23rd Apr 2010 09:34
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 2010
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 22 April 2010 and the Board passed, inter alia, the resolution approving the quarterly report for the first quarter of 2010 prepared in accordance with the PRC Accounting Rules and Regulations.
§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 meetings are required to be disclosed separately
|
Name of absent directors |
Position of absent directors |
Reason(s) for absence |
Name of proxy |
|
|
|
|
|
|
Wang Shixiang |
Non-executive Director |
business engagement |
Kong Dong |
|
Christopher Dale Pratt |
Non-executive Director |
business engagement |
Chen Nan Lok, Philip |
|
Hu Hung Lick, Henry |
Independent Director |
business engagement |
Zhang Ke |
1.3 This First Quarterly Financial Report of the Company is unaudited.
|
1.4 |
the Legal representative of the Company |
Mr. Kong Dong, Chairman |
|
|
|
|
Person in charge of accounting function |
Mr. Fan Cheng, Chief Financial Officer |
|
|
|
Person in charge of accounting department (accounting superintendent) |
Mr. Xiao Feng, General Manager of the Finance Department |
The Legal representative of the Company Mr. Kong Dong (Chairman), Person in charge of accounting function Mr. Fan Cheng (Chief Financial Officer), and Person in charge of accounting department Mr. Xiao Feng (accounting superintendent and the General Manager of the Finance Department) 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
(In RMB)
|
|
At the end of the reporting period |
At the end of pervious year |
Increase/ decrease at the end of the reporting period as compared to the end of the pervious year |
|
|
|
|
(%) |
|
|
|
|
|
|
Total assets (RMB'000) |
109,290,876.00 |
106,163,207.00 |
2.95 |
|
Owner's equity (or shareholders' equity) (RMB'000) |
26,080,634.00 |
23,922,872.00 |
9.02 |
|
Net asset per share attributable to shareholders of the listed company (RMB) |
2.25 |
2.02 |
11.39 |
|
|
From the beginning of the year to the end of the reporting period |
Increase/ decrease over the corresponding period of previous year |
|
|
|
(%) |
|
|
|
|
|
Net cash flows from operating activities (RMB'000) |
2,519,971.00 |
225.75 |
|
Net cash flows from operating activities per share (RMB) |
0.22 |
214.29 |
|
|
Reporting period |
From the beginning of the year to the end of the reporting period |
Increase/ decrease of this reporting period as compared to the corresponding period of previous year |
|
|
|
|
(%) |
|
|
|
|
|
|
Net profit attributable to shareholders of the listed company (RMB'000) |
2,171,707.00 |
2,171,707.00 |
121.33 |
|
Basic earnings per share (RMB) |
0.19 |
0.19 |
137.50 |
|
Basic earnings per share after deducting non-recurring profits and losses (RMB) |
0.12 |
0.12 |
500 |
|
Diluted earnings per share (RMB) |
N/A |
N/A |
N/A |
|
Weighted average return on net assets (%) |
8.69 |
8.69 |
Increased by 3.85 percentage points |
|
Weighted average return on net assets after deducting non-recurring profits and losses (%) |
5.67 |
5.67 |
Increased by 4.75 percentage points |
After deducting non-recurring profits and losses:
(RMB'000)
|
Items |
Amount |
|
|
|
|
Gains/(losses) from disposal of non-current assets |
-2,050 |
|
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) |
69,397 |
|
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) |
938,202 |
|
Other non-operating income and expenses not covered above |
-231 |
|
Effect of income tax |
-251,330 |
|
Effect on minority interest (after tax) |
-43 |
|
|
|
|
|
|
|
Total |
753,945 |
|
|
|
2.2 Total number of shareholders and shareholdings of top 10 holders of listed shares not subject to trading moratorium as at the end of the reporting period
Unit: Share
|
