FIRST QUARTERLY REPORT 2019

RNS Number : 2081X
Air China Ld
26 April 2019
 

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

 

 

中國國際航空股份有限公司

AIR CHINA LIMITED

(a joint stock limited company incorporated in the People’s Republic of China with limited liability)

(Stock Code: 00753)

 

FIRST QUARTERLY REPORT 2019

 

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 25 April 2019 and passed the resolution approving the first quarterly report 2019 of the Company for the first quarter ended 31 March 2019 (the "Reporting Period" or "Period") prepared in accordance with the PRC Accounting Standards for Business Enterprises.

 

1.       IMPORTANT NOTICE

 

1.1       The Board and the supervisory committee of the Company together with the directors, supervisors and the senior management of the Company guarantee that the contents of the quarterly report are true, accurate and complete and do not contain any false representation, misleading statement or material omission, and shall jointly and severally accept legal liability.

 

1.2       Particulars of absent directors

 

 

Name of absent director

Position of absent director

Reason(s) for absence

 

Name of proxy

 

 

 

 

John Robert Slosar

Director

Business engagement

Cai Jianjiang

Stanley Hui Hon-chung

Independent Director

Business engagement

Liu Deheng

 

1.3       Mr. Cai Jianjiang (legal representative and the Chairman of the Board of the Company), Mr. Xiao Feng (person in charge of accounting function and the Chief Accountant), and Mr. Zhan Zhong (person in charge of accounting department (accounting superintendent) and the general manager of finance department) hereby guarantee that the financial statements set out in this quarterly report are true, accurate and complete.

 

1.4       The first quarterly report of the Company is unaudited.

 

2.       BASIC INFORMATION OF THE COMPANY

 

2.1     Major financial data

 

Unit: RMB'000

 

 

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

281,178,118

243,716,006

15.37

Net asset attributable to shareholders of the listed company

 

89,876,726

 

93,216,239

 

-3.58

 

 

 

 

 

 

For the period

from the beginning of the year to the

end of the Reporting

Period

 

For the corresponding period of the previous year

 

Increase/ decrease as compared to the corresponding period of the previous year

 

 

 

(%)

 

 

 

 

Net cash flows from operating activities

5,935,389

7,237,628

-17.99

 

 

 

 

 

 

For the period

from the beginning of the year to the end of

the Reporting

Period

 

For the corresponding period of the previous year

 

Increase/ decrease as compared to the corresponding period of the previous year

 

 

 

(%)

 

 

 

 

Revenue

32,554,019

31,606,754

3.00

Net profit attributable to shareholders of the listed company

 

2,722,816

 

2,628,202

 

3.60

Net profit attributable to shareholders of the listed company after deducting non-recurring profits and losses

 

2,650,507

 

2,600,253

 

1.93

Weighted average return on net assets (%)

3.07

3.01

Increased by 0.06 ppt

Basic earnings per share (RMB per share)

0.20

0.19

3.60

Diluted earnings per share (RMB per share)

N/A

N/A

N/A

 

Non-recurring profits and losses

|Xxq">   Not applicable

 

Unit: RMB'000

 

 

Items

Amounts for the Period

 

 

Gains or losses on disposal of non-current assets

-1,542

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)

 

32,228

Gains or losses from changes in fair value of financial assets/liabilities held for trading and derivative financial assets/liabilities and investment gains from disposal of financial assets/liabilities held for trading and derivative financial assets/liabilities and other debt investments (except for hedging activities related to the Company's normal operating business)

 

441

Reversal of provision for impairment of receivables and contract asset which are individually tested for impairment

 

12,700

Other non-operating income and expenses not covered above

106,645

Effect of non-controlling shareholders' interests (after taxation)

-41,375

Effect of income tax

-36,788

 

 

Total

72,309

 

 

 

2.2     Total number of shareholders, 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

140,457

Particulars of the top 10 shareholders

 

Name of shareholder (full name)

 

Number of shares held as at

the end of the Period

 

Shareholding percentage

Number of shares held subject to selling restrictions

 

Shares pledged or frozen

 

Nature of shareholder

Status

Number

 

 

 

 

 

 

 

China National Aviation Holding Corporation Limited

5,952,236,697

40.98

513,478,818

Frozen

127,445,536

State-owned legal person

Cathay Pacific Airways Limited

2,633,725,455

18.13

0

Nil

0

Foreign legal person

HKSCC NOMINEES LIMITED

1,687,836,428

11.62

0

Unknown

0

Foreign legal person

China National Aviation Corporation (Group) Limited

1,556,334,920

10.72

0

Frozen

36,454,464

Foreign legal person

China National Aviation Fuel Group Corporation

468,485,702

3.23

0

Nil

0

State-owned legal person

China Securities Finance Corporation Limited

311,302,365

2.14

0

Nil

0

State-owned legal person

Zhongyuan Equity Investment Management Co., Ltd.

128,369,705

0.88

0

Unknown

128,369,705

State-owned legal person

China Structural Reform Fund Co., Ltd.

106,869,159

0.74

0

Nil

0

State-owned legal person

Hong Kong Securities Clearing Company Ltd.

69,406,658

0.48

0

Nil

0

Foreign legal person

China Merchants Bank Co.,

Ltd. - Bosera CSI Central-SOEs' Structural Reform ETF

33,312,200

0.23

0

Nil

0

Others

 

Particulars of the top 10 shareholders not subject to selling restrictions

 

Name of shareholder

Number of tradable shares held not subject to selling

restrictions

 

Class and number of shares

Class

Number

 

 

 

 

China National Aviation Holding Corporation Limited

5,438,757,879

RMB ordinary shares

5,438,757,879

Cathay Pacific Airways Limited

2,633,725,455

Overseas listed foreign shares

2,633,725,455

HKSCC NOMINEES LIMITED

1,687,836,428

Overseas listed foreign shares

1,687,836,428

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 National Aviation Fuel Group Corporation

468,485,702

RMB ordinary shares

468,485,702

China Securities Finance Corporation Limited

311,302,365

RMB ordinary shares

311,302,365

Zhongyuan Equity Investment Management Co., Ltd.

