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 OF 2025
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 29 April 2025 and passed the resolution approving the first quarterly report (the "Quarterly Report") of 2025 of the Company for the period ended 31 March 2025 (the "Reporting Period" or "Period") prepared in accordance with the PRC Accounting Standards for Business Enterprises.
IMPORTANT NOTICE
The Board and the supervisory committee of the Company together with the directors, supervisors and the senior management of the Company guarantee that the contents of the Quarterly Report are true, accurate and complete and do not contain any false representation, misleading statement or material omission, and shall jointly and severally accept legal liability.
The person in charge of the Company, person in charge of accounting function and person in charge of accounting department (accounting superintendent) hereby guarantee that the financial information set out in the Quarterly Report are true, accurate and complete.
Whether the financial statements of the first quarter are audited
□Yes RNo
1. MAJOR FINANCIAL DATA
(1) MAJOR ACCOUNTING DATA AND FINANCIAL INDICATORS
Unit: RMB'000
| Items | During the Reporting Period | During the corresponding period of the previous year | Increase/decrease of the Reporting Period as compared to the corresponding period of the previous year (%) |
| | | | |
| Revenue | 40,023,324 | 40,065,742 | -0.11 |
| Net profit attributable to shareholders of the listed company | -2,043,993 | -1,674,456 | -22.07 |
| Net profit attributable to shareholders of the listed company after deducting non-recurring profits and losses | -2,127,891 | -1,713,176 | -24.21 |
| Net cash flows from operating activities | 8,341,401 | 9,407,344 | -11.33 |
| Basic earnings per share | -0.12 | -0.11 | -9.09 |
| Diluted earnings per share | -0.12 | -0.11 | -9.09 |
| Weighted average return on | -4.64% | -4.47% | Decreased by 0.17 percentage points |
| | At the | At the | Increase/decrease at the end of the Reporting Period |
| | | | |
| Total assets | 345,163,318 | 345,769,412 | -0.18 |
| Owners' equity attributable to shareholders of the listed company | 43,020,170 | 45,147,411 | -4.71 |
(2) Items and amounts of non-recurring profits and losses
R Applicable □ Not applicable
Unit: RMB'000
| Items of non-recurring profits and losses | Amounts for the Period |
| | |
| Gains or losses on disposal of non-current assets, including provision for asset impairment being written off | 5,521 |
| Government subsidies recorded in profit or loss for the current period (excluding those closely related to the Company's normal business operations, in compliance with national policies and regulations, were entitled in accordance with the established standards and posed a lasting impact on the Company's profit or loss) | 26,545 |
| Gain or loss from change in fair value arising from holding financial assets and financial liabilities by non-financial enterprises, and gain or loss arising from disposal of financial assets and financial liabilities, excluding the effective hedging businesses related to the normal operations of the Company | 2 |
| Capital occupancy fee from non-financial enterprises recognised through current profit or loss | |
| Profit or loss from entrusting others to invest or manage assets | |
| Profit or loss from externally entrusted loans | |
| Loss of assets due to force majeure factors, such as natural disasters | |
| Reversal of provision for impairment of receivable that has undergone impairment test alone | 1,380 |
| Gains arising from the investment costs for acquisition of subsidiaries, associates and joint ventures being less than the fair value of attributable identifiable net assets of such investees at the time of acquisition | |
| Current net profit or loss of subsidiaries from business combination under common control from the beginning of the period to the date of combination | |
| Profit or loss from exchange of non-monetary assets | |
| Profit or loss from debt restructuring | |
| One-time costs incurred by the enterprise due to the fact that the relevant business activities are no longer continuing, such as expenses for relocating employees | |
| One-time effect on current profit or loss due to adjustments in tax, accounting and other laws and regulations | |
| One-time share-based payment expense recognized for cancellation and modification of equity incentive plans | |
| Gain or loss from changes in fair values of employee benefits payable for cash-settled share-based payments after the exercise date | |
| Profit or loss from changes in fair value of investment properties subsequently measured using the fair value model | |
| Gains arising from transactions at significantly unfair prices | |
| Profit or loss arising from contingencies irrelevant to the normal business operations of the company | |
| Trusteeship fee income from entrusted operations | |
| Other non-operating income and expenses besides the above items | 63,884 |
| Other profit and loss items that meet the definition of | |
| Less: Effect of income tax | 2,206 |
| Effect of non-controlling interests (after tax) | 11,228 |
| |
|
| | |
| Total | 83,898 |
| |
|
Explanation on recognising items not listed in the "Explanatory Announcement No. 1 on Information Disclosure of Companies That Issue Securities to the Public - 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》) as non-recurring profits and losses items with significant amounts and defining non-recurring profits and losses items listed in the "Explanatory Announcement No. 1 on Information Disclosure of Companies That Issue Securities to the Public - 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》) as recurring profits and losses items of the Company.