Total number of shareholders at the end of the reporting period |
293,466 (including 5,490 registered H Share holders) |
Particulars of the top 10 holders of listed shares not subject to trading moratorium
|
Name of shareholder (full name)
|
Number of listed shares not subject to trading moratorium held as at period end
|
Class of Shares
|
|
|
|
|
|
China National Aviation Holding Company |
4,949,066,567 |
RMB ordinary shares |
|
Cathay Pacific Airways Limited |
2,217,617,455 |
Overseas listed foreign shares |
|
HKSCC NOMINEES LIMITED |
2,156,864,563 |
Overseas listed foreign shares |
|
China National Aviation Corporation (Group) Limited |
1,447,334,920 |
RMB ordinary share 1,332,482,920 |
|
|
|
Overseas listed foreign shares 66,852,000 |
|
Sinotrans Air Transportation Development Co., Ltd. |
80,000,000 |
RMB ordinary shares |
|
China Construction Bank - Yin Hua Core Value Equity Fund |
34,000,000 |
RMB ordinary shares |
|
Bank of Communications - Rongtong Industrial Prosperity Fund |
33,600,000 |
RMB ordinary shares |
|
China Construction Bank -China AMC Dividend Mixed Open-end Securities Investment Fund |
28,009,898 |
RMB ordinary shares |
|
The Industrial and Commercial Bank of China - Boshi Even Allocation Hybrid Securities Investment Fund |
20,800,000 |
RMB ordinary shares |
|
IFC-HSBC-TEMASEK FULLERTON ALPHA PTE LTD |
19,199,641 |
RMB ordinary shares |
§3 SIGNIFICANT EVENTS
3.1 Significant changes in the major items of the accounting statements and the key financial indicators of the Company and the underlying reasons
üApplicable □ Not applicable
1. The Company's total profit for the three months ended 31 March 2010 increased by RMB1.669 billion or 177.63% as compared with the corresponding period of previous year, with operating revenues up by RMB3.453 billion or 30.71%, primarily due to the rapid expansion of air transport demand. Operating costs increased by RMB2.176 billion or 23.16% as compared with the corresponding period of previous year, primarily due to the additional jet fuel cost of RMB1.468 billion as a result of the increasing oil price. Meanwhile, the Company generated gains of RMB938 million arising from fair value changes of jet fuel derivative contracts due to factors such as rising oil price. Thanks to the satisfactory performance of its investees, the Company's investment gains increased by approximately RMB415 million as compared with the corresponding period of previous year. The non-operating income decreased by RMB613 million as compared with the corresponding period of previous year due to the termination of the refund policy in relation to CAAC Infrastructure Development Fund on 30 June 2009.
2. The Company's total assets as at the end of March 2010 increased by RMB3.128 billion or 2.95% over the end of 2009 due to the expansion of the Company's aircraft fleet and good operating results from January to March.
3.2 Analysis and explanation on the progress of significant events and their impact and resolutions
□ Applicable üNot applicable
3.3 Performance of undertakings given by the Company, the shareholders and actual controller
□ Applicable üNot applicable
3.4 Warning in respect of forecast of possible net loss from the beginning of the year to the end of the next Reporting Period or warning in respect of any significant changes in net profit as compared with that of the corresponding period of previous year and the underlying reasons
□ Applicable üNot applicable
Air China Limited
Legal representative: Kong Dong
22 April 2010
§4 APPENDIX
4.1 Consolidated Balance Sheet
31 March 2010
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 |
4,526,364 |
3,201,568 |
|
Provisions on payables |
|
|
|
Contributions made |
|
|
|
Held-for-trading financial assets |