128,369,705

RMB ordinary shares

128,369,705

China Structural Reform Fund Co., Ltd.

106,869,159

RMB ordinary shares

106,869,159

Hong Kong Securities Clearing Company Ltd.

69,406,658

RMB ordinary shares

69,406,658

China Merchants Bank Co., Ltd. - Bosera CSI Central- SOEs' Structural Reform ETF

33,312,200

RMB ordinary shares

33,312,200

Explanation on connected relationship or action in concert among the above shareholders

China National Aviation Corporation (Group) Limited is a wholly- owned subsidiary of China National Aviation Holding Corporation Limited. Accordingly, China National Aviation Holding Corporation Limited is directly and indirectly interested in 51.70% of the shares of the Company.

Explanation of holders of preference shares with restored voting rights and number of shares held

Nil

 

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 1,687,836,428 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)

                (《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))

 

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, 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

 

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3.       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

 

| X">first quarter of 2019, the Group achieved positive operating result by optimizing production organizations, increasing operating efficiency, refining yield control and maintaining strict cost control, and recorded revenue of RMB32,554 million, total profit of RMB4,085 million and net profits attributable to shareholders of the Company of RMB2,723 million. Net profits attributable to shareholders of the Company increased by RMB95 million as compared to the corresponding period of the previous year for which the scope of consolidation of the Group included Air China Cargo Co., Ltd.

 

3.1.1  Changes in important accounting policies

 

According to the Notice on the Amendment to the Accounting Standard for Business Enterprises No.21-Leases (Cai Kuai [2018] No.35) (the "New Lease Standard"), the Group adopted the New Lease Standard from 1 January 2019 and made adjustment to amount of relevant items in the financial statements as at 1 January 2019, while the data related to comparable period were not adjusted. For impact of adoption of the New Lease Standard by the Group at 1 January 2019, please refer to appendix 4.2.

 

The abovementioned impact of changes in accounting policies was made by the Group in accordance with the relevant regulations which had been issued by the Ministry of Finance as of the date of this report. If the Ministry of Finance issues new guidelines, interpretations, reporting requirements and new tax regulatory guidelines related to the New Lease Standard, the Group will review the accuracy of the above disclosures on changes in accounting policies, which may lead to inconsistency between the disclosure of the abovementioned impact of changes in accounting policies and the corresponding data of the first quarterly financial statements of 2019.

 

3.1.2  Description and reasons for changes of major financial statements items

 

In addition to the impact of implementing the New Lease Standard as set out in appendix 4.2, description and reasons for changes of other financial statements items were as follows:

Unit: RMB'000

 

 

 

 

Items in consolidated income statement

The first quarter of

2019

The first quarter of

2018

Percentage of Change

(%)

Reasons for Change

 

 

 

 

 

Finance expenses

-112,936

-997,160

88.67

Mainly due to the increase in interest expenses as a result of adopting the New Lease Standard during the Period and the

period-to-period decrease of net

exchange gain.

 

 

 

 

 

Investment income

309,911

133,484

132.17

Mainly due to the increase in the net profit of the Group's associates as compared to the corresponding period of the previous year.

 

 

 

 

 

Other income

704,118

503,353

39.89

Mainly due to the increase in the income from cooperative routes during the Period.

 

Items in consolidated cash

flow statement

The first quarter of

2019

The first quarter of

2018

Percentage of Change

(%)

Reasons for Change

 

 

 

 

 

Net cash proceeds from disposal of fixed assets,

intangible assets and other long-term

assets

36,739

190,982

-80.76

Mainly due to the decrease in aircraft disposals completed during the Period as compared to the corresponding period of the previous year.

 

 

 

 

 

Cash paid for purchase and construction of fixed assets, intangible assets and other long-term assets

1,559,059

4,266,407

-63.46

Mainly due to the decrease in the cash payment of advances and remaining balances for aircraft during the Period as compared to the corresponding period of the previous year.

 

 

 

 

 

Cash received from borrowings

786,183

8,991,154

-91.26

Due to the period-to-period decrease in new debt during the Period.

 

 

 

 

 

Cash received from issue of debentures

5,700,000

500,000

1,040.00

Due to the increase in short-term commerical papers and mid- to long-term bonds issued during the Reporting Period as compared to the corresponding period of the previous year.

 

 

 

 

 

Cash paid for repayment of borrowings

5,311,612

9,556,697

-44.42

Due to the period-to-period decrease in repayment of debt during the Period.

 

 

 

 

 

Cash paid for repayment of debentures

1,400,000

600,000

133.33

Due to the period-to-period increase in repayment of debentures during the Period.

 

 

 

 

 

Cash paid for distribution of dividends, profits or payment of interest expenses

1,303,106

857,545

51.96

Mainly due to the impact of adopting the New Lease Standard during the Period.

 

 

 

 

 

Other cash paid relating to financing activities

3,519,190

1,452,860

142.22

Mainly due to the impact of adopting the New Lease Standard during the Period.

