RESULTADOS ANUALES 2023
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中國 國際 航空 股份有限公司
AIRE CHINA LIMITADA
(una sociedad anónima anónima constituida en la República Popular de China con responsabilidad limitada)
(Código de stock: 00753)
RESULTADOS ANUALES 2023
ASPECTOS FINANCIEROS MÁS DESTACADOS
• During the Reporting Period, the Group recorded a revenue of RMB141,100 million. The net loss attributable to equity shareholders of the Company was RMB1,038 million.
• As considered and approved by the 28th meeting of the sixth session of the Board of the Company, the Company proposed not to make profit distribution for the year of 2023. |
RESULTADOS ANUALES 2023
The Board hereby announces the audited consolidated financial results of the Group for the year ended 31 December 2023, which have been prepared in accordance with IFRSs, together with the corresponding comparative figures for the year ended 31 December 2022 as follows:
ESTADO DE GANANCIAS O PÉRDIDAS CONSOLIDADO
PARA EL AÑO TERMINADO EL 31 DE DICIEMBRE DE 2023
2023 | 2022 | ||
NOTAS | 000 RMB | 000 RMB | |
Ingresos | 3 | 141,100,234 | 52,897,584 |
Otros ingresos y ganancias | 5 | 7,401,756 | 3,374,778 |
|
| ||
148,501,990 | 56,272,362 | ||
|
| ||
Los gastos de explotación | |||
Costos de combustible para aviones | (46,725,219) | (22,762,814) | |
Costos de compensación de empleados | (29,300,310) | (25,338,553) | |
depreciación y amortización | (27,110,507) | (21,233,674) | |
Tasas de despegue, aterrizaje y depósito | (15,554,795) | (6,499,775) | |
Costos de mantenimiento, reparación y reacondicionamiento de aeronaves | (9,921,853) | (5,640,163) | |
Tarifas de catering aéreo | (3,002,720) | (872,189) | |
Aircraft and engine lease expense | (237,319) | (135,767) | |
Otros gastos de arrendamiento | (602,403) | (442,115) | |
Otros gastos de operación de vuelo | (7,838,908) | (5,869,052) | |
Gastos de venta y comercialización. | (3,423,478) | (1,639,889) | |
gastos generales y administrativos | (1,683,284) | (1,240,365) | |
Impairment loss recognised on other non-current assets | (187,054) | (62,584) | |
Net impairment loss (recognised)/reversed under | (24,617) | 20,784 | |
|
| ||
(145,612,467) | (91,716,156) | ||
|
| ||
Beneficio / (pérdida) de operaciones | 6 | 2,889,523 | (35,443,794) |
Ingresos financieros | 605,004 | 228,720 | |
Costos financieros | 7 | (6,943,087) | (6,472,620) |
Participación de los resultados de los asociados | 2,554,412 | (477,414) | |
Participación en los resultados de las empresas conjuntas | 279,566 | 376,872 | |
Pérdidas cambiarias, netas | (1,035,197) | (4,088,655) | |
|
| ||
Pérdida antes de impuestos | (1,649,779) | (45,876,891) | |
Crédito por impuesto sobre la renta | 8 | 88,531 | 702,981 |
|
| ||
Pérdida del año | (1,561,248) | (45,173,910) | |
|
| ||
Atribuible a: | |||
- Accionistas de capital de la Compañía | (1,038,411) | (38,617,495) | |
- Sin control de intereses | (522,837) | (6,556,415) | |
|
| ||
(1,561,248) | (45,173,910) | ||
|
| ||
Pérdida por acción | |||
- Básico y diluido | 9 | RMB (6.74) centavos | RMB (281.16) centavos |
|
|
ESTADO DE PÉRDIDAS O GANANCIAS CONSOLIDADO Y OTROS RESULTADOS INTEGRALES
PARA EL AÑO TERMINADO EL 31 DE DICIEMBRE DE 2023
2023 | 2022 | |
000 RMB | 000 RMB | |
Pérdida del año | (1,561,248) | (45,173,910) |
|
| |
Otros ingresos / (gastos) integrales del año | ||
Partidas que no se reclasificarán a resultados: | ||
- Fair value gains on investments in equity instruments at fair value through other comprehensive income | 149,253 | 65,394 |
- Nueva medición del pasivo neto por prestaciones definidas | (912) | (952) |
- Share of other comprehensive income of associates and joint ventures | 43,458 | 26,901 |
- Income tax expense relating to items that will not be reclassified to profit or loss | (37,313) | (16,348) |
|
| |
Partidas que pueden reclasificarse posteriormente a resultados: | ||
- Ganancias/(pérdidas) de valor razonable en inversiones en instrumentos de deuda a valor razonable con cambios en otro resultado integral | 9,138 | (9,101) |
- Pérdida por deterioro reconocida sobre inversiones en instrumentos de deuda a valor razonable con cambios en otro resultado integral | (6,688) | (3,275) |
- Share of other comprehensive expense of associates and joint ventures | (472,484) | (550,580) |
- Diferencias de cambio por conversión de operaciones extranjeras | 250,817 | 1,356,971 |
- Impuesto a las ganancias relacionado con elementos que pueden ser reclasificados posteriormente a resultados | (613) | 3,094 |
|
| |
Other comprehensive (expense)/income for the year (net of tax) | (65,344) | 872,104 |
|
| |
Gasto integral total del año | (1,626,592) | (44,301,806) |
|
| |
Atribuible a: | ||
- Accionistas de capital de la Compañía | (1,097,758) | (37,791,121) |
- Sin control de intereses | (528,834) | (6,510,685) |
|
| |
(1,626,592) | (44,301,806) | |
|
|
ESTADO CONSOLIDADO DE POSICIÓN FINANCIERA
A 31 DE DICIEMBRE DE 2023
31 diciembre | 31 diciembre | ||
2023 | 2022 | ||
NOTA | 000 RMB | 000 RMB | |
Activos no corrientes | |||
Propiedad, planta y equipo. | 117,728,498 | 99,574,059 | |
Activos por derecho de uso | 120,971,059 | 125,818,601 | |
Propiedades de inversión | 726,594 | 530,510 | |
Activos intangibles | 106,580 | 35,031 | |
Goodwill | 4,095,732 | 1,099,975 | |
Intereses en asociados | 12,863,023 | 10,536,483 | |
Intereses en empresas conjuntas | 2,413,799 | 2,177,809 | |
Pagos anticipados por aeronaves y equipo de vuelo | 26,114,064 | 20,094,732 | |
Depósitos por aeronaves en arrendamiento | 525,463 | 539,624 | |
Instrumentos de patrimonio a valor razonable con cambios en otro resultado integral | 1,547,986 | 241,717 | |
Instrumentos de deuda a valor razonable con cambios en otro resultado integral | 1,397,310 | 1,360,982 | |
Activos por impuestos diferidos | 13,757,180 | 10,473,327 | |
Otros activos no corrientes | 696,685 | 251,396 | |
|
| ||
302,943,973 | 272,734,246 | ||
|
| ||
Activos circulantes | |||
Los inventarios | 3,682,821 | 2,557,823 | |
Cuentas por cobrar | 11 | 3,182,797 | 1,649,356 |
Facturas por cobrar | 3,601 | 7,483 | |
Anticipos, depósitos y otras cuentas por cobrar | 5,852,345 | 3,176,418 | |
Activos financieros a valor razonable con cambios en resultados | 2,505 | 3,398 | |
Depósitos bancarios restringidos | 611,692 | 828,166 | |
Efectivo y equivalentes de efectivo | 15,016,804 | 10,607,711 | |
Los activos mantenidos para la venta | 108,527 | 1,302 | |
Otros activos corrientes | 3,873,629 | 3,413,474 | |
|
| ||
32,334,721 | 22,245,131 | ||
|
| ||
los activos totales | 335,278,694 | 294,979,377 | |
|
|
31 diciembre | 31 diciembre | ||
2023 | 2022 | ||
NOTA | 000 RMB | 000 RMB | |
Pasivo circulante | |||
Pasivos de tráfico aéreo | (8,366,222) | (2,757,601) | |
Cuentas por pagar | 12 | (17,954,298) | (10,935,546) |
cuentas por pagar | (500,160) | - | |
Dividendos pagables | (98,000) | (98,000) | |
Otras cuentas por pagar y devengos | (15,701,546) | (16,548,144) | |
Avanzada | - | (58,970) | |
Fiscalidad corriente | (76,662) | (9,359) | |
Pasivos por arrendamiento | (18,175,349) | (17,085,829) | |
Préstamos que devengan intereses | (47,271,768) | (42,957,170) | |
Provisión para controles de condiciones de devolución | (650,777) | (936,804) | |
Pasivos contractuales | (1,522,492) | (1,095,185) | |
|
| ||
(110,317,274) | (92,482,608) | ||
|
| ||
Pasivos corrientes netos | (77,982,553) | (70,237,477) | |
|
| ||
Activos totales menos pasivos corrientes | 224,961,420 | 202,496,769 | |
|
| ||
Pasivos no corrientes | |||
Pasivos por arrendamiento | (64,053,967) | (76,897,347) | |
Préstamos que devengan intereses | (104,759,631) | (92,847,116) | |
Provisión para controles de condiciones de devolución | (17,196,982) | (8,605,418) | |
Provisión para obligaciones por prestaciones de jubilación anticipada | (720) | (807) | |
Cuentas por pagar a largo plazo | (1,082,301) | (251,497) | |
Pasivos contractuales | (1,663,987) | (1,422,843) | |
Obligaciones por beneficios definidos | (187,810) | (202,016) | |
Ingreso diferido | (404,103) | (418,200) | |
Pasivos por impuestos diferidos | (347,910) | (323,297) | |
|
| ||
(189,697,411) | (180,968,541) | ||
|
| ||
ACTIVOS NETOS | 35,264,009 | 21,528,228 | |
|
| ||
CAPITAL Y RESERVAS | |||
Capital emitido | 16,200,793 | 14,524,815 | |
Acciones del Tesoro | (3,047,564) | (3,047,564) | |
Reservas | 24,052,746 | 12,099,925 | |
|
| ||
Patrimonio total atribuible a los accionistas de capital de la Compañía | 37,205,975 | 23,577,176 | |
Participaciones no controladoras | (1,941,966) | (2,048,948) | |
|
| ||
EQUIDAD TOTAL | 35,264,009 | 21,528,228 | |
|
|
NOTAS
PARA EL AÑO TERMINADO EL 31 DE DICIEMBRE DE 2023
1. BASE DE PREPARACIÓN
As at 31 December 2023, the Group's current liabilities exceeded its current assets by approximately RMB77,983 million. The liquidity of the Group is primarily dependent on its ability to maintain adequate cash inflows from operations and sufficient financing to meet its financial obligations as and when they fall due. Considering the Company's sources of liquidity and the unutilised bank facilities of RMB125,153 million as at 31 December 2023, the Directors believe that adequate funding is available to fulfil the Group's debt obligations and capital expenditure requirements to continue in operational existence for the foreseeable future when preparing the consolidated financial statements for the year ended 31 December 2023. Accordingly, the consolidated financial statements have been prepared on a basis that the Group will be able to continue as a going concern.
The consolidated financial statements have been prepared in accordance with IFRSs issued by the International Accounting Standards Board (the "IASB"). For the purpose of preparation of the consolidated financial statements, information is considered material if such information is reasonably expected to influence decisions made by primary users. In addition, the consolidated financial statements include applicable disclosures required by the Listing Rules and by the Hong Kong Companies Ordinance ("Companies Ordinance").
