REG - Air China Ld - THIRD QUARTERLY REPORT OF 2024
31/10/2024 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241031:nRSe3873Ka&default-theme=true
RNS Number : 3873K Air China Ld 31 October 2024
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)
THIRD QUARTERLY REPORT OF 2024
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",
together with its subsidiaries, the "Group") held a meeting of the Board on 30
October 2024 and passed the resolution approving the third quarterly report of
2024 (the "Quarterly Report") of the Company for the period ended 30 September
2024 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 is true, accurate and complete.
Whether the financial statements of the third quarter are audited
Yes ✓ No
I. MAJOR FINANCIAL DATA
(1) Major accounting data and financial indicators
Unit: RMB'000
Items The Reporting Period Increase/decrease of the Reporting Period as compared to the corresponding For the period from the beginning of the year to the end of the Reporting Increase/decrease for the period from the beginning of the year to the end of
period of the previous year Period the Reporting Period as compared to the corresponding period of the previous
year
(%)
(%)
Revenue 48,629,587 6.03 128,149,919 21.50
Net profit attributable to shareholders of the listed company 4,144,237 -2.31 1,361,747 72.06
Net profit attributable to shareholders of the listed company after deducting 3,872,907 -4.73 432,698 N/A
non-recurring profits and losses
Net cash flows from operating activities N/A N/A 30,741,937 -7.06
Basic earnings per share (RMB per share) 0.26 -7.14 0.09 68.22
Diluted earnings per share (RMB per share) 0.26 -7.14 0.09 68.22
Weighted average return on net assets (%) 10.76 Decreased by 0.7 percentage point 3.44 Increased by 1.39 percentage points
At the end of the Reporting Period At the end of the previous year Increase/
decrease at
the end of
the Reporting Period as compared to the end of the previous year (%)
Total assets 344,550,972 335,302,681 2.76
Owners'equity attributable to shareholders of the listed company 40,543,145 37,229,962 8.90
Note: the "Reporting Period" refers to the 3-month period from the beginning
of this quarter to the end of this quarter, the same below.
(2) Items and amounts of non-recurring profits and losses
✓Applicable ▢ Not applicable
Unit: RMB'000
Items of non-recurring profits and losses Amounts for the Period Amounts for
the period from the beginning of the year
to the end of the
Reporting Period
Gains or losses on disposal of non-current assets, including provision for 186,247 941,730
asset impairment being
written off
Government subsidies recorded in profit or loss for the current period 18,563 240,780
(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 467 87
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
business operations of the Company
Reversal of provision for impairment of receivable that has undergone 40,716 50,836
impairment test alone
Other non-operating income and expenses besides the above items 66,667 265,229
Other profits and losses items falling within the
definition of non-recurring profits and losses
Less: Effect of income tax 3,812 125,221
Effect of non-controlling interests (after tax) 37,518 444,392
Total 271,330 929,049
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 ✓ Not applicable
(3) Particulars of, and reasons for, changes in major accounting data
and financial indicators
✓Applicable ▢ Not applicable
Items Percentage of Change (%) Major Reasons
Net profit attributable to shareholders of the listed company 72.06 Revenue increased significantly
on a year-on-year basis, while
the Company strengthened cost control measures, profit increased significantly
on a year-on-year basis
Net profit attributable to shareholders of the listed company after deducting N/A Revenue increased significantly
non-recurring profits and losses
on a year-on-year basis, while
the Company strengthened cost control measures, profit increased significantly
on a year-on-year basis
Basic earnings per share 68.22 Mainly due to profit increased significantly on a year-on-year basis
(RMB per share)
II. 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 ordinary shares as at the end of the Reporting 160,825 Total number of holders of preference shares with restored voting rights as at /
Period the end of the Reporting Period (if any)
