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C h i n a S o u t h e r n A i r l i n e s C o m p a n y L i m i t e d A n n u a l R e p o r t 2 0 China Southern Airlines Company Limi 0 ted 9 Annual Report 2009 H Share Stock Code: 1055 A Share Stock Code: 600029 ADR Code: ZNH CHINA SOUTHERN AIRLINES COMPANY LIMITED • ANNUAL REPORT 2009 1 Contents Company Profile 2 Corporate Information 3 Financial Highlights 4 Chairman’s Statement 6 Management Discussion and Analysis 8 Report of the Directors 23 Report of the Supervisory Committee 35 Corporate Governance Report 38 Financial Statements Prepared under International Financial Reporting Standards • Independent Auditor’s Report 44 • Consolidated Income Statement 46 • Consolidated Statement of Comprehensive Income 48 • Consolidated Balance Sheet 49 • Company Balance Sheet 51 • Consolidated Statement of Changes in Equity 53 • Consolidated Cash Flow Statement 54 • Notes to the Financial Statements 55 Supplementary Information 139 Five Year Summary 141 The Board of Directors, Supervisory Committee and Senior Management 143 Glossary 148 CHINA SOUTHERN AIRLINES COMPANY LIMITED • ANNUAL REPORT 2009 2 Company Profile China Southern Airlines Company Based in Guangzhou, the Group has 13 branches, Limited (the “Company”), together including Xinjiang, Beifang, Beijing, Shenzhen, Hainan, with its subsidiaries (collectively, the Heilongjiang, Jilin, Dalian, Henan, Hubei, Hunan, Guangxi, Zhuhai Helicopter, and 5 major subsidiaries, including “Group”), is one of the largest airlines in Xiamen Airlines, Shantou Airlines, Zhuhai Airlines, the People’s Republic of China (“China” Guizhou Airlines and Chongqing Airlines. The Group or “the PRC”). In 2009, the Group ranked has set up base in Shanghai and 19 domestic offices in first among all Chinese airlines in terms cities including Chengdu, Hangzhou and Nanjing. It also of its fleet size, flight routes network maintains 52 overseas offices including Tokyo, Paris, and volume of passenger traffic. The Los Angeles, Sydney and Lagos. Apart from the above, Group has a network of flight routes the Company has equity interests in Sichuan Airlines Corporation Limited. with Guangzhou as the core hub and Beijing as a major hub, covering China As of 31 December 2009, the Group had a fleet of 378 and the rest of Asia and connecting aircraft, consisting primarily of Boeing 737 series, 747, Europe, America, Australia and Africa. 757, 777, Airbus 320 series, 300, 330, McDonnell Douglas The Company joined the SKYTEAM 90 etc. The average age of the Group’s registered aircraft in November 2007. Up to the date of was 6.32 years as at the year end of 2009. this report, the Group has established a network reaching 905 destinations globally, connecting 169 countries and regions and covering major cities around the world. CHINA SOUTHERN AIRLINES COMPANY LIMITED • ANNUAL REPORT 2009 Corporate Information 3 DIRECTORS SHARE REGISTRAR Executive Directors Hong Kong Registrars Limited Si Xian Min (Chairman) 46th Floor Li Wen Xin Hopewell Centre Wang Quan Hua 183 Queen’s Road East Liu Bao Heng Hong Kong Tan Wan Geng (President) Zhang Zi Fang (Executive Vice President) BNY Mellon Shareowner Services Xu Jie Bo (Executive Vice President and P.O. Box 358516 Chief Financial Officer) Pittsburgh, PA15252-8516 Chen Zhen You U.S.A. Independent Non-Executive Directors China Securities Depository and Clearing Corporation Limited Shanghai Branch Wang Zhi Floor 36, China Insurance Building Sui Guang Jun 166 Lu Jia Zui East Road, Shanghai Gong Hua Zhang PRC Lam Kwong Yu CORPORATE HEADQUARTERS SUPERVISORS 278 Ji Chang Road Sun Xiao Yi (Chairman of the Supervisory Committee) Guangzhou Li Jia Shi PRC 510405 Zhang Wei Website: www.csair.com Yang Yi Hua Liang Zhong Gao PLACE OF BUSINESS IN HONG KONG JOINT COMPANY SECRETARIES Unit B1, 9th Floor United Centre Xie Bing 95 Queensway Liu Wei Hong Kong AUTHORISED REPRESENTATIVES INTERNATIONAL AUDITORS Xu Jie Bo KPMG Liu Wei Certified Public Accountants 8th Floor, Prince’s Building PRINCIPAL BANKERS 10 Chater Road The Industrial & Commercial Bank of China Hong Kong Bank of China China Construction Bank PRC AUDITORS Agricultural Bank of China KPMG Huazhen China Development Bank 8/F, Office Tower E2 Oriental Plaza LEGAL ADVISERS TO THE COMPANY No. 1 East Chang An Avenue DLA Piper Hong Kong Beijing Z&T Law Firm PRC Postcode 100738 CHINA SOUTHERN AIRLINES COMPANY LIMITED • ANNUAL REPORT 2009 4 Financial Highlights Total Revenue 2009 Passenger Traffic Capacity Passenger Traffic RMB million Available Seat Kilometres Revenue Passenger Kilometres (“ASK”) 2009 (“RPK”) 2009 million million • Domestic