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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.
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Air China LimitedΒ
(a joint stock limited company incorporated in the People's Republic of China with limited liability)
(Stock Code: 00753)
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FIRST QUARTERLY REPORT 2014
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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.
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The board of directors (the "Board") of Air China Limited (the "Company") hereby announces that a meeting of the Board was held on 29 April 2014 and the Board passed the resolution approving the quarterly report of the Company for the first quarter of 2014 prepared in accordance with the PRC Accounting Standards.
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1. IMPORTANT NOTICE
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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.
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1.2 All of the directors of the Company attended the Board meeting to consider the first quarterly report.
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1.3 The legal representative of the Company Cai Jianjiang
Person in charge of accounting function Fan Cheng
Person in charge of accounting department Xiao Feng
β(accounting superintendent)
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Cai Jianjiang (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 are true, accurate and complete.
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1.4 The financial statements set out in the first quarterly report of the Company are not audited.
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2. MAJOR FINANCIAL DATA OF THE COMPANY AND CHANGES IN SHAREHOLERS
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2.1 Major financial data
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Unit: RMB'000
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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 | 205,636,613 | 205,361,883 | 0.13 |
Net asset attributable to shareholders βof the listed company | 54,421,183 | 54,154,190 | 0.49 |
For the period from the beginning of the year to the end of the reporting period (January to March) | For thecorrespondingperiod of theprevious year (January to March) | Increase/decrease as compared to the corresponding period of the previous year | |
(%) | |||
Net cash flows from operating βactivities | 3,730,780 | 3,449,671 | 8.15 |
For the period from the beginning of the year to the end of the reporting period | For thecorrespondingperiod of theprevious year | Increase/decrease as compared to the corresponding period of the previous year | |
(%) | |||
Revenue | 24,418,843 | 22,719,031 | 7.48 |
Net profit attributable to shareholders βof the listed company | 92,708 | 248,592 | -62.71 |
Net profit attributable to shareholders βof the listed company after deducting βnon-recurring profits and losses | -17,468 | 155,246 | -111.25 |
Weighted average return on βnet assets (%) | 0.17 | 0.49 | Decrease by 0.32 ppt |
Basic earnings per share (RMB) | 0.01 | 0.02 | -50.00 |
Diluted earnings per share (RMB) | N/A | N/A | N/A |
Basic earnings per share after βdeducting non-recurring βprofits and losses (RMB) | -0.001 | 0.013 | -107.69 |
Weighted average return on net assets βafter deducting non-recurring βprofits and losses (%) | -0.03 | 0.30 | Decrease by 0.33 ppt |
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Non-recurring profits and losses:
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Unit: RMB'000
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Items | Amounts for the period (January to March) |
Gains/(losses) from disposal of non-current assets | -282 |
Government grants included in the profits and losses βfor the current period (except for those that are closely βrelated to the Company's normal operating business and βqualified under national policy to continually receive βcertain standard amount and quantities) | 213,850 |
Gain/(loss) from changes in fair value of financial βassets/liabilities held for trading and investment gains βfrom disposal of financial assets/liabilities held βfor trading and available-for-sale financial assets β(except for hedging activities related to the Company's βnormal operating business) | -935 |
Reversal of provision for impairment of receivables which βare individually tested for impairment | 341 |
Other non-operating income and expenses not covered above | 2,527 |
Effect of income tax | -52,562 |
Effect on minority interest (after tax) | -52,763 |
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Total | 110,176 |
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2.2 Total number of shareholders, the top 10 shareholders and the top 10 shareholders not subject to selling restrictions as at the end of the reporting period
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Total number of shareholders | 278,030 (including 4,453 registered H Share shareholders) |
