REG - Air China Ld - FIRST QUARTERLY REPORT OF 2025
Wed 07:00
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RNS Number : 7431G Air China Ld 30 April 2025
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong
Limited take no responsibility for the contents of this announcement, make no
representation as to its accuracy or completeness and expressly disclaim any
liability whatsoever for any loss howsoever arising from or in reliance upon
the whole or any part of the contents of this announcement.
中國國際航空股份有限公司
AIR CHINA LIMITED
(a joint stock limited company incorporated in the People's Republic of China
with limited liability)
(Stock Code: 00753)
FIRST QUARTERLY REPORT OF 2025
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 2025 and passed the resolution approving
the first quarterly report (the "Quarterly Report") of 2025 of the Company for
the period ended 31 March 2025 (the "Reporting Period" or "Period") prepared
in accordance with the PRC Accounting Standards for Business Enterprises.
IMPORTANT NOTICE
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.
The person in charge of the Company, person in charge of accounting function
and person in charge of accounting department (accounting superintendent)
hereby guarantee that the financial information set out in the Quarterly
Report are true, accurate and complete.
Whether the financial statements of the first quarter are audited
□Yes RNo
1. MAJOR FINANCIAL DATA
(1) MAJOR ACCOUNTING DATA AND FINANCIAL INDICATORS
Unit: RMB'000
Items During the Reporting Period During the corresponding period of the previous year Increase/decrease of the Reporting Period as compared to the corresponding
period of the previous year (%)
Revenue 40,023,324 40,065,742 -0.11
Net profit attributable to shareholders of the listed company -2,043,993 -1,674,456 -22.07
Net profit attributable to shareholders of the listed company after deducting -2,127,891 -1,713,176 -24.21
non-recurring profits and losses
Net cash flows from operating activities 8,341,401 9,407,344 -11.33
Basic earnings per share -0.12 -0.11 -9.09
(RMB per share)
Diluted earnings per share -0.12 -0.11 -9.09
(RMB per share)
Weighted average return on -4.64% -4.47% Decreased by 0.17 percentage points
net assets (%)
At the At the Increase/decrease at the end of the Reporting Period
end of the Reporting Period
end of the previous year
as compared to
the end of the previous year (%)
Total assets 345,163,318 345,769,412 -0.18
Owners' equity attributable to shareholders of the listed company 43,020,170 45,147,411 -4.71
(2) Items and amounts of non-recurring profits and losses
R Applicable □ Not applicable
Unit: RMB'000
Items of non-recurring profits and losses Amounts for the Period
Gains or losses on disposal of non-current assets, including provision for 5,521
asset impairment being written off
Government subsidies recorded in profit or loss for the current period 26,545
(excluding those closely related to the Company's normal business operations,
in compliance with national policies and regulations, were entitled in
accordance with the established standards and posed a lasting impact on the
Company's profit or loss)
Gain or loss from change in fair value arising from holding financial assets 2
and financial liabilities by non-financial enterprises, and gain or loss
arising from disposal of financial assets and financial liabilities, excluding
the effective hedging businesses related to the normal operations of the
Company
Capital occupancy fee from non-financial enterprises recognised through
current profit or loss
Profit or loss from entrusting others to invest or manage assets
Profit or loss from externally entrusted loans
Loss of assets due to force majeure factors, such as natural disasters
Reversal of provision for impairment of receivable that has undergone 1,380
impairment test alone
Gains arising from the investment costs for acquisition of subsidiaries,
associates and joint ventures being less than the fair value of attributable
identifiable net assets of such investees at the time of acquisition
Current net profit or loss of subsidiaries from business combination under
common control from the beginning of the period to the date of combination
Profit or loss from exchange of non-monetary assets
Profit or loss from debt restructuring
One-time costs incurred by the enterprise due to the fact that the relevant
business activities are no longer continuing, such as expenses for relocating
employees
One-time effect on current profit or loss due to adjustments in tax,
accounting and other laws and regulations
One-time share-based payment expense recognized for cancellation and
modification of equity incentive plans
Gain or loss from changes in fair values of employee benefits payable for
cash-settled share-based payments after the exercise date
Profit or loss from changes in fair value of investment properties
subsequently measured using the fair value model
Gains arising from transactions at significantly unfair prices
Profit or loss arising from contingencies irrelevant to the normal business
operations of the company
Trusteeship fee income from entrusted operations
Other non-operating income and expenses besides the above items 63,884
Other profit and loss items that meet the definition of
non-recurring profit or loss
Less: Effect of income tax 2,206
Effect of non-controlling interests (after tax) 11,228
Total 83,898
Explanation on recognising items not listed in the "Explanatory Announcement
No. 1 on Information Disclosure of Companies That Issue Securities to the
Public - Non-recurring Profits and Losses"
(《公開發行證券的公司信息披露解釋性公告第1號－非經常性損益》)
as non-recurring profits and losses items with significant amounts and
defining non-recurring profits and losses items listed in the "Explanatory
Announcement No. 1 on Information Disclosure of Companies That Issue
Securities to the Public - Non-recurring Profits and Losses"
(《公開發行證券的公司信息披露解釋性公告第1號－非經常性損益》)
as recurring profits and losses items of the Company.
