TIDMAIRC
RNS Number : 2667X
Air China Ld
30 April 2021
Hong Kong Exchanges and Clearing Limited and The Stock Exchange
of Hong Kong Limited take no responsibility for the contents of
this announcement, make no representation as to its accuracy or
completeness and expressly disclaim any liability whatsoever for
any loss howsoever arising from or in reliance upon the whole or
any part of the contents of this announcement.
AIR CHINA LIMITED
(a joint stock limited company incorporated in the People's
Republic of China with limited liability)
(Stock Code: 00753)
FIRST QUARTERLY REPORT OF 2021
This announcement is made pursuant to Part XIVA of the
Securities and Futures Ordinance (Chapter 571 of the Laws of Hong
Kong) and Rule 13.09 and Rule 13.10B of the Rules Governing the
Listing of Securities on The Stock Exchange of Hong Kong
Limited.
The board of directors (the "Board") of Air China Limited (the
"Company") held a meeting of the Board on 29 April 2021 and passed
the resolution approving the first quarterly report of 2021 of the
Company for the period ended 31 March 2021 (the "Reporting Period"
or "Period") prepared in accordance with the PRC Accounting
Standards for Business Enterprises.
I. IMPORTANT NOTICE
1.1 The Board and the supervisory committee of the Company
together with the directors, supervisors and the senior management
of the Company guarantee that the contents of the quarterly report
are true, accurate and complete and do not contain any false
representation, misleading statement or material omission, and
shall jointly and severally accept legal liability.
1.2 All directors of the Company attended the Board meeting to review the quarterly report.
1.3 Mr. Song Zhiyong (person in charge and the Chairman of the
Board of the Company), Mr. Xiao Feng (person in charge of
accounting function and the Chief Accountant), and Mr. Zhan Zhong
(person in charge of accounting department (accounting
superintendent) and the general manager of finance department)
hereby guarantee that the financial statements set out in this
quarterly report are true, accurate and complete.
1.4 The first quarterly report of the Company is unaudited.
II. BASIC INFORMATION OF THE COMPANY
2.1 Major financial data
Unit: RMB'000
Increase/decrease
at the end of
the Reporting
At the end of At the end of Period as compared
the Reporting the previous to the end of
Period year the previous
year
(%)
Total assets 288,384,073 284,070,710 1.52
Net assets attributable
to shareholders of the
listed company 71,464,006 77,582,421 -7.89
For the period Increase/decrease
from the beginning For the as compared to
of the year to corresponding the corresponding
the end of the period of the period of the
Reporting Period previous year previous year
(%)
Net cash flows from operating
activities -1,254,296 -8,716,790 85.61
For the period Increase/decrease
from the beginning For the corresponding as compared to
of the year to period of the the corresponding
the end of the previous year period of the
Reporting Period previous year
(%)
Revenue 14,580,678 17,255,757 -15.50
Net profit attributable
to shareholders of the
listed company -6,207,790 -4,805,210 -29.19
Net profit attributable
to shareholders of the
listed company after
deducting non-recurring
profits and losses -6,301,309 -4,883,411 -29.03
Weighted average return Decreased by
on net assets 3.07 percentage
(%) -8.33 -5.26 points
Basic earnings per share
(RMB per share) -0.45 -0.35 -28.57
Diluted earnings per
share (RMB per share) N/A N/A N/A
Non-recurring profits and losses items and amounts
Applicable Not applicable
Unit: RMB'000
Amounts for
Items the Period
Gains or losses on disposal of non-current assets -1,991
Government subsidies recorded in the income statement
for the current period (excluding those closely related
to the Company's normal business and continuously
entitled to in fixed amounts or quotas in accordance
with the requirements of the state policy) 124,528
Other non-operating income and expenses not covered
above 21,162
Effect of non-controlling shareholders' interests
(after taxation) -15,847
Effect of income tax -34,333
Total 93,519
2.2 Total number of shareholders, particulars of the top 10 shareholders and the top 10
holders of tradable shares (or shares not subject to selling
restrictions) as at the
end of the Reporting Period
Unit: share
Total number of
shareholders
(account) 152,624
Particulars of the top 10 shareholders
Number of Number
Name of shares held of shares Shares d or
shareholder as at the held subject pledge frozen
