977,075 |
Other cash paid relating to operating activities | 2,459,302 | 2,379,420 |
Subtotal of cash outflows from operating activities | 27,386,912 | 27,500,585 |
Net cash flows from operating activities | 5,935,389 | 7,237,628 |
Items | First quarter of 2019 | First quarter of 2018 |
|
|
|
II. Cash flows from investing activities: |
|
|
Cash received from sale and redemption of investments |
| 43,720 |
Recovery of the secured bank deposits | 3,042 | 2,114 |
Cash received from investment income | 559 | 8,825 |
Net cash proceeds from disposal of fixed assets, intangible assets and other long-term assets |
36,739 |
190,982 |
Net cash proceeds from disposal of subsidiaries and other business units |
|
|
Other cash received relating to investing activities | 36,941 | 42,027 |
Subtotal of cash inflows from investing activities | 77,281 | 287,668 |
Cash paid for purchase and construction of fixed assets, intangible assets and other long-term assets |
1,559,059 |
4,266,407 |
Cash paid for investments | 119,476 |
|
Net increase in secured loans |
|
|
Net cash payments for acquisition of subsidiaries and other business units |
|
|
Other cash paid relating to investing activities | 150 | 3,620 |
Subtotal of cash outflows from investing activities | 1,678,685 | 4,270,027 |
Net cash flows from investing activities | -1,601,404 | -3,982,359 |
|
|
|
III. Cash flows from financing activities: |
|
|
Cash received from capital injection |
|
|
Including: Cash received from capital injection of minority shareholders in subsidiaries |
|
|
Cash received from borrowings | 786,183 | 8,991,154 |
Cash received from issue of debentures | 5,700,000 | 500,000 |
Other cash received relating to financing activities |
|
|
Subtotal of cash inflows from financing activities | 6,486,183 | 9,491,154 |
Cash paid for repayment of borrowings | 5,311,612 | 9,556,697 |
Cash paid for repayment of debentures | 1,400,000 | 600,000 |
Cash paid for distribution of dividends, profits or payment of interest expenses |
1,303,106 |
857,545 |
Including: Dividends and profits paid to minority shareholders by subsidiaries |
|
4,900 |
Other cash paid relating to financing activities | 3,519,190 | 1,452,860 |
Subtotal of cash outflows from financing activities | 11,533,908 | 12,467,102 |
Net cash flows from financing activities | -5,047,725 | -2,975,948 |
|
|
|
Items | First quarter of 2019 | First quarter of 2018 |
|
|
|
IV. Effect of exchange rate changes on cash and cash equivalents |
-63,831 |
-65,147 |
|
|
|
V. Net increase in cash and cash equivalents | -777,571 | 214,174 |
Add: Balance of cash and cash equivalents as at the beginning of the period |
6,763,183 |
5,562,907 |
|
|
|
VI. Balance of cash and cash equivalents as at the end of the period |
5,985,612 |
5,777,081 |
Legal representative: Mr. Cai Jianjiang
Person in charge of accounting function: Mr. Xiao Feng Person in charge of accounting department: Mr. Zhan Zhong
CASH FLOW STATEMENT OF THE COMPANY
January to March 2019
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items | First quarter of 2019 | First quarter of 2018 |
|
|
|
I. Cash flows from operating activities: |
|
|
Cash received from sales of goods and provision of services | 21,226,675 | 21,296,041 |
Refund of taxes and levies |
|
|
Other cash received relating to operating activities | 872,089 | 871,437 |
Subtotal of cash inflows of operating activities | 22,098,764 | 22,167,478 |
