Third Quarterly Report of 2023

Air China Ld
27 October 2023
 

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

 

 

中國國際航空股份有限公司

AIR CHINA LIMITED

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

(Stock Code: 00753)

 

 

THIRD QUARTERLY REPORT OF 2023

 

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" or "Air China", the Company together with its subsidiaries, the "Group") held a meeting of the Board on 26 October 2023 and passed the resolution approving the third quarterly report of 2023 (the "Quarterly Report") of the Company for the period ended 30 September 2023 prepared in accordance with the PRC Accounting Standards for Business Enterprises.

 

IMPORTANT NOTICE:

 

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

 

The person in charge of the Company, person in charge of accounting function and person in charge of accounting department (accounting superintendent) hereby guarantee that the financial information set out in the Quarterly Report is true, accurate and complete.

 

Whether the financial statements of the third quarter are audited

 


Yes                  No


I.       MAJOR FINANCIAL DATA

 

(1)     Major accounting data and financial indicators

 

Unit: RMB'000

 

 

 

 

 

 

 

 

 

 

 

 

Items

 

 

 

 

 

 

 

 

 

 

The Reporting

Period

 

 

 

Increase/ decrease of the Reporting

Period as compared to the corresponding period of the previous year

(%)

 

 

 

 

 

 

For the period

from the beginning of the year to the end of the Reporting

Period

Increase/ decrease for the period from the beginning of the year to the end of the Reporting

Period as compared to the corresponding period of the previous year

(%)






Revenue

45,863,652

152.89

105,476,845

150.61

Net profit attributable to shareholders of the listed company

4,242,149

N/A

791,421

N/A

Net profit attributable to shareholders of the listed company after

deducting non-recurring

profits and losses

4,065,035

N/A

-873,124

N/A

Net cash flows from operating activities

N/A

N/A

33,075,596

N/A

Basic earnings per share (RMB per share)

0.28

N/A

0.05

N/A

Diluted earnings per share (RMB per share)

N/A

N/A

N/A

N/A

Weighted average return on net assets (%)

11.46

Increased by

33.67 percentage

points

2.05

Increased by

60.26 percentage

points



 

 

 

 

 

At the end of the Reporting

Period

 

 

 

 

 

At the end of the previous

year

Increase/ decrease at the end of

the Reporting

Period as compared to the end of the previous year

(%)





Total assets

338,864,552

295,011,335

14.86

Owners' equity attributable to shareholders of the listed company

 

39,061,556

 

23,609,134

 

65.45

 

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

 

 

 

 

 

 

Items

 

 

 

Amounts for the Reporting

Period

Amounts for the period from the beginning of the year

to the end of the Reporting

Period




Gains or losses on disposal of non-current assets

-143

673,841

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)

 

 

 

166.389

 

 

 

334.398

Gain or loss from change in fair value by holding financial assets held-for-trading, derivative financial assets, financial liabilities held-for-trading and derivative financial liabilities, and investment

income from disposal of financial assets held-for-trading, derivative financial assets, financial liabilities held-for-trading and derivative financial liabilities as well as other debt investments, excluding the effective hedging businesses related to the normal operations of the

Company

 

 

 

 

 

 

 

-61

 

 

 

 

 

 

 

814

Reversal of provision for impairment of receivable and contract assets that have undergone impairment test alone

 

215

 

3,559

Other non-operating income and expenses besides the above items

56,633

1,386,883

Less: Effect of income tax

2,587

80,371

Effect of non-controlling interests (after tax)

43,322

654,579




Total

           177,114

         1,664,545





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" (《公開發行證券的公司信息披露解釋性公告第1號-非經常性損益》) 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

 

 

Items

Percentage of Change (%)

 

Major Reasons




Revenue

150.61

With the increase in deployment of transportation capacity by the Company, and driven by the increase in both passenger load factor and price, the revenue increased significantly

Net profit attributable to shareholders of the listed company

N/A

With the increase in deployment of transportation capacity by the Company, and driven by the increase in both passenger load factor and price, the loss decreased significantly with a growth in profit

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

N/A

With the increase in deployment of transportation capacity by the Company, and driven by the increase in both passenger load factor and price, the loss decreased significantly with a growth in profit