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 ("CNAHC") State-owned legal person 6,566,761,847 39.57 0 Frozen 127,445,536
Cathay Pacific Airways Limited Foreign legal person 2,633,725,455 15.87 0 Nil 0
China National Aviation Corporation (Group) Limited ("CNACG") Foreign legal person 1,949,262,228 11.75 392,927,308 Frozen 36,454,464
HKSCC NOMINEES LIMITED Foreign legal person 1,689,397,335 10.18 0 Nil 0
China Securities Finance Corporation Limited Other 311,302,365 1.88 0 Nil 0
China National Aviation Fuel Group Corporation State-owned legal person 238,524,158 1.44 0 Nil 0
Hong Kong Securities Clearing Company Limited Foreign legal person 234,543,256 1.41 0 Nil 0
Industrial and Commercial Bank of China Limited - Huatai-PineBridge CSI 300 Other 88,419,202 0.53 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)
Huatai Premium Commingled No. 5 Pension Product - Bank of China Limited Other 78,900,000 0.48 0 Nil 0
(華泰優逸五號混合型養老金產品－中國銀行股份有限公司)
China Structural Reform Fund Co., Ltd. State-owned legal person 67,039,106 0.40 0 Nil 0
(中國國有企業結構調整基金股份有限公司)
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 of shares 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 1,689,397,335 Overseas listed foreign shares 1,689,397,335
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
China National Aviation Fuel Group Corporation 238,524,158 RMB ordinary shares 238,524,158
Hong Kong Securities Clearing Company Limited 234,543,256 RMB ordinary shares 234,543,256
Industrial and Commercial Bank of China Limited - Huatai-PineBridge CSI 300 88,419,202 RMB ordinary shares 88,419,202
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)
Huatai Premium Commingled No. 5 Pension Product - Bank of China Limited 78,900,000 RMB ordinary shares 78,900,000
(華泰優逸五號混合型養老金產品－中國銀行股份有限公司)
China Structural Reform Fund Co., Ltd. 67,039,106 RMB ordinary shares 67,039,106
(中國國有企業結構調整基金股份有限公司)
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 51.32% of the shares of the Company.
Description of the margin financing and securities lending and refinancing by Industrial and Commercial Bank of China Limited - Huatai-PineBridge CSI 300
top 10 shareholders and top 10 shareholders not subject to selling Exchange-traded Open-end Index Securities Investment Fund has launched
restrictions (if any) refinancing business. Lending balance at the beginning of the Reporting Period
was 322,600 shares and the lending balance as at the end of the Reporting
Period was 0 share.
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
1,689,397,335 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.
3. On 17 July 2024, 614,525,150 A shares of the Company held by
CNAHC from the non-public issuance were released from lock-up.
Shares 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 ▢ Not applicable
Unit: share
Shares 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
Shareholding of ordinary account and credit account as at the beginning of the Share lent through securities lending and refinancing and Shareholding of ordinary account and credit account as Share lent through securities lending and refinancing and
Period
not yet been returned at the beginning of the Period
at the end of the Period
not yet been returned at the
end of the Period
Name of shareholder Total number Percentage Total number Percentage Total number Percentage Total number Percentage
(Full name)
of shares
(%)
of shares
(%)
of shares
(%)
of shares
(%)
Industrial and Commercial Bank of China Limited - Huatai-PineBridge CSI 300 34,327,902 0.21 322,600 0.002 88,419,202 0.53 0 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)
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 ✓ Not applicable
III. 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 ▢ Not applicable
On 26 April 2024, the Resolution in Relation to the Introduction of 100 C919
Aircraft was considered and passed at the 29th meeting of the sixth session of
the Board of the Company. On 9 August 2024, such resolution was considered and
approved at the 2024 second extraordinary general meeting of the Company. For
details, please refer to the relevant announcements of the Company published
on the website of the Shanghai Stock Exchange (http://www.sse.com.cn/) and
China Securities Journal, Shanghai Securities News and Securities Daily on 27
April 2024 and 10 August 2024, respectively.