(full end of the Shareholding to selling Status Number Nature of
name) Period percentage restrictions shareholder
(%)
China National
Aviation
Holding
Corporation State-owned
Limited 5,952,236,697 40.98 0 Frozen 127,445,536 legal person
Cathay Pacific
Airways Foreign legal
Limited 2,633,725,455 18.13 0 Nil 0 person
HKSCC NOMINEES Foreign legal
LIMITED 1,687,906,388 11.62 0 Nil 0 person
China National
Aviation
Corporation Foreign legal
(Group) Limited 1,556,334,920 10.72 0 Frozen 36,454,464 person
China National
Aviation
Fuel Group State-owned
Corporation 463,083,102 3.19 0 Nil 0 legal person
China Securities
Finance
Corporation State-owned
Limited 311,302,365 2.14 0 Nil 0 legal person
Hong Kong
Securities
Clearing Foreign legal
Company Ltd. 168,838,788 1.16 0 Nil 0 person
Agricultural Bank
of China
Limited - GF
Balanced
Preferred Hybrid
Securities
Investment Fund 44,657,648 0.31 0 Nil 0 Others
Bank of China
Limited
- Business
Solicitation
Industry
Selective
Stock
Securities
Investment
Fund ( ) 30,624,884 0.21 0 Nil 0 Others
Domestic
Ke Miaorong ( ) 26,822,811 0.18 0 Nil 0 natural person
Particulars of the top 10 shareholders not subject to selling
restrictions
Number of tradable Class and numb er of shares
shares held not Class Number
subject to selling
Name of shareholder restrictions
China National Aviation
Holding RMB ordinary
Corporation Limited 5,952,236,697 shares 5,952,236,697
Overseas listed
Cathay Pacific Airways Limited 2,633,725,455 foreign shares 2,633,725,455
Overseas listed
HKSCC NOMINEES LIMITED 1,687,906,388 foreign shares 1,687,906,388
China National Aviation
Corporation RMB ordinary
(Group) Limited 1,556,334,920 shares 1,332,482,920
Overseas listed
foreign shares 223,852,000
China National Aviation Fuel RMB ordinary
Group Corporation 463,083,102 shares 463,083,102
China Securities Finance
Corporation RMB ordinary
Limited 311,302,365 shares 311,302,365
Hong Kong Securities Clearing RMB ordinary
Company Ltd. 168,838,788 shares 168,838,788
Agricultural Bank of China
Limited - GF Balanced
Preferred
Hybrid Securities Investment RMB ordinary
Fund 44,657,648 shares 44,657,648
Bank of China Limited -
Business
Solicitation Industry
Selective
Stock
Securities Investment Fund RMB ordinary
( ) 30,624,884 shares 30,624,884
RMB ordinary
Ke Miaorong ( ) 26,822,811 shares 26,822,811
Explanation on connected China National Aviation Corporation
relationship (Group) Limited is a wholly-owned
or action in concert among subsidiary of China National Aviation
the above shareholders Holding Corporation Limited. Accordingly,
China National Aviation Holding Corporation
Limited is directly and indirectly
interested in 51.70% of the shares
of the Company.
Explanation on holders of Nil
preference shares with
restored
voting rights and number of
shares held
1. HKSCC NOMINEES LIMITED is a subsidiary of The Stock Exchange
of Hong Kong Limited and its principal business is acting as
nominee for and on behalf of other corporate shareholders or
individual shareholders. The 1,687,906,388 H shares held by it in
the Company do not include the 166,852,000 shares held by it as
nominee of China National Aviation Corporation (Group) Limited.
2. According to the "Implementation Measures on Partial Transfer
of State-owned Shares to the National Social Security Fund in the
Domestic Securities Market" (Cai
Qi [2009] No. 94) (
( [2009]94 )) and the Notice ([2009] No. 63) jointly issued by
the Ministry
of Finance, the State-owned Assets Supervision and
Administration Commission of
the State Council, China Securities Regulatory Commission and
the National Council
for Social Security Fund, 127,445,536 shares and 36,454,464
shares held by China
National Aviation Holding Corporation Limited, the controlling
shareholder of the
Company, and China National Aviation Corporation (Group) Limited
respectively are
frozen at present.
2.3 Total number of holders of preference shares, particulars of the top 10 holders of
preference shares and the shareholdings of the top 10 holders of
preference shares not
subject to selling restrictions as at the end of the Reporting
Period
Applicable Not applicable
III. SIGNIFICANT EVENTS
3.1 Particulars of, and reasons for, significant changes in major items in the accounting
statements and key financial indicators of the Company
Applicable Not applicable
The Group's revenue amounted to RMB14.581 billion and the net
loss attributable to equity
shareholders of the Company amounted to RMB6.208 billion in the
first quarter of 2021.
