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THIRD QUARTERLY REPORT 2013

30th Oct 2013 07:00

RNS Number : 7159R
Air China Ld
30 October 2013
 



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 2013

 

This announcement is made pursuant to 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") hereby announces that a meeting of the Board was held on 29 October 2013 and the Board, among others, passed the resolution approving the quarterly report of the Company for the third quarter of 2013 prepared in accordance with the PRC Accounting Standards.

 

1. IMPORTANT NOTICE

 

1.1 The Board, the supervisory committee, as well as the directors, supervisors and senior management of the Company hereby warrant that there are no false representations, misleading statements or material omissions in this report, and jointly and severally accept full responsibility for the truthfulness, accuracy and completeness of the contents of this report.

 

1.2 Directors absent from the meeting

 

Name of absent

director

Position of absent

director

Reason(s) for

absence

Name of proxy

Wang Yinxiang

Director

Business engagement

Cao Jianxiong

Christopher Dale Pratt

Director

Business engagement

Ian Sai Cheung Shiu

Han Fangming

Independent Director

Business engagement

Fu Yang

 

1.3

The legal representative of the Company

Wang Changshun

Person in charge of accounting function

Fan Cheng

Person in charge of accounting department

(accounting superintendent)

Xiao Feng

 

Wang Changshun (legal representative of the Company), Fan Cheng (person in charge of accounting function), and Xiao Feng (person in charge of accounting department (accounting superintendent)) hereby jointly declare that the financial statements set out in this quarterly report is true and complete.

 

1.4 The financial statements set out in the third quarterly report of the Company are not audited.

 

2. MAJOR FINANCIAL DATA OF THE COMPANY AND CHANGES IN SHAREHOLERS

 

2.1 Major financial data

(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

After

adjustment

Before

adjustment

(%)

Total assets

204,549,853

185,418,452

185,710,906

10.32

Net asset attributable to

shareholders of

the listed company

54,511,169

50,286,084

50,578,538

8.4

For the period

from the

beginning of the

year to the end of the reporting period (January to September)

For the period from the beginning

of last year to the end of the

last reporting period

(January to September)

Increase/decrease

as compared to the

corresponding

period of the

previous year

After

adjustment

Before

adjustment

(%)

Net cash flows from

operating activities

14,607,638

11,606,622

11,606,622

25.86

 

For the period from the beginning of

the year to the end of the reporting period

(January to September)

For the period from the beginning

of last year to the end of the

last reporting period

(January to September)

Increase/decrease as

compared to the

corresponding period

of the previous

year

After

adjustment

Before

adjustment

(%)

Revenue

73,786,988

76,309,837

76,309,837

-3.31

Net profit attributable to

shareholders of the listed

company

4,061,019

4,216,776

4,236,003

-3.69

Net profit attributable to

shareholders of the

listed company after

deducting non-recurring

profits and losses

3,810,504

3,631,124

3,650,351

4.94

Weighted average return

on net assets (%)

7.68

8.75

8.79

Decreased by

1.07 ppt

Basic earnings per share (RMB)

0.33

0.35

0.35

-5.71

Diluted earnings per share (RMB)

N/A

N/A

N/A

N/A

 

After deducting non-recurring profits and losses:

(RMB'000)

 

Items

Amounts for

the period

(July to September)

From the beginning

of the year to the

end of the

reporting period

(January to

September)

Gains/(losses) from disposal of non-current assets

3,029

44,349

Government grants included in the profits and losses for the current period (except for those that are closely related to the Company's normal operating business and qualified under national policy to receive certain standard amount and quantities)

128,885

364,505

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)

-2,091

-3,728

Reversal of provision for impairment of receivables which are individually tested for impairment

23

228

Other non-operating income and expenses not covered above

-4,470

-5,140

Effect of income tax

-31,514

-91,731

Effect on minority interest (after tax)

-32,605

-57,968

 

 

Total

61,257

250,515

 

 

 

2.2 Total number of shareholders, the top 10 shareholders and the top 10 shareholders not subject to selling restrictions as at the end of the reporting period

Unit: share

 

Total number of shareholders

288,056 (including 4,519

registered H Share shareholders)