Net cash flow from operating activities

N/A

With the increase in deployment of transportation capacity by the Company, and driven by the increase in both passenger load factor and price, the revenue increased significantly

Basic earnings per share (RMB per share)

N/A

With the increase in deployment of transportation capacity by the Company, and driven by the increase in both passenger load factor and price, the loss decreased significantly with a growth in profit

Weighted average return on net assets (%)

Increased by 60.26

percentage

points

With the increase in deployment of transportation capacity by the Company, and driven by the increase in both passenger load factor and price, the loss decreased significantly with a growth in profit

Owners' equity attributable to shareholders of the listed company

65.45

Profit achieved during the current period, and the non-public issuance of shares of Air China


II.      INFORMATION OF SHAREHOLDERS

 

(1)     Total number of holders of ordinary shares, the number of holders of preference shares with restored voting rights and the particulars of the top 10 shareholders

 

Unit: share

 

 

Total number of holders of ordinary shares as at the end of the Reporting Period

 

 

162,801

Total number of holders of preference shares with restored voting rights as at the end of the Reporting Period (if any)

 

 

/


Particulars of the top 10 shareholders

 

 

Name of shareholder

 

 

Nature of shareholder

 

Number of shares held

 

Shareholding percentage

Number of shares held subject to selling restrictions

Shares pledged, marked or frozen

Status

Number




(%)











China National Aviation Holding Corporation Limited

State-owned legal person

6,566,761,847

40.53

614,525,150

Frozen

127,445,536

Cathay Pacific Airways Limited

Foreign legal person

2,633,725,455

16.26

0

Nil

0

HKSCC NOMINEES LIMITED

Foreign legal person

1,688,957,345

10.43

0

Nil

0

China National Aviation Corporation (Group) Limited

Foreign legal person

1,556,334,920

9.61

0

Frozen

36,454,464

China Securities Finance Corporation Limited

Others

311,302,365

1.92

0

Nil

0

China National Aviation Fuel Group Corporation

State-owned legal person

238,524,158

1.47

0

Nil

0

Hong Kong Securities Clearing Company Ltd.

Foreign legal person

156,551,132

0.97

0

Nil

0

China Structural Reform Fund Co., Ltd.

State-owned legal person

67,039,106

0.41

0

Nil

0

Basic Pension Fund 15022 Portfolio

Others

58,092,370

0.36

0

Nil

0

Bank of China Limited - China Merchants Anhua Bond Securities Investment Fund

(中國銀行股份有限公司-招商安華債券型證券投資基金)

Others

49,638,500

0.31

0

Nil

0


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 of shares

Number





China National Aviation Holding Corporation Limited

5,952,236,697

RMB ordinary shares

5,952,236,697

Cathay Pacific Airways Limited

2,633,725,455

Overseas listed foreign shares

2,633,725,455

HKSCC NOMINEES LIMITED

1,688,957,345

Overseas listed foreign shares

1,688,957,345

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

238,524,158

RMB ordinary shares

238,524,158

Hong Kong Securities Clearing Company Ltd.

156,551,132

RMB ordinary shares

156,551,132

China Structural Reform Fund Co., Ltd.

67,039,106

RMB ordinary shares

67,039,106

Basic Pension Fund 15022 Portfolio

58,092,370

RMB ordinary shares

58,092,370

Bank of China Limited - China Merchants Anhua Bond Securities Investment Fund

(中國銀行股份有限公司-招商安華債券型證券投資基金)

49,638,500

RMB ordinary shares

49,638,500

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

China National Aviation Corporation (Group) Limited ("CNACG") is a wholly-owned subsidiary of China National Aviation Holding Corporation Limited ("CNAHC"). Accordingly, China National Aviation Holding Corporation Limited is directly and indirectly interested in 50.14% of the shares of the Company.