Unit: RMB'000
Items in consolidated 31 March 31 December Percentage
balance sheet 2021 2020 of Change Reasons for Change
(%)
Mainly due to the increase
in cash and bank balance
Cash and bank pursuant to the capital
balance 9,912,976 6,575,243 50.76 use plan.
Mainly due to the increase
Accounts receivable 3,898,888 2,942,799 32.49 in passenger ticket receivables.
Mainly due to the increase
in the number of goods
in process and spare parts
Inventories 2,452,987 1,853,990 32.31 of flight equipment.
Mainly due to the impact
Short-term financing of the addition of short-term
bonds payable 702,052 510,810 37.44 financing bonds.
Impact of the addition
of bank acceptance notes
Bills payable 282,111 62,570 350.87 during the Reporting Period.
Unit: RMB'000
Items in consolidated First quarter First quarter Percentage
income statement of 2021 of 2020 of Change Reasons for Change
(%)
Due to the year-on-year
decrease in the exchange
loss during the Reporting
Finance expenses 1,615,728 2,329,605 -30.64 Period.
Due to deferred income
tax expenses incurred
in recognizing the deductible
tax losses during the
Income tax expenses -1,690,959 -1,172,789 -44.18 Reporting Period.
Unit: RMB'000
Items in consolidated First quarter First quarter Percentage
statement of of 2021 of 2020 of Change Reasons for Change
cash flows (%)
Mainly due to the year-on-year
Other cash received increase in the net lending
relating to operating made by a subsidiary of
activities 1,624,412 2,374,432 -31.59 the Group during the Period.
Cash paid for Mainly due to the year-on-year
goods purchased decrease in payments for,
and services among others, aviation
received 8,587,763 12,857,493 -33.21 fuel paid during the Period.
Cash paid for
purchase and
construction
of fixed assets, Mainly due to the year-on-year
intangible assets decrease in advance payments
and other long- for aircraft during the
term assets 562,481 2,811,387 -79.99 Period.
Due to the year-on-year
Cash received decrease in the issuance
from issuance of debentures during the
of debentures 700,000 9,000,000 -92.22 Period
Due to the capital contribution
received from minority
Cash received shareholders of a subsidiary
from capital of the Group during the
injection 490,148 - N/A Period.
Due to the year-on-year
Cash paid for increase in repayment
repayment of of borrowings during the
borrowings 4,219,254 1,971,740 113.99 Period.
Due to the year-on-year
Cash paid for decrease in repayment
repayment of of debentures during the
debentures 1,000,000 5,300,000 -81.13 Period.
Other cash paid Due to the year-on-year
relating to financing increase in lease payment
activities 3,616,317 2,749,273 31.54 paid during the Period.
3.2 Analysis and explanation on the progress of significant
events and their impact and resolutions
Applicable Not applicable
3.3 Undertakings that were failed to fulfill as scheduled during the Reporting Period
Applicable Not applicable
3.4 Warnings and explanations with regard to forecast of a probable loss in respect of the
accumulative net profits from the beginning of the year to the
end of the next reporting
period or any significant changes as compared with that of the
corresponding
period of previous year
Applicable Not applicable
In the event that the impact of the COVID-19 pandemic extends
into the next reporting
period, it is estimated that the results of the Group during the
period from the beginning of
the year to the end of the next reporting period will be
affected. With the domestic pandemic
brought under control and the coverage of vaccination continuing
to expand, the
demand for civil aviation transportation will gradually recover.
The Group will capitalize on
the opportunity of market recovery by optimizing transport
capacity investment in a timely
manner, and take various initiatives, all with an active effort
to achieve better performances.
