Air China Limited
Stock code: 00753 Hong Kong 601111 Shanghai AIRC London
2021
I N T E R I M R E P O R T
中國國際航空股份有限公司 (short name: 中國國航) (English name: Air China Limited,
short name: Air China) is the only national flag carrier of China.
As the old saying goes, "Phoenix, a bird symbolizing benevolence" and "The whole world will be at peace once a phoenix reveals itself". The corporate logo of Air China is composed of an artistic phoenix figure, the Chinese characters of "中國國際航空公司" in calligraphy written by Deng Xiaoping, by whom the China's reform and opening-up blueprint was designed, and the characters of "AIR CHINA" in English. Signifying good auspices in the ancient Chinese legends, phoenix is the king of all birds. It "flies from the eastern Happy Land and travels over mountains and seas and bestows luck and happiness upon all parts of the world". Air China advocates the core spirit of phoenix which is to "serve the world, to lead and move forward to higher goals". By virtue of the immense historical heritage, Air China strives to create perfect travel experience and keep passengers safe by upholding the spirit of phoenix of being a practitioner, promoter and leader for the development of the Chinese civil aviation industry. The Company is also committed to leading the industrial development by establishing itself as a "National Brand", at the same time pursuing outstanding performance through innovative and excelling efforts.
Air China was listed on The Stock Exchange of Hong Kong Limited (stock code: 00753) and
the London Stock Exchange (stock code: AIRC) on 15 December 2004, and was listed on the
Shanghai Stock Exchange (stock code: 601111) on 18 August 2006.
Headquartered in Beijing, Air China has set up branches in Southwest China, Zhejiang, Chongqing, Tianjin, Shanghai, Hubei, Guizhou, Tibet, Wenzhou, Xinjiang and Guangzhou. As at the end of the Reporting Period, the major subsidiaries of Air China are Shenzhen Airlines Company Limited (including Kunming Airlines Company Limited), Air Macau Company Limited, Beijing Airlines Company Limited, Dalian Airlines Company Limited, Air China Inner Mongolia Co., Ltd., Aircraft Maintenance and Engineering Corporation, Air China Import and Export Co., Ltd., Chengdu Falcon Aircraft Engineering Service Co., Ltd., Air China Shantou Industrial Development Company; and its joint ventures mainly include GA Innovation China Co., Ltd. and Sichuan Services Aero-Engine Maintenance Co., Ltd. Moreover, the associates of Air China are Cathay Pacific Airways Limited, Shandong Airlines Co., Ltd. and Tibet Airlines Co., Ltd.. Air China is also the largest shareholder of Shandong Aviation Group Co., Ltd.
With the goal of becoming "the world's leading airline", Air China is actively implementing the strategic objectives of "globally leading competitive advantages, constantly enhanced development capability, excellent and unique customer experience, and steadily improved interests and benefits". Air China is dedicated to serving passengers with credibility, convenience, comfort and choice. "Air China Miles" is the oldest frequent flier programme in China, under which all members of the frequent flier programmes under various brands of its subsidiaries and associates have been consolidated into the brand of "Phoenix Miles". As at the end of the Reporting Period, the total number of "Phoenix Miles" members amounted to 70.306 million.
As of the end of the Reporting Period, the Group operated a fleet of 729 aircraft with an average age of 7.97 years, of which the Company operated a fleet of 453 aircraft with an average age of 8.18 years.
