白云机场(600004) - 2018 Q4 - 年度财报

Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and its key financial performance over the past three years Company Information Guangzhou Baiyun International Airport Co., Ltd. (Baiyun Airport) is a company listed on the Shanghai Stock Exchange (stock code 600004), with Qiu Jiachen as its legal representative - Basic company information: Guangzhou Baiyun International Airport Co., Ltd., stock abbreviation "Baiyun Airport", stock code 600004, legal representative Qiu Jiachen[9][12] Key Accounting Data and Financial Indicators for the Past Three Years In 2018, revenue grew by 14.57% to 7.747 billion yuan, but net profit attributable to shareholders decreased by 29.24% to 1.129 billion yuan due to increased costs and policy changes, while operating cash flow increased by 44.88% Key Accounting Data for the Past Three Years | Key Accounting Data | 2018 (yuan) | 2017 (yuan) | YoY Change (%) | 2016 (yuan) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 7,746,817,875.68 | 6,761,550,874.37 | 14.57 | 6,166,683,056.12 | | Net Profit Attributable to Shareholders | 1,129,170,962.91 | 1,595,784,592.59 | -29.24 | 1,393,853,026.37 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 1,078,229,015.37 | 1,564,238,738.86 | -31.07 | 1,391,704,515.38 | | Net Cash Flow from Operating Activities | 3,119,314,301.61 | 2,153,068,900.14 | 44.88 | 1,956,099,715.66 | | Total Assets (Year-end) | 27,064,961,458.48 | 22,519,539,139.17 | 20.18 | 17,743,462,708.66 | Key Financial Indicators for the Past Three Years | Key Financial Indicators | 2018 | 2017 | YoY Change (%) | 2016 | | :--- | :--- | :--- | :--- | :--- | | Basic EPS (yuan/share) | 0.55 | 0.82 | -32.93 | 0.84 | | Diluted EPS (yuan/share) | 0.55 | 0.82 | -32.93 | 0.72 | | Weighted Average ROE (%) | 7.36 | 12.24 | Decreased by 4.88 percentage points | 13.53 | - The decline in EPS and ROE is primarily attributed to increased depreciation and operating costs following the commissioning of T2 terminal, and the cancellation of the civil aviation development fund rebate policy from November 29, 2018[16] 2018 Quarterly Key Financial Data The company's 2018 quarterly financial data shows a sequential decline in net profit attributable to shareholders, from 433 million yuan in Q1 to 211 million yuan in Q4, reflecting increasing cost pressures after T2 terminal became operational 2018 Quarterly Key Financial Data (Unit: yuan) | Indicator | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,723,798,620.17 | 1,996,817,154.89 | 2,082,779,149.65 | 1,943,422,950.97 | | Net Profit Attributable to Shareholders | 432,826,612.21 | 270,224,622.79 | 215,589,790.99 | 210,529,936.92 | | Net Cash Flow from Operating Activities | 636,535,663.17 | 1,089,103,708.81 | 853,237,901.73 | 540,437,027.90 | Non-recurring Gains and Losses Items and Amounts In 2018, total non-recurring gains and losses significantly increased to 50.94 million yuan from 31.55 million yuan in 2017, primarily driven by government subsidies recognized in current profit totaling 57.02 million yuan Non-recurring Gains and Losses Items (Unit: yuan) | Non-recurring Gains and Losses Item | 2018 Amount | 2017 Amount | | :--- | :--- | :--- | | Disposal gains and losses of non-current assets | 1,981,931.71 | 6,578,953.28 | | Government subsidies recognized in current profit or loss | 57,023,991.10 | 32,716,790.56 | | Other non-operating income and expenses | 10,208,962.91 | 1,676,888.48 | | Total | 50,941,947.54 | 31,545,853.73 | Business Overview This section outlines the company's core business activities, operational model, industry context, and key competitive advantages Main Business, Operating Model, and Industry Situation As the manager and operator of Baiyun Airport, the company's main business includes government-regulated aviation services and market-priced aviation-related extension services, operating through self-management and authorized/leased models - The company's business is primarily divided into aviation services and aviation-related extension services, with the former's fees influenced by government pricing and the latter largely market-priced[23][24] - Baiyun Airport is one of China's three major gateway composite hub airports, a core airport in the Guangdong-Hong Kong-Macao Greater Bay Area, featuring two terminals and three runways[23] Core Competitiveness Analysis During the Reporting Period The company's core competitiveness stems from strong policy support for its international aviation hub status, strategic geographical location in the Pearl River Delta, robust economic hinterland, synergy with China Southern Airlines, and proven operational safety and service capabilities - The company's core competencies include: - Policy Positioning Advantage: National and Guangdong Province policies explicitly support its development as an international aviation hub - Geographical Location Advantage: Positioned as the primary gateway hub to Southeast Asia and Australia - Hinterland Market Advantage: Supported by the vibrant regional economy of the Pearl River Delta - Base Airline Advantage: Strong strategic alignment with its main base airline, China Southern Airlines - Safety, Service, and Operational Assurance Capability Advantage: Possesses the capacity and experience to operate a super-large airport[26][27][28] Discussion and Analysis of Operations This section provides an in-depth discussion and analysis of the company's operational performance, financial results, asset and liability status, and future development outlook Overview of Operations In 2018, Baiyun Airport saw steady growth across key metrics, with passenger throughput nearing 70 million and a 5.9% increase, marked by the successful launch of T2 terminal, rapid international business expansion, improved flight punctuality, and recognition as a "Smart Airport" demonstration unit 2018 Key Operational Data | Item | 2018 | YoY Growth (%) | | :--- | :--- | :--- | | Aircraft Movements (ten thousand movements) | 47.74 | 2.6 | | Passenger Throughput (ten thousand passenger trips) | 6974.32 | 5.9 | | Cargo & Mail Throughput (ten thousand tons) | 189.08 | 6.2 | - The T2 terminal officially commenced operations on April 26, transitioning Baiyun Airport to a "two-terminal operation" model and earning Skytrax Five-Star Terminal certification[29][31] - The company made progress in smart airport construction, implementing full-process self-service for passengers, achieving the largest facility scale nationwide, and becoming one of the first "Smart Airport" demonstration units recognized by the Civil Aviation Administration[30][32] Main Business Analysis During the reporting period, revenue increased by 14.57%, but operating costs surged by 35.42% due to T2 terminal's commissioning, leading to a 5.09 percentage point drop in gross margin, while financial expenses also dramatically rose by 306.67% Analysis of Financial Statement Item Changes In 2018, revenue grew by 14.57%, but operating costs and financial expenses increased sharply by 35.42% and 306.67% respectively, while investment cash outflow significantly decreased and financing cash flow turned negative with a net outflow of 1.858 billion yuan Major Changes in Income Statement and Cash Flow Statement Items | Item | Current Period (yuan) | Prior Period (yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 7,746,817,875.68 | 6,761,550,874.37 | 14.57 | | Operating Costs | 5,442,282,964.22 | 4,018,885,671.11 | 35.42 | | Financial Expenses | 157,253,011.97 | 38,668,629.07 | 306.67 | | Net Cash Flow from Operating Activities | 3,119,314,301.61 | 2,153,068,900.14 | 44.88 | | Net Cash Flow from Investing Activities | -1,808,224,399.91 | -4,057,845,131.72 | -55.44 | | Net Cash Flow from Financing Activities | -1,857,558,330.81 | 3,753,358,274.02 | -149.49 | Revenue and Cost Analysis The commissioning of T2 terminal significantly altered the company's cost structure, with depreciation expenses surging by 178.69% and labor costs by 194.90% due to outsourcing, collectively reducing the aviation services gross margin by 5.09 percentage points 2018 Cost Structure Analysis (Unit: yuan) | Cost Item | Current Period Amount | Current Period % of Total Cost | Prior Period Amount | Prior Period % of Total Cost | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Labor Costs | 2,084,537,011.32 | 38.30 | 1,845,707,408.71 | 45.93 | 12.94 | | Depreciation Expenses | 1,255,648,119.22 | 23.07 | 450,553,233.39 | 11.21 | 178.69 | | Labor Service Fees | 336,433,261.90 | 6.18 | 114,083,358.40 | 2.84 | 194.90 | | Utilities and Utility Management Fees | 261,560,087.99 | 4.81 | 184,052,364.25 | 4.58 | 42.11 | | Total | 5,442,282,964.22 | 100.00 | 4,018,885,671.11 | 100.00 | 35.42 | Analysis of Assets and Liabilities As of year-end 2018, total assets reached 27.065 billion yuan, up 20.18%, driven by a 155.20% surge in fixed assets as T2 terminal's construction-in-progress converted, while other payables significantly increased by 377.29% Major Changes in Balance Sheet Items (Unit: yuan) | Item | Current Period End | Current Period End % of Total Assets | Prior Period End | Prior Period End % of Total Assets | YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Fixed Assets | 21,956,383,773.00 | 81.12 | 8,603,487,459.70 | 38.20 | 155.20 | | Construction in Progress | 66,857,029.86 | 0.25 | 9,093,831,977.45 | 40.38 | -99.26 | | Intangible Assets | 550,140,572.48 | 2.03 | 27,944,563.26 | 0.12 | 1,868.69 | | Other Payables | 6,288,598,791.75 | 23.24 | 1,317,564,886.98 | 5.85 | 377.29 | - The core driver of balance sheet structural changes is the conversion of T2 terminal's construction-in-progress to fixed assets[42] Industry Operational Information Analysis In 2018, China's civil aviation industry maintained steady growth, with national airport passenger throughput exceeding 1.2 billion, up 10.2%, while Baiyun Airport ranked third with 69.72 million passengers, growing 5.9%, slightly below the national average but surpassing Beijing Capital