Company name Air China Limited
Legal representative Mr. Song Zhiyong
Date 29 April 2021
IV. APPICES
4.1 Financial Statements CONSOLIDATED BALANCE SHEET
31 March 2021
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
31 March 31 December
Items 2021 2020
CURRENT ASSETS:
Cash and bank balance 9,912,976 6,575,243
Provisions on payables
Contributions made
Financial assets held-for-trading 50,014
Derivative financial assets
Bills receivable 2,143 6,593
Accounts receivable 3,898,888 2,942,799
Receivables financing
Prepayments 502,387 421,237
Premium receivable
Receivables on reinsurance
Provisions for reinsurance contracts
Other receivables 3,307,743 3,491,233
Including: Interest receivable
Dividend receivable
31 March 31 December
Items 2021 2020
Purchase of financial assets resold
Inventories 2,452,987 1,853,990
Contract assets
Held-for-sale assets
Non-current assets due within a year
Other current assets 4,591,796 4,444,806
Total current assets 24,718,934 19,735,901
NON-CURRENT ASSETS:
Loans and advances
Debt investments
Other debt investments 1,279,422 1,344,829
Long-term receivables 604,241 621,398
Long-term equity investments 11,403,923 12,379,614
Investments in other equity instruments 230,373 235,223
Other non-current financial assets
Investment properties 137,225 138,688
Fixed assets 86,199,984 87,717,717
Construction in progress 35,776,305 38,138,866
Biological assets for production
Oil and gas assets
Right-of-use assets 114,680,176 112,074,148
Intangible assets 3,582,001 3,597,206
Development expenses
Goodwill 1,102,185 1,102,185
Long-term deferred expenses 275,706 292,972
Deferred tax assets 8,393,598 6,691,963
Other non-current assets
Total non-current assets 263,665,139 264,334,809
Total assets 288,384,073 284,070,710
CURRENT LIABILITIES:
Short-term loans 34,550,530 29,327,087
Short-term financing bonds payable 702,052 510,810
Borrowings from central bank
Contributions received
31 March 31 December
Items 2021 2020
Financial liabilities held-for-trading
Derivative financial liabilities
Bills payable 282,111 62,570
Accounts payables 14,192,448 12,740,096
Air traffic liabilities 2,185,697 2,002,649
Receipts in advance
Contract liabilities 1,509,446 1,280,102
Sale of financial assets repurchased
Deposits from clients and placements from
other banks
Brokerage payable
Underwriting fees payable
Employee compensations payable 1,880,087 2,608,944
Taxes payable 212,693 206,547
Other payables 8,724,309 9,600,645
Including: Interest payable
Dividend payable
Fees and commissions payable
Amounts payable on reinsurance
Held-for-sale liabilities
Non-current liabilities due within a year 23,023,916 22,054,735
Other current liabilities
Total current liabilities 87,263,289 80,394,185
31 March 31 December
Items 2021 2020
NON-CURRENT LIABILITIES:
Reserves on insurance contracts
Long-term loans 25,101,140 21,140,699
Debentures payable 9,498,639 10,498,398
Including: Preference shares
Perpetual bonds
Lease liabilities 76,707,769 76,098,678
Long-term payables 6,105,917 5,783,825
Long-term employee compensation payables 231,732 229,332
Accrued liabilities 3,099,970 3,023,109
Deferred income 482,447 488,791
Deferred tax liabilities 332,965 334,720
Other non-current liabilities 2,120,272 2,264,843
Total non-current liabilities 123,680,851 119,862,395
Total liabilities 210,944,140 200,256,580
OWNERS' EQUITY (OR SHAREHOLDERS' EQUITY):
Paid-up capital (or share capital) 14,524,815 14,524,815
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserve 26,270,841 26,270,841
Less: Treasury shares
Other comprehensive income -782,212 -871,587
Special reserves
Surplus reserves 11,564,287 11,564,287
General risk provisions 110,628 110,628
Retained earnings 19,775,647 25,983,437
Total owners' equity (or shareholders'
equity) attributable to equity shareholders
of the parent company 71,464,006 77,582,421
Non-controlling interests 5,975,927 6,231,709
Total owners' equity (or shareholders'
equity) 77,439,933 83,814,130
Total liabilities and owners' equity (or
shareholders' equity) 288,384,073 284,070,710
Person in charge of the Company: Mr. Song Zhiyong
Person in charge of accounting function: Mr. Xiao Feng
Person in charge of accounting department: Mr. Zhan Zhong
BALANCE SHEET OF THE PARENT COMPANY
31 March 2021
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
31 March 31 December
Items 2021 2020
CURRENT ASSETS:
Cash and bank balance 5,093,766 4,651,356
Financial assets held-for-trading
Derivative financial assets
Bills receivable
Accounts receivable 3,124,558 2,259,952
Receivables financing