The consolidated financial statements have been prepared on the historical cost basis, except for certain financial instruments that are measured at fair values at the end of each reporting period. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services
2. APPLICATION OF NEW AND AMENDMENTS TO NIIF
New and amendments to IFRSs that are mandatorily effective for the current year
In the current year, the Group has applied the following new and amendments to IFRSs issued by the IASB for the first time, which are mandatorily effective for the Group's annual period beginning on 1 January 2023 for the preparation of the consolidated financial statements:
IFRS 17 (including the June 2020 and | Contratos de seguros |
Enmiendas a la NIC 1 y la Declaración de práctica 2 de las NIIF | Divulgación de Políticas Contables |
Modificaciones a la NIC 8 | Definición de estimaciones contables |
Modificaciones a la NIC 12 | Impuesto diferido relacionado con activos y pasivos que surgen de una sola transacción |
Modificaciones a la NIC 12 | Reglas modelo para la reforma tributaria internacional: Pilar Dos |
Except as described below, the application of the new and amendments to IFRSs in the current year has had no material impact on the Group's financial positions and performance for the current and prior years and/or on the disclosures set out in these consolidated financial statements.
2.1 Impacts on application of Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction
The Group has applied the amendments for the first time in the current year. The amendments narrow the scope of the recognition exemption of deferred tax liabilities and deferred tax assets in paragraphs 15 and 24 of IAS 12 Income Taxes so that it no longer applies to transactions that, on initial recognition, give rise to equal taxable and deductible temporary differences.
In accordance with the transitional provisions:
(i) the Group has applied the new accounting policy retrospectively to leasing transactions that occurred on or after 1 January 2022;
(ii) the Group also, as at 1 January 2022, recognised a deferred tax asset (to the extent that it is probable that taxable profit will be available against which the deductible temporary difference can be utilised) and a deferred tax liability for all deductible and taxable temporary difference associated with lease liabilities, provision for return condition checks, the provision for major overhauls and related right-of-use assets separately.
The application of the amendments has had no material impact on the Group's financial position and performance, except that the Group recognised the related deferred tax assets and deferred tax liabilities on a gross basis, but it has no material impact on the retained earnings at the earliest period presented.
2.2 Impacts on application of Amendments to IAS1 and IFRS Practice Statement 2 Disclosure of Accounting Policies
The Group has applied the amendments for the first time in the current year. IAS 1 Presentación de estados financieros is amended to replace all instances of the term "significant accounting policies" with "material accounting policy information". Accounting policy information is material if, when considered together with other information included in an entity's financial statements, it can reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements.
The amendments also clarify that accounting policy information may be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events or conditions is itself material. If an entity chooses to disclose immaterial accounting policy information, such information must not obscure material accounting policy information.
Documento de práctica de las NIIF 2 Hacer juicios de materialidad (the "Practice Statement") is also amended to illustrate how an entity applies the "four-step materiality process" to accounting policy disclosures and to judge whether information about an accounting policy is material to its financial statements. Guidance and examples are added to the Practice Statement.
The application of the amendments has had no material impact on the Group's financial positions and performance but has affected the disclosure of the Group's accounting policies.
Amendments to IFRSs in issue but not yet effective
The Group has not early applied the following amendments to IFRSs that have been issued but are not yet effective:
Modificaciones a la NIIF 10 | Venta o contribución de activos entre un inversor y su asociada o empresa conjunta1 |
Modificaciones a la NIIF 16 | Responsabilidad por arrendamiento en una venta con arrendamiento posterior2 |
Modificaciones a la NIC 1 | Clasificación de pasivos como corrientes o no corrientes2 |
Modificaciones a la NIC 1 | Pasivos no corrientes con convenios2 |
Modificaciones a la NIC 7 y la NIIF 7 | Acuerdos financieros con proveedores2 |
Modificaciones a la NIC 21 | Falta de intercambiabilidad3 |
1 Efectiva para periodos anuales que comiencen en o después de una fecha por determinar.
2 Effective for annual periods beginning on or 1 January 2024.
3 Effective for annual periods beginning on or 1 January 2025.
The Directors anticipate that the application of all amendments to IFRSs will have no material impact on the consolidated financial statements in the foreseeable future.
3. INGRESOS
2023 | 2022 | |
000 RMB | 000 RMB | |
Ingresos por contratos con clientes | 140,721,730 | 52,612,867 |
Ingresos por alquiler (incluidos en los ingresos del segmento de operaciones aéreas) | 378,504 | 284,717 |
|
| |
Los ingresos totales | 141,100,234 | 52,897,584 |
|
|
Desglose de ingresos de contratos con clientes
2023 | 2022 | |||
Segmentos | Operaciones de aerolíneas | Otras operaciones | Operaciones de aerolíneas | Otras operaciones |
000 RMB | 000 RMB | 000 RMB | 000 RMB | |
Tipo de bienes o servicios | ||||
Operaciones de aerolíneas | ||||
Pasajero | 130,516,558 | - | 38,296,190 | - |
Carga y correo | 4,164,743 | - | 10,084,634 | - |
Otros | 1,704,339 | - | 1,621,602 | - |
|
|
|
| |
136,385,640 | - | 50,002,426 | - | |
|
|
|
| |
Otras operaciones | ||||
Ingresos de ingeniería aeronáutica | - | 4,238,926 | - | 2,505,219 |
Otros | - | 97,164 | - | 105,222 |
|
|
|
| |
- | 4,336,090 | - | 2,610,441 | |
|
|
|
| |
Total | 136,385,640 | 4,336,090 | 50,002,426 | 2,610,441 |
|
|
|
| |
Mercados geográficos | ||||
China continental | 108,050,710 | 4,336,090 | 35,606,207 | 2,610,441 |
Región Administrativa Especial de Hong Kong ("RAE"), RAE de Macao y Taiwán, China | 4,126,997 | - | 1,097,125 | - |
Internacional | 24,207,933 | - | 13,299,094 | - |
|
|
|
| |
Total | 136,385,640 | 4,336,090 | 50,002,426 | 2,610,441 |
|
|
|
|
Performance obligations for contracts with customers
Passenger revenue is recognised when transportation services are provided. Besides, the Group recognises the expected breakage amount as passenger revenue in proportion to the pattern of rights exercised by the passenger (or flown revenue) based on historical experience. Ticket sales for transportation not yet provided are recorded in air traffic liabilities.
The Group operates frequent-flyer programme and provides free services or products to the customers according to the miles they earn. The Group allocates the transaction price to each performance obligation on a relative stand-alone selling price basis. The amount allocated to the miles earned by the frequent-flyer programme members is recorded in contract liabilities and deferred until the miles are redeemed when the Group fulfils its obligations to supply services or products or when the miles expire. During the year, the Group recognised revenue of RMB1,455 million (2022: RMB1,483 million) which was included in contract liabilities in relation to frequent-flyer programme at the beginning of the year.
Cargo and mail revenue is recognised when contract services are provided.
Revenue from other airline-related services is recognised when the related performance obligations are satisfied.
Sale of goods is recognised when control of the goods has transferred to the customer, being at the point the goods are delivered to the customer.
Transaction price allocated to the remaining performance obligation for contracts with customers
The customer loyalty points in frequent-flyer programme have a three-year term and these points can be redeemed anytime at customers' discretion during the valid period.
4. INFORMACIÓN DEL SEGMENTO
Los negocios operativos del Grupo se estructuran y gestionan por separado, según la naturaleza de sus operaciones y los servicios que prestan. El Grupo tiene los siguientes segmentos operativos reportables:
(a) the "airline operations" segment which mainly comprises the provision of air passenger and air cargo services; and
b) el segmento de "otras operaciones", que comprende la prestación de servicios de ingeniería aeronáutica y otros servicios relacionados con las líneas aéreas.
Las ventas y transferencias entre segmentos se realizan con referencia a los precios de venta utilizados para las ventas realizadas a terceros a los precios de mercado vigentes en ese momento.
Segmentos operativos
The following tables present the Group's consolidated revenue and loss before taxation regarding the Group's operating segments in accordance with the CASs for the years ended 31 December 2023 and 2022, and the reconciliations of reportable segment revenue and loss before taxation to the Group's consolidated amounts under IFRSs:
Año terminado el 31 de diciembre de 2023
Operaciones de aerolíneas | Otras operaciones | Eliminación | Total | |
000 RMB | 000 RMB | 000 RMB | 000 RMB | |
Ingresos | ||||
Ventas a clientes externos | 136,764,144 | 4,336,090 | - | 141,100,234 |
Ventas entre segmentos | 206,970 | 7,909,425 | (8,116,395) | - |
|
|
|
| |
Ingresos por segmentos reportables según CAS e IFRS | 136,971,114 | 12,245,515 | (8,116,395) | 141,100,234 |
|
|
|
| |
Segmento (pérdida) / beneficio antes de impuestos | ||||
(Pérdida)/beneficio antes de impuestos para segmentos reportables bajo CAS | (2,084,670) | 475,041 | (50,778) | (1,660,407) |
|
|
| ||
Efecto de las diferencias entre las NIIF y las CAS | 10,628 | |||
| ||||
Loss before taxation for the year under IFRSs | (1,649,779) | |||
|
Año terminado el 31 de diciembre de 2022
Operaciones de aerolíneas | Otras operaciones | Eliminación | Total | |
000 RMB | 000 RMB | 000 RMB | 000 RMB | |
Ingresos | ||||
Ventas a clientes externos | 50,287,143 | 2,610,441 | - | 52,897,584 |
Ventas entre segmentos | 211,473 | 5,134,296 | (5,345,769) | - |
|
|
|
| |
Ingresos por segmentos reportables según CAS e IFRS | 50,498,616 | 7,744,737 | (5,345,769) | 52,897,584 |
|
|
|
| |
Pérdida de segmento antes de impuestos | ||||
Pérdida antes de impuestos para segmentos reportables bajo CAS | (44,354,029) | (1,418,775) | (106,759) | (45,879,563) |
|
|
| ||
Efecto de las diferencias entre las NIIF y las CAS | 2,672 | |||
| ||||
Loss before taxation for the year under IFRSs | (45,876,891) | |||
|
The following tables present the assets, liabilities and other information of the Group's operating segments under CASs as at 31 December 2023 and 2022 and the reconciliations of reportable segment assets, segment liabilities and other segment information to the Group's consolidated amounts under IFRSs:
Operaciones de aerolíneas | Otras operaciones | Eliminación | Total | |
000 RMB | 000 RMB | 000 RMB | 000 RMB | |
Activos del segmento | ||||
Total assets for reportable segments as at 31 December 2023 under CASs | 323,324,926 | 30,250,454 | (18,272,699) | 335,302,681 |
|
|
| ||
Efecto de las diferencias entre las NIIF y las CAS | (23,987) | |||
| ||||
Total assets under IFRSs | 335,278,694 | |||
| ||||
Total assets for reportable segments as at 31 December 2022 under CASs | 284,165,518 | 26,473,501 | (15,627,684) | 295,011,335 |
|
|
| ||
Efecto de las diferencias entre las NIIF y las CAS | (31,958) | |||
| ||||
Total assets under IFRSs | 294,979,377 | |||
|
