28th Oct 2011 08:50
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)
THIRD QUARTERLY REPORT 2011
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 27 October 2011 (the "Board Meeting") and the Board passed, inter alia, the resolution approving the quarterly report for the third quarter of 2011 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 meeting are required to be disclosed separately
Name of absent directors | Position of absent directors | Reason(s) for absence | Name of proxy |
Wang Yinxiang | Vice Chairman and | business engagement | Cao Jianxiong |
Non-executive director | |||
Christopher Dale Pratt | Non-executive director | business engagement | Ian Sai Cheung Shiu |
Cai Jianjiang | Executive director | business engagement | Fan Cheng |
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 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 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) | 171,421,348.00 | 155,219,613.00 | 10.44 |
Owner's equity (or shareholders' equity) (RMB'000) | 47,316,090.00 | 41,652,625.00 | 13.60 |
Net asset per share attributable to shareholders of the listed company (RMB per share) | 3.89 | 3.58 | 8.66 |
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) | 18,690,636.00 | 20.04 |
Net cash flow from operating activities per share (RMB per share) | 1.54 | 14.93 |
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) | 3,799,624.00 | 7,862,838.00 | -26.46 |
Basic earnings per share (RMB per share) | 0.31 | 0.65 | -31.11 |
Basic earnings per share after deducting non-recurring profits and losses (RMB per share) | 0.30 | 0.62 | -26.83 |
Diluted earnings per share (RMB per share) | N/A | N/A | N/A |
Weighted average return on net assets (%) | 8.53 | 17.66 | Decreased by 9.57 percentage points |
Weighted average return on net assets after deducting non-recurring profits and losses (%) | 8.09 | 16.83 | Decreased by 8.51 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 | 47,979 |
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 | 461,701 |
Gain/losses 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) | 77,208 |
Reversal of provision for impairment of receivables which are individually tested for impairment | 56,835 |
Other non-operating income and expenses not covered above | -33,696 |
Effect of income tax | -150,158 |
Effect on non-controlling interests (after tax) | -89,840 |
| |
Total | 370,029 |
|
2.2 Total number of shareholders and 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 | 320,513 |
(in which registered shareholders of H shares amounted to 4,704) |
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 4,949,066,567 |
Cathay Pacific Airways Limited | 2,507,385,455 | Overseas listed foreign shares 2,507,385,455 |
HKSCC NOMINEES LIMITED | 1,857,943,579 | Overseas listed foreign shares 1,857,943,579 |
China National Aviation Corporation (Group) Limited | 1,399,334,920 | RMB ordinary shares 1,332,482,920 Overseas listed foreign shares 66,852,000 |
China Life Insurance Company Limited - Bonus- Personal Bonus - 005L - FH002 Shanghai | 85,540,848 | RMB ordinary shares 85,540,848 |
Sinotrans Air Transportation Development Co., Ltd. | 75,800,000 | RMB ordinary shares 75,800,000 |
China Life Insurance Company Limited - Traditional - Ordinary Insurance Products - 005L - CT001 Shanghai | 36,092,823 | RMB ordinary shares 36,092,823 |
China Construction Bank - Yinhua - Dow Jones China 88 Select Equity Fund | 23,759,910 | RMB ordinary shares 23,759,910 |
Bank of Communications - E Fund 50 Index Securities Investment Fund | 21,946,169 | RMB ordinary shares 21,946,169 |
Industrial and Commercial Bank of China - Baoying Pan-Coastal Regional Growth Equity Securities Investment Fund | 21,634,520 | RMB ordinary shares 21,634,520 |
Note: 1. HKSCC NOMINEES LIMITED is a subsidiary of the Hong Kong Securities Clearing Company Limited, and its principle business is shareholding as nominee on behalf of other corporate or individual shareholders. The 1,857,943,579 H Shares it held in the Company did not include the 66,852,000 Shares not subject to trading moratorium and 100,000,000 Shares subject to trading moratorium which HKSCC Nominees Limited held as nominee for China National Aviation Corporation (Group) Limited.
