Third Quarterly Report & Shareholder' Return Plan

Items	Balance at the end of the period	Balance at the beginning of the year
CURRENT ASSETS:
Cash and bank balances	13,618,987	15,420,242
Provisions on payables
Contributions made
Financial assets held for trading	13,735	12,144
Bills receivable	418	1,601
Accounts receivable	3,437,092	2,652,439
Prepayments	700,405	584,983
Premium receivable
Receivables on reinsurance
Provisions for reinsurance contracts
Interest receivable
Dividend receivable
Other receivables	2,889,410	1,662,087
Purchase of financial assets resold
Inventories	1,130,715	1,128,164
Non-current assets due within a year
Other current assets	8,000
Total current assets	21,798,762	21,461,660

NON-CURRENT ASSETS:
Loans and advances
Available-for-sale financial assets
Held-to-maturity investments
Long term receivables	441,857	424,618
Long term equity investments	14,683,948	14,804,420
Investment property	232,588	240,879
Fixed assets	112,853,455	101,737,456
Construction in progress	27,346,925	27,566,439
Construction materials
Disposal of fixed assets
Biological assets for production
Oil and gas assets
Intangible assets	2,775,423	2,805,249
Development expenses
Goodwill	1,102,185	1,102,185
Long term deferred expenses	237,391	187,893
Deferred tax assets	3,114,512	2,992,769
Other non-current assets
Total non-current assets	162,788,284	151,861,908
Total assets	184,587,046	173,323,568

Items	Balance at the end of the period	Balance at the beginning of the year
CURRENT LIABILITIES:
Short term loans	15,776,170	11,507,317
Borrowings from central bank
Deposits from clients and placements from other banks
Contributions received
Financial liabilities held for trading	156,357	223,137
Bills payable	330,544
Accounts payable	11,527,199	12,081,912
Domestic air traffic liabilities	1,849,946	2,052,297
International air traffic liabilities	2,783,198	2,510,478
Receipts in advance	107,411	121,503
Sale of financial assets repurchased
Fees and commissions payable
Salaries and wages payable	1,929,895	2,703,428
Taxes payable	1,505,092	2,756,215
Interests payable	364,026	360,578
Dividend payable
Other payables	6,411,902	6,309,825
Amounts payable on reinsurance
Reserves on insurance contracts
Brokerage payable
Underwriting fees payable
Non-current liabilities due within a year	18,245,772	17,240,694
Other current liabilities
Total current liabilities	60,987,512	57,867,384

NON-CURRENT LIABILITIES:
Long-term borrowings	30,996,551	33,398,481
Debentures payable	6,000,000	6,000,000
Long-term payables	2,864,763	2,643,472
Obligations under finance leases payable	25,142,773	19,191,860
Specific payables
Estimated liabilities	411,833	346,284
Deferred income tax liabilities	1,476,220	1,213,030
Deferred income	3,780,073	3,161,536
Other non-current liabilities
Total non-current liabilities	70,672,213	65,954,663
Total liabilities	131,659,725	123,822,047

Items	Balance at the end of the period	Balance at the beginning of the year
OWNER'S EQUITY (OR SHAREHOLDERS' EQUITY):
Issued capital	12,891,955	12,891,955
Capital reserve	16,239,910	16,288,523
Less: Treasury shares
Specific reserves
Surplus reserves	4,150,938	3,471,812
General risk provisions
Profit available for appropriation	19,170,608	17,134,982
Foreign exchange translation reserve	-2,886,420	-3,049,254
Total owner's equity attributable to shareholders of the Company	49,566,991	46,738,018
Minority interests	3,360,330	2,763,503
Total owner's equity	52,927,321	49,501,521
Total liabilities and owner's equity	184,587,046	173,323,568

Items	Balance at the end of the period	Balance at the beginning of the year
CURRENT ASSETS:
Cash and bank balances	5,363,423	7,797,123
Held-for-trading financial assets
Bills receivable
Accounts receivable	3,554,315	2,267,190
Prepayments	389,134	333,595
Interests receivable
Dividend receivable
Other receivables	2,722,043	1,827,398
Inventories	722,018	762,546
Non-current assets due within a year		2,200,000
Other current assets
Total current assets	12,750,933	15,187,852