□ Applicable R Not applicable
(3) Particulars of, and reasons for, changes in major accounting data and financial indicators
□ Applicable R Not applicable
2. 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 | 151,206 | | Total number of holders of preference shares with restored voting rights as at | / | ||
| | | | | |||
| Particulars of the top 10 shareholders (excluding shares lent through securities lending and refinancing) | ||||||
| Name of shareholder | Nature of shareholder | Number of shares held | Shareholding percentage | Number of shares held subject to selling restrictions | Shares pledged, | |
| Status | Number | |||||
| | | | (%) | | | |
| | | | | | | |
| China National Aviation Holding Corporation Limited | State-owned legal person | 7,421,462,701 | 42.53 | 854,700,854 | Frozen | 127,445,536 |
| Cathay Pacific Airways Limited | Foreign legal person | 2,633,725,455 | 15.09 | 0 | Nil | 0 |
| China National Aviation Corporation (Group) Limited | Foreign legal person | 1,949,262,228 | 11.18 | 392,927,308 | Frozen | 36,454,464 |
| HKSCC NOMINEES LIMITED | Foreign legal person | 1,689,667,185 | 9.68 | 0 | Nil | 0 |
| China Securities Finance | Other | 311,302,365 | 1.78 | 0 | Nil | 0 |
| Hong Kong Securities Clearing | Foreign legal person | 243,991,080 | 1.40 | 0 | Nil | 0 |
| China National Aviation Fuel | State-owned legal person | 238,524,158 | 1.37 | 0 | Nil | 0 |
| Industrial and Commercial Bank of China Limited - Huatai-PineBridge CSI 300 Exchange-traded Open-end Index Securities Investment Fund (中國工商銀行股份有限公司－華泰柏瑞滬深300交易型開放式指數證券投資基金) | Other | 61,220,469 | 0.35 | 0 | Nil | 0 |
| China Structural Reform Fund Co., Ltd. | State-owned legal person | 52,833,706 | 0.30 | 0 | Nil | 0 |
| National Social Security Fund 114 Portfolio (全國社保基金一一四組合) | Other | 48,563,170 | 0.28 | 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 |
| |
| Type | Number | ||
| | | | |
| China National Aviation Holding Corporation Limited | 6,566,761,847 | RMB ordinary shares | 6,566,761,847 |
| Cathay Pacific Airways Limited | 2,633,725,455 | Overseas listed foreign shares | 2,633,725,455 |
| HKSCC NOMINEES LIMITED | 1,689,667,185 | Overseas listed foreign shares | 1,689,667,185 |
| 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 |
| Hong Kong Securities Clearing Company Limited | 243,991,080 | RMB ordinary shares | 243,991,080 |
| China National Aviation Fuel Group Limited | 238,524,158 | RMB ordinary shares | 238,524,158 |
| Industrial and Commercial Bank of China Limited - Huatai-PineBridge CSI 300 Exchange-traded Open-end Index Securities Investment Fund | 61,220,469 | RMB ordinary shares | 61,220,469 |
| China Structural Reform Fund Co., Ltd. | 52,833,706 | RMB ordinary shares | 52,833,706 |
| National Social Security Fund 114 Portfolio | 48,563,170 | RMB ordinary shares | 48,563,170 |
| Explanation on connected relationship or action in concert among the above shareholders | CNACG is a wholly-owned subsidiary of CNAHC. Accordingly, CNAHC is directly and indirectly interested in 53.71% 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 1,689,667,185 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號)) 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.
