30th Apr 2021 12:49
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.
中國國際航空股份有限公司
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 OF 2021
This announcement is made pursuant to Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and Rule 13.09 and Rule 13.10B 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") held a meeting of the Board on 29 April 2021 and passed the resolution approving the first quarterly report of 2021 of the Company for the period ended 31 March 2021 (the "Reporting Period" or "Period") prepared in accordance with the PRC Accounting Standards for Business Enterprises.
I. IMPORTANT NOTICE
1.1 The Board and the supervisory committee of the Company together with the directors, supervisors and the senior management of the Company guarantee that the contents of the quarterly report are true, accurate and complete and do not contain any false representation, misleading statement or material omission, and shall jointly and severally accept legal liability.
1.2 All directors of the Company attended the Board meeting to review the quarterly report.
1.3 Mr. Song Zhiyong (person in charge and the Chairman of the Board of the Company), Mr. Xiao Feng (person in charge of accounting function and the Chief Accountant), and Mr. Zhan Zhong (person in charge of accounting department (accounting superintendent) and the general manager of finance department) hereby guarantee that the financial statements set out in this quarterly report are true, accurate and complete.
1.4 The first quarterly report of the Company is unaudited.
II. BASIC INFORMATION OF THE COMPANY
2.1 Major financial data
Unit: RMB'000
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 | 288,384,073 | 284,070,710 | 1.52 |
Net assets attributable to shareholders of the listed company |
71,464,006 |
77,582,421 |
-7.89 |
For the period from the beginning of the year to the end of the Reporting Period |
For the corresponding period of the previous year | Increase/decrease as compared to the corresponding period of the previous year | |
(%) | |||
Net cash flows from operating activities | -1,254,296 | -8,716,790 | 85.61 |
For the period from the beginning of the year to the end of the Reporting Period |
For the corresponding period of the previous year | Increase/decrease as compared to the corresponding period of the previous year | |
(%) | |||
Revenue | 14,580,678 | 17,255,757 | -15.50 |
Net profit attributable to shareholders of the listed company |
-6,207,790 |
-4,805,210 |
-29.19 |
Net profit attributable to shareholders of the listed company after deducting non-recurring profits and losses |
-6,301,309 |
-4,883,411 |
-29.03 |
Weighted average return on net assets (%) | -8.33 | -5.26 | Decreased by 3.07 percentage points |
Basic earnings per share (RMB per share) |
-0.45 |
-0.35 |
-28.57 |
Diluted earnings per share (RMB per share) |
N/A |
N/A |
N/A |
Non-recurring profits and losses items and amounts
Applicable Not applicable
Unit: RMB'000
Items | Amounts for the Period |
Gains or losses on disposal of non-current assets | -1,991 |
Government subsidies recorded in the income statement for the current period (excluding those closely related to the Company's normal business and continuously entitled to in fixed amounts or quotas in accordance with the requirements of the state policy) |
124,528 |
Other non-operating income and expenses not covered above | 21,162 |
Effect of non-controlling shareholders' interests (after taxation) | -15,847 |
Effect of income tax | -34,333 |
Total | 93,519 |
2.2 Total number of shareholders, particulars of the top 10 shareholders and the top 10
holders of tradable shares (or shares not subject to selling restrictions) as at the
end of the Reporting Period
Unit: share
Total number of shareholders (account) | 152,624 | |||||
Particulars of the top 10 shareholders | ||||||
Name of shareholder (full name) |
Number of shares held as at the end of the Period |
Shareholding percentage | Number of shares held subject to selling restrictions |
Nature of shareholder | ||
Shares pledge Status |
d or frozen Number | |||||
(%) | ||||||
China National Aviation Holding Corporation Limited | 5,952,236,697 | 40.98 | 0 | Frozen | 127,445,536 | State-owned legal person |
Cathay Pacific Airways Limited | 2,633,725,455 | 18.13 | 0 | Nil | 0 | Foreign legal person |