Prepayments 257,416 261,522
Other receivables 2,823,166 2,999,425
Including: Interest receivable
Dividend receivable
Inventories 88,787 88,664
Contract assets
Held-for-sale assets
Non-current assets due within a year
Other current assets 2,584,440 2,327,891
Total current assets 13,972,133 12,588,810
31 March 31 December
Items 2021 2020
NON-CURRENT ASSETS:
Debt investments
Other debt investments
Long-term receivables 908,209 934,946
Long-term equity investments 24,247,219 24,719,781
Investments in other equity instruments 22,783 22,783
Other non-current financial assets
Investment properties
Fixed assets 62,694,698 64,110,458
Construction in progress 25,240,481 26,891,441
Biological assets for production
Oil and gas assets
Right-of-use assets 78,395,914 76,579,042
Intangible assets 2,483,490 2,479,040
Development expenses
Goodwill
Long-term deferred expenses 196,099 217,999
Deferred tax assets 6,929,567 5,620,570
Other non-current assets
Total non-current assets 201,118,460 201,576,060
Total assets 215,090,593 214,164,870
CURRENT LIABILITIES:
Short-term loans 24,620,295 20,431,852
Financial liabilities held-for-trading
Derivative financial liabilities
Bills payable
Accounts payable 10,664,119 10,376,360
Air traffic liabilities 1,707,653 1,652,124
Receipts in advance
Contract liabilities 1,201,576 1,006,813
Employee compensations payable 553,174 882,311
Taxes payable 136,897 96,157
Other payables 4,767,099 6,254,523
Including: Interest payable
Dividend payable
Held-for-sale liabilities
Non-current liabilities due within a year 15,471,543 15,306,089
Other current liabilities
Total current liabilities 59,122,356 56,006,229
31 March 31 December
Items 2021 2020
NON-CURRENT LIABILITIES:
Long-term loans 18,704,714 16,467,910
Debentures payable 6,500,000 6,500,000
Including: Preference shares
Perpetual bonds
Lease liabilities 52,265,887 51,955,400
Long-term payables 2,936,246 2,876,964
Long-term employee compensation payables
Accrued liabilities 2,217,316 2,155,105
Deferred income 348,093 355,457
Deferred tax liabilities
Other non-current liabilities 1,822,853 1,981,139
Total non-current liabilities 84,795,109 82,291,975
Total liabilities 143,917,465 138,298,204
OWNERS' EQUITY (OR SHAREHOLDERS' EQUITY):
Paid-up capital (or share capital) 14,524,815 14,524,815
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserve 30,618,680 30,618,680
Less: Treasury shares
Other comprehensive income 283,195 283,195
Special reserves
Surplus reserves 11,527,181 11,527,181
Retained earnings 14,219,257 18,912,795
Total owners' equity (or shareholders'
equity) 71,173,128 75,866,666
Total liabilities and owners' equity (or
shareholders' equity) 215,090,593 214,164,870
Person in charge of the Company: Mr. Song Zhiyong
Person in charge of accounting function: Mr. Xiao Feng
Person in charge of accounting department: Mr. Zhan Zhong
CONSOLIDATED INCOME STATEMENT
January to March 2021
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
First quarter First quarter
Items of 2021 of 2020
I. Total revenue from operations 14,580,678 17,255,757
Including: Operating income 14,580,678 17,255,757
Interest income
Premium earned
Fees and commission income
II. Total operating cost 23,098,558 23,823,243
Including: Operating costs 19,241,297 19,365,536
Interest expenses
Fees and commission expenses
Returned premium
Net reimbursement paid
Net amounts of provisions on insurance
obligations drawn
Bonus paid on insurance policy
Reinsurance premium
Taxes and other levies 58,856 42,039
Selling expenses 1,095,861 1,064,170
General and administrative expenses 1,056,567 902,659
R&D expenses 30,249 119,234
Finance expenses 1,615,728 2,329,605
Including: Interest expenses 1,313,417 1,277,782
Interest income 8,188 15,041
Add: Other income 913,601 999,269
Investment income (loss is represented
by "-" sign) -1,047,673 -1,238,000
Including: Share of profits of associates
and joint ventures -1,062,546 -1,252,951
Derecognition of gains on financial assets
measured at amortised cost
Exchange gains (loss is represented by
"-" sign)
Gains from net exposure to hedging (loss
is represented by "-" sign)
Gains from changes in fair value (loss
is represented by "-" sign)
Impairment loss of credit (loss is represented
by "-" sign) -5,228 16,994
Impairment loss of assets (loss is represented
by "-" sign)
Gains from disposal of assets (loss is
represented by "-" sign) -914 387
First quarter First quarter
Items of 2021 of 2020
III. Profit from operations (loss is represented
by "-" sign) -8,658,094 -6,788,836