 

3.2     Analysis and explanation on the progress of significant events and their impact and resolutions

 

|   /span>were failed to fulfill as scheduled during the Reporting Period

 

|   /p>

 

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

 

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Company name

 

Air China Limited

Legal representative

 

Mr. Cai Jianjiang

Date

 

25 April 2019

 

 

 

 

4.       APPENDICES

4.1     Financial Statements CONSOLIDATED BALANCE SHEET

31 March 2019

Prepared by Air China Limited

 

Unit: RMB'000 (Unaudited)

 

 

Items

 

31 March 2019

31 December

2018

 

 

 

CURRENT ASSETS:

 

 

Cash and bank

6,727,921

7,807,572

Provisions on payables

 

 

Contributions made

 

 

Financial asset held for trading

 

 

Financial assets at FVTPL

 

 

Derivative financial assets

 

 

Bills and accounts receivable

6,388,983

5,374,375

Including: Bills receivable

631

403

Accounts receivable

6,388,352

5,373,972

Prepayments

837,105

1,188,879

Premium receivable

 

 

Receivables on reinsurance

 

 

Provisions for reinsurance contracts

 

 

Other receivables

2,377,506

3,031,157

 

 

Items

 

31 March 2019

31 December

2018

 

 

 

Including: Interest receivable

 

 

Dividend receivable

 

 

Purchase of financial assets resold

 

 

Inventories

2,103,356

1,877,494

Contract asset

 

 

Held-for-sale assets

 

 

Non-current assets due within a year

 

 

Other current assets

4,524,181

4,446,630

Total current assets

22,959,052

23,726,107

NON-CURRENT ASSETS:

 

 

Loans and advances

 

 

Investments in debt instruments

 

 

AFS financial assets

 

 

Other investments in debt instruments

1,164,656

1,040,419

Held-to-maturity investments

 

 

Long-term receivables

1,140,188

1,142,235

Long-term equity investments

15,276,604

16,540,888

Investment in other equity instruments

257,857

270,114

Other non-current financial assets

 

 

Investment properties

169,113

170,942

Fixed assets

81,360,907

160,402,819

Construction in progress

31,654,195

32,179,581

Biological assets for production

 

 

Oil and gas assets

 

 

Right-of-use assets

117,444,408

 

Intangible assets

3,722,359

3,759,144

Development expenses

 

 

Goodwill

1,102,185

1,102,185

Long-term deferred expenses

493,134

606,105

Deferred tax assets

4,433,460

2,775,467

Other non-current assets

 

 

Total non-current assets

258,219,066

219,989,899

Total assets

281,178,118

243,716,006

CURRENT LIABILITIES:

 

 

Short-term loans

14,350,714

17,561,546

Borrowings from central bank

 

 

Contributions received

 

 

Financial liabilities held for trading

 

 

Financial liabilities at fair value through profit or loss

 

 

 

 

Items

 

31 March 2019

31 December

2018

 

 

 

Derivative financial liabilities

 

 

Short-term bonds payable

6,760,505

3,467,482

Bills and accounts payable

17,700,209

16,174,121

Domestic air traffic liabilities

2,065,846

3,238,429

International air traffic liabilities

5,548,081

5,647,845

Receipts in advance

 

 

Sale of financial assets repurchased

 

 

Deposits from clients and placements from other banks

 

 

Brokerage payable

 

 

Underwriting fees payable

 

 

Employee compensations payable

2,239,009

2,806,901

Taxes payable

1,498,603

1,428,926

Other payables

6,240,445

7,162,819

Including: Interest payable

 

 

Dividend payable

 

 

Fees and commissions payable

 

 

Amounts payable on reinsurance

 

 

Contract liabilities

1,146,407

1,301,518

Held-for-sale liabilities

 

 

Non-current liabilities due within a year

17,785,251

13,441,489

Other current liabilities

 

 

Total current liabilities

75,335,070

72,231,076

NON-CURRENT LIABILITIES:

 

 

Reserves on insurance contracts

 

 

Long-term loans

2,021,038

3,185,481

Debentures payable

13,450,304

12,400,000

Including: Preference shares

 

 

Perpetual bonds

 

 

Lease liabilities

81,507,285

 

Long-term payables

3,971,478

4,208,771

 

 

Items

 

31 March 2019

31 December

2018

 

 

 

Obligations under finance leases

 

45,848,095

Defined benefit obligations

266,262

263,862

Accrued liabilities

2,847,843

431,705

Deferred income

492,197

647,973

Deferred tax liabilities

901,317

879,372

Other non-current liabilities

3,191,400

3,062,739

Total non-current liabilities

108,649,124

70,927,998

Total liabilities

183,984,194

143,159,074

 

 

 

OWNERS' EQUITY(OR SHAREHOLDERS' EQUITY):

 

 

Registered capital (or issued 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

-1,427,788

-962,968

Including: exchange difference on translation of financial statements in foreign currency

 

-2,171,880

 

-1,705,555

Surplus reserves

9,953,163

10,409,470

General risk provisions

93,188

93,188

Retained earnings

40,462,507

42,880,893

Total owners' equity(or shareholders' equity) attributable to equity shareholders of the Company

 

89,876,726

 

93,216,239

Non-controlling interests

7,317,198

7,340,693

Total owners' equity(or shareholders' equity)

97,193,924

100,556,932

Total liabilities and owners' equity (or shareholders' equity)

 

281,178,118

 

243,716,006

 

Legal representative: Mr. Cai Jianjiang

Person in charge of accounting function: Mr. Xiao Feng Person in charge of accounting department: Mr. Zhan Zhong

 

BALANCE SHEET OF THE COMPANY

31 March 2019

Prepared by Air China Limited

 

Unit: RMB'000 (Unaudited)

 

 

Item

31 March

2019

31 December

2018

 

 

 

Current assets:

 

 

Cash and bank

5,874,121

7,179,671

Financial asset held for trading

 

 

Financial assets at fair value through profit or loss

 

 

Derivative financial assets

 

 

Bills and accounts receivable

5,255,582

4,399,059

Including: Bills receivable

 

 

Accounts receivable

5,255,582

4,399,059

Prepayments

411,498

787,964

Other receivables

1,846,337

1,612,383

Including: Interest receivable

 

 