Cash paid for goods purchased and services received | 12,174,483 | 11,351,029 |
Cash paid to or on behalf of employees | 3,234,234 | 2,701,246 |
Taxes and levies paid | 1,203,083 | 1,101,422 |
Other cash paid relating to operating activities | 1,398,544 | 1,409,773 |
Subtotal of cash outflows from operating activities | 18,010,344 | 16,563,470 |
Net cash flows from operating activities | 4,088,420 | 5,604,008 |
|
|
|
II. Cash flows from investing activities: |
|
|
Cash received from sale and redemption of investments |
|
|
Cash received from investment income | 559 | 5,826 |
Net cash proceeds from disposal of fixed assets, intangible assets and other long-term assets |
364,970 |
456,996 |
Net cash proceeds from disposal of subsidiaries and other business units |
|
|
Other cash received relating to investing activities | 39,676 | 13,563 |
Subtotal of cash inflows from investing activities | 405,205 | 476,385 |
Cash paid for purchase and construction of fixed assets, intangible assets and other long-term assets |
661,770 |
4,078,474 |
Items | First quarter of 2019 | First quarter of 2018 |
|
|
|
Cash paid for investments |
|
|
Net cash payments for acquisition of subsidiaries and other business units |
|
|
Other cash paid relating to investing activities |
|
|
Subtotal of cash outflows from investing activities | 661,770 | 4,078,474 |
Net cash flows from investing activities | -256,565 | -3,602,089 |
|
|
|
III. Cash flows from financing activities: |
|
|
Cash received from capital injection |
|
|
Cash received from borrowings |
| 6,797,791 |
Other cash received relating to financing activities |
|
|
Subtotal of cash inflows from financing activities |
| 6,797,791 |
Cash paid for repayment of borrowings | 1,630,169 | 6,688,145 |
Cash paid for distribution of dividends, profits or payment of interest expenses |
956,538 |
580,362 |
Other cash paid relating to financing activities | 2,505,318 | 1,104,422 |
Subtotal of cash outflows from financing activities | 5,092,025 | 8,372,929 |
Net cash flows from financing activities | -5,092,025 | -1,575,138 |
|
|
|
IV. Effect of exchange rate changes on cash and cash equivalents |
-45,380 |
-22,722 |
|
|
|
V. Net increase in cash and cash equivalents | -1,305,550 | 404,059 |
Add: Balance of cash and cash equivalents as at the beginning of the period |
7,149,360 |
3,172,520 |
|
|
|
VI. Balance of cash and cash equivalents as at the end of the period |
5,843,810 |
3,576,579 |
Legal representative: Mr. Cai Jianjiang
Person in charge of accounting function: Mr. Xiao Feng Person in charge of accounting department: Mr. Zhan Zhong
4.2 Particulars in relation to adjustments made to relevant items of the financial statements as at the beginning of the year of the initial adoption of New Financial Instruments Standard, New Revenue Standard and New Lease Standard
|X| Applicable | | Not applicable
CONSOLIDATED BALANCE SHEET
Unit: RMB'000
Items | 31 December 2018 | 1 January 2019 |
Adjustment |
|
|
|
|
CURRENT ASSETS: |
|
|
|
Cash and bank | 7,807,572 | 7,807,572 |
|
Provisions on payables |
|
|
|
Contributions made |
|
|
|
Financial assets held-for-trading |
|
|
|
Financial assets at fair value through profit or loss |
|
|
|
Derivative financial assets |
|
|
|
Bills receivable and accounts receivable | 5,374,375 | 5,374,375 |
|
Including: Bills receivable | 403 | 403 |
|
Accounts receivable | 5,373,972 | 5,373,972 |