□ Applicable R Not applicable
(3) Particulars of, and reasons for, changes in major accounting data
and financial indicators
□ Applicable R Not applicable
2. INFORMATION OF SHAREHOLDERS
(1) Total number of holders of ordinary shares, the number of holders
of preference shares with restored voting rights and the particulars of the
top 10 shareholders
Unit: share
Total number of holders of 151,206 Total number of holders of preference shares with restored voting rights as at /
ordinary shares as at the end
the end of the Reporting Period (if any)
of the Reporting Period
Particulars of the top 10 shareholders (excluding shares lent through
securities lending and refinancing)
Name of shareholder Nature of shareholder Number of shares held Shareholding percentage Number of shares held subject to selling restrictions Shares pledged,
marked or frozen
Status Number
(%)
China National Aviation Holding Corporation Limited State-owned legal person 7,421,462,701 42.53 854,700,854 Frozen 127,445,536
Cathay Pacific Airways Limited Foreign legal person 2,633,725,455 15.09 0 Nil 0
China National Aviation Corporation (Group) Limited Foreign legal person 1,949,262,228 11.18 392,927,308 Frozen 36,454,464
HKSCC NOMINEES LIMITED Foreign legal person 1,689,667,185 9.68 0 Nil 0
China Securities Finance Other 311,302,365 1.78 0 Nil 0
Corporation Limited
Hong Kong Securities Clearing Foreign legal person 243,991,080 1.40 0 Nil 0
Company Limited
China National Aviation Fuel State-owned legal person 238,524,158 1.37 0 Nil 0
Group Limited
Industrial and Commercial Bank of China Limited - Huatai-PineBridge CSI 300 Other 61,220,469 0.35 0 Nil 0
Exchange-traded Open-end Index Securities Investment Fund
(中國工商銀行股份有限公司－華泰柏瑞滬深300交易型開放式指數證券投資基金)
China Structural Reform Fund Co., Ltd. State-owned legal person 52,833,706 0.30 0 Nil 0
(中國國有企業結構調整基金股份
有限公司)
National Social Security Fund 114 Portfolio Other 48,563,170 0.28 0 Nil 0
(全國社保基金一一四組合)
Particulars of the top 10 shareholders not subject to selling restrictions
(excluding shares lent through securities lending and refinancing)
Name of shareholder Number of tradable shares held not subject to selling restrictions Type and number of shares
Type Number
China National Aviation Holding Corporation Limited 6,566,761,847 RMB ordinary shares 6,566,761,847
Cathay Pacific Airways Limited 2,633,725,455 Overseas listed foreign shares 2,633,725,455
HKSCC NOMINEES LIMITED 1,689,667,185 Overseas listed foreign shares 1,689,667,185
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 Securities Finance Corporation Limited 311,302,365 RMB ordinary shares 311,302,365
Hong Kong Securities Clearing Company Limited 243,991,080 RMB ordinary shares 243,991,080
China National Aviation Fuel Group Limited 238,524,158 RMB ordinary shares 238,524,158
Industrial and Commercial Bank of China Limited - Huatai-PineBridge CSI 300 61,220,469 RMB ordinary shares 61,220,469
Exchange-traded Open-end Index Securities Investment Fund
(中國工商銀行股份有限公司－華泰柏瑞
滬深300交易型開放式指數證券投資基金)
China Structural Reform Fund Co., Ltd. 52,833,706 RMB ordinary shares 52,833,706
(中國國有企業結構調整基金股份有限公司)
National Social Security Fund 114 Portfolio 48,563,170 RMB ordinary shares 48,563,170
(全國社保基金一一四組合)
Explanation on connected relationship or action in concert among the above CNACG is a wholly-owned subsidiary of CNAHC. Accordingly, CNAHC is directly
shareholders and indirectly interested in 53.71% of the shares of the Company.