|
|
|
Bills receivable |
2,770 |
2,489 |
|
Accounts receivable |
2,513,390 |
2,201,172 |
|
Prepayments |
456,744 |
350,257 |
|
Premium receivable |
|
|
|
Receivables on reinsurance |
|
|
|
Provisions for reinsurance contracts |
|
|
|
Interests receivable |
|
|
|
Dividends receivable |
|
|
|
Other receivables |
571,363 |
492,007 |
|
Purchase of financial assets resold |
|
|
|
Inventories |
893,757 |
931,271 |
|
Non-current assets due within a year |
|
|
|
Other current assets |
|
|
|
Total current assets |
8,964,388 |
7,178,764 |
|
|
|
|
|
Items |
Balance at the end of the period |
Balance at the beginning of the year |
|
|
|
|
|
NON-CURRENT ASSETS: |
|
|
|
Loans and advances |
|
|
|
Available-for-sale financial assets |
|
|
|
Held-to-maturity investment |
|
|
|
Long-term receivables |
241,342 |
254,306 |
|
Long-term equity investment |
13,616,788 |
13,235,575 |
|
Investment property |
|
|
|
Fixed assets |
70,249,816 |
69,147,527 |
|
Construction in progress |
12,069,209 |
11,731,131 |
|
Construction materials |
|
|
|
Disposal of fixed assets |
|
|
|
Biological assets for production |
|
|
|
Oil and gas assets |
|
|
|
Intangible assets |
2,557,068 |
2,576,301 |
|
Development expenses |
|
|
|
Goodwill |
349,055 |
349,055 |
|
Long-term deferred expenses |
123,578 |
138,105 |
|
Deferred income tax assets |
1,119,632 |
1,552,443 |
|
Other non-current assets |
|
|
|
Total non-current assets |
100,326,488 |
98,984,443 |
|
Total assets |
109,290,876 |
106,163,207 |
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
Short-term borrowings |
10,022,909 |
8,870,400 |
|
Borrowings from central bank |
|
|
|
Deposits from clients and placements from other banks |
|
|
|
Contributions received |
|
|
|
Held-for-trading financial liabilities |
1,298,141 |
2,274,627 |
|
Bills payable |
203,575 |
763,255 |
|
Accounts payable |
9,919,766 |
9,547,384 |
|
Advances from customers |
38,051 |
38,127 |
|
Sale of financial assets repurchased |
|
|
|
Fees and commissions payable |
|
|
|
Salaries and wages payable |
417,662 |
348,492 |
|
Taxes payable |
686,210 |
720,295 |
|
Interests payable |
182,575 |
303,154 |
|
Dividend payable |
|
|
|
Other payables |
1,995,603 |
2,224,083 |
|
Amounts payable on reinsurance |
|
|
|
Provisions on insurance contracts |
|
|
|
Brokerage payable |
|
|
|
Underwriting fees payable |
|
|
|
Non-current liabilities due within a year |
12,671,246 |
11,304,489 |
|
Other current liabilities |
|
|
|
Total current liabilities |
37,435,738 |
36,394,306 |
|
|
|
|
|
Items |
Balance at the end of the period |
Balance at the beginning of the year |
|
|
|
|
|
NON-CURRENT LIABILITIES: |
|
|
|
Long-term borrowings |
18,955,331 |
18,321,078 |
|
Debentures payable |
9,000,000 |
9,000,000 |
|
Long-term payables |
16,294,914 |
16,865,604 |
|
Specific payables |
|
|
|
Estimated liabilities |
94,438 |
94,438 |
|
Deferred income tax liabilities |
143,000 |
143,000 |
|
Other non-current liabilities |
1,247,702 |
1,383,338 |
|
Total non-current liabilities |
45,735,385 |
45,807,458 |
|
Total liabilities |
83,171,123 |
82,201,764 |
|
|
|
|
|
OWNER'S EQUITY(or SHAREHOLDERS' EQUITY): |
|
|
|
Equity |
12,251,362 |
12,251,362 |
|
Capital surplus |
10,823,906 |
10,823,906 |
|
Less: Treasury shares |
|
|
|
Specific reserves |
|
|
|
Surplus reserves |
1,563,914 |
1,563,914 |
|
General risk provisions |
|
|
|
Profit available for appropriation |
3,093,555 |
921,848 |
|
Foreign exchange translation reserve |
-1,652,103 |
-1,638,158 |
|
Total equities attributable to owners of the Parent Company |
26,080,634 |
23,922,872 |
|
Minority interests |
39,119 |
38,571 |
|
Total owner' equity |
26,119,753 |
23,961,443 |
|
Total liabilities and owner' equity |
109,290,876 |
106,163,207 |
Legal representative of the Company: Kong Dong
