THIRD QUARTERLY REPORT 2007
Air China Ld
31 October 2007
The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this announcement,
makes no representation as to its accuracy or completeness and expressly disclaims any liability
whatsoever for any loss whatsoever 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: 753)
THIRD QUARTERLY REPORT 2007
This announcement is made pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on
the Stock Exchange of Hong Kong Limited (the 'Listing Rules').
1. IMPORTANT NOTICE
1.1 The board of directors, the Supervisory Committee, as well as the directors, supervisors
and senior management of the Company hereby warrant that there are no false
representations, misleading statements or material omissions in this report, and the
Directors, Supervisors and the senior management individually and jointly accept full
responsibility for the truthfulness, accuracy and completeness of the contents of this
report.
1.2 All of the Directors attended the Board Meeting.
1.3 The Third Quarterly Report of the Company was unaudited.
1.4 The Chairman of the Company Li Jiaxiang, President Cai Jianjiang, Chief Accountant Fan
Cheng (Person in charge of accounting function), and the General Manager of Finance
Department Li Youqiang hereby jointly declare that the financial statements set out in
this quarterly report is true and complete.
1
2. SUMMARY OF BASIC INFORMATION OF THE COMPANY
2.1 Principal accounting data and financial indicators
In RMB
Change
at the
end of
the
reporting
period
as
compared
to the end
At the end of the of the
corresponding corresponding
At the end of the period of period of
reporting period previous year previous year
(%)
Total assets (RMB'000) 85,134,723.00 81,995,306.00 3.83
Shareholders' equity (excluding minority
interests) (RMB'000) 31,260,558.00 30,095,941.00 3.87
Net asset per share (RMB) 2.631 2.533 3.87
From the beginning Change over
of the year to the end the
of the reporting period corresponding
(January to September) period of
previous year
(%)
Net cash flows from
operating activities (RMB'000) 6,318,637.00 15.93
Net cash flows from
operating activities per share (RMB) 0.532 15.93
Beginning of the Change over
year to the end of the
Reporting period reporting period corresponding
(July to (January to period
September) September) of previous
year
(%)
Net profit (RMB'000) 2,187,417.00 3,487,714.00 -42.55
Basic earnings per share (RMB) 0.184 0.287 -42.55
Basic earnings per share after exceptional
gains and losses (RMB) 0.181 0.284 10.21
Return on net assets (%) 7.00 11.16 Decrease by 2.73
percentage
points
Return on net assets after exceptional
gains and losses (%) 6.88 10.77 Increase by 3.21
percentage
points
2
From the
beginning
of the year
to the end
of reporting
period
Exceptional gain and loss items (January to September)
(RMB'000)
Gains arising from disposal of long-term investments 2,250
Net gains arising from disposal of fixed assets 19,493
Various government grants 94,161
Other non-operating expenses, net -53,331
Total 62,573
2.2 Total number of shareholders and top 10 holders of listed shares not subject to trading
moratorium as at the end of the Reporting Period
Unit:
Share
Total number of shareholders at the end of the reporting period 221,270
Particulars of the top 10 holders of listed shares not subject to trading moratorium
Number of
listed shares not
subject to trading
moratorium held
Name of shareholder (full name) as at period end Class of Shares
HKSCC NOMINEES LIMITED 2,209,486,899 Overseas listed
foreign shares
CATHAY PACIFIC AIRWAYS LIMITED 2,161,052,455 Overseas listed
foreign shares
64,181,294 RMB ordinary shares
Bank of China - Jiashi Selected Mix Securities
Investment Fund 52,000,000 RMB ordinary shares
The Industrial and Commercial Bank of China
- Boshi Selective Shares Securities Investment Fund 31,499,610 RMB ordinary shares
China Everbright Bank Company Limited
28,391,406 RMB ordinary shares
The Industrial and Commercial Bank of China
22,720,879 RMB ordinary shares
China Construction Bank
22,150,078 RMB ordinary shares
Morgan Stanley Investment Management Inc
- Morgan Stanley China A Share Fund 20,631,947 RMB ordinary shares
China Construction Bank
20,000,000 RMB ordinary shares
3
3. SIGNIFICANT EVENTS
3.1 Significant changes of the principal accounting statements and financial indicators and
reasons thereof
( X ) applicable ( ) not applicable
The decrease in net profit recorded in the third quarter as compared to the
corresponding period of the previous year was mainly due to the inclusion in the
corresponding period of the previous year of an one-off gain from the disposal of
Dragonair of RMB2,673 million (RMB1,844 million attributable to the Company). Excluding
this one-off gain, the net profit attributable to the Company for the third quarter in
2007 increased 92.8% over the corresponding period of the previous year.