NON-CURRENT ASSETS:
Available-for-sale financial assets
Held-to-maturity investments
Long-term receivables	263,174	251,729
Long-term equity investments	22,192,136	21,549,749
Investment properties
Fixed assets	82,974,187	75,452,377
Construction in progress	20,353,845	20,539,767
Construction materials
Disposal of fixed assets
Biological assets for production
Oil and gas assets
Intangible assets	2,149,817	2,222,451
Development expenses
Goodwill
Long-term deferred expenses	102,279	117,328
Deferred income tax assets	2,204,504	2,170,000
Other non-current assets
Total non-current assets	130,239,942	122,303,401
Total assets	142,990,875	137,491,253

Items	Balance at the end of the period	Balance at the beginning of the year
CURRENT LIABILITIES:
Short-term borrowings	9,555,249	9,309,099
Held-for-trading financial liabilities	104,898	176,167
Bills payable
Accounts payable	7,510,038	8,003,628
Domestic air traffic liabilities	1,417,603	1,411,187
International air traffic liabilities	2,483,874	2,297,526
Receipts in advance	55,630	60,116
Salaries and wages payable	1,028,100	1,737,612
Taxes payable	1,083,340	1,975,889
Interests payable	321,708	336,128
Dividend payable
Other payables	1,848,672	1,907,700
Non-current liabilities due within a year	15,926,118	14,795,817
Other current liabilities
Total current liabilities	41,335,230	42,010,869

NON-CURRENT LIABILITIES:
Long-term borrowings	18,991,347	21,170,298
Debentures payable	6,000,000	6,000,000
Long-term payables	1,579,901	1,380,986
Obligations under finance leases payable	23,938,445	18,428,125
Specific payables
Estimated liabilities	47,291	55,608
Deferred income tax liabilities	175,000	136,000
Deferred income	2,759,103	2,340,113
Other non-current liabilities
Total non-current liabilities	53,491,087	49,511,130
Total liabilities	94,826,317	91,521,999

OWNER'S EQUITY (OR SHAREHOLDER'S EQUITY):
Issued capital	12,891,955	12,891,955
Capital reserve	20,111,977	20,111,677
Less: Treasury shares
Specific reserves
Surplus reserves	4,141,348	3,462,222
General risk provisions
Profit available for appropriation	11,019,278	9,503,400
Total owner's equity (or shareholders' equity)	48,164,558	45,969,254
Total liabilities and owner's equity (or shareholders' equity)	142,990,875	137,491,253

Items	Amounts for the period (July to September)	Amounts for the corresponding period of the previous year (July to September)	Amounts for the period from the beginning of the year to the end of the reporting period (January to September)	Amounts for the period from the beginning of the previous year to the end of the previous reporting period (January to September)
I. Revenue from operations	28,749,484	28,144,172	76,309,837	73,274,530
Including: Operating income	28,749,484	28,144,172	76,309,837	73,274,530
Interest income
Premium earned
Fees and commission income

II. Total operating costs	24,651,424	23,359,768	70,901,507	63,848,184
Including: Operating costs	20,777,552	20,308,920	60,162,745	56,112,880
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 levies	554,517	654,223	1,646,562	1,682,321
Selling expenses	1,790,599	1,807,184	5,070,806	4,887,771
Administrative expenses	760,020	754,412	2,174,951	2,040,634
Finance expenses	768,945	-660,290	2,076,851	-1,390,784
Impairment loss of assets	-209	495,319	-230,408	515,362
Add: Gains from changes in fair value (loss is represented by "-" sign)	2,409	37,882	5,953	77,208
Investment income (loss is represented by "-" sign)	384,205	583,927	192,028	1,224,028
Including: Gains arising from investments in associated companies and joint ventures	337,726	583,929	189,533	1,222,528
Exchange gains (loss is represented by "-" sign)

Items	Amounts for the period (July to September)	Amounts for the corresponding period of the previous year (July to September)	Amounts for the period from the beginning of the year to the end of the reporting period (January to September)	Amounts for the period from the beginning of the previous year to the end of the previous reporting period (January to September)
III. Profit from operations (loss is represented by "-" sign)	4,484,674	5,406,213	5,606,311	10,727,582
Add: Non-operating income	230,344	281,074	701,467	536,629
Less: Non-operating expenses	14,116	10,603	103,591	60,645
Including: Loss arising from disposal of non-current assets	2,610		13,992	4,955