Explanation on the participation 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)

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 1,688,957,345 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) (《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 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

 

On 30 August 2023, the resolutions regarding the amendments to the Articles of Association, the Rules and Procedures of Shareholders' Meetings and the Rules and Procedures of Meetings of the Board have been approved by the twenty-third meeting of the sixth session of the Board of the Company. For details, please refer to the relevant announcements published by the Company on the website of the Shanghai Stock Exchange (http://www.sse.com.cn/), China Securities Journal, Shanghai Securities News and Securities Daily on 31 August 2023. On 26 October 2023, the above resolutions have been approved by the 2023 third extraordinary general meeting, the 2023 first A shareholders' class meeting and the 2023 first H shareholders' class meeting of the Company. For details, please refer to the relevant announcements published by the Company on the website of the Shanghai Stock Exchange (http://www.sse.com.cn/), China Securities Journal, Shanghai Securities News and Securities Daily on 27 October 2023.

 

IV.    QUARTERLY FINANCIAL STATEMENTS

 

(1)     Type of audit opinion

 


Applicable                   Not applicable


(2)     Financial statements

 

CONSOLIDATED BALANCE SHEET

30 September 2023

Prepared by Air China Limited

 

Unit: RMB'000 (Unaudited)

 

 

Items

30 September

2023

31 December

2022




CURRENT ASSETS:



Cash and bank balance

22,219,322

11,435,877

Provisions on payables



Contributions made



Financial assets held-for-trading

2,687

3,398

Derivative financial assets



Bills receivable

31,497

7,483

Accounts receivable

3,343,487

1,649,356

Receivables financing



Prepayments

607,357

368,692

Premium receivable



Receivables on reinsurance



Provisions for reinsurance contracts



Other receivables

5,387,334

2,807,726

Including: Interest receivable



Dividend receivable



Purchase of financial assets resold



Inventories

3,916,847

2,557,823

Contract assets



Held-for-sale assets

66,481

1,302

Non-current assets due within a year



Other current assets

2,938,315

3,413,474

Total current assets

38,513,327

22,245,131


 

Items

30 September

2023

31 December

2022




NON-CURRENT ASSETS:



Loans and advances



Debt investments



Other debt investments

1,386,956

1,360,982

Long-term receivables

899,034

539,624

Long-term equity investments

14,671,191

12,574,373

Investments in other equity instruments

738,620

243,760

Other non-current financial assets



Investment properties

324,845

106,118

Fixed assets

97,833,833

86,369,754

Construction in progress

37,912,741

32,908,551

Biological assets for production



Oil and gas assets



Right-of-use assets

122,830,591

122,591,793

Intangible assets

5,497,440

4,300,216

Development expenses



Goodwill

4,097,942

1,102,185

Long-term deferred expenses

272,315

249,268

Deferred tax assets

13,878,557

10,417,452

Other non-current assets

7,160

2,128

Total non-current assets

300,351,225

272,766,204

Total assets

338,864,552

295,011,335


 

Items

30 September

2023

31 December

2022




CURRENT LIABILITIES:



Short-term loans

23,341,530

19,946,147

Short-term financing bonds payable


2,006,149

Borrowings from central bank



Contributions received



Financial liabilities held-for-trading



Derivative financial liabilities



Bills payable

240,649


Accounts payable

22,734,330

11,628,611

Air traffic liabilities

7,634,011

2,757,601

Receipts in advance

150,970

58,970

Contract liabilities

1,412,321

1,095,185

Sale of financial assets repurchased



Deposits from clients and placements from other banks



Brokerage payable



Underwriting fees payable



Employee compensations payable

4,315,267

4,317,738

Taxes payable

442,637

275,930

Other payables

15,253,529

13,131,744

Including: Interest payable



Dividend payable



Fees and commissions payable



Amounts payable on reinsurance



Held-for-sale liabilities



Non-current liabilities due within a year

37,374,032

37,264,533

Other current liabilities



Total current liabilities

112,899,276

92,482,608


 

Items

30 September

2023

31 December

2022




NON-CURRENT LIABILITIES:



Reserves on insurance contracts



Long-term loans

72,980,897

66,868,774

Debentures payable

11,196,030

11,193,342

Including: Preference shares



Perpetual bonds



Lease liabilities

68,640,093

76,897,347

Long-term payables

28,077,364

20,551,757

Long-term employee compensation payables

196,402

202,016

Accrued liabilities

4,253,291

3,090,965

Deferred income

430,713

418,200

Deferred tax liabilities

371,164

323,297

Other non-current liabilities

1,793,752

1,422,843

Total non-current liabilities

187,939,706

180,968,541

Total liabilities

300,838,982

273,451,149




OWNERS' EQUITY (OR SHAREHOLDERS' EQUITY):