3.2 Analysis and explanation on the progress of significant events and their impact and
resolutions
( X ) applicable ( ) not applicable
On 26 February 2007, the Eastern District Court of New York of the Federal Judiciary of
the United States filed a civil summon against the Company and Air China Cargo, claiming
that they, together with a number of other airlines, have violated certain anti- trust
regulations in respect of their air cargo operations in the United States by acting in
concert in imposing excessive surcharges to impede the offering of discounts and
allocating revenue and customers so as to achieve increasing, maintaining and
stabilising air cargo prices. As the status of the proceedings is still in the
preliminary stage, the Directors of the Company are of the view that it is not possible
to estimate the eventual outcome of the claim with reasonable certainty and therefore no
provision for this claim has been made at this stage.
On 10 July 2007, the Company entered into an aircraft purchase agreement with
Air China Group Import and Export Trading Co. and Airbus for the purchase of 23
Airbus 320-Series aircraft from Airbus. For details, please see the Company's
Announcement on the Purchase of Aircraft dated 11 July 2007 published on the 'China
Securities Journal', the 'Shanghai Securities News' and the 'Securities Daily', as well
as the website of Shanghai Stock Exchange at http://www.sse.com.cn.
3.3 Performance of undertakings given by the Company, shareholders and the effective
controlling person
( X ) applicable ( ) not applicable
China National Aviation Holding Company ('CNAHC') and China National Aviation
Corporation (Group) Limited made an undertaking that it would not transfer, or nominate
other persons to manage, the shares of the Company held by it, and none of these shares
would be acquired by the Company, during the period of 36 months from the listing date
of the A shares of the Company. CNAHC further undertakes to increase its shareholding on
the following basis: during the period commencing from the listing and trading of the A
shares available for subscription online at a fixed price under this A share offer and
ended on 31 December 2006, subject to the condition that the market price of the A
shares of the Company was lower than the issue price, CNAHC would increase its
shareholding through the secondary market as required by the relevant regulations at a
4
price no less than the prevailing market price, until reaching the level of the issue price,
with the accumulated increase of shareholding not more than 600 million A shares. The waiver
of an offer for acquisition involved in such shareholding increase plan was obtained from the
China Securities Regulatory Commission on 17 August 2006. As at 21 August 2006, CNAHC
increased its shareholding by 122,870,578 shares of the Company in aggregate and no further
increase was made since then. The undertaking to increase its shareholding given by CNAHC
expired on 31 December 2006 and there was no transfer of the aforesaid increased shares within
12 months after completion of the shareholding increase plan.
3.4 Warning in respect of forecast of possible net loss from the beginning of the year to the end
of the next Reporting Period or warning in respect of any significant changes in net profit as
compared with that of the corresponding period of previous year and the reasons therefor
( ) applicable ( X ) not applicable
3.5 Other Significant Events which require explanations
3.5.1 Particulars of Shareholding in Other Listed Companies held by the Company
(X) applicable ( ) not applicable
Percentage Items for
Stock Number of of Shareholding Initial Cost of Accounting
No. Code Name in Short Shares Held to the company Investments Purpose
(Share) (%) (RMB)
1 0293 Cathay Pacific 687,895,263 17.5 7,674,194,744 Long-term equity
investment
2 200152 Shandong Aviation 91,200,000 22.8 182,119,110 Long-term equity
investment
Total - - 7,856,313,854 -
3.5.2 Particulars of the Company's Shareholdings in Unlisted Financial Corporations and
Intended Listed Companies
( ) applicable (X) not applicable
Air China Limited
Legal representative: Li Jiaxiang
31 October 2007
5
4. APPENDIX
Consolidated Balance Sheet
30 September 2007
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Balance Balance at
at the end the beginning
Items of the period of the year
CURRENT ASSETS:
Cash and bank balances 2,967,859 4,982,844
Provisions on payables
Contributions received
Trading financial assets 127,508 99,935
Bills receivable
