28th Oct 2010 16:33
AIR CHINA LIMITED
(a joint stock limited company incorporated in the People's Republicof China with limited liability)
(Stock Code: 00753)
THIRD 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 28 October 2010 and the Board passed, inter alia, the resolution approving the quarterly report for the third 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
Nameof absentdirectors | Position of absentdirectors | Reason(s) forabsence | Name of proxy |
WangYinxiang | Non-executiveDirector | businessengagement | CaoJianxiong |
WangShixiang | Non-executiveDirector | businessengagement | KongDong |
ChristopherDalePratt | Non-executiveDirector | businessengagement | KongDong |
HuHungLick,Henry | IndependentNon-executiveDirector | businessengagement | ZhangKe |
1.3 | This Third Quarterly Financial Report of the Company is unaudited. | |
1.4 |
Legal representative of the Company |
Kong Dong |
Person in charge of accounting function | Fan Cheng | |
Person in charge of accounting department (accounting superintendent) | Xiao Feng |
The Legal representative of the Company Mr. Kong Dong, Person in charge of accounting function Mr. Fan Cheng, and Person in charge of accounting department (accounting superintendent)Mr. Xiao Feng hereby jointly declare that the financial statements set out in this quarterly reportis true and complete.
§2 BASIC INFORMATION OF THE COMPANY
2.1 Major accountingdata and financial ratios
In RMBAt the end ofthe reportingperiod
Total assets (RMB'000) 145,746,713 106,163,207 37.29
Owner's equity (or shareholders'
equity) (RMB'000) 33,156,735 23,922,872 38.60
Net asset per share attributable to shareholders of the listed
company (RMB per share) 2.86 2.02 41.58
From the beginning of the year to the end of
the reporting period
(January to September)
Increase/
decrease over the
corresponding period of the previous year (%)
Net cash flow from operating
activities (RMB'000) 15,570,887 227.57
Net cash flow from operating activities per share
(RMB per share) 1.34 235.00
Reporting period
(July to
September)
From the beginning of the year to
the end of the reporting period
(January to
September)
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) 5,166,778 9,860,799 483.62
Basic earnings per share
(RMB per share) 0.45 0.85 542.86
Basic earnings per share after
deducting non-recurring profits
and losses (RMB per share) 0.41 0.75 925.00
Diluted earnings per share
(RMB per share) N/A N/A N/A Increased
Weighted average return on net
assets (%) 18.10 34.55
Weighted average return on net assets after deducting
non-recurring profits and losses
(%) 16.60 30.22
by 14.02
percentage points
Increased by 14.60
percentage points
After deducting non-recurring profits and losses:
RMB'000
Items
Amounts
for the period from the
beginning of the year to
the end of the reporting period (January to
September)
Gains/losses from disposal of non-current assets -10,392
Government grants (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)
included in the profits and losses for the current period 273,004
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) 1,095,514
Reversal of provision for impairment of receivables which are
individually tested for impairment 562
Other non-operating income and expenses not covered above 14,677
Effect of merger of businesses not under common control 150,628
Effect of income tax -247,050
Effect on non-controlling interests (after tax) -40,340
Total 1,236,603
2.2 Total number of shareholdersand shareholding 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 307,815
Particulars of the top 10 holders of listed shares not subject to tradingmoratorium
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 2,360,945,455 Overseas listed
foreign shares
HKSCC NOMINEES LIMITED 1,949,518,684 Overseas listed
foreign shares
China National Aviation Corporation (Group) Limited
Sinotrans Air Transportation Development
Co., Ltd.
Bank of China - Dacheng Blue-chipSteady
Securities Investment Funds
1,332,482,920 RMB ordinary shares
66,852,000 Overseas listed
foreign shares
78,000,000 RMB ordinary shares
29,000,000 RMB ordinary shares
Tongde Securities Investment Fund 28,162,954 RMB ordinary shares
Bank of Communications - Rongtong Industrial
Prosperity Fund
Industrial and Commercial Bank of China
- BOCI SustainalbeGrowth Equity Securities
Investment Fund
Industrial and Commercial Bank of China
- Shanghai Stock Exchange 50 ETF
18,699,806 RMB ordinary shares
16,999,694 RMB ordinary shares
16,665,666 RMB ordinary shares
Note: HKSCC NOMINEES LIMITED is a subsidiaryof the Hong Kong Stock Exchange,and its principle
business is shareholding as nominee on behalf of other corporate or individual shareholders.. It holds 1,949,518,684 H Shares of the Company (excluding 66,852,000 H Shares held on behalf of ChinaNational Aviation Corporation (Group) Limited).