Operaciones de aerolíneas | Otras operaciones | Eliminación | Total | |
000 RMB | 000 RMB | 000 RMB | 000 RMB | |
Pasivos por segmento | ||||
Total liabilities for reportable segments as at 31 December 2023 under CASs and IFRSs | 294,072,306 | 23,748,047 | (17,805,668) | 300,014,685 |
|
|
|
| |
Total liabilities for reportable segments as at 31 December 2022 under CASs and IFRSs | 268,114,481 | 20,560,734 | (15,224,066) | 273,451,149 |
|
|
|
|
Año terminado el 31 de diciembre de 2023
Operaciones de aerolíneas | Otras operaciones | Eliminación | Total | Efecto de las diferencias entre las NIIF y las CAS | Amounts under IFRSs | |
000 RMB | 000 RMB | 000 RMB | 000 RMB | 000 RMB | 000 RMB | |
Otra información de segmento | ||||||
Participación en las ganancias de asociadas y negocios conjuntos | 2,501,992 | 331,986 | - | 2,833,978 | - | 2,833,978 |
Net impairment losses (recognised)/reversed on financial assets | (18,271) | 41,094 | (47,440) | (24,617) | - | (24,617) |
Impairment losses recognised on non-financial assets | 192,203 | 29,900 | - | 222,103 | - | 222,103 |
depreciación y amortización | 26,839,044 | 437,075 | (154,982) | 27,121,137 | (10,630) | 27,110,507 |
Crédito / (gasto) por impuesto sobre la renta | 254,127 | (170,957) | 8,018 | 91,188 | (2,657) | 88,531 |
Participaciones en asociadas y negocios conjuntos | 12,559,126 | 2,656,782 | (79,005) | 15,136,903 | 139,919 | 15,276,822 |
Adiciones a activos no corrientes | 25,053,588 | 346,788 | (17,211) | 25,383,165 | - | 25,383,165 |
|
|
|
|
|
|
Año terminado el 31 de diciembre de 2022
Operaciones de aerolíneas | Otras operaciones | Eliminación | Total | Efecto de las diferencias entre las NIIF y las CAS | Amounts under IFRSs | |
000 RMB | 000 RMB | 000 RMB | 000 RMB | 000 RMB | 000 RMB | |
Otra información de segmento | ||||||
Share of (loss)/profit of associates and joint ventures | (484,499) | 383,957 | - | (100,542) | - | (100,542) |
Net impairment losses reversed/(recognised) on financial assets | 7,239 | (4,760) | 18,305 | 20,784 | - | 20,784 |
Impairment losses recognised/(reversed) on non-financial assets | 66,278 | (526) | - | 65,752 | - | 65,752 |
depreciación y amortización | 20,902,720 | 475,483 | (132,746) | 21,245,457 | (11,783) | 21,233,674 |
Crédito por impuesto sobre la renta | 336,326 | 337,427 | 29,896 | 703,649 | (668) | 702,981 |
Participaciones en asociadas y negocios conjuntos | 10,257,014 | 2,389,058 | (71,699) | 12,574,373 | 139,919 | 12,714,292 |
Adiciones a activos no corrientes | 26,238,224 | 367,171 | (39,835) | 26,565,560 | - | 26,565,560 |
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La información geográfica
The following table presents the Group's consolidated revenue under IFRSs by geographical location for the years ended 31 December 2023 and 2022, respectively:
Año terminado el 31 de diciembre de 2023
China continental | RAE de Hong Kong, RAE de Macao y Taiwán, China | Internacional | Total | |
000 RMB | 000 RMB | 000 RMB | 000 RMB | |
Sales to external customers and total revenue | 112,765,304 | 4,126,997 | 24,207,933 | 141,100,234 |
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Año terminado el 31 de diciembre de 2022
China continental | RAE de Hong Kong, RAE de Macao y Taiwán, China | Internacional | Total | |
000 RMB | 000 RMB | 000 RMB | 000 RMB | |
Sales to external customers and total revenue | 38,501,365 | 1,097,125 | 13,299,094 | 52,897,584 |
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En la determinación de la información geográfica del Grupo, los ingresos se imputan a los segmentos en función del origen o destino de cada vuelo. Los activos, que consisten principalmente en aviones y equipos terrestres, que respaldan la red de transporte mundial del Grupo, están registrados/ubicados principalmente en China continental. Según la demanda empresarial, el Grupo necesita asignar de manera flexible diferentes aviones para satisfacer las necesidades de la red de rutas. Por tanto, no se ha incluido un análisis de los activos del Grupo por distribución geográfica.
There was no individual customer that amounted to 10% or more of the Group's revenue during the year ended 31 December 2023 (2022: CNAHC and its subsidiaries (other than the Group) amounted to 21% of the Group's revenue).
5. OTROS INGRESOS Y GANANCIAS
2023 | 2022 | |
000 RMB | 000 RMB | |
La cooperación encamina los ingresos y los ingresos por subvenciones | 4,450,650 | 2,899,943 |
Ingresos por dividendos | 14,286 | 9,368 |
Gains/(losses) on disposal of: | ||
- Property, plant and equipment and right-of-use assets | 934,614 | 64,922 |
- Asset held for sale | 18,519 | (6,774) |
- Investment in an associate | - | 4,599 |
- Investment properties | (315) | - |
(Loss)/gain arising on financial assets at FVTPL | (893) | 168 |
Otros (Nota) | 1,984,895 | 402,552 |
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7,401,756 | 3,374,778 | |
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Nota: Estos incluyen principalmente remedios para la operación de vuelo.
6. PROFIT/(LOSS) FROM OPERATIONS
The Group's profit/(loss) from operations is arrived at after charging:
2023 | 2022 | |
000 RMB | 000 RMB | |
Depreciación de propiedades, planta y equipo | 11,611,121 | 8,784,570 |
Depreciación de activos por derecho de uso | 15,468,124 | 12,425,265 |
Depreciación de propiedades de inversión | 31,256 | 23,839 |
Amortización de activos intangibles | 6 | - |
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Depreciación y amortización total | 27,110,507 | 21,233,674 |
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Pérdidas por deterioro reconocidas en propiedad, planta y equipo | 184,166 | 62,584 |
Impairment losses recognised on inventories | 35,049 | 3,168 |
Impairment losses recognised on interests in associates | 2,888 | - |
La remuneración del Auditor: | ||
- Audit related services | 19,395 | 17,817 |
- Otros servicios | 1,088 | 4,443 |
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7. COSTOS DE FINANCIACIÓN
2023 | 2022 | |
000 RMB | 000 RMB | |
Intereses sobre préstamos que devengan intereses | 3,872,746 | 3,383,021 |
Intereses sobre pasivos por arrendamiento | 3,328,563 | 3,363,993 |
Gastos por intereses imputados sobre obligaciones de beneficios definidos | 6,204 | 6,573 |
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7,207,513 | 6,753,587 | |
Menos: Intereses capitalizados (Nota) | (264,426) | (280,967) |
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6,943,087 | 6,472,620 | |
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Nota: The interest capitalisation rates ranged from 2.40% to 4.45% per annum (2022: 2.73% to 5.80% per annum) relating to the costs of related borrowings during the year.
8. CRÉDITO POR IMPUESTO SOBRE LA RENTA
2023 | 2022 | |
000 RMB | 000 RMB | |
Impuesto sobre la renta corriente: | ||
- China continental | 214,771 | 26,148 |
- RAE de Hong Kong y RAE de Macao, China | - | 1,587 |
Bajo provisión respecto de años anteriores | 13,600 | 1,310 |
Impuesto diferido | (316,902) | (732,026) |
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| |
(88,531) | (702,981) | |
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Under the Law of the PRC on Enterprise Income Tax (the "EIT Law") and Implementation Regulation of the EIT Law, except for three (2022: three) branches and five (2022: three) subsidiaries of the Company, and some branches of two subsidiaries of the Company which are taxed at a preferential rate of 15% (2022: 15%), all group companies located in Mainland China are subject to a income tax rate of 25% during the year (2022: 25%). Subsidiaries in Hong Kong SAR, China are taxed at profits tax rate of 16.5% (2022: 16.5%) and subsidiaries in Macau SAR, China are taxed at profits tax rate of 12% (2022: 12%), for each reporting period.
In respect of majority of the Group's overseas airline activities, the Group has either obtained exemptions from overseas taxation pursuant to the bilateral aviation agreements between the overseas governments and the PRC government, or has sustained tax losses in these overseas jurisdictions. Accordingly, no provision for overseas tax has been made for overseas airlines activities in the current and prior years.
The taxation for the year can be reconciled to the loss before taxation per consolidated statement of profit or loss as follows:
2023 | 2022 | |
000 RMB | 000 RMB | |
Pérdida antes de impuestos | (1,649,779) | (45,876,891) |
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| |
Tax at the applicable tax rate of 25% | (412,445) | (11,469,223) |
Preferential tax rates on income of group entities | 85,063 | 676,241 |
Efecto fiscal de la participación en los resultados de asociadas y negocios conjuntos | (703,457) | 98,907 |
Efecto fiscal de los gastos no deducibles | 139,600 | 259,889 |
Efecto fiscal de la renta no imponible | (18,395) | (8,112) |
Tax effect of deductible temporary differences and tax losses not recognised | 1,005,444 | 9,734,551 |
Utilisation of tax losses and deductible temporary differences not recognised in prior years | (197,941) | (1,188) |
Bajo provisión respecto de años anteriores | 13,600 | 1,310 |
Otros | - | 4,644 |
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Crédito por impuesto sobre la renta | (88,531) | (702,981) |
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9. PÉRDIDA POR ACCIÓN
The calculation of the basic and diluted loss per share attributable to equity shareholders of the Company is based on the following data:
2023 | 2022 | |
000 RMB | 000 RMB | |
Pérdida | ||
Pérdida a efectos de pérdida por acción básica y diluida | (1,038,411) | (38,617,495) |
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|
2023 | 2022 | |
'000 | '000 | |
Numero de veces compartido | ||
Number of ordinary shares for the purpose of basic and diluted loss per share | 15,401,755 | 13,734,961 |
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|
The number of ordinary shares for the purpose of basic and diluted loss per share is calculated based on the number of ordinary shares in issue during the year, as adjusted to reflect the number of treasury shares held by Cathay Pacific through reciprocal shareholding.
The Group had no potential dilutive ordinary shares in issue during both years.
10. DIVIDENDOS
No dividend was paid or proposed for ordinary shareholders of the Company during the years ended 31 December 2022 and 2023, nor has any dividend been proposed since the end of both reporting periods.
11. CUENTAS POR COBRAR
2023 | 2022 | |
000 RMB | 000 RMB | |
Cuentas por cobrar | 3,357,916 | 1,794,464 |
Menos: Provisión para pérdidas crediticias esperadas | (175,119) | (145,108) |
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| |
3,182,797 | 1,649,356 | |
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El análisis de antigüedad de las cuentas por cobrar al final del período sobre el que se informa, con base en la fecha de la transacción, neto de la provisión para pérdidas crediticias esperadas, fue el siguiente:
2023 | 2022 | |
000 RMB | 000 RMB | |
En cuestión de días 30 | 2,349,927 | 871,543 |
31 a día 60 | 265,953 | 354,939 |
61 a día 90 | 155,337 | 103,925 |
Durante días 90 | 411,580 | 318,949 |
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3,182,797 | 1,649,356 | |
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12. CUENTAS POR PAGAR
El análisis de antigüedad de las cuentas por pagar, con base en la fecha de la transacción, al final del período sobre el que se informa fue el siguiente:
2023 | 2022 | |
000 RMB | 000 RMB | |
En cuestión de días 30 | 7,517,749 | 4,233,975 |
31 a día 60 | 2,479,368 | 1,228,802 |
61 a día 90 | 3,411,397 | 950,354 |
Durante días 90 | 4,545,784 | 4,522,415 |
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17,954,298 | 10,935,546 | |
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The accounts payable are non-interest-bearing and have normal credit terms up to 90 days.