Accounts receivable 3,367,900 2,664,323
Prepayments 516,369 298,704
Premium receivable
Receivables on reinsurance
Provisions for reinsurance contracts
Interests receivable 0 0
Dividend receivable 0 0
Other receivables 1,323,583 904,639
Purchase of financial assets resold
Inventories 787,241 704,367
Non-current assets due within a year
Other current assets 0 0
Total current assets 9,090,460 9,654,812
NON-CURRENT ASSETS:
Loans and advances
Available-for-sale financial assets
Held-to-maturity investment
Long-term receivables 260,370 293,160
Long-term equity investment 11,725,767 11,547,275
Investment property
Fixed assets 51,238,801 50,007,863
Construction in progress 11,732,576 9,309,266
Construction materials 0 0
Disposal of
fixed assets
Biological
assets for
production
Oil and gas
assets
Intangible assets 518,549 527,211
Development expenses
Goodwill 131,945 131,945
Long-term deferred expenses 12,781 10,563
Deferred income tax assets 423,474 513,211
Other non-current assets
Total non-current assets 76,044,263 72,340,494
Total assets 85,134,723 81,995,306
6
CURRENT LIABILITIES:
Short-term borrowings 7,831,160 8,016,656
Borrowings from central bank
Deposits from clients and placements from other banks
Contributions made
Trading financial liabilities 76,341 242,108
Bills payable 0 610,545
Accounts payable 5,289,522 5,908,949
Domestic air traffic liabilities 707,418 383,851
International air traffic liabilities 1,864,109 1,147,200
Receipts in advance 16,245 14,770
Sale of financial assets repurchased
Fees and commissions payable
Salaries and wages payable 349,609 412,135
Taxes payable 1,949,970 1,700,858
Interests payable 207,119 138,226
Dividend payable 0
Other payables 1,683,887 1,547,640
Amounts payable on
reinsurance Provisions
on insurance contracts
Brokerage payable
Underwriting fees payable
Non-current liabilities due within a year 5,563,115 5,205,258
Other current liabilities 0 0
Total Current liabilities 25,538,495 25,328,196
NON-CURRENT LIABILITIES:
Long-term borrowings 13,608,139 9,130,330
Debentures payable 3,000,000 3,000,000
Long-term payables 1,263,188 1,140,234
Obligations under finance leases 10,183,368 11,247,855
Specific payables
Estimated liabilities 85,479 47,822
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities 28,140,174 24,566,241
Total liabilities 53,678,669 49,894,437
OWNER'S EQUITY (OR SHAREHOLDERS' EQUITY):
Paid-up capital (or equity) 12,251,362 12,251,362
Capital surplus 13,061,705 14,291,942
Less: Treasury shares -1,246,955 -1,246,955
Surplus reserves 1,037,467 719,565
General risk provisions
Profit available for appropriation 6,850,223 4,283,177
Currency translation differences -693,244 -203,150
Total equities attributable to owners of Company 31,260,558 30,095,941
Minority interests 195,496 2,004,928
Total owners' equity 31,456,054 32,100,869
Total liabilities and owners' equity 85,134,723 81,995,306
Legal Representative of the Company: Li Jiaxiang
Person in charge of accounting function: Chief Accountant Fan Cheng
Person in charge of accounting department: General Manager of Finance Department Li Youqiang
7
Balance Sheet of the Company
30 September 2007
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Balance Balance in
at the end the beginning
Items of the period of the year
CURRENT ASSETS:
Cash and bank balances 718,459 3,002,572
Trading financial assets 119,981 98,026
Bills receivable
Accounts receivable 3,413,944 2,397,139
Prepayments 471,417 261,949
Interests receivable 0 0
Dividend receivable 0 0
Other receivables 1,247,813 834,915
Inventories 726,179 640,888
Non-current liabilities due within a year
Other current liabilities 0 0
Total Current liabilities 6,697,793 7,235,489
NON-CURRENT
LIABILITIES:
Available-for-sale
financial assets
Held-to-maturity
investment
Long-term receivables 212,103 186,407
Long-term equity investment 13,824,887 10,828,451
Investment property
Fixed assets 50,893,389 49,610,239
Construction in progress 11,730,931 9,307,592
Construction materials
Disposal of fixed assets 0 0
Biological assets for production
Oil and gas assets
Intangible assets 518,395 527,051
Development expenses
Goodwill 0 0
Long-term deferred expenses 11,602 10,563
Deferred income tax assets 412,102 497,309
Other non-current assets
Total non-current assets 77,603,409 70,967,612
Total assets 84,301,202 78,203,101
8
CURRENT LIABILITIES:
Short-term borrowings 7,813,160 7,973,656
Trading financial liabilities 76,341 242,108
Bills payable 0 610,545
Accounts payable 5,256,207 5,403,338
Domestic air traffic liabilities 707,418 383,850