Explanation on the participation of the top 10 shareholders and the top 10 Nil
shareholders not subject to selling restrictions in margin financing and
securities lending as well as margin and securities refinancing business (if
any)
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
1,689,667,185 H shares held by it in the Company do not include the
166,852,000 shares held by it as nominee of CNACG.
2. According to the "Implementation Measures on Partial Transfer of
State-owned Shares to the National Social Security Fund in the Domestic
Securities Market" (Cai Qi〔2009〕No. 94)
(《境內證券市場轉持部分國有股充實全國社會保障基金實施辦法》(財企〔2009〕94號))
and the Notice (2009 No. 63) jointly issued by the Ministry of Finance, the
State-owned Assets Supervision and Administration Commission of the State
Council, China Securities Regulatory Commission and the National Council for
Social Security Fund, 127,445,536 and 36,454,464 shares held by CNAHC, the
controlling shareholder of the Company, and CNACG respectively are frozen at
present.
Share lent through securities lending and refinancing by shareholders holding
more than 5% of the shares, top 10 shareholders and top 10 shareholders not
subject to selling restrictions
□ Applicable R Not applicable
Changes in top 10 shareholders and top 10 shareholders not subject to selling
restrictions from the previous period due to lending/returning of shares
through securities lending and refinancing
□ Applicable R Not applicable
3. OTHER REMINDER
Other important information that needs to be brought to the attention of
investors regarding the Company's operations during the Reporting Period
□ Applicable R Not applicable
4. QUARTERLY FINANCIAL STATEMENTS
(1) Type of audit opinion
□ Applicable R Not applicable
(2) Financial statements
CONSOLIDATED BALANCE SHEET
31 March 2025
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items 31 March 2025 31 December 2024
CURRENT ASSETS:
Cash and bank balance 23,305,212 22,467,901
Provisions on payables
Contributions made
Financial assets held-for-trading 147,559 37,559
Derivative financial assets
Bills receivable 15,888 7,785
Accounts receivable 3,853,985 3,670,252
Receivables financing
Prepayments 696,769 462,245
Premium receivable
Receivables on reinsurance
Provisions for reinsurance contracts
Other receivables 4,658,036 4,761,012
Including: Interest receivable
Dividend receivable
Purchase of financial assets resold
Inventories 4,404,067 4,224,992
Including: Data resources
Contract assets
Held-for-sale assets 96,014 94,829
Non-current assets due within a year
Other current assets 4,594,856 4,960,628
Total current assets 41,772,386 40,687,203
NON-CURRENT ASSETS:
Loans and advances
Debt investments
Other debt investments 1,383,100 1,426,851
Long-term receivables 879,471 910,872
Long-term equity investments 17,559,975 16,916,857
Investments in other equity instruments 2,060,667 1,793,316
Other non-current financial assets
Investment properties 302,184 305,917
Fixed assets 110,475,096 109,655,401
Construction in progress 36,312,596 36,767,279
Biological assets for production
Oil and gas assets
Right-of-use assets 110,775,254 114,042,465
Intangible assets 6,343,001 5,937,851
Including: Data resources
Development expenses
Including: Data resources
Goodwill 4,097,942 4,097,942
Long-term deferred expenses 299,014 314,274
Deferred tax assets 12,900,764 12,908,130
Other non-current assets 1,868 5,054
Total non-current assets 303,390,932 305,082,209
Total assets 345,163,318 345,769,412
CURRENT LIABILITIES:
Short-term loans 14,925,099 16,876,294
Short-term financing bonds payable 7,534,708 3,010,847
Borrowings from central bank
Contributions received
Financial liabilities held-for-trading
Derivative financial liabilities
Bills payable
Accounts payable 22,031,170 19,538,712
Air traffic liabilities 9,604,158 11,098,740
Receipts in advance 23,949 36,270
Contract liabilities 1,181,235 1,171,172
Sale of financial assets repurchased
Deposits from clients and placements from other banks
Brokerage payable
Underwriting fees payable
Employee compensations payable 2,923,741 3,441,130
Taxes payable 502,117 655,407
Other payables 11,289,623 11,075,198
Including: Interest payable
Dividend payable
Fees and commissions payable
Amounts payable on reinsurance
Held-for-sale liabilities
Non-current liabilities due within a year 60,506,981 70,706,285
Other current liabilities
Total current liabilities 130,522,781 137,610,055
NON-CURRENT LIABILITIES:
Reserves on insurance contracts
Long-term loans 82,526,972 77,836,960
Debentures payable 10,500,000 6,000,000
Including: Preference shares
Perpetual bonds
