Financials Air China Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 03:08:18 2024-12-11 am EST			5-day change	1st Jan Change
5.340 ^HKD	0.00%		+14.10%	+8.10%

Nov. 20	Air China Limited announced that it has received CNY 7.825099796 billion in funding from China National Aviation Corporation Limited, China National Aviation Corporation Limited	CI
Nov. 18	Air China Passenger Capacity Raises Almost 15%	MT

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	136,181	69,504	74,532	52,898	141,100	168,337	182,971	197,310
Change	-	-48.96%	7.23%	-29.03%	166.74%	19.3%	8.69%	7.84%
EBITDA ¹	19,258	-9,094	4,072	-37,124	8,502	32,814	36,853	41,222
Change	-	-	-	-	-	285.95%	12.31%	11.86%
EBIT ¹	9,178	-18,500	-16,862	-46,085	-3,324	5,699	9,603	14,935
Change	-	-	-8.85%	173.3%	-92.79%	-	68.5%	55.52%
Interest Paid ¹	-6,169	-1,309	-5,383	-10,335	-7,453	-6,606	-5,648	-4,977
Earnings before Tax (EBT) ¹	9,105	-18,475	-21,826	-45,877	-1,660	544.1	5,603	10,494
Change	-	-	18.14%	110.2%	-96.38%	-	929.72%	87.29%
Net income ¹	6,409	-14,409	-16,635	-38,617	-1,046	531.9	4,136	8,007
Change	-	-	15.45%	132.14%	-97.29%	-	677.5%	93.61%
Announcement Date	3/31/20	3/30/21	3/30/22	3/30/23	3/28/24	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2019 Q4	2020 Q1	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	2024 Q4
Net sales ¹	33,104	17,256	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	38,593
Change	-	-47.87%	-28.2%	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%	-20.64%
EBITDA ¹	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-17.12
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-62.77	-6,789	-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	-	-
Change	-	10,714.73%	-7.24%	-89.88%	669.56%	22.2%	-	-	-16.94%	45.7%	20.65%	29.86%	-22.19%	-74.14%	-27.52%	-	-	-32.74%	-21.36%	-100%	-
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-6,208	-573.6	-	-6,321	-8,900	-10,537	-	-	-	-	-	-1,830	-	-	-	-
Change	-	-	-	-	-	-	-90.76%	-100%	-	40.81%	18.39%	-100%	-	-	-	-	-	-100%	-	-	-
Announcement Date	3/31/20	4/29/20	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	-

¹CNY in Million

Estimates

Fiscal Period: December	2020 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2
Net sales ¹	29,646	36,868	23,953	28,945	59,613	81,487	79,520	85,305
Change	-	24.36%	-35.03%	20.84%	105.95%	36.69%	-2.41%	7.27%
EBITDA	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
EBIT	-	-10,820	-16,973	-18,471	-795.5	3,897	-	-
Change	-	-	56.87%	8.83%	-95.69%	-	-100%	-
Charge d'intérêts	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	-	-	-	-22,801	-	2,710	-	3,300
Change	-	-	-	-	-100%	-	-100%	-
Net income ¹	-	-9,854	-19,437	-19,181	-	2,408	-	2,791
Change	-	-	97.25%	-1.32%	-100%	-	-100%	-
Announcement Date	8/28/20	3/30/22	8/30/22	3/30/23	8/30/23	3/28/24	8/29/24	-

¹CNY in Million

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	35,375	76,446	168,284	123,837	135,933	179,592	169,237	162,793
Change	-	116.1%	120.13%	-26.41%	9.77%	32.12%	-5.77%	-3.81%
Announcement Date	3/31/20	3/30/21	3/30/22	3/30/23	3/28/24	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	12,342	11,905	20,170	6,965	21,446	21,372	22,662	26,853
Change	-	-3.54%	69.42%	-65.47%	207.91%	-0.34%	6.04%	18.49%
Free Cash Flow (FCF) ¹	25,998	-10,497	-13,040	-23,727	13,973	10,714	14,515	15,718
Change	-	-140.38%	24.22%	81.96%	-158.89%	-23.32%	35.48%	8.29%
Announcement Date	3/31/20	3/30/21	3/30/22	3/30/23	3/28/24	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	14.14%	-13.08%	5.46%	-70.18%	6.03%	19.49%	20.14%	20.89%
EBIT Margin (%)	6.74%	-26.62%	-22.62%	-87.12%	-2.36%	3.39%	5.25%	7.57%
EBT Margin (%)	6.69%	-26.58%	-29.28%	-86.73%	-1.18%	0.32%	3.06%	5.32%
Net margin (%)	4.71%	-20.73%	-22.32%	-73%	-0.74%	0.32%	2.26%	4.06%
FCF margin (%)	19.09%	-15.1%	-17.5%	-44.85%	9.9%	11.78%	9.5%	9.3%
FCF / Net Income (%)	405.67%	72.85%	78.39%	61.44%	-1,335.36%	3,728.91%	420.42%	229.27%
Profitability
ROA	2.38%	-4.98%	-5.67%	-13.02%	-0.33%	0.14%	2.91%	2.48%
ROE	7.09%	-16.86%	-23.76%	-90.86%	-2.77%	6.69%	14.45%	17.58%
Financial Health
Leverage (Debt/EBITDA)	1.84x	-8.41x	41.32x	-3.34x	15.99x	5.79x	5.06x	4.27x
Debt / Free cash flow	1.36x	-7.28x	-12.91x	-5.22x	9.73x	17.59x	12.64x	11.44x
Capital Intensity
CAPEX / Current Assets (%)	9.06%	17.13%	27.06%	13.17%	15.2%	12.92%	12.47%	13.7%
CAPEX / EBITDA (%)	64.09%	-130.91%	495.29%	-18.76%	252.24%	65.69%	62.52%	63.77%
CAPEX / FCF (%)	47.48%	-113.42%	-154.68%	-29.35%	153.48%	199.48%	156.13%	170.84%
Items per share
Cash flow per share ¹	2.791	0.1025	0.5191	-	2.3	1.699	1.553	1.711
Change	-	-96.33%	406.34%	-	-	-26.13%	-8.59%	10.18%
Dividend per Share ¹	0.0444	-	-	-	-	0.00123	-	-
Change	-	-	-	-	-	-	-	-
Book Value Per Share ¹	6.438	5.338	4.23	-	2.298	2.311	2.539	2.898
Change	-	-17.07%	-20.76%	-	-	0.55%	9.87%	14.17%
EPS ¹	0.47	-1.049	-1.211	-2.812	-0.0674	0.0459	0.1952	0.4483
Change	-	-323.13%	15.5%	132.13%	-97.6%	-168.15%	325.1%	129.59%
Nbr of stocks (in thousands)	14,524,815	14,524,815	14,524,815	14,524,815	16,200,793	16,593,720	16,593,720	16,593,720
Announcement Date	3/31/20	3/30/21	3/30/22	3/30/23	3/28/24	-	-	-