HOJA DE BALANCE CONSOLIDADO
At 31 DECEMBER 2023
(Prepared under the CASs)
31 diciembre | 31 diciembre | |
BIENES | 2023 | 2022 |
000 RMB | 000 RMB | |
Activos circulantes | ||
Efectivo y banco | 15,628,496 | 11,435,877 |
Activos financieros a valor razonable con cambios en resultados | 2,505 | 3,398 |
Facturas por cobrar | 3,601 | 7,483 |
Cuentas por cobrar | 3,182,797 | 1,649,356 |
Prepagos | 414,431 | 368,692 |
Otros ingresos | 5,437,914 | 2,807,726 |
Los inventarios | 3,682,821 | 2,557,823 |
Los activos mantenidos para la venta | 108,527 | 1,302 |
Otros activos corrientes | 3,873,629 | 3,413,474 |
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| |
Total de activos corrientes | 32,334,721 | 22,245,131 |
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| |
Activos no corrientes | ||
Instrumentos de deuda a valor razonable con cambios en otro resultado integral | 1,397,310 | 1,360,982 |
Cuentas por cobrar a largo plazo | 847,273 | 539,624 |
Inversiones de capital a largo plazo | 15,136,903 | 12,574,373 |
Instrumentos de patrimonio a valor razonable con cambios en otro resultado integral | 1,550,029 | 243,760 |
Propiedades de inversión | 320,827 | 106,118 |
Activos fijos | 104,970,803 | 86,369,754 |
Activos por derecho de uso | 116,342,903 | 122,591,793 |
Construcción en progreso | 38,407,989 | 32,908,551 |
Activos intangibles | 5,817,144 | 4,300,216 |
Goodwill | 4,097,942 | 1,102,185 |
Gastos diferidos a largo plazo | 286,247 | 249,268 |
Activos por impuestos diferidos | 13,703,962 | 10,417,452 |
Otros activos no corrientes | 88,628 | 2,128 |
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| |
Total del activo no corriente | 302,967,960 | 272,766,204 |
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| |
TOTAL assets | 335,302,681 | 295,011,335 |
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31 diciembre | 31 diciembre | |
PASIVO Y PATRIMONIO | 2023 | 2022 |
000 RMB | 000 RMB | |
Pasivo circulante | ||
Prestamos a corto plazo | 21,363,178 | 19,946,147 |
Short-term bonds payable | - | 2,006,149 |
cuentas por pagar | 500,160 | - |
Cuentas por pagar | 18,595,075 | 11,628,611 |
Pasivos de tráfico aéreo | 8,366,222 | 2,757,601 |
Avanzada | - | 58,970 |
Pasivos contractuales | 1,522,492 | 1,095,185 |
Compensaciones a los empleados a pagar | 3,088,820 | 4,317,738 |
Impuestos pagables | 571,838 | 275,930 |
Otras cuentas por pagar | 16,085,401 | 13,131,744 |
Non-current liabilities repayable within one year | 40,224,088 | 37,264,533 |
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| |
Total pasivo corriente | 110,317,274 | 92,482,608 |
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| |
Pasivos no corrientes | ||
Préstamos a largo plazo | 80,777,799 | 66,868,774 |
Bonos corporativos | 9,196,832 | 11,193,342 |
Cuentas por pagar a largo plazo | 28,752,343 | 20,551,757 |
Pasivos por arrendamiento | 64,053,967 | 76,897,347 |
Obligaciones por beneficios definidos | 187,810 | 202,016 |
Pasivos acumulados | 4,312,660 | 3,090,965 |
Ingreso diferido | 404,103 | 418,200 |
Pasivos por impuestos diferidos | 347,910 | 323,297 |
Otros pasivos no corrientes | 1,663,987 | 1,422,843 |
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| |
Total pasivo no corriente | 189,697,411 | 180,968,541 |
|
| |
Pasivos totales | 300,014,685 | 273,451,149 |
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| |
Accionistas | ||
Capital emitido | 16,200,793 | 14,524,815 |
Reserva capital | 39,587,767 | 26,270,841 |
Otro resultado integral | 215,566 | 421,075 |
Fondos de reserva | 11,564,287 | 11,564,287 |
Ganancias retenidas | (30,495,138) | (29,309,022) |
Reserva general | 153,747 | 137,138 |
Safety funds | 2,940 | - |
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| |
Patrimonio atribuible a los accionistas de la Compañía | 37,229,962 | 23,609,134 |
Participaciones no controladoras | (1,941,966) | (2,048,948) |
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Equidad total de los accionistas | 35,287,996 | 21,560,186 |
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| |
Responsabilidad total y patrimonio neto | 335,302,681 | 295,011,335 |
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EFFECTS OF DIFFERENCES BETWEEN IFRSs AND CASs
The effects of differences between the consolidated financial statements of the Group prepared under IFRSs and CASs are as follows:
2023 | 2022 | |
000 RMB | 000 RMB | |
Net loss attributable to shareholders of the Company under CASs | (1,046,382) | (38,619,499) |
Impuestos diferidos | (2,657) | (668) |
Differences in value of fixed assets and certain non-current assets | 10,628 | 2,672 |
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| |
Net loss attributable to shareholders of the Company under IFRSs | (1,038,411) | (38,617,495) |
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|
31 diciembre | 31 diciembre | |
2023 | 2022 | |
000 RMB | 000 RMB | |
Equity attributable to shareholders of the Company under CASs | 37,229,962 | 23,609,134 |
Impuestos diferidos | 53,218 | 55,875 |
Differences in value of fixed assets and certain non-current assets | (217,124) | (227,752) |
Unrealised profit on the disposal of Hong Kong Dragon Airlines Limited | 139,919 | 139,919 |
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| |
Equity attributable to shareholders of the Company under IFRSs | 37,205,975 | 23,577,176 |
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RESUMEN DE DATOS OPERATIVOS
El siguiente es el resumen de datos operativos de la Compañía, Shenzhen Airlines (incluida Kunming Airlines), Shandong Airlines, Air Macau, Beijing Airlines, Dalian Airlines y Air China Inner Mongolia.
Current año | Previo año | Incrementar/ (disminución) | |
Capacidad | |||
PREGÚNTELES (millón) | 292,513.16 | 110,735.88 | 164.15% |
Internacional | 47,693.43 | 4,691.31 | 916.63% |
China continental | 237,326.42 | 104,413.50 | 127.29% |
RAE de Hong Kong, RAE de Macao y Taiwán, China | 7,493.31 | 1,631.07 | 359.41% |
AFTK (millón) | 9,648.19 | 8,510.90 | 13.36% |
Internacional | 2,939.26 | 5,904.80 | (50.22%) |
China continental | 6,511.56 | 2,488.21 | 161.70% |
RAE de Hong Kong, RAE de Macao y Taiwán, China | 197.37 | 117.88 | 67.43% |
ATK (millón) | 36,002.19 | 18,482.42 | 94.79% |
Tráfico | |||
RPK (millón) | 214,172.87 | 69,966.58 | 206.11% |
Internacional | 32,306.61 | 2,076.48 | 1455.84% |
China continental | 176,788.86 | 67,134.33 | 163.34% |
RAE de Hong Kong, RAE de Macao y Taiwán, China | 5,077.40 | 755.76 | 571.82% |
RFTK (millón) | 3,015.54 | 3,502.13 | (13.89%) |
Internacional | 1,637.80 | 2,532.04 | (35.32%) |
China continental | 1,337.20 | 933.23 | 43.29% |
RAE de Hong Kong, RAE de Macao y Taiwán, China | 40.55 | 36.86 | 10.01% |
Pasajeros transportados (mil) | 125,454.54 | 45,086.67 | 178.25% |
Internacional | 6,730.76 | 379.10 | 1675.48% |
China continental | 115,547.16 | 44,266.54 | 161.03% |
RAE de Hong Kong, RAE de Macao y Taiwán, China | 3,176.62 | 441.04 | 620.25% |
Carga y correo transportados (toneladas) | 1,070,372.96 | 902,821.18 | 18.56% |
Kilómetros volados (millón) | 1,565.96 | 748.10 | 109.33% |
Horas de bloque (mil) | 2,529.46 | 1,166.89 | 116.77% |
Numero de vuelos | 902,517 | 409,870 | 120.20% |
Internacional | 46,956 | 16,189 | 190.05% |
China continental | 830,317 | 387,566 | 114.24% |
RAE de Hong Kong, RAE de Macao y Taiwán, China | 25,244 | 6,115 | 312.82% |
RTK (millón) | 21,887.15 | 9,688.36 | 125.91% |
Factor de carga | |||
Factor de ocupación de pasajeros (RPK/ASK) | 73.22% | 63.18% | 10.03 ppt |
Internacional | 67.74% | 44.26% | 23.48 ppt |
China continental | 74.49% | 64.30% | 10.20 ppt |
RAE de Hong Kong, RAE de Macao y Taiwán, China | 67.76% | 46.34% | 21.42 ppt |
Factor de carga de carga y correo (RFTK/AFTK) | 31.26% | 41.15% | (9.89 puntos) |
Internacional | 55.72% | 42.88% | 12.84 ppt |
China continental | 20.54% | 37.51% | (16.97 puntos) |
RAE de Hong Kong, RAE de Macao y Taiwán, China | 20.54% | 31.27% | (10.72 puntos) |
Factor de carga total (RTK/ATK) | 60.79% | 52.42% | 8.37 ppt |
Utilizar | |||
Utilización diaria de aviones. | 8.14 | 3.90 | 4.24 horas |
Rendimiento | |||
Rendimiento por RPK (RMB) | 0.6094 | 0.6345 | (3.96%) |
Internacional | 0.6627 | 2.3444 | (71.73%) |
China continental | 0.5948 | 0.5688 | 4.57% |
RAE de Hong Kong, RAE de Macao y Taiwán, China | 0.7785 | 1.0105 | (22.96%) |
Rendimiento por RFTK (RMB) | 1.3811 | 2.9644 | (53.41%) |
Internacional | 1.7094 | 3.3614 | (49.15%) |
China continental | 0.8907 | 1.4926 | (40.33%) |
RAE de Hong Kong, RAE de Macao y Taiwán, China | 4.2950 | 9.1181 | (52.90%) |
Costo unitario | |||
Cost of operation per ASK (RMB) | 0.4978 | 0.9533 | (47.78%) |
Cost of operation per ATK (RMB) | 4.0445 | 5.3980 | (25.07%) |
Nota: As at 21 March 2023, the Company has gained control of Shandong Aviation Group Corporation, and its subsidiaries within the consolidation scope of Shandong Aviation Group Corporation, including Shandong Airlines, have become companies within the scope of the consolidated financial statements of the Group. For details, please refer to the announcement of the Company dated 21 March 2023. The sections headed "SUMMARY OF OPERATING DATA" and "DEVELOPMENT OF FLEET" in this results announcement include relevant operating data and fleet information of Shandong Airlines, and the historical data in the above table have been adjusted to a comparable basis.
DESARROLLO DE FLOTA
During the year of 2023, the Group introduced a total of 23 aircraft, including seven A350, three A321NEO, three A320NEO, one B737-800 and nine ARJ21-700, and phased out a total of 12 aircraft, including three A330-200, one A320, seven B737-800 and one business jet.
As at the end of 2023, the Group had a total of 905 aircraft with an average age of 9.36 years, of which the Company operated a fleet of 495 aircraft in total, with an average age of 9.12 years. The Company introduced 20 aircraft and phased out 12 aircraft.