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Particulars of the top 10 shareholders Unit: share | |||||
Name of shareholder | Nature of shareholder | Shareholding percentage | Total number of shares held | Shares held subject to selling restrictions | Number of shares pledged or frozen |
(%) | |||||
China National AviationHolding Company | State | 41.48 | 5,427,546,093 | 192,796,331 | Frozen 127,445,536 |
Cathay Pacific AirwaysLimited | Foreign legal person | 20.13 | 2,633,725,455 | Nil | |
HKSCC NOMINEESLIMITED | Foreign legal person | 12.83 | 1,678,230,075 | Unknown | |
China National Aviation Corporation (Group) Limited | Foreign legal person | 11.89 | 1,556,334,920 | Frozen 36,454,464 | |
China National AviationFuel Group Corporation | State-owned legal person | 0.66 | 86,300,000 | Unknown | |
Sinotrans Air Transportation Development Co., Ltd. | State-owned legal person | 0.58 | 75,800,000 | Unknown | |
New China Life Insurance Company Ltd. - Bonus- Personal Bonus - 018L- FH002 Shanghai | Unknown | 0.52 | 68,378,218 | Unknown | |
Industrial and CommercialBank of China - BaoyingCoastal Area GrowthStock Fund | Unknown | 0.17 | 22,155,420 | Unknown | |
China Merchants SecuritiesCo., Ltd. | Unknown | 0.14 | 18,649,134 | Unknown | |
National Social Securities Fund110 Portfolio | Unknown | 0.10 | 13,508,135 | Unknown | |
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Particulars of the top 10 shareholders not subject to selling restrictions Unit: share | ||
Name of shareholder (full name) | Number of tradableshares held not subjectto selling restrictionsat the end of the period | Class andnumber of shares |
China National Aviation Holding Company | 5,234,749,762 | RMB ordinaryshares 5,234,749,762 |
Cathay Pacific Airways Limited | 2,633,725,455 | Overseas listed foreignshares 2,633,725,455 |
HKSCC NOMINEES LIMITED | 1,678,230,075 | Overseas listed foreignshares 1,678,230,075 |
China National Aviation Corporation(Group) Limited | 1,556,334,920 | RMB ordinaryshares 1,332,482,920 |
Overseas listed foreign shares 223,852,000 | ||
China National Aviation Fuel GroupCorporation | 86,300,000 | RMB ordinaryshares 86,300,000 |
Sinotrans Air Transportation DevelopmentCo., Ltd. | 75,800,000 | RMB ordinaryshares 75,800,000 |
New China Life Insurance Company Ltd.- Bonus - Personal Bonus - 018L- FH002 Shanghai | 68,378,218 | RMB ordinaryshares 68,378,218 |
Industrial and Commercial Bank of China- Baoying Coastal Area Growth Stock Fund | 22,155,420 | RMB ordinaryshares 22,155,420 |
China Merchants Securities Co., Ltd. | 18,649,134 | RMB ordinaryshares 18,649,134 |
National Social Securities Fund110 Portfolio | 13,508,135 | RMB ordinaryshares 13,508,135 |
Explanations on connected relationshipor action in concert among the aboveshareholders | China National Aviation Corporation (Group) Limited is a wholly-owned subsidiary of China National Aviation Holding Company. Accordingly, China National Aviation Holding Company holds, directly and indirectly, 53.37% shares of the Company. | |
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Notes:
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1. HKSCC NOMINEES LIMITED is a subsidiary of The Stock Exchange of Hong Kong Limited and its principal business is to act as nominee for and on behalf of other corporate shareholders or individual shareholders. The 1,678,230,075 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.
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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) (γε’ε §θεΈεΈε ΄θ½ζι¨εεζθ‘ε ε―¦ε ¨εη€ΎζδΏιεΊιε―¦ζ½θΎ¦ζ³γ(貑δΌ[2009]94θ)) 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 Company and China National Aviation Corporation (Group) Limited respectively, the controlling shareholder of the Company, are frozen at present.
3 SIGNIFICANT EVENTS
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3.1 Particulars of, and reasons for, significant changes in major items in the accounting statements and key financial indicators of the Company
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ββApplicable β‘βNot applicable
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The total profit of the Group for the first quarter of 2014 was RMB142 million, representing a decrease of 59.68% as compared to the corresponding period of the previous year; net profit attributable to the parent company was RMB93 million, representing a decrease of 62.71% as compared to the corresponding period of the previous year. The decrease in both total profit of the Group and net profit attributable to the parent company was mainly due to net foreign exchange losses arising from the depreciation of RMB, resulting in a decrease of profit by RMB803 million as compared to the corresponding period of the previous year. During the reporting period, operating profit after deducting foreign exchange gains and losses increased by RMB515 million as compared to the corresponding period of the previous year, mainly due to the combined effects of improved utilization efficiency of transportation capacity, effective cost controls, as well as lower fuel price compared to that of the corresponding period of the previous year.