International air traffic liabilities 1,773,760 1,034,453
Receipts in advance 4,272 896
Salaries and wages payable 338,352 406,384
Taxes payable 1,946,843 1,691,863
Interests payable 207,855 138,226
Dividend payable 0 0
Other payables 1,368,408 1,380,457
Non-current liabilities due within a year 5,563,115 5,205,258
Other current liabilities 0 0
Total Current liabilities 25,055,731 24,471,034
NON-CURRENT LIABILITIES:
Long-term borrowings 13,608,139 9,130,330
Debentures payable 3,000,000 3,000,000
Long-term payables 1,082,068 915,133
Obligations under finance leases 10,183,368 11,247,855
Specific payables
Estimated liabilities 85,479 47,822
Deferred income tax liabilities
Other non-current liabilities
Total non-current liabilities 27,959,054 24,341,140
Total liabilities 53,014,785 48,812,174
OWNER'S EQUITY (OR SHAREHOLDERS' EQUITY):
Paid-up capital (or equity) 12,251,362 12,251,362
Capital surplus 14,280,523 14,280,123
Less: Treasury shares 0 0
Surplus reserves 1,024,924 707,022
Profit available for appropriation 3,729,608 2,152,420
Total equities attributable to owners of Company 31,286,417 29,390,927
Total owners' equity (or shareholders' equity) 31,286,417 29,390,927
Total liabilities and owners' equity (or shareholders' equity) 84,301,202 78,203,101
Legal Representative of the Company: Li Jiaxiang
Person in charge of accounting function: Chief Accountant Fan Cheng
Person in charge of accounting department: General Manager of Finance Department Li Youqiang
9
Consolidated Income Statement
January to September 2007
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Amounts for Amounts for
the period from the period from
the beginning the beginning
Amounts for the of the year of perious year
corresponding to the end of to the end of
Amounts for period of the reporting the reporting
the period previous year period period
(July to (July to (January to (January to
Items September) September) September) September)
I. Total revenue from operations
Including: Operating income 14,471,739 13,001,721 37,215,758 32,289,526
Interest income
Premium earned
Fees and commission income
II. Total operating cost
Including: Operating costs 10,349,626 10,052,757 29,461,244 26,645,011
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
Business taxes and other surcharges 359,483 325,497 905,573 798,860
Selling expenses 920,313 787,797 2,290,993 1,823,283
Administrative expenses 259,323 296,022 760,775 824,064
Finance expenses 245,399 144,811 372,193 861,445
Impairment loss of assets
Add: Gains from changes in fair value
(loss is represented by '-' sign) -58,468 -361,578 195,390 -250,736
Investment income (loss is
represented by '-' sign) 552,592 2,850,405 906,866 3,038,161
Including: Gains arising
from investments in associated
companies and joint ventures 552,368 184,428 904,392 385,597
Exchange gains
(loss is
represented by
'-' sign)
10
III.Profit from operations (loss is represented
by '-' sign) 2,831,719 3,883,664 4,527,236 4,124,288
Add: Non-operating income 87,447 86,965 163,775 160,090
Less: Non-operating expenses 31,610 24,710 103,452 58,699
Including: Net loss arising from disposal of
non-current assets 324 10,990 44,572 16,136
IV. Total profit (loss is represented by '-' sign) 2,887,556 3,945,919 4,587,559 4,225,679
Less: Income tax expenses 700,677 139,514 1,177,619 163,028
V. Net profit (loss is represented by '-' sign) 2,186,879 3,806,405 3,409,940 4,062,651
Net profits attributable to owners of Company 2,187,417 2,979,132 3,487,714 3,215,926
Gains or losses from minority interests -538 827,273 -77,774 846,725
VI. Earnings per share:
(I) Basic 0.184 0.320 0.287 0.342
(II) Diluted
Legal Representative of the Company: Li Jiaxiang
Person in charge of accounting function: Chief Accountant Fan Cheng
Person in charge of accounting department: General Manager of Finance Department Li Youqiang
11
Income Statement of the Company
January to September 2007
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Amounts for Amounts for
the period from the period from
the beginning the beginning
Amounts for the of the year of perious year
corresponding to the end of to the end of
Amounts for period of the reporting the reporting
the period previous year period period
(July to (July to (January to (January to
Items September) September) September) September)
I. Revenue from operations 13,710,267 12,291,246 35,134,830 30,177,401
Less: Operating cost 9,598,349 9,404,767 27,369,864 24,721,577
Business taxes and other surcharges 357,987 324,336 901,070 795,798