Lease liabilities 56,713,087 59,134,187
Long-term payables 19,074,871 16,785,219
Long-term employee compensation payables 187,960 186,700
Accrued liabilities 4,230,145 4,170,935
Deferred income 395,164 406,943
Deferred tax liabilities 138,304 128,016
Other non-current liabilities 2,543,087 2,565,188
Total non-current liabilities 176,309,590 167,214,148
Total liabilities 306,832,371 304,824,203
OWNERS' EQUITY (OR SHAREHOLDERS' EQUITY):
Paid-up capital (or share capital) 17,448,421 17,448,421
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserve 46,150,983 46,150,983
Less: Treasury shares
Other comprehensive income 467,086 550,334
Special reserves
Surplus reserves 11,564,287 11,564,287
General risk provisions 177,506 177,506
Retained earnings -32,788,113 -30,744,120
Total owners' equity (or shareholders' equity) attributable to 43,020,170 45,147,411
the parent company
Non-controlling interests -4,689,223 -4,202,202
Total owners' equity (or shareholders' equity) 38,330,947 40,945,209
Total liabilities and owners' equity 345,163,318 345,769,412
(or shareholders' equity)
Person in charge of the Company: Mr. Ma Chongxian
Person in charge of accounting function: Mr. Sun Yuquan
Person in charge of accounting department: Mr. Bai Dongming
CONSOLIDATED INCOME STATEMENT
January to March 2025
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items First quarter of 2025 First quarter of 2024
I. Total revenue from operations 40,023,324 40,065,742
Including: Operating income 40,023,324 40,065,742
Interest income
Premium earned
Fees and commission income
II. Total operating cost 44,421,862 43,614,326
Including: Operating costs 39,813,278 38,728,738
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 100,635 64,522
Selling expenses 1,741,182 1,740,842
General and administrative expenses 1,328,732 1,290,115
R&D expenses 85,246 85,305
Finance expenses 1,352,789 1,704,804
Including: Interest expenses 1,472,135 1,679,074
Interest income 131,527 133,626
Add: Other income 1,170,042 993,501
Investment income (loss is represented by "-" sign) 710,259 621,078
Including: Share of profits of associates and joint ventures 699,425 610,519
Gains on derecognition of 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) 2 34
Impairment loss of credit (loss is represented by "-" sign) -4,270 -9,998
Impairment loss of assets (loss is represented by "-" sign)
Gains from disposal of assets (loss is represented by "-" sign) 8,908 -2,690
-2,513,597 -1,946,659
III. Profit from operations (loss is represented by "-" sign)
Add: Non-operating income 67,719 31,779
Less: Non-operating expenses 7,222 11,274
IV. Total profit (total loss is represented by "-" sign) -2,453,100 -1,926,154
Less: Income tax expenses 82,141 75,743
V. Net profit (net loss is represented by "-" sign) -2,535,241 -2,001,897
(I) Classified by continuity of operations
1. Net profit from continuing operations -2,535,241 -2,001,897
(net loss is represented by "-" sign)
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 -2,043,993 -1,674,456
(net loss is represented by "-" sign)
2. Profit or loss attributable to non-controlling interests -491,248 -327,441
(net loss is represented by "-" sign)
VI. Other comprehensive income after tax, net -79,021 -61,910
(I) Other comprehensive income after tax attributable to -83,248 -27,402
owners of the parent company, net
1. Other comprehensive income that cannot be 10,416 -37,439
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 10,416 -37,439
other equity instruments
(4) Change in fair value of own credit risk of the Company
-93,664 10,037
2. 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 -5,423 1,873
(3) Amount of financial assets reclassified into
other comprehensive income
(4) Provisions for credit impairment of other debt investments -76 -47
(5) Reserve for cash flow hedging
(6) Exchange difference on translation of financial statements in -88,165 8,211
foreign currency
(7) Others
(II) Other comprehensive income after tax attributable to 4,227 -34,508
non-controlling interests, net
VII. Total comprehensive income -2,614,262 -2,063,807
(I) Total comprehensive income attributable to owners of -2,127,241 -1,701,858
the parent company
(II) Total comprehensive income attributable to non-controlling interests -487,021 -361,949
VIII. Earnings per share:
(I) Basic earnings per share (RMB per share) -0.12 -0.11
(II) Diluted earnings per share (RMB per share) -0.12 -0.11
For business combination under common control during the Period, the net
profit of merged party before the business combination is RMB0, and the net
profit of the merged party for the last period is RMB0.