 

Particulars of the top 10 shareholders

 

Name of shareholder

Nature of

shareholder

Shareholding

percentage (%)

Total

number of

shares held

Shares held

subject to

selling

restrictions

Number of

shares pledged

or frozen

China National Aviation

Holding Company

State

41.47

5,426,536,093

322,330,010

Frozen

127,445,536

Cathay Pacific Airways Limited

Foreign legal

person

20.13

2,633,725,455

0

Nil

HKSCC NOMINEES LIMITED

Foreign legal

person

12.82

1,677,472,175

0

Unknown

China National Aviation

Corporation (Group) Limited

Foreign legal

person

11.89

1,556,334,920

0

Frozen

36,454,464

China National Aviation Fuel

Group Corporation

State-owned

legal person

0.66

86,300,000

0

Unknown

Sinotrans Air Transportation

Development Co., Ltd.

State-owned

legal person

0.58

75,800,000

0

Unknown

New China Life Insurance

Company Ltd. - Bonus - Personal

Bonus - 018L - FH002 Shanghai

Unknown

0.52

68,378,218

0

Unknown

Industrial and Commercial Bank

of China - Huaan Mid/Small-Cap

Securities Investment Fund

Unknown

0.19

25,000,000

0

Unknown

Industrial and Commercial Bank

of China - Baoying Coastal Area

Growth Stock Fund

Unknown

0.10

13,000,000

0

Unknown

National Social Securities Fund

110 Portfolio

Unknown

0.09

12,008,181

0

Unknown

 

Particulars of the top 10 shareholders not subject to selling restrictions

 

Name of shareholder (full name)

Number of

tradable shares held not subject to selling restrictions at the end of the period

Class and number of shares

China National Aviation Holding Company

5,104,206,083

RMB ordinary shares

5,104,206,083

Cathay Pacific Airways Limited

2,633,725,455

Overseas listed foreign shares

2,633,725,455

HKSCC NOMINEES LIMITED

1,677,472,175

Overseas listed foreign shares

1,677,472,175

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

86,300,000

RMB ordinary shares

86,300,000

Sinotrans Air Transportation Development Co., Ltd.

75,800,000

RMB ordinary shares

75,800,000

New China Life Insurance Company Ltd. - Bonus

- Personal Bonus - 018L - FH002 Shanghai

68,378,218

RMB ordinary shares

68,378,218

Industrial and Commercial Bank of China - Huaan

Mid/Small-Cap Securities Investment Fund

25,000,000

RMB ordinary shares

25,000,000

Industrial and Commercial Bank of China - Baoying

Coastal Area Growth Stock Fund

13,000,000

RMB ordinary shares

13,000,000

National Social Securities Fund 110 Portfolio

12,008,181

RMB ordinary shares

12,008,181

Explanations 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 Company. Accordingly, China National Aviation Holding Company is directly and indirectly interested in 53.37% shares of the Company.

 

Note: 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 1,677,472,175 H Shares held by it in the Company does not include the 166,852,000 Shares held by it as nominee of China National Aviation Corporation (Group) Limited.

 

3. SIGNIFICANT EVENTS

 

3.1 Particulars of, and reasons for, significant changes in major items in the accounting statements and key financial indicators of the Company

 

Applicable N/A

(RMB'000)

 

Items in the consolidated

balance sheet

As of

30 September

2013

As of

31 December

2012

Amount of

change

Percentage

change

Reasons for change

Cash and bank balances

18,560,025

12,590,884

5,969,141

47.41%

Mainly due to the fund raised from the issuance of corporate bonds of RMB5 billion in August and the peak season for traffic in the third quarter.

Bills receivable

254

1,253

-999

-79.73%

Due to the decrease in bills receivable issued for settlement for the period.

Prepayments

957,457

623,754

333,703

53.50%

Mainly to the increase in jet fuel prepayments and aircraft lease prepayments under operating lease.

Other current assets

372,527

144,552

227,975

157.71%

Due to the increase in deductible input VAT.

Long-term deferred

expenses

424,229

296,613

127,616

43.02%

Mainly due to the deferred expenses arising from new aircraft under sale and leaseback finance lease to be amortized the future period.