Dividend receivable

 

 

Inventories

90,555

90,329

Contract asset

 

 

Held-for-sale assets

 

 

Non-current assets due within a year

 

 

Other current assets

1,870,645

1,986,693

Total current assets

15,348,738

16,056,099

 

 

 

 

 

Item

31 March

2019

31 December

2018

 

 

 

NON-CURRENT ASSETS:

 

 

Investments in debt instruments

 

 

AFS financial assets

 

 

Other investments in debt instruments

 

 

Held-to-maturity investments

 

 

Long-term receivables

1,035,258

477,016

Long-term equity investments

23,904,128

24,707,500

Investment in other equity instruments

22,783

22,783

Other non-current financial assets

 

 

Investment properties

 

 

Fixed assets

56,313,200

114,433,435

Construction in progress

20,672,777

21,300,211

Biological assets for production

 

 

Oil and gas assets

 

 

Right-of-use assets

84,531,099

 

Intangible assets

2,658,748

2,687,038

Development expenses

 

 

Goodwill

 

 

Long-term deferred expenses

281,519

294,316

Deferred tax assets

3,658,901

2,340,262

Other non-current assets

 

 

Total non-current assets

193,078,413

166,262,561

Total assets

208,427,151

182,318,660

CURRENT LIABILITIES:

 

 

Short-term loans

6,685,162

7,988,814

Financial liabilities held for trading

 

 

Financial liabilities at fair value through profit or loss

 

 

Derivative financial liabilities

 

 

Bills and accounts payable

13,823,397

12,793,179

Domestic air traffic liabilities

1,616,494

2,297,562

International air traffic liabilities

5,083,726

5,111,873

Receipts in advance

 

 

Contract liabilities

542,834

767,900

 

 

Item

31 March

2019

31 December

2018

 

 

 

Employee compensations payable

747,045

1,166,450

Taxes payable

971,589

1,112,465

Other payables

8,004,214

8,310,250

Including: Interest payable

 

 

Dividend payable

 

 

Held-for-sale liabilities

 

 

Non-current liabilities due within a year

13,956,094

10,432,216

Other current liabilities

 

 

Total current liabilities

51,430,555

49,980,709

 

 

 

NON-CURRENT LIABILITIES:

 

 

Long-term loans

1,194,539

1,523,388

Debentures payable

10,500,000

10,500,000

Including: Preference shares

 

 

Perpetual bonds

 

 

Lease liabilities

56,683,580

 

Long-term payables

1,924,804

2,175,079

Accrued liabilities

1,859,802

88,705

Obligations under finance leases

 

30,729,202

Deferred income

363,906

371,494

Deferred tax liabilities

 

 

Other non-current liabilities

2,888,409

2,654,793

Total non-current liabilities

75,415,040

48,042,661

Total liabilities

126,845,595

98,023,370

OWNERS' EQUITY(OR SHAREHOLDERS' EQUITY):

 

 

Registered capital(or Issued 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

206,238

206,238

Surplus reserves

9,916,057

10,372,364

Retained earnings

26,315,766

28,573,193

Total owners' equity (or shareholders' equity)

81,581,556

84,295,290

Total liabilities and owners' equity (or shareholders' equity)

 

208,427,151

 

182,318,660

 

Legal representative: Mr. Cai Jianjiang

Person in charge of accounting function: Mr. Xiao Feng Person in charge of accounting department: Mr. Zhan Zhong

 

CONSOLIDATED INCOME STATEMENT

January to March 2019

Prepared by Air China Limited

 

Unit: RMB'000 (Unaudited)

 

Items

First quarter of 2019

First quarter of 2018

 

 

 

I.       Total revenue from operations

32,554,019

31,606,754

Including: Operating income

32,554,019

31,606,754

Interest income

 

 

Premium earned

 

 

Fees and commission income

 

 

 

 

 

II.      Total operating cost

29,587,953

28,230,239

Including: Operating costs

26,936,042

26,595,757

Interest expenses

 

 

Fees and commission expenses

 

 

Returned premium

 

 

Net reimbursement paid

 

 

Net amounts of provisions on insurance contracts drawn

 

 

Bonus paid on insurance policy

 

 

Reinsurance premium

 

 

Taxes and other levies

47,161

34,984

Selling expenses

1,655,505

1,498,159

General and administrative expenses

1,052,924

1,078,410

Research and development expenditures

 

22,086

 

20,672

Finance expenses

-112,936

-997,160

Including: Interest expense

1,200,965

657,222

Interest income

28,702

20,113

Impairment loss of assets

 

-583

Impairment losses in respect of credit

 

-12,829

 

Add:          Other income

704,118

503,353

Investment income (loss is represented by "-" sign)

 

309,911

 

133,484

Including: Share of profits or losses of associates and joint ventures

 

297,353

 

124,259

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)

 

 

4,364

 

Items

First quarter of 2019

First quarter of 2018

 

 

 

Gains from disposal of assets (loss is represented by "-" sign)

 

-7

 

-568

 

 

 

III.     Profit from operations (loss is represented by "-" sign)

 

3,980,088

 

4,017,148

Add: Non-operating income

114,880

13,358

Less: Non-operating expenses

9,730

6,219

 

 

 

IV.     Total profit (total loss is represented by "-" sign)

4,085,238

4,024,287

Less: Income tax expenses

848,053

846,567

 

 

 

V.      Net profit (net loss is represented by "-" sign)

3,237,185

3,177,720

(I)       Classified by continuity of operations

 

 

1.       Net profit from continuing operations (net loss is represented by "-" sign)

 

3,237,185

 

3,177,720

2.       Net profit from discontinued operation (net loss is represented by "-" sign)

 

 

(II)      Classified by ownership of equity

 

 

1.       Net profits attributable to shareholders of the Company (net loss is represented by "-" sign)

 

