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WORLD-CLASS Hospitality with Eastern Charm 世界品位 東方魅力 中國東方航空股份有限公司

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CHINA EASTERN AIRLINES CORPORATION LIMITED AIRLINES CORPORATION CHINA EASTERN WORLD-CLASS Hospitality WITH Eastern Charm 世界品位 東方魅力 中國東方航空股份有限公司 ANNUAL REPORT 2013 年報 ANNUAL REPORT 2013 ANNUAL 年報 www.ceair.com (A joint stock limited company incorporated in the People’s Republic of China with limited liability) (在中華人民共和國註冊成立的股份有限公司) (Stock Code 股份代號: 00670) Contents 2 Definitions 4 Financial Highlights (prepared in accordance with International Financial Reporting Standards) 5 Summary of Accounting and Business Data (prepared in accordance with PRC Accounting Standards) 6 Summary of Selected Operating Data 8 Fleet 10 Milestones 12 Chairman’s Statement 18 Review of Operations and Management’s Discussion and Analysis 27 Report of Directors 54 Corporate Governance 70 Report of the Supervisory Committee 72 Social Responsibilities 74 Financial Statements prepared in accordance with International Financial Reporting Standards • Independent Auditors’ Report • Consolidated Statement of Profit or Loss and Other Comprehensive Income • Consolidated Statement of Financial Position • Company’s Statement of Financial Position • Consolidated Statement of Cash Flows • Consolidated Statement of Changes in Equity • Notes of the Financial Statements 170 Supplementary Financial Information 173 Corporate Information 002 China Eastern Airlines Definitions Corporation Limited Annual Report 2013 In this report, unless the context otherwise requires, the following expressions have the following meanings: AFTK the number of tonnes of capacity available for the carriage and cargo and mail multiplied by the distance flown ATK the number of tonnes of capacity available for the carriage of revenue load (passengers and cargo) multiplied by the distance flown Articles of Association the articles of association of the Company ASK the number of seats made available for sale multiplied by the distance flown Board the board of directors of the Company CAAC Civil Aviation Administration of China CEA Development 上海東方航空實業有限公司 (CEA Development Co.), which is a shareholding company under CEA Holding, and is interested as to 95% and 5% by CEA Holding and the Company respectively CEA Holding China Eastern Air Holding Company, the controlling shareholder of the Company CEA Northwest 中國東方航空西北公司 (China Eastern Air Northwest Company), a company wholly-owned by CEA Holding CES Finance 東航金戎控股有限責任公司 (CES Finance Holding Co. Ltd), a wholly-owned subsidiary of CEA Holding and a substantial shareholder of the Company CES Global 東航國際控股（香港）有限公司 (CES Global Holdings (Hong Kong) Limited), an indirect wholly-owned subsidiary of CEA Holding, a direct wholly-owned subsidiary of CES Finance and a substantial shareholder of the Company CES Media 東方航空傳媒股份有限公司 (China Eastern Airlines Media Co., Ltd), which is a shareholding company under CEA Holding, and is interested as to 55% and 45% by CEA Holding and the Company respectively China Eastern Airlines, CEA, or the 中國東方航空股份有限公司 (China Eastern Airlines Corporation Limited) Company China Cargo Airlines 中國貨運航空有限公司 (China Cargo Airlines Co., Ltd.), a shareholding company under Eastern Logistics, which is a wholly-owned subsidiary of the Company China United Airlines 中國聯合航空有限公司 (China United Airlines Co., Ltd.), a wholly-owned subsidiary of the Company Code the Corporate Governance Code set out in Appendix 14 to the Listing Rules Code sharing Code sharing is a widely adopted marketing arrangement for all airlines across the world. Pursuant to the code sharing agreements entered into with other airlines, an airline may conduct sales for the seats of code sharing flights operated by other airlines as its own products CSRC the China Securities Regulatory Commission Direct tagging of luggage to tag luggage directly from departing airport to the destination Directors the directors of the Company Eastern Air Catering Company 東方航空食品投資有限公司 (Eastern Air Catering Investment Co. Ltd.), which is a shareholding company under CEA Holding, and is interested as to 55% and 45% by CEA Holding and the Company respectively Eastern Air Finance Company 東航集團財務有限責任公司 (Eastern Air Group Finance Co., Ltd.), which is a shareholding company under CEA Holding, and is interested as to 53.75%, 21.25% and 25% by CEA Holding, CES Finance and the Company respectively Eastern Air Overseas Eastern Air Overseas (Hong Kong) Co., Ltd., a wholly-owned subsidiary of the Company Eastern Airlines Investment 上海東航投資有限公司 (Shanghai Eastern Airlines Investment Co., Ltd.), a wholly-owned subsidiary of CEA Holding Eastern Aviation Import & 東方航空進出口有限公司 (Eastern Aviation Import & Export Company), which is a shareholding Export Company company under CEA Holding, and is interested as to 55% and 45% by CEA Holding and the Company respectively Eastern Logistics Eastern Airlines Logistics Co., Ltd., a wholly-owned subsidiary of the Company Eastern Tourism 東航旅業投資（集團）有限公司 (Eastern Air Tourism Investment Group Co., Ltd), a wholly-owned subsidiary of CEA Holding Eastern Travel 上海東航國際旅行社有限公司 (Shanghai Eastern Air International Travel Service Co., Ltd), a direct wholly-owned subsidiary of Shanghai Tours and an indirect subsidiary of the Company Freight load factor the ratio of freight volume to AFTK 003 Definitions China Eastern Airlines Corporation Limited Annual Report 2013 Freight volume the product of the weight of cargo and mail for each flight segment and the distance of the flight segment Frequent flyer program the promotional method which mainly offers rewards to passengers who frequently take the flights of the airlines by accumulating flight kilometres Group the Company and its subsidiaries HKSCC 香港中央結算（代理人）有限公司 (Hong Kong Securities Clearing Company Ltd.), which operates the Central and Clearing and Settlement System of Hong Kong and is a recognized clearing institution. Hong Kong Securities Clearing Company Ltd. is a wholly-owned subsidiary of the Hong Kong Stock Exchange. Securities of investors are deposited in concentration in Hong Kong Securities Clearing Company Ltd. Hong Kong Stock Exchange The Stock Exchange of Hong Kong Limited IFRS International Financial Reporting Standards Jetstar Hong Kong Jetstar Hong Kong Limited, an associate of the Company Jetstar International Jetstar International Group Holdings Co., Limited, a wholly-owned subsidiary of Qantas Listing Rules the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited Model Code the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix 10 to the Listing Rules NYSE the New York Stock Exchange Passenger load factor the ratio of passenger volume to ASK Passenger volume the product of passenger traffic volume (persons) for each flight segment and the distance of the flight segment PRC the People’s Republic of China Qantas Qantas Airways Limited RFTK cargo and mail load in tonnes multiplied by the distance flown RPK the number of passengers carried multiplied by the distance flown RTK load (passenger and cargo) in tonnes multiplied by the distance flown RTK revenue the ratio of the sum of passenger traffic revenue and freight traffic revenue to total traffic volume SFO the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) Shanghai Airlines 上海航空有限公司 (Shanghai Airlines Co., Ltd.), a wholly-owned subsidiary of the Company Shanghai Dongmei 上海東美航空旅遊有限公司 (Shanghai Dongmei Aviation Tourism Co., Ltd.), which is a shareholding company under CEA Holding, and is interested as to 72.84% and 27.16% by CEA Holding and the Company respectively Shanghai Tours 上海航空國際旅遊（集團）有限公司 (Shanghai Airlines Tours International (Group) Co., Ltd.), a wholly-owned subsidiary of the Company Shareholder(s) the shareholder(s) of the Company Shun Tak Holdings Shun Tak Holdings Limited Shun Tak Investor Go Harvest Investments Limited, a wholly-owned subsidiary of Shun Tak Holdings SkyTeam Alliance SkyTeam Alliance, one of the three major airlines alliances in the world. Please refer to the website http://www.skyteam.com/for more details about SkyTeam Alliance Supervisors the supervisors of the Company The end of the Reporting Period 31 December 2013 The Reporting Period from 1 January 2013 to 31 December 2013 Total traffic volume the product of the weight of passengers, cargo and mails and the distance of the flight segment (every adult passenger accounts for 90 kilogrammes) USA the United States of America Weight of freight carried the actual weight of freight carried 004 China Eastern Airlines Financial Highlights Corporation Limited Annual Report 2013 (Prepared in accordance with International Financial Reporting Standards) Expressed in RMB millions 2009 2010 2011 2012 2013 Year ended 31 December Revenues 38,989 73,804 82,403 85,253 88,245 Other operating income 1,288 658 1,062 1,833 2,725 Operating expenses (38,340) (68,664) (79,201) (82,734) (89,394) Operating profit/(loss) 1,937 5,798 4,264 4,352 1,576 Finance income/(cost), net (1,549) (347) 561 (1,349) 576 Profit/(loss) before income tax 365 5,519 4,932 3,137 2,217 Profit/(loss) for the year attributable to the equity shareholders of the Company 280 5,056 4,661 3,072 2,373 Earning/(loss) per share attributable to the equity shareholders of the Company (RMB)(1) 0.04 0.45 0.41 0.27 0.20 At 31 December Cash and cash equivalents 1,735 3,078 3,861 2,512 1,995 Net current liabilities (28,648) (27,184) (29,679) (35,948) (40,472) Non-current assets 65,035 91,293 101,092 111,214 127,458 Long term borrowings, including current portion (16,928) (27,373) (30,321) (32,856) (36,175) Obligations under finance leases, including current portion (19,370) (19,208) (20,261) (21,858) (23,135) Total share capital and reserves attributable to the equity shareholders of the Company (1,287) 12,094 17,132 20,207 26,902 (1) The calculation of earnings per share for 2009 is based on the consolidated profit attributable to the equity shareholders of the Company divided by the weighted average number of shares of 6,436,828,000; the calculation of earnings per share for 2010 is based on the consolidated profit attributable to the equity shareholders of the Company divided by the weighted average number of 11,149,426,000 ordinary shares in issue.
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