Short-term borrowings

23,215,382

16,787,697

6,427,685

38.29%

Mainly due to some of the short-term borrowings raised under the capital expenditure scheme and financing scheme of the Company.

Short-term bonds payable

700,000

1,500,000

-800,000

-53.33%

Mainly due to the repayment of short-term bonds in the sum of RMB1,500 million and the short-term bonds raised in the sum of RMB700 million for the period.

 

Items in the consolidated

balance sheet

As of

30 September

2013

As of

31 December

2012

Amount of

change

Percentage

change

Reasons for change

Financial liabilities held for trading

45,716

120,413

-74,697

-62.03%

Mainly due to the reversal of fair value of the liabilities under interest rate derivative contract.

Bills payable

-

1,503

-1,503

-100.00%

Mainly due to the repayment of bills payable for the period.

Taxes payable

1,090,223

444,972

645,251

145.01%

Mainly due to the increase in enterprise income tax payable to the parent company of RMB600 million.

Interest payable

783,571

352,515

431,056

122.28%

Mainly due to the provision for interests accrued on medium-term bills and corporate bonds of the parent company for the period.

Non-current liabilities due within one year

19,181,699

13,802,983

5,378,716

38.97%

Mainly due to the increase in long-term borrowings due within one year and bonds payable.

Bonds payable

19,000,000

12,000,000

7,000,000

58.33%

Mainly due to the issuance of two tranches of corporate bonds in the sum of RMB10 billion by the parent company in 2012 and the reclassification of the second tranche medium-term bills in the sum of RMB3 billion in 2009 to non-current liabilities due within one year upon request for the period.

 

 

Items in consolidated income statement

For the period

from the

beginning of the

year to the

end of the

reporting period

(January to

September)

For the period

from beginning

of last year to the

end of the last

reporting period

(January to

September)

Amount of

change

Percentage

change

Reasons for the change

Business taxes and

surcharges

258,278

1,646,562

-1,388,284

-84.31%

Mainly due to the application of VAT instead of business tax.

Finance costs

498,895

2,076,851

-1,577,956

-75.98%

Mainly due to the increase in net exchange gain of RMB1,986 million.

Impairment loss of assets

18,491

-230,408

248,899

-108.03%

Mainly due to the reversal of the provision for other receivables and bad debt of the subsidiaries made in prior years in the same period of last year and the absence of such gain recognised for the period.

Investment income

583,053

172,801

410,252

237.41%

Mainly due to the increase in the investment income from associates and joint ventures as compared with the same period of last year.

Non-operating income

462,760

701,467

-238,707

-34.03%

Mainly due to the decrease in subsidy income received for the period as compared with the same period of last year.

Non-operating expenses

59,046

103,591

-44,545

-43.00%

Mainly due to the estimated losses on liquidation of the investee amounting to RMB300 million and the absence of such loss recognized for the period.

 

 

Items in the consolidated statement of cash flows

For the period

from the begin-

ning of the year

to the end of the

reporting period

(January to

September)

For the period

from beginning

of last year to the

end of the last

reporting period

(January to

September)

Amount of

change

Percentage

change

Reasons for the change

Tax and levies paid

2,433,170

5,785,336

-3,352,166

-57.94%

Decrease in enterprise income taxes in this reporting period as compared to the corresponding period of the previous year, and substantial decrease in business tax provided for and paid in this reporting period due to the change of applicable taxes from business taxes to value-added taxes.

Cash received from

investment income

216,825

445,391

-228,566

-51.32%

Decrease in dividends received from associates in this reporting period.

Net cash proceeds from disposal of fixed assets,

intangible assets and

other long-term assets

975,168

227,562

747,606

328.53%

Increase in aircraft disposals completed in this reporting period as compared to the corresponding period of the previous year.

Other cash received relating to investment activities

429,771

300,773

128,998

42.89%

Establishment of a new subsidiary in this reporting period and capital injection from minority shareholders received for subscription of registered capital.

Cash paid for purchase of fixed assets, intangible assets and other long-term assets

15,668,864

10,322,533

5,346,331

51.79%

Increase in prepayments for the purchase of aircraft and payment of the balance of purchase prices upon the delivery of aircraft in this reporting period as compared to the corresponding period of the previous year.

