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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 |
From Apr 2019 to Apr 2024
TIDMAIRC
RNS Number : 9010D
Air China Ld
02 November 2020
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 2020
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 30 October 2020 and passed the resolution approving the third quarterly report 2020 of the Company for the period ended 30 September 2020 (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 Particulars of absent directors Name of absent Position of absent Reason(s) for absence Name of proxy director director Cai Jianjiang Chairman Business engagement / Li Dajin Independent Director Business engagement Wang Xiaokang
1.3 Mr. Cai Jianjiang (legal representative 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 third quarterly report of the Company is unaudited. II. BASIC INFORMATION OF THE COMPANY 2.1 Major financial data
Unit: RMB'000
Hot Features
Premium
Increase/decrease
at the end of
the
Reporting Period
At the end of At the end of as compared to
the the the end of the
Reporting Period previous year previous year
(%)
Total assets 290,845,914 294,253,553 -1.16
Net assets attributable
to shareholders of
the listed company 81,350,516 93,505,857 -13.00
For the period
from the
beginning of For the
the year to the corresponding Increase/decrease
end of the period of the as compared to
Reporting Period previous year the corresponding
(January to (January to period of the
September) September) previous year
(%)
Net cash flows from
operating activities -1,784,564 30,103,490 -105.93
For the period
from the beginning Increase/decrease
of the year to For the corresponding as compared to
the end of the period of the the corresponding
Reporting Period previous year period of the
(January to September) (January to September) previous year
(%)
Revenue 48,454,050 103,077,172 -52.99
Net profit attributable
to shareholders of
the listed company -10,111,847 6,762,090 -249.54
Net profit attributable
to shareholders of
the listed company
after deducting non-recurring
profits and losses -10,344,676 6,556,791 -257.77
Weighted average return Decreased by 19.01
on net assets (%) -11.56 7.45 percentage points
Basic earnings per
share (RMB per share) -0.74 0.49 -251.02
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 the
period from the
beginning of
the year to the
Amounts for end of the Reporting
the Period Period
(July to (January to
Items September) September)
Gains or losses on disposal of non-current
assets -2,916 22,995
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) 90,664 340,636
Gains or losses from changes in fair
value of financial assets/liabilities
held for trading and derivative financial
assets/liabilities and investment
gains from disposal of financial assets/liabilities
held for trading and derivative financial
assets/liabilities and other debt
investments (except for effective
hedging activities related to the
Company's normal operating business) - -124
Reversal of provision for impairment
of receivables and contract asset
which are individually tested for
impairment 72 77,441
Other non-operating income and expenses
not covered above 41,129 31,855
Effect of non-controlling shareholders'
interests (after taxation) -21,786 -124,085
Effect of income tax -29,969 -115,889
Total 77,194 232,829
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) 189,677
Particulars of the top 10 shareholders
Shares pledged
or frozen
Number of
shares Number
held of shares
as at the held
end Share subject
Name of shareholder of the holding to selling Nature
(full name) Period percentage restrictions Status Number of shareholder
(%)
China National Aviation State-owned
Holding Corporation legal
Limited 5,952,236,697 40.98 0 Frozen 127,445,536 person
Cathay Pacific Airways Foreign
Limited 2,633,725,455 18.13 0 Nil 0 legal person
Foreign
HKSCC NOMINEES LIMITED 1,687,580,388 11.62 0 Nil 0 legal person
China National Aviation
Corporation (Group) Foreign
Limited 1,556,334,920 10.72 0 Frozen 36,454,464 legal person
China National Aviation State-owned
Fuel Group Corporation 466,583,102 3.21 0 Nil 0 legal person
China Securities Finance State-owned
Corporation Limited 311,302,365 2.14 0 Nil 0 legal person
Hong Kong Securities Foreign
Clearing Company Ltd. 97,914,561 0.67 0 Nil 0 legal person
