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Annual Report 2019 ANNUAL 2019 REPORT Tel: (8610) 5765 0696 Fax: (8610) 5765 0695 Email: [email protected] Address: TravelSky High-Tech Industrial Park, Houshayu Town, 2019 Shunyi District, Beijing, PRC Postal Code: 101318 Website: www.travelskyir.com 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 21 Environmental, Social and Governance Report 36 Report of Directors 65 Report of Supervisory Committee 119 Independent Auditor’s Report 121 Consolidated Statement of Profit or Loss and Other Comprehensive Income 127 Consolidated Statement of Financial Position 129 Consolidated Statement of Changes in Equity 131 Consolidated Statement of Cash Flows 132 Notes to the Consolidated Financial Statements 134 Biographies of Directors, Supervisors, Senior Management and Company Secretary 223 Corporate Information 233 TRAVELSKY TECHNOLOGY LIMITED CORPORATE PROFILE TravelSky Technology Limited (the “Company”, together with its subsidiaries, the “Group”) is the dominant provider of information technology solutions for China’s aviation and travel industry. The core businesses of the Company include aviation information technology service, distribution information technology service, accounting, settlement and clearing service for aviation industry, etc. 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 Company was incorporated in the People’s Republic of China (the “PRC” or “China”) on October 18, 2000. 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. On December 27, 2002, the American depositary shares under the Sponsored Level I American Depositary Receipt Programme established by the Company commenced trading on the U.S. over-the-counter market (OTC). The H shares of the Company has been added to the lists of MSCI Emerging Markets Index, Hang Seng Composite LargeCap & MidCap Index, Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect since 2015. 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 14 domestic shareholders, including China Eastern Air Holding Company Limited, China National Aviation Holding Company Limited, China Southern Air Holding Company Limited and China Mobile Capital Holding Co., Ltd.. The remaining 31.87% of the equity interest in the Company is held by holders of its H shares. As of December 31, 2019, the Group has more than 20 domestic subsidiaries in China, including Accounting Centre of China Aviation Limited Company (“ACCA”), TravelSky Mobile Technology Limited, Cares Shenzhen Co., Ltd., Civil Aviation Cares of Qingdao Ltd., etc. The Group has nearly 10 overseas wholly-owned subsidiaries in many countries and regions, namely USA, Europe, Australia, Singapore, Japan, Korea, Hong Kong, Taiwan, etc. Meanwhile, the Group holds equity interests in over 10 associates, namely Shanghai Civil Aviation East China Cares System Integration Co., Ltd., Aviation Cares of Southwest Chengdu, Ltd., etc. The Group had 7,476 employees as of December 31, 2019. 2 ANNUAL REPORT 2019 FINANCIAL HIGHLIGHTS For the year ended December 31, 2019 (Amounts expressed in thousands of RMB, except per share data) For the year ended December 31, 2015 2016 2017 2018 2019 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenues 5,471,831 6,223,267 6,734,245 7,472,114 8,121,673 Profit before taxation 2,317,358 2,869,646 2,631,629 2,650,372 2,819,676 Profit attributable to equity holders of the Company 1,914,362 2,421,114 2,248,653 2,325,129 2,542,861 Earnings before interests, tax, depreciation and amortisation 2,692,372 3,216,801 3,082,180 3,133,460 3,475,253 Earnings per share (Basic and diluted) (RMB) 0.65 0.83 0.77 0.79 0.87 Note: Earnings per share were calculated on the basis of total number of shares in issue of the Company of 2,926,209,589 shares as at December 31, 2019. As at December 31, 2015 2016 2017 2018 2019 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Total assets 14,871,195 18,130,664 20,593,195 22,113,322 23,646,384 Total liabilities 2,690,110 3,965,754 4,732,757 4,685,762 4,412,868 Total equity 12,181,085 14,164,910 15,860,438 17,427,560 19,233,516 Earnings Per 2019 0 Share 2018 0.79 (Basic and Diluted) RMB 2017 0.77 2016 0.83 2015 0.65 Total Assets 2019 2 RMB’000 2018 22,113,322 2017 20,593,195 2016 18,130,664 2015 14,871,195 3 TRAVELSKY TECHNOLOGY LIMITED STATEMENT OF THE BOARD DEAR SHAREHOLDERS, The year 2019 marks the 70th anniversary of the founding of the People’s Republic of China and is a key year for building a well-off society in an all-round way and achieving the first centennial goal. Facing the complex changes in the macro environment, the Group has always adhered to safety first, strict enterprise management, strengthened scientific and technological support, steady progress in production and operation, smooth progress in business promotion, deepened reform and achieved breakthroughs, made further progress in scientific and technological innovation, strengthened enterprises with talents, demonstrated social responsibility, achieved good growth in various business indicators, and successfully completed the civil aviation travelers information security during the celebration of 70th anniversary of the founding of the People’s Republic of China, the 20th anniversary of Macau’s Return to the Motherland, the Second “The Belt and Road Initiative” International Cooperation Summit Forum and the Second China International Import Expo. The year 2020 marks the end of building a well- off society in an all-round way and the 13th Five-Year Plan. It is the key year to achieve the first centennial goal and lay a solid foundation for the development of the 14th Five-Year Plan and the realization of the second centennial goal. Standing at the historical intersection of the two centenary goals, the Group also faces more complex domestic and international environment, with challenges and opportunities: the world economic growth slows down, the domestic economic downward pressure increases, the Novel Coronavirus Preumonia Epidemic (the “Epidemic”) spreads, which drag down the development of the global civil aviation market, but the general trend of the continuous improvement of China’s civil aviation industry has not changed. The country continues to make efforts in building smart transportation, smart civil aviation, smart airport, etc., focusing on the deployment of cloud computing, big data, Cui Zhixiong Chairman 4 ANNUAL REPORT 2019 Statement of the Board artificial intelligence, 5G and other new technologies in the field of civil aviation. The demand for digital transformation of airlines is urgent, and the investment in airport informatization is increasing year by year, which provides the Group with precious historical development opportunities. However, the risk of opening the domestic distribution market, the construction of new distribution capacity of air companies and the launching of airport products by the domestic and foreign competitors, all pose great challenges to the Group in terms of the technology, commerce, products, services and other aspects. The Group will firmly focus on the development strategy with the new development concept under the new situation, strive to promote high-quality development, ensure safe operation, strengthen scientific and technological support, optimize enterprise management, and improve service quality. It will focus on the following six aspects: first, focus on safety and stability, strengthen safety management system and guarantee passenger information system for civil aviation; second, focus on efficiency and steady growth, adhere to the goal guidance, put the responsibility in place, adhere to increase income and reduce expenditure, reduce costs and increase efficiency, and adhere to cooperation mutual benefit and win-win result; third, focus on reform and development, promote the reform of mixed ownership, and reform the organizational system; fourth, focus on innovation and increase momentum, start to draw up a medium-term and long-term plan for system construction, enhance the layout in the new technology field, and continuously increase investment in research and development; fifth, focus on management and promotion, improve management level, reform talent system, improve subsidiary governance system and strengthen risk management and control; sixth, focus on service and image building, solve customer’s problem, improve the service system, and upgrade service capabilities. Since the occurrence of the Epidemic, the PRC and foreign countries have adopted various strict measures to curb the spread of the Epidemic, and thus there is a significant decline in the number of passenger transportation in civil aviation industry. Reference is made to the announcement of the Company dated March 20, 2020 in relation to (among other things) the impact of the Epidemic on our business. It is expected that the Epidemic will have an adverse
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