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Unit: RMB'000
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Items in consolidated balance sheet | As of 31 March 2014 | As of 31 December 2013 | Amount of Change | Percentage | Reasons for Change |
Fixed assets held βfor sale | 632,683 | 994,413 | -361,730 | -36.38% | Decrease in the number of aircrafts held for sale at the end of this reporting period. |
Domestic air traffic βliabilities | 1,104,124 | 1,785,306 | -681,182 | -38.15% | Decrease in outstanding air traffictickets at the end of this reporting period. |
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Items in consolidated income statement | For the period from the beginning of the year to the end of the reporting period (January-March) | For thecorrespondingperiod of theprevious year(January-March) | Amount of Change | Percentage | Reasons for Change |
Business taxes and βother levies | 39,761 | 70,082 | -30,321 | -43.27% | Mainly due to timing differences for the implementation of value-added tax to replace business tax in various regions leading to different taxation policies as compared to the corresponding period of the previous year. |
Finance costs | 1,311,394 | 462,562 | 848,832 | 183.51% | Due to net foreign exchange loss recognized during the reporting period as a result of the appreciation of US$ against RMB, as compared to net foreign exchange gain of the corresponding period of the previous year. |
Investment income | 44,141 | 73,595 | -29,454 | -40.02% | Decrease in gains on investments by our joint ventures and associated companies recognized in this reporting period as compared to the corresponding period of the previous year. |
Non-operating income | 223,708 | 154,491 | 69,217 | 44.80% | Increase in our subsidy income in this reporting period as compared to the same period of last year. |
Income tax expenses | 48,987 | 99,187 | -50,200 | -50.61% | Decrease in income tax due to the decrease in taxable income in this reporting period. |
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Items in consolidated statement of cash flows | For the period from the beginning of the year to the end of the reporting period (January-March) | For thecorrespondingperiod of theprevious year(January-March) | Amount of Change | Percentage | Reasons for Change |
Net cash proceeds from disposal of fixed assets, intangible assets and other long- term assets | 268,674 | 27,668 | 241,006 | 871.06% | Increase 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 | 49,844 | 71,265 | -21,421 | -30.06% | Decrease in term deposits in this reporting period as compared to the corresponding period of the previous year. |
Cash paid for investments | - | 95,803 | -95,803 | -100.00% | Payment of investment amounts based on the schedule of our investments in two enterprises in the corresponding period of the previous year. |
Cash received from capital injection | - | 1,046,740 | -1,046,740 | -100.00% | Non-public issuance by the Company of its ordinary shares (A shares) to the parent company in the corresponding period of the previous year. |
Cash paid for repayment of borrowings | 11,337,256 | 4,640,837 | 6,696,419 | 144.29% | Increase in repayments of mature debts in this reporting period as compared to the corresponding period of the previous year. |
Cash paid for distribution of dividends, profits or payment of interest expenses | 791,374 | 603,186 | 188,188 | 31.20% | Increase in interest paid in this reporting period. |
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3.2 Analysis and explanation on the progress of significant events and their impact and resolutions
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β‘βApplicable ββNot applicable
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3.3 Performance of undertakings given by the Company and the shareholders holding more than 5% of the shares of the Company
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ββApplicable β‘βNot applicable
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Background of undertakings | Type of undertakings | The party making the undertakings | Contents of undertakings | Date and duration of undertakings | Is there performance duration? | Are they timely and strictly performed? |
Undertakings in relation torefinancing | Related party transactions | CNAHC | China National Aviation Holding Company ("CNAHC") made the undertakings in respect of matters relating to deposits and loans business between the Company and China National Aviation Finance Co., Ltd. ("CNAF"), a subsidiary of CNAHC, as follows: Β (1) CNAF is a duly incorporated enterprise group finance company pursuant to the Administrative Measures for Enterprise Groups Finance Companies and other relevant rules and regulations, and sets up sound internal control and financial accounting systems. The operations of CNAF are in compliance with the requirements of the relevant rules and regulations and it is running very well, therefore the Company's deposits placed with and loans from CNAF are definitely secure. In the future, CNAF will continue to operate in strict compliance with the requirements of the relevant rules and regulations; | The undertakings were made on 12 August 2010 | No | Yes |
