TIDMAIRC
RNS Number : 1197G
Air China Ld
11 November 2022
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)
http://www.rns-pdf.londonstockexchange.com/rns/1197G_1-2022-11-11.pdf
THIRD QUARTERLY REPORT OF 2022
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", the Company together with its subsidiaries, the "Group")
held a meeting of the Board on 28 October 2022 and passed the
resolution approving the third quarterly report of 2022 (the
"Quarterly Report") of the Company for the period ended 30
September 2022 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 third quarter is
audited
Yes No
1. MAJOR FINANCIAL DATA
(1) Major accounting data and financial indicators
Unit: RMB'000
Increase/
decrease for
the period
Increase/ from the
decrease of beginning
the Reporting of the year
Period as For the to the end
compared to period of the
the from the Reporting
corresponding beginning Period as
The Reporting period of the of the compared to
Items Period previous year year the
(%) to the corresponding
end period of the
of the previous year
Reporting (%)
Period
Revenue 18,135,912 - 8.37 42,088,565 - 26.75
Net profit
attributable
to shareholders
of the listed
company - 8,668,358 N/A - 28,103,264 N/A
Net profit
attributable
to shareholders
of the listed
company
after
deducting
non-recurring
profits and losses - 8,786,635 N/A - 28,280,817 N/A
Net cash flows
from operating
activities N/A N/A - 4,895,560 - 148.23
Basic earnings
per share (RMB
per share) - 0.63 N/A - 2.05 N/A
Diluted earnings N/A N/A N/A N/A
per share (RMB
per share)
Weighted average Decreased by Decreased by
return on net assets 17.14 percentage 44.03 percentage
(%) - 22.21 points - 58.21 points
Increase/
decrease at
the end of
the Reporting
Period as
compared to
At the end At the end the end of
of the Reporting of the previous the previous
Period year year
(%)
Total assets 296,940,407 298,415,152 -0.49
Owners' equity attributable
to shareholders of the listed
company 35,149,700 61,402,519 -42.76
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
Unit: RMB'000
Amounts for
the period
from the beginning
of the year
to the end
Amounts for of
the Reporting the Reporting
Items Period Period
Gains or losses on disposal of non-current
assets -11,750 -22,465
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) 157,727 273,457
Amounts for
the period
from the beginning
of the year
to the end
Amounts for of
the Reporting the Reporting
Items Period Period
Gain or loss from change in fair value
by holding tradable financial assets,
derivative financial assets, tradable
financial liabilities and derivative financial
liabilities, and investment income from
disposal of tradable financial assets,
derivative financial assets, tradable
financial liabilities and derivative financial
liabilities as well as other debt investments,
excluding the effective hedging businesses
related with the normal operations of
the Company 312 -624
Reversal of provision for impairment of
receivable and contract assets that have
undergone impairment test alone - 10,554
Other non-operating income and expenses
besides the above items 9,646 2,334
Less: Effect of income tax 16,513 40,022
Effect of non-controlling interests (after
tax) 21,145 45,681
Total 118,277 177,553
Explanation of non-recurring profits and losses items listed in
the "Interpretative Announcement for Information Disclosure of
Companies That Issue Securities to the Public
No.1 - Non-recurring Profits and Losses" (
1 ) which are defined as recurring profits and losses items
Applicable Not applicable
(3) Changes of major accounting data and financial indicators and reasons for changes
Applicable Not applicable
Percentage
Items of Change (%) Major Reasons
Net profit attributable to shareholders Mainly due to
of the listed company the combined
effects of the
sporadic outbreak
of COVID- 19
pandemic in
China, the rising
aviation fuel
price and the
fluctuation
in exchange
N/A rate.