Selling expenses 926,598 776,078 2,303,958 1,774,197
Administrative expenses 285,190 195,994 707,745 584,201
Finance expenses 259,070 144,541 428,059 879,431
Impairment loss of assets
Add: Gains from changes in fair value (loss is
represented by '-' sign) -52,325 -336,682 187,721 -253,793
Investment income (loss is represented by '-' sign) 135,833 73,501 -10,201 189,601
Including: Gains arising from investments
in associated companies and joint ventures 135,610 80,187 -13,695 186,400
II. Profit from operations (loss is represented
by '-' sign) 2,366,581 1,182,349 3,601,654 1,358,005
Add: Non-operating income 89,833 38,545 163,558 110,821
Less: Non-operating expenses 31,610 24,710 103,448 58,666
Including: Loss arising from disposal of
non-current assets 331 10,960 44,572 16,106
III. Total profit (loss is represented by '-' sign) 2,424,804 1,196,184 3,661,764 1,410,160
Less: Income tax expenses 686,940 127,856 1,163,907 145,678
IV. Net profit (loss is represented by '-' sign) 1,737,864 1,068,328 2,497,857 1,264,482
Legal Representative of the Company: Li Jiaxiang
Person in charge of accounting function: Chief Accountant Fan Cheng
Person in charge of accounting department: General Manager of Finance Department Li Youqiang
12
Consolidated Cash Flow Statement
January to September 2007
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Amounts for Amounts for
the period from the period
from the beginning the beginning
of the year of previous year
to the end of the to the end of the
reporting period reporting period
(January to (January to
Items September) September)
I. Cash flows from operating activities:
Cash received from sales of goods, provision of services 36,917,540 32,211,874
Net increase in deposits from
clients and placements from
other banks
Net increase in borrowings from
central bank Net increase in
contributions made to 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
Net increase in trading financial assets
Cash received from interests, fees and commission
Net increase in contributions
Net increase in cash from repurchase operations
Refund of tax and levy 51,108 56,018
Other cash received relating to operating activities 687,986 598,743
Subtotal of cash inflows of operating activities 37,656,634 32,866,635
Cash paid for goods purchased, services rendered 22,905,509 21,389,042
Net increase in loans and advances
to clients Net increase in deposits
to central bank and to other banks
Cash payment of claims under original
insurance contracts
Cash payment of interests, fees and commission
Cash payment of bonus paid to insurance policy
Cash paid to or on behalf of employees 3,108,960 2,149,217
Tax paid 2,311,634 1,568,270
Other cash paid in relation to operating activities 3,011,894 2,309,860
Subtotal of cash outflows of operating activities 31,337,997 27,416,389
Net cash flows from operating activities 6,318,637 5,450,246
13
II. Cash flows from investing activities:
Cash received from investments
Cash from investment income 414,773 101,397
Net cash from disposal of fixed assets, intangible
assets and other long-term assets 97,145 158,888
Cash from disposal of long-term equity investment 439,561
Net cash from disposal of subsidiaries and
other business units 21,939
Other cash received from investing activities 2,750,874 61,171
Subtotal of cash inflows of investment activities 3,284,731 761,017
Cash paid to purchase of fixed assets, intangible
assets and other long-term assets 6,454,489 3,961,200
Cash paid to investments 3,032,955 5,466,118
Net cash from subsidiaries and other business unit
Cash payments relating to other investments 2,515,457 10,172
Subtotal of cash outflows of investment activities 12,002,901 9,437,490
Net cash flows from investing activities -8,718,170 -8,676,473
III. Cash flows from financing activities:
Cash received from investments 8,570,348
Including: Cash received from investments
of minority shareholders through subsidiaries
Cash received from borrowings 15,898,309 11,316,944
Cash received from issue of debentures
Other cash relating to financing activities 74,627
Subtotal of cash inflows of financing activities 15,898,309 19,961,919
Cash repaid to amounts borrowed 10,608,798 8,217,613
Cash repayment for interests and dividends paid 2,023,325 1,241,139
Cash payments for distribution of
dividends, profits or interest
expenses
Including: Dividends and profit paid to
minority shareholders by subsidiaries
Other cash payments relating to financing activities 2,699,711 2,031,635
Subtotal of cash outflows of financing activities 15,331,834 11,490,387
