REG - Air China Ld - FIRST QUARTERLY REPORT OF 2024
29/04/2024 07:00
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RNS Number : 3708M Air China Ld 29 April 2024
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 2024
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 26 April 2024 and passed the resolution approving
the first quarterly report of 2024 of the Company for the period ended 31
March 2024 (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 this quarterly
report are true, accurate and complete.
Whether the first quarterly report of the Company is audited
o Yes þNo
1. MAJOR FINANCIAL DATA
(1) MAJOR ACCOUNTING DATA AND FINANCIAL INDICATORS
Unit: RMB'000
Items During the Reporting Period Increase/
decrease as compared
to the same period of
the previous
year (%)
Revenue 40,065,742 59.83%
Net profit attributable to shareholders -1,674,456 N/A
of the listed company
Net profit attributable to shareholders -1,713,176 N/A
of the listed company after deducting
non-recurring profits and losses
Net cash flow from operating activities 9,407,344 38.42%
Basic earnings per share (RMB per share) -0.11 N/A
Diluted earnings per share (RMB per share) N/A N/A
Weighted average return on net assets (%) -4.47% Increased by 3.56
percentage points
At the end At the end Increase/
of the Reporting Period
of the
decrease at
previous
the end of
year
the Reporting Period as compared to
the end of
the previous
year (%)
Total assets 341,316,757 335,302,681 1.79%
Owners' equity attributable to shareholders of the listed company 37,343,846 37,229,962 0.31%
(2) Items and amounts of non-recurring profits and losses
þ Applicable o 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, -3,507
including provision for asset impairment being written off
Government subsidies recorded in profit or loss for the current period 29,046
(excluding those closely related to the Company's normal business operations,
comply with national policies and regulations, were entitled in accordance
with the requirements determined and posed a lasting impact on the Company's
profit or loss)
Gain or loss from change in fair value arising from holding financial assets 34
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 with the normal operations of the
Company
Reversal of provision for impairment of receivable that has undergone 947
impairment test alone
Other non-operating income and 21,322
expenses besides the above items
Less: Effect of income tax 5,803
Effect of non-controlling interests (after tax) 3,319
Total 38,720
Explanation by the Company of items not listed in the "Interpretative
Announcement for Information Disclosure of Companies That Issue Securities to
the Public No.1 - 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》)
which are identified as non-recurring profits and losses items with
significant amount and of non-recurring profits and losses items listed in the
"Interpretative Announcement for Information Disclosure of Companies That
Issue Securities to the Public No.1 - 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》)
which are defined as recurring profits and losses items
o Applicable þ Not applicable
(3) Particulars of, and reasons for, changes in major accounting data
and financial indicators
þ Applicable o Not applicable
Items Percentage of Change (%) Major Reasons
Revenue 59.83 With its active investment and production, and enhanced yield level management
capabilities, the operating income increased significantly year-on-year
Net profit attributable to shareholders of the listed company N/A With a significant year-on-year increase in operating income, as well as
strengthening cost control, the loss significantly reduced year-on-year
Net profit attributable to shareholders of the listed company after deducting N/A With a significant year-on-year increase in operating income, as well as
non-recurring profits and losses strengthening cost control, the loss significantly reduced year-on-year
Net cash flow from operating activities 38.42 Mainly due to a substantial year-on-year increase in operating income
Basic earnings per share (RMB per share) N/A Mainly due to substantial year-on-year loss reduction
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 167,174 Total number of holders of preference /
ordinary shares as at the end
shares with restored voting rights as at the end of the Reporting Period (if
of the Reporting Period any)
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,
marked or frozen
Status Number
(%)
China National Aviation Holding Corporation Limited State-owned 6,566,761,847 39.57 614,525,150 Frozen 127,445,536
legal person
Cathay Pacific Airways Limited Foreign legal person 2,633,725,455 15.87 0 Nil 0
China National Aviation Foreign legal person 1,949,262,228 11.75 392,927,308 Frozen 36,454,464
Corporation (Group) Limited
HKSCC NOMINEES LIMITED Foreign legal person 1,689,255,335 10.18 0 Nil 0
China Securities Finance Corporation Limited Other 311,302,365 1.88 0 Nil 0
China National Aviation State-owned legal person 238,524,158 1.44 0 Nil 0
Fuel Group Corporation
Hong Kong Securities Foreign legal person 188,468,149 1.14 0 Nil 0
Clearing Company Ltd.