Share lent through securities lending and refinancing by shareholders holding more than 5% of the shares, top 10 shareholders and top 10 shareholders not subject to selling restrictions
□ Applicable R Not applicable
Changes in top 10 shareholders and top 10 shareholders not subject to selling restrictions from the previous period due to lending/returning of shares through securities lending and refinancing
□ Applicable R Not applicable
3. OTHER REMINDER
Other important information that needs to be brought to the attention of investors regarding the Company's operations during the Reporting Period
□ Applicable R Not applicable
4. QUARTERLY FINANCIAL STATEMENTS
(1) Type of audit opinion
□ Applicable R Not applicable
(2) Financial statements
CONSOLIDATED BALANCE SHEET
31 March 2025
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
| Items | 31 March 2025 | 31 December 2024 |
| | | |
| CURRENT ASSETS: | | |
| Cash and bank balance | 23,305,212 | 22,467,901 |
| Provisions on payables | | |
| Contributions made | | |
| Financial assets held-for-trading | 147,559 | 37,559 |
| Derivative financial assets | | |
| Bills receivable | 15,888 | 7,785 |
| Accounts receivable | 3,853,985 | 3,670,252 |
| Receivables financing | | |
| Prepayments | 696,769 | 462,245 |
| Premium receivable | | |
| Receivables on reinsurance | | |
| Provisions for reinsurance contracts | | |
| Other receivables | 4,658,036 | 4,761,012 |
| Including: Interest receivable | | |
| Dividend receivable | | |
| Purchase of financial assets resold | | |
| Inventories | 4,404,067 | 4,224,992 |
| Including: Data resources | | |
| Contract assets | | |
| Held-for-sale assets | 96,014 | 94,829 |
| Non-current assets due within a year | | |
| Other current assets | 4,594,856 | 4,960,628 |
| Total current assets | 41,772,386 | 40,687,203 |
| NON-CURRENT ASSETS: | | |
| Loans and advances | | |
| Debt investments | | |
| Other debt investments | 1,383,100 | 1,426,851 |
| Long-term receivables | 879,471 | 910,872 |
| Long-term equity investments | 17,559,975 | 16,916,857 |
| Investments in other equity instruments | 2,060,667 | 1,793,316 |
| Other non-current financial assets | | |
| Investment properties | 302,184 | 305,917 |
| Fixed assets | 110,475,096 | 109,655,401 |
| Construction in progress | 36,312,596 | 36,767,279 |
| Biological assets for production | | |
| Oil and gas assets | | |
| Right-of-use assets | 110,775,254 | 114,042,465 |
| Intangible assets | 6,343,001 | 5,937,851 |
| Including: Data resources | | |
| Development expenses | | |
| Including: Data resources | | |
| Goodwill | 4,097,942 | 4,097,942 |
| Long-term deferred expenses | 299,014 | 314,274 |
| Deferred tax assets | 12,900,764 | 12,908,130 |
| Other non-current assets | 1,868 | 5,054 |
| Total non-current assets | 303,390,932 | 305,082,209 |
| Total assets | 345,163,318 | 345,769,412 |
| | | |
| CURRENT LIABILITIES: | | |
| Short-term loans | 14,925,099 | 16,876,294 |
| Short-term financing bonds payable | 7,534,708 | 3,010,847 |
| Borrowings from central bank | | |
| Contributions received | | |
| Financial liabilities held-for-trading | | |
| Derivative financial liabilities | | |
| Bills payable | | |
| Accounts payable | 22,031,170 | 19,538,712 |
| Air traffic liabilities | 9,604,158 | 11,098,740 |
| Receipts in advance | 23,949 | 36,270 |
| Contract liabilities | 1,181,235 | 1,171,172 |
| Sale of financial assets repurchased | | |
| Deposits from clients and placements from other banks | | |
| Brokerage payable | | |
| Underwriting fees payable | | |
| Employee compensations payable | 2,923,741 | 3,441,130 |
| Taxes payable | 502,117 | 655,407 |
| Other payables | 11,289,623 | 11,075,198 |
| Including: Interest payable | | |
| Dividend payable | | |
| Fees and commissions payable | | |
| Amounts payable on reinsurance | | |
| Held-for-sale liabilities | | |
| Non-current liabilities due within a year | 60,506,981 | 70,706,285 |
| Other current liabilities | | |
| Total current liabilities | 130,522,781 | 137,610,055 |
| | | |
| NON-CURRENT LIABILITIES: | | |
| Reserves on insurance contracts | | |
| Long-term loans | 82,526,972 | 77,836,960 |
| Debentures payable | 10,500,000 | 6,000,000 |