Zhongyuan Equity Investment State-owned
Management Co., Ltd. 63,981,101 0.44 0 Nil 0 legal person
Bank of China Limited
- Business Promotion
Industry Selective Domestic
Stock Securities Investment non-state-owned
Fund ( ) 21,142,501 0.15 0 Nil 0 legal person
Industrial and Commercial
Bank of China Limited
- Dong Fang Hong China
Strengthen Balanced Domestic
Mix Securities Investment non-state-owned
Fund 17,432,430 0.12 0 Nil 0 legal person
Particulars of the top 10 shareholders not subject to selling
restrictions
Class and number of shares
Number of tradable
shares held
not subject
to selling
Name of shareholder restrictions Class Number
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 1,687,580,388 foreign shares 1,687,580,388
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 466,583,102 shares 466,583,102
China Securities Finance Corporation RMB ordinary
Limited 311,302,365 shares 311,302,365
Hong Kong Securities Clearing RMB ordinary
Company Ltd. 97,914,561 shares 97,914,561
Zhongyuan Equity Investment RMB ordinary
Management Co., Ltd. 63,981,101 shares 63,981,101
Bank of China Limited - Business
Promotion Industry Selective
Stock Securities Investment RMB ordinary
Fund ( ) 21,142,501 shares 21,142,501
Industrial and Commercial Bank
of China Limited - Dong Fang
Hong China Strengthen Balanced RMB ordinary
Mix Securities Investment Fund 17,432,430 shares 17,432,430
Explanation on connected relationship China National Aviation Corporation
or action in concert among (Group) Limited is a wholly-owned
the above shareholders 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 of holders of preference Nil
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 1,687,580,388 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
With the spread of the COVID-19 pandemic across the globe, the air transportation industry has been hit hard. In the third quarter, the domestic air passenger market resumption is accelerating but air passenger transportation for international routes remained low. The Group strengthened market research and judgement, kept abreast of the changes in demand, dynamically adjusted the deployment of transport capacity, grasped market opportunities, refined marketing control, optimized yield management, implemented strict cost control, actively reduced cost and increased efficiency and took various initiatives, all with an effort to minimize the impact of the pandemic. In view of the serious impact of the COVID-19 pandemic on the civil aviation transportation industry, from January to September 2020, the Group's revenue amounted to RMB48,454 million and the net loss attributable to shareholders of the parent company amounted to RMB10,112 million.
Unit: RMB'000
Items in consolidated 30 September 31 December Percentage
balance sheet 2020 2019 of Change Reasons for Change
(%)
Mainly due to the increase
in the investment in
debt instrument during
Other debt investments 2,799,829 1,688,451 65.82 the Reporting Period
Mainly due to the increase
in the deferred income
Deferred income tax incurred in recognizing
tax assets 6,168,439 4,291,504 43.74 the deductible losses
Mainly due to the impact
Short-term loans 23,903,550 13,566,403 76.20 of new borrowings
Mainly due to the impact
Short-term financing of the issuance of short-term
bonds payable 15,075,768 7,381,933 104.23 bonds
Decrease in outstanding
air traffic tickets
as at the end of the
Reporting Period as
affected by the COVID-19
Air traffic liabilities 3,133,113 9,980,300 -68.61 pandemic
Mainly due to the impact
of payment of employee
Employee compensations compensations and enterprise
payable 1,832,650 3,196,108 -42.66 annuity
Mainly due to the enterprise
income tax paid during
Taxes payable 214,726 1,255,056 -82.89 the Reporting Period
Mainly due to the impact
Long-term loans 10,149,944 1,200,430 745.53 of new borrowings
Mainly due to the impact
of the non-profit/loss
Other comprehensive changes in invested
income -1,401,114 -14,562 -9,521.71 enterprises
Unit: RMB'000
First three First three
quarters quarters
of 2020 of 2019
Items in consolidated (January (January Percentage
income statement to September) to September) of Change Reasons for Change
(%)
Mainly due to the impact
of the decrease in traffic
during the Reporting
Period as a result of
Revenue 48,454,050 103,077,172 -52.99 the COVID-19 pandemic
Mainly due to the impact