China Structural Reform State-owned legal person 67,039,106 0.40 0 Nil 0
Fund Co., Ltd. （中國國有企業結構調整基金股份有限公司）
Bank of China Limited - Other 50,906,800 0.31 0 Nil 0
China Merchants Anhua Bond Securities Investment Fund
（中國銀行股份有限公司－招商安華債券型證券投資基金）
Industrial and Commercial Bank of China Limited - Huatai-PB CSI 300 Open-ended Other 50,008,602 0.30 0 Nil 0
Index 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）
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 and number of shares
Type Number
China National Aviation Holding Corporation Limited 5,952,236,697 RMB ordinary shares 5,952,236,697
Cathay Pacific Airways Limited 2,633,725,455 Overseas listed 2,633,725,455
foreign shares
HKSCC NOMINEES LIMITED 1,689,255,335 Overseas listed 1,689,255,335
foreign shares
China National Aviation Corporation (Group) Limited 1,556,334,920 RMB ordinary shares 1,332,482,920
Overseas listed 223,852,000
foreign shares
China Securities Finance Corporation Limited 311,302,365 RMB ordinary shares 311,302,365
China National Aviation Fuel Group Corporation 238,524,158 RMB ordinary shares 238,524,158
Hong Kong Securities Clearing Company Ltd. 188,468,149 RMB ordinary shares 188,468,149
China Structural Reform Fund Co., Ltd. 67,039,106 RMB ordinary shares 67,039,106
（中國國有企業結構調整基金股份有限公司）
Bank of China Limited - China Merchants Anhua Bond Securities Investment Fund 50,906,800 RMB ordinary shares 50,906,800
（中國銀行股份有限公司－招商安華債券型證券投資基金）
Industrial and Commercial Bank of China Limited - Huatai-PB CSI 300 Open-ended 50,008,602 RMB ordinary shares 50,008,602
Index 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）
Explanation on connected relationship or action in concert among the above China National Aviation Corporation (Group) Limited is a wholly-owned
shareholders subsidiary of China National Aviation Holding Corporation Limited.
Accordingly, China National Aviation Holding Corporation Limited is directly
and indirectly interested in 51.32% of the shares of the Company.
Explanation on the participation of the top 10 shareholders and the top 10 Industrial and Commercial Bank of China Limited - Huatai-PB CSI 300 Open-ended
shareholders not Index Fund has launched refinancing business. Lending balance at the beginning
subject to selling restrictions in margin financing of the Reporting Period was 322,600 shares and the lending balance as at the
and securities lending as well as margin and end of the Reporting Period was 0 share.
securities refinancing business (if any)
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
1,689,255,335 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
SASAC, 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 lending by shareholders holding more than 5% of the shares, top 10
shareholders and top 10 shareholders of unrestricted tradable shares
participating in the refinancing business
þApplicable o Not applicable
Unit: share
Share lending by shareholders holding more than 5% of the Shares, top 10
shareholders and
top 10 shareholders of unrestricted tradable shares participating in the
refinancing business
Name of shareholder Shareholding of ordinary account and credit account as at the beginning of the Share lent but not yet been returned under refinancing as at the beginning of Shareholding of ordinary account and credit account as at the end of the Share lent but not yet been returned under refinancing as at the end of the
(Full name) Period the Period Period Period
Total number of shares Percentage (%) Total number of shares Percentage (%) Total number of shares Percentage (%) Total number of shares Percentage (%)
Industrial and Commercial Bank of China Limited - Huatai-PB CSI 300 Open-ended 34,327,902 0.21 322,600 0.002 50,008,602 0.30 0 0
Index 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）
The top 10 shareholders and top 10 shareholders of unrestricted tradable
shares have changed from the previous period due to lending/returning from
refinancing.