IV. Total profit (total loss is represented by "-" sign)	4,700,902	5,676,684	6,204,187	11,203,566
Less: Income tax expenses	1,188,915	1,497,438	1,493,675	2,672,207

V. Net profit (net loss is represented by "-" sign)	3,511,987	4,179,246	4,710,512	8,531,359
Net profits attributable to shareholders of the Company	3,174,118	3,799,624	4,236,003	7,862,838
Gains or losses attributable to minority interests	337,869	379,622	474,509	668,521

VI. Earnings per share:
(I) Basic	0.26	0.31	0.35	0.65
(II) Diluted	N/A	N/A	N/A	N/A

VII. Other consolidated gains	59,445	-345,022	116,539	-564,830

VIII. Total consolidated gains	3,571,432	3,834,224	4,827,051	7,966,529
Total consolidated gains attributable to shareholders of the Company	3,233,860	3,455,872	4,350,224	7,300,418
Total consolidated gains attributable to minority interests	337,572	378,352	476,827	666,111

Items	Amounts for the period (July to September)	Amounts for the corresponding period of the previous year (July to September)	Amounts for the period from the beginning of the year to the end of the reporting period (January to September)	Amounts for the period from the beginning of the previous year to the end of the previous reporting period (January to September)
I. Revenue from operations	20,292,634	20,165,821	54,040,244	52,639,379
Less: Operating cost	14,537,505	14,301,961	42,600,103	39,931,956
Business taxes and other levies	321,032	437,261	1,033,049	1,132,709
Selling expenses	1,310,269	1,324,071	3,703,270	3,591,194
Administrative expenses	407,361	421,248	1,189,871	1,120,662
Finance expenses	507,122	-674,941	1,383,418	-1,417,251
Impairment loss of assets	0	550,000	15,526	550,000
Add: Gains from changes in fair value (loss is represented by "-"sign)	-4,539	-16,800	-8,031	26,119
Investment income (loss is represented by "-" sign)	252,764	216,083	267,816	1,083,101
Including: Gains arising from investments in associated companies and joint ventures	252,764	216,084	267,816	408,118

II. Profit from operations (loss is represented by "-" sign)	3,457,570	4,005,504	4,374,792	8,839,329
Add: Non-operating income	164,411	187,575	471,736	342,446
Less: Non-operating expenses	8,812	10,758	29,217	23,299
Including: Loss arising from disposal of non-current assets	2,422	1,144	11,972	3,516

III. Total profit (total loss is represented by "-" sign)	3,613,169	4,182,321	4,817,311	9,158,476
Less: Income tax expenses	933,574	1,210,536	1,101,056	2,226,948

IV. Net profit (net loss is represented by "-" sign)	2,679,595	2,971,785	3,716,255	6,931,528

V. Earnings per share:
(I) Basic
(II) Diluted

Items	Amounts for the period (July to September)	Amounts for the corresponding period of the previous year (July to September)	Amounts for the period from the beginning of the year to the end of the reporting period (January to September)	Amounts for the period from the beginning of the previous year to the end of the previous reporting period (January to September)
VI. Other consolidated gains		-147	300	-1,067

VII. Total consolidated gains	2,679,595	2,971,638	3,716,555	6,930,461

Items	Amounts for the period from the beginning of the year to the end of the reporting period (January to September)	Amounts for the period from the beginning of the previous year to the end of the previous reporting period (January to September)
I. Cash flows from operating activities:
Cash received from sales of goods and provision of services	75,138,050	73,226,146
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 disposal of held-for-trading financial assets
Cash received from interests, fees and commission
Net increase in contributions received
Net increase in cash from repurchase operations
Refund of tax and levy	149,108
Other cash received relating to operating activities	1,913,079	2,168,068
Subtotal of cash inflows of operating activities	77,200,237	75,394,214
Cash paid for goods purchased and services received	44,395,196	38,934,790
Net increase in loans and advances to clients
Net increase in deposits in central bank and to other banks
Cash paid in respect of claims under original insurance contracts
Cash paid for interests, fees and commission
Cash paid for bonus paid on insurance policy
Cash paid to or on behalf of employees	9,646,963	7,200,571
Tax and levies paid	5,785,336	5,266,213
Other cash paid relating to operating activities	5,766,120	5,302,004
Subtotal of cash outflows from operating activities	65,593,615	56,703,578
Net cash flows from operating activities	11,606,622	18,690,636