of the decrease in traffic
during the Reporting
Period as a result of
Operating costs 52,945,632 83,228,254 -36.39 the COVID-19 pandemic
Mainly due to the corresponding
decrease in handling
fees from agency services
and fees charged for
reservation via computers
during the Reporting
Period as a result of
the decrease in traffic
Selling expenses 2,967,568 4,901,152 -39.45 volume
Mainly due to the net
exchange gains during
the Reporting Period
and the net exchange
loss in the corresponding
Finance expenses 2,444,623 5,828,398 -58.06 period of last year
Mainly due to the decline
in performance of the
associates of the Group
during the Reporting
Investment income Period as affected by
(loss) -3,666,326 980,874 -473.78 the COVID-19 pandemic
Mainly due to deferred
income tax expenses
incurred in recognizing
the deductible losses
during the Reporting
Income tax expenses -2,107,276 1,734,258 -221.51 Period
Unit: RMB'000
First three First three
quarters quarters
Items in consolidated of 2020 of 2019
statement of cash (January (January Percentage
flows to September) to September) of Change Reasons for Change
(%)
Mainly due to the year-on-year
Cash received from decrease in sales revenue
sales of goods during the Period as
and provision of affected by the COVID-19
services 44,861,340 105,359,920 -57.42 pandemic
Mainly due to the year-on-year
Other cash received decrease in deposits
relating to operating of a subsidiary of the
activities 4,873,350 7,687,329 -36.61 Group during the Period
Mainly due to the year-on-year
decrease in cost expenditure
Cash paid for goods during the Period as
purchased and services affected by the COVID-19
received 30,033,412 55,037,672 -45.43 pandemic
Due to the year-on-year
Taxes and levies decrease in tax paid
paid 1,495,050 4,628,178 -67.70 during the Period
Mainly due to the year-on-year
decrease in other expenses
Other cash paid during the Period as
relating to operating affected by the COVID-19
activities 3,152,563 5,157,190 -38.87 pandemic
Mainly due to the year-on-year
decrease in dividend
from joint ventures
Cash received from and associates during
investment income 17,350 388,877 -95.54 the Period
Net cash proceeds
from disposal of
fixed assets, intangible Mainly due to the year-on-year
assets and other decrease in asset disposal
long-term assets 101,728 608,842 -83.29 during the Period
Mainly due to the Group's
subscription of shares
of Cathay Pacific during
Cash paid for investments 4,322,061 204,325 2,015.29 the Reporting Period
Due to the year-on-year
increase in the issuance
Cash received from of debentures during
issuance of debentures 29,300,000 13,004,875 125.30 the Period
Due to the receipt of
capital injection from
minority shareholders
by a subsidiary of the
Cash received from Group in the corresponding
capital injection - 400,000 -100.00 period of last year
Due to the year-on-year
Cash received from increase in new borrowings
borrowings 42,857,458 12,900,489 232.22 during the Period
Due to the year-on-year
increase in repayment
Cash paid for repayment of debentures during
of debentures 19,100,000 9,405,725 103.07 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 view of the uncertainties of the evolvement of the pandemic and its serious impact on the civil aviation transportation industry, it is estimated that the result of the Group during the period from the beginning of the year to the end of the next reporting period will be significantly affected.
Company name Air China Limited
Legal representative Mr. Cai Jianjiang
Date 30 October 2020
IV. APPICES
4.1 Financial Statements
CONSOLIDATED BALANCE SHEET
30 September 2020
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
30 September 31 December
Items 2020 2019
CURRENT ASSETS:
Cash and bank 9,698,597 9,663,667
Provisions on payables
Contributions made
Financial assets held-for-trading
Derivative financial assets
Bills receivable 4,458 362
Accounts receivable 4,523,690 5,997,690
Receivables financing
Prepayments 521,734 479,029
Premium receivable
Receivables on reinsurance
Provisions for reinsurance contracts
Other receivables 3,943,327 3,245,439
Including: Interest receivable
Dividend receivable
Purchase of financial assets resold
Inventories 2,677,975 2,098,673
Contract assets
Held-for-sale assets
Non-current assets due within a year
Other current assets 3,525,798 3,331,996