Person in charge of the Company: Mr. Ma Chongxian
Person in charge of accounting function: Mr. Sun Yuquan
Person in charge of accounting department: Mr. Bai Dongming
CONSOLIDATED CASH FLOW STATEMENT
January to March 2025
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items First quarter of 2025 First quarter of 2024
I. Cash flows from operating activities:
Cash received from sales of goods and provision of services 40,353,061 41,114,724
Net increase in deposits from clients and placements from banks
Net increase in borrowings from central bank
Net increase in contributions received from
other financial institutions
Cash received from premiums of original insurance contracts
Net cash receipt from reinsurance operations
Net increase in reserve of the insured and investment
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 65,572 460,145
Other cash received relating to operating activities 4,161,814 3,141,718
Subtotal of cash inflows of operating activities 44,580,447 44,716,587
Cash paid for goods purchased and services received 24,027,112 23,737,346
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 9,996,301 8,970,554
Taxes and levies paid 471,275 374,919
Other cash paid relating to operating activities 1,744,358 2,226,424
Subtotal of cash outflows from operating activities 36,239,046 35,309,243
Net cash flows from operating activities 8,341,401 9,407,344
II. Cash flows from investing activities:
Cash received from sale and redemption of investments 278,155 126,906
Cash received from investment income 24,759 19,286
Net cash proceeds from disposal of fixed assets, 74,873 74,069
intangible assets and other long-term assets
Net cash proceeds from disposal of subsidiaries and
other business units
Other cash received relating to investing activities 131,527 137,851
Subtotal of cash inflows from investing activities 509,314 358,112
Cash paid for purchase and construction of fixed assets, intangible assets and 4,140,915 2,215,067
other long-term assets
Cash paid for investments 394,850 648,991
Net increase in secured loans
Net cash payments for acquisition of subsidiaries and
other business units
Other cash paid relating to investing activities 187,800 4,326
Subtotal of cash outflows from investing activities 4,723,565 2,868,384
Net cash flows from investing activities -4,214,251 -2,510,272
III. Cash flows from financing activities:
Cash received from issuance of debentures 9,000,000 2,000,000
Cash received from capital injection 1,815,742
Including: Cash received from capital injection of
non-controlling shareholders in subsidiaries
Cash received from borrowings 17,119,947 11,220,916
Other cash received relating to financing activities
Subtotal of cash inflows from financing activities 26,119,947 15,036,658
Cash paid for repayment of debentures 5,500,000
Cash paid for repayment of loans 17,449,370 8,768,304
Cash paid for distribution of dividends, profits or 1,460,773 1,735,230
payment of interest expenses
Including: Dividends and profits paid to
non-controlling shareholders by subsidiaries
Cash paid for leases 5,116,290 4,501,831
Other cash paid relating to financing activities
Subtotal of cash outflows from financing activities 29,526,433 15,005,365
Net cash flows from financing activities -3,406,486 31,293
IV. Effect of exchange rate changes on cash and cash equivalents 11,726 -9,865
V. Net increase in cash and cash equivalents 732,390 6,918,500
Add: Balance of cash and cash equivalents as at 21,039,472 15,016,804
the beginning of the Period
VI. Balance of cash and cash equivalents as at 21,771,862 21,935,304
the end of the Period
Person in charge of the Company: Mr. Ma Chongxian
Person in charge of accounting function: Mr. Sun Yuquan
Person in charge of accounting department: Mr. Bai Dongming
BALANCE SHEET OF THE PARENT COMPANY
31 March 2025
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items 31 March 2025 31 December 2024
CURRENT ASSETS:
Cash and bank balance 7,518,187 8,805,919
Financial assets held-for-trading 2,383 2,559
Derivative financial assets
Bills receivable
Accounts receivable 2,938,130 2,378,402
Receivables financing