Items	Amounts for the period from the beginning of the year to the end of the reporting period (January to September)	Amounts for the period from the beginning of the previous year to the end of the previous reporting period (January to September)
II. Cash flows from investment activities:
Cash received from sales and redemption of investments
Cash received from investment income	445,391	852,727
Net cash proceeds from disposal of fixed assets, intangible assets and other long-term assets	227,562	494,152
Net cash proceeds from disposal of subsidiaries and other business units		1,669,177
Other cash received relating to investment activities	300,773	1,439,248
Subtotal of cash inflows from investment activities	973,726	4,455,304
Cash paid for purchase of fixed assets, intangible assets and other long-term assets	10,322,533	16,712,276
Cash paid for investments
Net increase in secured loans	674,283
Net cash payments for acquisition of subsidiaries and other business units
Other cash paid relating to investment activities	62,418	130,643
Subtotal of cash outflows from investment activities	11,059,234	16,842,919
Net cash flows from investment activities	-10,085,508	-12,387,615

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	21,868,527	22,901,906
Cash received from issue of debentures
Other cash received relating to financing activities
Subtotal of cash inflows from financing activities	21,868,527	22,901,906
Cash paid for repayment of borrowings	19,650,465	21,606,315
Cash paid for distribution of dividends, profits or payment of interest expenses	3,552,167	3,384,556
Including: Dividends and profit paid to minority shareholders by subsidiaries
Other cash paid relating to financing activities	2,604,436	1,823,936
Subtotal of cash outflows from financing activities	25,807,068	26,814,807
Net cash flows from financing activities	-3,938,541	-3,912,901

Items	Amounts for the period from the beginning of the year to the end of the reporting period (January to September)	Amounts for the period from the beginning of the previous year to the end of the previous reporting period (January to September)
IV. Effect of exchange rate changes on cash and cash equivalents	-58,111	-126,754

V. Net increase in cash and cash equivalents	-2,475,538	2,263,366
Add: Balance of cash and cash equivalents as at the beginning of the period	15,306,409	14,204,591

VI. Balance of cash and cash equivalents as at the end of the period	12,830,871	16,467,957

Items	Amounts for the period from the beginning of the year to the end of the reporting period (January to September)	Amounts for the period from the beginning of the previous year to the end of the previous reporting period (January to September)
I. Cash flows from operating activities:
Cash received from sales of goods and provision of services	52,876,501	52,714,914
Refund of tax and levy	7,985
Other cash received relating to operating activities	1,235,272	972,843
Subtotal of cash inflows from operating activities	54,119,758	53,687,757
Cash paid for goods purchased and services received	31,826,473	28,701,031
Cash paid to and on behalf of employees	6,060,737	4,427,420
Taxes and levies paid	3,971,238	4,192,114
Other cash paid relating to operating activities	4,118,384	3,811,472
Subtotal of cash outflows from operating activities	45,976,832	41,132,037
Net cash flows from operating activities	8,142,926	12,555,720

II. Cash flows from investment activities:
Cash received from sales and redemption of investments	2,200,000
Cash received from investment income	107,129	87,246
Net cash proceeds from disposal of fixed assets, intangible assets and other long-term assets	192,855	152,870
Net cash proceeds from disposal of subsidiaries and other business units
Other cash received relating to investment activities	158,704	126,913
Subtotal of cash inflows from investment activities	2,658,688	367,029
Cash paid for purchase of fixed assets, intangible assets and other long-term assets	6,366,526	11,428,133
Cash paid for investments		1,000,000
Net cash payments for acquisition of subsidiaries and other business units	480,000	670,000
Other cash paid relating to investment activities	742,617	98,140
Subtotal of cash outflows from investment activities	7,589,143	13,196,273
Net cash flows from investment activities	-4,930,455	-12,829,244

