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Interim Report L 2010 an INTERN 2010 a TIONAL AIRPO R T C OM P a N Y LIMITED 海 南 美蘭國際機場股份有限 公 司 Interim R Eport

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Interim Report L 2010 an INTERN 2010 a TIONAL AIRPO R T C OM P a N Y LIMITED 海 南 美蘭國際機場股份有限 公 司 Interim R Eport HAINAN MEI 中 期 報 告 Interim Report L 2010 AN INTERN 2010 A TIONAL AIRPO R T C OM P A N Y LIMITED 海 南 美蘭國際機場股份有限 公 司 Interim R eport 海南美蘭國際機場股份有限公司 20 海南美蘭國際機場股份有限公司 10 HAINAN MEILAN INTERNATIONAL AIRPORT COMPANY LIMITED 中期報告 HAINAN MEILAN INTERNATIONAL AIRPORT COMPANY LIMITED (於中華人民共和國註冊成立之股份有限公司) (A joint stock company incorporated in the People’s Republic of China with limited liability) 股份代號 : 0357 Stock Code : 0357 Contents Corporate Information 2 Financial Highlights 3 Management Discussion and Analysis 4 Other Information 12 Condensed Consolidated Balance Sheet 17 Condensed Consolidated Income Statement 19 Condensed Consolidated Statement of Comprehensive Income 20 Condensed Consolidated Statement of Changes in Equity 21 Condensed Consolidated Cash Flow Statement 22 Notes to the Condensed Consolidated Interim Financial Information 23 Interim Report 2010 Hainan Meilan International Airport Company Limited 1 Corporate Information Chinese Name Legal Address and Head Office 海南美蘭國際機場股份有限公司 Meilan Airport Complex Haikou City English Name Hainan Province, the PRC Hainan Meilan International Airport Company Limited Place of Business in Hong Kong 28/F, Bank of East Asia Harbour View Centre Company Website 56 Gloucester Road www.mlairport.com Wanchai, Hong Kong Executive Directors Legal Adviser Zhao Yahui, Chairman MORRISON & FOERSTER Liang Jun 33/F, Edinburgh Tower Xing Xihong The Landmark Non-executive Directors 15 Queen’s Road, Central Hu Wentai, Vice Chairman Hong Kong Zhang Han’an International Auditors Chan Nap Kee, Joseph PricewaterhouseCoopers Yan Xiang 22/F, Prince’s Building Independent Non-executive Directors Central, Hong Kong Xu Bailing PRC Auditors Fung Ching, Simon Zon Zun Certified Public Accountants George F. Meng Office Limited Feng Da’an Hainan Branch Office Supervisors Block B, 16/F, Huaneng Building Dong Guiguo, Chairman 36 Datong Road Zhang Shusheng Longhua District Zeng Xuemei Haikou City Hainan Province, the PRC Company Secretary Postal code: 571100 Xing Zhoujin Principal Banker Authorized Representatives Bank of China, Haikou Jinyu Zhao Yahui Sub-branch of Hainan Province Branch Xing Zhoujin 81 Haixiu Central Road, Audit Committee Haikou City, Xu Bailing, Chairman Hainan Province, the PRC Fung Ching, Simon China Everbright Bank, Yingbin Sub-branch George F. Meng 56 Longkun South Road Remuneration Committee Haikou City Feng Da’an, Chairman Hainan Province, the PRC Fung Ching, Simon H Share Registrar and Transfer Office Xing Xihong Computershare Hong Kong Investor Nomination Committee Services Limited Xu Bailing, Chairman Room 1712-1716, 17th Floor Feng Da’an Hopewell Centre, 183 Queen’s Road East Liang Jun Wanchai, Hong Kong Strategic Committee Stock Code Fung Ching, Simon, Chairman 00357 Xu Bailing Feng Da’an Liang Jun Hu Wentai Interim Report 2010 2 Hainan Meilan International Airport Company Limited Financial Highlights The board of directors (the “Board”) of Hainan Meilan International Airport Company Limited (“Meilan Airport” or the “Company”) is pleased to announce the operating conditions, the unaudited financial results of the Company for the first half year of 2010, which have been reviewed by the audit committee of the Company (the “Audit Committee”), and the prospects for the second half year of 2010. Financial Highlights Six months ended 30 June (RMB’000) 2010 2009 Changes (%) Turnover 262,419 210,071 24.92% Gross profit 166,715 145,217 14.80% Net profit attributable to shareholders 133,031 108,161 22.99% Earnings per share – basic (RMB) 0.28 0.23 21.74% Net operating cash flow 196,116 -33,983 677.10% EBITDA 172,861 145,967 18.42% As at As at 30 June 31 December (RMB’000) 2010 2009 Changes (%) Total assets 2,263,876 2,091,506 8.24% Total liabilities 255,090 128,783 98.08% Shareholders’ equity 2,008,786 1,962,723 2.35% Current ratio (times) 4.81 6.73 -28.53% Liabilities-assets ratio 11.27% 7.35% 3.92% Interim Report 2010 Hainan Meilan International Airport Company Limited 3 Management Discussion and Analysis In the face of the unprecedented financial crisis, During the period under review, Hainan governments from the world launched various Meilan International Airport Company Limited economic rescue measures and hence the (“Meilan Airport” or the “Company”) and its global economy is starting to recover. China’s subsidiaries (collectively, “the Group”) grasped economy is having an obviously stronger the opportunities of the improving domestic momentum and a stable GDP growth was economy, the establishment of the ASEAN Free recorded in the first half of the year thanks to Trade Area and the construction of the Hainan the Chinese government’s