Financials Air China Limited

Equities

Delayed Hong Kong S.E. Other stock markets 03:13:23 2025-06-20 am EDT			5-day change	1st Jan Change
5.370 ^HKD	-1.10%		-6.45%	+4.27%

Jun. 15	Air China's Passenger Traffic Rises 8.4% in May; Shares Down 4%	MT
Jun. 13	Air China Limited Reports Group Operating Results for the Month and Year to Date Ended May 2025	CI

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	69,504	74,532	52,898	141,100	166,699	174,755	186,049	202,682
Change	-	7.23%	-29.03%	166.74%	18.14%	4.83%	6.46%	8.94%
EBITDA ¹	-9,094	4,072	-37,124	8,502	31,321	36,768	41,273	46,761
Change	-	144.78%	-1,011.61%	122.9%	268.39%	17.39%	12.25%	13.3%
EBIT ¹	-18,500	-16,862	-46,085	-3,324	2,218	6,517	13,042	19,702
Change	-	8.85%	-173.3%	92.79%	166.73%	193.78%	100.13%	51.07%
Interest Paid ¹	-1,309	-5,383	-10,335	-7,453	-6,767	-6,055	-5,314	-5,179
Earnings before Tax (EBT) ¹	-18,475	-21,826	-45,877	-1,660	-1,599	4,573	10,576	15,739
Change	-	-18.14%	-110.2%	96.38%	3.71%	386.03%	131.25%	48.82%
Net income ¹	-14,409	-16,635	-38,617	-1,046	-232.6	3,852	7,235	11,331
Change	-	-15.45%	-132.14%	97.29%	77.78%	1,756.45%	87.82%	56.62%
Announcement Date	3/30/21	3/30/22	3/30/23	3/28/24	3/27/25	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2025 Q1	2025 Q2	2025 Q3	2025 Q4
Net sales ¹	12,390	18,808	21,050	14,581	23,083	19,794	17,074	12,918	11,035	18,136	10,809	25,068	34,545	45,864	35,623	40,066	39,455	48,630	40,023	43,163	48,315	44,111
Change	-	51.8%	11.92%	-30.73%	58.31%	-14.25%	-13.74%	-24.34%	-14.57%	64.35%	-40.4%	131.91%	37.81%	32.76%	-22.33%	12.47%	-1.53%	23.25%	-17.7%	7.85%	11.94%	-8.7%
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	8,579	15,270	420.8
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	77.99%	-97.24%
EBIT	-6,298	-637.4	-4,905	-5,994	2,615	-8,636	-7,173	-10,450	-12,608	-16,373	-12,739	-3,295	-2,388	5,253	-2,894	-1,947	-1,531	-	-2,514	-	-	-
Change	-	89.88%	-669.56%	-22.2%	143.64%	-430.19%	16.94%	-45.7%	-20.65%	-29.86%	22.19%	74.14%	27.52%	319.97%	-155.09%	32.74%	21.36%	-	-	-	-	-
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	-	-	-	-6,208	-573.6	-	-6,321	-8,900	-10,537	-	-	-	-	-	-1,830	-	-	-	-2,044	1,645	6,637	-
Change	-	-	-	-	90.76%	-	-	-40.81%	-18.39%	-	-	-	-	-	-	-	-	-	-	180.48%	303.47%	-
Announcement Date	8/28/20	10/30/20	3/30/21	4/30/21	8/27/21	10/29/21	3/30/22	4/28/22	8/30/22	10/28/22	3/30/23	4/26/23	8/30/23	10/26/23	3/28/24	4/26/24	8/29/24	10/30/24	4/29/25	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2
Net sales ¹	36,868	23,953	28,945	59,613	81,487	79,520	87,179	88,222	88,222
Change	-	-35.03%	20.84%	105.95%	36.69%	-2.41%	9.63%	1.2%	0%
EBITDA	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-