| Including: Preference shares | | |
| Perpetual bonds | | |
| Lease liabilities | 56,713,087 | 59,134,187 |
| Long-term payables | 19,074,871 | 16,785,219 |
| Long-term employee compensation payables | 187,960 | 186,700 |
| Accrued liabilities | 4,230,145 | 4,170,935 |
| Deferred income | 395,164 | 406,943 |
| Deferred tax liabilities | 138,304 | 128,016 |
| Other non-current liabilities | 2,543,087 | 2,565,188 |
| Total non-current liabilities | 176,309,590 | 167,214,148 |
| Total liabilities | 306,832,371 | 304,824,203 |
| | | |
| OWNERS' EQUITY (OR SHAREHOLDERS' EQUITY): | | |
| Paid-up capital (or share capital) | 17,448,421 | 17,448,421 |
| Other equity instruments | | |
| Including: Preference shares | | |
| Perpetual bonds | | |
| Capital reserve | 46,150,983 | 46,150,983 |
| Less: Treasury shares | | |
| Other comprehensive income | 467,086 | 550,334 |
| Special reserves | | |
| Surplus reserves | 11,564,287 | 11,564,287 |
| General risk provisions | 177,506 | 177,506 |
| Retained earnings | -32,788,113 | -30,744,120 |
| Total owners' equity (or shareholders' equity) attributable to | 43,020,170 | 45,147,411 |
| Non-controlling interests | -4,689,223 | -4,202,202 |
| Total owners' equity (or shareholders' equity) | 38,330,947 | 40,945,209 |
| Total liabilities and owners' equity | 345,163,318 | 345,769,412 |
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. Bai Dongming
CONSOLIDATED INCOME STATEMENT
January to March 2025
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
| Items | First quarter of 2025 | First quarter of 2024 |
| ||||||
| | | |
| ||||||
|
| I. Total revenue from operations | 40,023,324 | 40,065,742 |
| |||||
|
| Including: Operating income | 40,023,324 | 40,065,742 |
| |||||
|
| Interest income | | |
| |||||
|
| Premium earned | | |
| |||||
|
| Fees and commission income | | |
| |||||
| | | |
| ||||||
|
| II. Total operating cost | 44,421,862 | 43,614,326 |
| |||||
|
| Including: Operating costs | 39,813,278 | 38,728,738 |
| |||||
|
| 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 | 100,635 | 64,522 |
| |||||
|
| Selling expenses | 1,741,182 | 1,740,842 |
| |||||
|
| General and administrative expenses | 1,328,732 | 1,290,115 |
| |||||
|
| R&D expenses | 85,246 | 85,305 |
| |||||
|
| Finance expenses | 1,352,789 | 1,704,804 |
| |||||
|
| Including: Interest expenses | 1,472,135 | 1,679,074 |
| |||||
|
| Interest income | 131,527 | 133,626 |
| |||||
|
| Add: Other income | 1,170,042 | 993,501 |
| |||||
|
| Investment income (loss is represented by "-" sign) | 710,259 | 621,078 |
| |||||
|
| Including: Share of profits of associates and joint ventures | 699,425 | 610,519 |
| |||||
|
| Gains on derecognition of financial assets measured | | |
| |||||
|
| 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) | 2 | 34 |
| |||||
|
| Impairment loss of credit (loss is represented by "-" sign) | -4,270 | -9,998 |
| |||||
|
| Impairment loss of assets (loss is represented by "-" sign) | | |
| |||||
|
| Gains from disposal of assets (loss is represented by "-" sign) | 8,908 | -2,690 |
| |||||
| | | |
| ||||||
|
|
III. Profit from operations (loss is represented by "-" sign) | -2,513,597 | -1,946,659 |
| |||||
|
| Add: Non-operating income | 67,719 | 31,779 |
| |||||
|
| Less: Non-operating expenses | 7,222 | 11,274 |
| |||||
|
| | | |
| |||||
|
| IV. Total profit (total loss is represented by "-" sign) | -2,453,100 | -1,926,154 |
| |||||
|
| Less: Income tax expenses | 82,141 | 75,743 |
| |||||
|
| | | |
| |||||
|
| V. Net profit (net loss is represented by "-" sign) | -2,535,241 | -2,001,897 |
| |||||
|
| (I) Classified by continuity of operations | | |
| |||||
|
| 1. Net profit from continuing operations | -2,535,241 | -2,001,897 |
| |||||
|
| 2. Net profit from discontinued operation | | |
| |||||
|
| (II) Classified by ownership | | |
| |||||
|
| 1. Net profits attributable to shareholders of the parent company | -2,043,993 | -1,674,456 |
| |||||
|
| 2. Profit or loss attributable to non-controlling interests | -491,248 | -327,441 |
| |||||
|
| | | |
| |||||
|
| VI. Other comprehensive income after tax, net | -79,021 | -61,910 |
| |||||
|