§3 SIGNIFICANTEVENTS
3.1 Significant changes in the major items of the accountingstatements and the key financial indicators of the Company and the underlying reasons
□✓ Applicable □ Not applicable
Benefiting from the continuous rebound of the global air transportation market and as a result of our effective operational management, marketing and cost control, the profit from operations of the Company recorded a substantial growth, with a considerable increase in gains from our investment in other airline companies. In addition, the Group's consolidation of Shenzhen Airlines since 20 April 2010 (resulting in changes in comparable figures) has led to an increase in the amount of relevant items in the financial statements.The accounting items which recorded an increase of more than
30% are set out below:
Items | Increase |
Cash and bank balances |
168.65% |
Bills receivable | 90.00% |
Accounts receivable | 53.63% |
Other receivables | 202.87% |
Prepayments | 98.71% |
Construction in progress | 85.07% |
Goodwill | 315.13% |
Short term loans | 43.57% |
Accounts payable | 39.50% |
Domestic air traffic liabilities | 122.26% |
International air traffic liabilities | 36.95% |
Receipts in advance | 137.15% |
Employee compensations payable | 98.67% |
Tax payable | 246.57% |
Other payables | 153.93% |
Long term loans | 75.08% |
Long term payables | 55.21% |
Accrued liabilities | 34.59% |
Deferred income | 93.54% |
Deferred tax liabilities | 544.09% |
Non-controlling interests | 403.27% |
Retained earnings | 1069.68% |
Revenue from operations | 62.19% |
Cost of operations | 45.75% |
Business tax and surcharges | 30.45% |
Selling expenses | 54.42% |
General and administrative expenses | 40.25% |
Investment income | 505.72% |
Non-operating expenses | 138.74% |
Income Tax | 602.04% |
Apart from the abovementioned accounting items recording an increase, the key accounting items which recorded a decrease of more than 30% and the reasons thereof areset out below:
Items | Change in % | Reason for the change |
Finance costs |
-129.97% |
Net exchange gains for the first nine |
Gains/(losses) from
movement in fair value
months of 2010 recorded an increase
of RMB1,006 million as compared
with the same period last year due to changes in exchange rate.
-47.20% Gains due to movement in fair value
recorded a decrease as compared with the same period last year as a result
of smaller increase in market value of fuel derivative contracts as compared with the same period last year.
Non-operating income -69.54% The Group benefited from the
refund from CAAC Infrastructure
Development Fund in the same period lastyear. Such policy was repealed in June 2009.
Financial liabilitiesheld for trading
-50.30% Decrease in the loss of fair value of outstanding financial derivatives
contracts as at 30 September 2010.
Bills payable -47.18% Less settlementin the form of bills adopted by the Group during the reporting period.
3.2 Analysis and explanation on the progress of significant events and their impact and resolutions
□✓ Applicable □ Not applicable
The Public Offering Review Committee of China Securities Regulatory Commission
("CSRC") has granted the application for placing of A shares by the Company on 11
October 2010 through an unconditional approval. The Company is now expecting to receive a formal approval from CSRC.
On 27 October 2010, the Company has received a formal approval from CSRC that the Company is approved to place no more than 157,000,000 H shares to China National Aviation Corporation(Group) Limited. All H shares are ordinaryshares with par value of RMB1 per share.