§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
Applicable | Not applicable |
From January to September of 2011, the Group's net profit attributable to equity holders of the Company decreased by RMB1,998 million, or 20.26%, as compared with the same period last year, which was mainly attributable to a reduction of gains from movements in fair value and investment income of RMB1,019 million and RMB1,564 million, respectively. Gross profit generated from the principal business increased by RMB2,100 million as compared with the same period last year, in which due to a surge of jet fuel price, the jet fuel cost increased by RMB8,100 million as compared with the same period last year.
Set out below are changes in major items and the underlying reasons:
Accounts payable | 32.72% | The increase in the accounts payables corresponding to major costs was driven by the increasing number of flight and the rising oil price. |
Corporate bonds | -33.33% | The first tranche of the RMB3,000 million medium term notes issued in 2009 was transferred to the non-current liabilities repayable within one year. |
Non-controlling interests | 5365.08% | This was mainly attributable to a reduction of the shareholding in Air China Cargo, a subsidiary of the Group, from 100% to 51% through ownership restructuring and other arrangements. Profitability of other non-wholly owned subsidiaries also had an impact on the non-controlling interests. |
Finance costs | -375.17% | Due to a substantial change in the exchange rates, the net exchange gains generated during the period between January and September in 2011 increased by RMB1,330 million as compared with the same period last year. |
Impairment losses of assets | 307.67% | Impairment provision for fixed assets was made for the current period. |
Gains from movements in fair value | -92.95% | There was a decrease in the balance of the unsettled fuel derivative contracts for the current period. |
Investment income | -56.10% | There was a decrease in the investment income from associates as compared with the same period last year. |
Non-operating income | 75.50% | There was an increase in the government grants included in the profit and loss for the current period. |
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 actual controller
Applicable | Not 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 | Not applicable |
3.5 Distribution of cash dividends during the reporting period
Nil
Air China Limited
Legal representative: Kong Dong
27 October 2011
§4 APPENDIX
4.1 Consolidated Balance Sheet
30 September 2011
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 | 16,599,513 | 15,011,027 |
Provisions on payables | ||
Contributions made | ||
Financial assets held for trading | 18,363 | 27,379 |
Bills receivable | 646 | 14,295 |
Accounts receivable | 3,235,470 | 3,180,638 |
Prepayments | 665,130 | 683,781 |
Premium receivable | ||
Receivables on reinsurance | ||
Provisions for reinsurance contracts | ||
Interest receivable | ||
Dividend receivable | ||
Other receivables | 1,769,556 | 1,138,695 |
Purchase of financial assets resold | ||
Inventories | 1,130,397 | 932,317 |
Non-current assets due within a year | ||
Other current assets | ||
Total current assets | 23,419,075 | 20,988,132 |
| ||
NON-CURRENT ASSETS: | ||
Loans and advances | ||
Available-for-sale financial assets | ||
Held-to-maturity investments | ||
Long term receivables | 395,680 | 393,492 |
Long term equity investments | 15,175,697 | 15,522,585 |
Investment property | ||
Fixed assets | 98,943,260 | 88,224,954 |
Construction in progress | 26,945,219 | 23,518,332 |
Construction materials | ||
Disposal of fixed assets | ||
Biological assets for production | ||
Oil and gas assets | ||
Intangible assets | 2,860,935 | 2,867,600 |
Development expenses | ||
Goodwill | 1,279,076 | 1,449,030 |
Long term deferred expenses | 175,481 | 181,317 |
Deferred tax assets | 2,226,925 | 2,074,171 |
Other non-current assets | ||
Total non-current assets | 148,002,273 | 134,231,481 |