| (I) Other comprehensive income after tax attributable to | -83,248 | -27,402 |
| |||||
|
| 1. Other comprehensive income that cannot be | 10,416 | -37,439 |
| |||||
|
| (1) Changes arising on remeasurement of defined benefit plans | | |
| |||||
|
| (2) Other comprehensive income accounted for using the equity | | |
| |||||
|
| (3) Change in fair value of investments in | 10,416 | -37,439 |
| |||||
|
| (4) Change in fair value of own credit risk of the Company | | |
| |||||
|
|
2. Other comprehensive income that will be reclassified to | -93,664 | 10,037 | ||||||
|
| (1) Other comprehensive income accounted for using the equity | | | ||||||
|
| (2) Change in fair value of other debt investments | -5,423 | 1,873 | ||||||
|
| (3) Amount of financial assets reclassified into | | | ||||||
|
| (4) Provisions for credit impairment of other debt investments | -76 | -47 | ||||||
|
| (5) Reserve for cash flow hedging | | | ||||||
|
| (6) Exchange difference on translation of financial statements in | -88,165 | 8,211 | ||||||
|
| (7) Others | | | ||||||
|
| (II) Other comprehensive income after tax attributable to | 4,227 | -34,508 | ||||||
|
| | | | ||||||
|
| VII. Total comprehensive income | -2,614,262 | -2,063,807 | ||||||
|
| (I) Total comprehensive income attributable to owners of | -2,127,241 | -1,701,858 | ||||||
|
| (II) Total comprehensive income attributable to non-controlling interests | -487,021 | -361,949 | ||||||
|
| | | | ||||||
|
| VIII. Earnings per share: | | | ||||||
|
| (I) Basic earnings per share (RMB per share) | -0.12 | -0.11 | ||||||
|
| (II) Diluted earnings per share (RMB per share) | -0.12 | -0.11 | ||||||
For business combination under common control during the 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. Bai Dongming
CONSOLIDATED CASH FLOW STATEMENT
January to March 2025
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
|
| Items | First quarter of 2025 | First quarter of 2024 | |||||||
| | | |
| |||||||
|
| I. Cash flows from operating activities: | | |
| ||||||
|
| Cash received from sales of goods and provision of services | 40,353,061 | 41,114,724 |
| ||||||
|
| Net increase in deposits from clients and placements from banks | | |
| ||||||
|
| Net increase in borrowings from central bank | | |
| ||||||
|
| Net increase in contributions received from | | |
| ||||||
|
| 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 | 65,572 | 460,145 |
| ||||||
|
| Other cash received relating to operating activities | 4,161,814 | 3,141,718 |
| ||||||
|
| Subtotal of cash inflows of operating activities | 44,580,447 | 44,716,587 |
| ||||||
|
| Cash paid for goods purchased and services received | 24,027,112 | 23,737,346 |
| ||||||
|
| 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 | 9,996,301 | 8,970,554 |
| ||||||
|
| Taxes and levies paid | 471,275 | 374,919 |
| ||||||
|
| Other cash paid relating to operating activities | 1,744,358 | 2,226,424 |
| ||||||
|
| Subtotal of cash outflows from operating activities | 36,239,046 | 35,309,243 |
| ||||||
|
| Net cash flows from operating activities | 8,341,401 | 9,407,344 |
| ||||||
|
| | | |
| ||||||
|
|
II. Cash flows from investing activities: | | |
| ||||||
|
| Cash received from sale and redemption of investments | 278,155 | 126,906 |
| ||||||
|
| Cash received from investment income | 24,759 | 19,286 |
| ||||||
|
| Net cash proceeds from disposal of fixed assets, | 74,873 | 74,069 |
| ||||||
|
| Net cash proceeds from disposal of subsidiaries and | | |
| ||||||
|
| Other cash received relating to investing activities | 131,527 | 137,851 |
| ||||||
|
| Subtotal of cash inflows from investing activities | 509,314 | 358,112 |
| ||||||
|
| Cash paid for purchase and construction of fixed assets, intangible assets and other long-term assets | 4,140,915 | 2,215,067 |
| ||||||
|
| Cash paid for investments | 394,850 | 648,991 |
| ||||||
|
| Net increase in secured loans | | |
| ||||||
|
| Net cash payments for acquisition of subsidiaries and | | |
| ||||||
|
| Other cash paid relating to investing activities | 187,800 | 4,326 |
| ||||||
|
| Subtotal of cash outflows from investing activities | 4,723,565 | 2,868,384 |
| ||||||
|