(2) As the Company is independent from CNAHC in respect of its assets, businesses, personnel, finance and organizations, CNAHC will continue to ensure independence of the Company and fully respect the rights of the Company to determine its own operations. The deposits and loans business activities between the Company and CNAF are decided by the Company in its sole discretion in accordance with the relevant regulatory requirements and actual operating needs, and the internal procedures are to be performed according to the relevant laws and regulations and the articles of association of the Company. CNAHC will not intervene the decisions of the Company; Β (3) According to the Administrative Measures for Enterprise Groups Finance Companies, in the event of crisis involving payment difficulties of CNAF, CNAHC will increase the capital of CNAF to the extent required for resolving such payment difficulties, so as to ensure the security of the Company's deposits placed with CNAF. | ||||||
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Background of undertakings | Type of undertakings | The party making the undertakings | Contents of undertakings | Date and duration of undertakings | Is there performance duration? | Are they timely and strictly performed? |
Undertakings in relation to refinancing | Rselated party transactions | The Company | Under the framework of the financial services agreement signed by the Company and CNAF on 20 November 2012, it is assured that the maximum daily balance of deposits placed by the Company and its holding subsidiaries with CNAF shall be less than the maximum daily balance of loans and other credit services granted by CNAF to the Company and its holding subsidiaries, and the average daily balance of deposits placed by the Company and its holding subsidiaries with CNAF in each accounting year shall be less than the average daily balance of loans and other credit services actually granted by CNAF to the Company and its holding subsidiaries in the relevant year. | The undertakings were made on 17 October 2012 and shall be fulfilled on or before 31 December 2015 | Yes | Yes |
Otherundertakings | Shares sale restriction | CNAHC | On 20 December 2013, CNAHC increased its shareholdings in the Company by 760,000 A shares via the trading system of the Shanghai Stock Exchange, representing 0.01% of the total issued share capital of the Company (the "First Share Acquisition"). CNAHC intends to continue to increase its shareholdings in the Company, either in its own name or through parties acting in concert with it, via the secondary market within 12 months from 20 December 2013 up to an aggregated amount not exceeding 2% of the total issued share capital of the Company (including the increased shareholdings in the First Share Acquisition). CNAHC undertakes that it will not sell any shares it holds in the Company during the period of the implementation of the acquisition plan and within the statutory period. | The undertakings were made on 21 December 2013 and shall be fulfilled on or before 19 June 2015 | Yes | Yes |
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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
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β‘βApplicable ββNot applicable
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Air China Limited
Legal representative: Cai Jianjiang
29 April 2014
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4 APPENDIX
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Consolidated Balance Sheet
31 March 2014
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Prepared by Air China Limited
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Unit: RMB'000
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Items | Balance at the end of the period | Balance at the beginning of the year |
CURRENT ASSETS: | ||
βCash and bank balances | 11,095,064 | 15,507,677 |
βFinancial assets designated at fair value through profit or loss | 11,909 | 11,350 |
βProvisions on payables | ||
βContributions made | ||
βFinancial assets held for trading | ||
βBills receivable | 157 | 131 |
βAccounts receivable | 3,250,330 | 3,100,584 |
βPrepayments | 700,266 | 679,962 |
βPremium receivable | ||
βReceivables on reinsurance | ||
βProvisions for reinsurance contracts | ||
βInterest receivable | ||
βDividend receivable | ||
βOther receivables | 3,192,435 | 2,849,938 |
βPurchase of financial assets resold | ||
βInventories | 1,053,831 | 1,044,617 |