No. 30, Tianzhu Road, Airport Industrial Zone,
Shunyi District, Beijing, 101312, P.R. China
Tel: 86-10-61462560
Fax: 86-10-61462805
www.airchina.com.cn
TABLE OF CONTENTS
Corporate Information | 2 |
Summary of Financial Information | 3 |
Summary of Operating Data | 4 |
Development of Fleet | 6 |
Business Overview | 7 |
Management Discussion and Analysis | 13 |
Changes in the Information of Directors, Supervisors and Senior Management | |
of the Company | 20 |
Shareholdings of Directors, Supervisors and Chief Executive and Substantial | |
Shareholders of the Company | 21 |
Corporate Governance | 24 |
Miscellaneous | 25 |
Report on Review of Condensed Consolidated Financial Statements | 29 |
Condensed Consolidated Financial Statements | |
- Condensed Consolidated Statement of Profit or Loss | 30 |
- Condensed Consolidated Statement of Profit or Loss and | |
Other Comprehensive Income | 31 |
- Condensed Consolidated Statement of Financial Position | 32 |
- Condensed Consolidated Statement of Changes in Equity | 34 |
- Condensed Consolidated Statement of Cash Flows | 35 |
- Notes to the Condensed Consolidated Financial Statements | 36 |
Glossary of Technical Terms | 66 |
Definitions | 67 |
CORPORATE INFORMATION
REGISTERED CHINESE NAME:
中國國際航空股份有限公司
ENGLISH NAME:
Air China Limited
REGISTERED OFFICE:
Blue Sky Mansion
28 Tianzhu Road
Airport Industrial Zone
Shunyi District
Beijing
China
PRINCIPAL PLACE OF BUSINESS IN HONG KONG:
5th Floor CNAC House
12 Tung Fai Road
Hong Kong International Airport Hong Kong
WEBSITE:
www.airchina.com.cn
DIRECTORS1:
Mr. Song Zhiyong
Mr. Ma Chongxian
Mr. Feng Gang
Mr. Patrick Healy
Mr. Xue Yasong
Mr. Duan Hongyi
Mr. Stanley Hui Hon-chung
Mr. Li Dajin
SUPERVISORS:
Mr. Zhao Xiaohang
Mr. He Chaofan
Mr. Wang Jie
Mr. Qin Hao
Ms. Lyu Yanfang
LEGAL REPRESENTATIVE OF THE COMPANY:
Mr. Song Zhiyong
COMPANY SECRETARY:
Mr. Zhou Feng
AUTHORISED REPRESENTATIVES:
Mr. Song Zhiyong
Mr. Zhou Feng
LEGAL ADVISERS TO THE COMPANY:
DeHeng Law Offices (as to PRC Law)
DLA Piper Hong Kong (as to Hong Kong and English Law)
INTERNATIONAL AUDITOR:
Deloitte Touche Tohmatsu
Registered Public Interest Entity Auditors
H SHARE REGISTRAR AND TRANSFER OFFICE:
Computershare Hong Kong Investor Services Limited
Rooms 1712-1716, 17th Floor, Hopewell Centre
183 Queen's Road East
Wanchai
Hong Kong
LISTING VENUES:
Hong Kong, London and Shanghai
1. Effective from 9 February 2021, Mr. Wang Xiaokang resigned from his position as an independent non-executive Director of the Company due to his age. At the 2021 first extraordinary general meeting of the Company, Mr. Ma Chongxian was appointed as an executive Director of the Company.
002 Air China Limited 2021 Interim Report
SUMMARY OF FINANCIAL INFORMATION
Six months | Six months | ||
ended 30 June | ended 30 June | ||
(RMB'000) | 2021 | 2020 | Change |
Revenue | 37,663,803 | 29,645,766 | 27.05% |
Loss from operations | (6,042,612) | (6,682,049) | (9.57%) |
Loss before taxation | (9,404,949) | (13,096,926) | (28.19%) |
Loss after taxation | (7,670,665) | (10,860,406) | (29.37%) |
Loss attributable to non-controlling interests | (889,236) | (1,420,607) | (37.40%) |
Loss attributable to equity shareholders | |||
of the Company | (6,781,429) | (9,439,799) | (28.16%) |
EBITDA(1) | 4,289,009 | 3,282,775 | 30.65% |
EBITDAR(2) | 4,844,258 | 3,650,317 | 32.71% |
Loss per share attributable to equity shareholders of | |||
the Company (RMB) | (0.4937) | (0.6873) | (28.17%) |
Return on equity attributable to | |||
equity shareholders (%) | (9.10) | (10.69) | 1.59 ppt |
(1) EBITDA represents earnings before finance income and finance costs, net exchange gain/loss, income tax expense, share of results of associates and joint ventures, depreciation and amortisation as computed under IFRSs.
(2) EBITDAR represents EBITDA before deducting lease expenses on aircraft and engines as well as other lease expenses.
At 30 June | At 31 December | ||
(RMB'000) | 2021 | 2020 | Change |
Total assets | 287,991,744 | 284,029,616 | 1.39% |
Total liabilities | 210,765,081 | 200,256,580 | 5.25% |
Non-controlling interests | 5,792,148 | 6,231,709 | (7.05%) |
Equity attributable to equity shareholders | |||
of the Company | 71,434,515 | 77,541,327 | (7.88%) |
Equity attributable to equity shareholders | |||
of the Company per share (RMB) | 4.92 | 5.34 | (7.87%) |
2021 Interim Report Air China Limited | 003 |
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Air China Limited published this content on 17 September 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 September 2021 03:11:07 UTC.