Person in charge of accounting function: Fan Cheng
Person in charge of accounting department: Xiao Feng
Balance Sheet of the Parent Company
31 March 2010
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 |
2,435,806 |
1,089,515 |
|
Held-for-trading financial assets |
|
|
|
Bills receivable |
2,286 |
2,268 |
|
Accounts receivable |
2,338,767 |
1,771,682 |
|
Prepayments |
291,522 |
260,044 |
|
Interests receivable |
|
|
|
Dividend receivable |
|
|
|
Other receivables |
801,542 |
678,174 |
|
Inventories |
812,577 |
850,518 |
|
Non-current liabilities due within a year |
|
|
|
Other current assets |
|
|
|
Total current assets |
6,682,500 |
4,652,201 |
|
|
|
|
|
NON-CURRENT ASSETS: |
|
|
|
Available-for-sale financial assets |
|
|
|
Held-to-maturity investment |
|
|
|
Long-term receivables |
183,790 |
182,406 |
|
Long-term equity investment |
19,245,649 |
19,198,728 |
|
Investment property |
|
|
|
Fixed assets |
66,350,905 |
65,186,091 |
|
Construction in progress |
11,350,474 |
11,081,062 |
|
Construction materials |
|
|
|
Disposal of fixed assets |
|
|
|
Biological assets for production |
|
|
|
Oil and gas assets |
|
|
|
Intangible assets |
2,177,929 |
2,195,810 |
|
Development expenses |
|
|
|
Goodwill |
|
|
|
Long-term deferred expenses |
117,328 |
131,682 |
|
Deferred income tax assets |
1,070,189 |
1,503,000 |
|
Other non-current assets |
|
|
|
Total non-current assets |
100,496,264 |
99,478,779 |
|
Total assets |
107,178,764 |
104,130,980 |
|
|
|
|
|
Items |
Balance at the end of the period |
Balance at the beginning of the year |
|
|
|
|
|
CURRENT LIABILITIES: |
|
|
|
Short-term borrowings |
9,966,398 |
8,565,294 |
|
Held-for-trading financial liabilities |
1,298,141 |
2,274,627 |
|
Bills payable |
|
160,000 |
|
Accounts payable |
8,701,255 |
8,471,873 |
|
Receipts in advance |
33,848 |
34,300 |
|
Salaries and wages payable |
346,530 |
284,397 |
|
Taxes payable |
633,206 |
644,591 |
|
Interests payable |
177,183 |
301,950 |
|
Dividend payable |
|
|
|
Other payables |
1,791,192 |
1,978,628 |
|
Non-current liabilities due within a year |
12,379,730 |
11,002,982 |
|
Other current liabilities |
|
|
|
Total current liabilities |
35,327,483 |
33,718,642 |
|
|
|
|
|
NON-CURRENT LIABILITIES: |
|
|
|
Long-term borrowings |
17,554,309 |
17,125,849 |
|
Debentures payable |
9,000,000 |
9,000,000 |
|
Long-term payables |
16,009,376 |
16,440,104 |
|
Specific payables |
|
|
|
Estimated liabilities |
94,438 |
94,438 |
|
Deferred income tax liabilities |
143,000 |
143,000 |
|
Other non-current liabilities |
1,237,991 |
1,377,482 |
|
Total non-current liabilities |
44,039,114 |
44,180,873 |
|
Total liabilities |
79,366,597 |
77,899,515 |
|
|
|
|
|
OWNER'S EQUITY (or SHAREHOLDER'S EQUITY): |
|
|
|
Equity |
12,251,362 |
12,251,362 |
|
Capital surplus |
14,332,112 |
14,332,112 |
|
Less: Treasury shares |
|
|
|
Specific reserves |
|
|
|
Surplus reserves |
1,554,324 |
1,554,324 |
|
General risk provisions |
|
|
|
Profit available for appropriation |
-325,631 |
-1,906,333 |
|
Total shareholders' equity |
27,812,167 |
26,231,465 |
|
Total liabilities and shareholders' equity |
107,178,764 |
104,130,980 |
Legal representative of the Company: Kong Dong
Person in charge of accounting function: Fan Cheng
Person in charge of accounting department: Xiao Feng
4.2 Consolidated Income Statement
January to March 2010
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
|
Items |
Amounts for the period |
Amounts for the corresponding period of previous year |
|
|
|
|
|
|
|
I. |
Revenue from operations |
14,696,368 |
11,243,520 |
|
|
Including: Operating income |
14,696,368 |
11,243,520 |
|
|
Interest income |
|
|
|
|
Premium earned |
|
|
|
|
Fees and commission income |
|
|
|
|
|
|
|