El detalle de la flota del Grupo se detalla en la siguiente tabla:
31 de diciembre 2023 | |||||
Subtotal | De propiedad propia | Arrendamientos financieros | Arrendamientos operativos | Edad promedio (año) | |
Airbus | 438 | 195 | 123 | 120 | 8.96 |
A320 | 351 | 161 | 97 | 93 | 9.15 |
A330 | 57 | 24 | 6 | 27 | 11.07 |
A350 | 30 | 10 | 20 | - | 2.63 |
Boeing | 439 | 183 | 81 | 175 | 10.19 |
B737 | 387 | 150 | 70 | 167 | 10.23 |
B747 | 10 | 8 | 2 | - | 14.47 |
B777 | 28 | 13 | 9 | 6 | 9.71 |
B787 | 14 | 12 | - | 2 | 6.86 |
COMAC | 24 | 12 | 12 | - | 1.35 |
ARJ21 | 24 | 12 | 12 | - | 1.35 |
Aviones de negocios | 4 | 1 | - | 3 | 10.28 |
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|
| |
Total | 905 | 391 | 216 | 298 | 9.36 |
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Plan de Introducción | Plan de Eliminación | |||||
2024 | 2025 | 2026 | 2024 | 2025 | 2026 | |
Airbus | 4 | 26 | 33 | 11 | 6 | 11 |
A320 | 4 | 26 | 33 | 6 | 4 | 11 |
A330 | - | - | - | 5 | 2 | - |
Boeing | 32 | 2 | 33 | 1 | - | - |
B737 | 32 | - | 23 | 1 | - | - |
B787 | - | 2 | 10 | - | - | - |
COMAC | 9 | 2 | - | - | - | - |
ARJ21 | 9 | 2 | - | - | - | - |
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|
|
|
|
| |
Total | 45 | 30 | 66 | 12 | 6 | 11 |
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Nota: Consulte la operación real para la introducción y eliminación gradual de la flota del Grupo en el futuro.
REVISIÓN 2023
2023 is the year of marking the beginning of comprehensive implementation of the spirit of the 20th National Congress of the Communist Party of China and a critical year for carrying forward the "14th Five-Year Plan" development blueprint. Over the past year, the Group has adhered to the underlying principle of seeking progress while maintaining stability, coordinated safety and development, made full efforts to reduce losses and break through difficulties, accelerated its development into a world-class enterprise, continued to promote in-depth reforms, improved service quality, strengthened Party building for its leadership and support, and made significant progress in all aspects of work.
Steadily maintaining safe development to lay a more solid safety foundation. Faced with a complex environment and severe challenges, the Group has always regarded safety as its primary political mission and a matter of paramount importance. The Group comprehensively implements the overall national security concept, and maintained a stable situation in safe operation. The Group has rigorously implemented its safety responsibilities, firmly established the concept of safety development, resolutely implemented the Law on the Production Safety (《安全生產法》) and the "15 Hard Measures" ("十五條硬措施") adopted by the Work Safety Committee of the State Council(國務院安委會), and continuously strengthened organisational leadership in safety work. The Group thoroughly carried out key tasks, diligently implemented the safety supervision and inspection requirements of the Civil Aviation Administration of China, earnestly conducted rectification and reform and improved the long-term mechanism in a bid to enhance the overall level of safety management. By earnestly focusing on the key aspects, the Group carried out specialised risk assessments in conjunction with the characteristics of market recovery at various stages and seasonal environmental changes so as to ensure that the operation support capability matched the actual flight operations. In 2023, the Group successfully safeguarded major transportation tasks such as the Chengdu Summer World University Games, the Hangzhou Asian Games, "Belt and Road" Forum and earthquake relief.
Significant improvement in operating performance with effective strides in profitability. During the year, the Group seized the opportunity of market recovery, implementing comprehensive measures to enhance quality and efficiency, resulting in a substantial reduction in operational losses. Capitalising on opportunities of increasing flight schedules at major domestic airports, the Group continued to upgrade the quality of express routes, enhanced the efficiency of utilizing advantageous aircraft types, and made every effort to expand effective investment in the domestic market. With a commitment to high-quality service for the country's "Going Global" and "Belt and Road" initiatives, the Group strived to promote the resumption and expansion of international routes. As of the end of the Reporting Period, the number of weekly flights on international and regional routes had been restored to 74% of the level in the same period in 2019. Proactively maintaining market order, strengthening sales arrangement and yield level management, the Group ensured yield level remaining stable. Furthermore, by further integrating passenger and cargo operations and leveraging international passenger aircraft capacity and hub networks, revenue from bellyhold capacity saw significant year-on-year growth. Through rigorous cost reduction and efficiency enhancement efforts, adhering to the concept of "living within our means" ("過緊日子"), controlling major costs throughout the entire process and tightening control over non-budgetary expenses, the Group achieved cost reduction and efficiency improvements.
Enhancing standard quality management and steadily elevating service standards. The Group is deeply committed to the people-centred ideology, continuously refining and enhancing the quality of its aviation services. The Group actively advanced the construction of the service standard system, redesigned the top-level management of service standards, strengthened the implementation of service standards, and promoted consistency in key service standards among member companies. With efforts made to create outstanding service products, expedite the launch of branded lounges, and introduce new onboard products, the Group has continued to enhance the image of the service brand. It strived to improve the management capabilities for service quality, consolidate flight regularity management, optimise ticket refund and change services, and enhance passenger service experience. In addition, the Group accelerated the digital transformation of services, completing the functional development of the in-flight catering reservation management system, continuously enhancing the application of mobile-end scenarios, and steadily upgraded the digitalisation of services.
Contributing to the "national priorities" and exemplifying our mission and responsibility. The Group remains steadfast in its functional mission, dedicated to the national strategies and fulfilling its political and social responsibilities. New progress has been made in supporting regional strategies. Proactively aligning with the national strategies, the Group further refined regional development plans to continuously optimise market layout and route networks. Achieving new results in technology innovation, focusing on the three major areas in safety operation, service marketing and management synergy, resulting in the formulation of a top-level design for the Group's digital development. Embracing the concept of green development, the Group actively participated in formulating rules for the civil aviation carbon market, released its action plan for achieving the "Carbon Peak" initiative and drove its implementation. Demonstrating new roles in fulfilling social responsibility, the Group effectively facilitated rural revitalisation and consolidated achievements in poverty alleviation, earning the highest rating for six consecutive years.
Strengthening Party building and its leadership to ensure high-quality development. The Group fully implemented the spirit of the 20th National Congress of the Communist Party of China, reinforcing Party leadership in corporate governance, enhancing the development of cadre talent, and steadfastly advancing comprehensive and strict Party self-governance. Such effort aims to cultivate a clean and upright political environment, providing a robust foundation for promoting high-quality development and advancing the Group's transformation into a world-class enterprise.
The year 2024 marks the 75th anniversary of the founding of the People's Republic of China, and an important year for the Group's journey towards becoming a world-class enterprise. The Group will adhere to the principle of seeking progress while ensuring stability, fully, precisely and comprehensively implementing the new development philosophy, and contributing to accelerating the establishment of the new development paradigm. The Group will coordinate high-quality development and top-level safety, strengthen core functions and enhance core competitiveness. By focusing on tasks such as ensuring safe operations, enhancing quality and efficiency, deepening reform, improving services and strengthening Party building, the Group aims to enhance its ability for value creation, and will play its role in technological innovation, industrial control and safety support, so as to make new contributions to advancing civil aviation and building a strong transportation nation.
VISIÓN GENERAL DEL NEGOCIO
Operación segura
The Group firmly rooted the concept of safety development, and diligently conducted specific investigations and rectification of major hidden safety hazards. The Group exerted full effort to ensure the support for safe and orderly restoration of flight operation, conducting comprehensive risk assessment for flight resumption work covering the aspects such as human factors, mechanical issues, environmental concerns and management practices, to ensure operational support capabilities aligned with actual flight operations. Furthermore, the Group continued to bolster the development of four safety operation systems encompassing safety management, flight training, aircraft maintenance and operation management, The Group also deepened the utilisation of the flight data management and application system (QBD). Additionally, efforts were continued to advance the establishment of a safety management system for the air transport of dangerous goods (SMS-DG), implementing the dual prevention mechanism for risk control and hidden hazard investigation. The Group organised and conducted the self-inspections to ensure compliance with qualifications for personnel involved in air transport of dangerous goods, including outsourced personnel. Moreover, comprehensive enhancements were made to the construction of aviation security management systems and capabilities, with the organisation of aviation security tests, air defense drills, special fire safety inspections and firefighting and rescue drills. Key personnel in fire safety management were duly licensed for their duties.
The Group earnestly implemented all the directives from safety supervision units, conducting comprehensive investigations and research in safety areas. The Group exerted significant efforts to translate the findings of thematic education research into action, successfully achieving the safety improvement goals set during thematic education. The Group continued to improve its emergency planning system, promptly responded to and effectively managed emergencies. Through a focused cultivation of safety culture and the practical promotion of safety practices, the Group launched qualification training for safety officers in charge and management personnel at all levels, all of whom successfully passed the assessments. The Group successfully safeguarded major transportation tasks such as the Chengdu Summer World University Games, the Hangzhou Asian Games, "Belt and Road" Forum and earthquake relief.
During the Reporting Period, the Group recorded 2.5295 million safe flight hours, transported 125 million passengers safely, continuously maintaining an overall stable and safe operation.
Maximización del rendimiento operativo
Seizing the opportunity presented by the recovery of the air passenger transportation market, and prioritizing safe operation, the Group further advanced various initiatives aimed at enhancing quality and efficiency. The Group made every effort to maximise operational performance, actively pursue revenue generation and reduce costs. As a result, there was a year-on-year increase in revenue of 166.74%, coupled with a decrease of RMB44,227 million in loss before taxation, demonstrating a significant improvement in operational performance amid stable economic conditions and operations.
Adhering to the principal of "increasing investment, maintaining price level and competing for business volume", the Group bolstered its capacity for "synergistic" development and focused on optimizing the allocation of core resources. The Group enhanced the efficiency of utilizing advantageous aircraft types and expanded effective inputs. By capturing opportunities of increasing flight schedules at major domestic airports, the Group continued to upgrade the express route products. To support the national "Going Global" strategy and the "Belt and Road" initiative with high-quality service, the Group has operated 55 "Belt and Road" related routes across 31 cities in 25 countries, with flight numbers close to 90% of those in the same period in 2019. The Group continued to promote the resumption and expansion of international routes accordingly. Furthermore, the Group expedited marketing innovation and digital transformation, and further implemented the linkage between passenger aircraft and cargo operations, driving the year-on-year growth in passenger and cargo transportation revenue.
Maintaining strict cost control and upholding the concept of "living within our means" ("過緊日子"), the Group implemented rigorous budgetary constraints and diligently reduced costs throughout the entire business chain and the business. The Group optimised operational costs and effectively managed fixed costs to reduce overall expenditure. Emphasizing the importance of secure and sustainable cash flow, the Group strengthened its capital management and control, enhanced the efficiency of fund using, continued to optimise debt structure, effectively controlled interest-bearing liabilities and reduced financial costs. In addition, the Group focused on improving labor productivity across all levels and scientifically managed labor costs.
Servicios de mejora
The Group has firmly embraced a "people-centred" development ideology and put the concept of "sincere services" into practice. The Group has continuously refined its service standard system, promoted the branding of its services and products, optimised the end-to-end service experience and expedited the enhancement of its high-quality service standards to consistently meet passengers' expectations for a pleasant air travel experience.
In order to improve service standard system and revamp the service standard management structure, the Group has ensured stable presentation of products and services by refining the product and service standards and establishing or revising several quality management standards and work standards. It promoted the branding of service and products, with the opening of the "Zixuan" ("紫軒") and "Zichen" ("紫宸") branded self-operated lounges in Hangzhou and Guiyang, the introducing of the "Phoenix Dance in the Cloud" ("鳳舞雲端") cabin new visual package products and a new version of in-flight entertainment system, offering passengers a comprehensive and exclusive audio-visual experience. The Group actively integrated regional food and beverage cultures to launch featured meal sets and beverages, creating a distinctive flavor for Air China. Besides, Air China Express Routes were expanded to seven routes, and free ticket change and transfer services were launched between Air China family airlines to facilitate convenient travel for passengers.