HKSCC NOMINEES LIMITED | 1,687,906,388 | 11.62 | 0 | Nil | 0 | Foreign legal person |
China National Aviation Corporation (Group) Limited | 1,556,334,920 | 10.72 | 0 | Frozen | 36,454,464 | Foreign legal person |
China National Aviation Fuel Group Corporation | 463,083,102 | 3.19 | 0 | Nil | 0 | State-owned legal person |
China Securities Finance Corporation Limited | 311,302,365 | 2.14 | 0 | Nil | 0 | State-owned legal person |
Hong Kong Securities Clearing Company Ltd. | 168,838,788 | 1.16 | 0 | Nil | 0 | Foreign legal person |
Agricultural Bank of China Limited - GF Balanced Preferred Hybrid Securities Investment Fund | 44,657,648 | 0.31 | 0 | Nil | 0 | Others |
Bank of China Limited - Business Solicitation Industry Selective Stock Securities Investment Fund (招商行業精選股票型證券投資基金) | 30,624,884 | 0.21 | 0 | Nil | 0 | Others |
Ke Miaorong (柯妙容) | 26,822,811 | 0.18 | 0 | Nil | 0 | Domestic natural person |
Particulars of the top 10 shareholders not subject to selling restrictions | |||
Name of shareholder | Number of tradable shares held not subject to selling restrictions | ||
Class and numb Class | er of shares Number | ||
China National Aviation Holding Corporation Limited | 5,952,236,697 | RMB ordinary shares | 5,952,236,697 |
Cathay Pacific Airways Limited | 2,633,725,455 | Overseas listed foreign shares | 2,633,725,455 |
HKSCC NOMINEES LIMITED | 1,687,906,388 | Overseas listed foreign shares | 1,687,906,388 |
China National Aviation Corporation (Group) Limited | 1,556,334,920 | RMB ordinary shares | 1,332,482,920 |
Overseas listed foreign shares | 223,852,000 | ||
China National Aviation Fuel Group Corporation | 463,083,102 | RMB ordinary shares | 463,083,102 |
China Securities Finance Corporation Limited | 311,302,365 | RMB ordinary shares | 311,302,365 |
Hong Kong Securities Clearing Company Ltd. | 168,838,788 | RMB ordinary shares | 168,838,788 |
Agricultural Bank of China Limited - GF Balanced Preferred Hybrid Securities Investment Fund | 44,657,648 | RMB ordinary shares | 44,657,648 |
Bank of China Limited - Business Solicitation Industry Selective Stock Securities Investment Fund (招商行業精選股票型證券投資基金) | 30,624,884 | RMB ordinary shares | 30,624,884 |
Ke Miaorong (柯妙容) | 26,822,811 | RMB ordinary shares | 26,822,811 |
Explanation on connected relationship or action in concert among the above shareholders | China National Aviation Corporation (Group) Limited is a wholly-owned subsidiary of China National Aviation Holding Corporation Limited. Accordingly, China National Aviation Holding Corporation Limited is directly and indirectly interested in 51.70% of the shares of the Company. | ||
Explanation on holders of preference shares with restored voting rights and number of shares held | Nil | ||
1. HKSCC NOMINEES LIMITED is a subsidiary of The Stock Exchange of Hong Kong Limited and its principal business is acting as nominee for and on behalf of other corporate shareholders or individual shareholders. The 1,687,906,388 H shares held by it in the Company do not include the 166,852,000 shares held by it as nominee of China National Aviation Corporation (Group) Limited.
2. According to the "Implementation Measures on Partial Transfer of State-owned Shares to the National Social Security Fund in the Domestic Securities Market" (Cai
Qi [2009] No. 94) (《境內證券市場轉持部分國有股充實全國社會保障基金實施辦
法》(財企[2009]94號)) and the Notice ([2009] No. 63) jointly issued by the Ministry
of Finance, the State-owned Assets Supervision and Administration Commission of
the State Council, China Securities Regulatory Commission and the National Council
for Social Security Fund, 127,445,536 shares and 36,454,464 shares held by China
National Aviation Holding Corporation Limited, the controlling shareholder of the
Company, and China National Aviation Corporation (Group) Limited respectively are
frozen at present.
2.3 Total number of holders of preference shares, particulars of the top 10 holders of
preference shares and the shareholdings of the top 10 holders of preference shares not
subject to selling restrictions as at the end of the Reporting Period
Applicable Not applicable
III. 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 revenue amounted to RMB14.581 billion and the net loss attributable to equity
shareholders of the Company amounted to RMB6.208 billion in the first quarter of 2021.
