27th Apr 2012 08:00
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
AIR CHINA LIMITED
(a joint stock limited company incorporated in the People's Republic of China with limited liability)
(Stock Code: 00753)
FIRST QUARTERLY REPORT 2012
This announcement is made pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on the Stock Exchange of Hong Kong Limited.
The board of directors (the "Board") of Air China Limited (the "Company") hereby announces that a meeting of the Board was held on 26 April 2012 and the Board, among others, passed the resolution approving the quarterly report for the first quarter of 2012 prepared in accordance with the PRC Accounting Standards.
1. IMPORTANT NOTICE
1.1 The Board, the supervisory committee, as well as the directors, supervisors and senior management of the Company hereby warrant that there are no false representations, misleading statements or material omissions in this report, and jointly and severally accept full responsibility for the truthfulness, accuracy and completeness of the contents of this quarterly report.
1.2 Directors absent from the board meeting are required to be disclosed separately.
Name of absent directors | Position of absent directors | Reason(s) for absence | Name of proxy |
Sun Yude | Director | business engagement | Wang Changshun |
Christopher Dale Pratt | Director | business engagement | Ian Sai Cheung Shiu |
Fu Yang | Independent director | business engagement | Li Shuang |
Han Fangming | Independent director | business engagement | Yang Yuzhong |
1.3 This first quarterly financial report of the Company is unaudited.
1.4 | The legal representative of the Company | Wang Changshun |
Person in charge of accounting function | Fan Cheng | |
Person in charge of accounting department (accounting superintendent) | Xiao Feng |
Wang Changshun (legal representative of the Company), Fan Cheng (person in charge of accounting function), and Xiao Feng (person in charge of accounting department (accounting superintendent)) hereby jointly declare that the financial statements set out in this quarterly report is true and complete.
2. BASIC INFORMATION OF THE COMPANY
2.1 Major accounting data and financial ratios
At the end of the reporting period | At the end of the previous year | Increase/ decrease at the end of the reporting period as compared to the end of the previous year | |
(%) | |||
Total assets (RMB'000) | 172,406,090.00 | 173,323,568.00 | -0.53 |
Owner's equity (or shareholders' equity) (RMB'000) | 46,975,580.00 | 46,738,018.00 | 0.50 |
Net asset per share attributable to shareholders of the listed company (RMB) | 3.87 | 3.84 | 0.78 |
From the beginning of the year to the end of the reporting period | Increase/ decrease over the corresponding period in the previous year | |
(%) | ||
Net cash flows from operating activities (RMB'000) | 1,615,623.00 | -54.69 |
Net cash flows from operating activities per share (RMB) | 0.13 | -55.17 |
Reporting period | From the beginning of the year to the end of the reporting period | Increase/ decrease in this reporting period as compared to the corresponding period in the previous year | |
(%) | |||
Net profit attributable to shareholders of the listed company (RMB'000) | 239,071.00 | 239,071.00 | -85.70 |
Basic earnings per share (RMB) | 0.02 | 0.02 | -85.71 |
Basic earnings per share after deducting non-recurring profits and losses (RMB) | 0.01 | 0.01 | -92.31 |
Diluted earnings per share (RMB) | N/A | N/A | N/A |
Weighted average return on net assets (%) | 0.51 | 0.51 | decreased by 3.43 ppt |
Weighted average return on net assets after deducting non-recurring profits and losses (%) | 0.17 | 0.17 | decreased by 3.48 ppt |
After deducting non-recurring profits and losses:
(RMB'000)
Items | Amount |
Gains/(losses) from disposal of non-current assets | 387 |