Owners' equity attributable to shareholders
of the listed company - 42.76
Net profit attributable to shareholders
of the listed company after deducting
non-recurring profits and losses N/A
Net cash flows from operating activities - 148.23
Basic earnings per share (RMB per share) N/A
Weighted average return on net assets Decreased by
(%) for the 44.03
period from the beginning of the year percentage
to the end of the Reporting Period points
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
Total number of holders of preference shares
of ordinary shares as 103,621 with restored voting /
at the end of the Reporting rights as at the
Period end of the Reporting
Period (if any)
Particulars of the top 10 shareholders
Number Shares pledged,
of shares marked or
held subject frozen
to selling
restrictions
Number Status Number
Nature of of shares Shareholding
Name of shareholder shareholder held percentage
(%)
China National Aviation State-owned
Holding Corporation Limited legal person 5,952,236,697 40.98 0 Frozen 127,445,536
Cathay Pacific Airways Foreign legal
Limited person 2,633,725,455 18.13 0 Nil 0
Foreign legal
HKSCC NOMINEES LIMITED person 1,688,364,345 11.62 0 Nil 0
China National Aviation Foreign legal
Corporation (Group) Limited person 1,556,334,920 10.72 0 Frozen 36,454,464
China Securities Finance
Corporation Limited Others 311,302,365 2.14 0 Nil 0
China National Aviation State-owned
Fuel Group Corporation legal person 182,938,254 1.26 0 Nil 0
Hong Kong Securities Clearing Foreign legal
Company Ltd. person 166,766,213 1.15 0 Nil 0
Agricultural Bank of China
Limited - GF Balanced
Preferred Hybrid Securities
Investment Fund (
- ) Others 42,131,029 0.29 0 Nil 0
Industrial Bank Co., Ltd.
- GF Ruiyi Leading Hybrid
Securities Investment
Fund ( -
) Others 41,845,666 0.29 0 Nil 0
National Social Security
Fund Portfolio 115 ( Others 32,000,000 0.22 0 Nil 0
)
Particulars of the top 10 shareholders not subject to selling
restrictions
Number of
tradable shares
held not subject Class and number of shares
to selling
restrictions
Name of shareholder Class of shares Number
China National Aviation Holding
Corporation Limited 5,952,236,697 RMB ordinary shares 5,952,236,697
Overseas listed foreign
Cathay Pacific Airways Limited 2,633,725,455 shares 2,633,725,455
Overseas listed foreign
HKSCC NOMINEES LIMITED 1,688,364,345 shares 1,688,364,345
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 182,938,254 RMB ordinary shares 182,938,254
Hong Kong Securities Clearing
Company Ltd. 166,766,213 RMB ordinary shares 166,766,213
Agricultural Bank of China
Limited - GF Balanced Preferred
Hybrid Securities Investment
Fund ( -
) 42,131,029 RMB ordinary shares 42,131,029
Industrial Bank Co., Ltd.
- GF Ruiyi Leading Hybrid
Securities Investment Fund
(
- ) 41,845,666 RMB ordinary shares 41,845,666
National Social Security
Fund Portfolio 115 ( 32,000,000 RMB ordinary shares 32,000,000
)
Explanation on connected CNACG is a wholly-owned subsidiary
relationship or action in of CNAHC. Accordingly, CNAHC is directly
concert among the above shareholders and indirectly interested in 51.70%
of the shares of the Company.
Explanation on the participation Nil
of the top 10 shareholders
and the top 10 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 1,688,364,345 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) (
( [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 and 36,454,464 shares held by CNAHC, the
controlling shareholder of the Company, and CNACG respectively are
frozen at present.