Items	Amounts for the period from the beginning of the year to the end of the reporting period (January to September)	Amounts for the period from the beginning of the previous year to the end of the previous reporting period (January to September)
III. Cash flows from financing activities:
Cash received from capital injection
Cash received from borrowings	14,347,805	19,058,514
Cash received from issue of debentures
Other cash received relating to financing activities
Subtotal of cash inflows from financing activities	14,347,805	19,058,514
Cash paid for repayment of borrowings	15,704,780	15,960,240
Cash paid for distribution of dividends, profits or payment of interest expenses	2,837,887	2,807,771
Other cash paid relating to financing activities	2,065,255	1,573,774
Subtotal of cash outflows from financing activities	20,607,922	20,341,785
Net cash flows from financing activities	-6,260,117	-1,283,271

IV. Effect of exchange rate changes on cash and cash equivalents	-49,373	-74,278

V. Net increase in cash and cash equivalents	-3,097,019	-1,631,073
Add: Balance of cash and cash equivalents as at the beginning of the period	7,797,123	11,501,617

VI. Balance of cash and cash equivalents as at the end of the period	4,700,104	9,870,544

Companies

Air China Ltd. (AIRC)

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Name of absent directors	Position of absent directors	Reason(s) for absence	Name of proxy

Cao Jianxiong	Director	business engagement	Wang Yinxiang
Christopher Dale Pratt	Director	business engagement	Ian Sai Cheung Shiu

	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 (RMB'000)	184,587,046	173,323,568	6.5
Owner's equity (or shareholders' equity) (RMB'000)	49,566,991	46,738,018	6.05
Net asset per share attributable to shareholders of the listed company (RMB)	4.08	3.84	6.25

	For the period from the beginning of the year to the end of the reporting period (January to September)	Increase/ decrease as compared to the corresponding period of the previous year
		(%)

Net cash flows from operating activities (RMB'000)	11,606,622	-37.90
Net cash flows per share from operating activities (RMB)	0.96	-37.66

	Reporting period (July to September)	From the beginning of the year to the end of the reporting period (January to September	Increase/ decrease of this reporting period as compared to the corresponding period of the previous year
			(%)

Net profit attributable to shareholders of the listed company (RMB'000)	3,174,118	4,236,003	-16.46
Basic earnings per share (RMB)	0.26	0.35	-16.13
Basic earnings per share after deducting non-recurring profits and losses (RMB)	0.25	0.3	-16.67
Diluted earnings per share (RMB)	N/A	N/A	N/A
Weighted average return on net assets (%)	6.53	8.79	decreased by 2ppt
Weighted average return on net assets after deducting non-recurring profits and losses (%)	6.22	7.57	decreased by 1.87ppt

Items	From the beginning of the year to the end of the reporting period (January to September)

Gains/(losses) from disposal of non-current assets	52,260
Government grants included in the profits and losses for the current period (except for those that are closely related to the Company's normal operating business and qualified under national policy to receive certain standard amount and quantities)	570,706
Gain/(loss) from changes in fair value of financial assets/liabilities held for trading and investment gains from disposal of financial assets/liabilities held for trading and available-for-sale financial assets (except for hedging activities related to the Company's normal operating business)	5,953
Reversal of provision for impairment of receivables which are individually tested for impairment	315,783
Other non-operating income and expenses not covered above	-25,090
Effect of income tax	-140,808
Effect on minority interest (after tax)	-193,152


Total	585,652

Total number of shareholders as at the end of the reporting period		303,652 (including 4,655 registered H Share shareholders)

Particulars of the top 10 shareholders not subject to selling restrictions

Name of shareholder (full name)	Number of listed shares not subject to selling restrictions held as at the end of the reporting period	Class of Shares

China National Aviation Holding Company ("CNAHC")	5,072,981,631	RMB ordinary shares 5,072,981,631
Cathay Pacific Airways Limited	2,517,385,455	Overseas listed foreign shares 2,517,385,455
HKSCC NOMINEES LIMITED	1,793,212,434	Overseas listed foreign shares 1,793,212,434
China National Aviation Corporation (Group) Limited ("CNACG")	1,556,334,920	RMB ordinary shares 1,332,482,920O verseas listed foreign shares 223,852,000
China National Aviation Fuel Group Corporation	86,300,000	RMB ordinary shares 86,300,000
New China Life Insurance Company Ltd. - Bonus - Personal Bonus - 018L - FH002 Shanghai	76,595,770	RMB ordinary shares 76,595,770
Sinotrans Air Transportation Development Co., Ltd.	75,800,000	RMB ordinary shares 75,800,000
China Life Insurance Company Limited - Bonus - Personal Bonus - 005L - FH002 Shanghai	58,684,367	RMB ordinary shares 58,684,367
Guo Hua Life Insurance Co., Ltd Self-owned Funds	48,000,000	RMB ordinary shares 48,000,000
PICC Property and Casualty Company Limited - traditional - ordinary insurance products - 008C - CT001Shanghai	40,842,706	RMB ordinary shares 40,842,706