Unit: RMB'000
Items in consolidated balance sheet | 31 March 2021 | 31 December 2020 | Percentage of Change (%) |
Reasons for Change |
Cash and bank balance | 9,912,976 | 6,575,243 | 50.76 | Mainly due to the increase in cash and bank balance pursuant to the capital use plan. |
Accounts receivable | 3,898,888 | 2,942,799 | 32.49 | Mainly due to the increase in passenger ticket receivables. |
Inventories | 2,452,987 | 1,853,990 | 32.31 | Mainly due to the increase in the number of goods in process and spare parts of flight equipment. |
Short-term financing bonds payable | 702,052 | 510,810 | 37.44 | Mainly due to the impact of the addition of short-term financing bonds. |
Bills payable | 282,111 | 62,570 | 350.87 | Impact of the addition of bank acceptance notes during the Reporting Period. |
Unit: RMB'000
Items in consolidated income statement | First quarter of 2021 | First quarter of 2020 | Percentage of Change (%) |
Reasons for Change |
Finance expenses | 1,615,728 | 2,329,605 | -30.64 | Due to the year-on-year decrease in the exchange loss during the Reporting Period. |
Income tax expenses | -1,690,959 | -1,172,789 | -44.18 | Due to deferred income tax expenses incurred in recognizing the deductible tax losses during the Reporting Period. |
Unit: RMB'000
Items in consolidated statement of cash flows | First quarter of 2021 | First quarter of 2020 | Percentage of Change (%) |
Reasons for Change |
Other cash received relating to operating activities | 1,624,412 | 2,374,432 | -31.59 | Mainly due to the year-on-year increase in the net lending made by a subsidiary of the Group during the Period. |
Cash paid for goods purchased and services received | 8,587,763 | 12,857,493 | -33.21 | Mainly due to the year-on-year decrease in payments for, among others, aviation fuel paid during the Period. |
Cash paid for purchase and construction of fixed assets, intangible assets and other long- term assets | 562,481 | 2,811,387 | -79.99 | Mainly due to the year-on-year decrease in advance payments for aircraft during the Period. |
Cash received from issuance of debentures | 700,000 | 9,000,000 | -92.22 | Due to the year-on-year decrease in the issuance of debentures during the Period |
Cash received from capital injection | 490,148 | - | N/A | Due to the capital contribution received from minority shareholders of a subsidiary of the Group during the Period. |
Cash paid for repayment of borrowings | 4,219,254 | 1,971,740 | 113.99 | Due to the year-on-year increase in repayment of borrowings during the Period. |
Cash paid for repayment of debentures | 1,000,000 | 5,300,000 | -81.13 | Due to the year-on-year decrease in repayment of debentures during the Period. |
Other cash paid relating to financing activities | 3,616,317 | 2,749,273 | 31.54 | Due to the year-on-year increase in lease payment paid during the Period. |
3.2 Analysis and explanation on the progress of significant events and their impact and resolutions
Applicable Not applicable
3.3 Undertakings that were failed to fulfill as scheduled during the Reporting Period
Applicable Not applicable
3.4 Warnings and explanations with regard to forecast of a probable loss in respect of the
accumulative net profits from the beginning of the year to the end of the next reporting
period or any significant changes as compared with that of the corresponding
period of previous year
Applicable Not applicable
In the event that the impact of the COVID-19 pandemic extends into the next reporting
period, it is estimated that the results of the Group during the period from the beginning of
the year to the end of the next reporting period will be affected. With the domestic pandemic
brought under control and the coverage of vaccination continuing to expand, the
demand for civil aviation transportation will gradually recover. The Group will capitalize on
the opportunity of market recovery by optimizing transport capacity investment in a timely
manner, and take various initiatives, all with an active effort to achieve better performances.
Company name | Air China Limited | |
Legal representative | Mr. Song Zhiyong | |
Date | 29 April 2021 |
IV. APPENDICES
4.1 Financial Statements CONSOLIDATED BALANCE SHEET
31 March 2021
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items | 31 March 2021 | 31 December 2020 |
CURRENT ASSETS: | ||
Cash and bank balance | 9,912,976 | 6,575,243 |
Provisions on payables | ||
Contributions made | ||
Financial assets held-for-trading | 50,014 | |
Derivative financial assets | ||
Bills receivable | 2,143 | 6,593 |
Accounts receivable | 3,898,888 | 2,942,799 |
Receivables financing | ||
Prepayments | 502,387 | 421,237 |
Premium receivable | ||
Receivables on reinsurance | ||
Provisions for reinsurance contracts | ||
Other receivables | 3,307,743 | 3,491,233 |