IV. QUARTERLY FINANCIAL STATEMENTS
(1) Type of audit opinion
Applicable ✓ Not applicable
(2) Financial statements
CONSOLIDATED BALANCE SHEET
30 September 2024
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items 30 September 2024 31 December 2023
CURRENT ASSETS:
Cash and bank balance 21,852,907 15,628,496
Provisions on payables
Contributions made
Financial assets held-for-trading 2,593 2,505
Derivative financial assets
Bills receivable 3,025 3,601
Accounts receivable 3,840,484 3,182,797
Receivables financing
Prepayments 456,703 414,431
Premium receivable
Receivables on reinsurance
Provisions for reinsurance contracts
Other receivables 5,142,200 5,437,914
Including: Interest receivable
Dividend receivable
Purchase of financial assets resold
Inventories 5,002,901 3,682,821
Including: Data resources
Contract assets
Held-for-sale assets 42,046 108,527
Non-current assets due within a year
Other current assets 4,005,251 3,873,629
Total current assets 40,348,110 32,334,721
NON-CURRENT ASSETS:
Loans and advances
Debt investments
Other debt investments 1,403,840 1,397,310
Long-term receivables 823,974 847,273
Long-term equity investments 16,620,371 15,136,903
Investments in other equity instruments 1,845,858 1,550,029
Other non-current financial assets
Investment properties 310,812 320,827
Fixed assets 106,740,664 104,970,803
Construction in progress 37,620,110 38,407,989
Biological assets for production
Oil and gas assets
Right-of-use assets 115,056,191 116,342,903
Intangible assets 5,778,581 5,817,144
Including: Data resources
Development expenses
Including: Data resources
Goodwill 4,097,942 4,097,942
Long-term deferred expenses 281,587 286,247
Deferred tax assets 13,617,818 13,703,962
Other non-current assets 5,114 88,628
Total non-current assets 304,202,862 302,967,960
Total assets 344,550,972 335,302,681
CURRENT LIABILITIES:
Short-term loans 21,188,302 21,363,178
Short-term financing bonds payable 3,021,236
Borrowings from central bank
Contributions received
Financial liabilities held-for-trading
Derivative financial liabilities
Bills payable 500,160
Accounts payable 21,937,423 18,595,075
Air traffic liabilities 9,928,276 8,366,222
Receipts in advance
Contract liabilities 1,264,426 1,522,492
Sale of financial assets repurchased
Deposits from clients and placements from other banks
Brokerage payable
Underwriting fees payable
Employee compensations payable 4,029,979 3,088,820
Taxes payable 506,535 571,838
Other payables 12,118,723 16,085,401
Including: Interest payable
Dividend payable
Fees and commissions payable
Amounts payable on reinsurance
Held-for-sale liabilities
Non-current liabilities due within a year 76,519,422 40,224,088
Other current liabilities
Total current liabilities 150,514,322 110,317,274
NON-CURRENT LIABILITIES:
Reserves on insurance contracts
Long-term loans 65,118,204 80,777,799
Debentures payable 4,000,000 9,196,832
Including: Preference shares
Perpetual bonds
Lease liabilities 62,244,761 64,053,967
Long-term payables 16,895,790 28,752,343
Long-term employee compensation payables 187,040 187,810
Accrued liabilities 4,389,809 4,312,660
Deferred income 417,058 404,103
Deferred tax liabilities 399,743 347,910
Other non-current liabilities 2,402,361 1,663,987
Total non-current liabilities 156,054,766 189,697,411
Total liabilities 306,569,088 300,014,685
OWNERS' EQUITY (OR SHAREHOLDERS' EQUITY):
Paid-up capital (or share capital) 16,593,720 16,200,793
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserve 41,010,599 39,587,767
Less: Treasury shares
Other comprehensive income 339,161 215,566
Special reserves 2,940 2,940
Surplus reserves 11,564,287 11,564,287
General risk provisions 153,747 153,747
Retained earnings -29,121,309 -30,495,138
Total owners'equity (or shareholders'equity) attributable to the parent 40,543,145 37,229,962
company
Non-controlling interests -2,561,261 -1,941,966
Total owners'equity (or shareholders'equity) 37,981,884 35,287,996
Total liabilities and owners'equity (or shareholders'equity) 344,550,972 335,302,681
Person in charge of the Company: Ma Chongxian
Person in charge of accounting function: Sun Yuquan