oApplicable þ Not applicable
3. OTHER ALERTS
Other important information that needs to be brought to the attention of
investors regarding the Company's operations during the Reporting Period
þ Applicable o Not applicable
The Company convened the 25th meeting of the sixth session of the Board on 22
December 2023 and convened the first extraordinary general meeting of 2024 on
26 January 2024, at which relevant resolutions, including the proposal in
relation to the issuance of A shares and H shares to specific investors by the
Company in 2023, were approved and passed. On 7 February 2024, the Company
completed the issuance of H shares to a specific investor, China National
Aviation Corporation (Group) Limited. 392,927,308 H shares were issued at the
issue price of HKD5.09 per share. For details, please refer to the Company's
announcements published on the website of Shanghai Stock Exchange
(http://www.sse.com.cn/), China Securities Journal, Shanghai Securities News
and Securities Daily on 23 December 2023, 27 January 2024 and 8 February 2024
respectively. Changes in the Company's share capital and shareholders' equity
after the completion of the issuance of H shares to specific investor by the
Company in 2023 are as follows:
Name of shareholders Before issuance After issuance
Number of shares held (Share) Percentage of the total share capital Number of shares held (Share) Percentage of the total share capital
(%) (%)
CNAHC CNAHC and its persons 8,123,096,767 50.14 8,516,024,075 51.32
acting in concert
Of which, CNAHC directly 6,566,761,847 40.53 6,566,761,847 3
holds A shares 9
.
5
7
Held through CNACG A shares and 1,556,334,920 9.61 1,949,262,228 11.75
H shares
Of which, 1,332,482,920 8.22 1,332,482,920 8.03
A shares
H shares 223,852,000 1.38 616,779,308 3.72
Cathay Pacific Airways Limited 2,633,725,455 16.26 2,633,725,455 15.87
Other A shareholders 3,738,864,707 23.08 3,738,864,707 22.53
Other H shareholders 1,705,105,909 10.52 1,705,105,909 10.28
Total 16,200,792,838 100.00 16,593,720,146 100.00
4. QUARTERLY FINANCIAL STATEMENTS
(1) Type of audit opinion
o Applicable þ Not applicable
(2) Financial statements
CONSOLIDATED BALANCE SHEET
31 March 2024
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items 31 March 31 December 2023
2024
CURRENT ASSETS:
Cash and bank balance 22,467,149 15,628,496
Provisions on payables
Contributions made
Financial assets held-for-trading 2,538 2,505
Derivative financial assets
Bills receivable 420 3,601
Accounts receivable 4,333,047 3,182,797
Receivables financing
Prepayments 733,252 414,431
Premium receivable
Receivables on reinsurance
Provisions for reinsurance contracts
Other receivables 4,574,631 5,437,914
Including: Interest receivable
Dividend receivable
Purchase of financial assets resold
Inventories 4,580,834 3,682,821
Including: Data resources
Contract assets
Held-for-sale assets 42,046 108,527
Non-current assets due within a year
Other current assets 3,899,107 3,873,629
Total current assets 40,633,024 32,334,721
NON-CURRENT ASSETS:
Loans and advances
Debt investments
Other debt investments 1,268,306 1,397,310
Long-term receivables 843,275 847,273
Long-term equity investments 15,889,735 15,136,903
Investments in other equity instruments 1,451,704 1,550,029
Other non-current financial assets
Investment properties 318,469 320,827
Fixed assets 106,464,568 104,970,803
Construction in progress 36,211,168 38,407,989
Biological assets for production
Oil and gas assets
Right-of-use assets 114,375,183 116,342,903
Intangible assets 5,726,750 5,817,144
Including: Data resources
Development expenses
Including: Data resources
Goodwill 4,097,942 4,097,942
Long-term deferred expenses 311,220 286,247
Deferred tax assets 13,683,858 13,703,962
Other non-current assets 41,555 88,628
Total non-current assets 300,683,733 302,967,960
Total assets 341,316,757 335,302,681
CURRENT LIABILITIES:
Short-term loans 22,312,335 21,363,178
Short-term financing bonds payable 2,000,502
Borrowings from central bank
Contributions received
Financial liabilities held-for-trading
Derivative financial liabilities
Bills payable 112,514 500,160
Accounts payable 22,045,204 18,595,075
Air traffic liabilities 8,260,485 8,366,222
Receipts in advance
Contract liabilities 1,498,490 1,522,492
Sale of financial assets repurchased
Deposits from clients and placements from other banks
Brokerage payable
Underwriting fees payable
Employee compensations payable 2,559,324 3,088,820
Taxes payable 409,388 571,838
Other payables 17,957,020 16,085,401
Including: Interest payable
Dividend payable
Fees and commissions payable
