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Annual Report 015 2 Air China Limited 中國國際航空股份有限公司 Annual Report 20 ANNUAL 2015 年報 GMT-3 GMT+5 GMT-10 2015 REPORT GMT-3 GMT+5 GMT-10 15 隨時 二零一五年年報 Anytime 隨地 Anywhere 伴您飛行 Fly With Us 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 Chengdu and Shanghai. With Star Alliance, our network covered 1,330 destinations in 193 countries as at 31 December 2015. Air China is dedicated to serve passengers with credibility, convenience, comfort and choice. 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, Air China Inner Mongolia Co. Ltd., Cathay Pacific Airways Limited, Shandong Airlines Co., Ltd. and Tibet Airlines Company Limited. No. 30, Tianzhu Road, Airport Industrial Zone, Shunyi District, Beijing, 101312, P.R. China Tel 86-10-61461959 Fax 86-10-61462805 www.airchina.com.cn A IR CH IN A A I R C H INA CONTENT Corporate Information 2 Summary of Financial Information 4 Summary of Operating Data 6 Chairman’s Statement 8 Business Overview 12 Management’s Discussion and Analysis of Financial Position and Operating Results 26 Corporate Governance Report 36 Report of the Directors 50 Profile of Directors, Supervisors and Senior Management 74 Financial Statements prepared under International Financial Reporting Standards – Independent Auditor’s Report 84 – Consolidated Statement of Profit or Loss 86 – Consolidated Statement of Profit or Loss and Other Comprehensive Income 87 – Consolidated Statement of Financial Position 88 – Consolidated Statement of Changes in Equity 91 – Consolidated Cash Flow Statement 92 – Notes to the Financial Statements 93 Financial Statements prepared under the Accounting Standards for Business Enterprises of the PRC – Consolidated Income Statement 186 – Consolidated Balance Sheet 188 Supplementary Information 191 Glossary of Technical Terms 193 Definitions 194 A IR CH IN A A CORPORATE INFORMATION I R C H INA REGISTERED CHINESE NAME: WEBSITE ADDRESS: 中國國際航空股份有限公司 www.airchina.com.cn ENGLISH NAME: DIRECTORS: Air China Limited Cai Jianjiang Wang Yinxiang Cao Jianxiong REGISTERED OFFICE: Feng Gang John Robert Slosar Blue Sky Mansion Ian Sai Cheung Shiu 28 Tianzhu Road Song Zhiyong Airport Industrial Zone Fan Cheng Shunyi District Pan Xiaojiang Beijing Simon To Chi Keung China Stanley Hui Hon-chung Li Dajin PRINCIPAL PLACE OF BUSINESS IN HONG KONG: 5th Floor, CNAC House 12 Tung Fai Road Hong Kong International Airport Hong Kong 002 AIR CHINA LIMITED CORPORATE INFORMATION SUPERVISORS: LEGAL ADVISERS TO THE COMPANY: Li Qinglin DeHeng Law Offices (as to PRC Law) He Chaofan Sullivan & Cromwell (as to Hong Kong and English Law) Zhou Feng Xiao Yanjun Shen Zhen INTERNATIONAL AUDITOR: KPMG LEGAL REPRESENTATIVE OF THE COMPANY: H SHARE REGISTRAR AND TRANSFER Cai Jianjiang OFFICE: Computershare Hong Kong Investor Services Limited JOINT COMPANY SECRETARIES: Rooms 1712-1716, 17th Floor Hopewell Centre Rao Xinyu 183 Queen’s Road East Tam Shuit Mui Wanchai Hong Kong AUTHORISED REPRESENTATIVES: LISTING VENUES: Cai Jianjiang Tam Shuit Mui Hong Kong, London and Shanghai ANNUAL REPORT 2015 003 A IR CH IN A A SUMMARY OF FINANCIAL INFORMATION I R C H INA (RMB’000) 2015 2014 2013 2012 2011 (Restated) (Restated) (Restated) (Restated) Revenue 110,057,034 105,964,897 98,265,058 99,617,550 95,988,718 Profit from operations 15,551,622 7,257,047 4,091,469 8,439,565 6,991,063 Profit before taxation 9,355,251 5,134,866 4,592,283 7,009,337 10,278,163 Profit after taxation (including profit attributable to non-controlling interests) 7,509,487 4,334,102 3,667,422 5,370,111 8,014,730 Profit attributable to non-controlling interests 446,140 481,610 396,595 538,590 463,990 Profit attributable to equity shareholders of the Company 7,063,347 3,852,492 3,270,827 4,831,521 7,550,740 EBITDA(1) 28,562,383 18,650,476 15,119,959 18,850,684 16,467,891 EBITDAR(2) 34,725,582 24,131,141 20,044,184 23,015,786 21,071,350 Earnings per share attributable to equity shareholders of the Company (RMB) 0.57 0.31 0.27 0.40 0.62 Return on equity attributable to equity 11.82 shareholders