Government grants included in the profits and losses for the current period (except for those that are closely related to the Company's normal operating business and qualified under national policy to receive certain standard amount and quantities) | 229,436 |
Gain/(loss) from changes in fair value of financial assets/liabilities held for trading and investment gains from disposal of financial assets/liabilities held for trading and available-for-sale financial assets (except for hedging activities related to the Company's normal operating business) | 450 |
Other non-operating income and expenses not covered above | 9,286 |
Effect of income tax | -59,877 |
Effect on minority interest (after tax) | -18,090 |
| |
Total | 161,592 |
|
2.2 Total number of shareholders and the top 10 shareholders not subject to selling restrictions as at the end of the reporting period
Total number of shareholders as at the end of the reporting period | 313,313 (including 4,666 registered H Share shareholders) |
Particulars of the top 10 shareholders not subject to selling restrictions
Name of shareholder (full name) | Number of listed shares not subject to selling restrictions held as at the end of the reporting period | Class of Shares |
China National Aviation Holding Company | 5,024,630,207 | RMB ordinary shares |
Cathay Pacific Airways Limited | 2,517,385,455 | Overseas listed foreign shares |
HKSCC Nominees Limited | 1,793,473,579 | Overseas listed foreign shares |
China National Aviation Corporation (Group) Limited | 1,332,482,920 | RMB ordinary shares |
China National Aviation Corporation (Group) Limited | 223,852,000 | Overseas listed foreign shares |
China National Aviation Fuel Group Corporation | 86,300,000 | RMB ordinary shares |
Sinotrans Air Transportation Development Co., Ltd. | 75,800,000 | RMB ordinary shares |
China Life Insurance Company Limited - Bonus- Personal Bonus - 005L - FH002 Shanghai | 72,995,570 | RMB ordinary shares |
New China Life Insurance Company Ltd. - Bonus- Personal Bonus - 018L - FH002 Shanghai | 68,600,000 | RMB ordinary shares |
Guo Dian Capital Holding Co., Ltd | 48,000,000 | RMB ordinary shares |
Guo Hua Life Insurance Co., Ltd -Self-owned Funds | 48,000,000 | RMB ordinary shares |
Note: HKSCC Nominees Limited is a subsidiary of The Stock Exchange of Hong Kong Limited and its main business is acting as nominee for other corporate shareholders or individual shareholders. The 1,793,473,579 H Shares it held in the Company did not include the 166,852,000 Shares held as nominee for China National Aviation Corporation (Group) Limited.
3. SIGNIFICANT EVENTS
3.1 Particulars of, and reasons for, significant changes in major items in the accounting statements and key financial indicators of the Company
Applicable Not applicable
The Group's net profit attributable to the parent company for the period from January to March 2012 has decreased by RMB1.432 billion as compared to the corresponding period in the previous year, mainly due to the continuous increase of jet fuel price. Besides, exchange gains and investment income also recorded decreases as compared to the corresponding period in the previous year. Reasons for the material changes of the major items in statements are listed as follows:
Items in statement | Change | Reasons for change |
Domestic air traffic liabilities | -38.61% | Decrease in domestic air traffic liabilities outstanding as at the end of this reporting period |
Finance expenses | 244.35% | The movement of exchange rates was relatively small in this reporting period, resulting in decrease of RMB586 million in net exchange gain as compared to the corresponding period in the previous year |
Gains from changes in fair value | -99.53% | Attributable to the gains from changes in the fair value of jet fuel hedging contracts in the corresponding period in the previous year |