Including: Interest receivable | ||
Dividend receivable |
Items | 31 March 2021 | 31 December 2020 |
Purchase of financial assets resold | ||
Inventories | 2,452,987 | 1,853,990 |
Contract assets | ||
Held-for-sale assets | ||
Non-current assets due within a year | ||
Other current assets | 4,591,796 | 4,444,806 |
Total current assets | 24,718,934 | 19,735,901 |
NON-CURRENT ASSETS: | ||
Loans and advances | ||
Debt investments | ||
Other debt investments | 1,279,422 | 1,344,829 |
Long-term receivables | 604,241 | 621,398 |
Long-term equity investments | 11,403,923 | 12,379,614 |
Investments in other equity instruments | 230,373 | 235,223 |
Other non-current financial assets | ||
Investment properties | 137,225 | 138,688 |
Fixed assets | 86,199,984 | 87,717,717 |
Construction in progress | 35,776,305 | 38,138,866 |
Biological assets for production | ||
Oil and gas assets | ||
Right-of-use assets | 114,680,176 | 112,074,148 |
Intangible assets | 3,582,001 | 3,597,206 |
Development expenses | ||
Goodwill | 1,102,185 | 1,102,185 |
Long-term deferred expenses | 275,706 | 292,972 |
Deferred tax assets | 8,393,598 | 6,691,963 |
Other non-current assets | ||
Total non-current assets | 263,665,139 | 264,334,809 |
Total assets | 288,384,073 | 284,070,710 |
CURRENT LIABILITIES: | ||
Short-term loans | 34,550,530 | 29,327,087 |
Short-term financing bonds payable | 702,052 | 510,810 |
Borrowings from central bank | ||
Contributions received | ||
Items | 31 March 2021 | 31 December 2020 |
Financial liabilities held-for-trading | ||
Derivative financial liabilities | ||
Bills payable | 282,111 | 62,570 |
Accounts payables | 14,192,448 | 12,740,096 |
Air traffic liabilities | 2,185,697 | 2,002,649 |
Receipts in advance | ||
Contract liabilities | 1,509,446 | 1,280,102 |
Sale of financial assets repurchased | ||
Deposits from clients and placements from other banks | ||
Brokerage payable | ||
Underwriting fees payable | ||
Employee compensations payable | 1,880,087 | 2,608,944 |
Taxes payable | 212,693 | 206,547 |
Other payables | 8,724,309 | 9,600,645 |
Including: Interest payable | ||
Dividend payable | ||
Fees and commissions payable | ||
Amounts payable on reinsurance | ||
Held-for-sale liabilities | ||
Non-current liabilities due within a year | 23,023,916 | 22,054,735 |
Other current liabilities | ||
Total current liabilities | 87,263,289 | 80,394,185 |
Items | 31 March 2021 | 31 December 2020 |
NON-CURRENT LIABILITIES: | ||
Reserves on insurance contracts | ||
Long-term loans | 25,101,140 | 21,140,699 |
Debentures payable | 9,498,639 | 10,498,398 |
Including: Preference shares | ||
Perpetual bonds | ||
Lease liabilities | 76,707,769 | 76,098,678 |
Long-term payables | 6,105,917 | 5,783,825 |
Long-term employee compensation payables | 231,732 | 229,332 |
Accrued liabilities | 3,099,970 | 3,023,109 |
Deferred income | 482,447 | 488,791 |
Deferred tax liabilities | 332,965 | 334,720 |
Other non-current liabilities | 2,120,272 | 2,264,843 |
Total non-current liabilities | 123,680,851 | 119,862,395 |
Total liabilities | 210,944,140 | 200,256,580 |
OWNERS' EQUITY (OR SHAREHOLDERS' EQUITY): | ||
Paid-up capital (or share capital) | 14,524,815 | 14,524,815 |
Other equity instruments | ||
Including: Preference shares | ||
Perpetual bonds | ||
Capital reserve | 26,270,841 | 26,270,841 |
Less: Treasury shares | ||
Other comprehensive income | -782,212 | -871,587 |
Special reserves | ||
Surplus reserves | 11,564,287 | 11,564,287 |
General risk provisions | 110,628 | 110,628 |
Retained earnings | 19,775,647 | 25,983,437 |
Total owners' equity (or shareholders' equity) attributable to equity shareholders of the parent company |
71,464,006 |
77,582,421 |
Non-controlling interests | 5,975,927 | 6,231,709 |
Total owners' equity (or shareholders' equity) | 77,439,933 | 83,814,130 |
Total liabilities and owners' equity (or shareholders' equity) |
288,384,073 |
284,070,710 |
Person in charge of the Company: Mr. Song Zhiyong |
Person in charge of accounting function: Mr. Xiao Feng |
Person in charge of accounting department: Mr. Zhan Zhong |
BALANCE SHEET OF THE PARENT COMPANY
31 March 2021
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items | 31 March 2021 | 31 December 2020 |
CURRENT ASSETS: | ||
Cash and bank balance | 5,093,766 | 4,651,356 |
Financial assets held-for-trading | ||
Derivative financial assets | ||
Bills receivable | ||
Accounts receivable | 3,124,558 | 2,259,952 |
Receivables financing | ||
Prepayments | 257,416 | 261,522 |
Other receivables | 2,823,166 | 2,999,425 |
Including: Interest receivable | ||
Dividend receivable | ||
Inventories | 88,787 | 88,664 |
Contract assets | ||
Held-for-sale assets | ||
Non-current assets due within a year | ||
Other current assets | 2,584,440 | 2,327,891 |
Total current assets | 13,972,133 | 12,588,810 |