passenger revenue 43,033 (78.6%) • Domestic 105,379 (85.4%) • Domestic 80,697 (86.8%) • Hong Kong, Macau and Taiwan passenger • Hong Kong, Macau and Taiwan 1,916 • Hong Kong, Macau and Taiwan 1,337 revenue 1,000 (1.8%) (1.5%) (1.4%) • International passenger revenue 6,026 (11.0%) • International 16,146 (13.1%) • International 10,968 (11.8%) • Cargo & mail 2,908 (5.3%) • Other revenue 1,835 (3.3%) The board (the “Board”) of directors (the “Directors”) of the Company hereby presents below the consolidated results of the Group for the year ended 31 December 2009, prepared in accordance with International Financial Reporting Standards (“IFRSs”), together with the comparative figures for the corresponding period in 2008. The following consolidated results should be read in conjunction with the financial statements and the Independent Auditor’s Report contained in this annual report (the “Annual Report”). CONSOLIDATED INCOME STATEMENT 2009 vs 2008 For the year ended 31 December Increase/ 2009 2008 2009 2009 (decrease) RMB million RMB million HK$ million US$ million % Traffic revenue: Passenger 50,059 50,412 56,853 7,331 (0.7) Cargo and mail 2,908 3,501 3,303 426 (16.9) 52,967 53,913 60,156 7,757 (1.8) Other operating revenue 1,835 1,375 2,084 269 33.5 Total operating revenue 54,802 55,288 62,240 8,026 (0.9) Operating expenses: Flight operations 29,296 34,982 33,272 4,290 (16.3) Maintenance 4,446 4,890 5,050 651 (9.1) Aircraft and traffic servicing 9,169 8,476 10,413 1,343 8.2 Promotion and sales 4,170 3,491 4,736 611 19.5 General and administrative 1,844 2,041 2,094 270 (9.7) Impairment on property, plant and equipment 26 1,884 30 4 (98.6) Depreciation and amortisation 5,971 5,746 6,781 874 3.9 Others 429 257 487 63 66.9 Total operating expenses 55,351 61,767 62,863 8,106 (10.4) Other net income 1,989 833 2,259 291 138.8 Operating profit/(loss) 1,440 (5,646) 1,636 211 125.5 CHINA SOUTHERN AIRLINES COMPANY LIMITED • ANNUAL REPORT 2009 Financial Highlights 5 Passenger Traffic (RPK) Passenger Capacity (ASK) Yield (Yield per RPK) million million RMB 100,000 93,002 130000 123,441 0.8 120000 112,767 90,000 83,184 0.7 110000 80,000 0.61 100000 0.6 0.54 70,000 90000 60,000 80000 0.5 70000 50,000 0.4 60000 40,000 50000 0.3 30,000 40000 0.2 20,000 30000 20000 0.1 10,000 10000 0 0 0 2008 2009 2008 2009 2008 2009 2009 vs 2008 For the year ended 31 December Increase/ 2009 2008 2009 2009 (decrease) RMB million RMB million HKD million USD million % Interest income 68 103 77 10 (34.0) Interest expense (1,497) (1,987) (1,700) (219) (24.7) Share of associates’ results 69 (12) 78 10 675.0 Share of jointly controlled entities’ results 214 170 243 31 25.9 Gain/(loss) on derivative financial instruments, net 45 (124) 51 6 136.3 Exchange gain, net 93 2,592 106 14 (96.4) Gain on sale of a jointly controlled entity – 143 – – (100.0) Gain on sale of equity interest in subsidiaries – 37 – – (100.0) Profit/(loss) before taxation 432 (4,724) 491 63 109.1 Income tax credit/(expense) 95 (62) 108 14 253.2 Profit/(loss) for the year 527 (4,786) 599 77 111.0 Attributable to: Equity shareholders of the Company 330 (4,823) 375 48 106.8 Minority interests 197 37 224 29 432.4 Profit/(loss) for the year 527 (4,786) 599 77 111.0 Earnings/(loss) per share Basic and diluted RMB0.05 RMB(0.74) HKD0.05 USD0.01 106.8 Note: (1) The above consolidated income statement has been prepared in Renminbi (“RMB”), the national currency of the PRC. Translations of amounts from RMB into Hong Kong dollars (“HKD”) and United States dollars (“USD”) solely for the convenience of readers have been made at the rates of HKD1.00 to RMB0.8805 and USD1.00 to RMB6.8282, respectively, being the average of the buying and selling rates as quoted by the People’s Bank of China at the close of business on 31 December 2009. No representation is made that the RMB amounts could have been or could be converted into HKD or USD at these rates on 31 December 2009 or on any other date. CHINA SOUTHERN AIRLINES COMPANY LIMITED • ANNUAL REPORT 2009 6 Chairman’s Statement “Turning to 2010, given that the international financial market is becoming stable steadily, we expect to see a normal growth of the global economy under the recovery. Driven by the proactive fiscal policy and moderately easing monetary policy, the domestic economy will also maintain an uptrend. Besides, the PRC government has put great efforts in economic restructuring, boosting the national income and stimulating the domestic consumption, which will make favorable conditions for the rapid and health development of the domestic aviation market.
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