WEB NEWS Comments & Business Outlook
Consolidated income statements for the years ended December 31, 2014, 2013 and 2012
(Prepared in accordance with International Financial Reporting Standards)
(Expressed in Renminbi)
2014
2013
2012
Note
RMB
RMB
RMB
Operating revenue
Traffic revenue
5
104,328
94,684
96,100
Other operating revenue
7
4,256
3,863
3,414
Total operating revenue
108,584
98,547
99,514
Operating expenses
Flight operation expenses
8
58,901
54,010
54,690
Maintenance expenses
9
8,304
7,805
7,971
Aircraft and transportation service expenses
10
16,402
15,091
14,072
Promotion and selling expenses
11
7,841
7,754
7,134
General and administrative expenses
12
2,337
2,470
2,425
Depreciation and amortisation
13
10,828
9,347
8,264
Impairment on property, plant and equipment
21
215
536
-
Others
1,198
1,267
1,321
Total operating expenses
106,026
98,280
95,877
Other net income
15
2,190
1,243
1,462
Operating profit
4,748
1,510
5,099
Interest income
376
307
235
Interest expense
16
(2,193
)
(1,651
)
(1,376
)
Share of associates’ results
24
261
294
317
Share of joint ventures’ results
25
140
96
121
Exchange (loss)/gain, net
34(e)
(292
)
2,903
267
Other non-operating income
17
26
25
75
Profit before income tax
3,066
3,484
4,738
Income tax
19
(668
)
(734
)
(954
)
Profit for the year
2,398
2,750
3,784
Profit attributable to:
Equity shareholders of the Company
20
1,777
1,986
2,619
Non-controlling interests
621
764
1,165
Profit for the year
2,398
2,750
3,784
Earnings per share attributable to equity shareholders of the Company
Basic and diluted
20
RMB0.18
RMB0.20
RMB0.27
The accompanying notes form part of these consolidated financial statements.
Consolidated statements of comprehensive income
for the years ended December 31, 2014, 2013 and 2012
(Prepared in accordance with International Financial Reporting Standards)
(Expressed in Renminbi)
2014
2013
2012
Note
RMB
RMB
RMB
Profit for the year
2,398
2,750
3,784
Other comprehensive income for the year:
Items that may be reclassified subsequently to profit or loss
- Fair value movement of available-for-sale financial assets
27
43
(8
)
5
- Share of other comprehensive income/(loss) of an associate
21
(3
)
-
- Deferred tax relating to above items
28
(11
)
2
(1
)
Total comprehensive income for the year
2,451
2,741
3,788
Total comprehensive income attributable to:
Equity shareholders of the Company
1,813
1,981
2,622
Non-controlling interests
638
760
1,166
Total comprehensive income for the year
2,451
2,741
3,788
Comments & Business Outlook
Consolidated income statements for the years ended December 31, 2013, 2012 and 2011
(Prepared in accordance with International Financial Reporting Standards)
(Expressed in Renminbi)
Note
2013
2012
2011
RMB million
RMB million
RMB million
Operating revenue
Traffic revenue
5
94,684
96,100
87,252
Other operating revenue
7
3,863
3,414
3,143
Total operating revenue
98,547
99,514
90,395
Operating expenses
Flight operations
8
54,010
54,690
48,344
Maintenance
9
7,805
7,971
7,531
Aircraft and traffic servicing expenses
10
15,091
14,072
12,337
Promotion and selling expenses
11
7,754
7,134
6,568
General and administrative expenses
12
2,470
2,425
2,807
Depreciation and amortization
13
9,347
8,264
7,689
Impairment on property, plant and equipment
22
536
-
584
Others
1,267
1,321
1,203
Total operating expenses
98,280
95,877
87,063
Other net income
15
1,243
1,462
1,021
Operating profit
1,510
5,099
4,353
Interest income
307
235
179
Interest expense
16
(1,651
)
(1,376
)
(1,067
)
Share of associates’ results
24
294
317
456
Share of joint ventures’ results
25
96
121
125
Exchange gain, net
34(e)
2,903
267
2,755
Other non-operating income
17
25
75
129
Profit before income tax
3,484
4,738
6,930
Income tax
19
(734
)
(954
)
(840
)
Profit for the year
2,750
3,784
6,090
Note
2013
2012
2011
RMB million
RMB million
RMB million
Profit attributable to:
Equity shareholders of the Company
1,986
2,619
5,110
Non-controlling interests
764
1,165
980
Profit for the year
2,750
3,784
6,090
Earnings per share attributable to equity shareholders of the Company
Basic and diluted
20
RMB
0.20
RMB
0.27
RMB
0.52
Liquidity Requirements
Generally, the Group meets its working capital and capital expenditure requirements through cash from its operations, the proceeds of certain long-term and short-term bank loans, capital lease financing and rebates available under certain of the Group’s aircraft leases. In addition, the Company received approximately RMB10,572 million proceeds from its non-public offerings of 1,501,500,000 A shares to CSAHC and certain third party investors in October 2010, and 312,500,000 H shares to Nan Lung in November 2010.
In view of the unutilized bank facilities of RMB107,529 million, the Group expects that it will have sufficient funding sources to meet its cash requirements in the foreseeable future.