| Net cash flows from investing activities | -4,214,251 | -2,510,272 |
| ||||||
|
| | | |
| ||||||
|
| III. Cash flows from financing activities: | | |
| ||||||
|
| Cash received from issuance of debentures | 9,000,000 | 2,000,000 |
| ||||||
|
| Cash received from capital injection | | 1,815,742 |
| ||||||
|
| Including: Cash received from capital injection of | | |
| ||||||
|
| Cash received from borrowings | 17,119,947 | 11,220,916 |
| ||||||
|
| Other cash received relating to financing activities | | |
| ||||||
|
| Subtotal of cash inflows from financing activities | 26,119,947 | 15,036,658 |
| ||||||
|
| Cash paid for repayment of debentures | 5,500,000 | |
| ||||||
|
| Cash paid for repayment of loans | 17,449,370 | 8,768,304 |
| ||||||
|
| Cash paid for distribution of dividends, profits or | 1,460,773 | 1,735,230 |
| ||||||
|
| Including: Dividends and profits paid to | | |
| ||||||
|
| Cash paid for leases | 5,116,290 | 4,501,831 |
| ||||||
|
| Other cash paid relating to financing activities | | |
| ||||||
|
| Subtotal of cash outflows from financing activities | 29,526,433 | 15,005,365 |
| ||||||
|
| Net cash flows from financing activities | -3,406,486 | 31,293 |
| ||||||
|
| | | |
| ||||||
|
| IV. Effect of exchange rate changes on cash and cash equivalents | 11,726 | -9,865 |
| ||||||
|
| | | |
| ||||||
|
| V. Net increase in cash and cash equivalents | 732,390 | 6,918,500 |
| ||||||
|
| Add: Balance of cash and cash equivalents as at | 21,039,472 | 15,016,804 |
| ||||||
|
| | | |
| ||||||
|
| VI. Balance of cash and cash equivalents as at | 21,771,862 | 21,935,304 |
| ||||||
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. Bai Dongming
BALANCE SHEET OF THE PARENT COMPANY
31 March 2025
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
| Items | 31 March 2025 | 31 December 2024 |
| | | |
| CURRENT ASSETS: | | |
| Cash and bank balance | 7,518,187 | 8,805,919 |
| Financial assets held-for-trading | 2,383 | 2,559 |
| Derivative financial assets | | |
| Bills receivable | | |
| Accounts receivable | 2,938,130 | 2,378,402 |
| Receivables financing | | |
| Prepayments | 312,197 | 106,326 |
| Other receivables | 3,260,113 | 3,469,766 |
| Including: Interest receivable | | |
| Dividend receivable | | |
| Inventories | 57,873 | 49,485 |
| Including: Data resources | | |
| Contract assets | | |
| Held-for-sale assets | 96,014 | 94,829 |
| Non-current assets due within a year | | |
| Other current assets | 2,384,035 | 2,446,893 |
| Total current assets | 16,568,932 | 17,354,179 |
| | | |
| NON-CURRENT ASSETS: | | |
| Debt investments | | |
| Other debt investments | | |
| Long-term receivables | 731,397 | 777,122 |
| Long-term equity investments | 31,279,082 | 31,158,718 |
| Investments in other equity instruments | 207,416 | 207,416 |
| Other non-current financial assets | | |
| Investment properties | | |
| Fixed assets | 78,898,171 | 77,659,204 |
| Construction in progress | 24,233,101 | 24,143,292 |
| Biological assets for production | | |
| Oil and gas assets | | |
| Right-of-use assets | 70,195,669 | 72,812,408 |
| Intangible assets | 3,523,753 | 3,558,258 |
| Including: Data resources | | |
| Development expenses | | |
| Including: Data resources | | |
| Goodwill | | |
| Long-term deferred expenses | 203,252 | 216,302 |
| Deferred tax assets | 7,856,661 | 7,856,661 |
| Other non-current assets | | |
| Total non-current assets | 217,128,502 | 218,389,381 |
| Total assets | 233,697,434 | 235,743,560 |
| | | |
| CURRENT LIABILITIES: | | |
| Short-term loans | 11,627,556 | 15,661,462 |
| Short-term financing bonds payable | 7,534,708 | 3,010,847 |
| Financial liabilities held-for-trading | | |
| Derivative financial liabilities | | |
| Bills payable | | |
| Accounts payable | 13,265,743 | 11,873,571 |
| Air traffic liabilities | 7,850,483 | 8,549,886 |
| Receipts in advance | | |
| Contract liabilities | 776,166 | 563,310 |
| Employee compensations payable | 777,313 | 1,248,804 |
| Taxes payable | 131,199 | 187,812 |
| Other payables | 5,142,300 | 6,912,037 |
| Including: Interest payable | | |
| Dividend payable | | |
| Held-for-sale liabilities | | |
| Non-current liabilities due within a year | 40,975,335 | 42,833,462 |