Total assets | 171,421,348 | 155,219,613 |
CURRENT LIABILITIES: | ||
Short term loans | 11,983,922 | 15,703,154 |
Borrowings from central bank | ||
Deposits from clients and placements from other banks | ||
Contributions received | ||
Financial liabilities held for trading | 275,694 | 427,329 |
Bills payable | 190,078 | 387,327 |
Accounts payable | 12,510,740 | 9,426,483 |
Domestic air traffic liabilities | 1,929,072 | 1,582,868 |
International air traffic liabilities | 2,635,212 | 2,025,831 |
Receipts in advance | 137,210 | 125,088 |
Sale of financial assets repurchased | ||
Fees and commissions payable | ||
Employee compensations payable | 2,108,654 | 1,593,762 |
Taxes payable | 3,201,988 | 2,998,802 |
Interest payable | 322,076 | 310,029 |
Dividend payable | ||
Other payables | 5,907,568 | 4,630,782 |
Amounts payable on reinsurance | ||
Provisions on insurance contracts | ||
Brokerage payable | ||
Underwriting fees payable | ||
Non-current liabilities repayable within one year | 10,813,118 | 11,421,643 |
Other current liabilities | ||
Total current liabilities | 52,015,332 | 50,633,098 |
Items | Balance at the end of the period | Balance at the beginning of the year |
NON-CURRENT LIABILITIES: | ||
Long term loans | 38,380,657 | 31,923,371 |
Corporate bonds | 6,000,000 | 9,000,000 |
Long term payables | 2,556,758 | 2,271,951 |
Obligations under finance leases | 18,183,910 | 16,061,353 |
Specific payables | ||
Accrued liabilities | 68,080 | 77,820 |
Deferred tax liabilities | 1,155,985 | 1,005,840 |
Deferred income | 3,192,617 | 2,546,860 |
Other non-current liabilities | ||
Total non-current liabilities | 69,538,007 | 62,887,195 |
Total liabilities | 121,553,339 | 113,520,293 |
OWNERS' EQUITY (or SHAREHOLDERS' EQUITY): | ||
Issued capital | 12,891,955 | 12,891,955 |
Capital reserve | 16,369,935 | 16,245,469 |
Less: Treasury shares | ||
Specific reserves | ||
Reserve funds | 2,792,686 | 2,178,300 |
General risk provisions | ||
Retained earnings | 18,201,754 | 12,515,511 |
Foreign exchange translation reserve | -2,940,240 | -2,178,610 |
Equity attributable to equity holders of the Company | 47,316,090 | 41,652,625 |
Non-controlling interests | 2,551,919 | 46,695 |
Total owners' equity | 49,868,009 | 41,699,320 |
Total liabilities and owners' equity | 171,421,348 | 155,219,613 |
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 2011
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 | 9,870,544 | 11,501,617 |
Financial assets held for trading | ||
Bills receivable | 14,000 | |
Accounts receivable | 2,802,445 | 2,373,658 |
Prepayments | 301,840 | 286,661 |
Interest receivable | ||
Dividend receivable | ||
Other receivables | 1,863,461 | 863,251 |
Inventories | 793,951 | 610,976 |
Non-current assets due within a year | 1,000,000 | |
Other current assets | ||
Total current assets | 16,632,241 | 15,650,163 |
NON-CURRENT ASSETS: | ||
Available-for-sale financial assets | ||
Held-to-maturity investments | ||
Long term receivables | 182,805 | 202,668 |
Long term equity investments | 21,357,669 | 20,400,634 |
Investment property | ||
Fixed assets | 73,221,411 | 66,229,019 |
Construction in progress | 20,537,632 | 17,073,638 |
Construction materials | ||
Disposal of fixed assets | ||
Biological assets for production | ||
Oil and gas assets | ||
Intangible assets | 2,243,578 | 2,306,963 |
Development expenses | ||
Goodwill | ||
Long term deferred expenses | 111,174 | 133,027 |
Deferred tax assets | 1,356,500 | 1,406,000 |
Other non-current assets | ||
Total non-current assets | 119,010,769 | 107,751,949 |
Total assets | 135,643,010 | 123,402,112 |
Items | Balance at the end of the period | Balance at the beginning of the year |
CURRENT LIABILITIES: | ||
Short term loans | 10,378,475 | 12,510,835 |
Financial liabilities held for trading | 217,732 | 340,049 |
Bills payable | ||
Accounts payable | 7,762,435 | 6,030,431 |
Domestic air traffic liabilities | 1,415,664 | 1,061,056 |