|
Prepayments | 1,188,879 | 629,299 | -559,580 |
Premium receivable |
|
|
|
Receivables on reinsurance |
|
|
|
Provisions for reinsurance contracts |
|
|
|
Other receivables | 3,031,157 | 3,031,157 |
|
Including: Interest receivable |
|
|
|
Dividend receivable |
|
|
|
Purchase of financial assets resold |
|
|
|
Inventories | 1,877,494 | 1,877,494 |
|
Contract assets |
|
|
|
Held-for-sale assets |
|
|
|
Non-current assets due within a year |
|
|
|
Other current assets | 4,446,630 | 4,446,630 |
|
Total current assets | 23,726,107 | 23,166,527 | -559,580 |
|
|
|
|
Items | 31 December 2018 | 1 January 2019 |
Adjustment |
|
|
|
|
NON-CURRENT ASSETS: |
|
|
|
Loans and advances |
|
|
|
Debt investments |
|
|
|
Available-for-sale financial assets |
|
|
|
Other debt investments | 1,040,419 | 1,040,419 |
|
Held-to-maturity investments |
|
|
|
Long-term receivables | 1,142,235 | 1,142,235 |
|
Long-term equity investments | 16,540,888 | 15,326,770 | -1,214,118 |
Investments in other equity instruments | 270,114 | 270,114 |
|
Other non-current financial assets |
|
|
|
Investment properties | 170,942 | 170,942 |
|
Fixed assets | 160,402,819 | 82,823,933 | -77,578,886 |
Construction in progress | 32,179,581 | 32,179,581 |
|
Biological assets for production |
|
|
|
Oil and gas assets |
|
|
|
Right-of-use assets |
| 114,571,573 | 114,571,573 |
Intangible assets | 3,759,144 | 3,759,144 |
|
Development expenses |
|
|
|
Goodwill | 1,102,185 | 1,102,185 |
|
Long-term deferred expenses | 606,105 | 512,111 | -93,994 |
Deferred tax assets | 2,775,467 | 4,328,860 | 1,553,393 |
Other non-current assets |
|
|
|
Total non-current assets | 219,989,899 | 257,227,867 | 37,237,968 |
Total assets | 243,716,006 | 280,394,394 | 36,678,388 |
|
|
|
|
Items | 31 December 2018 | 1 January 2019 |
Adjustment |
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
Short-term loans | 17,561,546 | 17,561,546 |
|
Borrowings from central bank |
|
|
|
Contributions received |
|
|
|
Short-term bonds payable | 3,467,482 | 3,467,482 |
|
Domestic air traffic liabilities | 3,238,429 | 3,238,429 |
|
International air traffic liabilities | 5,647,845 | 5,647,845 |
|
Financial liabilities held-for-trading |
|
|
|
Financial liabilities at fair value through profit or loss |
|
|
|
Derivative financial liabilities |
|
|
|
Bills payable and accounts payable | 16,174,121 | 16,174,121 |
|
Receipts in advance |
|
|
|
Sale of financial assets repurchased |
|
|
|
Deposits from clients and placements from other banks |
|
|
|
Brokerage payable |
|
|
|
Underwriting fees payable |
|
|
|
Employee compensations payable | 2,806,901 | 2,806,901 |
|
Taxes payable | 1,428,926 | 1,428,926 |
|
Other payables | 7,162,819 | 7,162,819 |
|
Including: Interest payable |
|
|
|
Dividend payable |
|
|
|
Fees and commissions payable |
|
|
|
Amounts payable on reinsurance |
|
|
|
Contract liabilities | 1,301,518 | 1,301,518 |
|
Held-for-sale liabilities |
|
|
|
Non-current liabilities due within a year | 13,441,489 | 18,540,816 | 5,099,327 |
Other current liabilities |
|
|
|
Total current liabilities | 72,231,076 | 77,330,403 | 5,099,327 |
|
|
|
|
Items | 31 December 2018 | 1 January 2019 |
Adjustment |
|
|
|
|
NON-CURRENT LIABILITIES: |
|
|
|
Reserves on insurance contracts |
|
|
|
Long-term loans | 3,185,481 | 3,185,481 |
|
Debentures payable | 12,400,000 | 12,400,000 |
|
Including: Preference shares |
|
|
|