 

Items in the consolidated statement of cash flows

For the period

from the begin-

ning of the year

to the end of the

reporting period

(January to

September)

For the period

from beginning

of last year to the

end of the last

reporting period

(January to

September)

Amount of

change

Percentage

change

Reasons for the change

Cash paid for investments

10,403

-

10,403

100.00%

Capital contributions for the establishment of associates and investees in this reporting period.

Net increase in secured loans

47,253

674,283

-627,030

-92.99%

Smaller change between the opening and closing balances of secured deposits in this reporting period and greater change in the balance of secured deposits in the corresponding period of last year.

Cash received from capital injection

1,044,449

-

1,044,449

100.00%

Private place of ordinary shares (A Shares) by the Company to the parent company in this reporting period.

Cash received from bond issuances

10,000,000

-

10,000,000

100.00%

Issuance of two tranches of bonds in this reporting period.

 

 

3.2 Analysis and explanation on the progress of significant events and their impact and resolutions

 

Applicable □□N/A

 

3.3 Performance of undertakings given by the Company and the shareholders holding more than 5% of the shares of the Company

 

Applicable N/A

 

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 N/A

 

Air China Limited

Legal representative: Wang Changshun

29 October 2013

 

4. APPENDIX

 

4.1 Consolidated Balance Sheet

30 September 2013

 

Prepared by Air China Limited

Unit: RMB'000 (Unaudited)

 

Items

Balance at

the end of

period

Balance at

the beginning

of the year

CURRENT ASSETS:

Cash and bank balances

18,560,025

12,590,884

Provisions on payables

Contributions made

Financial assets held for trading

12,503

12,671

Bills receivable

254

1,253

Accounts receivable

3,167,922

2,967,150

Prepayments

957,457

623,754

Premium receivable

Receivables on reinsurance

Provisions for reinsurance contracts

Interest receivable

Dividend receivable

Other receivables

3,555,440

3,103,008

Purchase of financial assets resold

Inventories

1,111,600

1,105,048

Non-current assets due within a year

Other current assets

372,527

144,552

Total current assets

27,737,728

20,548,320

NON-CURRENT ASSETS:

Loans and advances

Available-for-sale financial assets

Held-to-maturity investments

Long-term receivables

424,203

445,657

Long-term equity investments

15,321,656

14,947,723

Investment property

221,533

229,824

Fixed assets

122,610,732

116,303,025

Construction in progress

31,040,859

25,977,975

 

Items

Balance at

the end of

period

Balance at

the beginning

of the year

Construction materials

Disposal of fixed assets

Biological assets for production

Oil and gas assets

Intangible assets

2,893,524

2,810,814

Development expenses

Goodwill

1,102,185

1,102,185

Long-term deferred expenses

424,229

296,613

Deferred tax assets

2,773,204

2,756,316

Other non-current assets

Total non-current assets

176,812,125

164,870,132

Total assets

204,549,853

185,418,452

CURRENT LIABILITIES:

Short-term loans

23,215,382

16,787,697

Short-term bonds payable

700,000

1,500,000

Borrowings from central bank

Deposits from clients and placements from

other banks

Contributions received

Financial liabilities held for trading

45,716

120,413

Bills payable

1,503

Accounts payable

12,401,101

11,246,311

Domestic air traffic liabilities

1,842,105

1,566,686

International air traffic liabilities

2,722,613

2,310,101

Receipts in advance

157,107

162,884

Sale of financial assets repurchased

Fees and commissions payable

Salaries and wages payable

2,027,337

2,192,434

Taxes payable

1,090,223

444,972

Interests payable

783,571

352,515

Dividend payable

Other payables

5,583,002

5,322,884

Amounts payable on reinsurance

Reserves on insurance contracts

Brokerage payable

Underwriting fees payable

Non-current liabilities due within a year

19,181,699

13,802,983

Other current liabilities

Total current liabilities

69,749,856

55,811,383

 

Items

Balance at

the end of

period

Balance at

the beginning

of the year

NON-CURRENT LIABILITIES:

Long-term borrowings

21,410,190

30,254,161

Debentures payable

19,000,000

12,000,000

Long-term payables

3,287,408

2,892,595

Obligations under finance leases payable

26,728,393

25,476,607

Specific payables

Estimated liabilities

380,341

406,470

Deferred income tax liabilities

1,836,692

1,561,424

Deferred income

3,871,700

3,361,737

Other non-current liabilities

Total non-current liabilities

76,514,724

75,952,994

Total liabilities

146,264,580

131,764,377

OWNER'S EQUITY (OR SHAREHOLDERS'

EQUITY):

Issued capital

13,084,751

12,891,955

Capital reserve

17,683,628

16,492,312

Less: Treasury shares

Specific reserves

Surplus reserves

4,985,234

4,572,881

General risk provisions

Profit available for appropriation

22,236,871

19,374,375

Foreign exchange translation reserve

-3,479,315

-3,045,439

Total owner's equity attributable to

shareholders of the Company

54,511,169

50,286,084

Minority interests

3,774,104

3,367,991

Total owner's equity

58,285,273

53,654,075

Total liabilities and owner's equity

204,549,853

185,418,452

 

Legal representative of the Company: Wang Changshun

Person in charge of accounting function: Fan Cheng

Person in charge of accounting department: Xiao Feng

 

Balance Sheet of the Parent Company

30 September 2013

 

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

9,727,869

4,563,495

Held-for-trading financial assets

Bills receivable

Accounts receivable

3,286,899

3,035,978

Prepayments

406,840

356,752

Interests receivable

Dividend receivable

Other receivables

3,077,189

2,959,011

Inventories

701,849

712,204

Non-current assets due within a year

Other current assets

310,991

96,956

Total current assets

17,511,637

11,724,396

NON-CURRENT ASSETS:

Available-for-sale financial assets

Held-to-maturity investments

Long-term receivables

239,794

268,036

Long-term equity investments

22,648,650

22,286,909

Investment properties

Fixed assets

91,779,969

86,210,690

Construction in progress

19,569,790

18,866,393

Construction materials

Disposal of fixed assets

Biological assets for production

Oil and gas assets

Intangible assets

2,149,055

2,168,710

Development expenses

Goodwill

Long-term deferred expenses

115,810

144,147

Deferred income tax assets

1,943,001

1,936,769

Other non-current assets

Total non-current assets

138,446,069

131,881,654

Total assets

155,957,706

143,606,050

 

Items

Balance at

the end of

the period

Balance at

the beginning

of the year

CURRENT LIABILITIES:

Short-term borrowings

12,793,479

9,472,970

Short-term bonds payable

1,500,000

Held-for-trading financial liabilities

18,143

86,375

Bills payable

Accounts payable

8,156,825

7,471,856

Domestic air traffic liabilities

1,400,460

1,075,356

International air traffic liabilities

2,570,921

2,118,787

Receipts in advance

61,765

66,562

Salaries and wages payable

1,044,890

1,057,014

Taxes payable

764,046

186,033

Interests payable

717,161

311,029

Dividend payable

Other payables

1,617,403

1,601,657

Non-current liabilities due within a year

16,460,816

11,213,067

Other current liabilities

Total current liabilities

45,605,909

36,160,706

NON-CURRENT LIABILITIES:

Long-term borrowings

10,144,613

18,433,492

Debentures payable

19,000,000

12,000,000

Long-term payables

1,691,411

1,488,439

Obligations under finance leases payable

24,089,342

24,270,585

Specific payables

Estimated liabilities

38,198

46,099

Deferred income tax liabilities

230,946

210,441

Deferred income

2,742,882

2,328,772

Other non-current liabilities

Total non-current liabilities

57,937,392

58,777,828

Total liabilities

103,543,301

94,938,534

OWNER'S EQUITY (OR SHAREHOLDER'S

EQUITY):

Issued capital

13,084,751

12,891,955

Capital reserve

20,963,508

20,111,766

Less: Treasury shares

Specific reserves

Surplus reserves

4,985,234

4,563,291

General risk provisions

Profit available for appropriation

13,380,912

11,100,504

Total owner's equity (or shareholders' equity)

52,414,405

48,667,516

Total liabilities and owner's equity

(or shareholders' equity)

155,957,706

143,606,050

 

Legal representative of the Company: Wang Changshun

Person in charge of accounting function: Fan Cheng

Person in charge of accounting department: Xiao Feng

 

4.2 Consolidated Income Statement

 

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 last

reporting period

(January to

September)

I.