Investment income | -98.42% | Decrease of RMB319 million in gains arising from investments in associated companies and joint ventures realized in this reporting period as compared to the corresponding period in the previous year |
Non-operating income | 142.68% | Increase in subsidized revenue in this reporting period |
Income tax | -66.42% | Decrease in earnings in this reporting period, resulting in the decrease in income tax expenses |
Gains or losses attributable to minority interests | -85.52% | Decrease in the earnings of subsidiaries in this reporting period |
Cash paid to or on behalf of employees | 49.26% | Contribution made in this reporting period for the corporate annuity provided in the previous year, and increase in the labor costs as compared to the corresponding period in the previous year attributable to the remuneration realignment implemented by the Company since the second half of last year |
Items in statement | Change | Reasons for change |
Other cash received relating to investment activities | -91.83% | Attributable to the recovery of the secured bank deposits and the investments in subsidiaries made by minority interests in the corresponding period in the previous year |
Other cash paid relating to investment activities | -36.82% | Decrease in the settlement of interest rate hedge in this reporting period |
Cash paid for repayment of borrowings | 36.60% | Repayment of the interim notes with the amount of RMB3 billion matured in this reporting period |
Effect of exchange rate changes on cash and cash equivalents | -56.27% | Decrease in exchange rates changes in this reporting period as compared to the corresponding period in the previous year |
3.2 Analysis and explanation on the progress of significant events and their impact and resolutions
Applicable Not applicable
3.3 Performance of undertakings given by the Company, the shareholders and de facto controller
Applicable Not applicable
3.4 Warning and explanation in respect of forecast of possible net loss from the beginning of the year to the end of the next reporting period or any significant changes in net profit as compared to the corresponding period in the previous year
Applicable Not applicable
3.5 Implementation of the cash dividend policies in the reporting period
The profit appropriation proposal for 2011 has been considered and approved at the 24th meeting of the 3rd session of the Board of the Company, pursuant to which, it is proposed to pay a dividend of RMB0.1180 (including tax) per share in cash to all shareholders based on its total share capital of 12,891,954,673 shares. The proposal for the payment of dividends will be submitted to the 2011 annual general meeting of the Company to be held on 24 May 2012 for consideration.
Air China Limited
Legal representative: Wang Changshun
26 April 2012
4. APPENDIX
4.1 Consolidated Balance Sheet
31 March 2012
Prepared by: Air China Limited
Unit: RMB'000 (Unaudited)
Items | Balance at the end of the period | Balance at the beginning of the year |
CURRENT ASSETS: | ||
Cash and bank balances | 10,935,386 | 15,420,242 |
Provisions on payables | ||
Contributions made | ||
Held-for-trading financial assets | 14,239 | 12,144 |
Bills receivable | 3,752 | 1,601 |
Accounts receivable | 2,662,787 | 2,652,439 |
Prepayments | 631,096 | 584,983 |
Premium receivable | ||
Receivables on reinsurance | ||
Provisions for reinsurance contracts | ||
Interests receivable | ||
Dividends receivable | ||
Other receivables | 1,947,715 | 1,662,087 |
Purchase of financial assets resold | ||
Inventories | 1,105,146 | 1,128,164 |
Non-current assets due within a year | ||
Other current assets | ||
Total current assets | 17,300,121 | 21,461,660 |
NON-CURRENT ASSETS: | ||
Loans and advances | ||
Available-for-sale financial assets | ||