Total current assets 24,895,579 24,816,856
30 September 31 December
Items 2020 2019
NON-CURRENT ASSETS:
Loans and advances
Debt investments
Other debt investments 2,799,829 1,688,451
Long-term receivables 642,187 814,507
Long-term equity investments 14,148,963 16,051,151
Investments in other equity instruments 210,925 255,156
Other non-current financial assets
Investment properties 143,040 151,443
Fixed assets 88,596,901 88,890,118
Construction in progress 36,431,035 35,276,017
Biological assets for production
Oil and gas assets
Right-of-use assets 111,819,242 116,827,217
Intangible assets 3,577,035 3,722,394
Development expenses
Goodwill 1,102,185 1,102,185
Long-term deferred expenses 310,554 366,554
Deferred tax assets 6,168,439 4,291,504
Other non-current assets
Total non-current assets 265,950,335 269,436,697
Total assets 290,845,914 294,253,553
30 September 31 December
Items 2020 2019
CURRENT LIABILITIES:
Short-term loans 23,903,550 13,566,403
Short-term financing bonds payable 15,075,768 7,381,933
Borrowings from central bank
Contributions received
Financial liabilities held-for-trading
Derivative financial liabilities
Bills payable
Accounts payables 15,128,179 17,307,980
Air traffic liabilities 3,133,113 9,980,300
Receipts in advance
Contract liabilities 1,236,431 1,037,031
Sale of financial assets repurchased
Deposits from clients and placements
from other banks
Brokerage payable
Underwriting fees payable
Employee compensations payable 1,832,650 3,196,108
Taxes payable 214,726 1,255,056
Other payables 8,969,677 9,031,542
Including: Interest payable
Dividend payable
Fees and commissions payable
Amounts payable on reinsurance
Held-for-sale liabilities
Non-current liabilities due within
a year 18,055,554 14,873,364
Other current liabilities
Total current liabilities 87,549,648 77,629,717
30 September 31 December
Items 2020 2019
NON-CURRENT LIABILITIES:
Reserves on insurance contracts
Long-term loans 10,149,944 1,200,430
Debentures payable 14,498,156 15,398,535
Including: Preference shares
Perpetual bonds
Lease liabilities 78,795,680 86,586,353
Long-term payables 5,701,289 4,971,572
Long-term employee compensation payables 248,043 249,933
Accrued liabilities 3,031,589 3,026,793
Deferred income 550,285 521,227
Deferred tax liabilities 335,915 621,440
Other non-current liabilities 2,302,686 2,670,910
Total non-current liabilities 115,613,587 115,247,193
Total liabilities 203,163,235 192,876,910
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 -1,401,114 -14,562
Special reserves
Surplus reserves 11,564,287 11,026,605
General risk provisions 110,628 110,628
Retained earnings 30,281,059 41,587,530
Total owners' equity (or shareholders'
equity) attributable to equity shareholders
of the parent company 81,350,516 93,505,857
Non-controlling interests 6,332,163 7,870,786
Total owners' equity (or shareholders'
equity) 87,682,679 101,376,643
Total liabilities and owners' equity
(or shareholders' equity) 290,845,914 294,253,553
Legal representative: Mr. Cai Jianjiang
Person in charge of accounting function: Mr. Xiao Feng
Person in charge of accounting department: Mr. Zhan Zhong
BALANCE SHEET OF THE PARENT COMPANY
30 September 2020
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
30 September 31 December
Items 2020 2019
CURRENT ASSETS:
Cash and bank 4,888,067 6,782,234
Financial assets held-for-trading
Derivative financial assets
Bills receivable
Accounts receivable 4,000,547 4,746,976
Receivables financing
Prepayments 233,052 220,809
Other receivables 3,461,408 2,663,180
Including: Interest receivable
Dividend receivable
Inventories 185,182 79,558
Contract assets
Held-for-sale assets
Non-current assets due within a year
Other current assets 2,102,751 1,773,630
Total current assets 14,871,007 16,266,387
30 September 31 December
Items 2020 2019
NON-CURRENT ASSETS:
Debt investments
Other debt investments
Long-term receivables 992,979 906,547
Long-term equity investments 25,019,423 25,773,081
Investments in other equity instruments 22,783 22,783
Other non-current financial assets
Investment properties
Fixed assets 64,697,809 63,603,497
Construction in progress 25,079,396 24,207,431
Biological assets for production
Oil and gas assets
Right-of-use assets 75,720,195 80,217,465
Intangible assets 2,493,707 2,584,849
Development expenses
Goodwill
Long-term deferred expenses 236,328 292,361