III. OTHER ALERTS
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
IV. QUARTERLY FINANCIAL STATEMENTS
(1) Type of audit opinion
Applicable Not applicable
(2) Financial statements
CONSOLIDATED BALANCE SHEET
30 September 2022
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
30 September 31 December
Items 2022 2021
CURRENT ASSETS:
Cash and bank balance 14,577,834 16,709,664
Provisions on payables
Contributions made
Financial assets held-for-trading 52,772 4,157
Derivative financial assets
Bills receivable 5,071 3,591
Accounts receivable 1,887,238 2,991,037
Receivables financing
Prepayments 682,787 440,274
Premium receivable
Receivables on reinsurance
Provisions for reinsurance contracts
Other receivables 3,232,072 3,191,247
Including: Interest receivable
Dividend receivable
Purchase of financial assets resold
Inventories 2,467,366 2,050,282
Contract assets
Held-for-sale assets 333,884
Non-current assets due within a year
Other current assets 3,862,419 4,672,592
Total current assets 26,767,559 30,396,728
30 September 31 December
Items 2022 2021
NON-CURRENT ASSETS:
Loans and advances
Debt investments
Other debt investments 1,359,237 1,373,634
Long-term receivables 576,119 574,646
Long-term equity investments 13,033,803 12,081,091
Investments in other equity instruments 186,024 178,366
Other non-current financial assets
Investment properties 132,162 128,782
Fixed assets 83,540,259 85,009,447
Construction in progress 34,325,882 34,862,651
Biological assets for production
Oil and gas assets
Right-of-use assets 120,761,036 119,213,535
Intangible assets 4,250,114 3,544,175
Development expenses
Goodwill 1,102,185 1,102,185
Long-term deferred expenses 230,214 249,358
Deferred tax assets 10,675,813 9,700,554
Other non-current assets
Total non-current assets 270,172,848 268,018,424
Total assets 296,940,407 298,415,152
30 September 31 December
Items 2022 2021
CURRENT LIABILITIES:
Short-term loans 19,149,461 22,001,916
Short-term financing bonds payable 3,005,488 12,332,635
Borrowings from central bank
Contributions received
Financial liabilities held-for-trading
Derivative financial liabilities
Bills payable 1,498,759 199,276
Accounts payable 14,001,439 13,307,360
Air traffic liabilities 2,498,638 2,116,028
Receipts in advance
Contract liabilities 1,470,240 1,479,717
Sale of financial assets repurchased
Deposits from clients and placements from
other banks
Brokerage payable
Underwriting fees payable
Employee compensations payable 2,575,228 3,502,384
Taxes payable 207,697 166,085
Other payables 17,310,305 17,239,846
Including: Interest payable
Dividend payable
Fees and commissions payable
Amounts payable on reinsurance
Held-for-sale liabilities
Non-current liabilities due within a year 28,850,828 19,070,477
Other current liabilities
Total current liabilities 90,568,083 91,415,724
30 September 31 December
Items 2022 2021
NON-CURRENT LIABILITIES:
Reserves on insurance contracts
Long-term loans 55,862,186 43,620,468
Debentures payable 11,192,591 9,499,579
Including: Preference shares
Perpetual bonds
Lease liabilities 78,347,175 76,347,051
Long-term payables 19,922,563 5,656,909
Long-term employee compensation payables 212,408 218,336
Accrued liabilities 3,191,632 3,147,357
Deferred income 431,659 544,383
Deferred tax liabilities 325,720 328,063
Other non-current liabilities 1,550,723 1,772,209
Total non-current liabilities 171,036,657 141,134,355
Total liabilities 261,604,740 232,550,079
OWNERS' EQUITY (OR SHAREHOLDERS' EQUITY):
Paid-up capital (or share capital) 14,524,815 14,524,815
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserve 26,270,841 26,270,841
Less: Treasury shares
Other comprehensive income 1,445,136 -405,309
Special reserves
Surplus reserves 11,564,287 11,564,287
General risk provisions 131,916 131,916
Retained earnings -18,787,295 9,315,969
Total owners' equity (or shareholders'
equity) attributable to the parent company 35,149,700 61,402,519
Non-controlling interests 185,967 4,462,554
Total owners' equity (or shareholders'
equity) 35,335,667 65,865,073
Total liabilities and owners' equity (or
shareholders' equity) 296,940,407 298,415,152
Person in charge of the Company: Mr. Ma Chongxian Person in
charge of accounting function: Mr. Xiao Feng Person in charge of
