Annual Report 2017 2017 2017 Annual Report 2017
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(在中華人民共和國註冊成立的股份有限公司) (股份代號:00696) 年 報 ANNUAL REPORT 2017 2017 2017 ANNUAL REPORT 2017 CONTENTS Corporate Profile 2 Financial Highlights 3 Statement of the Board 4 Business Review 6 Management Discussion and Analysis of Financial Condition and Results of Operations 12 Corporate Governance Report 22 Environmental, Social and Governance Report 35 Report of Directors 61 Report of Supervisory Committee 92 Independent Auditor’s Report 93 Consolidated Statement of Profit or Loss and Other Comprehensive Income 100 Consolidated Statement of Financial Position 102 Consolidated Statement of Changes in Equity 104 Consolidated Statement of Cash Flows 105 Notes to the Consolidated Financial Statements 107 Supplementary Information from the Management 186 Corporate Information 187 Biographies of Directors, Supervisors, Senior Management and Company Secretary 191 1 TRAVELSKY TECHNOLOGY LIMITED CORPORATE PROFILE TravelSky Technology Limited (the “Company”, or together with its subsidiaries, the “Group”) is the dominant provider of information technology solutions for China’s aviation and travel industry. The Group has been devoted to developing leading products and services that satisfy the needs of all the industry participants – ranging from commercial airlines, airports, air travel products and services suppliers to travel agencies, corporate clients, travelers and cargo shippers – to conduct electronic transactions and manage travel-related information. The core businesses of the Company include aviation information technology service, distribution information technology service, clearing and accounting and settlement service for aviation industry, etc. The Company was incorporated in the People’s Republic of China (the “PRC” or “China”) on October 18, 2000. As of December 31, 2017, it had an equity interest in each of the following subsidiaries: Accounting Centre of China Aviation Limited Company (“ACCA”), TravelSky Technology (Hong Kong) Limited, TravelSky Technology (Singapore) Limited, TravelSky Technology (Korea) Limited, TravelSky Technology (Japan) Limited, TravelSky Technology (Europe) GmbH, TravelSky Technology (USA) Ltd., TravelSky Technology Australia Pty. Ltd, TravelSky R&D USA, INC., TravelSky Technology (Taiwan) Limited, Beijing TravelSky Technology Limited, TravelSky Mobile Technology Limited, Beijing HangJu Credit Management Co., Ltd., Shanghai TravelSky Information Technology Limited, Guangzhou TravelSky Information Technology Limited, Hunan TravelSky Information Technology Limited, Inner Mongolia TravelSky Information Technology Limited, Henan TravelSky Information Technology Limited, Zhejiang TravelSky Information Technology Limited, TravelSky Technology Huadong Data Center Limited, TravelSky CARES (Beijing) Real Estate Limited, Beijing TravelSky Travel Service Limited, Hainan Civil Aviation Cares Co., Ltd., Cares Shenzhen Co., Ltd., Cares Hubei Co., Ltd., Cares Chongqing Information Technology Co., Ltd., Aviation Cares of Yunnan Information Co., Ltd., Civil Aviation Cares of Xiamen Ltd., Civil Aviation Cares of Qingdao Ltd., Civil Aviation Cares Technology of Xi’an Ltd., Civil Aviation Cares Technology of Xinjiang Ltd., InfoSky Technology Co., Ltd., Shanghai Yeexing E-Business Limited, Beijing TravelSky Birun Technology Co., Ltd., Guangxi TravelSky Cloud Data Service Co., Ltd., Aviation Cares of Southwest Chengdu, Ltd. and Guangzhou Skyecho Information Technology Limited. The Company also held an equity interest in each of the following associated companies: Shanghai Civil Aviation East China Cares System Integration Co., Ltd., Shenyang Civil Aviation Cares of Northeast China, Ltd., Heilongjiang TravelSky Airport Technology Limited, Yunnan TravelSky Airport Technology Limited, Shanghai Dongmei Aviation Tourism Online Co., Ltd., Dalian TravelSky Airport Technology Limited, Hebei TravelSky Airport Technology Limited, Guangzhou Airport AirSpan Information Technology Co., Ltd. and Yantai TravelSky Airport Technology Limited and held interest in joint stock company, China Merchants RenHe Life Insurance Company Limited. The Group had 7,862 employees as of December 31, 2017. The H shares of the Company were listed on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) (stock code: 00696) on February 7, 2001. The Company received notices given by certain shareholders below in relation to change of name in January 2018, among which, the names of China TravelSky Holding Company, China Southern Air Holding Company, China Eastern Air Holding Company and China National Aviation Holding Company were changed to China TravelSky Holding Company Limited, China Southern Air Holding Company Limited, China Eastern Air Holding Company Limited