3.3 Performance of undertakings given by the Company, the shareholders and actual controller
□ Applicable
□✓ Not applicable
3.4 Warning in respect of forecast of possiblenet loss from the beginning of the year to the end of the next ReportingPeriod or warning in respect of any significant changes in net profit as compared with that of the corresponding period of previous year and the underlying reasons
□ Applicable
□✓ Not applicable
3.5 Implementation of the cash dividend policy during the reporting period
Nil
Air China Limited
Legal representative: Kong Dong
28 October 2010
§4 APPENDIX
4.1 Consolidated Balance Sheet
30 September 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 8,601,033 3,201,568
Provisions on payables
Contributions made
Financial assets held for trading 25,968
Bills receivable 4,729 2,489
Accounts receivable 3,381,687 2,201,172
Prepayments 696,005 350,257
Premium receivable
Receivables on reinsurance
Provisions for reinsurancecontracts
Interest receivable
Dividend receivable
Other receivables 1,490,122 492,007
Purchase of financial assets resold
Inventories 1,080,817 931,271
Non-current assets due within a year
Other current assets
Total current assets 15,280,361 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 investments
Long term receivables 263,995 254,306
Long term equity investments 15,171,806 13,235,575
Investment property
Fixed assets 87,243,321 69,147,527
Construction in progress 21,711,314 11,731,131
Construction materials
Disposal of fixed assets
Biological assets for production
Oil and gas assets
Intangible assets 2,763,534 2,576,301
Development expenses
Goodwill 1,449,030 349,055
Long term deferred expenses 157,888 138,105
Deferred tax assets 1,705,464 1,552,443
Other non-current assets
Total non-currentassets 130,466,352 98,984,443
Total assets 145,746,713 106,163,207
CURRENT LIABILITIES:
Short term loans 12,735,412 8,870,400
Borrowings from central bank
Deposits from clients and placementsfrom other banks
| Contributions received | ||||
| Financial liabilities held for trading | 1,130,478 | 2,274,627 | ||
| Bills payable | 403,144 | 763,255 | ||
| Accounts payable | 9,922,809 | 7,113,031 | ||
Domestic air traffic liabilities International air traffic liabilities | 1,890,104 2,169,273 | 850,394 1,583,959 | |||
Receipts in advance | 90,418 | 38,127 | |||
Sale of financial assets repurchased | |||||
Fees and commissions payable | |||||
Employee compensations payable | 692,358 | 348,492 | |||
Taxes payable | 2,496,336 | 720,295 | |||
Interest payable | 291,962 | 303,154 | |||
Dividend payable | |||||
Other payables | 5,647,586 | 2,224,083 | |||
Amounts payable on reinsurance | |||||
Provisions on insurance contracts | |||||
Brokerage payable | |||||
Underwriting fees payable | |||||
Non-current liabilities repayable within one year | 12,393,589 | 11,304,489 | |||
Other current liabilities | |||||
Total current liabilities | 49,863,469 | 36,394,306 | |||
Items
Balance at the end of the period
Balance at the beginning of the year
NON-CURRENT LIABILITIES:
Long term loans 32,075,823 18,321,078
Corporate bonds 9,000,000 9,000,000
Long term payables 2,326,768 1,499,128
Obligations under finance leases 15,404,313 15,366,476
Specific payables
Accrued liabilities 127,105 94,438
Deferred income 2,677,342 1,383,338
Deferred tax liabilities 921,043 143,000
Other non-current liabilities
Total non-currentliabilities 62,532,394 45,807,458
Total liabilities 112,395,863 82,201,764
OWNERS' EQUITY (or SHAREHOLDERS' EQUITY):
Issued capital | 12,251,362 | 12,251,362 |
Capital reserve | 10,550,932 | 10,823,906 |
Less: Treasury shares | ||
Specific reserves | ||
Reserve funds | 1,563,914 | 1,563,914 |
General risk provisions | ||
Retained earnings | 10,782,647 | 921,848 |
Foreign exchange translation reserve | -1,992,120 | -1,638,158 |
Equity attributable to equity holders | ||
of the Company | 33,156,735 | 23,922,872 |
Non-controlling interests | 194,115 | 38,571 |
Total owners' equity | 33,350,850 | 23,961,443 |
Total liabilities and owners' equity | 145,746,713 | 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
30 September 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 4,944,902 1,089,515
Financial assets held for trading
Bills receivable 4,000 2,268
Accounts receivable 2,879,260 1,771,682
Prepayments 271,231 260,044
Interest receivable
Dividend receivable
Other receivables 1,020,000 678,174
Inventories 809,897 850,518
Non-current assets due within a year
Other current assets
Total current assets 9,929,290 4,652,201
NON-CURRENT ASSETS:
Available-for-sale financial assets