Perpetual bonds |
|
|
|
Lease liabilities |
| 81,324,048 | 81,324,048 |
Long-term payables | 4,208,771 | 4,208,771 |
|
Obligations under finance leases | 45,848,095 |
| -45,848,095 |
Defined benefit obligations | 263,862 | 263,862 |
|
Accrued liabilities | 431,705 | 2,809,503 | 2,377,798 |
Deferred income | 647,973 | 501,457 | -146,516 |
Deferred tax liabilities | 879,372 | 879,372 |
|
Other non-current liabilities | 3,062,739 | 3,062,739 |
|
Total non-current liabilities | 70,927,998 | 108,635,233 | 37,707,235 |
Total liabilities | 143,159,074 | 185,965,636 | 42,806,562 |
|
|
|
|
OWNERS' EQUITY (OR SHAREHOLDERS' EQUITY): |
|
|
|
Paid-up capital (or share capital) | 14,524,815 | 14,524,815 |
|
Other equity instruments |
|
|
|
Including: Preference shares |
|
|
|
Perpetual bonds |
|
|
|
Capital reserve | 26,270,841 | 26,270,841 |
|
Less: Treasury shares |
|
|
|
Other comprehensive income | -962,968 | -962,968 |
|
Surplus reserves | 10,409,470 | 9,953,163 | -456,307 |
General risk provisions | 93,188 | 93,188 |
|
Retained earnings | 42,880,893 | 37,737,852 | -5,143,041 |
Total owners' equity attributable to equity shareholders of the Company |
93,216,239 |
87,616,891 |
-5,599,348 |
Non-controlling interests | 7,340,693 | 6,811,867 | -528,826 |
Total owners' equity (or shareholders' equity) | 100,556,932 | 94,428,758 | -6,128,174 |
Total liabilities and owners' equity (or shareholders' equity) |
243,716,006 |
280,394,394 |
36,678,388 |
Description of the adjustment of each item:
|X| Applicable | | Not applicable
The above adjustments represent the impact of adopting the New Lease Standard.
BALANCE SHEET OF THE COMPANY
Unit: RMB'000
Items | 31 December 2018 | 1 January 2019 |
Adjustment |
|
|
|
|
CURRENT ASSETS: |
|
|
|
Cash and bank | 7,179,671 | 7,179,671 |
|
Financial assets held-for-trading |
|
|
|
Financial assets at fair value through profit or loss |
|
|
|
Derivative financial assets |
|
|
|
Bills receivable and accounts receivable | 4,399,059 | 4,399,059 |
|
Including: Bills receivable |
|
|
|
Accounts receivable | 4,399,059 | 4,399,059 |
|
Prepayments | 787,964 | 405,974 | -381,990 |
Other receivables | 1,612,383 | 1,612,383 |
|
Including: Interest receivable |
|
|
|
Dividend receivable |
|
|
|
Inventories | 90,329 | 90,329 |
|
Contract assets |
|
|
|
Held-for-sale assets |
|
|
|
Non-current assets due within a year |
|
|
|
Other current assets | 1,986,693 | 1,986,693 |
|
Total current assets | 16,056,099 | 15,674,109 | -381,990 |
|
|
|
|
Items | 31 December 2018 | 1 January 2019 |
Adjustment |
|
|
|
|
NON-CURRENT ASSETS: |
|
|
|
Debt investments |
|
|
|
Available-for-sale financial assets |
|
|
|
Other debt investments |
|
|
|
Held-to-maturity investments |
|
|
|
Long-term receivables | 477,016 | 1,056,981 | 579,965 |
Long-term equity investments | 24,707,500 | 23,859,687 | -847,813 |
Investments in other equity instruments | 22,783 | 22,783 |
|
Other non-current financial assets |
|
|
|
Investment properties |
|
|
|
Fixed assets | 114,433,435 | 57,617,243 | -56,816,192 |
Construction in progress | 21,300,211 | 21,300,211 |
|
Biological assets for production |
|
|
|
Oil and gas assets |
|
|
|
Right-of-use assets |
| 82,395,207 | 82,395,207 |
Intangible assets | 2,687,038 | 2,687,038 |
|
Development expenses |
|
|
|
Goodwill |
|
|
|
Long-term deferred expenses | 294,316 | 294,316 |
|
Deferred tax assets | 2,340,262 | 3,578,681 | 1,238,419 |