Add: Non-operating income 27,204 17,633
Less: Non-operating expenses 7,119 17,998
IV. Total profit (total loss is represented
by "-" sign) -8,638,009 -6,789,201
Less: Income tax expenses -1,690,959 -1,172,789
V. Net profit (net loss is represented
by "-" sign) -6,947,050 -5,616,412
(I) Classified by continuity of operations
1. Net profit from continuing operations
(net loss is represented by "-" sign) -6,947,050 -5,616,412
2. Net profit from discontinued operation
(net loss is represented by "-" sign)
(II) Classified by ownership
1. Net profits attributable to shareholders
of the parent company (net loss is represented
by "-" sign) -6,207,790 -4,805,210
2. Net profits attributable to non-controlling
interests (net loss is represented by
"-" sign) -739,260 -811,202
VI. Other comprehensive income after taxation,
net 82,705 408,388
(I) Other comprehensive income after taxation
attributable to shareholders of the parent
company, net 89,375 417,470
1.Other comprehensive income that cannot
be subsequently reclassified to profit
or loss -1,854 -22,641
(1) Changes arising on remeasurement of
defined benefit plans
(2) Other comprehensive income accounted
for using the equity method that cannot
be reclassified to profit or loss
(3) Change in fair value of investments
in other equity instruments -1,854 -22,641
(4) Change in fair value of own credit
risk of the Company
2.Other comprehensive income that will
be reclassified to profit or loss 91,229 440,111
(1) Other comprehensive income accounted
for using the equity method that may be
reclassified to profit or loss
(2) Change in fair value of other debt
investments -1,945 5,591
(3) Amount of financial assets reclassified
into other comprehensive income
(4) Provisions for credit impairment of
other debt investments -2,387 -2,101
(5) Reserve for cash flow hedging
(6) Exchange difference on translation
of financial statements in foreign currency 95,561 436,621
(7) Others
First quarter First quarter
Items of 2021 of 2020
(II) Other comprehensive income after
taxation attributable to non- controlling
interests, net -6,670 -9,082
VII. Total comprehensive income -6,864,345 -5,208,024
(I) Total comprehensive income attributable
to shareholders of the Company -6,118,415 -4,387,740
(II) Total comprehensive income attributable
to non-controlling interests -745,930 -820,284
VIII. Earnings per share:
(I) Basic earnings per share (RMB per
share) -0.45 -0.35
(II) Diluted earnings per share (RMB per N/A N/A
share)
For business combination under common control during the Period,
the net profit of merged
party before the business combination is Nil, and the net profit
of the merged party for
the last period is Nil.
Person in charge of the Company: Mr. Song Zhiyong
Person in charge of accounting function: Mr. Xiao Feng
Person in charge of accounting department: Mr. Zhan Zhong
INCOME STATEMENT OF THE PARENT COMPANY
January to March 2021
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
First quarter First quarter
Items of 2021 of 2020
I. Revenue from operations 9,503,315 12,074,346
Less: Operating costs 13,081,239 13,176,995
Taxes and other levies 32,236 17,135
Selling expenses 787,775 733,625
General and administrative expenses 508,679 367,534
R&D expenses 12,708 36,263
Finance expenses 1,122,009 1,674,339
Including: Interest expenses 962,317 920,183
Interest income 21,290 22,643
Add: Other income 511,239 559,303
Investment income (loss is represented
by "-" sign) -472,271 -315,809
Including: Share of profits of associates
and joint ventures -472,562 -315,809
Derecognition of gains on financial assets
measured at amortised cost
Gains from net exposure to hedging (loss
is represented by "-" sign)
Gains from changes in fair value (loss
is represented by "-" sign)
Impairment loss of credit (loss is represented
by "-" sign)
Impairment loss of assets (loss is represented
by "-" sign)
Gains from disposal of assets (loss is
represented by "-" sign) -949 93
II. Profit from operations (loss is represented
by "-" sign) -6,003,312 -3,687,958
Add: Non-operating income 2,352 3,134
Less: Non-operating expenses 289 15,428
III. Total profit (total loss is represented
by "-" sign) -6,001,249 -3,700,252
Less: Income tax expenses -1,307,711 -779,658
IV. Net profit (net loss is represented
by "-" sign) -4,693,538 -2,920,594
(I) Net profit from continuing operations
(net loss is represented by "-" sign) -4,693,538 -2,920,594
(II) Net profit from discontinued operations
(net loss is represented by "-" sign)
First quarter First quarter
Items of 2021 of 2020