Deferred tax assets 5,070,106 3,684,145
Other non-current assets
Total non-current assets 199,332,726 201,292,159
Total assets 214,203,733 217,558,546
30 September 31 December
Items 2020 2019
CURRENT LIABILITIES:
Short-term loans 13,418,647 10,743,223
Short-term financing bonds payable 12,060,114
Financial liabilities held-for-trading
Derivative financial liabilities
Bills payable
Accounts payable 11,412,415 13,825,527
Air traffic liabilities 2,456,973 8,200,724
Receipts in advance
Contract liabilities 879,773 785,481
Employee compensations payable 231,969 1,339,255
Taxes payable 102,987 1,022,716
Other payables 6,676,593 9,948,496
Including: Interest payable
Dividend payable
Held-for-sale liabilities
Non-current liabilities due within
a year 11,336,262 10,212,519
Other current liabilities
Total current liabilities 58,575,733 56,077,941
NON-CURRENT LIABILITIES:
Long-term loans 6,485,008 651,779
Debentures payable 10,500,000 10,500,000
Including: Preference shares
Perpetual bonds
Lease liabilities 53,348,479 59,443,076
Long-term payables 2,753,156 2,374,899
Long-term employee compensation payables
Accrued liabilities 2,164,006 2,016,618
Deferred income 363,137 385,246
Deferred tax liabilities
Other non-current liabilities 2,016,341 2,345,017
Total non-current liabilities 77,630,127 77,716,635
Total liabilities 136,205,860 133,794,576
30 September 31 December
Items 2020 2019
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 257,867 361,290
Special reserves
Surplus reserves 11,527,181 10,989,499
Retained earnings 21,069,330 27,269,686
Total owners' equity (or shareholders'
equity) 77,997,873 83,763,970
Total liabilities and owners' equity
(or shareholders' equity) 214,203,733 217,558,546
Legal representative: Mr. Cai Jianjiang
Person in charge of accounting function: Mr. Xiao Feng
Person in charge of accounting department: Mr. Zhan Zhong
CONSOLIDATED INCOME STATEMENT
January to September 2020
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Third First three
First three
quarter Third quarters quarters
of 2020 quarter of 2020 of 2019
(January (January
(July to of 2019 to to
(July to
Items September) September) September) September)
I. Total revenue from operations 18,808,284 37,764,085 48,454,050 103,077,172
Including: Operating income 18,808,284 37,764,085 48,454,050 103,077,172
Interest income
Premium earned
Fees and commission income
II. Total operating cost 19,771,161 34,488,027 61,471,267 97,469,922
Including: Operating costs 18,784,033 28,451,454 52,945,632 83,228,254
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 59,408 53,760 153,033 186,750
Selling expenses 997,142 1,578,760 2,967,568 4,901,152
General and administrative
expenses 939,357 1,114,125 2,737,019 3,189,412
R&D expenses 58,788 48,676 223,392 135,956
Finance expenses -1,067,567 3,241,252 2,444,623 5,828,398
Including: Interest expenses 1,281,953 1,265,606 3,830,249 3,705,188
Interest income 51,658 40,324 107,760 103,786
Third First three
First three
quarter Third quarters quarters
of 2020 quarter of 2020 of 2019
(January (January
(July to of 2019 to to
(July to
Items September) September) September) September)
Add: Other income 1,263,362 854,438 2,989,572 2,603,680
Investment income (loss is
represented by "-" sign) -795,103 688,711 -3,666,326 980,874
Including: Share of profits
or
losses of
associates and
joint ventures -809,315 676,159 -3,713,229 933,921
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) -13,990 115 70,165 9,598
Impairment loss of assets
(loss is represented by "-"
sign) -137
Gains from disposal of assets
(loss is represented by "-"
sign) 174 39,656 29,079 39,703
III. Profit from operations
(loss is
represented by "-" sign) -508,434 4,858,978 -13,594,864 9,241,105
Add: Non-operating income 46,209 34,142 132,287 181,899
Less: Non-operating expenses 8,170 54,859 106,516 85,943
IV. Total profit (total loss
is represented
by "-" sign) -470,395 4,838,261 -13,569,093 9,337,061
Less: Income tax expenses 129,687 731,050 -2,107,276 1,734,258
Third First three
First three
quarter Third quarters quarters
of 2020 quarter of 2020 of 2019
(January (January
(July to of 2019 to to
(July to
Items September) September) September) September)
V. Net profit (net loss is
represented by
"-" sign) -600,082 4,107,211 -11,461,817 7,602,803
(I) Classified by continuity
of operations
1. Net profit from continuing