Paid-up capital (or share capital)

16,200,793

14,524,815

Other equity instruments



Including: Preference shares



Perpetual bonds



Capital reserve

39,587,727

26,270,841

Less: Treasury shares



Other comprehensive income

208,955

421,075

Special reserves

3,047


Surplus reserves

11,564,287

11,564,287

General risk provisions

137,138

137,138

Retained earnings

-28,640,391

-29,309,022

Total owners' equity (or shareholders' equity) attributable to the parent company

 

39,061,556

 

23,609,134

Non-controlling interests

-1,035,986

-2,048,948

Total owners' equity (or shareholders' equity)

38,025,570

21,560,186

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

 

338,864,552

 

295,011,335

 

Person in charge of the Company: Mr. Ma Chongxian Person in charge of accounting function: Mr. Sun Yuquan Person in charge of accounting department: Mr. Lyu Lingfei


CONSOLIDATED INCOME STATEMENT

January to September 2023

Prepared by Air China Limited

 

Unit: RMB'000 (Unaudited)

 

 

 

 

Items

First three quarters of 2023 (January to September)

First three quarters of 2022 (January to September)




I.      Total revenue from operations

105,476,845

42,088,565

Including: Operating income

105,476,845

42,088,565

Interest income



Premium earned



Fees and commission income






II.    Total operating cost

111,920,572

76,941,159

Including: Operating costs

97,359,086

61,410,372

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

259,123

96,654

Selling expenses

3,996,379

2,712,924

General and administrative expenses

3,729,604

3,231,633

R&D expenses

213,842

126,195

Finance expenses

6,362,538

9,363,381

Including: Interest expenses

5,323,094

4,783,027

Interest income

481,087

159,173

Add: Other income

3,208,572

2,153,587

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

2,240,021

-642,522

Including: Share of profits of associates and joint ventures

 

2,189,703

 

-683,153

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)

 

-711

 

-624


 

 

 

Items

First three quarters of 2023 (January to September)

First three quarters of 2022 (January to September)




Impairment loss of credit (loss is represented by "-" sign)

 

-16,331

 

-218

Impairment loss of assets (loss is represented by "-" sign)

 

-107,432


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

 

689,664

 

-3,176

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

-429,944

-33,345,547

Add: Non-operating income

1,468,565

76,286

Less: Non-operating expenses

97,505

93,094




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

941,116

-33,362,355

Less: Income tax expenses

-245,721

-950,069




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

1,186,837

-32,412,286

(I) Classified by continuity of operations



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

 

1,186,837

 

-32,412,286

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)

 

791,421

 

-28,103,264

2. Profit or loss attributable to non-controlling interests (net loss is represented by "-" sign)

 

395,416

 

-4,309,022




VI.  Other comprehensive income after tax, net

-91,351

1,883,524

(I) Other comprehensive income after tax attributable to owners of the parent company, net

 

-65,958

 

1,850,445

1. Other comprehensive income that cannot be subsequently reclassified to profit or loss

 

-23,673

 

2,659

(1) Changes arising on remeasurement of defined benefit plans

 

33

 

-260

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


 

 

-10

(3) Change in fair value of investments in other equity instruments

 

-23,706

 

2,929

(4) Change in fair value of own credit risk of the Company




 

 

 

Items

First three quarters of 2023 (January to September)

First three quarters of 2022 (January to September)




2. Other comprehensive income that will be reclassified to profit or loss

 

-42,285

 

1,847,786

(1) Other comprehensive income accounted for using the equity method that may be reclassified to profit or loss

 

-473,547

 

269,267

(2) Change in fair value of other debt investments

159

-132

(3) Amount of financial assets reclassified into other comprehensive income



(4) Provisions for credit impairment of other debt investments

 

-344

 

-1,210

(5) Reserve for cash flow hedging



(6) Exchange difference on translation of financial statements in foreign currency

 

431,447

 

1,579,861

(7) Others



(II) Other comprehensive income after tax attributable to non- controlling interests, net

 

-25,393

 

33,079




VII. Total comprehensive income

1,095,486

-30,528,762

(I) Total comprehensive income attributable to owners of the parent company

 

725,463

 

-26,252,819

(II) Total comprehensive income attributable to non-controlling interests

 

370,023

 

-4,275,943




VIII. Earnings per share:



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

0.05

-2.05

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

N/A

N/A

 

For business combination under common control during the current period, the net profit of merged party before the business combination is RMB0, and the net profit of the merged party for the last period is RMB0.