Held-to-maturity investments
Long term receivables | 197,425 | 182,406 |
Long term equity investments | 20,121,483 | 19,198,728 |
Investment property | ||
Fixed assets | 66,235,140 | 65,186,091 |
Construction in progress | 15,745,317 | 11,081,062 |
Construction materials | ||
Disposal of fixed assets | ||
Biological assets for production | ||
Oil and gas assets | ||
Intangible assets | 2,257,324 | 2,195,810 |
Development expenses | ||
Goodwill | ||
Long term deferred expenses | 135,599 | 131,682 |
Deferred tax assets | 1,182,773 | 1,503,000 |
Other non-current assets | ||
Total non-current assets | 105,875,061 | 99,478,779 |
Total assets | 115,804,351 | 104,130,980 |
Items
Balance at the end of the period
Balance at the beginning of the year
CURRENT LIABILITIES:
Short term loans 10,528,799 8,565,294
Financial liabilities held for trading 1,032,704 2,274,627
Bills payable 0 160,000
Accounts payable 6,822,512 6,127,351
Domestic air traffic liabilities 1,289,578 841,565
International air traffic liabilities 2,053,312 1,502,957
Receipts in advance 20,796 34,300
Employee compensations payable 492,735 284,397
Taxes payable 2,148,579 644,591
Interest payable 259,583 301,950
Dividend payable
Other payables 2,393,307 1,978,628
Non-current liabilities repayable within one year 9,786,443 11,002,982
Other current liabilities
Total current liabilities 36,828,348 33,718,642
NON-CURRENT LIABILITIES:
Long term loans | 18,836,911 | 17,125,849 |
Corporate bonds | 9,000,000 | 9,000,000 |
Long term payables | 1,133,672 | 1,073,629 |
Obligations under finance leases | 15,241,814 | 15,366,475 |
Specific payables | ||
Deferred income | 2,028,114 | 1,377,482 |
Accrued liabilities | 77,737 | 94,438 |
Deferred tax liabilities | 143,000 | 143,000 |
Other non-current liabilities | ||
Total non-current liabilities | 46,461,248 | 44,180,873 |
Total liabilities | 83,289,596 | 77,899,515 |
OWNERS' EQUITY (or SHAREHOLDERS'
EQUITY):
Issued capital | 12,251,362 | 12,251,362 |
Capital reserve | 14,332,437 | 14,332,112 |
Less: Treasury shares | ||
Specific reserves | ||
Reserve funds | 1,554,324 | 1,554,324 |
General risk provisions | ||
Retained earnings | 4,376,632 | -1,906,333 |
Total owners' equity (or shareholders' equity) | 32,514,755 | 26,231,465 |
Total liabilities and owners' equity | ||
(or shareholders' equity) | 115,804,351 | 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
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items
Amounts for the period (July to September)
Amounts for the corresponding period of
the previous year (July to September)
Amounts for the period from the beginning of the year to the end of the reporting period (January to September)
Amounts for
the period from the beginning of the previous
year to the end of the previous reporting period (January to September)
I. Total revenue from operations 24,826,376 14,054,335 59,134,049 36,459,360
Including: Operating income 24,826,376 14,054,335 59,134,049 36,459,360
Interest income
Premium earned
Fees and commission income
II. | Total operating cost | 19,416,141 | 13,489,300 | 50,825,245 | 35,940,774 |
Including: Cost of operations | 17,149,479 | 11,282,767 | 44,100,892 | 30,258,540 |
Interest expenses
Fees and commission expenses
Returned premium
Net reimbursement paid
Net amounts of provisions oninsurance contracts drawn
Bonus paid on insurance policy
Reinsurance premium
Business taxes and
surcharges | 514,545 | 358,351 | 1,176,649 | 902,014 |
Selling expenses | 1,710,459 | 1,035,453 | 4,132,214 | 2,675,877 |
General and administrative | ||||
expenses | 622,543 | 442,989 | 1,581,768 | 1,127,805 |
Finance costs | -580,885 | 369,740 | -292,693 | 976,538 |
Impairment losses of assets | 126,415 |
Add: Gains from movements in fair
value (loss is represented
by "-" sign) | 518,545 | 553,634 | 1,095,514 | 2,074,712 |
Investment income (loss is | ||||
represented by "-" sign) | 897,711 | 149,142 | 2,787,920 | 460,267 |
Including: Share of profits and | ||||
losses of associates | ||||
and joint ventures | 889,500 | 149,156 | 2,628,954 | 460,281 |
Exchange gains (loss is
represented by "-" sign)
Items
Amounts for the period (July to September)
Amounts for the corresponding period of
the previous year (July to September)
Amounts for the period from the beginning of the year to the end of the reporting period (January to September)
Amounts for the period from the beginning
of the previous year to the end of the previous
reporting period (January to September)
III. Profit from operations (loss is
represented by "-" sign) 6,826,491 1,267,811 12,192,238 3,053,565
IV.