operations (net loss is
represented by "-" sign) -600,082 4,107,211 -11,461,817 7,602,803
2. Net profit from discontinued
operation (net loss is
represented by "-" sign)
(II) Classified by ownership
of equity
1. Net profits attributable
to
shareholders of the Company
(net loss is represented
by "-"
sign) -670,719 3,622,633 -10,111,847 6,762,090
2. Net profits attributable
to
non-controlling interests
(net
loss is represented by "-"
sign) 70,637 484,578 -1,349,970 840,713
VI. Other comprehensive income
after taxation -781,205 581,548 -1,403,285 943,205
(I) Other comprehensive income
after
taxation attributable to
shareholders
of the Company -779,689 563,434 -1,386,552 939,971
1. Other comprehensive income
that
cannot be subsequently
reclassified to profit or
loss 9,719 4,195 -123,665 122,723
(1) Changes arising on remeasurement
of defined benefit plans -3,324 169
(2) Other comprehensive income
accounted for using the equity
method that cannot be reclassified
to profit or loss -103,423 135,529
(3) Change in fair value of
investments in other equity
instruments 9,719 4,195 -16,918 -12,975
(4) Change in fair value of
own credit risk
Third First three
First three
quarter Third quarters quarters
of 2020 quarter of 2020 of 2019
(January (January
(July to of 2019 to to
(July to
Items September) September) September) September)
2. Other comprehensive income
that
will be reclassified to profit
or
loss -789,408 559,239 -1,262,887 817,248
(1) Other comprehensive income
accounted for using the equity
method that may be reclassified
to profit or loss 17,326 2,263 -885,536 183,668
(2) Change in fair value of
other debt investments -5,748 1,228 -8,011 357
(3) Amount of financial assets
reclassified into other comprehensive
income
(4) Provisions for credit
impairment of other debt investments 13,272 17,511
(5) Reserve for cash flow
hedging
(6) Exchange difference on
translation of financial statements
in foreign currency -814,258 555,748 -386,851 633,223
(7) Others
(II) Other comprehensive income
after
taxation attributable to
non-controlling interests -1,516 18,114 -16,733 3,234
VII. Total comprehensive income -1,381,287 4,688,759 -12,865,102 8,546,008
(I) Total comprehensive income
attributable to shareholders
of the
Company -1,450,408 4,186,067 -11,498,399 7,702,061
(II) Total comprehensive income
attributable to non-controlling
interests 69,121 502,692 -1,366,703 843,947
VIII. Earnings per share:
(I) Basic earnings per share
(RMB per
share) -0.05 0.26 -0.74 0.49
(II) Diluted earnings per
share (RMB per
share) N/A N/A 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.
Legal representative: Mr. Cai Jianjiang
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 September 2020
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Third First three
First three
quarter Third quarters quarters
of 2020 quarter of 2020 of 2019
(January (January
(July to of 2019 to to
(July to
Items September) September) September) September)
I. Revenue from operations 12,286,917 26,223,098 32,910,346 71,391,493
Less: Operating costs 12,423,781 19,874,736 35,388,293 57,958,834
Taxes and other levies 35,113 19,747 84,407 89,738
Selling expenses 725,140 1,040,901 2,108,083 3,428,987
General and administrative
expenses 445,109 433,902 1,229,054 1,265,920
R&D expenses 22,193 36,454 76,133 100,349
Finance expenses -753,955 2,342,017 1,764,367 4,234,529
Including: Interest expenses 904,226 894,531 2,731,267 2,643,770
Interest income 22,829 33,626 73,634 111,339
Add: Other income 810,387 507,739 1,699,838 1,703,472
Investment income (loss is
represented by "-" sign) 20,998 432,829 -369,730 726,064
Including: Share of profits
or losses
of associates and joint
ventures -142,117 431,000 -650,234 462,437
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) 4,378 -1,469
Impairment loss of assets
(loss is represented by "-"
sign)
Gains from disposal of assets
(loss is represented by "-"
sign) 12,680 39,580 25,885 53,024
Third First three
First three
quarter Third quarters quarters
of 2020 quarter of 2020 of 2019
(January (January
(July to of 2019 to to
(July to
Items September) September) September) September)
II. Profit from operations
(loss is
represented by "-" sign) 233,601 3,455,489 -6,379,620 6,794,227
Add: Non-operating income 5,577 7,765 10,689 16,948
Less: Non-operating expenses 4,670 33,541 96,270 58,488