2,722,816

 

2,628,202

2.       Net profits attributable to

non-controlling interests (net loss is represented by "-" sign)

 

514,369

 

549,518

 

 

 

VI.     Other comprehensive income after taxation

-472,019

-903,232

Other comprehensive income after taxation attributable to shareholders of the Company

 

-462,981

 

-868,818

(I)       Other comprehensive income that cannot be subsequently reclassified to profit or loss

 

2,961

 

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

 

2,961

 

 

Items

First quarter of 2019

First quarter of 2018

 

 

 

4.       Change in fair value of own credit risk

 

 

(II)      Other comprehensive income that will be reclassified to profit or loss

 

-465,942

 

-868,818

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

 

383

 

3.       Fair value gain or loss of available-for- sale financial assets

 

 

-10,491

4.       Amount of financial assets reclassified into other comprehensive income

 

 

5.       Gains or losses arising from reclassification of held-to-maturity investments to available-for-sale financial assets

 

 

6.       Credit impairment reserve for other debt investment

 

 

7.       Reserve for cash flow hedging (Effective portion of profit or loss on cash flow hedge)

 

 

8.       Exchange difference on translation of financial statements in foreign currency

 

-466,325

 

-858,327

9.       Others

 

 

Other comprehensive income after taxation attributable to non-controlling interests

 

-9,038

 

-34,414

VII.    Total comprehensive income

2,765,166

2,274,488

Total comprehensive income attributable to shareholders of the Company

 

2,259,835

 

1,759,384

Total comprehensive income attributable to non- controlling interests

 

505,331

 

515,104

VIII. Earnings per share:

 

 

(I)       Basic earnings per share (RMB per share)

0.20

0.19

(II)      Diluted earnings per share (RMB per share)

N/A

N/A

 

Legal representative: Mr. Cai Jianjiang

Person in charge of accounting function: Mr. Xiao Feng Person in charge of accounting department: Mr. Zhan Zhong

 

INCOME STATEMENT OF THE COMPANY

January to March 2019

Prepared by Air China Limited

 

Unit: RMB'000 (Unaudited)

 

 

Items

First quarter

of 2019

First quarter

of 2018

 

 

 

I.       Revenue from operations

22,202,958

21,061,803

Less: Operating costs

18,631,830

17,862,405

Taxes and other levies

18,237

2,492

Selling expenses

1,171,404

1,125,788

General and administrative expenses

435,612

396,071

R&D expenses

15,357

13,216

Finance expenses

-16,660

-448,853

Including: Interest expenses

865,872

442,266

Interest income

39,676

10,816

Impairment loss of assets

 

 

Impairment loss of credit

 

 

Add: Other income

417,276

312,229

Investment income (loss is represented by "-" sign)

45,000

195,798

Including: Share of profits or losses of associates and joint ventures

 

44,441

 

189,972

Gains from net exposure to hedging (loss is represented by "-" sign)

 

 

Gains from changes in fair value (loss is represented by "-" sign)

 

 

Income from disposal of assets (loss is represented by "-" sign)

 

 

 

 

 

II.      Profit from operations (loss is represented by "-" sign)

2,409,454

2,618,711

Add: Non-operating income

1,446

2,169

Less: Non-operating expenses

6,173

4,246

 

 

 

III.     Total profit (total loss is represented by "-" sign)

2,404,727

2,616,634

Less: Income Taxation

555,390

570,956

 

 

 

IV.     Net profit (net loss is represented by "-" sign)

1,849,337

2,045,678

(I)      Net profit from continuing operations (net loss is represented by "-" sign)

 

1,849,337

 

2,045,678

(II)     Net profit from discontinued operations (net loss is represented by "-" sign)

 

 

 

 

 

 

 

Items

First quarter

of 2019

First quarter

of 2018

 

 

 

V.      Other comprehensive income after taxation, net

 

 

(I)       Other comprehensive income that cannot be subsequently reclassified to profit or loss

 

 

1.       Change arising from re-measurement of defined benefit plans

 

 

2.       Other comprehensive income accounted for using the equity method that cannot be reclassified to profit or loss

 

 

3.       Changes in fair value of investment in other equity instruments

 

 

4.       Changes in fair value of enterprise's own credit risk

 

 

(II)      Other comprehensive income that will be reclassified to profit or loss

 

 

1.       Other comprehensive income accounted for using the equity method that can be reclassified to profit or loss

 

 

2.       Change in fair value of other debt investments

 

 

3.       Gains or losses from changes in fair value of available-for-sale financial assets

 

 

4.       Amount of financial assets reclassified into other comprehensive income

 

 

5. Gains or losses from reclassification of held-to-maturity investments to available-for-sale financial assets

 

 

6.       Provision for credit impairment of other debt investments

 

 

7. Cash flows hedging reserve (effective portion of gains or losses from cash flows hedging)

 

 

8.       Exchange difference on translation of financial statements in foreign currency

 

 

9.       Others

 

 

 

 

 

VI.     Total comprehensive income

1,849,337

2,045,678

 

 

 

VII.    Earnings per share:

 

 

(I)       Basic earnings per share (RMB per share)

 

 

(II)      Diluted earnings per share (RMB per share)

 

 

 

Legal representative: Mr. Cai Jianjiang

Person in charge of accounting function: Mr. Xiao Feng Person in charge of accounting department: Mr. Zhan Zhong

 

CONSOLIDATED CASH FLOW STATEMENT

January to March 2019

Prepared by Air China Limited

 

Unit: RMB'000 (Unaudited)

 

Items

First quarter

of 2019

First quarter

of 2018

 

 

 

I.       Cash flows from operating activities:

 

 

Cash received from sales of goods and provision of services

31,766,329

32,612,171

Net increase in deposits from clients and placements from other 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