|
II. |
Total operating cost |
13,500,379 |
11,023,484 |
|
|
Including: Operating costs |
11,569,857 |
9,394,323 |
|
|
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 |
345,707 |
271,961 |
|
|
Selling expenses |
963,789 |
812,696 |
|
|
Administrative expenses |
389,968 |
285,477 |
|
|
Finance expenses |
231,058 |
259,027 |
|
|
Impairment loss of assets |
|
|
|
|
Add: Gains from changes in fair value (loss is represented by "-" sign) |
938,202 |
44,444 |
|
|
Investment income (loss is represented by "-" sign) |
406,295 |
-8,950 |
|
|
Including: Gains arising from investments in associated companies and joint ventures |
406,295 |
-8,950 |
|
|
Exchange gains (loss is represented by "-" sign) |
|
|
|
|
|
|
|
|
III. |
Profit from operations (loss is represented by "-" sign) |
2,540,486 |
255,530 |
|
|
Add: Non-operating income |
72,464 |
685,704 |
|
|
Less: Non-operating expenses |
5,349 |
1,999 |
|
|
Including: Net loss arising from disposal of non-current assets |
2,085 |
|
|
|
|
|
|
|
Items |
Amounts for the period |
Amounts for the corresponding period of previous year |
|
|
|
|
|
|
|
IV. |
Total profit (loss is represented by "-" sign) |
2,607,601 |
939,235 |
|
|
Less: Income tax expenses |
435,346 |
58,992 |
|
|
|
|
|
|
V. |
Net profit (loss is represented by "-" sign) |
2,172,255 |
880,243 |
|
|
Net profits attributable to owners of the Parent Company |
2,171,707 |
981,214 |
|
|
Gains or losses attributable to minority interests |
548 |
-100,971 |
|
|
|
|
|
|
VI. |
Earnings per share: |
|
|
|
|
(I) Basic |
0.19 |
0.08 |
|
|
(II) Diluted |
N/A |
N/A |
|
|
|
|
|
|
VII. |
Other consolidated gains |
-13,945 |
-1,725 |
|
|
|
|
|
|
VIII. |
Total consolidated gains |
2,158,310 |
878,518 |
|
|
Total consolidated gains attributable to owners of the Parent Company |
2,157,762 |
979,489 |
|
|
Total consolidated gains attributable to minority interests |
548 |
-100,971 |
Legal representative of the Company: Kong Dong
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 2010
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
|
Items |
Amounts for the period |
Amounts for the corresponding period of previous year |
|
|
|
|
|
|
|
I. |
Revenue from operations |
13,131,647 |
10,798,510 |
|
|
Less: Operating cost |
10,409,710 |
8,534,423 |
|
|
Business taxes and other levies |
323,486 |
268,097 |
|
|
Selling expenses |
912,596 |
786,212 |
|
|
Administrative expenses |
298,825 |
234,348 |
|
|
Finance expenses |
221,334 |
256,248 |
|
|
Impairment loss of assets |
|
|
|
|
Add: Gains from changes in fair value (loss is represented by "-"sign) |
938,202 |
44,444 |
|
|
Investment income (loss is represented by "-" sign) |
46,921 |
63,229 |
|
|
Including: Gains arising from investments in associated companies and joint ventures |
46,921 |
63,229 |
|
|
|
|
|
|
II. |
Profit from operations (loss is represented by "-" sign) |
1,950,819 |
826,855 |
|
|
Add: Non-operating income |
67,658 |
663,175 |
|
|
Less: Non-operating expenses |
4,964 |
1,994 |
|
|
Including: Net loss arising from disposal of non-current assets |
2,073 |
|
|
|
|
|
|
|
III. |
Total profit (loss is represented by "-" sign) |
2,013,513 |
1,488,036 |
|
|
Less: Income tax expenses |
432,811 |
56,000 |
|
|
|
|
|
|
IV. |
Net profit (loss is represented by "-" sign) |
1,580,702 |
1,432,036 |
|
|
|
|
|
|
VI. |
Earnings per share: |
|
|
|
|
(I) Basic |
|
|
|
|
(II) Diluted |
|
|
|
|
|
|
|
|
VII. |
Other consolidated gains |
- |
-2,362 |
|
|
|
|
|
|
VIII. |
Total consolidated gains |
1,580,702 |
1,429,674 |
Legal representative of the Company: Kong Dong
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 2010
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
|
Items |
Amounts for the period |
Amounts for the corresponding period of previous year |