βNon-current assets due within a year | ||
βFixed assets held for sale | 632,683 | 994,413 |
βOther current assets | 1,248,851 | 1,236,939 |
Total current assets | 21,185,526 | 25,425,611 |
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Items | Balance at the end of the period | Balance at the beginning of the year |
NON-CURRENT ASSETS: | ||
βLoans and advances | ||
βAvailable-for-sale financial assets | ||
βHeld-to-maturity investments | ||
βLong term receivables | 482,476 | 451,404 |
βLong term equity investments | 16,161,031 | 15,987,808 |
βInvestment properties | 243,078 | 246,291 |
βFixed assets | 127,331,460 | 123,988,709 |
βConstruction in progress | 32,690,136 | 31,772,505 |
βConstruction materials | ||
βDisposal of fixed assets | ||
βBiological assets for production | ||
βOil and gas assets | ||
βIntangible assets | 2,880,055 | 2,864,299 |
βDevelopment expenses | ||
βGoodwill | 1,102,185 | 1,102,185 |
βLong term deferred expenses | 352,232 | 363,536 |
βDeferred tax assets | 3,208,434 | 3,159,535 |
βOther non-current assets | ||
Total non-current assets | 184,451,087 | 179,936,272 |
Total assets | 205,636,613 | 205,361,883 |
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Items | Balance at the end of the period | Balance at the beginning of the year |
CURRENT LIABILITIES: | ||
βShort-term loans | 20,066,755 | 22,821,013 |
Short-term bonds payable | 700,000 | 700,000 |
βFinancial liabilities designated at fair value through profit or loss | 20,223 | 24,070 |
βBorrowings from central bank | ||
βDeposits from clients and placements from other banks | ||
βContributions received | ||
βFinancial liabilities held for trading | ||
βBills payable | ||
βAccounts payable | 13,065,310 | 11,828,973 |
Domestic air traffic liabilities | 1,104,124 | 1,785,306 |
International air traffic liabilities | 2,724,928 | 2,676,142 |
βReceipts in advance | 170,831 | 133,112 |
βSale of financial assets repurchased | ||
βFees and commissions payable | ||
βSalaries and wages payable | 1,714,073 | 2,239,516 |
βTaxes payable | 527,043 | 711,649 |
βInterest payable | 718,254 | 712,165 |
βDividend payable | ||
βOther payables | 5,216,141 | 5,505,080 |
βAmounts payable on reinsurance | ||
βReserves on insurance contracts | ||
βBrokerage payable | ||
βUnderwriting fees payable | ||
βNon-current liabilities due within a year | 17,398,356 | 20,507,235 |
βOther current liabilities | ||
Total current liabilities | 63,426,038 | 69,644,261 |
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Items | Balance at the end of the period | Balance at the beginning of the year |
NON-CURRENT LIABILITIES: | ||
βLong-term borrowings | 27,628,235 | 23,266,406 |
βDebentures payable | 19,000,000 | 19,000,000 |
βLong-term payables | 3,448,572 | 3,376,552 |
Obligations under finance leases payable | 27,465,419 | 25,972,715 |
βSpecific payables | ||
βEstimated liabilities | 376,601 | 376,601 |
βDeferred income | 3,944,432 | 3,767,948 |
βDeferred income tax liabilities | 2,133,206 | 2,014,407 |
βOther non-current liabilities | ||
Total non-current liabilities | 83,996,465 | 77,774,629 |
Total liabilities | 147,422,503 | 147,418,890 |
OWNER'S EQUITY (OR SHAREHOLDERS' EQUITY): | ||
βIssued capital | 13,084,751 | 13,084,751 |
βCapital reserve | 18,318,568 | 18,318,568 |
βLess: Treasury shares | ||
βSpecific reserves | ||
βSurplus reserves | 5,233,245 | 5,233,245 |
βGeneral risk provisions | ||
βProfit available for appropriation | 21,338,072 | 21,245,364 |
βForeign exchange translation reserve | -3,553,453 | -3,727,738 |
βTotal owner's equity attributable to shareholders of the Company | 54,421,183 | 54,154,190 |
βMinority interests | 3,792,927 | 3,788,803 |
Total owner's equity | 58,214,110 | 57,942,993 |
Total liabilities and owner's equity | 205,636,613 | 205,361,883 |
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Legal representative of the Company: Cai Jianjiang
Person in charge of accounting function: Fan Cheng
Person in charge of accounting department: Xiao Feng
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BALANCE SHEET OF THE PARENT COMPANY
31 March 2014
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Prepared by Air China Limited
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Unit: RMB'000
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Items | Balance at the end of the period | Balance at the beginning of the year |
CURRENT ASSETS: | ||
βCash and bank balances | 2,708,680 | 6,587,506 |
βHeld-for-trading financial assets | ||
βBills receivable | ||
βAccounts receivable | 3,312,710 | 3,432,286 |
βPrepayments | 329,681 | 394,823 |
βInterest receivable | ||
βDividend receivable | ||
βOther receivables | 3,029,677 | 2,841,241 |
βInventories | 642,746 | 619,845 |
βFixed assets held for sale | 262,075 | 577,627 |
βEntrusted loans | 1,020,000 | |
βNon-current assets due within a year | ||
