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2011 2011 二零一一年報 ANNUAL REPORT ANNUAL REPORT 2011 REPORT ANNUAL 二零一一年報 Air China is the only national flag carrier of China and a member of Star Alliance, the world’s largest airline alliance. It is also the only Chinese civil aviation enterprise listed in “The World’s 500 Most Influential Brands”. Air China is headquartered in Beijing, the capital of China, with two increasingly important hubs in Shanghai and Chengdu. With Star Alliance, our network covered 1,290 destinations in 189 countries as at 31 December 2011. Air China is dedicated to provide passengers with safe, convenient, comfortable and personalised services. Air China is actively implementing the strategic objectives of ranking among the top in terms of global competitiveness, continuously strengthening our development potentials, providing our customers with a unique and excellent experience and realising sustainable growth to create value for all related parties. In addition, Air China also holds direct or indirect interests in the following airlines: Air China Cargo Co., Ltd, Shenzhen Airlines Company Limited, Air Macau Company Limited, Beijing Airlines Company Limited, Dalian Airlines Company Limited, Cathay Pacific Airways Limited and Shandong Airlines Co., Ltd. Contents 2 Corporate Information 3 Summary of Financial Information 5 Summary of Operating Data 7 Chairman’s Statement 9 Business Overview 15 Management’s Discussion and Analysis of Financial Position and Operating Results 22 Corporate Governance Report 33 Report of the Directors 53 Report of the Supervisory Committee 56 Profile of Directors, Supervisors and Senior Management Financial Statements prepared under International Financial Reporting Standards 63 – Independent Auditors’ Report 65 – Consolidated Income Statement 66 – Consolidated Statement of Comprehensive Income 67 – Consolidated Statement of Financial Position 69 – Consolidated Statement of Changes in Equity 70 – Consolidated Statement of Cash Flows 72 – Statement of Financial Position 74 – Notes to Financial Statements Financial Statements prepared under China Accounting Standards for Business Enterprises 166 – Consolidated Balance Sheet 168 – Consolidated Income Statement 169 Supplementary Information 171 Glossary of Technical Terms 172 Definitions Corporate Information REGISTERED CHINESE NAME LEGAL REPRESENTATIVE OF THE 中國國際航空股份有限公司 COMPANY Wang Changshun ENGLISH NAME Air China Limited JOINT COMPANY SECRETARIES Rao Xinyu REGISTERED OFFICE Tam Shuit Mui 9/F, Blue Sky Mansion 28 Tianzhu Road AUTHORISED REPRESENTATIVES Zone A, Tianzhu Airport Economic Development Zone Cai Jianjiang Shunyi District Tam Shuit Mui Beijing China LEGAL ADVISERS TO THE COMPANY Haiwen & Partners (as to PRC Law) PRINCIPAL PLACE OF BUSINESS IN HONG Sullivan & Cromwell (as to Hong Kong and English Law) KONG 5th Floor, CNAC House INTERNATIONAL AUDITORS 12 Tung Fai Road Ernst & Young Hong Kong International Airport Hong Kong H SHARE REGISTRAR AND TRANSFER OFFICE WEBSITE ADDRESS Computershare Hong Kong Investor Services Limited www.airchina.com.cn Rooms 1712-1716, 17th Floor Hopewell Centre DIRECTORS 183 Queen’s Road East Wang Changshun Wanchai Wang Yinxiang Hong Kong Cao Jianxiong Sun Yude LISTING VENUES Christopher Dale Pratt Hong Kong, London and Shanghai Ian Sai Cheung Shiu Cai Jianjiang Fan Cheng Fu Yang Li Shuang Han Fangming Yang Yuzhong SUPERVISORS Li Qinglin Zhang Xueren Zhou Feng Xiao Yanjun Air China Limited Su Zhiyong • Annual Report 2011 2 Summary of Financial Information (RMB’000) 2011 2010 2009 2008 2007 Turnover 98,409,502 82,487,539 51,393,191 52,908,161 51,081,667 Profit from operations 6,258,661 10,927,521 5,500,956 (9,806,971) 3,912,123 Profit before tax 9,354,739 14,833,612 5,066,285 (10,977,680) 5,448,165 Profit after tax (including profit attributable to non-controlling interests) 7,062,666 12,335,864 4,803,051 (9,367,030) 3,935,552 Profit attributable to non-controlling interests (19,708) 330,860 (51,183) (111,208) (110,661) Profit attributable to owners of the Company 7,082,374 12,005,004 4,854,234 (9,255,822) 4,046,213 EBITDA(1) 15,819,568 19,496,891 12,552,228 (3,441,696) 9,466,566 EBITDAR(2) 20,420,033 23,696,910 15,349,155 (593,230) 12,017,187 Earnings per share attributable to equity holders of the Company (RMB) 0.58 1.03 0.41 (0.78) 0.34 Return on equity attributable to owners of the Company (%) 15.36 28.97 20.30 (46.41) 13.22 (1) EBITDA represents earnings before finance revenue, finance