Items in consolidated balance sheet	As of 30 September 2012	As of 31 December 2011	Amount of Change	Percentage	Reasons for Change

Other receivables	2,889,410	1,662,087	1,227,323	73.84%	This was mainly attributable to the increase in rebate due from aircraft manufacturers caused by the receipt of aircrafts and the partial reversal of the provision for bad debts of subsidiaries in this reporting period.

Short-term borrowings	15,776,170	11,507,317	4,268,853	37.10%	This was mainly attributable to the increase of current borrowings.

Taxes payable	1,505,092	2,756,215	-1,251,123	-45.39%	This was mainly attributable to the payment of enterprise income taxes of the previous year in this reporting period, thereby reducing the balance as at the beginning of the period, and the decrease in earnings in this reporting period, resulting in the decrease in enterprise income taxes payable.

Obligations under finance leases	25,142,773	19,191,860	5,950,913	31.01%	This was mainly attributable to the receipt of aircrafts under finance leases in this reporting period.

Items in Consolidated income statement	For the period from the beginning of the year to the end of the reporting period (January to September)	For the Corresponding period of the previous year (January to September)	Amount of Change	Percentage	Reasons for Change

Finance costs	2,076,851	-1,390,784	3,467,635	-249.33%	This was mainly attributable to the depreciation of RMB against US dollars and the increase in borrowings in this reporting period.

Impairment losses in assets	-230,408	515,362	-745,770	-144.71%	The losses in the corresponding period of the previous year was mainly attributable to the provision for impairment of fixed assets and the gains in this reporting period was mainly attributable to the partial reversal of the provision for bad debts of receivables of a subsidiary.

Gains/(losses) from movements in fair value	5,953	77,208	-71,255	-92.29%	The gains in the corresponding period of the previous year was mainly attributable to the recovery of fair value of the debt of fuel derivative contracts and all fuel derivative contracts held by the Company expired at the end of the previous year.

Investment income	192,028	1,224,028	-1,032,000	-84.31%	This was mainly attributable to the decrease in gains or losses on investment by certain associates recognized under the equity method in this reporting period.

Tax	1,493,675	2,672,207	-1,178,532	-44.10%	This was mainly attributable to the decrease in earnings in this reporting period, resulting in the decrease in enterprise income taxes payable.

Items in consolidated statement of cash flows	For the period from the beginning of the year to the end of the reporting period (January to September)	For the corresponding period of the previous year (January to September)	Amount of Change	Percentage	Reasons for Change

Cash paid to or on behalf of employees	9,646,963	7,200,571	2,446,392	33.97%	This was mainly attributable to the payment of corporate annuity from December 2011 by the Group and the increase in the number of staff headcounts in the reporting period. In addition, benchmark salaries were raised from the second half of 2011 and started to be paid from January 2012, resulting in the increase of cash expenses for the reporting period.

Cash from investment income	445,391	852,727	-407,336	-47.77%	This was mainly attributable to the decrease in bonus from associated companies in this reporting period

Net cash proceeds from disposal of subsidiaries and other business units	0	1,669,177	-1,669,177	-100%	Cash inflow from capital contribution for restructuring Air China Cargo in the previous year

Cash received relating to other investment activities	300,773	1,439,248	-1,138,475	-79.10%	This was mainly attributable to cash inflow from the recovery of secured deposits and establishment of Beijing Airlines to receive the investments made by minority interests in the corresponding period of the previous year

Cash paid for purchase of fixed assets and other long-term assets	10,322,533	16,712,276	-6,389,743	-38.23%	This was mainly attributable to introduction of more aircrafts under finance leases in this reporting period and the decrease in cash paid for purchase of assets as compared to the corresponding period in the previous year.

Cash paid relating to other financing activities	2,604,436	1,823,936	780,500	42.79%	This was mainly attributable to the increase in finance leases paid in this reporting period as compared to the corresponding period in the previous year.