|
|
|
|
|
|
|
I. |
Cash flows from operating activities: |
|
|
|
|
Cash received from sales of goods and provision of services |
14,191,308 |
10,443,252 |
|
|
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 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 |
|
2,716 |
|
|
Other cash received relating to operating activities |
331,846 |
243,158 |
|
|
Subtotal of cash inflows of operating activities |
14,523,154 |
10,689,126 |
|
|
Cash paid for goods purchased and services received |
8,590,271 |
5,666,463 |
|
|
Net increase in loans and advances to clients |
|
|
|
|
Net increase in deposits to central bank and to other banks |
|
|
|
|
Cash payment in respect of claims under original insurance contracts |
|
|
|
|
Cash payment for interests, fees and commission |
|
|
|
|
Cash payment of bonus paid to insurance policy |
|
|
|
|
Cash paid to or on behalf of employees |
1,365,218 |
1,098,670 |
|
|
Tax and levies paid |
620,548 |
673,320 |
|
|
Other cash paid in relation to operating activities |
1,427,146 |
2,477,075 |
|
|
Subtotal of cash outflows from operating activities |
12,003,183 |
9,915,528 |
|
|
Net cash flows from operating activities |
2,519,971 |
773,598 |
|
|
|
|
|
|
Items |
Amounts for the period |
Amounts for the corresponding period of previous year |
|
|
|
|
|
|
|
II. |
Cash flows from investing activities: |
|
|
|
|
Cash received from withdrawal of investments |
|
|
|
|
Cash received from investment income |
4,202 |
|
|
|
Net cash proceeds from disposal of fixed assets, intangible assets and other long-term assets |
43,944 |
61,758 |
|
|
Net cash proceeds from disposal of subsidiaries and other business units |
|
|
|
|
Other cash received from investing activities |
360,647 |
6,297 |
|
|
Subtotal of cash inflows from investment activities |
408,793 |
68,055 |
|
|
Cash paid for purchase of fixed assets, intangible assets and other long-term assets |
3,338,555 |
1,311,745 |
|
|
Cash paid for investments |
38,284 |
265,200 |
|
|
Net increase in secured loans |
|
1,371 |
|
|
Net cash payments for acquisition of subsidiaries and other business units |
|
|
|
|
Cash payments relating to other investments |
|
|
|
|
Subtotal of cash outflows from investment activities |
3,376,839 |
1,578,316 |
|
|
Net cash flows from investing activities |
-2,968,046 |
-1,510,261 |
|
|
|
|
|
|
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 |
7,623,790 |
10,093,162 |
|
|
Cash received from issue of debentures |
|
|
|
|
Other cash relating to financing activities |
|
|
|
|
Subtotal of cash inflows from financing activities |
7,623,790 |
10,093,162 |
|
|
Cash paid for repayment of borrowings |
4,472,474 |
7,892,173 |
|
|
Cash payments for distribution of dividends, profits or interest expenses |
362,586 |
411,374 |
|
|
Including: Dividends and profit paid to minority shareholders by subsidiaries |
|
|
|
|
Other cash payments relating to financing activities |
652,353 |
1,084,310 |
|
|
Subtotal of cash outflows from financing activities |
5,487,413 |
9,387,857 |
|
|
Net cash flows from financing activities |
2,136,377 |
705,305 |
|
|
|
|
|
|
Items |
Amounts for the period |
Amounts for the corresponding period of previous year |
|
|
|
|
|
|
|
IV. |
Effect of exchange rate changes on cash and cash equivalents |
-7,645 |
-32,984 |
|
|
|
|
|
|
V. |
Net increase in cash and cash equivalents |
1,680,657 |
-64,342 |
|
|
Add: Balance of cash and cash equivalents at the beginning of the period |
2,636,821 |
2,913,332 |
|
|
|
|
|
|
VI. |
Balance of cash and cash equivalents at the end of the period |
4,317,478 |
2,848,990 |
Legal representative of the Company: Kong Dong
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 2010
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