accounting department: Mr. Lyu Lingfei
CONSOLIDATED INCOME STATEMENT
January to September 2022
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
First three First three
quarters of quarters of
2022 (January 2021 (January
Items to September) to September)
I. Total revenue from operations 42,088,565 57,457,425
Including: Operating income 42,088,565 57,457,425
Interest income
Premium earned
Fees and commission income
II. Total operating cost 76,941,159 73,584,421
Including: Operating costs 61,410,372 63,149,708
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 96,654 188,691
Selling expenses 2,712,924 3,316,364
General and administrative expenses 3,231,633 3,244,237
R&D expenses 126,195 92,814
Finance expenses 9,363,381 3,592,607
Including: Interest expenses 4,783,027 4,052,386
Interest income 159,173 63,887
Add: Other income 2,153,587 2,919,449
Investment income (loss is represented
by "-" sign) - 642,522 - 1,592,710
Including: Share of profits from
associates
and joint ventures - 683,153 - 1,648,727
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) - 624
First three First three
quarters of quarters of
2022 (January 2021 (January
Items to September) to September)
Impairment loss of credit (loss is
represented
by "-" sign) - 218 100,850
Impairment loss of assets (loss is
represented
by "-" sign) - 5,027
Gains from disposal of assets (loss is
represented by "-" sign) - 3,176 25,796
III. Profit from operations (loss is
represented by "-" sign) - 33,345,547 - 14,678,638
Add: Non-operating income 76,286 88,974
Less: Non-operating expenses 93,094 55,917
IV. Total profit (total loss is represented
by "-" sign) - 33,362,355 - 14,645,581
Less: Income tax expenses - 950,069 - 2,849,163
V. Net profit (net loss is represented
by "-" sign) - 32,412,286 - 11,796,418
(I) Classified by continuity of operations
1. Net profit from continuing operations
(net loss is represented by "-" sign) - 32,412,286 - 11,796,418
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) - 28,103,264 - 10,321,667
2. Profit or loss attributable to non-controlling
interests (net loss is represented by
"-" sign) - 4,309,022 - 1,474,751
VI. Other comprehensive income after
tax, net 1,883,524 702,188
(I) Other comprehensive income after tax
attributable to owners of the parent company,
net 1,850,445 730,474
1. Other comprehensive income that cannot
be subsequently reclassified to profit
or loss 2,659 - 20,066
(1) Changes arising on remeasurement of
defined benefit plans - 260 - 1,594
(2) Other comprehensive income accounted
for using the equity method that cannot
be reclassified to profit or loss - 10 - 3,858
(3) Change in fair value of investments
in other equity instruments 2,929 - 14,614
(4) Change in fair value of own credit
risk of the Company
First three First three
quarters of quarters of
2022 (January 2021 (January
Items to September) to September)
2. Other comprehensive income that will
be reclassified to profit or loss 1,847,786 750,540
(1) Other comprehensive income accounted
for using the equity method that may be
reclassified to profit or loss 269,267 879,233
(2) Change in fair value of other debt
investments - 132 - 388
(3) Amount of financial assets reclassified
into other comprehensive income
(4) Provisions for credit impairment of
other debt investments - 1,210 - 3,404
(5) Reserve for cash flow hedging
(6) Exchange difference on translation
of financial statements in foreign currency 1,579,861 - 124,901
(7) Others
(II) Other comprehensive income after
tax attributable to non- controlling interests,
net 33,079 - 28,286
VII. Total comprehensive income - 30,528,762 - 11,094,230
(I) Total comprehensive income attributable
to owners of the parent company - 26,252,819 - 9,591,193
(II) Total comprehensive income attributable
to non-controlling interests - 4,275,943 - 1,503,037
VIII. Earnings per share:
(I) Basic earnings per share (RMB per
share) - 2.05 - 0.75
(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. Ma Chongxian Person in
charge of accounting function: Mr. Xiao Feng Person in charge of
accounting department: Mr. Lyu Lingfei
CONSOLIDATED CASH FLOW STATEMENT
January to September 2022
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