Prepayments 312,197 106,326
Other receivables 3,260,113 3,469,766
Including: Interest receivable
Dividend receivable
Inventories 57,873 49,485
Including: Data resources
Contract assets
Held-for-sale assets 96,014 94,829
Non-current assets due within a year
Other current assets 2,384,035 2,446,893
Total current assets 16,568,932 17,354,179
NON-CURRENT ASSETS:
Debt investments
Other debt investments
Long-term receivables 731,397 777,122
Long-term equity investments 31,279,082 31,158,718
Investments in other equity instruments 207,416 207,416
Other non-current financial assets
Investment properties
Fixed assets 78,898,171 77,659,204
Construction in progress 24,233,101 24,143,292
Biological assets for production
Oil and gas assets
Right-of-use assets 70,195,669 72,812,408
Intangible assets 3,523,753 3,558,258
Including: Data resources
Development expenses
Including: Data resources
Goodwill
Long-term deferred expenses 203,252 216,302
Deferred tax assets 7,856,661 7,856,661
Other non-current assets
Total non-current assets 217,128,502 218,389,381
Total assets 233,697,434 235,743,560
CURRENT LIABILITIES:
Short-term loans 11,627,556 15,661,462
Short-term financing bonds payable 7,534,708 3,010,847
Financial liabilities held-for-trading
Derivative financial liabilities
Bills payable
Accounts payable 13,265,743 11,873,571
Air traffic liabilities 7,850,483 8,549,886
Receipts in advance
Contract liabilities 776,166 563,310
Employee compensations payable 777,313 1,248,804
Taxes payable 131,199 187,812
Other payables 5,142,300 6,912,037
Including: Interest payable
Dividend payable
Held-for-sale liabilities
Non-current liabilities due within a year 40,975,335 42,833,462
Other current liabilities
Total current liabilities 88,080,803 90,841,191
NON-CURRENT LIABILITIES:
Long-term loans 40,075,264 42,720,579
Debentures payable 10,500,000 6,000,000
Including: Preference shares
Perpetual bonds
Lease liabilities 33,810,817 34,995,009
Long-term payables 7,191,045 5,004,533
Long-term employee compensation payables
Accrued liabilities 2,212,819 2,168,705
Deferred income 145,053 153,424
Deferred tax liabilities
Other non-current liabilities 2,537,596 2,559,301
Total non-current liabilities 96,472,594 93,601,551
Total liabilities 184,553,397 184,442,742
OWNERS' EQUITY (OR SHAREHOLDERS' EQUITY):
Paid-up capital (or share capital) 17,448,421 17,448,421
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserve 50,499,675 50,499,675
Less: Treasury shares
Other comprehensive income 421,449 421,449
Special reserves
Surplus reserves 11,527,181 11,527,181
Retained earnings -30,752,689 -28,595,908
Total owners' equity (or shareholders' equity) 49,144,037 51,300,818
Total liabilities and owners' equity 233,697,434 235,743,560
(or shareholders' equity)
Person in charge of the Company: Mr. Ma Chongxian
Person in charge of accounting function: Mr. Sun Yuquan
Person in charge of accounting department: Mr. Bai Dongming
INCOME STATEMENT OF THE PARENT COMPANY
January to March 2025
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items First quarter of 2025 First quarter of 2024
I. Revenue from operations 23,876,695 24,397,913
Less: Operating costs 24,236,502 23,989,695
Taxes and other levies 54,455 25,064
Selling expenses 1,123,880 1,149,451
General and administrative expenses 561,386 517,097
R&D expenses 36,966 38,241
Finance expenses 825,846 1,068,044
Including: Interest expenses 875,749 1,039,229
Interest income 42,402 57,380
Add: Other income 682,308 432,051
Investment income (loss is represented by "-" sign) 76,009 67,597
Including: Share of profits of associates and 75,513 67,597
joint ventures
Gains on derecognition of financial
assets measured at amortised cost
Gains from net exposure to hedging
(loss is represented by "-" sign)
Gains from changes in fair value -176 34
(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 6,350 -4,804
(loss is represented by "-" sign)
II. Profit from operations (loss is represented by "-" sign) -2,197,849 -1,894,801
Add: Non-operating income 44,324 22,851
Less: Non-operating expenses 3,256 2,600
III. Total profit (total loss is represented by "-" sign) -2,156,781 -1,874,550