βOther current assets | 1,003,336 | 1,022,022 |
Total current assets | 12,308,905 | 15,475,350 |
NON-CURRENT ASSETS: | ||
βAvailable-for-sale financial assets | ||
βHeld-to-maturity investments | ||
βLong-term receivables | 287,667 | 260,921 |
βLong-term equity investments | 22,734,305 | 22,686,595 |
βInvestment properties | ||
βFixed assets | 93,066,163 | 92,051,664 |
βConstruction in progress | 20,496,744 | 20,292,144 |
βConstruction materials | ||
βDisposal of fixed assets | ||
βBiological assets for production | ||
βOil and gas assets | ||
βIntangible assets | 2,143,086 | 2,121,602 |
βDevelopment expenses | ||
βGoodwill | ||
βLong-term deferred expenses | 122,612 | 127,045 |
βDeferred income tax assets | 2,102,909 | 2,102,909 |
βOther non-current assets | ||
Total non-current assets | 140,953,486 | 139,642,880 |
Total assets | 153,262,391 | 155,118,230 |
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Items | Balance at the end of the period | Balance at the beginning of the year |
CURRENT LIABILITIES: | ||
βShort-term loans | 11,649,133 | 11,681,204 |
βFinancial liabilities designated at fair value through profit or loss | 3,819 | |
βHeld-for-trading financial liabilities | ||
βBills payable | ||
βAccounts payable | 9,194,095 | 8,548,547 |
Domestic air traffic liabilities | 888,264 | 1,297,248 |
International air traffic liabilities | 2,463,422 | 2,402,980 |
βReceipts in advance | 116,084 | 78,145 |
βSalaries and wages payable | 813,362 | 1,192,412 |
βTaxes payable | 215,433 | 368,760 |
βInterest payable | 603,115 | 631,840 |
βDividend payable | ||
βOther payables | 1,578,479 | 1,897,005 |
βNon-current liabilities due within a year | 14,464,510 | 17,661,914 |
βOther current liabilities | ||
Total current liabilities | 41,985,897 | 45,763,874 |
NON-CURRENT LIABILITIES: | ||
βLong-term borrowings | 12,030,515 | 10,937,026 |
βDebentures payable | 19,000,000 | 19,000,000 |
βLong-term payables | 1,656,739 | 1,656,739 |
Obligations under finance leases payable | 24,040,165 | 23,444,512 |
βSpecific payables | ||
βEstimated liabilities | 34,942 | 34,942 |
βDeferred income | 2,757,202 | 2,621,292 |
βDeferred income tax liabilities | 244,745 | 244,745 |
βOther non-current liabilities | ||
Total non-current liabilities | 59,764,308 | 57,939,256 |
Total liabilities | 101,750,205 | 103,703,130 |
OWNER'S EQUITY (OR SHAREHOLDER'S EQUITY): | ||
βIssued capital | 13,084,751 | 13,084,751 |
βCapital reserve | 20,963,029 | 20,963,029 |
βLess: Treasury shares | ||
βSpecific reserves | ||
βSurplus reserves | 5,233,245 | 5,233,245 |
βGeneral risk provisions | ||
βProfit available for appropriation | 12,231,161 | 12,134,075 |
Total owner's equity (or shareholders' equity) | 51,512,186 | 51,415,100 |
βTotal liabilities and owner's equity (or shareholders' equity) | 153,262,391 | 155,118,230 |
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Legal representative of the Company: Cai Jianjiang
Person in charge of accounting function: Fan Cheng
Person in charge of accounting department: Xiao Feng
Consolidated Income Statement
January to March 2014
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Unit: RMB'000
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Items | Amounts for the period | Amounts for the corresponding period of the previous year |
I. Revenue from operations | 24,418,843 | 22,719,031 |
Including: Operating income | 24,418,843 | 22,719,031 |
Interest income | ||
Premium earned | ||
Fees and commission income | ||
II. Total operating costs | 24,537,159 | 22,575,438 |
Including: Operating costs | 20,732,739 | 19,676,482 |
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 | 39,761 | 70,082 |
Selling expenses | 1,721,119 | 1,643,964 |
Administrative expenses | 732,407 | 722,258 |
Finance expenses | 1,311,394 | 462,562 |
Impairment loss of assets | -261 | 90 |
Add: Gains from changes in fair value β(loss is represented by "-" sign) | -204 | -4,011 |
Investment income (loss is represented βby "-" sign) | 44,141 | 73,595 |
Including: Gains arising from investments inβ associated companies andβ joint ventures | 43,786 | 73,682 |
Exchange gains (loss is represented by "-" sign) | ||
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Items | Amounts for the period | Amounts for the corresponding period of the previous year |
III. Profit from operations (loss is represented βby "-" sign) | -74,379 | 213,177 |
Add: Non-operating income | 223,708 | 154,491 |
Less: Non-operating expenses | 7,613 | 16,216 |
Including: Loss arising from disposal ofβ non-current assets | 480 | 1,859 |
IV. Total profit (total loss is represented βby "-" sign) | 141,716 | 351,452 |
Less: Income tax expenses | 48,987 | 99,187 |
V. Net profit (net loss is represented by "-" sign) | 92,729 | 252,265 |
Net profits attributable to shareholders of βthe Company | 92,708 | 248,592 |
