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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Air China Ld | LSE:AIRC | London | Ordinary Share | CNE1000001S0 | H SHS CNY1 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 78.8045 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Air Transport, Scheduled | 140.73B | -1.05B | -0.2112 | -3.73 | 3.91B |
TIDMAIRC
RNS Number : 2667X
Air China Ld
30 April 2021
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
AIR CHINA LIMITED
(a joint stock limited company incorporated in the People's Republic of China with limited liability)
(Stock Code: 00753)
FIRST QUARTERLY REPORT 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
Increase/decrease at the end of the Reporting At the end of At the end of Period as compared the Reporting the previous to the end of Period year 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 Increase/decrease from the beginning For the as compared to of the year to corresponding the corresponding the end of the period of the period of the Reporting Period previous year previous year (%) Net cash flows from operating activities -1,254,296 -8,716,790 85.61 For the period Increase/decrease from the beginning For the corresponding as compared to of the year to period of the the corresponding the end of the previous year period of the Reporting Period 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 Decreased by on net assets 3.07 percentage (%) -8.33 -5.26 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
Amounts for Items 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 Number of Number Name of shares held of shares Shares d or shareholder as at the held subject pledge frozen (full end of the Shareholding to selling Status Number Nature of name) Period percentage restrictions shareholder (%) China National Aviation Holding Corporation State-owned Limited 5,952,236,697 40.98 0 Frozen 127,445,536 legal person Cathay Pacific Airways Foreign legal Limited 2,633,725,455 18.13 0 Nil 0 person HKSCC NOMINEES Foreign legal LIMITED 1,687,906,388 11.62 0 Nil 0 person China National Aviation Corporation Foreign legal (Group) Limited 1,556,334,920 10.72 0 Frozen 36,454,464 person China National Aviation Fuel Group State-owned Corporation 463,083,102 3.19 0 Nil 0 legal person China Securities Finance Corporation State-owned Limited 311,302,365 2.14 0 Nil 0 legal person Hong Kong Securities Clearing Foreign legal Company Ltd. 168,838,788 1.16 0 Nil 0 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 ( ) 30,624,884 0.21 0 Nil 0 Others Domestic Ke Miaorong ( ) 26,822,811 0.18 0 Nil 0 natural person Particulars of the top 10 shareholders not subject to selling restrictions Number of tradable Class and numb er of shares shares held not Class Number subject to selling Name of shareholder restrictions China National Aviation Holding RMB ordinary Corporation Limited 5,952,236,697 shares 5,952,236,697 Overseas listed Cathay Pacific Airways Limited 2,633,725,455 foreign shares 2,633,725,455 Overseas listed HKSCC NOMINEES LIMITED 1,687,906,388 foreign shares 1,687,906,388 China National Aviation Corporation RMB ordinary (Group) Limited 1,556,334,920 shares 1,332,482,920 Overseas listed foreign shares 223,852,000 China National Aviation Fuel RMB ordinary Group Corporation 463,083,102 shares 463,083,102 China Securities Finance Corporation RMB ordinary Limited 311,302,365 shares 311,302,365 Hong Kong Securities Clearing RMB ordinary Company Ltd. 168,838,788 shares 168,838,788 Agricultural Bank of China Limited - GF Balanced Preferred Hybrid Securities Investment RMB ordinary Fund 44,657,648 shares 44,657,648 Bank of China Limited - Business Solicitation Industry Selective Stock Securities Investment Fund RMB ordinary ( ) 30,624,884 shares 30,624,884 RMB ordinary Ke Miaorong ( ) 26,822,811 shares 26,822,811 Explanation on connected China National Aviation Corporation relationship (Group) Limited is a wholly-owned or action in concert among subsidiary of China National Aviation the above shareholders 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 Nil preference shares with restored voting rights and number of shares held
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) (
( [2009]94 )) 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 31 March 31 December Percentage balance sheet 2021 2020 of Change Reasons for Change (%) Mainly due to the increase in cash and bank balance Cash and bank pursuant to the capital balance 9,912,976 6,575,243 50.76 use plan. Mainly due to the increase Accounts receivable 3,898,888 2,942,799 32.49 in passenger ticket receivables. Mainly due to the increase in the number of goods in process and spare parts Inventories 2,452,987 1,853,990 32.31 of flight equipment. Mainly due to the impact Short-term financing of the addition of short-term bonds payable 702,052 510,810 37.44 financing bonds. Impact of the addition of bank acceptance notes Bills payable 282,111 62,570 350.87 during the Reporting Period.
Unit: RMB'000
Items in consolidated First quarter First quarter Percentage income statement of 2021 of 2020 of Change Reasons for Change (%) Due to the year-on-year decrease in the exchange loss during the Reporting Finance expenses 1,615,728 2,329,605 -30.64 Period. Due to deferred income tax expenses incurred in recognizing the deductible tax losses during the Income tax expenses -1,690,959 -1,172,789 -44.18 Reporting Period.
Unit: RMB'000
Items in consolidated First quarter First quarter Percentage statement of of 2021 of 2020 of Change Reasons for Change cash flows (%) Mainly due to the year-on-year Other cash received increase in the net lending relating to operating made by a subsidiary of activities 1,624,412 2,374,432 -31.59 the Group during the Period. Cash paid for Mainly due to the year-on-year goods purchased decrease in payments for, and services among others, aviation received 8,587,763 12,857,493 -33.21 fuel paid during the Period. Cash paid for purchase and construction of fixed assets, Mainly due to the year-on-year intangible assets decrease in advance payments and other long- for aircraft during the term assets 562,481 2,811,387 -79.99 Period. Due to the year-on-year
Cash received decrease in the issuance from issuance of debentures during the of debentures 700,000 9,000,000 -92.22 Period Due to the capital contribution received from minority Cash received shareholders of a subsidiary from capital of the Group during the injection 490,148 - N/A Period. Due to the year-on-year Cash paid for increase in repayment repayment of of borrowings during the borrowings 4,219,254 1,971,740 113.99 Period. Due to the year-on-year Cash paid for decrease in repayment repayment of of debentures during the debentures 1,000,000 5,300,000 -81.13 Period. Other cash paid Due to the year-on-year relating to financing increase in lease payment activities 3,616,317 2,749,273 31.54 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. APPICES 4.1 Financial Statements CONSOLIDATED BALANCE SHEET
31 March 2021
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
31 March 31 December Items 2021 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 31 March 31 December Items 2021 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 31 March 31 December Items 2021 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 31 March 31 December Items 2021 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)
31 March 31 December Items 2021 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 31 March 31 December Items 2021 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 31 March 31 December Items 2021 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)
First quarter First quarter Items of 2021 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 First quarter First quarter Items of 2021 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 First quarter First quarter Items of 2021 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 N/A N/A share)
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)
First quarter First quarter Items of 2021 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) First quarter First quarter Items of 2021 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)
First quarter First quarter Items of 2021 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 First quarter First quarter Items of 2021 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)
First quarter First quarter Items of 2021 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 First quarter First quarter Items of 2021 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
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(END) Dow Jones Newswires
April 30, 2021 07:49 ET (11:49 GMT)
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