Amounts payable on reinsurance
Held-for-sale liabilities
Non-current liabilities due within a year 45,957,595 40,224,088
Other current liabilities
Total current liabilities 123,112,857 110,317,274
NON-CURRENT LIABILITIES:
Reserves on insurance contracts
Long-term loans 82,075,691 80,777,799
Debentures payable 5,197,624 9,196,832
Including: Preference shares
Perpetual bonds
Lease liabilities 62,415,770 64,053,967
Long-term payables 26,329,913 28,752,343
Long-term employee compensation payables 189,361 187,810
Accrued liabilities 4,321,942 4,312,660
Deferred income 388,492 404,103
Deferred tax liabilities 349,167 347,910
Other non-current liabilities 1,896,009 1,663,987
Total non-current liabilities 183,163,969 189,697,411
Total liabilities 306,276,826 300,014,685
OWNERS' EQUITY (OR SHAREHOLDERS' EQUITY):
Paid-up capital (or share capital) 16,593,720 16,200,793
Other equity instruments
Including: Preference shares
Perpetual bonds
Capital reserve 41,010,582 39,587,767
Less: Treasury shares
Other comprehensive income 188,164 215,566
Special reserves 2,940 2,940
Surplus reserves 11,564,287 11,564,287
General risk provisions 153,747 153,747
Retained earnings -32,169,594 -30,495,138
Total owners' equity (or shareholders' equity) attributable to the parent 37,343,846 37,229,962
company
Non-controlling interests -2,303,915 -1,941,966
Total owners' equity (or shareholders' equity) 35,039,931 35,287,996
Total liabilities and owners' equity (or shareholders' equity) 341,316,757 335,302,681
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. Lyu Lingfei
CONSOLIDATED INCOME STATEMENT
January to March 2024
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items First quarter First quarter
of 2024
of 2023
I. Total revenue from operations 40,065,742 25,067,711
Including: Operating income 40,065,742 25,067,711
Interest income
Premium earned
Fees and commission income
II. Total operating cost 43,614,326 29,749,323
Including: Operating costs 38,728,738 26,319,512
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 64,522 69,991
Selling expenses 1,740,842 1,120,191
General and administrative expenses 1,290,115 1,110,720
R&D expenses 85,305 69,676
Finance expenses 1,704,804 1,059,233
Including: Interest expenses 1,679,074 1,684,838
Interest income 133,626 109,982
Add: Other income 993,501 628,577
Investment income (loss is represented by "-" sign) 621,078 737,421
Including: Share of profits of associates and joint ventures 610,519 725,728
Gains on derecognition of financial assets measured at amortised cost
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) 34 -271
Impairment loss of credit (loss is represented by "-" sign) -9,998 -4,422
Impairment loss of assets (loss is represented by "-" sign)
Gains from disposal of assets (loss is represented by "-" sign) -2,690 25,361
III. Profit from operations (loss is represented by "-" sign) -1,946,659 -3,294,946
Add: Non-operating income 31,779 23,216
Less: Non-operating expenses 11,274 10,703
IV. Total profit (total loss is represented by "-" sign) -1,926,154 -3,282,433
Less: Income tax expenses 75,743 -8,785
V. Net profit (net loss is represented by "-" sign) -2,001,897 -3,273,648
(I) Classified by continuity of operations
1. Net profit from continuing operations (net loss is represented by "-" sign) -2,001,897 -3,273,648
2. Net profit from discontinued operation (net loss is represented by "-"
sign)
(II)
Classified by ownership
1. Net profits attributable to shareholders of the parent company (net loss is -1,674,456 -2,926,407
represented by "-" sign)
2. Profit or loss attributable to non-controlling interests (net loss is -327,441 -347,241
represented by "-" sign)
VI. Other comprehensive income after tax, net -61,910 -362,071
(I) Other comprehensive income after tax attributable to owners of the parent -27,402 -350,014
company, net
1. Other comprehensive income that cannot be subsequently reclassified to -37,439 -19,768
profit or loss
(1) Changes arising on remeasurement of defined benefit plans
(2) Other comprehensive income accounted for using the equity method that
cannot be reclassified to profit or loss
(3) Change in fair value of investments in other equity instruments -37,439 -19,768
(4) Change in fair value of own credit risk of the Company
2. Other comprehensive income that will be reclassified to profit or loss 10,037 -330,246
(1) Other comprehensive income accounted for using the equity method that may
be reclassified to profit or loss
(2) Change in fair value of other debt investments 1,873 -748
(3) Amount of financial assets reclassified into other comprehensive income