Net cash flows from financing activities 566,475 8,471,532
IV. Effect of exchange rate changes on cash and
cash equivalents -23,976 -323,045
V. Net increase in cash and cash equivalents -1,857,034 4,922,260
Cash balances at the end of the period 2,967,859 7,142,986
Less: Time deposits with terms over three months 1,505,611
Less: Time deposits pledged 118,719 186,746
Balance of cash and cash equivalents at the end of
the period 1,343,529 6,956,240
Less: Balance of cash and cash equivalents
at the beginning of the period 3,200,563 2,033,980
VI. Net increase in cash and cash equivalents for
the period -1,857,034 4,922,260
Legal Representative of the Company: Li Jiaxiang
Person in charge of accounting function: Chief Accountant Fan Cheng
Person in charge of accounting department: General Manager of Finance Department Li Youqiang
14
Cash Flow Statement of the Company
January to September 2007
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Amounts for Amounts for
the period from the period
from the beginning the beginning
of the year of previous year
to the end of the to the end of the
reporting period reporting period
(January to (January to
Items September) September)
I. Cash flows from operating activities:
Cash received from sales of goods,
provision of services 34,408,263 29,852,124
Refund of tax and levy 51,108 55,273
Other cash received relating to operating activities 520,643 426,041
Subtotal of cash inflows of operating activities 34,980,014 30,333,438
Cash paid for goods purchased, services rendered 20,830,843 19,851,263
Cash paid to or on behalf of employees 2,780,008 1,843,908
Tax paid 2,201,988 1,527,918
Other cash paid in relation to operating activities 2,734,361 1,778,608
Subtotal of cash outflows of operating activities 28,547,200 25,001,697
Net cash flows from operating activities 6,432,814 5,331,741
II. Cash flows from investing activities:
Cash received from investments
Cash from investment income 21,572 25,730
Net cash from disposal of fixed assets, intangible
assets and other long-term assets 97,108 156,603
Net cash from disposal of subsidiaries and
other business units 21,939
Other cash received from investing activities 2,612,845 35,237
Subtotal of cash inflows of investment activities 2,753,464 217,570
Cash paid to purchase of fixed assets, intangible
assets and other long-term assets 6,446,911 3,935,653
Cash paid to investments 3,032,955 5,397,144
Net cash from subsidiaries and other business units
Cash payments relating to other investments 2,127,687
Subtotal of cash outflows of investment activities 11,607,553 9,332,797
Net cash flows from investing activities -8,854,089 -9,115,227
15
III. Cash flows from financing activities:
Cash received from investments 8,570,348
Cash received from borrowings 15,773,310 11,253,944
Other cash relating to financing activities 74,627
Subtotal of cash inflows of financing activities 15,773,310 19,898,919
Cash repaid to amounts borrowed 10,558,798 8,171,253
Cash payments for distribution of dividends,
profits or interest expenses 2,021,817 1,205,117
Other cash payments relating to financing activities 2,621,444 2,031,635
Subtotal of cash outflows of financing activities 15,202,059 11,408,005
Net cash flows from financing activities 571,251 8,490,914
IV. Effect of exchange rate changes on cash and
cash equivalents 27,034 -308,728
V. Net increase in cash and cash equivalents -1,822,990 4,398,700
Cash balances at the end of the period 718,459 5,373,112
Less: Time deposits with terms over three months 38,561
Time deposits pledged 2,486 82,490
Balance of cash and cash equivalents
at the end of the period 677,412 5,290,622
Less: Balance of cash and cash equivalents
at the beginning of the period 2,500,402 891,922
VI. Net increase in cash and cash equivalents for
the period -1,822,990 4,398,700
Legal Representative of the Company: Li Jiaxiang
Person in charge of accounting function: Chief Accountant Fan Cheng
Person in charge of accounting department: General Manager of Finance Department Li
Youqiang
By order of the Board
Air China Limited
Huang Bin Li Man Kit
Joint Company Secretaries
Beijing, 30 October 2007
As at the date of this announcement, the Directors of the Company are Messrs Li Jiaxiang, Kong Dong,
Wang Shixiang, Yao Weiting, Christopher Dale Pratt, Chen Nan Lok Philip, Ma Xulun, Cai Jianjiang, Fan
Cheng, Hu Hung Lick, Henry*, Wu Zhipan*, Zhang Ke* and Jia Kang*.
* Independent non-executive Director of the Company
16
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