To optimise the end-to-end service experience, the Company has strengthened flight plan management, flight regularity monitoring and analysis as well as comprehensive ground control over flights. As a result, the Company's flight regularity has consistently surpassed the industry average. The Company has formulated and implemented 11 measures to improve passenger ticket services, enhancing the friendliness and convenience of ticket refunds and changes services. Catering to the travel needs of special passengers, the Company has provided special counters and terminal guidance for "first-time passengers". With the launch of "automatic check-in" services on three routes in Guangzhou, travel procedures have been effectively simplified for passengers. The Company has also launched whole-process luggage tracking and inquiry services at 23 terminals, including Xi'an and Changsha, bringing the total number of terminals having such services to 53.
Transformación Digital
To accelerate the promotion of digital transformation, the Group insisted on safety operations as the bottom line, placing passenger service at the forefront. By leveraging management synergy as the foundation, the Group focused on cultivating the construction of three major digital platforms, promoting the convergence of business and technology, and facilitating the integration of the entire business process.
In 2023, the Group pushed forward the deepening application and dissemination of the global ground flight support platform, on which four major modules have been launched, namely flight monitoring, smart scheduling, mobile ground services and data platform, covering over 1,200 functional points such as flight plan management, security task monitoring and real-time dispatching. Since its launch, the platform has safeguarded over 250,000 inbound and outbound flights, benefiting approximately 6,000 business users including the Ground Services Department, Comprehensive Security Support Department and Beijing Aviation Catering, which significantly enhanced large-scale ground production organisation efficiency. At the same time, the Group completed the full-scale deployment of the Tianjin Branch, encompassing the Production Command Centre, Ground Services Department, aircraft services and other major security units.
Focusing on improving passenger service quality, the Group has comprehensively promoted the system development in the full-process passenger service domain. The Group introduced facial recognition functionality at lounges in Hangzhou to provide passengers with an intelligent access method and, at the same time, implemented management service functions on the mobile end to empower frontline staff. Since January 2024, it has been rolling out mobile-end functions across all 32 self-operated lounges in China, and expanding the face recognition access scenarios in the lounges in regions including Xinjiang and Shanghai.
To establish a high-quality air-to-ground interconnection network and increase the speed of passengers' Internet access in order to significantly improve the passengers' Internet experience, Air China's A350 fleet pioneered the extension of in-flight Internet services to the take-off and landing phases in September 2023, covering the entire passenger flight and laying the groundwork for Internet services to encompass passenger trips "door-to-door". Moving forward, the Group will continue to accelerate the building of an internationally leading Internet fleet.
Prevención y Control de Riesgos
Continuing to deepen the integrated collaborative mechanism of "emphasizing the rule of law, strengthening internal control, preventing risks and promoting compliance", the Group accelerated the implementation of risk prevention and control across all processes, chains and areas, comprehensively strengthening safety operation risk management and operational risk prevention.
The Group secured a stable mechanism of risk assessment. Adhering to governance decision-making procedures, the Group actively and steadily reviewed and assessed major risks annually through in-depth research and thematic diagnosis, and implemented comprehensive measures accordingly. By enhancing the precision of risk quantification and quantifying key risk indicators, the Group further improved graded and classified rolling monitoring of important risk issues, carrying out closed-loop management. The Group implemented a regular mechanism for annual inspection on overseas legal compliance risks, emphasising the focus on risk control in foreign-related legal compliance. Extending decision-making risk assessment mechanisms, the Group ensured comprehensive risk evaluation for major decisions while prioritising compliance as the premise, proactively mitigating and eliminating risks. The Group promoted the in-depth integration of risk assessment into reform and development, central tasks and material project management. The Group soundly improved the coordinated mechanism of risk prevention and control. The management supervised key task progress, focused on researching and assessing risk control and management difficulties, and promoted practical experience of risk control and management. The Group continued to strengthen the information sharing mechanism among risk control, compliance, discipline inspection, inspection and audit, collectively establishing three lines of defense for risk prevention in management coordination. The responsibility mechanism for risk prevention and control was comprehensively consolidated. With strict risk classification and hierarchical management, the Group enforced the responsibilities of risk mitigation to the specific position and individual staff to enhance overall handling capacity of risk management throughout the entire process.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL POSITION AND OPERATING RESULTS
The following discussion and analysis are based on the Group's consolidated financial statements and the notes thereto prepared in accordance with the IFRSs and are designed to assist the readers in further understanding the information provided in this announcement so as to better understand the financial conditions and results of operations of the Group as a whole.
Ingresos
During the Reporting Period, the Group's revenue was RMB141,100 million, representing an increase of RMB88,203 million or 166.74% as compared with last year. Among which, air traffic revenue was RMB134,681 million, representing an increase of RMB86,300 million or 178.38% as compared with last year; other operating revenue was RMB6,419 million, representing a year-on-year increase of RMB1,902 million or 42.11%.
Ingresos Aportados por Segmentos Geográficos
2023 | 2022 | ||||
(en RMB'000) | Cantidad | Porcentaje | Cantidad | Porcentaje | Cambios |
China continental | 112,765,304 | 79.92% | 38,501,365 | 72.79% | 192.89% |
Internacional | 24,207,933 | 17.16% | 13,299,094 | 25.14% | 82.03% |
Hong Kong SAR, Macau SAR and | 4,126,997 | 2.92% | 1,097,125 | 2.07% | 276.16% |
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Total | 141,100,234 | 100.00% | 52,897,584 | 100.00% | 166.74% |
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Ingresos de pasajeros aéreos
During the Reporting Period, the Group recorded an air passenger revenue of RMB130,517 million, representing an increase of RMB92,220 million over the previous year. Among the air passenger revenue, the increase of capacity contributed an increase of RMB78,135 million in the revenue, and the increase of passenger load factor led to an increase of RMB19,465 million in the revenue, while the decrease of passenger yield resulted in a decrease in revenue of RMB5,380 million. The Group's capacity, passenger load factor and yield per RPK in 2023 are as follows:
2023 | 2022 | Cambios | |
PREGÚNTELES (millón) | 292,513.16 | 96,212.39 | 204.03% |
Factor de carga de pasajeros (%) | 73.22 | 62.73 | 10.49 ppt |
Rendimiento por RPK (RMB) | 0.6094 | 0.6345 | (3.96%) |
Nota: Los datos operativos para el período correspondiente en 2022 en la tabla anterior no incluyen los datos operativos de Shandong Airlines.
Ingresos de Pasajeros Aéreos Aportados por Segmentos Geográficos
2023 | 2022 | ||||
(en RMB'000) | Cantidad | Porcentaje | Cantidad | Porcentaje | Cambios |
China continental | 105,155,385 | 80.57% | 32,736,473 | 85.48% | 221.22% |
Internacional | 21,408,328 | 16.40% | 4,798,616 | 12.53% | 346.14% |
RAE de Hong Kong, RAE de Macao y Taiwán, China | 3,952,845 | 3.03% | 761,101 | 1.99% | 419.36% |
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Total | 130,516,558 | 100.00% | 38,296,190 | 100.00% | 240.81% |
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Ingresos por carga aérea y correo
During the Reporting Period, the Group's air cargo and mail revenue was RMB4,165 million, representing a decrease of RMB5,920 million as compared with last year. Among which, the increase of capacity contributed an increase of RMB1,601 million in the revenue, while the decrease of cargo and mail load factor resulted in a decrease in revenue of RMB2,746 million, and the decrease of yield of cargo and mail resulted in a decrease of RMB4,775 million in the revenue. The capacity, cargo and mail load factor and yield per RFTK in 2023 are as follows:
2023 | 2022 | Cambios | |
Toneladas kilométricas de carga disponibles (millón) | 9,648.19 | 8,326.31 | 15.88% |
Factor de carga de carga y correo (%) | 31.26 | 40.86 | (9.60 puntos) |
Rendimiento por RFTK (RMB) | 1.3811 | 2.9644 | (53.41%) |
Nota: Los datos operativos para el período correspondiente en 2022 en la tabla anterior no incluyen los datos operativos de Shandong Airlines.
Ingresos por Carga Aérea y Correo Aportados por Segmentos Geográficos
2023 | 2022 | ||||
(en RMB'000) | Cantidad | Porcentaje | Cantidad | Porcentaje | Cambios |
China continental | 1,190,986 | 28.60% | 1,248,132 | 12.38% | (4.58%) |
Internacional | 2,799,606 | 67.22% | 8,500,478 | 84.29% | (67.07%) |
RAE de Hong Kong, RAE de Macao y Taiwán, China | 174,151 | 4.18% | 336,024 | 3.33% | (48.17%) |
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Total | 4,164,743 | 100.00% | 10,084,634 | 100.00% | (58.70%) |
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Los gastos de explotación
During the Reporting Period, the Group's operating expenses were RMB145,612 million, representing an increase of 58.76% from RMB91,716 million of last year. The breakdown of the operating expenses is set out below:
2023 | 2022 | ||||
(en RMB'000) | Cantidad | Porcentaje | Cantidad | Porcentaje | Cambios |
Costos de combustible para aviones | 46,725,219 | 32.09% | 22,762,814 | 24.82% | 105.27% |
Tasas de despegue, aterrizaje y depósito | 15,554,795 | 10.68% | 6,499,775 | 7.09% | 139.31% |
depreciación y amortización | 27,110,507 | 18.62% | 21,233,674 | 23.15% | 27.68% |
Costos de mantenimiento, reparación y reacondicionamiento de aeronaves | 9,921,853 | 6.81% | 5,640,163 | 6.15% | 75.91% |
Costos de compensación de empleados | 29,300,310 | 20.12% | 25,338,553 | 27.63% | 15.64% |
Tarifas de catering aéreo | 3,002,720 | 2.06% | 872,189 | 0.95% | 244.27% |
Gastos de venta y comercialización. | 3,423,478 | 2.35% | 1,639,889 | 1.79% | 108.76% |
gastos generales y administrativos | 1,683,284 | 1.16% | 1,240,365 | 1.35% | 35.71% |
Otros | 8,890,301 | 6.11% | 6,488,734 | 7.07% | 37.01% |
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Total | 145,612,467 | 100.00% | 91,716,156 | 100.00% | 58.76% |
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• Los costes del combustible para aviones aumentaron en 23,962 millones de RMB año tras año, principalmente debido al efecto combinado del aumento en el consumo de combustible para aviones y la disminución de los precios del combustible para aviones.
• Los cargos por despegue, aterrizaje y depósito aumentaron en 9,055 millones de RMB año tras año, debido principalmente al aumento año tras año en el número de despegues y aterrizajes.
• Depreciation and amortisation expenses increased by RMB5,877 million on a year-on-year basis, mainly due to the acquisition of Shandong Aviation Group Corporation, the expansion of fleet as well as the year-on-year increase in flying hours.
• Los costos de mantenimiento, reparación y revisión de aeronaves aumentaron en 4,282 millones de RMB año tras año, debido principalmente al aumento año tras año de las horas de vuelo.
• Los costos de compensación de los empleados aumentaron en 3,962 millones de RMB año tras año, principalmente debido a la adquisición de Shandong Aviation Group Corporation y el aumento año tras año en las tarifas por horas de vuelo.
• Los costos de catering aéreo aumentaron en 2,131 millones de RMB año tras año, debido principalmente al aumento en el número de pasajeros.
• Selling and marketing expenses increased by RMB1,784 million on a year-on-year basis, mainly due to the acquisition of Shandong Aviation Group Corporation, and the increase in handling fees for agency services and booking fees resulting from the increase in the sales volumes and the number of passengers.
• General and administrative expenses increased by RMB443 million on a year-on-year basis, mainly due to the acquisition of Shandong Aviation Group Corporation.
• Other operating expenses mainly included aircraft and engine operating lease expenses, civil aviation development fund and non-above-mentioned ordinary expenses arising from the core air traffic business, which increased by RMB2,402 million on a year-on-year basis, mainly due to the acquisition of Shandong Aviation Group Corporation and the increase in the investment in production and operation.