International air traffic liabilities | 2,406,410 | 1,913,086 |
Receipts in advance | 28,663 | 32,077 |
Employee compensations payable | 1,260,085 | 826,969 |
Taxes payable | 2,535,100 | 2,652,617 |
Interest payable | 310,289 | 283,176 |
Dividend payable | ||
Other payables | 1,747,318 | 1,817,937 |
Non-current liabilities repayable within one year | 8,733,050 | 9,018,891 |
Other current liabilities | ||
Total current liabilities | 36,795,221 | 36,487,124 |
NON-CURRENT LIABILITIES: | ||
Long term loans | 25,573,619 | 18,576,233 |
Corporate bonds | 6,000,000 | 9,000,000 |
Long term payables | 1,286,480 | 1,216,641 |
Obligations under finance leases | 17,374,746 | 15,407,125 |
Specific payables | ||
Accrued liabilities | 66,693 | 77,820 |
Deferred tax liabilities | 104,500 | 128,000 |
Deferred income | 2,332,465 | 1,806,514 |
Other non-current liabilities | ||
Total non-current liabilities | 52,738,503 | 46,212,333 |
Total liabilities | 89,533,724 | 82,699,457 |
OWNERS' EQUITY (or SHAREHOLDERS' EQUITY): | ||
Issued capital | 12,891,955 | 12,891,955 |
Capital reserve | 20,111,446 | 20,112,513 |
Less: Treasury shares | ||
Specific reserves | ||
Reserve funds | 2,783,096 | 2,168,710 |
General risk provisions | ||
Retained earnings | 10,322,789 | 5,529,477 |
Total owners' equity (or shareholders' equity) | 46,109,286 | 40,702,655 |
Total liabilities and owners' equity (or shareholders' equity) | 135,643,010 | 123,402,112 |
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 | 28,144,172 | 24,826,376 | 73,274,530 | 59,134,049 |
Including: Operating income | 28,144,172 | 24,826,376 | 73,274,530 | 59,134,049 |
Interest income | ||||
Premium earned | ||||
Fees and commission income | ||||
II. Total operating cost | 23,359,768 | 19,416,141 | 63,848,184 | 50,825,245 |
Including: Cost of operations | 20,308,920 | 17,149,479 | 56,112,880 | 44,100,892 |
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 surcharges | 654,223 | 514,545 | 1,682,321 | 1,176,649 |
Selling expenses | 1,807,184 | 1,710,459 | 4,887,771 | 4,132,214 |
General and administrative expenses | 754,412 | 622,543 | 2,040,634 | 1,581,768 |
Finance costs | -660,290 | -580,885 | -1,390,784 | -292,693 |
Impairment losses of assets | 495,319 | 515,362 | 126,415 | |
Add: Gains from movements in fair value (loss is represented by "-" sign) | 37,882 | 518,545 | 77,208 | 1,095,514 |
Investment income (loss is represented by "-" sign) | 583,927 | 897,711 | 1,224,028 | 2,787,920 |
Including: Share of profits and losses of associates and joint ventures | 583,929 | 889,500 | 1,222,528 | 2,628,954 |
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) | 5,406,213 | 6,826,491 | 10,727,582 | 12,192,238 |
Add: Non-operating income | 281,074 | 92,469 | 536,629 | 305,780 |
Less: Non-operating expenses | 10,603 | 8,690 | 60,645 | 28,491 |
Including:Loss on disposal of non-current assets | 737 | 4,955 | 10,793 | |
IV. Profit before tax (loss is represented by "-" sign) | 5,676,684 | 6,910,270 | 11,203,566 | 12,469,527 |
Less: Tax | 1,497,438 | 1,437,168 | 2,672,207 | 2,215,254 |
V. Net profit (loss is represented by "-" sign) | 4,179,246 | 5,473,102 | 8,531,359 | 10,254,273 |
Net profit attributable to equity holders of the Company | 3,799,624 | 5,166,778 | 7,862,838 | 9,860,799 |
Non-controlling interests | 379,622 | 306,324 | 668,521 | 393,474 |
VI. Earnings per share: | ||||
(I) Basic | 0.31 | 0.45 | 0.65 | 0.85 |
(II) Diluted | N/A | N/A | N/A | N/A |
VII. Other comprehensive income | -345,022 | -210,909 | -564,830 | -353,375 |
VIII. Total comprehensive income | 3,834,224 | 5,262,193 | 7,966,529 | 9,900,898 |
Attributable to equity holders of the Company | 3,455,872 | 4,955,883 | 7,300,418 | 9,507,401 |
Non-controlling interests | 378,352 | 306,310 | 666,111 | 393,497 |
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
30 September 2011
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 | 20,165,821 | 18,196,086 | 52,639,379 | 46,087,475 |
Less: Cost of operations | 14,301,961 | 12,229,044 | 39,931,956 | 34,282,264 |