Less: Income tax expenses
IV. Net profit (net loss is represented by "-" sign) -2,156,781 -1,874,550
(I) Net profit from continuing operations -2,156,781 -1,874,550
(net loss is represented by "-" sign)
(II) Net profit from discontinued operation
(net loss is represented by "-" sign)
V. Other comprehensive income after tax, 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 risk 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 -2,156,781 -1,874,550
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. Ma Chongxian
Person in charge of accounting function: Mr. Sun Yuquan
Person in charge of accounting department: Mr. Bai Dongming
CASH FLOW STATEMENT OF THE PARENT COMPANY
January to March 2025
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items First quarter of 2025 First quarter of 2024
I. Cash flows from operating activities:
Cash received from sales of goods and provision of services 23,468,791 24,568,423
Refund of taxes and levies 438,283
Other cash received relating to operating activities 1,589,253 1,711,476
Subtotal of cash inflows of operating activities 25,058,044 26,718,182
Cash paid for goods purchased and services received 15,087,404 15,648,963
Cash paid to or on behalf of employees 5,185,651 4,750,531
Taxes and levies paid 252,138 132,783
Other cash paid relating to operating activities 1,270,049 1,191,341
Subtotal of cash outflows from operating activities 21,795,242 21,723,618
Net cash flows from operating activities 3,262,802 4,994,564
II. Cash flows from investing activities:
Cash received from sale and redemption of investments
Cash received from investment income
Net cash proceeds from disposal of fixed assets, 60,936 68,944
intangible assets and other long-term assets
Net cash proceeds from disposal of subsidiaries and other business units
Other cash received relating to investing activities 42,402 57,380
Subtotal of cash inflows from investing activities 103,338 126,324
Cash paid for purchase and construction of fixed assets, 3,104,043 1,776,276
intangible assets and other long-term assets
Cash paid for investments 44,850 148,991
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 3,148,893 1,925,267
Net cash flows from investing activities -3,045,555 -1,798,943
III. Cash flows from financing activities:
Issuance of debentures 9,000,000 2,000,000
Cash received from capital injection 1,815,742
Cash received from borrowings 5,400,000 1,500,000
Other cash received relating to financing activities
Subtotal of cash inflows from financing activities 14,400,000 5,315,742
Cash paid for repayment of borrowings 12,559,000 5,070,100
Cash paid for distribution of dividends, profits or 705,430 846,165
payment of interest expenses
Cash paid for leases 2,646,645 2,055,856
Other cash paid relating to financing activities
Subtotal of cash outflows from financing activities 15,911,075 7,972,121
Net cash flows from financing activities -1,511,075 -2,656,379
IV. Effect of exchange rate changes on cash and cash equivalents 6,069 -10,288
V. Net increase in cash and cash equivalents -1,287,759 528,954
Add: Balance of cash and cash equivalents as at 8,774,956 6,842,157
the beginning of the Period
VI. Balance of cash and cash equivalents as at the end of the Period 7,487,197 7,371,111
Person in charge of the Company: Mr. Ma Chongxian
Person in charge of accounting function: Mr. Sun Yuquan
Person in charge of accounting department: Mr. Bai Dongming
(3) Adjustments made to the financial statements as at the beginning
of the year for the initial implementation of new Accounting Standards or
interpretation of standards since 2025
□ Applicable R Not applicable
The announcement is hereby given.
By Order of the Board
Air China Limited
Xiao Feng Huen Ho Yin
Joint Company Secretaries
Beijing, the PRC, 29 April 2025
As at the date of this announcement, the directors of the Company are Mr. Ma
Chongxian, Mr. Wang Mingyuan, Mr. Cui Xiaofeng, Mr. Patrick Healy, Mr. Xiao
Peng, Mr. Xu Niansha*, Mr. He Yun*, Ms. Winnie Tam Wan-chi* and Mr. Gao
Chunlei*.
* Independent non-executive director of the Company
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