and China National Aviation Holding Company Limited, respectively. As of the date of this report, the largest shareholder of the Company is China TravelSky Holding Company Limited, which holds an equity interest of approximately 29.29% in the Company. A total of approximately 38.84% of the equity interest in the Company is held by 13 Chinese commercial airlines, including the holding companies of the three largest Chinese commercial airlines, namely, China Southern Air Holding Company Limited, China Eastern Air Holding Company Limited and China National Aviation Holding Company Limited. The remaining 31.87% of the equity interest in the Company is held by holders of its H shares. The Company has established a Sponsored Level I American Depositary Receipt Programme. American depositary shares under the programme commenced trading on the U.S. over-the-counter market (OTC) on December 27, 2002. 2 ANNUAL REPORT 2017 FINANCIAL HIGHLIGHTS P A O E P T A P RMB RMB’000 RMB’000 2,500,000 1.0 25,000,000 2,421,114 22 2,000,000 0.8 0.83 20,000,000 201 1,914,362 077 18,130,664 1,652,589 1,500,000 0.6 0.65 15,000,000 14,871,195 0.56 12,729,607 1,205,732 11,141,535 1,000,000 0.4 0.41 10,000,000 500,000 0.2 5,000,000 0 0.0 0 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 R P T E T RMB’000 RMB’000 A RMB’000 8,000,000 3,000,000 3,500,000 2,869,646 3,216,801 7,000,000 3,000,000 212 2,500,000 0210 72 6,223,267 2,317,358 6,000,000 2,692,372 2,500,000 5,471,831 5,336,412 2,000,000 1,904,968 5,000,000 2,223,566 2,000,000 4,509,311 4,000,000 1,500,000 1,500,000 1,629,781 3,000,000 1,312,419 1,000,000 1,000,000 2,000,000 500,000 1,000,000 500,000 0 0 0 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Note: 1. Earnings per share were calculated on the basis of total number of shares in issue of 2,926,209,589 shares as at December 31, 2017. 3 TRAVELSKY TECHNOLOGY LIMITED STATEMENT OF THE BOARD DEAR SHAREHOLDERS, 2017 was a crucial year for the Group to implement the 13th Five- Year Plan and deepen reform in all areas. In face of complicated market environment, the Group has motivated its people to overcome difficulties, consolidated its foundation to ensure security, improved its service to expand market, taken multiple measures to promote innovation and adopted a holistic approach to enhance management. In this way, we achieved sound growth in each business indicator, accomplished the relocation of the new operating centre in Shunyi, Beijing, and secured the operation of the civil aviation passenger information system during the convention of meetings of the Boao Forum, the Belt and Road Forum for International Cooperation, the BRICS Summit and the 19th National Congress of the Communist Party of China (the “19th CPC National Congress”). The year 2018 marks the first year of implementing the spirit of the 19th CPC National Congress, a crucial year of securing a decisive victory in building a moderately prosperous society in all respects and bridging the past and the future in implementing the 13th Five-Year Plan, and a year of embarking on a new journey to raise China’s civil aviation power, which provides the Group with a rare historic opportunity to consolidate the market, expand its business, and give play to its industry experience and technological superiority. However, we also clearly understand that we must meet many challenges in order to continuously make progress and develop on the basis of our past achievements. The constantly changing industry landscape further adds to the market pressure on the Group. With Cui Zhixiong the deep-going integration and alliance of the aviation industry, Chairman increasing emergence of technical products and business models, 4 ANNUAL REPORT 2017 Statement of the Board and augmenting concentration in channels, the needs of various types of customers for information technology solutions have been changing. Ever higher standards of service have been expected. Competitors at home and abroad as well as cross-industry ones have been continuously penetrating the market. In this connection, the Group will build on its existing development strategies, uphold the underlying principle of pursuing progress while ensuring stability, pursue high-quality development as a way to raise its capabilities, strengthen areas of weakness and emphasize implementation. Firstly, the Group will improve its long-term security mechanism by strengthening safety awareness in production, enhancing support capabilities of safety and security matters, improving the safety responsibility system, strengthening the leadership of security organizations, and laying a solid foundation for development. Secondly, the Group will strengthen its judgment on situation to seize market opportunities by closely keeping up with the industry development