Revenue from operations

27,928,675

28,749,484

73,786,988

76,309,837

Including: Operating income

27,928,675

28,749,484

73,786,988

76,309,837

Interest income

Premium earned

Fees and commission income

II.

Total operating costs

24,317,952

24,651,424

69,110,000

70,901,507

Including: Operating costs

21,254,349

20,777,552

60,785,053

60,162,745

Interest expenses

Fees and commission expenses

Returned premium

Net reimbursement paid

Net amounts of provisions on insurance  contracts drawn

Bonus paid on insurance policy

Reinsurance premium

Business taxes and other levies

81,707

554,517

258,278

1,646,562

Selling expenses

1,937,006

1,790,599

5,334,748

5,070,806

Administrative expenses

763,969

760,020

2,214,535

2,174,951

Finance expenses

280,574

768,945

498,895

2,076,851

Impairment loss of assets

347

-209

18,491

-230,408

Add: Gains from changes in fair value - (loss is represented by "-" sign)

-2,091

2,409

-3,045

5,953

Investment income (loss is represented

by "-" sign)

412,552

384,205

583,053

172,801

Including: Gains arising from investments in

associated companies

and joint ventures

411,273

337,726

579,884

170,306

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 last

reporting period

(January to

September)

III.

Profit from operations

(loss is represented by "-" sign)

4,021,184

4,484,674

5,256,996

5,587,084

Add:Non-operating income

145,817

230,344

462,760

701,467

Less:Non-operating expenses

18,373

14,116

59,046

103,591

Including: Loss arising from disposal of non-current assets

5,919

2,610

26,946

13,992

IV.

Total profit (total loss is represented by "-" sign)

4,148,628

4,700,902

5,660,710

6,184,960

Less:Income tax expenses

882,197

1,188,915

1,268,780

1,493,675

V.

Net profit (net loss is represented by "-" sign)

3,266,431

3,511,987

4,391,930

4,691,285

Net profits attributable to shareholders of the Company

2,942,127

3,174,118

4,061,019

4,216,776

Gains or losses attributable to minority interests

324,304

337,869

330,911

474,509

VI.

Earnings per share:

(I) Basic

0.24

0.26

0.33

0.35

(II) Diluted

N/A

N/A

N/A

N/A

VII.

Other consolidated gains

-92,744

59,445

47,459

115,201

VIII.

Total consolidated gains

3,173,687

3,571,432

4,439,389

4,806,486

Total consolidated gains attributable to shareholders of the Company

2,851,796

3,233,860

4,118,278

4,329,659

Total consolidated gains attributable to minority interests

321,891

337,572

321,111

476,827

 

Legal representative of the Company: Wang Changshun

Person in charge of accounting function: Fan Cheng

Person in charge of accounting department: Xiao Feng

 

Income Statement of the Parent Company

 

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 last

 reporting

period

(January to

September)

I.

Revenue from operations

19,842,160

20,292,634

52,335,145

54,040,244

Less: Operating cost

15,006,593

14,537,505

42,936,494

42,600,103

Business taxes and other levies

29,139

321,032

97,432

1,033,049

Selling expenses

1,446,421

1,310,269

4,122,034

3,703,270

Administrative expenses

430,031

407,361

1,234,608

1,189,871

Finance expenses

172,937

507,122

197,245

1,383,418

Impairment loss of assets

0

0

18,242

15,526

Add: Gains from changes in fair value (loss is represented by "-"sign)

71

-4,539

1,470

-8,031

Investment income (loss is represented by "-" sign)

219,015

252,764

449,087

267,816

Including: Gains arising from investments in associated companies and joint ventures

219,015

252,764

330,312

267,816

II.