V.
VI.
VII.
VIII.
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
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items
Amounts for the period (July to September)
Amounts for the corresponding period of previous
year (July to
September)
Amounts for the period from the beginning of the year to the end of the reporting period (January to September)
Amounts for
the period from the beginning of the previous
year to the end of the previous reporting period (January to September)
I. Revenue from operations 18,196,086 12,882,230 46,087,475 33,877,373
Less: Cost of operations 12,229,044 10,253,905 34,282,264 27,479,107
Business taxes and surcharges 368,613 341,480 929,114 870,432
Selling expenses 1,293,219 980,165 3,375,367 2,570,606
General and administrative
expenses 372,030 352,098 1,032,642 869,517
Finance costs -550,418 371,080 -300,156 956,124
Impairment losses in assets 126,415
Add: Gains from movements in fair value (loss is represented
II.
III.
IV.
V.
Items
Amounts for the period (July to September)
Amounts for the corresponding period of previous
year (July to
September)
Amounts for the period from the beginning of the year to the end of the reporting period (January to September)
Amounts for the period from the beginning
of the previous year to the end of the previous
reporting period (January to September)
VI. Other comprehensive income 0 0 452 -3,000
VII. Total comprehensive income 3,944,196 985,993 6,283,417 4,087,057
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 September 2010
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items
Amounts for the period from the beginningof the year to the end
of the reporting period
(January to
September)
Amounts for
the periodfrom the beginning
of the previous year to the end of the previous
reporting period (January to September)
I. Cash flows from operatingactivities:
Cash received from sales of goods, provision of
services 59,086,031 35,634,387
Net increase in deposits from clientsand placements from other banks
Net increase in borrowings from centralbank
Net increase in contributions received from other financial institutions
Cash received from premiums of original insurance contracts
Net cash receipt from reinsurance operations
Net increase in reserve of the insured and investment
Net increase in financial assets held for trading | ||||
Cash received from interests, fees and commission | ||||
Net increase in contributions | ||||
Net increase in cash from repurchase operations | ||||
Refund of tax and levy | 0 | 41,314 | ||
Other cash received relating to operating activities | 1,524,519 | 1,670,621 | ||
Subtotal of cash inflows of operating activities | 60,610,550 | 37,346,322 | ||
Cash paid for goods purchased, services rendered | 32,156,275 | 21,205,921 | ||
Net increase in loans and advances to clients | ||||
Net increase in deposits to central bank and to | ||||
other banks
Cash payment of claimsunder original insurance contracts
Cash payment of interests, fees and commission
Cash payment of bonus paid to insurance policy
Cash paid to or on behalf of employees | 5,174,381 | 3,825,954 |
Tax paid | 2,485,454 | 1,562,484 |
Other cash paid in relation to operating activities | 5,223,553 | 5,998,450 |
Subtotal of cash outflows of operating activities | 45,039,663 | 32,592,809 |
Net cash flows from operating activities | 15,570,887 | 4,753,513 |
Items
Amounts for the period from the beginningof the year to the end
of the reporting period
(January to
September)
Amounts for the period from the beginning
of the previous year to the end of the previous
reporting period (January to September)
II. Cash flows from investing activities:
Cash received from investments
Cash from investment income 166,296 14,880
Net cash from disposal of fixed assets,intangible
assets and other long term assets 227,261 213,377
Net cash from disposal of subsidiaries and other business units
Other cash received from investing activities | 3,091,431 | 2,383,381 |
Subtotal of cash inflows of investment activities | 3,484,988 | 2,611,638 |
Cash paid to purchase of fixed assets, intangible | ||
assets and other long term assets | 12,361,886 | 4,574,223 |
Cash paid to investments | 225,569 | 265,200 |
Net increase in pledged loans
Net cash from subsidiaries and other business units
Cash payments relating to other investments
Subtotal of cash outflows of investment activities 12,587,455 4,839,423
Net cash flows from investing activities -9,102,467 -2,227,785
III. Cash flows from financing activities:
Cash received from investments
Including: Cash received from investments of minority shareholders through subsidiaries
Cash received from borrowings | 24,025,525 | 23,620,857 |
Cash received from issue of debentures | ||
Other cash relating to financing activities | ||
Subtotal of cash inflows of financing activities | 24,025,525 | 23,620,857 |
Cash repaid to amounts borrowed | 21,772,449 | 19,392,411 |
Cash payments for distribution of dividends, | ||
profits or interest expenses | 1,110,549 | 1,142,801 |
Including: Dividends and profit paid to minority
shareholders by subsidiaries
Other cash payments relating to financing
activities | 2,328,048 | 3,935,761 |
Subtotal of cash outflows of financing activities | 25,211,046 | 24,470,973 |
Net cash flows from financing activities | -1,185,521 | -850,116 |
Items
Amounts for the period from the beginningof the year to the end
of the reporting period
(January to
September)
Amounts for the period from the beginning
of the previous year to the end of the previous
reporting period (January to September)
IV. Effectof exchange rate changes on cash and
V.