III. Total profit (total loss
is represented
by "-" sign) 234,508 3,429,713 -6,465,201 6,752,687
Less: Income tax expenses 49,831 707,928 -1,447,719 1,421,550
IV. Net profit (net loss is
represented by
"-" sign) 184,677 2,721,785 -5,017,482 5,331,137
(I) Net profit from continuing
operations (net loss is
represented by "-" sign) 184,677 2,721,785 -5,017,482 5,331,137
(II) Net profit from discontinued
operations (net loss is
represented by "-" sign)
V. Other comprehensive income
after
taxation, net -103,423 139,404
(I) Other comprehensive income
that
cannot be subsequently
reclassified to profit or
loss -103,423 135,529
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 -103,423 135,529
3. Change in fair value of
investments in other equity
instruments
4. Change in fair value of
own credit risks of the Company
Third First three
First three
quarter Third quarters quarters
of 2020 quarter of 2020 of 2019
(January (January
(July to of 2019 to to
(July to
Items September) September) September) September)
(II) Other comprehensive income
that
will be reclassified to profit
or
loss 3,875
1. Other comprehensive income
accounted for using the equity
method that may be reclassified
to profit or loss 3,875
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 184,677 2,721,785 -5,120,905 5,470,541
VII. Earnings per share:
(I) Basic earnings per share
(RMB per share)
(II) Diluted earnings per
share
(RMB per share)
Legal representative: Mr. Cai Jianjiang
Person in charge of accounting function: Mr. Xiao Feng
Person in charge of accounting department: Mr. Zhan Zhong
CONSOLIDATED CASH FLOW STATEMENT
January to September 2020
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
First First
three quarters three quarters
of 2020 (January of 2019 (January
Items to September) to September)
I. Cash flows from operating activities:
Cash received from sales of goods and
provision of services 44,861,340 105,359,920
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 24,206 55,456
Other cash received relating to operating
activities 4,873,350 7,687,329
Subtotal of cash inflows of operating
activities 49,758,896 113,102,705
Cash paid for goods purchased and services
received 30,033,412 55,037,672
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 16,862,435 18,176,175
Taxes and levies paid 1,495,050 4,628,178
Other cash paid relating to operating
activities 3,152,563 5,157,190
Subtotal of cash outflows from operating
activities 51,543,460 82,999,215
Net cash flows from operating activities -1,784,564 30,103,490
First First
three quarters three quarters
of 2020 (January of 2019 (January
Items to September) to September)
II. Cash flows from investing activities:
Cash received from sale and redemption
of investments
Recovery of the secured bank deposits 1,713 188,681
Cash received from investment income 17,350 388,877
Net cash proceeds from disposal of fixed
assets, intangible assets and other long-term
assets 101,728 608,842
Net cash proceeds from disposal of subsidiaries
and other business units
Other cash received relating to investing
activities 107,760 162,544
Subtotal of cash inflows from investing
activities 228,551 1,348,944
Cash paid for purchase and construction
of fixed assets, intangible assets and
other long-term assets 8,836,759 10,696,300
Cash paid for investments 4,322,061 204,325
Net increase in secured loans
Net cash payments for acquisition of subsidiaries
and other business units
Other cash paid relating to investing
activities 1,633 1,201
Subtotal of cash outflows from investing
activities 13,160,453 10,901,826
Net cash flows from investing activities -12,931,902 -9,552,882
First First
three quarters three quarters
of 2020 (January of 2019 (January
Items to September) to September)
III. Cash flows from financing activities:
Cash received from capital injection 400,000
Including: Cash received from capital
injection of minority shareholders in
subsidiaries 400,000
Cash received from issuance of debentures 29,300,000 13,004,875
Cash received from borrowings 42,857,458 12,900,489
Other cash received relating to financing
activities
Subtotal of cash inflows from financing
activities 72,157,458 26,305,364
Cash paid for repayment of borrowings 23,350,268 20,436,792
Cash paid for repayment of debentures 19,100,000 9,405,725
Cash paid for distribution of dividends,