costs, enterprise income taxes, profits resulting from sale of associates, share of profits and losses of associates, depreciation and amortisation as computed under the IFRSs. (2) EBITDAR represents EBITDA before deducting operating lease expenses on aircraft and engines as well as other operating lease expenses. Turnover (RMB’000) 100,000,000 80,000,000 60,000,000 40,000,000 Air China Limited 20,000,000 0 • Annual Report 2011 2007 2008 2009 2010 2011 3 Summary of Financial Information (RMB’000) 31 December 31 December 31 December 31 December 31 December 2011 2010 2009 2008 2007 Total assets 175,850,072 158,769,531 107,919,022 100,401,224 91,300,277 Total liabilities 127,524,637 117,398,294 83,964,555 79,944,718 60,548,027 Non-controlling interests 2,209,636 (66,717) 38,571 513,654 138,050 Equity attributable to equity holder of the Company 46,115,799 41,437,954 23,915,896 19,942,852 30,614,200 Equity attributable to owners of the Company per share (RMB) 3.79 3.56 2.02 1.68 2.58 Total assets (RMB’000) 200,000,000 150,000,000 100,000,000 50,000,000 2007 2008 2009 2010 2011 Air China Limited • Annual Report 2011 4 Summary of Operating Data The following summary includes the operating data of the Company, Air China Cargo, Shenzhen Airlines, Air Macau, Beijing Airlines and Dalian Airlines. Among which, the statistic data of Shenzhen Airlines includes those of Kunming Airlines. As Shenzhen Airlines only became a subsidiary of the Group since 20 April 2010, accordingly statistic data of Shenzhen Airlines for the 2010 period only included data collected from 20 April 2010 to 31 December 2010. 2011 2010 Change Traffic RPK (in millions) 123,499.47 105,694.99 16.85% International 35,724.19 33,206.63 7.58% Domestic 82,676.09 67,839.75 21.87% Hong Kong, Macau and Taiwan 5,099.20 4,648.61 9.69% RFTK (in millions) 4,847.63 4,840.90 0.14% International 3,427.48 3,583.74 (4.36%) Domestic 1,323.22 1,154.99 14.57% Hong Kong, Macau and Taiwan 96.93 102.17 (5.13%) Passengers carried (in thousands) 69,691.73 60,006.20 16.14% International 7,121.88 6,944.98 2.55% Domestic 59,391.47 50,185.69 18.34% Hong Kong, Macau and Taiwan 3,178.38 2,875.53 10.53% Cargo and mail carried (tonnes) 1,426,086.62 1,347,267.42 5.85% Kilometres flown (in millions) 873.11 767.37 13.78% Block hours (in thousands) 1,386.27 1,218.36 13.78% Number of flights 490,913 435,371 12.76% International 50,254 48,551 3.51% Domestic 413,557 362,107 14.21% Hong Kong, Macau and Taiwan 27,102 24,713 9.67% RTK (in millions) 15,868.94 14,294.41 11.01% Capacity ASK (in millions) 151,589.87 132,074.76 14.78% International 45,298.99 41,476.98 9.21% Domestic 99,401.93 84,370.14 17.82% Hong Kong, Macau and Taiwan 6,888.94 6,227.64 10.62% AFTK (in millions) 8,174.61 7,843.37 4.22% Air China Limited International 5,351.52 5,254.06 1.86% Domestic 2,572.06 2,369.04 8.57% Hong Kong, Macau and Taiwan 251.03 220.28 13.96% • Annual Report 2011 ATK (in millions) 21,845.35 19,740.75 10.66% 5 Summary of Operating Data 2011 2010 Change Load factor Passenger load factor (RPK/ASK) 81.47% 80.03% 1.44ppts International 78.86% 80.06% (1.20ppts) Domestic 83.17% 80.41% 2.77ppts Hong Kong, Macau and Taiwan 74.02% 74.64% (0.62ppts) Cargo and mail load factor (RFTK/AFTK) 59.30% 61.72% (2.42ppts) International 64.05% 68.21% (4.16ppts) Domestic 51.45% 48.75% 2.69ppts Hong Kong, Macau and Taiwan 38.61% 46.38% (7.77ppts) Yield Yield per RPK (RMB) 0.68 0.64 6.25% International 0.57 0.57 0% Domestic 0.72 0.67 7.46% Hong Kong, Macau and Taiwan 0.76 0.79 (3.80%) Yield per RFTK (RMB) 1.79 1.85 (3.24%) International 1.81 1.64 10.37% Domestic 1.49 2.29 (34.93%) Hong Kong, Macau and Taiwan 4.95 5.01 (1.20%) Fleet Total number of aircraft in service at year end 432 393 39 Daily utilisation (block hours per day per aircraft) 9.58 9.71 (0.13 hour) Unit cost Operating cost per ASK (RMB) 0.61 0.54 12.96% Operating cost per ATK (RMB) 3.13 3.46 (9.54%) Air China Limited • Annual Report 2011 6 Chairman’s Statement Further strengthened position in the domestic market – In 2011, we took advantage of the growth in the domestic air passenger market and timely adjusted our capacity deployment. This resulted in significant improvement of yield quality and fortified our market position. Our domestic capacity increased to 99,402 million available seat kilometres and we realised 82,676 million RPKs, representing an increase of 17.82% and 21.87%, respectively, from the previous year.
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