of the Company (%) 7.10 6.06 9.63 16.26 (1) EBITDA represents earnings before finance income, finance costs, income taxes, share of profits of joint ventures and 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. Revenue (RMB’000) 120,000,000 100,000,000 80,000,000 60,000,000 40,000,000 20,000,000 0 2011 2012 2013 2014 2015 004 AIR CHINA LIMITED SUMMARY OF FINANCIAL INFORMATION (RMB’000) 31 December 31 December 31 December 31 December 31 December 2015 2014 2013 2012 2011 (Restated) (Restated) (Restated) (Restated) Total assets 213,631,150 211,669,694 206,194,704 187,021,035 175,038,509 Total liabilities 147,108,397 151,791,604 147,908,961 132,990,055 125,397,864 Non-controlling interests 6,774,742 5,604,325 4,268,650 3,833,973 3,200,547 Equity attributable to equity shareholders of the Company 59,748,011 54,273,765 54,017,093 50,197,007 46,440,098 Equity attributable to equity 4.57 shareholders of the Company per share (RMB) 4.15 4.13 3.89 3.60 (RMB’000) 250,000,000 Total assets 200,000,000 150,000,000 Total liabilities 100,000,000 Equity attributable to equity shareholders 50,000,000 of the Company 0 2011 2012 2013 2014 2015 ANNUAL REPORT 2015 005 A IR CH IN A A SUMMARY OF OPERATING DATA I R C H INA The following is the operating data summary of the Company, Air China Cargo, Shenzhen Airlines (including Kunming Airlines), Air Macau, Dalian Airlines and Air China Inner Mongolia. Increase/ 2015 2014 (decrease) Capacity ASK (in millions) 214,828.73 193,631.46 10.95% International 72,524.99 60,971.65 18.95% Domestic 132,533.45 123,147.84 7.62% Hong Kong, Macau and Taiwan 9,770.29 9,511.97 2.72% AFTK (in millions) 11,982.31 10,147.93 18.08% International 8,353.23 6,756.08 23.64% Domestic 3,311.23 3,059.20 8.24% Hong Kong, Macau and Taiwan 317.86 332.65 (4.45%) ATK (in millions) 31,363.89 27,616.11 13.57% Traffic RPK (in millions) 171,713.88 154,683.91 11.01% International 56,147.20 47,594.82 17.97% Domestic 108,643.79 100,100.44 8.53% Hong Kong, Macau and Taiwan 6,922.89 6,988.66 (0.94%) RFTK (in millions) 6,558.43 5,691.05 15.24% International 4,920.87 4,115.89 19.56% Domestic 1,524.56 1,456.80 4.65% Hong Kong, Macau and Taiwan 113.00 118.36 (4.53%) Passengers carried (in thousands) 89,815.89 83,009.61 8.20% International 11,028.76 9,240.78 19.35% Domestic 74,374.25 69,371.68 7.21% Hong Kong, Macau and Taiwan 4,412.88 4,397.15 0.36% Cargo and mail carried (tonnes) 1,664,406.35 1,552,893.14 7.18% Kilometres flown (in millions) 1,181.41 1,073.18 10.08% Block hours (in thousands) 1,875.94 1,700.01 10.35% Number of flights 615,912 572,338 7.61% International 74,016 62,188 19.02% Domestic 505,986 474,900 6.55% Hong Kong, Macau and Taiwan 35,910 35,250 1.87% 006 AIR CHINA LIMITED SUMMARY OF OPERATING DATA Increase/ 2015 2014 (decrease) RTK (in millions) 21,807.18 19,437.64 12.19% Load factor Passenger load factor (RPK/ASK) 79.93% 79.89% 0.04 ppts International 77.42% 78.06% (0.64 ppts) Domestic 81.97% 81.28% 0.69 ppts Hong Kong, Macau and Taiwan 70.86% 73.47% (2.62 ppts) Cargo and mail load factor (RFTK/AFTK) 54.73% 56.08% (1.35 ppts) International 58.91% 60.92% (2.01 ppts) Domestic 46.04% 47.62% (1.58 ppts) Hong Kong, Macau and Taiwan 35.55% 35.58% (0.03 ppts) Overall load factor (RTK/ATK) 69.53% 70.39% (0.86 ppts) Daily utilisation of aircraft (block hours per day per aircraft) 9.52 9.57 (0.05 hrs) Yield Yield per RPK (RMB) 0.5583 0.5984 (6.70%) International 0.4880 0.5273 (7.46%) Domestic 0.5807 0.6157 (5.69%) Hong Kong, Macau and Taiwan 0.7766 0.8340 (6.88%) Yield per RFTK (RMB) 1.2880 1.5438 (16.57%) International 1.2552 1.5550 (19.28%) Domestic 1.2992 1.3948 (6.85%) Hong Kong, Macau and Taiwan 2.5685 2.9876 (14.03%) Unit cost Operating cost per ASK (RMB) 0.4399 0.5098 (13.70%) Operating cost per ATK (RMB) 3.0132 3.5743 (15.70%) ANNUAL REPORT 2015 007 A IR CH IN A A CHAIRMAN’S STATEMENT I R C H INA Cai Jianjiang Chairman In 2015, recovery of global economy remained weak while the Chinese economy went through a period of transformation and upgrading.
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