Held-to-maturity investments | ||
Long-term receivables | 429,776 | 424,618 |
Long-term equity investments | 14,795,109 | 14,804,420 |
Investment properties | 238,116 | 240,879 |
Fixed assets | 103,967,430 | 101,737,456 |
Construction in progress | 28,675,493 | 27,566,439 |
Construction materials | ||
Disposal of fixed assets | ||
Biological assets for production | ||
Oil and gas assets | ||
Intangible assets | 2,832,286 | 2,805,249 |
Development expenses | ||
Goodwill | 1,102,185 | 1,102,185 |
Long-term deferred expenses | 166,346 | 187,893 |
Deferred income tax assets | 2,899,228 | 2,992,769 |
Items | Balance at the end of the period | Balance at the beginning of the year |
Other non-current assets | ||
Total non-current assets | 155,105,969 | 151,861,908 |
Total assets | 172,406,090 | 173,323,568 |
CURRENT LIABILITIES: | ||
Short-term borrowings | 12,554,137 | 11,507,317 |
Borrowings from central bank | ||
Deposits from clients and placements from other banks | ||
Contributions received | ||
Held-for-trading financial liabilities | 199,488 | 223,137 |
Bills payable | 2,012 | |
Accounts payable | 12,542,945 | 12,081,912 |
Domestic air traffic liabilities | 1,259,980 | 2,052,297 |
International air traffic liabilities | 2,489,821 | 2,510,478 |
Receipts in advance | 121,633 | 121,503 |
Sale of financial assets repurchased | ||
Fees and commissions payable | ||
Salaries and wages payable | 1,976,976 | 2,703,428 |
Taxes payable | 2,115,230 | 2,756,215 |
Interests payable | 372,985 | 360,578 |
Dividend payable | ||
Other payables | 6,147,318 | 6,309,825 |
Amounts payable on reinsurance | ||
Reserves on insurance contracts | ||
Brokerage payable | ||
Underwriting fees payable | ||
Non-current liabilities due within a year | 13,972,081 | 17,240,694 |
Other current liabilities | ||
Total current liabilities | 53,754,606 | 57,867,384 |
NON-CURRENT LIABILITIES: | ||
Long-term borrowings | 34,638,974 | 33,398,481 |
Debentures payable | 6,000,000 | 6,000,000 |
Long-term payables | 2,917,019 | 2,643,472 |
Obligations under finance leases payable | 20,580,960 | 19,191,860 |
Specific payables | ||
Estimated liabilities | 337,284 | 346,284 |
Deferred income tax liabilities | 1,214,255 | 1,213,030 |
Other non-current liabilities | 3,202,628 | 3,161,536 |
Total non-current liabilities | 68,891,120 | 65,954,663 |
Total liabilities | 122,645,726 | 123,822,047 |
OWNER'S EQUITY(OR SHAREHOLDERS' EQUITY): | ||
Issued capital | 12,891,955 | 12,891,955 |
Capital reserve | 16,288,148 | 16,288,523 |
Items | Balance at the end of the period | Balance at the beginning of the year |
Less: Treasury shares | ||
Specific reserves | ||
Surplus reserves | 3,471,812 | 3,471,812 |
General risk provisions | ||
Profit available for appropriation | 17,374,053 | 17,134,982 |
Foreign exchange translation reserve | -3,050,388 | -3,049,254 |
Total owner's equity attributable to shareholders of the Company | 46,975,580 | 46,738,018 |
Minority interests | 2,784,784 | 2,763,503 |
Total owner's equity | 49,760,364 | 49,501,521 |
Total liabilities and owner's equity | 172,406,090 | 173,323,568 |
Legal representative of the Company: Wang Changshun
Person in charge of accounting function: Fan Cheng
Person in charge of accounting department: Xiao Feng
Balance Sheet of the Parent Company
31 March 2012
Prepared by: Air China Limited
Unit: RMB'000 (Unaudited)
Items | Balance at the end of the period | Balance at the beginning of the year |
CURRENT ASSETS: | ||
Cash and bank balances | 3,547,683 | 7,797,123 |
Held-for-trading financial assets | ||
Bills receivable | ||
Accounts receivable | 2,546,528 | 2,267,190 |
Prepayments | 303,445 | 333,595 |
Interests receivable | ||
Dividend receivable | ||
Other receivables | 1,857,089 | 1,827,398 |
Inventories | 737,780 | 762,546 |
