Six months ended 30 June

NOTES

2021

2020

RMB'000

RMB'000

(Unaudited)

(Unaudited)

Revenue

3A

37,663,803

29,645,766

Other income and gains

4

2,289,141

1,867,685

39,952,944

31,513,451

Operating expenses

(9,914,804)

Jet fuel costs

(6,811,760)

Employee compensation costs

(11,301,581)

(10,091,701)

Depreciation and amortisation

(10,331,621)

(9,964,824)

Take-off, landing and depot charges

(5,020,224)

(3,893,701)

Aircraft maintenance, repair and overhaul costs

(3,586,761)

(2,874,176)

Air catering charges

(912,392)

(625,766)

Aircraft and engine lease expenses

(214,147)

(121,882)

Other lease expenses

(341,102)

(245,660)

Other flight operation expenses

(2,753,906)

(2,055,640)

Selling and marketing expenses

(1,140,228)

(1,082,586)

General and administrative expenses

(469,485)

(511,959)

Net impairment loss (recognised)/reversed under

(9,305)

expected credit loss model

84,155

(45,995,556)

(38,195,500)

Loss from operations

5

(6,042,612)

(6,682,049)

Finance income

41,215

56,102

Finance costs

6

(2,658,298)

(2,548,296)

Share of results of associates

(1,418,976)

(3,010,754)

Share of results of joint ventures

110,282

106,840

Exchange gain/(loss), net

563,440

(1,018,769)

Loss before taxation

(9,404,949)

(13,096,926)

Income tax credit

7

1,734,284

2,236,520

Loss for the period

(7,670,665)

(10,860,406)

Attributable to:

(6,781,429)

- Equity shareholders of the Company

(9,439,799)

- Non-controlling interests

(889,236)

(1,420,607)

(7,670,665)

(10,860,406)

Loss per share

RMB(49.37) cents

- Basic and diluted

9

RMB(68.73) cents

Six months ended 30 June

2021

2020

RMB'000

RMB'000

(Unaudited)

(Unaudited)

Loss for the period

(7,670,665)

(10,860,406)

Other comprehensive income/(expense) for the period

Items that will not be reclassified to profit or loss:

- Fair value loss on investments in equity instruments at fair

(18,915)

value through other comprehensive income

(69,638)

- Income tax relating to items that will not be reclassified to

4,729

profit or loss

17,409

- Remeasurement of net defined benefit liability

(2,125)

(4,432)

- Share of other comprehensive expense of associates and joint

(3,858)

ventures

(103,423)

Items that may be reclassified subsequently to profit or loss:

- Fair value loss on investments in debt instruments measured

(5,169)

at fair value through other comprehensive income

(5,918)

- Impairment loss (reversed)/recognised on investments in

debt instruments measured at fair value through other

(15,277)

comprehensive income

11,083

- Income tax relating to items that may be reclassified

5,111

subsequently to profit or loss

(1,291)

- Share of other comprehensive income/(expense) of associates

878,718

and joint ventures

(902,862)

- Exchange differences on translation of foreign operations

(194,718)

436,992

Other comprehensive income/(expense)

for the period (net of tax)

648,496

(622,080)

Total comprehensive expense for the period

(7,022,169)

(11,482,486)

Attributable to:

(6,106,812)

- Equity shareholders of the Company

(10,046,662)

- Non-controlling interests

(915,357)

(1,435,824)

(7,022,169)

(11,482,486)

At

At

30 June

31 December

NOTE

2021

2020

RMB'000

RMB'000

(Unaudited)

(Audited)

Non-current assets

Property, plant and equipment

99,841,057

101,346,490

Right-of-use assets

118,652,505

114,539,680

Investment properties

584,378

600,329

Intangible assets

36,559

36,580

Goodwill

1,099,975

1,099,975

Interests in associates

10,233,582

10,938,428

Interests in joint ventures

1,667,387

1,581,105

Advance payments for aircraft and flight equipment

21,497,690

24,907,862

Deposits for aircraft under leases

571,075

615,537

Equity instruments at fair value through other

comprehensive income

214,265

233,180

Debt instruments at fair value through other

comprehensive income

1,313,267

1,344,829

Deferred tax assets

8,505,139

6,750,883

Other non-current assets

276,453

298,836

264,493,332

264,293,714

Current assets

Inventories

2,325,036

1,853,990

Accounts receivable

10

3,738,511

2,942,799

Bills receivable

8,922

6,593

Prepayments, deposits and other receivables

3,949,155

3,912,471

Restricted bank deposits

642,782

737,245

Cash and cash equivalents

8,451,613

5,837,998

Other current assets

4,382,393

4,444,806

23,498,412

19,735,902

Total assets

287,991,744

284,029,616

At

At

30 June

31 December

NOTE

2021

2020

RMB'000

RMB'000

(Unaudited)

(Audited)

Current liabilities

(2,433,265)

Air traffic liabilities

(2,002,649)

Accounts payable

11

(14,757,240)

(12,510,582)

Bills payable

(73,659)

(62,570)

Dividends payable

(98,000)

(98,000)

Other payables and accruals

(12,951,404)

(11,177,928)

Current taxation

(41,382)

(45,614)

Lease liabilities

(14,039,145)

(13,560,862)

Interest-bearing borrowings

(39,141,554)

(39,630,365)

Provision for return condition checks

(1,073,858)

(229,514)

Contract liabilities

(1,250,375)

(1,280,102)

(85,859,882)

(80,598,186)

Net current liabilities

(62,361,470)

(60,862,284)

Total assets less current liabilities

202,131,862

203,431,430

Non-current liabilities

(76,997,169)

Lease liabilities

(76,098,678)

Interest-bearing borrowings

(36,593,137)

(31,639,097)

Provision for return condition checks

(8,219,318)

(8,580,560)

Provision for early retirement benefit obligations

(1,161)

(1,351)

Long-term payables

(11,086)

(21,022)

Contract liabilities

(2,051,050)

(2,264,843)

Defined benefit obligations

(222,944)

(229,332)

Deferred income

(478,610)

(488,791)

Deferred tax liabilities

(330,724)

(334,720)

(124,905,199)

(119,658,394)

NET ASSETS

77,226,663

83,773,036

CAPITAL AND RESERVES

14,524,815

Issued capital

14,524,815

Treasury shares

(3,047,564)

(3,047,564)

Reserves

59,957,264

66,064,076

Total equity attributable to equity shareholders of the

Company

71,434,515

77,541,327

Non-controlling interests

5,792,148

6,231,709

TOTAL EQUITY

77,226,663

83,773,036