| Other current liabilities | | |
| Total current liabilities | 88,080,803 | 90,841,191 |
| | | |
| NON-CURRENT LIABILITIES: | | |
| Long-term loans | 40,075,264 | 42,720,579 |
| Debentures payable | 10,500,000 | 6,000,000 |
| Including: Preference shares | | |
| Perpetual bonds | | |
| Lease liabilities | 33,810,817 | 34,995,009 |
| Long-term payables | 7,191,045 | 5,004,533 |
| Long-term employee compensation payables | | |
| Accrued liabilities | 2,212,819 | 2,168,705 |
| Deferred income | 145,053 | 153,424 |
| Deferred tax liabilities | | |
| Other non-current liabilities | 2,537,596 | 2,559,301 |
| Total non-current liabilities | 96,472,594 | 93,601,551 |
| Total liabilities | 184,553,397 | 184,442,742 |
| | | |
| OWNERS' EQUITY (OR SHAREHOLDERS' EQUITY): | | |
| Paid-up capital (or share capital) | 17,448,421 | 17,448,421 |
| Other equity instruments | | |
| Including: Preference shares | | |
| Perpetual bonds | | |
| Capital reserve | 50,499,675 | 50,499,675 |
| Less: Treasury shares | | |
| Other comprehensive income | 421,449 | 421,449 |
| Special reserves | | |
| Surplus reserves | 11,527,181 | 11,527,181 |
| Retained earnings | -30,752,689 | -28,595,908 |
| Total owners' equity (or shareholders' equity) | 49,144,037 | 51,300,818 |
| Total liabilities and owners' equity | 233,697,434 | 235,743,560 |
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. Bai Dongming
INCOME STATEMENT OF THE PARENT COMPANY
January to March 2025
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
| Items | First quarter of 2025 | First quarter of 2024 | |||||||
| | | |
| ||||||
|
| I. Revenue from operations | 23,876,695 | 24,397,913 |
| |||||
|
| Less: Operating costs | 24,236,502 | 23,989,695 |
| |||||
|
| Taxes and other levies | 54,455 | 25,064 |
| |||||
|
| Selling expenses | 1,123,880 | 1,149,451 |
| |||||
|
| General and administrative expenses | 561,386 | 517,097 |
| |||||
|
| R&D expenses | 36,966 | 38,241 |
| |||||
|
| Finance expenses | 825,846 | 1,068,044 |
| |||||
|
| Including: Interest expenses | 875,749 | 1,039,229 |
| |||||
|
| Interest income | 42,402 | 57,380 |
| |||||
|
| Add: Other income | 682,308 | 432,051 |
| |||||
|
| Investment income (loss is represented by "-" sign) | 76,009 | 67,597 |
| |||||
|
| Including: Share of profits of associates and | 75,513 | 67,597 |
| |||||
|
| Gains on derecognition of financial | | |
| |||||
|
| Gains from net exposure to hedging | | |
| |||||
|
| Gains from changes in fair value | -176 | 34 |
| |||||
|
| Impairment loss of credit | | |
| |||||
|
| Impairment loss of assets | | |
| |||||
|
| Gains from disposal of assets | 6,350 | -4,804 |
| |||||
|
| | | |
| |||||
|
| II. Profit from operations (loss is represented by "-" sign) | -2,197,849 | -1,894,801 |
| |||||
|
| Add: Non-operating income | 44,324 | 22,851 |
| |||||
|
| Less: Non-operating expenses | 3,256 | 2,600 |
| |||||
|
| | | |
| |||||
|
| III. Total profit (total loss is represented by "-" sign) | -2,156,781 | -1,874,550 |
| |||||
|
| Less: Income tax expenses | | |
| |||||
|
| | | |
| |||||
|
| IV. Net profit (net loss is represented by "-" sign) | -2,156,781 | -1,874,550 |
| |||||
|
| (I) Net profit from continuing operations | -2,156,781 | -1,874,550 |
| |||||
|
| (II) Net profit from discontinued operation | | |
| |||||
|
| | | |
| |||||
|
| V. Other comprehensive income after tax, net | | |
| |||||
|
| (I) Other comprehensive income that cannot be subsequently | | |
| |||||
|
| 1. Changes arising on remeasurement of defined benefit plans | | |
| |||||
|
| 2. Other comprehensive income accounted for using the equity | | |
| |||||
|
| 3. Change in fair value of investments in | | |
| |||||
|
| 4. Change in fair value of own credit risk of the Company | | |
| |||||
|
| (II) Other comprehensive income that will be reclassified to | | |
| |||||
|
| 1. Other comprehensive income accounted for using the equity | | |
| |||||
|
| 2. Change in fair value of other debt investments | | |
| |||||
|
| 3. Amount of financial assets reclassified into | | |
| |||||
|
| 4. Provisions for credit impairment of other debt investments | | |
| |||||
|
| 5. Reserve for cash flow hedging | | |
| |||||
|