Non-current assets due within a year | 2,000,000 | 2,200,000 |
Other current assets | ||
Total current assets | 10,992,525 | 15,187,852 |
NON-CURRENT ASSETS: | ||
Available-for-sale financial assets | ||
Held-to-maturity investments | ||
Long-term receivables | 251,501 | 251,729 |
Long-term equity investments | 21,586,583 | 21,549,749 |
Investment properties | ||
Items | Balance at the end of the period | Balance at the beginning of the year |
Fixed assets | 76,912,336 | 75,452,377 |
Construction in progress | 21,552,700 | 20,539,767 |
Construction materials | ||
Disposal of fixed assets | ||
Biological assets for production | ||
Oil and gas assets | ||
Intangible assets | 2,196,550 | 2,222,451 |
Development expenses | ||
Goodwill | ||
Long-term deferred expenses | 100,413 | 117,328 |
Deferred income tax assets | 2,113,355 | 2,170,000 |
Other non-current assets | ||
Total non-current assets | 124,713,438 | 122,303,401 |
Total assets | 135,705,963 | 137,491,253 |
CURRENT LIABILITIES: | ||
Short-term borrowings | 8,697,141 | 9,309,099 |
Held-for-trading financial liabilities | 146,556 | 176,167 |
Bills payable | ||
Accounts payable | 8,990,414 | 8,003,628 |
Domestic air traffic liabilities | 835,283 | 1,411,187 |
International air traffic liabilities | 2,278,861 | 2,297,526 |
Receipts in advance | 54,732 | 60,116 |
Salaries and wages payable | 1,269,701 | 1,737,612 |
Taxes payable | 1,359,095 | 1,975,889 |
Interests payable | 337,352 | 336,128 |
Dividend payable | ||
Other payables | 1,708,349 | 1,907,700 |
Non-current liabilities due within a year | 11,728,962 | 14,795,817 |
Other current liabilities | ||
Total current liabilities | 37,406,446 | 42,010,869 |
NON-CURRENT LIABILITIES: | ||
Long-term borrowings | 22,160,293 | 21,170,298 |
Debentures payable | 6,000,000 | 6,000,000 |
Long-term payables | 1,456,202 | 1,380,986 |
Obligations under finance leases payable | 19,862,865 | 18,428,125 |
Specific payables | ||
Estimated liabilities | 55,608 | 55,608 |
Deferred income tax liabilities | 136,049 | 136,000 |
Other non-current liabilities | 2,436,952 | 2,340,113 |
Total non-current liabilities | 52,107,969 | 49,511,130 |
Total liabilities | 89,514,415 | 91,521,999 |
Items | Balance at the end of the period | Balance at the beginning of the year |
OWNER'S EQUITY (OR SHAREHOLDER'S EQUITY): | ||
Issued capital | 12,891,955 | 12,891,955 |
Capital reserve | 20,111,677 | 20,111,677 |
Less: Treasury shares | ||
Specific reserves | ||
Surplus reserves | 3,462,222 | 3,462,222 |
General risk provisions | ||
Profit available for appropriation | 9,725,694 | 9,503,400 |
Total owner's equity (or shareholders' equity) | 46,191,548 | 45,969,254 |
Total liabilities and owner's equity (or shareholders' equity) | 135,705,963 | 137,491,253 |
Legal representative of the Company: Wang Changshun
Person in charge of accounting function: Fan Cheng
Person in charge of accounting department: Xiao Feng
4.2 Consolidated Income Statement
January to March 2012
Prepared by: Air China Limited
Unit: RMB'000 (Unaudited)
Items | Amounts for the period | Amounts for the corresponding period in the previous year | |
I. | Revenue from operations | 22,894,905 | 21,251,095 |
Including: Operating income | 22,894,905 | 21,251,095 | |
Interest income | |||
Premium earned | |||
Fees and commission income | |||
II. | Total operating costs | 22,711,130 | 19,422,785 |
Including: Operating costs | 19,495,874 | 17,120,177 | |
Interest expenses | |||
Fees and commission expenses | |||
Returned premium | |||
Net reimbursement paid | |||
Net amounts of provisions on insurance contracts drawn | |||
Bonus paid on insurance policy | |||
Reinsurance premium | |||
Business taxes and other levies | 530,141 | 484,386 | |
Items | Amounts for the period | Amounts for the corresponding period in the previous year | |