Gains or losses attributable to minority interests | 21 | 3,673 |
VI. Earnings per share: | ||
(I) Basic | 0.01 | 0.02 |
(II) Diluted | N/A | N/A |
VII. Other consolidated gains | 178,388 | -79,145 |
VIII. Total consolidated gains | 271,117 | 173,120 |
Total consolidated gains attributable to βshareholders of the Company | 266,993 | 171,116 |
Total consolidated gains attributable to βminority interests | 4,124 | 2,004 |
Β
Legal representative of the Company: Cai Jianjiang
Person in charge of accounting function: Fan Cheng
Person in charge of accounting department: Xiao Feng
Β
Income Statement of the Parent Company
January to March 2014
Β
Unit: RMB'000
Β
Items | Amounts for the period | Amounts for the corresponding period of the previous year |
I. Revenue from operations | 17,066,804 | 16,011,358 |
Less: Operating cost | 14,389,650 | 13,935,926 |
Business taxes and other levies | 22,109 | 31,336 |
Selling expenses | 1,307,449 | 1,292,893 |
Administrative expenses | 376,729 | 378,586 |
Finance expenses | 971,036 | 302,151 |
Impairment loss of assets | ||
Add: Gains from changes in fair value β(loss is represented by "-"sign) | 0 | 1,027 |
Investment income (loss is represented βby "-" sign) | 47,710 | 57,657 |
Including: Gains arising from investmentsβ in associated companies and jointβ ventures | 47,710 | 57,657 |
II. Profit from operations (loss is represented βby "-" sign) | 47,541 | 129,150 |
Add: Non-operating income | 62,767 | 113,665 |
Less: Non-operating expenses | 6,357 | 11,410 |
Including: Loss arising from disposal ofβnon-current assets | 77 | 1,203 |
III. Total profit (total loss is represented by "-" sign) | 103,951 | 231,405 |
Less: Income tax expenses | 6,865 | 34,578 |
IV. Net profit (net loss is represented by "-" sign) | 97,086 | 196,827 |
V. Earnings per share: | ||
(I) Basic | ||
(II) Diluted | ||
VI. Other consolidated gains | 156 | |
VII. Total consolidated gains | 97,086 | 196,983 |
Β
Legal representative of the Company: Cai Jianjiang
Person in charge of accounting function: Fan Cheng
Person in charge of accounting department: Xiao Feng
Β
Consolidated Cash Flow Statement
January to March 2014
Β
Unit: RMB'000
Β
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 βprovision of services | 25,117,741 | 23,664,318 |
Net increase in deposits from clients and βplacements from other banks | ||
Net increase in borrowings from central bank | ||
Net increase in contributions made to βother financial institutions | ||
Cash received from premiums of original βinsurance contracts | ||
Net cash receipt from reinsurance operations | ||
Net increase in reserve of the insured and investment | ||
Net increase in disposal of held-for-trading βfinancial 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 | 726,794 | 601,233 |
Subtotal of cash inflows of operating activities | 25,844,535 | 24,265,551 |
Cash paid for goods purchased and services received | 16,038,164 | 14,644,136 |
Net increase in loans and advances to clients | ||
Net increase in deposits in central bank and βto other banks | ||
Cash paid in respect of claims under original βinsurance contracts | ||
Cash paid for interests, fees and commission | ||
Cash paid for bonus paid on insurance policy | ||
Cash paid to or on behalf of employees | 3,735,003 | 3,481,693 |
Tax and levies paid | 571,584 | 750,831 |
Other cash paid relating to operating activities | 1,769,004 | 1,939,220 |
βSubtotal of cash outflows from operating activities | 22,113,755 | 20,815,880 |
Net cash flows from operating activities | 3,730,780 | 3,449,671 |
Β
Items | Amounts for the period | Amounts for the corresponding period of the previous year |
II. Cash flows from investment activities: | ||
Cash received from sales and redemption of investments | ||
Cash received from investment income | 3,510 | |
Net cash proceeds from disposal of fixed assets, βintangible assets and other long-term assets | 268,674 | 27,668 |
Net cash proceeds from disposal of subsidiaries and βother business units | ||
Other cash received relating to investment activities | 49,844 | 71,265 |
βSubtotal of cash inflows from investment activities | 318,518 | 102,443 |
Cash paid for purchase of fixed assets, intangible βassets and other long-term assets | 4,845,716 | 7,308,229 |
Cash paid for investments | 95,803 | |
Net increase in secured loans | 4,543 | 0 |
Net cash payments for acquisition of subsidiaries and βother business units | ||
Other cash paid relating to investment activities | 6,071 | 29,540 |
βSubtotal of cash outflows from investment activities | 4,856,330 | 7,433,572 |
Net cash flows from investment activities | -4,537,812 | -7,331,129 |
III. Cash flows from financing activities: | ||
Cash received from capital injection | 1,046,740 | |
Including: Cash received from capital injection of βminority shareholders in subsidiaries | ||
Cash received from borrowings | 9,403,891 | 11,183,044 |