Person in charge of accounting department: Lyu Lingfei
CONSOLIDATED INCOME STATEMENT
January to September 2024
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items First three quarters of 2024 First three quarters of 2023
(January to September)
(January to September)
I. Total revenue from operations 128,149,919 105,476,845
Including: Operating income 128,149,919 105,476,845
Interest income
Premium earned
Fees and commission income
II. Total operating cost 133,667,384 111,920,572
Including: Operating costs 119,746,091 97,359,086
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 258,020 259,123
Selling expenses 4,992,226 3,996,379
General and administrative expenses 3,921,783 3,729,604
R&D expenses 293,450 213,842
Finance expenses 4,455,814 6,362,538
Including: Interest expenses 4,845,732 5,323,094
Interest income 385,630 481,087
Add: Other income 3,284,731 3,208,572
Investment income (loss is represented by "-" sign) 2,112,731 2,240,021
Including: Share of profits of associates and joint ventures 2,074,647 2,189,703
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 88 -711
(loss is represented by "-" sign)
Impairment loss of credit -512 -16,331
(loss is represented by "-" sign)
Impairment loss of assets -8,094 -107,432
(loss is represented by "-" sign)
Gains from disposal of assets 958,220 689,664
(loss is represented by "-" sign)
III. Profit from operations (loss is represented by "-" sign) 829,699 -429,944
Add: Non-operating income 304,209 1,468,565
Less: Non-operating expenses 54,755 97,505
IV. Total profit (total loss is represented by "-" sign) 1,079,153 941,116
Less: Income tax expenses 309,882 -245,721
V. Net profit (net loss is represented by "-" sign) 769,271 1,186,837
(I) Classified by continuity of operations
1. Net profit from continuing operations (net loss is represented by "-" 769,271 1,186,837
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 (net 1,361,747 791,421
loss is represented by "-" sign)
2. Profit or loss attributable to non-controlling interests (net loss is -592,476 395,416
represented by "-" sign)
VI. Other comprehensive income after tax, net 120,134 -91,351
(I) Other comprehensive income after tax attributable to owners of the 135,798 -65,958
parent company, net
1. Other comprehensive income that cannot be subsequently reclassified to -8,880 -23,673
profit or loss
(1) Changes arising on remeasurement of defined benefit plans -4,306 33
(2) Other comprehensive income accounted for using the equity method that -359
cannot be reclassified to profit or loss
(3) Change in fair value of investments in other equity instruments -4,215 -23,706
(4) Change in fair value of own credit risk of the Company
2. Other comprehensive income that will be reclassified to profit or loss 144,678 -42,285
(1) Other comprehensive income accounted for using the equity method that 231,400 -473,547
may be reclassified to profit or loss
(2) Change in fair value of other debt investments 3,423 159
(3) Amount of financial assets reclassified into other comprehensive income
(4) Provisions for credit impairment of other debt investments -11 -344
(5) Reserve for cash flow hedging
(6) Exchange difference on translation of financial statements in foreign -90,134 431,447
currency
(7) Others
(II) Other comprehensive income after tax attributable to non-controlling -15,664 -25,393
interests, net
VII. Total comprehensive income 889,405 1,095,486
(I) Total comprehensive income attributable to owners of the parent 1,497,545 725,463
company
(II) Total comprehensive income attributable to non-controlling interests -608,140 370,023
VIII. Earnings per share:
(I) Basic earnings per share (RMB per share) 0.09 0.05
(II) Diluted earnings per share (RMB per share) 0.09 0.05
For business combination under common control during the current 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: Ma Chongxian
Person in charge of accounting function: Sun Yuquan
Person in charge of accounting department: Lyu Lingfei
CONSOLIDATED CASH FLOW STATEMENT
January to September 2024
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items First three quarters of 2024 (January to September) First three quarters of 2023 (January to September)