Selling expenses | 1,601,675 | 1,493,842 | |
Administrative expenses | 689,491 | 597,286 | |
Finance expenses | 393,949 | -272,906 | |
Impairment loss of assets | |||
Add: Gains from changes in fair value (loss is represented by "-" sign) | 450 | 94,824 | |
Investment income (loss is represented by "-" sign) | 5,140 | 324,378 | |
Including: Gains arising from investments in associated companies and joint ventures | 5,140 | 324,378 | |
Exchange gains (loss is represented by "-" sign) | |||
III. | Profit from operations (loss is represented by "-" sign) | 189,365 | 2,247,512 |
Add: Non-operating income | 246,073 | 101,394 | |
Less: Non-operating expenses | 6,964 | 29,933 | |
Including: Loss arising from disposal of non-current assets | 107 | 689 | |
IV. | Total profit (total loss is represented by "-" sign) | 428,474 | 2,318,973 |
Less: Income tax expenses | 168,100 | 500,623 | |
V. | Net profit (net loss is represented by "-" sign) | 260,374 | 1,818,350 |
Net profits attributable to shareholders of the Company | 239,071 | 1,671,318 | |
Gains or losses attributable to minority interests | 21,303 | 147,032 | |
VI. | Earnings per share: | ||
(I) Basic | 0.02 | 0.14 | |
(II) Diluted | N/A | N/A | |
VII. | Other consolidated gains | -1,531 | -149,391 |
VIII. | Total consolidated gains | 258,843 | 1,668,959 |
Total consolidated gains attributable to shareholders of the Company | 237,562 | 1,522,405 | |
Total consolidated gains attributable to minority interests | 21,281 | 146,554 | |
Legal representative of the Company: Wang Changshun
Person in charge of accounting function: Fan Cheng
Person in charge of accounting department: Xiao Feng
Income Statement of the Parent Company
January to March 2012
Prepared by: Air China Limited
Unit: RMB'000 (Unaudited)
Items | Amounts for the period | Amounts for the corresponding period in the previous year | |
I. | Revenue from operations | 16,117,209 | 15,211,642 |
Less: Operating cost | 13,945,805 | 12,297,367 | |
Business taxes and other levies | 344,035 | 322,527 | |
Selling expenses | 1,154,943 | 1,080,620 | |
Administrative expenses | 389,850 | 328,765 | |
Finance expenses | 223,194 | -285,996 | |
Impairment loss of assets | |||
Add: Gains from changes in fair value (loss is represented by "-"sign) | -1,773 | 79,762 | |
Investment income (loss is represented by "-" sign) | 36,835 | 91,678 | |
Including: Gains arising from investments in associated companies and joint ventures | 36,835 | 91,678 | |
II. | Profit from operations (loss is represented by "-" sign) | 94,444 | 1,639,799 |
Add: Non-operating income | 187,842 | 79,526 | |
Less: Non-operating expenses | 5,526 | 5,466 | |
Including: Loss arising from disposal of non-current assets | 46 | 443 | |
III. | Total profit (total loss is represented by "-" sign) | 276,760 | 1,713,859 |
Less: Income tax expenses | 54,466 | 401,952 | |
IV. | Net profit (net loss is represented by "-" sign) | 222,294 | 1,311,907 |
V. | Earnings per share: | ||
(I) Basic | 0.02 | 0.10 | |
(II) Diluted | N/A | N/A | |
VI. | Other consolidated gains | ||
VII. | Total consolidated gains | 222,294 | 1,311,907 |
Legal representative of the Company: Wang Changshun
Person in charge of accounting function: Fan Cheng
Person in charge of accounting department: Xiao Feng
4.3 Consolidated Cash Flow Statement
January to March 2012
Prepared by: Air China Limited
Unit: RMB'000 (Unaudited)
Items | Amounts for the period | Amounts for the corresponding period in the previous year | |
I. | Cash flows from operating activities: | ||
Cash received from sales of goods and provision of services | 21,620,882 | 21,082,753 | |
Net increase in deposits from clients and placements from other banks | |||
Net increase in borrowings from central bank | |||
Net increase in contributions made to other financial institutions | |||