Profit from operations (loss is

represented by "-" sign)

2,976,125

3,457,570

4,179,647

4,374,792

Add: Non-operating income

44,337

164,411

231,683

471,736

Less: Non-operating expenses

11,779

8,812

36,189

29,217

Including: Loss arising from disposal of non-current assets

5,118

2,422

14,772

11,972

III.

Total profit (total loss is represented by "-" sign)

3,008,683

3,613,169

4,375,141

4,817,311

Less: Income tax expenses

636,375

933,574

896,210

1,101,056

IV.

Net profit (net loss is represented by "-" sign)

2,372,308

2,679,595

3,478,931

3,716,255

V.

Earnings per share:

(I) Basic

(II) Diluted

VI.

Other consolidated gains

0

0

89

300

VII.

Total consolidated gains

2,372,308

2,679,595

3,479,020

3,716,555

 

Legal representative of the Company: Wang Changshun

Person in charge of accounting function: Fan Cheng

Person in charge of accounting department: Xiao Feng

 

4.3 Consolidated Cash Flow Statement

January to September 2013

 

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

last year to

the end of

the last

reporting

period

(January to

September)

I.

Cash flows from operating activities:

Cash received from sales of goods and provision

of services

77,950,954

75,138,050

Net increase in deposits from clients and

placements from other banks

Net increase in borrowings from central bank

Net increase in contributions made to other

financial institutions

Cash received from premiums of original

insurance contracts

Net cash receipt from reinsurance operations

Net increase in reserve of the insured and

investment

Net increase in disposal of held-for-trading

financial assets

Cash received from interests, fees and commission

Net increase in contributions received

Net increase in cash from repurchase operations

Refund of tax and levy

155,187

149,108

Other cash received relating to operating activities

1,367,697

1,913,079

Subtotal of cash inflows of operating activities

79,473,838

77,200,237

Cash paid for goods purchased and services received

46,067,549

44,395,196

Net increase in loans and advances to clients

Net increase in deposits in central bank and

to other banks

Cash paid in respect of claims under original

insurance contracts

Cash paid for interests, fees and commission

Cash paid for bonus paid on insurance policy

Cash paid to or on behalf of employees

9,739,148

9,646,963

Tax and levies paid

2,433,170

5,785,336

Other cash paid relating to operating activities

6,626,333

5,766,120

Subtotal of cash outflows from operating activities

64,866,200

65,593,615

Net cash flows from operating activities

14,607,638

11,606,622

 

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

last year to

the end of

the last

reporting

period

(January to

September)

II.

Cash flows from investment activities:

Cash received from sales and redemption of

investments

Cash received from investment income

216,825

445,391

Net cash proceeds from disposal of fixed assets,

intangible assets and other long-term assets

975,168

227,562

Net cash proceeds from disposal of subsidiaries

and other business units

Other cash received relating to investment activities

429,771

300,773

Subtotal of cash inflows from investment activities

1,621,764

973,726

Cash paid for purchase of fixed assets,

intangible assets and other long-term assets

15,668,864

10,322,533

Cash paid for investments

10,403

Net increase in secured loans

47,253

674,283

Net cash payments for acquisition of subsidiaries

and other business units

Other cash paid relating to investment activities

77,574

62,418

Subtotal of cash outflows from investment activities

15,804,094

11,059,234

Net cash flows from investment activities

-14,182,330

-10,085,508

 

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

last year to

the end of

the last

reporting

period

(January to

September)

III.

Cash flows from financing activities:

Cash received from capital injection

1,044,449

Including: Cash received from capital injection of

minority shareholders in subsidiaries

Cash received from borrowings

24,271,543

21,868,527

Cash received from issue of debentures

10,000,000

Other cash received relating to financing activities

Subtotal of cash inflows from financing activities

35,315,992

21,868,527

Cash paid for repayment of borrowings

23,904,226

19,650,465

Cash paid for distribution of dividends, profits or

payment of interest expenses

2,707,301

3,552,167

Including: Dividends and profit paid to minority

shareholders by subsidiaries

114,998

Other cash paid relating to financing activities

2,996,558

2,604,436

Subtotal of cash outflows from financing activities

29,608,085

25,807,068

Net cash flows from financing activities

5,707,907

-3,938,541

IV.