I. Cash flows from operating activities:
Cash received from sales of goods and provision of services 137,171,566 117,873,834
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 590,866 1,260,276
Other cash received relating to operating activities 6,013,482 3,970,888
Subtotal of cash inflows of operating activities 143,775,914 123,104,998
Cash paid for goods purchased and services received 80,389,661 60,606,339
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 24,505,116 22,312,292
Taxes and levies paid 1,656,932 1,425,490
Other cash paid relating to operating activities 6,482,268 5,685,281
Subtotal of cash outflows from operating activities 113,033,977 90,029,402
Net cash flows from operating activities 30,741,937 33,075,596
II. Cash flows from investing activities:
Cash received from sale and redemption of investments 93,296 695,882
Recovery of the secured bank deposits 1,138 2,379
Cash received from investment income 926,741 161,483
Net cash proceeds from disposal of fixed assets, intangible assets 1,063,890 802,934
and other long-term assets
Net cash proceeds from disposal of subsidiaries and other
business units
Net cash received for acquisition of subsidiaries and other 5,392,113
business units
Other cash received relating to investing activities 385,630 472,732
Subtotal of cash inflows from investing activities 2,470,695 7,527,523
Cash paid for purchase and construction of fixed assets, 11,520,075 13,758,422
intangible assets and other long-term assets
Cash paid for investments 515,836 171,838
Net increase in secured loans
Net cash payments for acquisition of subsidiaries and
other business units
Increase in secured bank deposits 2,055 6,407
Other cash paid relating to investing activities 672,298
Subtotal of cash outflows from investing activities 12,710,264 13,936,667
Net cash flows from investing activities -10,239,569 -6,409,144
III. Cash flows from financing activities:
Cash received from issuance of debentures 7,000,000
Cash received from capital injection 1,815,742 18,393,017
Including: Cash received from capital injection of non-controlling
shareholders in subsidiaries
Cash received from borrowings 25,623,809 40,176,857
Other cash received relating to financing activities
Subtotal of cash inflows from financing activities 34,439,551 58,569,874
Cash paid for repayment of borrowings 29,070,173 39,733,328
Cash paid for repayment of debentures 2,000,000 9,500,000
Cash paid for distribution of dividends, profits or payment of 5,001,126 5,653,200
interest expenses
Including: Dividends and profits paid to non-controlling shareholders by 747 9,890
subsidiaries
Cash paid for leases 13,651,427 19,592,765
Other cash paid relating to financing activities 13
Subtotal of cash outflows from financing activities 49,722,726 74,479,306
Net cash flows from financing activities -15,283,175 -15,909,432
IV. Effect of exchange rate changes on cash and cash equivalents 24,863 145,037
V. Net increase in cash and cash equivalents 5,244,056 10,902,057
Add: Balance of cash and cash equivalents as at the beginning of 15,016,804 10,607,711
the period
VI. Balance of cash and cash equivalents as at the end of the period 20,260,860 21,509,768
Person in charge of the Company: Ma Chongxian
Person in charge of accounting function: Sun Yuquan
Person in charge of accounting department: Lyu Lingfei
BALANCE SHEET OF THE PARENT COMPANY
30 September 2024
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items 30 September 2024 31 December 2023
CURRENT ASSETS:
Cash and bank balance 3,383,310 6,873,010
Financial assets held-for-trading 2,593 2,505
Derivative financial assets
Bills receivable
Accounts receivable 2,710,654 2,190,617
Receivables financing
Prepayments 56,450 94,848
Other receivables 3,052,173 3,162,023
Including: Interest receivable
Dividend receivable
Inventories 66,171 75,541
Including: Data resources
Contract assets
Held-for-sale assets 42,046 108,527
Non-current assets due within a year
Other current assets 1,877,472 2,270,693
Total current assets 11,191,369 14,777,764
NON-CURRENT ASSETS:
Debt investments
Other debt investments