Business taxes and surcharges | 437,261 | 368,613 | 1,132,709 | 929,114 |
Selling expenses | 1,324,071 | 1,293,219 | 3,591,194 | 3,375,367 |
General and administrative expenses | 421,248 | 372,030 | 1,120,662 | 1,032,642 |
Finance costs | -674,941 | -550,418 | -1,417,251 | -300,156 |
Impairment losses in assets | 550,000 | 550,000 | 126,415 | |
Add: Gains from movements in fair value (loss isrepresented by "-"sign) | -16,800 | 519,400 | 26,119 | 1,116,002 |
Investment income (loss is represented by "-" sign) | 216,083 | 172,063 | 1,083,101 | 299,251 |
Including: Share of profitsof associates andjoint ventures | 216,084 | 171,002 | 408,118 | 298,063 |
II. Profit from operations (loss is represented by "-" sign) | 4,005,504 | 5,175,061 | 8,839,329 | 8,057,082 |
Add: Non-operating income | 187,575 | 34,647 | 342,446 | 160,071 |
Less: Non-operating expenses | 10,758 | 6,519 | 23,299 | 16,332 |
Including: Loss on disposal of non-current assets | 1,144 | 792 | 3,516 | 4,510 |
III. Profit before tax (loss is represented by "-" sign) | 4,182,321 | 5,203,189 | 9,158,476 | 8,200,821 |
Less: Tax | 1,210,536 | 1,258,993 | 2,226,948 | 1,917,856 |
IV. Net profit (loss is represented by "-" sign) | 2,971,785 | 3,944,196 | 6,931,528 | 6,282,965 |
V. Earnings per share: | ||||
(I) Basic | ||||
(II) Diluted | ||||
| ||||
VI. Other comprehensive income | -147 | -1,067 | 452 | |
VII. Total comprehensive income | 2,971,638 | 3,944,196 | 6,930,461 | 6,283,417 |
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 2011
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items | 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. Cash flows from operating activities: | ||
Cash received from sales of goods, provision of services | 73,226,146 | 59,086,031 |
Net increase in deposits from clients and placements from other banks | ||
Net increase in borrowings from central bank | ||
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 | ||
Other cash received relating to operating activities | 2,168,068 | 1,524,519 |
Subtotal of cash inflows of operating activities | 75,394,214 | 60,610,550 |
Cash paid for goods purchased, services rendered | 38,934,790 | 32,156,275 |
Net increase in loans and advances to clients | ||
Net increase in deposits to central bank and to other banks | ||
Cash payment of claims under 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 | 7,200,571 | 5,174,381 |
Tax paid | 5,266,213 | 2,485,454 |
Other cash paid in relation to operating activities | 5,302,004 | 5,223,553 |
Subtotal of cash outflows of operating activities | 56,703,578 | 45,039,663 |
Net cash flows from operating activities | 18,690,636 | 15,570,887 |
II. Cash flows from investing activities: | ||
Cash received from investments | ||
Cash from investment income | 852,727 | 166,296 |
Net cash from disposal of fixed assets, intangible assets and other long term assets | 494,152 | 227,261 |
Net cash from disposal of subsidiaries and other business units | 1,669,177 | 18,170 |
Other cash received from investing activities | 1,439,248 | 3,073,261 |
Subtotal of cash inflows of investment activities | 4,455,304 | 3,484,988 |
Cash paid to purchase of fixed assets, intangible assets and other long term assets | 16,712,276 | 12,361,886 |
Cash paid to investments | 225,569 | |
Net increase in pledged loans | ||
Net cash from subsidiaries and other business units | ||
Cash payments relating to other investments | 130,643 | |
Subtotal of cash outflows of investment activities | 16,842,919 | 12,587,455 |
Net cash flows from investing activities | -12,387,615 | -9,102,467 |
III. Cash flows from financing activities: | ||
Cash received from investments | ||
Including: Cash received from investments of minority shareholders through subsidiaries | ||
Cash received from borrowings | 22,901,906 | 24,025,525 |
Cash received from issue of debentures | ||
Other cash relating to financing activities | ||
Subtotal of cash inflows of financing activities | 22,901,906 | 24,025,525 |