|
Items
|
Amounts for the period |
Amounts for the corresponding period of previous year |
|
|
|
|
|
|
|
I. |
Cash flows from operating activities: |
|
|
|
|
Cash received from sales of goods and provision of services |
12,444,911 |
9,463,493 |
|
|
Refund of tax and levy |
|
2,716 |
|
|
Other cash received relating to operating activities |
243,184 |
206,361 |
|
|
Subtotal of cash inflows from operating activities |
12,688,095 |
9,672,570 |
|
|
Cash paid for goods purchased and services received |
7,457,642 |
4,579,891 |
|
|
Cash paid to and on behalf of employees |
1,196,816 |
1,022,800 |
|
|
Taxes and levies paid |
571,999 |
656,763 |
|
|
Other cash paid in relation to operating activities |
1,177,837 |
2,348,767 |
|
|
Subtotal of cash outflows from operating activities |
10,404,294 |
8,608,221 |
|
|
Net cash flows from operating activities |
2,283,801 |
1,064,349 |
|
|
|
|
|
|
II. |
Cash flows from investing activities: |
|
|
|
|
Cash received from withdrawal of investments |
|
|
|
|
Cash received from investment income |
|
|
|
|
Net cash proceeds from disposal of fixed assets, intangible assets and other long-term assets |
42,342 |
61,756 |
|
|
Net cash proceeds from disposal of subsidiaries and other business units |
|
|
|
|
Other cash received from investing activities |
2,880 |
3,951 |
|
|
Subtotal of cash inflows from investment activities |
45,222 |
65,707 |
|
|
Cash paid for purchase of fixed assets, intangible assets and other long-term assets |
3,131,740 |
1,151,910 |
|
|
Cash paid for investments |
38,284 |
265,200 |
|
|
Net cash payments for acquisition of subsidiaries and other business units |
|
|
|
|
Cash payments relating to other investments |
|
|
|
|
Subtotal of cash outflows from investment activities |
3,170,024 |
1,417,110 |
|
|
Net cash flows from investing activities |
-3,124,802 |
-1,351,403 |
|
|
|
|
|
|
Items
|
Amounts for the period |
Amounts for the corresponding period of previous year |
|
|
|
|
|
|
|
III. |
Cash flows from financing activities: |
|
|
|
|
Cash received from capital injection |
|
|
|
|
Cash received from borrowings |
7,605,357 |
9,977,721 |
|
|
Other cash relating to financing activities |
|
|
|
|
Subtotal of cash inflows from financing activities |
7,605,357 |
9,977,721 |
|
|
Cash paid for repayment of borrowings |
4,411,252 |
7,778,113 |
|
|
Cash payments for distribution of dividends, profits or interest expenses |
349,062 |
410,249 |
|
|
Other cash payments relating to financing activities |
652,353 |
1,084,310 |
|
|
Subtotal of cash outflows from financing activities |
5,412,667 |
9,272,672 |
|
|
Net cash flows from financing activities |
2,192,690 |
705,049 |
|
|
|
|
|
|
V. |
Net increase in cash and cash equivalents |
-5,399 |
-15,432 |
|
|
|
|
|
|
IV. |
Effect of exchange rate changes on cash and cash equivalents |
1,346,290 |
402,563 |
|
|
Add: Balance of cash and cash equivalents at the beginning of the period |
1,089,515 |
1,508,947 |
|
|
|
|
|
|
VI. |
Balance of cash and cash equivalents at the end of the period |
2,435,805 |
1,911,510 |
Legal representative of the Company: Kong Dong
Person in charge of accounting function: Fan Cheng
Person in charge of accounting department: Xiao Feng
|
|
By order of the Board |
|
|
|
Air China Limited |
|
|
|
Huang Bin |
Tam Shuit Mui |
|
|
Joint Company Secretaries |
|
Beijing, PRC, 22 April 2010
As at the date of this announcement, the Directors of the Company are Mr. Kong Dong, Ms. Wang Yinxiang, Mr. Wang Shixiang, Mr. Cao Jianxiong, Mr. Christopher Dale Pratt, Mr. Chen Nan Lok, Philip, Mr. Cai Jianjiang, Mr. Fan Cheng, Mr. Hu Hung Lick, Henry*, Mr. Zhang Ke*, Mr. Jia Kang* and Mr. Fu Yang*.
* Independent non-executive Director of the Company
Related Shares:
Air China