continuance of the International Tourism Island to develop its main macro-control policy from the start of 2010. The aeronautical business, increase revenue from total supply and total demand in the Chinese non-aeronautical business with great effort, fully society are now basically balanced, and the utilize the potential of the Company’s resources growth of the economy has started to be jointly and greatly enhance the effort in cost-control. led by consumption, investment and export. With these efforts, Meilan Airport achieved As the structure of the economic growth is satisfactory results in terms of the three major experiencing positive changes, the stability and operating indicators, i.e. passenger throughput, sustainability of growth are enhanced. Half a aircraft movement and cargo throughput, and year since the approval of Hainan’s International the overall operating environment remained Tourism Island, the government of Hainan stable. Province continued to consistently enforce the State’s policy to expand domestic demand, For the six months ended 30 June 2010, stimulate economic growth, strengthened the Group’s total revenue amounted to investment pull and employ various measures approximately RMB262,419,000, representing to steadily facilitate the construction of the an increase of 24.92% as compared to the International Tourism Island. During the first corresponding period of last year. Net profit half of 2010, the economy of the Hainan attributable to shareholders of the Company Province generally grew with great strength, increased by 22.99% over the corresponding the growth rate is significantly increased and period of last year to RMB133,031,000. Earnings the efficiency is greatly enhanced. Hainan per share amounted to RMB28 cents (earnings continues to achieve overall economic growth per share for the corresponding period of last and economic structure optimization through year: RMB23 cents). The increase in net profit large construction projects. The progress of a attributable to shareholders of the Group series of large construction projects has been in the first half of 2010 was mainly due to accelerated, and the rate of increase in fixed the Company’s grasping of opportunities of assets investment in the province ranks first in the country’s improving economy and the the country. The number of tourists, especially construction of the Hainan International Tourism those from overseas increased significantly, and Island to further develop its main aeronautical the revenue from tourism maintained steady business and expand the non-aeronautical growth. Residents’ consumption grew quickly, business, as a result of which the operating the production and sale of agricultural products revenue significantly increased. were thriving and the efficiency was greatly enhanced. Fiscal revenue greatly increased and the source of revenue was diversifying. The financial market maintained stable with significant overall growth. Interim Report 2010 4 Hainan Meilan International Airport Company Limited Management Discussion and Analysis BUSINESS REVIEW 84,001.60 tons, representing an increase of 15.66% over the corresponding period of 1. Aeronautical Business last year. For the six months ended 30 June 2010, total passenger throughput amounted In the first half of 2010, the economy of to 4,755,100, representing an increase of Hainan Province grew greatly and was 8.23% as compared to the corresponding able to cope with the relatively steady period of last year. Aircraft movement growth of demand for its civil aviation amounted to 40,136, representing an market. The Group also employed various increase of 14.61% as compared to the proactive measures in developing the corresponding period of last year. Cargo domestic aviation market and continuously throughput reached 86,168.20 tons, improving the market development representing an increase of 15.40% over the strategies. In the first half of 2010, domestic corresponding period of last year. flights achieved significant growth. For the six months ended 30 June 2010, • In the face of the increasingly severe revenue from the Group’s aeronautical market competition, the Company business was RMB173,147,000, representing proactively launched promotion an increase of 8.50% as compared to the measures. Through the scientific corresponding period of last year. analysis of production tasks for the whole year, the Company prepared So far as the directors of the Company are an aviation market development aware, the airport fee levy shall cease after scheme with clear targets, actively 31 December 2010. For the six months engaged in market research to ended 30 June 2010, the Company still understand the business needs received 48% of the collected airport fee of airlines, proactively provided of the Hainan Meilan International Airport airlines with a detailed analysis according to the notice of the related report regarding
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