9,016

52,298

Other cash received relating to operating activities

1,546,956

2,073,744

Subtotal of cash inflows of operating activities

33,322,301

34,738,213

Cash paid for goods purchased and services received

16,579,439

17,045,091

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 of held-for-trading financial assets

 

 

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

6,662,886

6,098,999

Taxes and levies paid

1,685,285

1,977,075

Other cash paid relating to operating activities

2,459,302

2,379,420

Subtotal of cash outflows from operating activities

27,386,912

27,500,585

Net cash flows from operating activities

5,935,389

7,237,628

 

Items

First quarter

of 2019

First quarter

of 2018

 

 

 

II.      Cash flows from investing activities:

 

 

Cash received from sale and redemption of investments

 

43,720

Recovery of the secured bank deposits

3,042

2,114

Cash received from investment income

559

8,825

Net cash proceeds from disposal of fixed assets, intangible assets and other long-term assets

 

36,739

 

190,982

Net cash proceeds from disposal of subsidiaries and other business units

 

 

Other cash received relating to investing activities

36,941

42,027

Subtotal of cash inflows from investing activities

77,281

287,668

Cash paid for purchase and construction of fixed assets, intangible assets and other long-term assets

 

1,559,059

 

4,266,407

Cash paid for investments

119,476

 

Net increase in secured loans

 

 

Net cash payments for acquisition of subsidiaries and other business units

 

 

Other cash paid relating to investing activities

150

3,620

Subtotal of cash outflows from investing activities

1,678,685

4,270,027

Net cash flows from investing activities

-1,601,404

-3,982,359

 

 

 

III.     Cash flows from financing activities:

 

 

Cash received from capital injection

 

 

Including: Cash received from capital injection of minority shareholders in subsidiaries

 

 

Cash received from borrowings

786,183

8,991,154

Cash received from issue of debentures

5,700,000

500,000

Other cash received relating to financing activities

 

 

Subtotal of cash inflows from financing activities

6,486,183

9,491,154

Cash paid for repayment of borrowings

5,311,612

9,556,697

Cash paid for repayment of debentures

1,400,000

600,000

Cash paid for distribution of dividends, profits or payment of interest expenses

 

1,303,106

 

857,545

Including: Dividends and profits paid to minority shareholders by subsidiaries

 

 

4,900

Other cash paid relating to financing activities

3,519,190

1,452,860

Subtotal of cash outflows from financing activities

11,533,908

12,467,102

Net cash flows from financing activities

-5,047,725

-2,975,948

 

 

 

 

Items

First quarter

of 2019

First quarter

of 2018

 

 

 

IV.     Effect of exchange rate changes on cash and cash equivalents

-63,831

-65,147

 

 

 

V.      Net increase in cash and cash equivalents

-777,571

214,174

Add: Balance of cash and cash equivalents as at the beginning of the period

6,763,183

5,562,907

 

 

 

VI.     Balance of cash and cash equivalents as at the end of the period

5,985,612

5,777,081

 

Legal representative: Mr. Cai Jianjiang

Person in charge of accounting function: Mr. Xiao Feng Person in charge of accounting department: Mr. Zhan Zhong

 

CASH FLOW STATEMENT OF THE COMPANY

January to March 2019

Prepared by Air China Limited

 

Unit: RMB'000 (Unaudited)

 

 

Items

First quarter of

2019

First quarter of

2018

 

 

 

I.       Cash flows from operating activities:

 

 

Cash received from sales of goods and provision of services

21,226,675

21,296,041

Refund of taxes and levies

 

 

Other cash received relating to operating activities

872,089

871,437

Subtotal of cash inflows of operating activities

22,098,764

22,167,478

Cash paid for goods purchased and services received

12,174,483

11,351,029

Cash paid to or on behalf of employees

3,234,234

2,701,246

Taxes and levies paid

1,203,083

1,101,422

Other cash paid relating to operating activities

1,398,544

1,409,773

Subtotal of cash outflows from operating activities

18,010,344

16,563,470

Net cash flows from operating activities

4,088,420

5,604,008

 

 

 

II.      Cash flows from investing activities:

 

 

Cash received from sale and redemption of investments

 

 

Cash received from investment income

559

5,826

Net cash proceeds from disposal of fixed assets, intangible assets and other long-term assets

 

364,970

 

456,996

Net cash proceeds from disposal of subsidiaries and other business units

 

 

Other cash received relating to investing activities

39,676

13,563

Subtotal of cash inflows from investing activities

405,205

476,385

Cash paid for purchase and construction of fixed assets, intangible assets and other long-term assets

 

661,770

 

4,078,474

 

 

Items

First quarter of

2019

First quarter of

2018

 

 

 

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

661,770

4,078,474

Net cash flows from investing activities

-256,565

-3,602,089

 

 

 

III.     Cash flows from financing activities:

 

 

Cash received from capital injection

 

 

Cash received from borrowings

 

6,797,791

Other cash received relating to financing activities

 

 

Subtotal of cash inflows from financing activities

 

6,797,791

Cash paid for repayment of borrowings

1,630,169

6,688,145

Cash paid for distribution of dividends, profits or payment of interest expenses

 

956,538

 

580,362

Other cash paid relating to financing activities

2,505,318

1,104,422

Subtotal of cash outflows from financing activities

5,092,025

8,372,929

Net cash flows from financing activities

-5,092,025

-1,575,138

 

 

 

IV.     Effect of exchange rate changes on cash and cash equivalents

 

-45,380

 

-22,722

 

 

 

V.      Net increase in cash and cash equivalents

-1,305,550

404,059

Add: Balance of cash and cash equivalents as at the beginning of the period

 

7,149,360

 

3,172,520

 

 

 

VI.     Balance of cash and cash equivalents as at the end of the period

 