Items | 31 March 2021 | 31 December 2020 |
NON-CURRENT ASSETS: | ||
Debt investments | ||
Other debt investments | ||
Long-term receivables | 908,209 | 934,946 |
Long-term equity investments | 24,247,219 | 24,719,781 |
Investments in other equity instruments | 22,783 | 22,783 |
Other non-current financial assets | ||
Investment properties | ||
Fixed assets | 62,694,698 | 64,110,458 |
Construction in progress | 25,240,481 | 26,891,441 |
Biological assets for production | ||
Oil and gas assets | ||
Right-of-use assets | 78,395,914 | 76,579,042 |
Intangible assets | 2,483,490 | 2,479,040 |
Development expenses | ||
Goodwill | ||
Long-term deferred expenses | 196,099 | 217,999 |
Deferred tax assets | 6,929,567 | 5,620,570 |
Other non-current assets | ||
Total non-current assets | 201,118,460 | 201,576,060 |
Total assets | 215,090,593 | 214,164,870 |
CURRENT LIABILITIES: | ||
Short-term loans | 24,620,295 | 20,431,852 |
Financial liabilities held-for-trading | ||
Derivative financial liabilities | ||
Bills payable | ||
Accounts payable | 10,664,119 | 10,376,360 |
Air traffic liabilities | 1,707,653 | 1,652,124 |
Receipts in advance | ||
Contract liabilities | 1,201,576 | 1,006,813 |
Employee compensations payable | 553,174 | 882,311 |
Taxes payable | 136,897 | 96,157 |
Other payables | 4,767,099 | 6,254,523 |
Including: Interest payable | ||
Dividend payable | ||
Held-for-sale liabilities | ||
Non-current liabilities due within a year | 15,471,543 | 15,306,089 |
Other current liabilities | ||
Total current liabilities | 59,122,356 | 56,006,229 |
Items | 31 March 2021 | 31 December 2020 |
NON-CURRENT LIABILITIES: | ||
Long-term loans | 18,704,714 | 16,467,910 |
Debentures payable | 6,500,000 | 6,500,000 |
Including: Preference shares | ||
Perpetual bonds | ||
Lease liabilities | 52,265,887 | 51,955,400 |
Long-term payables | 2,936,246 | 2,876,964 |
Long-term employee compensation payables | ||
Accrued liabilities | 2,217,316 | 2,155,105 |
Deferred income | 348,093 | 355,457 |
Deferred tax liabilities | ||
Other non-current liabilities | 1,822,853 | 1,981,139 |
Total non-current liabilities | 84,795,109 | 82,291,975 |
Total liabilities | 143,917,465 | 138,298,204 |
OWNERS' EQUITY (OR SHAREHOLDERS' EQUITY): | ||
Paid-up capital (or share capital) | 14,524,815 | 14,524,815 |
Other equity instruments | ||
Including: Preference shares | ||
Perpetual bonds | ||
Capital reserve | 30,618,680 | 30,618,680 |
Less: Treasury shares | ||
Other comprehensive income | 283,195 | 283,195 |
Special reserves | ||
Surplus reserves | 11,527,181 | 11,527,181 |
Retained earnings | 14,219,257 | 18,912,795 |
Total owners' equity (or shareholders' equity) | 71,173,128 | 75,866,666 |
Total liabilities and owners' equity (or shareholders' equity) |
215,090,593 |
214,164,870 |
Person in charge of the Company: Mr. Song Zhiyong |
Person in charge of accounting function: Mr. Xiao Feng |
Person in charge of accounting department: Mr. Zhan Zhong |
CONSOLIDATED INCOME STATEMENT
January to March 2021
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items | First quarter of 2021 | First quarter of 2020 |
I. Total revenue from operations | 14,580,678 | 17,255,757 |
Including: Operating income | 14,580,678 | 17,255,757 |
Interest income | ||
Premium earned | ||
Fees and commission income | ||
II. Total operating cost | 23,098,558 | 23,823,243 |
Including: Operating costs | 19,241,297 | 19,365,536 |
Interest expenses | ||
Fees and commission expenses | ||
Returned premium | ||
Net reimbursement paid | ||
Net amounts of provisions on insurance obligations drawn | ||
Bonus paid on insurance policy | ||
Reinsurance premium | ||
Taxes and other levies | 58,856 | 42,039 |
Selling expenses | 1,095,861 | 1,064,170 |
General and administrative expenses | 1,056,567 | 902,659 |
R&D expenses | 30,249 | 119,234 |
Finance expenses | 1,615,728 | 2,329,605 |
Including: Interest expenses | 1,313,417 | 1,277,782 |
Interest income | 8,188 | 15,041 |
Add: Other income | 913,601 | 999,269 |
Investment income (loss is represented by "-" sign) | -1,047,673 | -1,238,000 |
Including: Share of profits of associates and joint ventures | -1,062,546 | -1,252,951 |
Derecognition of gains on financial assets measured at amortised cost | ||
Exchange gains (loss is represented by "-" sign) | ||
Gains from net exposure to hedging (loss is represented by "-" sign) | ||
Gains from changes in fair value (loss is represented by "-" sign) | ||
Impairment loss of credit (loss is represented by "-" sign) | -5,228 | 16,994 |
Impairment loss of assets (loss is represented by "-" sign) | ||
Gains from disposal of assets (loss is represented by "-" sign) |
-914 |
387 |
Items | First quarter of 2021 | First quarter of 2020 |
III. Profit from operations (loss is represented by "-" sign) | -8,658,094 | -6,788,836 |