(4) Provisions for credit impairment of other debt investments -47 -405
(5) Reserve for cash flow hedging
(6) Exchange difference on translation of financial statements in foreign 8,211 -329,093
currency
(7) Others
(II) Other comprehensive income after tax attributable to non-controlling -34,508 -12,057
interests, net
VII. Total comprehensive income -2,063,807 -3,635,719
(I) Total comprehensive income attributable to owners of the parent company -1,701,858 -3,276,421
(II) Total comprehensive income attributable to non-controlling interests -361,949 -359,298
VIII. Earnings per share:
(I) Basic earnings per share (RMB per share) -0.11 -0.19
(II) Diluted earnings per share (RMB per share) N/A N/A
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. Lyu Lingfei
CONSOLIDATED CASH FLOW STATEMENT
January to March 2024
Prepared by Air China Limited
Unit: RMB'000 (Unaudited)
Items First quarter First quarter
of 2024
of 2023
I. Cash flows from operating activities:
Cash received from sales of goods and provision of services 41,114,724 28,280,057
Net increase in deposits from clients and placements from banks
Net increase in borrowings from central bank
Net increase in contributions received from other financial institutions
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 460,145 583,713
Other cash received relating to operating activities 3,141,718 1,340,351
Subtotal of cash inflows of operating activities 44,716,587 30,204,121
Cash paid for goods purchased and services received 23,737,346 12,538,632
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 8,970,554 7,184,047
Taxes and levies paid 374,919 353,582
Other cash paid relating to operating activities 2,226,424 3,331,702
Subtotal of cash outflows from operating activities 35,309,243 23,407,963
Net cash flows from operating activities 9,407,344 6,796,158
II. Cash flows from investing activities:
Cash received from sale and redemption of investments 126,906 231,633
Cash received from investment income 19,286 24,479
Net cash proceeds from disposal of fixed assets, intangible assets and other 74,069 22,930
long-term assets
Net cash proceeds from disposal of subsidiaries and other business units
Other cash received relating to investing activities 137,851 5,513,783
Subtotal of cash inflows from investing activities 358,112 5,792,825
Cash paid for purchase and construction of fixed assets, intangible assets and 2,215,067 2,266,548
other long-term assets
Cash paid for investments 648,991 94,801
Net increase in secured loans
Net cash payments for acquisition of subsidiaries and other business units
Other cash paid relating to investing activities 4,326 3,397
Subtotal of cash outflows from investing activities 2,868,384 2,364,746
Net cash flows from investing activities -2,510,272 3,428,079
III. Cash flows from financing activities:
Cash received from issuance of debentures 2,000,000
Cash received from capital injection 1,815,742 14,993,017
Including: Cash received from capital injection of non-controlling
shareholders in subsidiaries
Cash received from borrowings 11,220,916 13,814,652
Other cash received relating to financing activities
Subtotal of cash inflows from financing activities 15,036,658 28,807,669
Cash paid for repayment of borrowings 8,768,304 4,505,775
Cash paid for repayment of debentures 6,000,000
Cash paid for distribution of dividends, profits or payment of interest 1,735,230 1,936,187
expenses
Including: Dividends and profits paid to non-controlling shareholders by
subsidiaries
Other cash paid relating to financing activities 4,501,831 5,120,329
Subtotal of cash outflows from financing activities 15,005,365 17,562,291
Net cash flows from financing activities 31,293 11,245,378
IV. Effect of exchange rate changes on cash and cash equivalents -9,865 -25,125
V. Net increase in cash and cash equivalents 6,918,500 21,444,490
Add: Balance of cash and cash equivalents as at the beginning of the Period 15,016,804 10,607,711
VI. Balance of cash and cash equivalents as at the end of the Period 21,935,304 32,052,201
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. Lyu Lingfei
(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 2024
o Applicable þ 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, 26 April 2024
As at the date of this announcement, the directors of the Company are Mr. Ma
Chongxian, Mr. Wang Mingyuan, Mr. Feng Gang, Mr. Patrick Healy, Mr. Xiao Peng,
Mr. Li Fushen*, Mr. He Yun*, Mr. Xu Junxin* and Ms. Winnie Tam Wan-chi*.
* Independent non-executive director of the Company
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