EBIT	-10,820	-16,973	-18,471	-795.5	3,897	-	-	-	-
Change	-	-56.87%	-8.83%	95.69%	589.83%	-	-	-	-
Charge d'intérêts	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-22,801	-	2,710	-	-	-	-
Change	-	-	-	-	-	-	-	-	-
Net income	-9,854	-19,437	-19,181	-	2,408	-	-	-	-
Change	-	-97.25%	1.32%	-	-	-	-	-	-
Announcement Date	3/30/22	8/30/22	3/30/23	8/30/23	3/28/24	8/29/24	3/27/25	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	76,446	168,284	123,837	135,933	148,952	191,734	168,942	163,353
Change	-	120.13%	-26.41%	9.77%	9.58%	28.72%	-11.89%	-3.31%
Announcement Date	3/30/21	3/30/22	3/30/23	3/28/24	3/27/25	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	11,905	20,170	6,965	21,446	20,104	20,960	23,683	28,095
Change	-	69.42%	-65.47%	207.91%	-6.25%	4.26%	12.99%	18.63%
Free Cash Flow (FCF) ¹	-10,497	-13,040	-23,727	13,973	7,880	12,278	14,069	10,063
Change	-	-24.22%	-81.96%	158.89%	-43.61%	55.82%	14.59%	-28.47%
Announcement Date	3/30/21	3/30/22	3/30/23	3/28/24	3/27/25	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-13.08%	5.46%	-70.18%	6.03%	18.79%	21.04%	22.18%	23.07%
EBIT Margin (%)	-26.62%	-22.62%	-87.12%	-2.36%	1.33%	3.73%	7.01%	9.72%
EBT Margin (%)	-26.58%	-29.28%	-86.73%	-1.18%	-0.96%	2.62%	5.68%	7.77%
Net margin (%)	-20.73%	-22.32%	-73%	-0.74%	-0.14%	2.2%	3.89%	5.59%
FCF margin (%)	-15.1%	-17.5%	-44.85%	9.9%	4.73%	7.03%	7.56%	4.96%
FCF / Net Income (%)	72.85%	78.39%	61.44%	-1,335.36%	-3,388.29%	318.73%	194.45%	88.81%
Profitability
ROA	-4.98%	-5.67%	-13.02%	-0.33%	-0.07%	1.11%	1.94%	2.85%
ROE	-16.86%	-23.76%	-90.86%	-2.77%	-0.56%	7.63%	13.16%	17.56%
Financial Health
Leverage (Debt/EBITDA)	-8.41x	41.32x	-3.34x	15.99x	4.76x	5.21x	4.09x	3.49x
Debt / Free cash flow	-7.28x	-12.91x	-5.22x	9.73x	18.9x	15.62x	12.01x	16.23x
Capital Intensity
CAPEX / Current Assets (%)	17.13%	27.06%	13.17%	15.2%	12.06%	11.99%	12.73%	13.86%
CAPEX / EBITDA (%)	-130.91%	495.29%	-18.76%	252.24%	64.19%	57.01%	57.38%	60.08%
CAPEX / FCF (%)	-113.42%	-154.68%	-29.35%	153.48%	255.14%	170.71%	168.33%	279.19%
Items per share
Cash flow per share ¹	0.1025	0.5191	-	2.3	1.764	1.626	2.055	2.371
Change	-	406.34%	-	-	-23.3%	-7.8%	26.34%	15.4%
Dividend per Share ¹	-	-	-	-	-	0.00056	0.0266	-
Change	-	-	-	-	-	-	4,648.21%	-
Book Value Per Share ¹	5.338	4.23	-	2.298	2.846	2.892	3.242	3.965
Change	-	-20.76%	-	-	23.84%	1.62%	12.11%	22.31%
EPS ¹	-1.049	-1.211	-2.812	-0.0674	-0.0147	0.1963	0.4168	0.7022
Change	-	-15.5%	-132.13%	97.6%	78.19%	1,435.17%	112.38%	68.45%
Nbr of stocks (in thousands)	14,524,815	14,524,815	14,524,815	16,200,793	17,448,421	17,448,421	17,448,421	17,448,421
Announcement Date	3/30/21	3/30/22	3/30/23	3/28/24	3/27/25	-	-	-