Add: Non-operating income | 27,204 | 17,633 |
Less: Non-operating expenses | 7,119 | 17,998 |
IV. Total profit (total loss is represented by "-" sign) | -8,638,009 | -6,789,201 |
Less: Income tax expenses | -1,690,959 | -1,172,789 |
V. Net profit (net loss is represented by "-" sign) | -6,947,050 | -5,616,412 |
(I) Classified by continuity of operations | ||
1. Net profit from continuing operations (net loss is represented by "-" sign) |
-6,947,050 |
-5,616,412 |
2. Net profit from discontinued operation (net loss is represented by "-" sign) | ||
(II) Classified by ownership | ||
1. Net profits attributable to shareholders of the parent company (net loss is represented by "-" sign) |
-6,207,790 |
-4,805,210 |
2. Net profits attributable to non-controlling interests (net loss is represented by "-" sign) |
-739,260 |
-811,202 |
VI. Other comprehensive income after taxation, net | 82,705 | 408,388 |
(I) Other comprehensive income after taxation attributable to shareholders of the parent company, net |
89,375 |
417,470 |
1.Other comprehensive income that cannot be subsequently reclassified to profit or loss |
-1,854 |
-22,641 |
(1) Changes arising on remeasurement of defined benefit plans | ||
(2) Other comprehensive income accounted for using the equity method that cannot be reclassified to profit or loss | ||
(3) Change in fair value of investments in other equity instruments |
-1,854 |
-22,641 |
(4) Change in fair value of own credit risk of the Company | ||
2.Other comprehensive income that will be reclassified to profit or loss |
91,229 |
440,111 |
(1) Other comprehensive income accounted for using the equity method that may be reclassified to profit or loss | ||
(2) Change in fair value of other debt investments | -1,945 | 5,591 |
(3) Amount of financial assets reclassified into other comprehensive income | ||
(4) Provisions for credit impairment of other debt investments |
-2,387 |
-2,101 |
(5) Reserve for cash flow hedging | ||
(6) Exchange difference on translation of financial statements in foreign currency |
95,561 |
436,621 |
(7) Others |
Items | First quarter of 2021 | First quarter of 2020 |
(II) Other comprehensive income after taxation attributable to non- controlling interests, net |
-6,670 |
-9,082 |
VII. Total comprehensive income | -6,864,345 | -5,208,024 |
(I) Total comprehensive income attributable to shareholders of the Company |
-6,118,415 |
-4,387,740 |
(II) Total comprehensive income attributable to non-controlling interests |
-745,930 |
-820,284 |
VIII. Earnings per share: | ||
(I) Basic earnings per share (RMB per share) | -0.45 | -0.35 |
(II) Diluted earnings per share (RMB per share) | N/A | N/A |
For business combination under common control during the Period, the net profit of merged
party before the business combination is Nil, and the net profit of the merged party for
the last period is Nil.
Person in charge of the Company: Mr. Song Zhiyong |
Person in charge of accounting function: Mr. Xiao Feng |
Person in charge of accounting department: Mr. Zhan Zhong |
INCOME STATEMENT OF THE PARENT COMPANY
January to March 2021
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items | First quarter of 2021 | First quarter of 2020 |
I. Revenue from operations | 9,503,315 | 12,074,346 |
Less: Operating costs | 13,081,239 | 13,176,995 |
Taxes and other levies | 32,236 | 17,135 |
Selling expenses | 787,775 | 733,625 |
General and administrative expenses | 508,679 | 367,534 |
R&D expenses | 12,708 | 36,263 |
Finance expenses | 1,122,009 | 1,674,339 |
Including: Interest expenses | 962,317 | 920,183 |
Interest income | 21,290 | 22,643 |
Add: Other income | 511,239 | 559,303 |
Investment income (loss is represented by "-" sign) | -472,271 | -315,809 |
Including: Share of profits of associates and joint ventures | -472,562 | -315,809 |
Derecognition of gains on financial assets measured at amortised cost | ||
Gains from net exposure to hedging (loss is represented by "-" sign) | ||
Gains from changes in fair value (loss is represented by "-" sign) | ||
Impairment loss of credit (loss is represented by "-" sign) | ||
Impairment loss of assets (loss is represented by "-" sign) | ||
Gains from disposal of assets (loss is represented by "-" sign) | -949 | 93 |
II. Profit from operations (loss is represented by "-" sign) | -6,003,312 | -3,687,958 |
Add: Non-operating income | 2,352 | 3,134 |
Less: Non-operating expenses | 289 | 15,428 |
III. Total profit (total loss is represented by "-" sign) | -6,001,249 | -3,700,252 |
Less: Income tax expenses | -1,307,711 | -779,658 |
IV. Net profit (net loss is represented by "-" sign) | -4,693,538 | -2,920,594 |
(I) Net profit from continuing operations (net loss is represented by "-" sign) | -4,693,538 | -2,920,594 |
(II) Net profit from discontinued operations (net loss is represented by "-" sign) |