Long-term receivables 808,875 910,915
Long-term equity investments 31,180,497 30,869,054
Investments in other equity instruments 216,387 196,110
Other non-current financial assets
Investment properties
Fixed assets 76,352,982 74,572,866
Construction in progress 24,875,183 22,839,284
Biological assets for production
Oil and gas assets
Right-of-use assets 71,931,736 76,551,102
Intangible assets 3,390,612 3,658,777
Including: Data resources
Development expenses
Including: Data resources
Goodwill
Long-term deferred expenses 183,436 172,764
Deferred tax assets 7,897,173 7,938,618
Other non-current assets
Total non-current assets 216,836,881 217,709,490
Total assets 228,028,250 232,487,254
CURRENT LIABILITIES:
Short-term loans 18,432,034 17,812,963
Short-term financing bonds payable 3,021,236
Financial liabilities held-for-trading
Derivative financial liabilities
Bills payable
Accounts payable 12,706,929 11,926,167
Air traffic liabilities 7,801,920 6,530,022
Receipts in advance
Contract liabilities 649,791 903,374
Employee compensations payable 1,209,366 1,011,443
Taxes payable 150,111 146,446
Other payables 5,480,246 8,201,327
Including: Interest payable
Dividend payable
Held-for-sale liabilities
Non-current liabilities due within a year 48,954,359 21,301,894
Other current liabilities
Total current liabilities 98,405,992 67,833,636
NON-CURRENT LIABILITIES:
Long-term loans 32,359,953 55,322,211
Debentures payable 4,000,000 3,000,000
Including: Preference shares
Perpetual bonds
Lease liabilities 36,924,012 40,444,416
Long-term payables 5,403,048 18,035,183
Long-term employee compensation payables
Accrued liabilities 2,388,531 2,374,046
Deferred income 161,836 190,785
Deferred tax liabilities
Other non-current liabilities 2,370,769 1,565,882
Total non-current liabilities 83,608,149 120,932,523
Total liabilities 182,014,141 188,766,159
OWNERS' EQUITY (OR SHAREHOLDERS' EQUITY):
Paid-up capital (or share capital) 16,593,720 16,200,793
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserve 45,358,534 43,935,719
Less: Treasury shares
Other comprehensive income 428,177 412,970
Special reserves
Surplus reserves 11,527,181 11,527,181
General risk provisions
Retained earnings -27,893,503 -28,355,568
Total owners'equity (or shareholders'equity) 46,014,109 43,721,095
Total liabilities and owners'equity (or shareholders'equity) 228,028,250 232,487,254
Person in charge of the Company: Ma Chongxian
Person in charge of accounting function: Sun Yuquan
Person in charge of accounting department: Lyu Lingfei
INCOME STATEMENT OF THE PARENT COMPANY
January to September 2024
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items First three quarters of 2024 (January to September) First three quarters of 2023 (January to September)
I. Revenue from operations 79,048,427 63,853,621
Less: Operating costs 73,352,774 60,252,064
Taxes and other levies 127,057 132,351
Selling expenses 3,118,048 2,332,122
General and administrative expenses 1,545,088 1,503,778
R&D expenses 84,680 69,112
Finance expenses 2,815,913 4,001,530
Including: Interest expenses 2,982,859 3,440,940
Interest income 151,321 269,621
Add: Other income 1,648,450 1,485,569
Investment income (loss is represented by "-" sign) 308,545 236,277
Including: Share of profits of associates and joint ventures 251,019 220,097
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 (loss is represented 88 -711
by "-" sign)
Impairment loss of credit (loss is represented by "-" sign) -121 -5,757
Impairment loss of assets (loss is represented by "-" sign) -91,160
Gains from disposal of assets (loss is represented by "-" sign) 402,879 160,230
II. Profit from operations (loss is represented by "-" sign) 364,708 -2,652,888
Add: Non-operating income 155,246 640,050
Less: Non-operating expenses 21,513 55,116
III. Total profit (total loss is represented by "-" sign) 498,441 -2,067,954
Less: Income tax expenses 36,376 -223,375
IV. Net profit (net loss is represented by "-" sign) 462,065 -1,844,579
(I) Net profit from continuing operations 462,065 -1,844,579
(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 15,207
(I) Other comprehensive income that cannot be subsequently reclassified 15,207