Cash received from premiums of original insurance contracts | |||
Net cash receipt from reinsurance operations | |||
Net increase in reserve of the insured and investment | |||
Net increase in disposal of held-for-trading financial assets | |||
Cash received from interests, fees and commission | |||
Net increase in contributions received | |||
Net increase in cash from repurchase operations | |||
Refund of tax and levy | |||
Other cash received relating to operating activities | 722,354 | 626,646 | |
Subtotal of cash inflows of operating activities | 22,343,236 | 21,709,399 | |
Cash paid for goods purchased and services received | 13,595,271 | 11,576,711 | |
Net increase in loans and advances to clients | |||
Net increase in deposits in central bank and to other banks | |||
Cash paid in respect of claims under original insurance contracts | |||
Cash paid for interests, fees and commission | |||
Cash paid for bonus paid on insurance policy | |||
Cash paid to or on behalf of employees | 3,761,819 | 2,520,296 | |
Tax and levies paid | 1,607,471 | 2,161,881 | |
Other cash paid relating to operating activities | 1,763,052 | 1,884,528 | |
Subtotal of cash outflows from operating activities | 20,727,613 | 18,143,416 | |
Net cash flows from operating activities | 1,615,623 | 3,565,983 | |
Items | Amounts for the period | Amounts for the corresponding period in the previous year | |
II. | Cash flows from investment activities: | ||
Cash received from sales and redemption of investments | |||
Cash received from investment income | 1,400 | ||
Net cash proceeds from disposal of fixed assets, intangible assets and other long-term assets | 179,793 | 156,191 | |
Net cash proceeds from disposal of subsidiaries and other business units | |||
Other cash received relating to investment activities | 109,322 | 1,339,450 | |
Subtotal of cash inflows from investment activities | 290,515 | 1,495,641 | |
Cash paid for purchase of fixed assets, intangible assets and other long-term assets | 4,166,288 | 4,438,427 | |
Cash paid for investments | |||
Net increase in secured loans | 58,475 | ||
Net cash payments for acquisition of subsidiaries and other business units | |||
Other cash paid relating to investment activities | 31,383 | 49,675 | |
Subtotal of cash outflows from investment activities | 4,256,146 | 4,488,102 | |
Net cash flows from investment activities | -3,965,631 | -2,992,461 | |
III. | Cash flows from financing activities: | ||
Cash received from capital injection | 170,324 | ||
Including: Cash received from capital injection of minority shareholders in subsidiaries | 170,324 | ||
Cash received from borrowings | 7,622,118 | 6,929,657 | |
Cash received from issue of debentures | |||
Other cash received relating to financing activities | |||
Subtotal of cash inflows from financing activities | 7,622,118 | 7,099,981 | |
Cash paid for repayment of borrowings | 8,482,728 | 6,209,830 | |
Cash paid for distribution of dividends, profits or payment of interest expenses | 623,532 | 510,404 | |
Including: Dividends and profit paid to minority shareholders by subsidiaries | |||
Other cash paid relating to financing activities | 698,790 | 553,746 | |
Subtotal of cash outflows from financing activities | 9,805,050 | 7,273,980 | |
Net cash flows from financing activities | -2,182,932 | -173,999 | |
IV. | Effect of exchange rate changes on cash and cash equivalents | -10,391 | -23,760 |
V. | Net increase in cash and cash equivalents | -4,543,331 | 375,763 |
Add: Balance of cash and cash equivalents as at the beginning of the period | 15,306,409 | 14,204,591 | |
VI. | Balance of cash and cash equivalents as at the end of the period | 10,763,078 | 14,580,354 |
Legal representative of the Company: Wang Changshun
Person in charge of accounting function: Fan Cheng
Person in charge of accounting department: Xiao Feng