5,843,810

 

3,576,579

 

Legal representative: Mr. Cai Jianjiang

Person in charge of accounting function: Mr. Xiao Feng Person in charge of accounting department: Mr. Zhan Zhong

 

4.2     Particulars in relation to adjustments made to relevant items of the financial statements as at the beginning of the year of the initial adoption of New Financial Instruments Standard, New Revenue Standard and New Lease Standard

 

 

| X      it: RMB'000

 

 

Items

31 December

2018

1 January

2019

 

Adjustment

 

 

 

 

CURRENT ASSETS:

 

 

 

Cash and bank

7,807,572

7,807,572

 

Provisions on payables

 

 

 

Contributions made

 

 

 

Financial assets held-for-trading

 

 

 

Financial assets at fair value through profit or loss

 

 

 

Derivative financial assets

 

 

 

Bills receivable and accounts receivable

5,374,375

5,374,375

 

Including: Bills receivable

403

403

 

Accounts receivable

5,373,972

5,373,972

 

Prepayments

1,188,879

629,299

-559,580

Premium receivable

 

 

 

Receivables on reinsurance

 

 

 

Provisions for reinsurance contracts

 

 

 

Other receivables

3,031,157

3,031,157

 

Including: Interest receivable

 

 

 

Dividend receivable

 

 

 

Purchase of financial assets resold

 

 

 

Inventories

1,877,494

1,877,494

 

Contract assets

 

 

 

Held-for-sale assets

 

 

 

Non-current assets due within a year

 

 

 

Other current assets

4,446,630

4,446,630

 

Total current assets

23,726,107

23,166,527

-559,580

 

 

 

 

 

 

Items

31 December

2018

1 January

2019

 

Adjustment

 

 

 

 

NON-CURRENT ASSETS:

 

 

 

Loans and advances

 

 

 

Debt investments

 

 

 

Available-for-sale financial assets

 

 

 

Other debt investments

1,040,419

1,040,419

 

Held-to-maturity investments

 

 

 

Long-term receivables

1,142,235

1,142,235

 

Long-term equity investments

16,540,888

15,326,770

-1,214,118

Investments in other equity instruments

270,114

270,114

 

Other non-current financial assets

 

 

 

Investment properties

170,942

170,942

 

Fixed assets

160,402,819

82,823,933

-77,578,886

Construction in progress

32,179,581

32,179,581

 

Biological assets for production

 

 

 

Oil and gas assets

 

 

 

Right-of-use assets

 

114,571,573

114,571,573

Intangible assets

3,759,144

3,759,144

 

Development expenses

 

 

 

Goodwill

1,102,185

1,102,185

 

Long-term deferred expenses

606,105

512,111

-93,994

Deferred tax assets

2,775,467

4,328,860

1,553,393

Other non-current assets

 

 

 

Total non-current assets

219,989,899

257,227,867

37,237,968

Total assets

243,716,006

280,394,394

36,678,388

 

 

 

 

 

 

Items

31 December

2018

1 January

2019

 

Adjustment

 

 

 

 

CURRENT LIABILITIES:

 

 

 

Short-term loans

17,561,546

17,561,546

 

Borrowings from central bank

 

 

 

Contributions received

 

 

 

Short-term bonds payable

3,467,482

3,467,482

 

Domestic air traffic liabilities

3,238,429

3,238,429

 

International air traffic liabilities

5,647,845

5,647,845

 

Financial liabilities held-for-trading

 

 

 

Financial liabilities at fair value through profit or loss

 

 

 

Derivative financial liabilities

 

 

 

Bills payable and accounts payable

16,174,121

16,174,121

 

Receipts in advance

 

 

 

Sale of financial assets repurchased

 

 

 

Deposits from clients and placements from other banks

 

 

 

Brokerage payable

 

 

 

Underwriting fees payable

 

 

 

Employee compensations payable

2,806,901

2,806,901

 

Taxes payable

1,428,926

1,428,926

 

Other payables

7,162,819

7,162,819

 

Including: Interest payable

 

 

 

Dividend payable

 

 

 

Fees and commissions payable

 

 

 

Amounts payable on reinsurance

 

 

 

Contract liabilities

1,301,518

1,301,518

 

Held-for-sale liabilities

 

 

 

Non-current liabilities due within a year

13,441,489

18,540,816

5,099,327

Other current liabilities

 

 

 

Total current liabilities

72,231,076

77,330,403

5,099,327

 

 

 

 

 

 

Items

31 December

2018

1 January

2019

 

Adjustment

 

 

 

 

NON-CURRENT LIABILITIES:

 

 

 

Reserves on insurance contracts

 

 

 

Long-term loans

3,185,481

3,185,481

 

Debentures payable

12,400,000

12,400,000

 

Including: Preference shares

 

 

 

Perpetual bonds

 

 

 

Lease liabilities

 

81,324,048

81,324,048

Long-term payables

4,208,771

4,208,771

 

Obligations under finance leases

45,848,095

 

-45,848,095

Defined benefit obligations

263,862

263,862

 

Accrued liabilities

431,705

2,809,503

2,377,798

Deferred income

647,973

501,457

-146,516

Deferred tax liabilities

879,372

879,372

 

Other non-current liabilities

3,062,739

3,062,739

 

Total non-current liabilities

70,927,998

108,635,233

37,707,235

Total liabilities

143,159,074

185,965,636

42,806,562

 

 

 

 

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

-962,968

-962,968

 

Surplus reserves

10,409,470

9,953,163

-456,307

General risk provisions

93,188

93,188

 

Retained earnings

42,880,893

37,737,852

-5,143,041

Total owners' equity attributable to equity shareholders of the Company

93,216,239

87,616,891

-5,599,348

Non-controlling interests

7,340,693

6,811,867

-528,826

Total owners' equity (or shareholders' equity)

100,556,932

94,428,758

-6,128,174

Total liabilities and owners' equity (or shareholders' equity)

243,716,006

280,394,394

36,678,388

 

Description of the adjustment of each item:

 

| X class="yd">applicable

 

The above adjustments represent the impact of adopting the New Lease Standard.