V. Other comprehensive income after taxation,
net
(I) Other comprehensive income that cannot
be subsequently reclassified to profit
or loss
1. Changes arising on remeasurement of
defined benefit plans
2. Other comprehensive income accounted
for using the equity method that cannot
be reclassified to profit or loss
3. Change in fair value of investments
in other equity instruments
4. Change in fair value of own credit
risks of the Company
(II) Other comprehensive income that will
be reclassified to profit or loss
1. Other comprehensive income accounted
for using the equity method that may be
reclassified to profit or loss
2. Change in fair value of other debt
investments
3. Amount of financial assets reclassified
into other comprehensive income
4. Provisions for credit impairment of
other debt investments
5. Reserve for cash flow hedging
6. Exchange difference on translation
of financial statements in foreign currency
7. Others
VI. Total comprehensive income -4,693,538 -2,920,594
VII. Earnings per share:
(I) Basic earnings per share (RMB per
share)
(II) Diluted earnings per share (RMB per
share)
Person in charge of the Company: Mr. Song Zhiyong
Person in charge of accounting function: Mr. Xiao Feng
Person in charge of accounting department: Mr. Zhan Zhong
CONSOLIDATED CASH FLOW STATEMENT
January to March 2021
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
First quarter First quarter
Items of 2021 of 2020
I. Cash flows from operating activities:
Cash received from sales of goods and
provision of services 14,380,541 11,619,620
Net increase in deposits from clients
and placements from banks
Net increase in borrowings from central
bank
Net increase in borrowings from other
financial institutions
Cash received from premiums of original
insurance contracts
Net cash receipt from reinsurance operations
Net increase in reserve of the insured
and investment
Cash received from interest, fees and
commission
Net increase in contributions received
Net increase in cash from repurchase operations
Net cash receipt from securities trading
as agent
Refund of taxes and levies 4,636 4,297
Other cash received relating to operating
activities 1,624,412 2,374,432
Subtotal of cash inflows of operating
activities 16,009,589 13,998,349
Cash paid for goods purchased and services
received 8,587,763 12,857,493
Net increase in loans and advances to
clients
Net increase in deposits in central bank
and other banks
Cash paid in respect of claims under original
insurance contracts
Net increase in contributions made
Cash paid for interest, fees and commissions
Cash paid for bonus paid on insurance
policy
Cash paid to or on behalf of employees 6,584,075 7,044,573
Taxes and levies paid 266,475 618,697
Other cash paid relating to operating
activities 1,825,572 2,194,376
Subtotal of cash outflows from operating
activities 17,263,885 22,715,139
Net cash flows from operating activities -1,254,296 -8,716,790
II. Cash flows from investing activities:
Cash received from sale and redemption
of investments 722,905 394,656
Cash received from investment income 291 11,570
Net cash proceeds from disposal of fixed
assets, intangible assets and other long-term
assets 8,251 8,022
First quarter First quarter
Items of 2021 of 2020
Net cash proceeds from disposal of subsidiaries
and other business units
Other cash received relating to investing
activities 31,118 15,901
Subtotal of cash inflows from investing
activities 762,565 430,149
Cash paid for purchase and construction
of fixed assets, intangible assets and
other long-term assets 562,481 2,811,387
Cash paid for investments 50,000
Net increase in secured loans
Net cash payments for acquisition of subsidiaries
and other business units
Other cash paid relating to investing
activities 6,758 1,631
Subtotal of cash outflows from investing
activities 619,239 2,813,018
Net cash flows from investing activities 143,326 -2,382,869
III. Cash flows from financing activities:
Cash received from issuance of debentures 700,000 9,000,000
Cash received from capital injection 490,148
Including: Cash received from capital
injection of minority shareholders in
subsidiaries 490,148
Cash received from borrowings 13,650,876 15,321,878
Other cash received relating to financing
activities
Subtotal of cash inflows from financing
activities 14,841,024 24,321,878
Cash paid for repayment of borrowings 4,219,254 1,971,740
Cash paid for repayment of debentures 1,000,000 5,300,000
Cash paid for distribution of dividends,
profits or payment of interest expenses 1,564,579 1,462,255
Including: Dividends and profits paid