Cash repaid to amounts borrowed | 21,606,315 | 21,772,449 |
Cash payments for distribution of dividends, profits or interest expenses | 3,384,556 | 1,110,549 |
Including: Dividends and profit paid to minority shareholders by subsidiaries | ||
Other cash payments relating to financing activities | 1,823,936 | 2,328,048 |
Subtotal of cash outflows of financing activities | 26,814,807 | 25,211,046 |
Net cash flows from financing activities | -3,912,901 | -1,185,521 |
Items | 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) |
IV. Effect of exchange rate changes on cash and cash equivalents | -126,754 | -47,157 |
V. Net increase in cash and cash equivalents | 2,263,366 | 5,235,742 |
Add: Balance of cash and cash equivalents at the beginning of the period | 14,204,591 | 2,636,821 |
VI. Balance of cash and cash equivalents at the end of the period | 16,467,957 | 7,872,563 |
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 2011
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items | 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. Cash flows from operating activities: | ||
Cash received from sales of goods, provision of services | 52,714,914 | 45,647,580 |
Refund of tax and levy | ||
Other cash received relating to operating activities | 972,843 | 918,841 |
Subtotal of cash inflows of operating activities | 53,687,757 | 46,566,421 |
Cash paid for goods purchased, services rendered | 28,701,031 | 24,308,504 |
Cash paid to and on behalf of employees | 4,427,420 | 3,715,999 |
Taxes paid | 4,192,114 | 1,755,795 |
Other cash paid in relation to operating activities | 3,811,472 | 3,945,359 |
Subtotal of cash outflows of operating activities | 41,132,037 | 33,725,657 |
Net cash flows from operating activities | 12,555,720 | 12,840,764 |
II. Cash flows from investing activities: | ||
Cash received from investments | ||
Cash from investment income | 87,246 | 58,965 |
Net cash from disposal of fixed assets, intangible assets and other long term assets | 152,870 | 202,840 |
Net cash from disposal of subsidiaries and other business units | ||
Other cash received from investing activities | 126,913 | 150,310 |
Subtotal of cash inflows of investment activities | 367,029 | 412,115 |
Cash paid to purchase of fixed assets, intangible assets and other long term assets | 11,428,133 | 9,472,950 |
Cash paid for investments | 1,000,000 | 71,800 |
Net cash from subsidiaries and other business units | 670,000 | 682,144 |
Cash payments relating to other investments | 98,140 | 112,069 |
Subtotal of cash outflows of investment activities | 13,196,273 | 10,338,963 |
Net cash flows from investing activities | -12,829,244 | -9,926,848 |
III. Cash flows from financing activities: | ||
Cash received from investments | ||
Cash received from borrowings | 19,058,514 | 21,118,193 |
Cash received from issue of debentures | ||
Other cash relating to financing activities | ||
Subtotal of cash inflows of financing activities | 19,058,514 | 21,118,193 |
Cash repaid to amounts borrowed | 15,960,240 | 17,071,106 |
Cash payments for distribution of dividends, profits or interest expenses | 2,807,771 | 802,070 |
Other cash payments relating to financing activities | 1,573,774 | 2,267,802 |
Subtotal of cash outflows of financing activities | 20,341,785 | 20,140,978 |
Net cash flows from financing activities | -1,283,271 | 977,215 |
IV. Effect of exchange rate changes on cash and cash equivalents | -74,278 | -35,742 |
V. Net increase in cash and cash equivalents | -1,631,073 | 3,855,389 |
Add: Balance of cash and cash equivalents at the beginning of the period | 11,501,617 | 1,089,515 |
VI. Balance of cash and cash equivalents at the end of the period | 9,870,544 | 4,944,904 |
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, 27 October 2011
As at the date of this announcement, the Directors of the Company are Mr. Kong Dong, 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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Air China