Finance Income, Finance Costs and Net Exchange Losses
During the Reporting Period, the Group recorded a finance income of RMB605 million, representing a year-on-year increase of RMB376 million or 164.52%; and incurred finance costs (excluding the capitalised portion) of RMB6,943 million, representing a year-on-year increase of RMB470 million. During the Reporting Period, the Group recorded net exchange losses of RMB1,035 million, which is decreased by RMB3,053 million on a year-on-year basis.
Participación en Resultados de Asociadas y Negocios Conjuntos
During the Reporting Period, the net gain from the Group's share of results of its associates and joint ventures was RMB2,834 million, as compared to a net loss of RMB101 million for the previous year. Among which, during the Reporting Period, the Group recognised a gain on investment of Cathay Pacific of RMB2,432 million, representing a year-on-year increase of RMB2,180 million.
Adquisiciones y Enajenaciones de Materiales
On 30 December 2022, the Company entered into the equity transfer agreements with Shansteel Financial Holdings Asset Management (Shenzhen) Company Limited (山鋼金控資產管理(Shenzhen)Limitada) and Qingdao Qifa Trading Co., Ltd. (青島市企發商貿有限公司), respectively, pursuant to which the Company shall acquire the 1.4067% and 0.9043% equity interest in Shandong Aviation Group Corporation held by each of the above companies at the consideration of RMB20,064,883.27 and RMB12,898,394.49, respectively (the "Transferencia de capital"). The Company held 51.7178% equity interest in Shandong Aviation Group Corporation upon the completion of the Equity Transfer. Meanwhile, as the shareholders of Shandong Aviation Group Corporation proposed to implement certain equity interest transfer arrangements in relation to the equity interests of Shandong Aviation Group Corporation, upon the completion of implementing the relevant Equity Transfer, the Company and Shandong Hi-Speed Group Co., Ltd. (山東高速集團有限公司) proposed to make capital increase to Shandong Aviation Group Corporation collectively, of which the Company shall invest RMB6,600,000,000 (the "Incremento de capital"). Upon the completion of the Capital Increase, the Company held 66% equity interest in Shandong Aviation Group Corporation.
As at 7 April 2023, the registration procedures for industrial and commercial changes in respect of the transactions under the abovementioned equity transfer agreements and capital increase agreement were completed, and the closing thereof was also completed. The Company has acquired the control of Shandong Aviation Group Corporation and the percentage of the equity interest of Shandong Aviation Group Corporation held by the Company increased from 49.4067% to 66%. Shandong Aviation Group Corporation, Shandong Airlines and their subsidiaries within the scope of consolidated financial statements have been consolidated into the financial statements of the Company. The Company also completed the registration of transfer of shares involved in the offer to acquire Shandong Airlines on 26 April 2023. Finally, 25 accounts with a total of 5,832 listed tradable shares (B shares) accepted the offer issued by the Company. As at 26 April 2023, the Company directly held 22.8% of the shares of Shandong Airlines and indirectly held, through Shandong Aviation Group Corporation, 42% of the shares of Shandong Airlines. For details, please refer to the announcements of the Company dated 21 March 2023 and 7 April 2023 and the overseas regulatory announcement of the Company dated 26 April 2023.
Save as disclosed above, the Company did not make any material acquisitions and disposals of subsidiaries, associates or joint ventures during the Reporting Period.
Análisis de Estructura de Activos
As at the end of the Reporting Period, the total assets of the Group was RMB335,279 million, representing an increase of 13.66% from that of 31 December 2022, among which current assets accounted for RMB32,335 million or 9.64% of the total assets, while non-current assets accounted for RMB302,944 million or 90.36% of the total assets.
Entre los activos circulantes, el efectivo y los equivalentes de efectivo se encontraban en RMB15,017 millones, lo que representa el 46.44 % de los activos circulantes y representa un aumento del 41.56 % con respecto al 31 de diciembre de 2022.
Among the non-current assets, the aggregated book value of property, plant and equipment and right-of-use assets as at the end of the Reporting Period amounted to RMB238,700 million, accounting for 78.79% of the non-current assets and representing an increase of 5.90% from that of 31 December 2022.
Hipoteca/prenda de activos
As of 31 December 2023, the Group, pursuant to certain bank loans and finance leasing agreements, had secured aircraft and buildings with an aggregated book value of approximately RMB84,599 million (RMB95,499 million as at 31 December 2022) and land use rights with book value of approximately RMB24 million (RMB25 million as at 31 December 2022). Meanwhile, the Group had monetary capital with restricted ownership of approximately RMB612 million (approximately RMB828 million as at 31 December 2022), which was mainly statutory reserves deposited in the People's Bank of China.
Gasto de capital
In 2023, the Group's capital expenditure totalled RMB27,505 million, of which the total investment in aircraft was RMB15,425 million, mainly including procurement of aircraft and engines, aircraft modifications, flight simulators, etc. The cash component for the long-term investments amounted to RMB9,297 million, mainly including the acquisition of Shandong Aviation Group Corporation, the capital increase of Shandong Airlines in Sichuan Airlines, etc. Other capital expenditure investment amounted to RMB2,783 million, mainly including infrastructure construction, IT system construction, ground equipment procurement, etc.
Inversión de capital
As at the end of the Reporting Period, the Group's equity investment in its associates amounted to RMB12,863 million, representing an increase of 22.08% from that of 31 December 2022, mainly due to the combined effect of recognising the share of gains of associates and other comprehensive income during the year. Among this, the balance of the equity investment of the Group in Cathay Pacific amounted to RMB12,596 million.
As at the end of the Reporting Period, the Group's equity investment in its joint ventures was RMB2,414 million, representing an increase of 10.84% from that as at 31 December 2022, mainly due to new investments and recognising the share of gains of joint ventures during the Reporting Period.
Análisis de estructura de deuda
At the end of the Reporting Period, the Group's total liabilities were RMB300,015 million, representing an increase of 9.71% from that as at 31 December 2022. Among them, current liabilities amounted to RMB110,317 million, accounting for 36.77% of the total liabilities; and non-current liabilities amounted to RMB189,698 million, accounting for 63.23% of the total liabilities.
Among the current liabilities, interest-bearing debts (including interest-bearing borrowings and lease liabilities) amounted to RMB65,447 million, representing an increase of 9.00% from that as at 31 December 2022. Among the non-current liabilities, interest-bearing debts (including interest-bearing borrowings and lease liabilities) amounted to RMB168,814 million, representing a decrease of 0.55% from that as at 31 December 2022. The increase in interest-bearing debts was mainly due to the acquisition of Shandong Aviation Group Corporation. Excluding this effect, the Group's interest-bearing debts demonstrated a decreasing trend as compared with that as at 31 December 2022.
Details of interest-bearing debts of the Group categorised by currency are set out below:
31 de diciembre 2023 | 31 de diciembre 2022 | ||||
(en RMB'000) | Cantidad | Porcentaje | Cantidad | Porcentaje | Cambios |
RMB | 197,161,354 | 84.16% | 187,990,038 | 81.81% | 4.88% |
Dólares estadounidenses | 36,018,880 | 15.38% | 39,999,600 | 17.41% | (9.95%) |
Otros | 1,080,481 | 0.46% | 1,797,824 | 0.78% | (39.90%) |
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Total | 234,260,715 | 100.00% | 229,787,462 | 100.00% | 1.95% |
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Compromisos y pasivos contingentes
The Group's capital commitments, which mainly consisted of the expenditure in the next few years for purchasing certain number of aircraft and related equipment, increased by 23.19% from RMB58,509 million as at 31 December 2022 to RMB72,079 million as at 31 December 2023. The Group's investment commitments mainly represented the investment agreements entered into, amounted to RMB457 million as at 31 December 2023, as compared to RMB512 million as at 31 December 2022.
Ratio de apalancamiento
As at the end of the Reporting Period, the Group's gearing ratio (total liabilities divided by total assets) was 89.48%, representing a decrease of 3.22 percentage points from that of 31 December 2022.
Capital de trabajo y sus fuentes
At the end of the Reporting Period, the Group's net current liabilities (current liabilities minus current assets) were RMB77,983 million, representing an increase of RMB7,745 million from that as at 31 December 2022. Based on the structure of current assets and current liabilities, the Group's current ratio (current assets divided by current liabilities) was 0.29, representing an increase of 0.05 as compared to that of 31 December 2022.
The Group meets its working capital needs mainly through its operating activities and external financing activities. During the Reporting Period, the Group's net cash inflow from operating activities was RMB27,905 million, as compared to the net cash outflow of RMB23,341 million for the corresponding period in 2022, which was mainly due to the significant increase in revenue on a year-on-year basis. Net cash outflow from investing activities was RMB15,246 million, representing an increase of net outflow of 121.89% from RMB6,871 million for the corresponding period in 2022, mainly due to the year-on-year increase in the cash payments for the purchase of property, plant and equipment, and the effect of the acquisition of Shandong Aviation Group Corporation. Net cash outflow from financing activities amounted to RMB8,333 million, as compared to the net cash inflow of RMB24,677 million for the corresponding period in 2022, mainly due to the year-on-year increase in repayment of borrowings and rental payments.
The Company has obtained bank facilities of RMB217,683 million in aggregate granted by several banks in China, among which approximately RMB92,530 million has been utilised and approximately RMB125,153 million remained unutilised. The remaining amount is sufficient to meet the Group's demands on working capital and future capital commitments.
PLAN OPERATIVO
The Company has established its operational focuses for 2024, which included (1) to unwaveringly uphold the principle of safety first and firmly secure the bottom line of safety; (2) to vigorously enhance efficiency and quality, and significantly boosting the level of profitability; (3) to intensify efforts in reform and innovation, and accelerating the development into a world-class enterprise; (4) to focus on creating "four excellence" and promoting comprehensive improvement in service quality; (5) to strengthen the leading and supporting roles, further enhancing the Party's leadership and Party building.
PERSPECTIVAS DE FUTURO
1. Making contributions to the national development strategies by the civil aviation industry in China
As a strategic pillar industry, China's civil aviation industry will shoulder the mission and task of promoting high-quality development of the country. It will leverage the supportive role of civil aviation in promoting circulation and expanding circulation, further improve the modern airport system and route network mutually in line with the development of the national economy and society, the spatial layout of national land and space development, and major production layout and serve the national major strategies for regional development and coordination. Promoting the development of the "Silk Road in the Sky" ("空中絲綢之路"), the Group will further optimise the overseas market layout, expand global coverage and serve China's deeper participation in global industrial division and cooperation. Playing its role of promoting economic structural transformation and upgrading, the civil aviation industry will encourage manufacturers to continuously improve the quality and performance of their products, thereby promoting the development and robust growth of China's aviation industry. Playing the leading role of civil aviation industry in consumption upgrade, the Group will continue to innovate services and products to improve the quality of life for the people. Giving play to its leading role in the comprehensive transport system, the civil aviation industry will develop a modern and comprehensive transport hub and implement multiple-modal interlink operation to accelerate the development of China into a strong nation in terms of transport.
2. Passenger volume will resume natural growth in China's civil aviation industry
There is no change in the fundamentals of the Chinese economy with the basic trend of economic stability and long-term improvement still intact. China continues to be in a period of strategic opportunities. Leveraging the super large-scale domestic demand market formed by a population of 1.4 billion, including a middle income group of over 400 million people, China is striving to build a new development paradigm centred around domestic circulation, with the international and domestic circulations mutually reinforcing each other. The demand for civil aviation in China will continue to maintain a positive growth momentum.