Other non-current assets |
|
|
|
Total non-current assets | 166,262,561 | 192,812,147 | 26,549,586 |
Total assets | 182,318,660 | 208,486,256 | 26,167,596 |
|
|
|
|
Items | 31 December 2018 | 1 January 2019 |
Adjustment |
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
Short-term loans | 7,988,814 | 7,988,814 |
|
Financial liabilities held-for-trading |
|
|
|
Financial liabilities at fair value through profit or loss |
|
|
|
Derivative financial liabilities |
|
|
|
Bills payable and accounts payable | 12,793,179 | 12,793,179 |
|
Domestic air traffic liabilities | 2,297,562 | 2,297,562 |
|
International air traffic liabilities | 5,111,873 | 5,111,873 |
|
Receipts in advance |
|
|
|
Contract liabilities | 767,900 | 757,736 | -10,164 |
Employee compensations payable | 1,166,450 | 1,166,450 |
|
Taxes payable | 1,112,465 | 1,112,465 |
|
Other payables | 8,310,250 | 8,310,250 |
|
Including: Interest payable |
|
|
|
Dividend payable |
|
|
|
Held-for-sale liabilities |
|
|
|
Non-current liabilities due within a year | 10,432,216 | 14,032,513 | 3,600,297 |
Other current liabilities |
|
|
|
Total current liabilities | 49,980,709 | 53,570,842 | 3,590,133 |
|
|
|
|
NON-CURRENT LIABILITIES: |
|
|
|
Long-term loans | 1,523,388 | 1,523,388 |
|
Debentures payable | 10,500,000 | 10,500,000 |
|
Including: Preference shares |
|
|
|
Perpetual bonds |
|
|
|
Lease liabilities |
| 56,136,927 | 56,136,927 |
Long-term payables | 2,175,079 | 2,175,079 |
|
Obligations under finance leases | 30,729,202 |
| -30,729,202 |
Accrued liabilities | 88,705 | 1,821,514 | 1,732,809 |
Deferred income | 371,494 | 371,494 |
|
Deferred tax liabilities |
|
|
|
Other non-current liabilities | 2,654,793 | 2,654,793 |
|
Total non-current liabilities | 48,042,661 | 75,183,195 | 27,140,534 |
Total liabilities | 98,023,370 | 128,754,037 | 30,730,667 |
|
|
|
|
Items | 31 December 2018 | 1 January 2019 |
Adjustment |
|
|
|
|
OWNERS' EQUITY (OR SHAREHOLDERS' EQUITY): |
|
|
|
Paid-up capital (or share capital) | 14,524,815 | 14,524,815 |
|
Other equity instruments |
|
|
|
Including: Preference shares |
|
|
|
Perpetual bonds |
|
|
|
Capital reserve | 30,618,680 | 30,618,680 |
|
Less: Treasury shares |
|
|
|
Other comprehensive income | 206,238 | 206,238 |
|
Surplus reserves | 10,372,364 | 9,916,057 | -456,307 |
Retained earnings | 28,573,193 | 24,466,429 | -4,106,764 |
Total owners' equity (or shareholders' equity) | 84,295,290 | 79,732,219 | -4,563,071 |
Total liabilities and owners' equity (or shareholders' equity) |
182,318,660 |
208,486,256 |
26,167,596 |
Description of the adjustment of each item:
|X| Applicable | | Not applicable
The above adjustments represent the impact of adopting the New Lease Standard.
4.3 Description of the retrospective adjustment to the comparable figures for the previous period due to the initial adoption of the New Financial Instruments Standard and the New Lease Standard
| | Applicable |X| Not applicable
4.4 Auditor's Report
| | Applicable |X| Not applicable
By Order of the Board
Air China Limited
Joint Company Secretaries
Zhou Feng Tam Shuit Mui
Beijing, the PRC, 25 April 2019
As at the date of this announcement, the directors of the Company are Mr. Cai Jianjiang, Mr. Song Zhiyong, Mr. Xue Yasong, Mr. John Robert Slosar, Mr. Wang Xiaokang*, Mr. Liu Deheng*, Mr. Stanley Hui Hon-chung* and Mr. Li Dajin*.
* Independent non-executive director of the Company