profits or payment of interest expenses 4,447,319 5,307,924
Including: Dividends and profits paid
to minority shareholders by subsidiaries 16,477 193,058
Cash paid for leases 10,454,908 10,954,543
Other cash paid relating to financing
activities
Subtotal of cash outflows from financing
activities 57,352,495 46,104,984
Net cash flows from financing activities 14,804,963 -19,799,620
IV. Effect of exchange rate changes on
cash and cash
equivalents -28,661 85,696
V. Net increase in cash and cash equivalents 59,836 836,684
Add: Balance of cash and cash equivalents
as at the beginning
of the Period 8,935,282 6,763,183
VI. Balance of cash and cash equivalents
as at the end of the Period 8,995,118 7,599,867
Legal representative: Mr. Cai Jianjiang
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 September 2020
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
First First
three quarters three quarters
of 2020 (January of 2019 (January
Items to September) to September)
I. Cash flows from operating activities:
Cash received from sales of goods and
provision of services 27,762,035 71,128,721
Refund of taxes and levies
Other cash received relating to operating
activities 2,917,327 3,316,144
Subtotal of cash inflows of operating
activities 30,679,362 74,444,865
Cash paid for goods purchased and services
received 20,992,357 40,405,604
Cash paid to or on behalf of employees 9,368,424 8,661,340
Taxes and levies paid 988,773 2,940,642
Other cash paid relating to operating
activities 2,194,089 3,722,022
Subtotal of cash outflows from operating
activities 33,543,643 55,729,608
Net cash flows from operating activities -2,864,281 18,715,257
II. Cash flows from investing activities:
Cash received from sale and redemption
of investments
Cash received from investment income 17,926 413,148
Net cash proceeds from disposal of fixed
assets, intangible assets and other long-term
assets 41,077 1,159,052
Net cash proceeds from disposal of subsidiaries
and other business units
Other cash received relating to investing
activities 73,634 111,339
Subtotal of cash inflows from investing
activities 132,637 1,683,539
Cash paid for purchase and construction
of fixed assets, intangible assets and
other long-term assets 7,590,082 7,557,741
Cash paid for investments 1,600,000
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 7,590,082 9,157,741
Net cash flows from investing activities -7,457,445 -7,474,202
First First
three quarters three quarters
of 2020 (January of 2019 (January
Items to September) to September)
III. Cash flows from financing activities:
Cash received from capital injection
Cash received from issuance of debentures 18,500,000
Cash received from borrowings 27,066,500 11,153,800
Other cash received relating to financing
activities
Subtotal of cash inflows from financing
activities 45,566,500 11,153,800
Cash paid for repayment of borrowings 21,598,610 11,439,989
Cash paid for repayment of debentures 5,000,000 4,000,000
Cash paid for distribution of dividends,
profits or payment of interest expenses 3,223,007 4,109,951
Cash paid for leases 7,297,486 7,585,752
Other cash paid relating to financing
activities
Subtotal of cash outflows from financing
activities 37,119,103 27,135,692
Net cash flows from financing activities 8,447,397 -15,981,892
IV. Effect of exchange rate changes on
cash and cash
equivalents -19,892 18,518
V. Net increase in cash and cash equivalents -1,894,221 -4,722,319
Add: Balance of cash and cash equivalents
as at the beginning
of the Period 6,751,816 7,149,360
VI. Balance of cash and cash equivalents
as at the end of the
Period 4,857,595 2,427,041
Legal representative: Mr. Cai Jianjiang
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 Revenue Standard and New Lease Standard since 2020
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 Revenue Standard and the New Lease Standard since 2020
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, 30 October 2020
As at the date of this announcement, the directors of the Company are Mr. Cai Jianjiang, Mr. Song Zhiyong, Mr. Feng Gang, Mr. Patrick Healy, Mr. Xue Yasong, Mr. Wang Xiaokang*, Mr. Duan Hongyi*, Mr. Stanley Hui Hon-chung* and Mr. Li Dajin*.
* Independent non-executive director of the Company
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November 02, 2020 02:42 ET (07:42 GMT)
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