VI.
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 September 2010
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items
Amounts for the period from the beginningof the year to the end
of the reporting period
(January to
September)
Amounts for
the periodfrom the beginning
of the previous year to the end of the previous
reporting period (January to September)
I. Cash flows from operatingactivities:
Cash received from sales of goods, provision of
services 45,647,580 33,506,746
Refund of tax and levy 0 41,314
Other cash received relating to operating activities 918,841 1,557,009
Subtotal of cash inflows of operatingactivities 46,566,421 35,105,069
Cash paid for goods purchased, services rendered 24,308,504 20,703,724
Cash paid to and on behalf of employees 3,715,999 2,989,528
Taxes paid 1,755,795 1,522,522
Other cash paid in relation to operating activities 3,945,359 5,279,007
Subtotal of cash outflows of operatingactivities 33,725,657 30,494,781
Net cash flows from operatingactivities 12,840,764 4,610,288
II. Cash flows from investing activities:
Cash received from investments
Cash from investment income | 58,965 | 6,632 |
Net cash from disposal of fixed assets, intangible | ||
assets and other long term assets | 202,840 | 415,945 |
Net cash from disposal of subsidiaries and other
business units
Other cash received from investing activities | 150,310 | 655,967 |
Subtotal of cash inflows of investment activities | 412,115 | 1,078,544 |
Cash paid to purchase of fixed assets, intangible | ||
assets and other long term assets | 9,472,950 | 4,354,376 |
Cash paid for investments | 183,869 | 273,405 |
Net cash from subsidiaries and other business | ||
units | 682,144 | 0 |
Cash payments relating to other investments | ||
Subtotal of cash outflows of investment activities | 10,338,963 | 4,627,781 |
Net cash flows from investing activities | -9,926,848 | -3,549,237 |
Items
Amounts for the period from the beginningof the year to the end
of the reporting period
(January to
September)
Amounts for the period from the beginning
of the previous year to the end of the previous
reporting period (January to September)
III. Cash flows from financing activities:
Cash received from investments
Cash received from borrowings 21,118,193 23,120,884
Other cash relating to financing activities
Subtotal of cash inflows of financing activities 21,118,193 23,120,884
Cash repaid to amounts borrowed 17,071,106 19,127,756
Cash payments for distribution of dividends,
profits or interest expenses 802,070 1,006,587
Other cash payments relating to financing
activities 2,267,802 3,935,761
Subtotal of cash outflows of financing activities 20,140,978 24,070,104
Net cash flows from financing activities 977,215 -949,220
IV. Effect of exchange rate changes on cash and
V.
VI.
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, 29 October 2010
As at the date of this announcement, the Directors of the Company are Mr. Kong Dong, Ms. Wang Yinxiang, Mr. Cao Jianxiong, Mr. Christopher Dale Pratt, Mr. Ian Sai Cheung Shiu, Mr. Cai Jianjiang, Mr. Fan Cheng, Mr. Jia Kang*, Mr. Fu Yang*, Mr. Han Fangming* and Mr. Li Shuang*.
* Independent non-executive Director of the Company
Related Shares:
Air China