 

BALANCE SHEET OF THE COMPANY

Unit: RMB'000

 

 

Items

31 December

2018

1 January

2019

 

Adjustment

 

 

 

 

CURRENT ASSETS:

 

 

 

Cash and bank

7,179,671

7,179,671

 

Financial assets held-for-trading

 

 

 

Financial assets at fair value through profit or loss

 

 

 

Derivative financial assets

 

 

 

Bills receivable and accounts receivable

4,399,059

4,399,059

 

Including: Bills receivable

 

 

 

Accounts receivable

4,399,059

4,399,059

 

Prepayments

787,964

405,974

-381,990

Other receivables

1,612,383

1,612,383

 

Including: Interest receivable

 

 

 

Dividend receivable

 

 

 

Inventories

90,329

90,329

 

Contract assets

 

 

 

Held-for-sale assets

 

 

 

Non-current assets due within a year

 

 

 

Other current assets

1,986,693

1,986,693

 

Total current assets

16,056,099

15,674,109

-381,990

 

 

 

 

 

 

Items

31 December

2018

1 January

2019

 

Adjustment

 

 

 

 

NON-CURRENT ASSETS:

 

 

 

Debt investments

 

 

 

Available-for-sale financial assets

 

 

 

Other debt investments

 

 

 

Held-to-maturity investments

 

 

 

Long-term receivables

477,016

1,056,981

579,965

Long-term equity investments

24,707,500

23,859,687

-847,813

Investments in other equity instruments

22,783

22,783

 

Other non-current financial assets

 

 

 

Investment properties

 

 

 

Fixed assets

114,433,435

57,617,243

-56,816,192

Construction in progress

21,300,211

21,300,211

 

Biological assets for production

 

 

 

Oil and gas assets

 

 

 

Right-of-use assets

 

82,395,207

82,395,207

Intangible assets

2,687,038

2,687,038

 

Development expenses

 

 

 

Goodwill

 

 

 

Long-term deferred expenses

294,316

294,316

 

Deferred tax assets

2,340,262

3,578,681

1,238,419

Other non-current assets

 

 

 

Total non-current assets

166,262,561

192,812,147

26,549,586

Total assets

182,318,660

208,486,256

26,167,596

 

 

 

 

 

 

Items

31 December

2018

1 January

2019

 

Adjustment

 

 

 

 

CURRENT LIABILITIES:

 

 

 

Short-term loans

7,988,814

7,988,814

 

Financial liabilities held-for-trading

 

 

 

Financial liabilities at fair value through profit or loss

 

 

 

Derivative financial liabilities

 

 

 

Bills payable and accounts payable

12,793,179

12,793,179

 

Domestic air traffic liabilities

2,297,562

2,297,562

 

International air traffic liabilities

5,111,873

5,111,873

 

Receipts in advance

 

 

 

Contract liabilities

767,900

757,736

-10,164

Employee compensations payable

1,166,450

1,166,450

 

Taxes payable

1,112,465

1,112,465

 

Other payables

8,310,250

8,310,250

 

Including: Interest payable

 

 

 

Dividend payable

 

 

 

Held-for-sale liabilities

 

 

 

Non-current liabilities due within a year

10,432,216

14,032,513

3,600,297

Other current liabilities

 

 

 

Total current liabilities

49,980,709

53,570,842

3,590,133

 

 

 

 

NON-CURRENT LIABILITIES:

 

 

 

Long-term loans

1,523,388

1,523,388

 

Debentures payable

10,500,000

10,500,000

 

Including: Preference shares

 

 

 

Perpetual bonds

 

 

 

Lease liabilities

 

56,136,927

56,136,927

Long-term payables

2,175,079

2,175,079

 

Obligations under finance leases

30,729,202

 

-30,729,202

Accrued liabilities

88,705

1,821,514

1,732,809

Deferred income

371,494

371,494

 

Deferred tax liabilities

 

 

 

Other non-current liabilities

2,654,793

2,654,793

 

Total non-current liabilities

48,042,661

75,183,195

27,140,534

Total liabilities

98,023,370

128,754,037

30,730,667

 

 

 

 

 

 

Items

31 December

2018

1 January

2019

 

Adjustment

 

 

 

 

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

206,238

206,238

 

Surplus reserves

10,372,364

9,916,057

-456,307

Retained earnings

28,573,193

24,466,429

-4,106,764

Total owners' equity (or shareholders' equity)

84,295,290

79,732,219

-4,563,071

Total liabilities and owners' equity (or shareholders' equity)

 

182,318,660

 

208,486,256

 

26,167,596

 

Description of the adjustment of each item:

 

| Xclass="ot"> 

The above adjustments represent the impact of adopting the New Lease Standard.

 

4.3     Description of the retrospective adjustment to the comparable figures for the previous period due to the initial adoption of the New Financial Instruments Standard and the New Lease Standard

 

|   |   Applicable           ass="yd">Report

 

ss="d"> 

 

By Order of the Board

Air China Limited

Joint Company Secretaries

Zhou Feng      Tam Shuit Mui

 

Beijing, the PRC, 25 April 2019

 

As at the date of this announcement, the directors of the Company are Mr. Cai Jianjiang, Mr. Song Zhiyong, Mr. Xue Yasong, Mr. John Robert Slosar, Mr. Wang Xiaokang*, Mr. Liu Deheng*, Mr. Stanley Hui Hon-chung* and Mr. Li Dajin*.

 

* 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 or visit www.rns.com.
 
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