Items | First quarter of 2021 | First quarter of 2020 |
V. Other comprehensive income after taxation, net | ||
(I) Other comprehensive income that cannot be subsequently reclassified to profit or loss | ||
1. Changes arising on remeasurement of defined benefit plans | ||
2. Other comprehensive income accounted for using the equity method that cannot be reclassified to profit or loss | ||
3. Change in fair value of investments in other equity instruments | ||
4. Change in fair value of own credit risks of the Company | ||
(II) Other comprehensive income that will be reclassified to profit or loss | ||
1. Other comprehensive income accounted for using the equity method that may be reclassified to profit or loss | ||
2. Change in fair value of other debt investments | ||
3. Amount of financial assets reclassified into other comprehensive income | ||
4. Provisions for credit impairment of other debt investments | ||
5. Reserve for cash flow hedging | ||
6. Exchange difference on translation of financial statements in foreign currency | ||
7. Others | ||
VI. Total comprehensive income | -4,693,538 | -2,920,594 |
VII. Earnings per share: | ||
(I) Basic earnings per share (RMB per share) | ||
(II) Diluted earnings per share (RMB per share) |
Person in charge of the Company: Mr. Song Zhiyong |
Person in charge of accounting function: Mr. Xiao Feng |
Person in charge of accounting department: Mr. Zhan Zhong |
CONSOLIDATED CASH FLOW STATEMENT
January to March 2021
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items | First quarter of 2021 | First quarter of 2020 |
I. Cash flows from operating activities: | ||
Cash received from sales of goods and provision of services | 14,380,541 | 11,619,620 |
Net increase in deposits from clients and placements from banks | ||
Net increase in borrowings from central bank | ||
Net increase in borrowings 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 | ||
Cash received from interest, fees and commission | ||
Net increase in contributions received | ||
Net increase in cash from repurchase operations | ||
Net cash receipt from securities trading as agent | ||
Refund of taxes and levies | 4,636 | 4,297 |
Other cash received relating to operating activities | 1,624,412 | 2,374,432 |
Subtotal of cash inflows of operating activities | 16,009,589 | 13,998,349 |
Cash paid for goods purchased and services received | 8,587,763 | 12,857,493 |
Net increase in loans and advances to clients | ||
Net increase in deposits in central bank and other banks | ||
Cash paid in respect of claims under original insurance contracts | ||
Net increase in contributions made | ||
Cash paid for interest, fees and commissions | ||
Cash paid for bonus paid on insurance policy | ||
Cash paid to or on behalf of employees | 6,584,075 | 7,044,573 |
Taxes and levies paid | 266,475 | 618,697 |
Other cash paid relating to operating activities | 1,825,572 | 2,194,376 |
Subtotal of cash outflows from operating activities | 17,263,885 | 22,715,139 |
Net cash flows from operating activities | -1,254,296 | -8,716,790 |
II. Cash flows from investing activities: | ||
Cash received from sale and redemption of investments | 722,905 | 394,656 |
Cash received from investment income | 291 | 11,570 |
Net cash proceeds from disposal of fixed assets, intangible assets and other long-term assets |
8,251 |
8,022 |
Items | First quarter of 2021 | First quarter of 2020 |
Net cash proceeds from disposal of subsidiaries and other business units | ||
Other cash received relating to investing activities | 31,118 | 15,901 |
Subtotal of cash inflows from investing activities | 762,565 | 430,149 |
Cash paid for purchase and construction of fixed assets, intangible assets and other long-term assets |
562,481 |
2,811,387 |
Cash paid for investments | 50,000 | |
Net increase in secured loans | ||
Net cash payments for acquisition of subsidiaries and other business units | ||
Other cash paid relating to investing activities | 6,758 | 1,631 |
Subtotal of cash outflows from investing activities | 619,239 | 2,813,018 |
Net cash flows from investing activities | 143,326 | -2,382,869 |
III. Cash flows from financing activities: | ||
Cash received from issuance of debentures | 700,000 | 9,000,000 |
Cash received from capital injection | 490,148 | |
Including: Cash received from capital injection of minority shareholders in subsidiaries |
490,148 | |
Cash received from borrowings | 13,650,876 | 15,321,878 |
Other cash received relating to financing activities | ||
Subtotal of cash inflows from financing activities | 14,841,024 | 24,321,878 |
Cash paid for repayment of borrowings | 4,219,254 | 1,971,740 |
Cash paid for repayment of debentures | 1,000,000 | 5,300,000 |
Cash paid for distribution of dividends, profits or payment of interest expenses |