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 15,207
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 477,272 -1,844,579
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: Ma Chongxian
Person in charge of accounting function: Sun Yuquan
Person in charge of accounting department: Lyu Lingfei
CASH FLOW STATEMENT OF THE PARENT COMPANY
January to September 2024
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items First three quarters of 2024 (January to September) First three quarters of 2023 (January to September)
I. Cash flows from operating activities:
Cash received from sales of goods and provision of services 82,727,408 69,779,971
Refund of taxes and levies 439,088 1,146,575
Other cash received relating to operating activities 4,013,771 3,012,349
Subtotal of cash inflows of operating activities 87,180,267 73,938,895
Cash paid for goods purchased and services received 50,162,165 36,506,078
Cash paid to or on behalf of employees 12,523,984 11,725,789
Taxes and levies paid 768,458 721,226
Other cash paid relating to operating activities 3,954,957 3,266,726
Subtotal of cash outflows from operating activities 67,409,564 52,219,819
Net cash flows from operating activities 19,770,703 21,719,076
II. Cash flows from investing activities:
Cash received from sale and redemption of investments
Cash received from investment income 92,061 90,991
Net cash proceeds from disposal of fixed assets, intangible assets and other 481,983 532,110
long-term assets
Net cash proceeds from disposal of subsidiaries and other business units
Other cash received relating to investing activities 151,321 269,621
Subtotal of cash inflows from investing activities 725,365 892,722
Cash paid for purchase and construction of fixed assets, intangible assets and 9,799,748 11,746,131
other long-term assets
Cash paid for investments 148,991 61,851
Net cash payments for acquisition of subsidiaries and other business units 6,632,963
Other cash paid relating to investing activities
Subtotal of cash outflows from investing activities 9,948,739 18,440,945
Net cash flows from investing activities -9,223,374 -17,548,223
III. Cash flows from financing activities:
Cash received from capital injection 1,815,742 14,993,017
Cash received from issuance of debentures 7,000,000 -
Cash received from borrowings 7,381,775 32,343,300
Other cash received relating to financing activities
Subtotal of cash inflows from financing activities 16,197,517 47,336,317
Cash paid for repayment of borrowings 19,475,600 22,014,715
Cash paid for repayment of debentures 8,500,000
Cash paid for distribution of dividends, profits or payment of interest 2,931,524 3,650,547
expenses
Cash paid for leases 7,801,646 14,117,747
Other cash paid relating to financing activities
Subtotal of cash outflows from financing activities 30,208,770 48,283,009
Net cash flows from financing activities -14,011,253 -946,692
IV. Effect of exchange rate changes on cash and cash equivalents -25,359 64,710
V. Net increase in cash and cash equivalents -3,489,283 3,288,871
Add: Balance of cash and cash equivalents as at the beginning of the period 6,842,157 6,057,863
VI. Balance of cash and cash equivalents as at the end of the period 3,352,874 9,346,734
Person in charge of the Company: Ma Chongxian
Person in charge of accounting function: Sun Yuquan
Person in charge of accounting department: Lyu Lingfei
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 2024
Applicable ✓ 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, 30 October 2024
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. He Yun*, Mr. Xu Junxin* and Ms. Winnie Tam Wan-chi*.
* Independent non-executive director of the Company
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END QRTFDDSMFELSEISRecent news on Air China
See all newsREG - Air China Ld - FIRST QUARTERLY REPORT OF 2025
AnnouncementREG - Air China Ld - Letter to Non-Registered Shareholders
AnnouncementREG - Air China Ld - Letter to Registered Shareholders
AnnouncementREG - Air China Ld - 2024 Sustainability & ESG Report
AnnouncementREG - Air China Ld - ANNUAL REPORT 2024
Announcement