Effect of exchange rate changes on cash and

cash equivalents

-142,022

-58,111

V.

Net increase in cash and cash equivalents

5,991,193

-2,475,538

Add: Balance of cash and cash equivalents as at

the beginning of the period

11,787,943

15,306,409

VI.

Balance of cash and cash equivalents as at the

end of the period

17,779,136

12,830,871

Legal representative of the Company: Wang Changshun

Person in charge of accounting function: Fan Cheng

Person in charge of accounting department: Xiao Feng

 

Cash Flow Statement of the Parent Company

January to September 2013

 

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

last year to

the end of

the last

reporting

period

(January to

September)

I.

Cash flows from operating activities:

Cash received from sales of goods and provision

of services

55,448,326

52,876,501

Refund of tax and levy

7,214

7,985

Other cash received relating to operating activities

1,212,264

1,235,272

Subtotal of cash inflows from operating activities

56,667,804

54,119,758

Cash paid for goods purchased and services

received

33,290,008

31,826,473

Cash paid to and on behalf of employees

5,398,547

6,060,737

Taxes and levies paid

1,351,502

3,971,238

Other cash paid relating to operating activities

4,752,123

4,118,384

Subtotal of cash outflows from operating activities

44,792,180

45,976,832

Net cash flows from operating activities

11,875,624

8,142,926

II.

Cash flows from investment activities:

Cash received from sales and redemption of investments

2,200,000

Cash received from investment income

236,066

107,129

Net cash proceeds from disposal of fixed assets,

intangible assets and other long-term assets

261,589

192,855

Net cash proceeds from disposal of subsidiaries

and other business units

Other cash received relating to investment activities

87,940

158,704

Subtotal of cash inflows from investment activities

585,595

2,658,688

Cash paid for purchase of fixed assets, intangible

assets and other long-term assets

10,428,323

6,366,526

Cash paid for investments

9,403

Net cash payments for acquisition of subsidiaries

and other business units

147,824

480,000

Other cash paid relating to investment activities

66,762

742,617

Subtotal of cash outflows from investment activities

10,652,312

7,589,143

Net cash flows from investment activities

-10,066,717

-4,930,455

 

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

last year to

the end of

the last

reporting

period

(January to

September)

III.

Cash flows from financing activities:

Cash received from capital injection

1,044,449

Cash received from borrowings

13,348,903

14,347,805

Cash received from issue of debentures

10,000,000

Other cash received relating to financing activities

Subtotal of cash inflows from financing activities

24,393,352

14,347,805

Cash paid for repayment of borrowings

16,535,304

15,704,780

Cash paid for distribution of dividends, profits or

payment of interest expenses

1,799,926

2,837,887

Other cash paid relating to financing activities

2,680,608

2,065,255

Subtotal of cash outflows from financing activities

21,015,838

20,607,922

Net cash flows from financing activities

3,377,514

-6,260,117

IV.

Effect of exchange rate changes on cash and

cash equivalents

-22,047

-49,373

V.

Net increase in cash and cash equivalents

5,164,374

-3,097,019

Add: Balance of cash and cash equivalents as at

the beginning of the period

3,900,178

7,797,123

VI.

Balance of cash and cash equivalents as at the

end of the period

9,064,552

4,700,104

Legal representative of the Company: Wang Changshun

Person in charge of accounting function: Fan Cheng

Person in charge of accounting department: Xiao Feng

 

By order of the Board

Air China Limited

Rao XinyuTam Shuit Mui

Joint Company Secretaries

 

Beijing, the PRC, 29 October 2013

 

As at the date of this announcement, the directors of the Company are Mr. Wang Changshun, Ms. Wang Yinxiang, Mr. Cao Jianxiong, Mr. Sun Yude, Mr. Christopher Dale Pratt, Mr. Ian Sai Cheung Shiu, Mr. Cai Jianjiang, Mr. Fan Cheng, Mr. Fu Yang*, Mr. Li Shuang*, Mr. Han Fangming* and Mr. Yang Yuzhong*.

 

*Independent non-executive director of the Company

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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