 

Person in charge of the Company: Mr. Ma Chongxian Person in charge of accounting function: Mr. Sun Yuquan Person in charge of accounting department: Mr. Lyu Lingfei


CONSOLIDATED CASH FLOW STATEMENT

January to September 2023

Prepared by Air China Limited

 

Unit: RMB'000 (Unaudited)

 

 

 

 

Items

First three quarters of 2023 (January to September)

First three quarters of 2022 (January to September)




I.      Cash flows from operating activities:



Cash received from sales of goods and provision of services

117,873,834

44,775,183

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

1,260,276

3,667,415

Other cash received relating to operating activities

3,970,888

3,866,614

Subtotal of cash inflows of operating activities

123,104,998

52,309,212

Cash paid for goods purchased and services received

60,606,339

33,419,398

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

22,312,292

18,342,731

Taxes and levies paid

1,425,490

895,130

Other cash paid relating to operating activities

5,685,281

4,547,513

Subtotal of cash outflows from operating activities

90,029,402

57,204,772

Net cash flows from operating activities

33,075,596

-4,895,560


 

 

 

Items

First three quarters of 2023 (January to September)

First three quarters of 2022 (January to September)




II.    Cash flows from investing activities:



Cash received from sale and redemption of investments

695,882

3,690

Recovery of the secured bank deposits

2,379

15,081

Cash received from investment income

161,483

247,381

Net cash received for acquisition of subsidiaries and other business units

 

5,392,113


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

 

802,934

 

569,232

Net cash proceeds from disposal of subsidiaries and other business units



Other cash received relating to investing activities

472,732

159,173

Subtotal of cash inflows from investing activities

7,527,523

994,557

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

 

13,758,422

 

5,685,046

Cash paid for investments

171,838

961,140

Net increase in secured loans



Net cash payments for acquisition of subsidiaries and other business units



Increase in secured bank deposits

6,407

1,557

Other cash paid relating to investing activities



Subtotal of cash outflows from investing activities

13,936,667

6,647,743

Net cash flows from investing activities

-6,409,144

-5,653,186




III.  Cash flows from financing activities:



Cash received from capital injection

18,393,017


Including: Cash received from capital injection of non-controlling shareholders in subsidiaries



Cash received from issuance of debentures


13,950,000

Cash received from borrowings

40,176,857

79,739,578

Other cash received relating to financing activities



Subtotal of cash inflows from financing activities

58,569,874

93,689,578

Cash paid for repayment of borrowings

39,733,328

51,580,318

Cash paid for repayment of debentures

9,500,000

17,000,000

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

 

5,653,200

 

5,001,317

Including: Dividends and profits paid to non-controlling shareholders by subsidiaries

 

9,890

 

644

Cash paid for leases

19,592,765

11,758,167

Other cash paid relating to financing activities

13


Subtotal of cash outflows from financing activities

74,479,306

85,339,802

Net cash flows from financing activities

-15,909,432

8,349,776


 

 

 

Items

First three quarters of 2023 (January to September)

First three quarters of 2022 (January to September)




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

145,037

39,950




V.    Net increase in cash and cash equivalents

10,902,057

-2,159,020

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

 

10,607,711

 

15,934,713




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

 

21,509,768

 

13,775,693

 

Person in charge of the Company: Mr. Ma Chongxian Person in charge of accounting function: Mr. Sun Yuquan Person in charge of accounting department: Mr. 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 2023

 


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, 26 October 2023

 

As at the date of this announcement, the directors of the Company are Mr. Ma Chongxian, Mr. Wang Mingyuan, Mr. Feng Gang, Mr. Patrick Healy, Mr. Xiao Peng, 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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