Cash Flow Statement of the Parent Company
January to March 2012
Prepared by: Air China Limited
Unit: RMB'000 (Unaudited)
Items | Amounts for the period | Amounts for the corresponding period in the previous year | |
I. | Cash flows from operating activities: | ||
Cash received from sales of goods and provision of services | 15,096,048 | 14,754,750 | |
Refund of tax and levy | |||
Other cash received relating to operating activities | 431,195 | 317,779 | |
Subtotal of cash inflows from operating activities | 15,527,243 | 15,072,529 | |
Cash paid for goods purchased and services received | 8,793,724 | 8,091,690 | |
Cash paid to and on behalf of employees | 2,365,344 | 1,509,811 | |
Taxes and levies paid | 1,233,877 | 1,871,121 | |
Other cash paid relating to operating activities | 1,289,663 | 1,263,146 | |
Subtotal of cash outflows from operating activities | 13,682,608 | 12,735,768 | |
Net cash flows from operating activities | 1,844,635 | 2,336,761 | |
II. | Cash flows from investment activities: | ||
Cash received from sales and redemption of investments | 200,000 | ||
Cash received from investment income | 1,400 | ||
Net cash proceeds from disposal of fixed assets, intangible assets and other long-term assets | 163,686 | 80,168 | |
Net cash proceeds from disposal of subsidiaries and other business units | |||
Other cash received relating to investment activities | 111,742 | 34,665 | |
Subtotal of cash inflows from investment activities | 476,828 | 114,833 | |
Cash paid for purchase of fixed assets, intangible assets and other long-term assets | 2,898,489 | 4,014,863 | |
Cash paid for investments | |||
Net cash payments for acquisition of subsidiaries and other business units | 510,000 | ||
Other cash paid relating to investment activities | 31,384 | 35,986 | |
Subtotal of cash outflows from investment activities | 2,929,873 | 4,560,849 | |
Net cash flows from investment activities | -2,453,045 | -4,446,016 | |
Items | Amounts for the period | Amounts for the corresponding period in the previous year | |
III. | Cash flows from financing activities: | ||
Cash received from capital injection | |||
Cash received from borrowings | 5,068,915 | 6,060,168 | |
Cash received from issue of debentures | |||
Other cash received relating to financing activities | |||
Subtotal of cash inflows from financing activities | 5,068,915 | 6,060,168 | |
Cash paid for repayment of borrowings | 7,658,256 | 4,212,437 | |
Cash paid for distribution of dividends, profits or payment of interest expenses | 439,361 | 368,573 | |
Other cash paid relating to financing activities | 603,158 | 518,857 | |
Subtotal of cash outflows from financing activities | 8,700,775 | 5,099,867 | |
Net cash flows from financing activities | -3,631,860 | 960,301 | |
IV. | Effect of exchange rate changes on cash and cash equivalents | -9,170 | -9,244 |
V. | Net increase in cash and cash equivalents | -4,249,440 | -1,158,198 |
Add: Balance of cash and cash equivalents as at the beginning of the period | 7,797,123 | 11,501,617 | |
VI. | Balance of cash and cash equivalents as at the end of the period | 3,547,683 | 10,343,419 |
Legal representative of the Company: Wang Changshun
Person in charge of accounting function: Fan Cheng
Person in charge of accounting department: Xiao Feng
By order of the Board
Air China Limited
Rao Xinyu Tam Shuit Mui
Joint Company Secretaries
Beijing, the PRC, 26 April 2012
As at the date of this announcement, the directors of the Company are Mr. Wang Changshun, Ms. Wang Yinxiang, Mr. Cao Jianxiong, Mr. Sun Yude, Mr. Christopher Dale Pratt, Mr. Ian Sai Cheung Shiu, Mr. Cai Jianjiang, Mr. Fan Cheng, Mr. Fu Yang*, Mr. Li Shuang*, Mr. Han Fangming* and Mr. Yang Yuzhong*.
* Independent non-executive director of the Company
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