| 6. Exchange difference on translation of financial statements | | |
| |||||
|
| 7. Others | | |
| |||||
|
| | | |
| |||||
|
| VI. Total comprehensive income | -2,156,781 | -1,874,550 |
| |||||
|
| | | |
| |||||
|
| VII. Earnings per share: | | |
| |||||
|
| (I) Basic earnings per share (RMB per share) | | |
| |||||
|
| (II) Diluted earnings per share (RMB per share) | | |
| |||||
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. Bai Dongming
CASH FLOW STATEMENT OF THE PARENT COMPANY
January to March 2025
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
| Items | First quarter of 2025 | First quarter of 2024 |
| |||
| | | |
| |||
|
| I. Cash flows from operating activities: | | | |||
|
| Cash received from sales of goods and provision of services | 23,468,791 | 24,568,423 | |||
|
| Refund of taxes and levies | | 438,283 | |||
|
| Other cash received relating to operating activities | 1,589,253 | 1,711,476 | |||
|
| Subtotal of cash inflows of operating activities | 25,058,044 | 26,718,182 | |||
|
| Cash paid for goods purchased and services received | 15,087,404 | 15,648,963 | |||
|
| Cash paid to or on behalf of employees | 5,185,651 | 4,750,531 | |||
|
| Taxes and levies paid | 252,138 | 132,783 | |||
|
| Other cash paid relating to operating activities | 1,270,049 | 1,191,341 | |||
|
| Subtotal of cash outflows from operating activities | 21,795,242 | 21,723,618 | |||
|
| Net cash flows from operating activities | 3,262,802 | 4,994,564 | |||
|
| | | | |||
|
| II. Cash flows from investing activities: | | | |||
|
| Cash received from sale and redemption of investments | | | |||
|
| Cash received from investment income | | | |||
|
| Net cash proceeds from disposal of fixed assets, | 60,936 | 68,944 | |||
|
| Net cash proceeds from disposal of subsidiaries and other business units | | | |||
|
| Other cash received relating to investing activities | 42,402 | 57,380 | |||
|
| Subtotal of cash inflows from investing activities | 103,338 | 126,324 | |||
|
| Cash paid for purchase and construction of fixed assets, | 3,104,043 | 1,776,276 | |||
|
| Cash paid for investments | 44,850 | 148,991 | |||
|
| 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 | 3,148,893 | 1,925,267 | |||
|
| Net cash flows from investing activities | -3,045,555 | -1,798,943 | |||
|
| | | | |||
|
| III. Cash flows from financing activities: | | | |||
|
| Issuance of debentures | 9,000,000 | 2,000,000 | |||
|
| Cash received from capital injection | | 1,815,742 | |||
|
| Cash received from borrowings | 5,400,000 | 1,500,000 | |||
|
| Other cash received relating to financing activities | | | |||
|
| Subtotal of cash inflows from financing activities | 14,400,000 | 5,315,742 | |||
|
| Cash paid for repayment of borrowings | 12,559,000 | 5,070,100 | |||
|
| Cash paid for distribution of dividends, profits or | 705,430 | 846,165 | |||
|
| Cash paid for leases | 2,646,645 | 2,055,856 | |||
|
| Other cash paid relating to financing activities | | | |||
|
| Subtotal of cash outflows from financing activities | 15,911,075 | 7,972,121 | |||
|
| Net cash flows from financing activities | -1,511,075 | -2,656,379 | |||
|
| | | | |||
|
| IV. Effect of exchange rate changes on cash and cash equivalents | 6,069 | -10,288 | |||
|
| | | | |||
|
| V. Net increase in cash and cash equivalents | -1,287,759 | 528,954 | |||
|
| Add: Balance of cash and cash equivalents as at | 8,774,956 | 6,842,157 | |||
|
| | | | |||
|
| VI. Balance of cash and cash equivalents as at the end of the Period | 7,487,197 | 7,371,111 | |||
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. Bai Dongming
(3) 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 2025
□ Applicable R Not applicable
The announcement is hereby given.
By Order of the Board
Air China Limited
Xiao Feng Huen Ho Yin
Joint Company Secretaries
Beijing, the PRC, 29 April 2025
As at the date of this announcement, the directors of the Company are Mr. Ma Chongxian, Mr. Wang Mingyuan, Mr. Cui Xiaofeng, Mr. Patrick Healy, Mr. Xiao Peng, Mr. Xu Niansha*, Mr. He Yun*, Ms. Winnie Tam Wan-chi* and Mr. Gao Chunlei*.
* Independent non-executive director of the Company
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.