Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 79,520,332 thousand, an increase from RMB 59,613,193 thousand for the same period in 2023, representing a growth of approximately 33.4%[7] - The company reported a net loss attributable to shareholders of RMB 2,778,953 thousand for the six months ended June 30, 2024, compared to a loss of RMB 3,446,814 thousand for the same period in 2023, indicating a reduction in loss of about 19.4%[7] - EBITDA for the first half of 2024 was RMB 12,943,313 thousand, up from RMB 11,806,583 thousand in the first half of 2023, reflecting an increase of approximately 9.6%[7] - The loss per share attributable to shareholders was RMB 0.1767 for the first half of 2024, an improvement from RMB 0.2239 for the same period in 2023[7] - The return on equity attributable to shareholders was -7.60% for the first half of 2024, compared to -9.87% for the same period in 2023, indicating an improvement in performance[7] - The company achieved a revenue increase of 14.02% year-on-year, with a total operating income of RMB 451.12 billion[22] - The company achieved operating revenue of RMB 79.52 billion, an increase of RMB 19.91 billion or 33.39% year-on-year[26] - Passenger revenue reached RMB 73.14 billion, up RMB 17.67 billion or 31.85% compared to the same period last year[30] - The company reported a total equity attributable to shareholders of RMB 33,848,676 thousand as of June 30, 2024, up from RMB 32,894,309 thousand at the end of June 2023[80] Assets and Liabilities - Total assets as of June 30, 2024, were RMB 345,400,348 thousand, compared to RMB 335,278,694 thousand as of December 31, 2023, showing an increase of about 3.3%[8] - Total liabilities increased to RMB 311,551,672 thousand as of June 30, 2024, from RMB 300,014,685 thousand as of December 31, 2023, representing a rise of approximately 3.9%[8] - The company’s equity attributable to shareholders was RMB 36,587,810 thousand as of June 30, 2024, slightly down from RMB 37,205,975 thousand as of December 31, 2023, indicating a decrease of about 1.7%[8] - The debt-to-asset ratio was 90.20%, an increase of 0.72 percentage points from December 31, 2023[45] - The group reported a net current liability of approximately RMB 98.437 billion as of June 30, 2024, indicating the need for effective cash flow management and external financing[83] - The group has unutilized bank credit facilities amounting to RMB 137.765 billion, which supports its ability to meet debt repayment and capital expenditure needs[83] Operational Metrics - Available seat kilometers increased to 171,790.89 million, up 33.38% year-over-year[10] - International available seat kilometers surged by 210.41% to 44,082.60 million[10] - Passenger numbers reached 74,959.47 thousand, a 34.95% increase compared to the previous year[10] - Cargo and mail carried increased by 63.37% to 701,598.29 tons[10] - The overall load factor for revenue ton kilometers increased to 65.86%, up 7.70 percentage points[11] - The passenger load factor improved by 8.77 percentage points to 79.29%[29] - The fleet size reached 915 aircraft with an average age of 9.64 years[12] - The company introduced 16 new aircraft while retiring 6 during the reporting period[12] Cost and Expenses - Operating expenses for the reporting period amounted to RMB 83.85 billion, an increase of RMB 19.27 billion or 29.84% year-on-year[34] - Fuel costs increased by RMB 7.785 billion, primarily due to higher fuel consumption and rising fuel prices[35] - Depreciation and amortization expenses rose by RMB 1.321 billion, driven by fleet expansion and increased flight hours[35] - The cost of aviation fuel for the six months ended June 30, 2024, was RMB 27,132,269 thousand, compared to RMB 19,346,786 thousand in the same period of 2023, reflecting an increase of approximately 40%[76] - The company’s total operating expenses for the six months ended June 30, 2024, were RMB 83,853,154 thousand, compared to RMB 64,581,269 thousand in the same period of 2023, representing an increase of approximately 29.8%[76] Cash Flow and Financing - The net cash inflow from operating activities was RMB 14.253 billion, a decrease of 11.70% compared to RMB 16.142 billion in the same period of 2023[46] - The net cash outflow from investing activities increased by 302.52% to RMB 8.177 billion, compared to RMB 2.032 billion in the same period of 2023, primarily due to the acquisition of a subsidiary[46] - The net cash outflow from financing activities was RMB 1.154 billion, compared to a cash inflow of RMB 1.046 billion in the same period of 2023[46] - The company has secured a maximum bank credit line of RMB 230.587 billion, with approximately RMB 92.922 billion utilized and RMB 137.665 billion available for future capital expenditures[46] Market and Strategic Initiatives - The company continues to focus on expanding its fleet and enhancing operational efficiency to drive future growth[9] - Air China aims to maintain its position as a leading global airline while pursuing safety, service excellence, and sustainable development strategies[9] - The company has significantly increased domestic market capacity investment, focusing on enhancing competitive advantages through the establishment of domestic express routes[17] - International routes are being steadily expanded, with a focus on resuming and launching new routes, improving the international freight product system[17] - The company is focusing on digital transformation in service delivery, enhancing the overall customer experience through upgraded service management systems[18] - The company has plans for market expansion and new product development, focusing on enhancing operational efficiency and customer experience[79] Shareholder Information - China International Airlines reported a total of 6,566,761,847 shares held by the controlling shareholder, China Aviation Group, representing 39.57% of the total shares[55] - The company has 158,726 total ordinary shareholders, with 2,879 being H-share registered shareholders[57] - The top ten shareholders include Cathay Pacific Airways, holding 2,633,725,455 H-shares, which accounts for 15.87% of the total shares[57] - The company completed the issuance of 392,927,308 H-shares at a price of HKD 5.09 per share, raising a net amount of approximately HKD 1,998,769,803.79[62] - The company does not plan to distribute an interim dividend for the six months ending June 30, 2024[69] Compliance and Governance - The company has adhered to the Corporate Governance Code and the Standard Code throughout the reporting period[62] - The financial statements are prepared in accordance with International Financial Reporting Standards[158] - The report highlights the importance of compliance with the Hong Kong Listing Rules and Securities and Futures Ordinance[158] - The company is committed to maintaining transparency and accuracy in its financial reporting[158]
中国国航(00753) - 2024 - 中期财报