to minority shareholders by subsidiaries
Other cash paid relating to financing
activities 3,616,317 2,749,273
Subtotal of cash outflows from financing
activities 10,400,150 11,483,268
Net cash flows from financing activities 4,440,874 12,838,610
IV. Effect of exchange rate changes on
cash and cash equivalents 23,666 24,514
V. Net increase in cash and cash equivalents 3,353,570 1,763,465
Add: Balance of cash and cash equivalents
as at the beginning of the Period 5,837,998 8,935,282
VI. Balance of cash and cash equivalents
as at the end of the Period 9,191,568 10,698,747
Person in charge of the Company: Mr. Song Zhiyong
Person in charge of accounting function: Mr. Xiao Feng
Person in charge of accounting department: Mr. Zhan Zhong
CASH FLOW STATEMENT OF THE PARENT COMPANY
January to March 2021
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
First quarter First quarter
Items of 2021 of 2020
I. Cash flows from operating activities:
Cash received from sales of goods and
provision of services 8,896,718 6,952,959
Refund of taxes and levies
Other cash received relating to operating
activities 1,189,980 968,627
Subtotal of cash inflows of operating
activities 10,086,698 7,921,586
Cash paid for goods purchased and services
received 6,670,049 9,349,929
Cash paid to or on behalf of employees 3,665,393 3,916,282
Taxes and levies paid 68,839 527,452
Other cash paid relating to operating
activities 831,692 630,850
Subtotal of cash outflows from operating
activities 11,235,973 14,424,513
Net cash flows from operating activities -1,149,275 -6,502,927
II. Cash flows from investing activities:
Cash received from sale and redemption
of investments
Cash received from investment income 291
Net cash proceeds from disposal of fixed
assets, intangible assets and other long-term
assets 1,204 2,271
Net cash proceeds from disposal of subsidiaries
and other business units
Other cash received relating to investing
activities 21,290 22,643
Subtotal of cash inflows from investing
activities 22,785 24,914
Cash paid for purchase and construction
of fixed assets, intangible assets and
other long-term assets 462,723 2,328,567
Cash paid for investments
Net cash payments for acquisition of subsidiaries
and other business units
Other cash paid relating to investing
activities
Subtotal of cash outflows from investing
activities 462,723 2,328,567
Net cash flows from investing activities -439,938 -2,303,653
First quarter First quarter
Items of 2021 of 2020
III. Cash flows from financing activities:
Cash received from capital injection
Cash received from issuance of debentures 3,000,000
Cash received from borrowings 9,050,000 10,566,500
Other cash received relating to financing
activities
Subtotal of cash inflows from financing
activities 9,050,000 13,566,500
Cash paid for repayment of borrowings 3,615,542 1,558,821
Cash paid for distribution of dividends,
profits or payment of interest expenses 1,058,650 996,478
Other cash paid relating to financing
activities 2,366,299 2,060,798
Subtotal of cash outflows from financing
activities 7,040,491 4,616,097
Net cash flows from financing activities 2,009,509 8,950,403
IV. Effect of exchange rate changes on
cash and cash equivalents 22,114 -5,466
V. Net increase in cash and cash equivalents 442,410 138,357
Add: Balance of cash and cash equivalents
as at the beginning of the Period 4,609,130 6,751,816
VI. Balance of cash and cash equivalents
as at the end of the Period 5,051,540 6,890,173
Person in charge of the Company: Mr. Song Zhiyong
Person in charge of accounting function: Mr. Xiao Feng
Person in charge of accounting department: Mr. Zhan Zhong
4.2 Particulars in relation to adjustments made to the financial statements as at the
beginning of the year for the initial implementation of New
Lease Standard since 2021
Applicable Not Applicable
4.3 Description of the retrospective adjustment to the comparable figures for the previous
period due to the initial implementation of the New Lease
Standard since 2021
Applicable Not Applicable
4.4 Auditor's Report
Applicable Not Applicable
By Order of the Board
Air China Limited
Zhou Feng
Company Secretary
Beijing, the PRC, 29 April 2021
As at the date of this announcement, the directors of the
Company are Mr. Song Zhiyong, Mr. Feng
Gang, Mr. Patrick Healy, Mr. Xue Yasong, Mr. Duan Hongyi*, Mr.
Stanley Hui Hon-chung* and
Mr. Li Dajin*.
* Independent non-executive director of the Company
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END
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