First three First three
quarters of quarters of
2022 2021
(January to (January to
Items September) September)
I. Cash flows from operating activities:
Cash received from sales of goods and
provision of services 44,775,183 61,020,442
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 3,667,415 13,275
Other cash received relating to operating
activities 3,866,614 6,962,870
Subtotal of cash inflows of operating
activities 52,309,212 67,996,587
Cash paid for goods purchased and services
received 33,419,398 34,568,979
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 18,342,731 17,412,815
Taxes and levies paid 895,130 1,318,399
Other cash paid relating to operating
activities 4,547,513 4,545,101
Subtotal of cash outflows from operating
activities 57,204,772 57,845,294
Net cash flows from operating activities -4,895,560 10,151,293
First three First three
quarters of quarters of
2022 2021
(January to (January to
Items September) September)
II. Cash flows from investing activities:
Cash received from sale and redemption
of investments 3,690 1,681,058
Recovery of the secured bank deposits 15,081 25,579
Cash received from investment income 247,381 27,120
Net cash proceeds from disposal of fixed
assets, intangible assets and other long-term
assets 569,232 105,047
Net cash proceeds from disposal of subsidiaries
and other business units
Other cash received relating to investing
activities 159,173 63,887
Subtotal of cash inflows from investing
activities 994,557 1,902,691
Cash paid for purchase and construction
of fixed assets, intangible assets and
other long-term assets 5,685,046 3,051,141
Cash paid for investments 961,140
Net increase in secured loans
Net cash payments for acquisition of subsidiaries
and other business units
Increase in secured bank deposits 1,557 14,761
Other cash paid relating to investing
activities
Subtotal of cash outflows from investing
activities 6,647,743 3,065,902
Net cash flows from investing activities -5,653,186 -1,163,211
III. Cash flows from financing activities:
Cash received from capital injection
Including: Cash received from capital
injection of non-controlling shareholders
in subsidiaries
Cash received from issuance of debentures 13,950,000 6,300,000
Cash received from borrowings 79,739,578 36,016,349
Cash received from capital injection 490,148
Other cash received relating to financing
activities
Subtotal of cash inflows from financing
activities 93,689,578 42,806,497
Cash paid for repayment of borrowings 51,580,318 27,741,688
Cash paid for repayment of debentures 17,000,000 5,700,000
Cash paid for distribution of dividends,
profits or payment of interest expenses 5,001,317 4,184,910
Including: Dividends and profits paid
to non- controlling shareholders by subsidiaries 644 24,152
Cash paid for leases 11,758,167 11,211,366
First three First three
quarters of quarters of
2022 2021
(January to (January to
Items September) September)
Other cash paid relating to financing
activities
Subtotal of cash outflows from financing
activities 85,339,802 48,837,964
Net cash flows from financing activities 8,349,776 -6,031,467
IV. Effect of exchange rate changes on
cash and cash equivalents 39,950 -26,438
V. Net increase in cash and cash equivalents -2,159,020 -2,930,177
Add: Balance of cash and cash equivalents
as at the beginning of the Period 15,934,713 5,837,998
VI. Balance of cash and cash equivalents
as at the end of the Period 13,775,693 8,768,175
Person in charge of the Company: Mr. Ma Chongxian Person in
charge of accounting function: Mr. Xiao Feng Person in charge of
accounting department: Mr. 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 2022
Applicable Not applicable
The announcement is hereby given.
By Order of the Board
Air China Limited
Huang Bin Huen Ho Yin
Joint Company Secretaries
Beijing, the PRC, 28 October 2022
As at the date of this announcement, the directors of the
Company are Mr. Ma Chongxian, Mr. Feng Gang, Mr. Patrick Healy, Mr.
Li Fushen*, Mr. He Yun*, Mr. Xu Junxin* and Ms. Winnie Tam
Wan-chi*.
* Independent non-executive director of the Company
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(END) Dow Jones Newswires
November 11, 2022 02:41 ET (07:41 GMT)
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