1,564,579 |
1,462,255 |
Including: Dividends and profits paid to minority shareholders by subsidiaries | ||
Other cash paid relating to financing activities | 3,616,317 | 2,749,273 |
Subtotal of cash outflows from financing activities | 10,400,150 | 11,483,268 |
Net cash flows from financing activities | 4,440,874 | 12,838,610 |
IV. Effect of exchange rate changes on cash and cash equivalents | 23,666 | 24,514 |
V. Net increase in cash and cash equivalents | 3,353,570 | 1,763,465 |
Add: Balance of cash and cash equivalents as at the beginning of the Period |
5,837,998 |
8,935,282 |
VI. Balance of cash and cash equivalents as at the end of the Period |
9,191,568 |
10,698,747 |
Person in charge of the Company: Mr. Song Zhiyong
Person in charge of accounting function: Mr. Xiao Feng
Person in charge of accounting department: Mr. Zhan Zhong
CASH FLOW STATEMENT OF THE PARENT COMPANY
January to March 2021
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items | First quarter of 2021 | First quarter of 2020 |
I. Cash flows from operating activities: | ||
Cash received from sales of goods and provision of services | 8,896,718 | 6,952,959 |
Refund of taxes and levies | ||
Other cash received relating to operating activities | 1,189,980 | 968,627 |
Subtotal of cash inflows of operating activities | 10,086,698 | 7,921,586 |
Cash paid for goods purchased and services received | 6,670,049 | 9,349,929 |
Cash paid to or on behalf of employees | 3,665,393 | 3,916,282 |
Taxes and levies paid | 68,839 | 527,452 |
Other cash paid relating to operating activities | 831,692 | 630,850 |
Subtotal of cash outflows from operating activities | 11,235,973 | 14,424,513 |
Net cash flows from operating activities | -1,149,275 | -6,502,927 |
II. Cash flows from investing activities: | ||
Cash received from sale and redemption of investments | ||
Cash received from investment income | 291 | |
Net cash proceeds from disposal of fixed assets, intangible assets and other long-term assets |
1,204 |
2,271 |
Net cash proceeds from disposal of subsidiaries and other business units | ||
Other cash received relating to investing activities | 21,290 | 22,643 |
Subtotal of cash inflows from investing activities | 22,785 | 24,914 |
Cash paid for purchase and construction of fixed assets, intangible assets and other long-term assets |
462,723 |
2,328,567 |
Cash paid for investments | ||
Net cash payments for acquisition of subsidiaries and other business units | ||
Other cash paid relating to investing activities | ||
Subtotal of cash outflows from investing activities | 462,723 | 2,328,567 |
Net cash flows from investing activities | -439,938 | -2,303,653 |
Items | First quarter of 2021 | First quarter of 2020 |
III. Cash flows from financing activities: | ||
Cash received from capital injection | ||
Cash received from issuance of debentures | 3,000,000 | |
Cash received from borrowings | 9,050,000 | 10,566,500 |
Other cash received relating to financing activities | ||
Subtotal of cash inflows from financing activities | 9,050,000 | 13,566,500 |
Cash paid for repayment of borrowings | 3,615,542 | 1,558,821 |
Cash paid for distribution of dividends, profits or payment of interest expenses |
1,058,650 |
996,478 |
Other cash paid relating to financing activities | 2,366,299 | 2,060,798 |
Subtotal of cash outflows from financing activities | 7,040,491 | 4,616,097 |
Net cash flows from financing activities | 2,009,509 | 8,950,403 |
IV. Effect of exchange rate changes on cash and cash equivalents | 22,114 | -5,466 |
V. Net increase in cash and cash equivalents | 442,410 | 138,357 |
Add: Balance of cash and cash equivalents as at the beginning of the Period |
4,609,130 |
6,751,816 |
VI. Balance of cash and cash equivalents as at the end of the Period |
5,051,540 |
6,890,173 |
Person in charge of the Company: Mr. Song Zhiyong |
Person in charge of accounting function: Mr. Xiao Feng |
Person in charge of accounting department: Mr. Zhan Zhong |
4.2 Particulars in relation to adjustments made to the financial statements as at the
beginning of the year for the initial implementation of New Lease Standard since 2021
Applicable Not Applicable
4.3 Description of the retrospective adjustment to the comparable figures for the previous
period due to the initial implementation of the New Lease Standard since 2021
Applicable Not Applicable
4.4 Auditor's Report
Applicable Not Applicable
By Order of the Board
Air China Limited
Zhou Feng
Company Secretary
Beijing, the PRC, 29 April 2021
As at the date of this announcement, the directors of the Company are Mr. Song Zhiyong, Mr. Feng
Gang, Mr. Patrick Healy, Mr. Xue Yasong, Mr. Duan Hongyi*, Mr. Stanley Hui Hon-chung* and
Mr. Li Dajin*.
* Independent non-executive director of the Company
Related Shares:
Air China