Cash received from issue of debentures | ||
Other cash received relating to financing activities | ||
βSubtotal of cash inflows from financing activities | 9,403,891 | 12,229,784 |
Cash paid for repayment of borrowings | 11,337,256 | 4,640,837 |
Cash paid for distribution of dividends,βprofits or payment of interest expenses | 791,374 | 603,186 |
Including: Dividends and profit paid to minority βshareholders by subsidiaries | ||
Other cash paid relating to financing activities | 935,247 | 871,405 |
βSubtotal of cash outflows from financing activities | 13,063,877 | 6,115,428 |
Net cash flows from financing activities | -3,659,986 | 6,114,356 |
Β
Items | Amounts for the period | Amounts for the corresponding period of the previous year |
IV. Effect of exchange rate changes on cash and βcash equivalents | 49,862 | 27,018 |
V. Net increase in cash and cash equivalents | -4,417,156 | 2,259,916 |
Add: Balance of cash and cash equivalents as βat the beginning of the period | 14,761,830 | 11,787,943 |
VI. Balance of cash and cash equivalents as at βthe end of the period | 10,344,674 | 14,047,859 |
Β
Β
Legal representative of the Company: Cai Jianjiang
Person in charge of accounting function: Fan Cheng
Person in charge of accounting department: Xiao Feng
Β
Cash Flow Statement of the Parent Company
January to March 2014
Β
Unit: RMB'000
Β
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 βprovision of services | 17,753,637 | 16,358,454 |
Refund of tax and levy | ||
Other cash received relating to operating activities | 433,294 | 422,431 |
βSubtotal of cash inflows from operating activities | 18,186,931 | 16,780,885 |
Cash paid for goods purchased and services received | 10,796,400 | 10,514,808 |
Cash paid to and on behalf of employees | 1,982,487 | 1,795,990 |
Taxes and levies paid | 227,049 | 491,239 |
Other cash paid relating to operating activities | 1,816,505 | 1,493,737 |
βSubtotal of cash outflows from operating activities | 14,822,441 | 14,295,774 |
Net cash flows from operating activities | 3,364,490 | 2,485,111 |
II. Cash flows from investment activities: | ||
Cash received from sales and redemption of investments | ||
Cash received from investment income | 1,452 | |
Net cash proceeds from disposal of fixed assets, βintangible assets and other long-term assets | 267,848 | 25,680 |
Net cash proceeds from disposal of subsidiaries and βother business units | ||
Other cash received relating to investment activities | 46,213 | 20,016 |
βSubtotal of cash inflows from investment activities | 314,061 | 47,148 |
Cash paid for purchase of fixed assets, intangible assets βand other long-term assets | 2,948,777 | 4,035,695 |
Cash paid for investments | ||
Net cash payments for acquisition of subsidiaries and βother business units | ||
Cash paid for entrusted loans | 1,020,000 | |
Other cash paid relating to investment activities | 3,819 | 120,150 |
βSubtotal of cash outflows from investment activities | 3,972,596 | 4,155,845 |
Net cash flows from investment activities | -3,658,535 | -4,108,697 |
Β
Items | Amounts for the period | Amounts for the corresponding period of the previous year |
III. Cash flows from financing activities: | ||
Cash received from capital injection | 1,046,740 | |
Cash received from borrowings | 3,402,694 | 6,171,472 |
Cash received from issue of debentures | ||
Other cash received relating to financing activities | ||
βSubtotal of cash inflows from financing activities | 3,402,694 | 7,218,212 |
Cash paid for repayment of borrowings | 5,659,422 | 2,521,960 |
Cash paid for distribution of dividends, profits or βpayment of interest expenses | 605,154 | 343,731 |
Other cash paid relating to financing activities | 727,815 | 811,770 |
βSubtotal of cash outflows from financing activities | 6,992,391 | 3,677,461 |
Net cash flows from financing activities | -3,589,697 | 3,540,751 |
IV. Effect of exchange rate changes on cash and βcash equivalents | 4,915 | 27,225 |
V. Net increase in cash and cash equivalents | -3,878,827 | 1,944,390 |
Add: Balance of cash and cash equivalents as βat the beginning of the period | 5,924,189 | 3,900,178 |
VI. Balance of cash and cash equivalents as at the end βof the period | 2,045,362 | 5,844,568 |
Β
Legal representative of the Company: Cai Jianjiang
Person in charge of accounting function: Fan Cheng
Person in charge of accounting department: Xiao Feng
Β
By order of the Board
Air China Limited
Rao XinyuβTam Shuit Mui
Joint Company Secretaries
Β
Beijing, the PRC, 29 April 2014
Β
As at the date of this announcement, the directors of the Company are Mr. Cai Jianjiang, Ms. Wang Yinxiang, Mr. Cao Jianxiong, Mr. Sun Yude, Mr. Ian Sai Cheung Shiu, Mr. Fan Cheng, Mr. Fu Yang*, Mr. Yang Yuzhong*, Mr. Pan Xiaojiang* and Mr. Simon To Chi Keung*.
Β
*βIndependent non-executive Director of the Company
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