3. Competition landscape of the domestic aviation market
It is expected that the competitive pressures in the domestic aviation market will alleviate. On the demand side, with the continued rebound and improvement of the national economy, the foundation for industrial recovery and development will become more solid. This will lead to steady growth in the domestic passenger transportation market, and the international passenger transportation market will sooner recover, effectively alleviating the situation of oversupply in the domestic aviation market. In terms of policy, the CAAC has been advancing a series of reform measures to strengthen the foundation for the industry building and development, enhance the international competitiveness of aviation hubs, leading to diversified operations among various types of airlines in the market and reducing disorderly market competition.
ESTRUCTURA DEL CAPITAL SOCIAL
As at the end of the Reporting Period, the Company had a total share capital of RMB16,200,792,838, divided into 16,200,792,838 shares with par value of RMB1.00 each. The following table sets out the share capital structure of the Company as at the end of the Reporting Period:
Numero de veces compartido | Porcentaje del capital social total | |
Acciones A | 11,638,109,474 | 71.84% |
Acciones H | 4,562,683,364 | 28.16% |
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Total | 16,200,792,838 | 100.00% |
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The Company completed the issuance of new H Shares to specific investor after the Reporting Period. For the share capital structure of the Company as at the date of this announcement, please refer to the section headed "SUBSEQUENT EVENT" in this announcement.
COMPRAS, VENTA O REEMBOLSO DE VALORES COTIZADOS
During the Reporting Period, neither the Company nor any of its subsidiaries purchased, sold or redeemed any listed securities of the Company (the term "securities" has the meaning ascribed to it under Paragraph 1 of Appendix D2 to the Listing Rules).
GOBIERNO CORPORATIVO
Cumplimiento del Código de Gobierno Corporativo
The Company has always been committed to maintaining and enhancing the level of its corporate governance so as to ensure greater accountability and transparency of the Group and deliver long-term return to its shareholders. The Company has complied with the code provisions in Part 2 of the Corporate Governance Code in Appendix C1 to the Listing Rules throughout the Reporting Period.
Cumplimiento del Código Modelo
The Company has adopted and formulated a code of conduct on terms no less stringent than the required standards of the Model Code. After making specific enquiries, the Company confirmed that each Director and each Supervisor have complied with the required standards of the Model Code and the Company's code of conduct throughout the Reporting Period.
DIVIDENDOS
According to the audited financial statements of the Company prepared in accordance with the CASs and the IFRSs, the Company recorded negative profits available for distribution to shareholders in 2023. As considered and approved by the 28th meeting of the sixth session of the Board of the Company, the Company proposed not to make profit distribution for the year of 2023.
EVENTOS SUBSECUENTES
The Company convened the 25th meeting of the sixth session of the Board on 22 December 2023 and convened the first extraordinary general meeting of 2024 on 26 January 2024, at which relevant resolutions, including the proposal in relation to the issuance of A Shares and H Shares to specific investors by the Company in 2023, were considered and approved. On 7 February 2024, the Company completed the issuance of H Shares to the specific investor, CNACG. 392,927,308 H Shares were issued at the issue price of HKD5.09 per share. Upon completion of the issue of H Shares to CNACG, the total share capital of the Company increased to 16,593,720,146 shares, comprising 11,638,109,474 A Shares and 4,955,610,672 H Shares. For details, please refer to the announcements of the Company dated 7 February 2024, 26 January 2024 and 22 December 2023.
ANNUAL GENERAL MEETING ("AGM") AND CLOSURE OF REGISTER OF MEMBERS
The Company proposed to hold the AGM on Thursday, 30 May 2024. The register of members of H Shares will be closed from Thursday, 23 May 2024 to Thursday, 30 May 2024 (both days inclusive), during which period no transfer of shares will be effected. In order to qualify for attendance and voting at the AGM, the holders of H Shares must return all the transfer documents to the Company's H Shares registrar in Hong Kong, Computershare Hong Kong Investor Services Limited, at Shops 1712-1716, 17/F, Hopewell Centre, 183 Queen's Road East, Wan Chai, Hong Kong by 4:30 p.m. on Wednesday, 22 May 2024. The holders of H Shares whose names appear on the register of members of the Company at the close of business on Wednesday, 22 May 2024 are entitled to attend and vote at the AGM.
REPORTE ANUAL
The annual report for the year ended 31 December 2023 containing all information required by Appendix D2 to the Listing Rules will be published on the HKEXnews website of the Hong Kong Stock Exchange (www.hkexnews.hk) as well as the website of the Company (www.airchina.com.cn) in due course.
DECLARACIÓN HACIA ADELANTE
The Company would like to remind the readers of this announcement that the airline operations are substantially influenced by global political and economic developments. Accidental and unexpected incidents may have material impacts on our operations or the industry as a whole. This 2023 annual results announcement of the Company contains, inter alia, certain forward-looking statements, such as forward-looking statements on the global and Chinese economies and aviation markets. Such forward-looking statements are subject to some uncertainties and risks.
AUDIT AND RISK CONTROL COMMITTEE (supervision committee)
The 2023 annual results of the Company have been reviewed by the audit and risk control committee (supervision committee) of the Board.
GLOSARIO DE TÉRMINOS TÉCNICOS
Medidas de capacidad
"tonelada-kilómetro disponible" o "ATK(s)" | el número de toneladas de capacidad disponible para el transporte multiplicado por los kilómetros recorridos |
"Asientos-kilómetros disponibles" o "PREGUNTAR(ES)" | el número de asientos disponibles para la venta multiplicado por los kilómetros recorridos |
"tonelada-kilómetro de carga disponible" o "AFTK(s)" | el número de toneladas de capacidad disponibles para el transporte de carga y correo multiplicado por los kilómetros recorridos |
Medidas de tráfico
"tráfico de pasajeros" | medido en RPK, a menos que se especifique lo contrario |
"revenue passenger kilometres" or | el número de pasajeros remunerados transportados multiplicado por los kilómetros recorridos |
"tráfico de carga y correo" | medido en RFTK, a menos que se especifique lo contrario |
"tonelada-kilómetros de carga de ingresos" o "RFTK(s)" | la carga de ingresos y la carga de correo en toneladas multiplicadas por los kilómetros volados |
"revenue tonne kilometres" or "RTK(s)" | la carga de ingresos (pasajeros y carga) en toneladas multiplicada por los kilómetros volados |
Factores de carga
"factor de carga general" | RTK expresado como porcentaje de ATK |
"factor de ocupación de pasajeros" | RPK expresado como porcentaje de ASK |
"factor de carga de carga y correo" | RFTK expresado como porcentaje de AFTK |
"Block hours" | each whole and/or partial hour elapsing from the moment the chocks are removed from the wheels of the aircraft for flights until the chocks are next again returned to the wheels of the aircraft |
Medidas de rendimiento
"rendimiento por pasajeros"/"rendimiento por RPK" | ingresos por operaciones de pasajeros divididos por RPK |
"rendimiento de carga"/"rendimiento por RFTK" | ingresos de operaciones de carga divididos por RFTK |
DEFINICIONES
En este anuncio, a menos que el contexto requiera lo contrario, los siguientes términos tendrán los siguientes significados:
"Aerobús" | Airbus SAS, empresa constituida en Toulouse, Francia |
"Carga de Air China" | Air China Cargo Co., Ltd., a non-wholly owned subsidiary of CNAHC |
"Air China Mongolia Interior" | Air China Inner Mongolia Co., Ltd., una subsidiaria que no es de propiedad total de la Compañía |
"Aire de Macao" | Air Macau Company Limited, una subsidiaria que no es de propiedad total de la Compañía |
"Ameco" | Aircraft Maintenance and Engineering Corporation, una subsidiaria de propiedad no total de la Compañía |
"Estatutos" | los estatutos de la Compañía, modificados periódicamente |
"Una acción(es)" | ordinary share(s) in the share capital of the Company, with a nominal value of RMB1.00 each, which are subscribed for and traded in Renminbi and listed on Shanghai Stock Exchange |
"Aerolíneas de Beijing" | Beijing Airlines Company Limited, una subsidiaria que no es de propiedad total de la Compañía |
"Tablero" | el consejo de administración de la empresa |
"Boeing" | La compania boeing |
"CAAC" | Administración de Aviación Civil de China |
"CAS" | Normas de contabilidad de China para empresas comerciales |
"Cathay Pacific" | Cathay Pacific Airways Limited, asociada de la Compañía |
"CNACG" | China National Aviation Corporation (Group) Limited, a wholly-owned subsidiary of CNAHC |
"CNAHC" | China National Aviation Holding Corporation Limited |
"COMAC" | Corporación de Aeronaves Comerciales de China, Ltd. |
"Company", "We", or | Air China Limited, una empresa constituida en la República Popular China, cuyas Acciones H cotizan en la Bolsa de Valores de Hong Kong como su lugar de cotización principal y en la Lista Oficial de la Autoridad de Cotización del Reino Unido como su lugar de cotización secundario, y cuyas Acciones A cotizan en la Bolsa de Valores de Shanghai |
"CSRC" | Comisión Reguladora de Valores de China |
"Aerolíneas de Dalian" | Dalian Airlines Company Limited, una subsidiaria que no es de propiedad total de la Compañía |
"Director(es)" | el director(es) de la Compañía |
"Grupo" | la Compañía y sus subsidiarias |
"Hong Kong" | la Región Administrativa Especial de Hong Kong de la República Popular China |
"Bolsa de Valores de Hong Kong" | La Bolsa de Valores de Hong Kong Limited |
"Acciones H" | ordinary share(s) in the share capital of the Company, with a nominal value of RMB1.00 each, which are listed on the Hong Kong Stock Exchange as primary listing venue and have been admitted into the Official List of the UK Listing Authority as secondary listing venue |
"International Financial Reporting Standards" or "IFRSs" | Normas Internacional de Normas Internacionales |
"Aerolíneas de Kunming" | Kunming Airlines Company Limited, una subsidiaria de Shenzhen Airlines |
"Reglas de listado" | Normas que rigen la cotización de valores en la Bolsa de Valores de Hong Kong Limited |
"Código modelo" | the Model Code for Securities Transactions by Directors of Listed Issuers as set out in Appendix C3 to the Listing Rules |
"Período de información" | el período del 1 de enero de 2023 al 31 de diciembre de 2023 |
"RMB" | Renminbi, la moneda legal de la República Popular China |
"SASAC" | Comisión de Administración y Supervisión de Activos de Propiedad del Estado del Consejo de Estado |
"OFS" | Ordenanza sobre valores y futuros (capítulo 571 de las leyes de Hong Kong) |
"Aerolíneas de Shandong" | Shandong Airlines Co., Ltd., a non-wholly owned subsidiary of the Company |
"Corporación del Grupo de Aviación de Shandong" | Shandong Aviation Group Company Limited, una subsidiaria de propiedad no total de la Compañía |
"Aerolíneas de Shenzhen" | Shenzhen Airlines Company Limited, una subsidiaria que no es de propiedad total de la Compañía |
"Aerolíneas de Sichuan" | Sichuan Airlines Co., Ltd., a company incorporated under the laws of the PRC |
"Supervisor(es)" | el supervisor(es) de la Compañía |
"Comité de Supervisión" | el comité de vigilancia de la empresa |
"Dólares estadounidenses" | Dólares estadounidenses, la moneda de curso legal en los Estados Unidos |
Por orden de la Junta
aire china limitada
Xiao Feng Huen Ho Yin
Secretarios de empresas conjuntas
Beijing, the PRC, 28 March 2024
A la fecha de este anuncio, los directores de la Compañía son el Sr. Ma Chongxian, el Sr. Wang Mingyuan, el Sr. Feng Gang, el Sr. Patrick Healy, el Sr. Xiao Peng, el Sr. Li Fushen*, el Sr. He Yun* , el Sr. Xu Junxin* y la Sra. Winnie Tam Wan-chi*.
* Consejero no ejecutivo independiente de la Sociedad
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