and Shanghai Pudong airports - In 2018, China's civil aviation airport passenger throughput increased by 10.2%, cargo and mail throughput by 3.5%, and aircraft movements by 8.2%[43][44] 2018 Comparison of Key Domestic Airport Operational Data | Airport | Passenger Throughput (trips) | YoY Growth (%) | Cargo & Mail Throughput (tons) | YoY Growth (%) | Aircraft Movements | YoY Growth (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing/Capital | 100,983,290 | 5.4 | 2,074,005.4 | 2.2 | 614,022 | 2.8 | | Shanghai/Pudong | 74,006,331 | 5.7 | 3,768,572.6 | -1.5 | 504,794 | 1.6 | | Guangzhou/Baiyun | 69,720,403 | 5.9 | 1,890,560.0 | 6.2 | 477,364 | 2.6 | Investment Status Analysis The company's primary non-equity investment during the period was the Guangzhou Baiyun International Airport expansion project, with a total estimated investment of 19.74 billion yuan, of which 17.096 billion yuan was for terminal and airfield works, with T2 terminal operational since April 26, 2018, and the company also held Everbright Bank shares with a fair value of 159 million yuan - As the project legal entity, the company is responsible for the investment and construction of the Baiyun Airport expansion project, with a total investment of 17.096 billion yuan for the terminal and airfield works, and T2 terminal commenced operations on April 26, 2018[47] - As of year-end 2018, the company held 43,081,510 shares of Everbright Bank, with a fair value of 159 million yuan[46] Analysis of Major Holding and Participating Companies During the reporting period, Guangzhou Baiyun International Advertising Co., Ltd. was the largest contributor to net profit among major subsidiaries at 164 million yuan, while the newly established Guangzhou Baiyun International Airport T2 Terminal Area Management Co., Ltd. achieved 51.3 million yuan in net profit, but Guangzhou Baiyun International Airport Express Transportation Co., Ltd. incurred a net loss of 23.65 million yuan Operating Performance of Major Holding Subsidiaries (Unit: ten thousand yuan) | Company Name | Shareholding (%) | Total Assets | Net Profit | | :--- | :--- | :--- | :--- | | Guangzhou Baiyun International Advertising Co., Ltd. | 100% | 163,289.47 | 16,424.29 | | Guangzhou Baiyun International Airport T2 Terminal Area Management Co., Ltd. | 100% | 86,152.80 | 5,130.30 | | Guangzhou Baiyun International Airport Ground Handling Services Co., Ltd. | 51% | 31,028.61 | 2,998.68 | | Guangzhou Baiyun International Airport Express Transportation Co., Ltd. | 75% | 19,185.63 | -2,364.93 | Discussion and Analysis of the Company's Future Development The company faces challenges from a slowing macroeconomy and increased competition from regional airports and high-speed rail, responding with a "six first-class" strategy for a world-class hub by 2025, while also highlighting risks such as economic volatility, policy changes, short-term profitability pressure from T2, and future expansion investment and financing burdens - The company's development strategy is to build a globally competitive world-class hub airport, focusing on "six first-class" aspects: accessibility, operational quality, innovation capability, management effectiveness, contribution to benefits, and organizational team[55] - The main risks faced by the company include: - Macroeconomic Volatility Risk: The air transport industry is closely linked to macroeconomic conditions - Market Competition Risk: Intensified competition from other airports in the Pearl River Delta (Hong Kong, Shenzhen) and alternative transportation methods like high-speed rail - Operational Risk: Increased costs after T2 terminal's commissioning negatively impact short-term profitability - Investment Risk: The significant investment scale of future Phase III expansion projects may create financing and operational pressures[56][57] Significant Matters This section details the company's profit distribution plan and related policies Profit Distribution Plan for Ordinary Shares or Capital Reserve Conversion Plan The company has a clear cash dividend policy, aiming for at least one annual cash dividend, with cumulative cash dividends over the past three years not less than 30% of average distributable profit, and the 2018 plan proposes 1.70 yuan per 10 shares (tax inclusive), totaling 352 million yuan, representing 31.15% of net profit attributable to shareholders Dividend Distribution Plans for the Past Three Years | Dividend Year | Dividend per 10 Shares (yuan, tax incl.) | Cash Dividend Amount (yuan, tax incl.) | % of Net Profit Attributable to Parent | | :--- | :--- | :--- | :--- | | 2018 | 1.70 | 351,784,487.38 | 31.15 | | 2017 | 2.40 | 496,636,923.36 | 31.12 | | 2016 | 3.70 | 528,033,510.52 | 37.88 | - The company's 2018 profit distribution plan proposes a cash dividend of 1.70 yuan (tax inclusive) per 10 shares to all shareholders, based on a total share capital of 2,069,320,514 shares[3] Changes in Ordinary Shares and Shareholder Information This section details changes in ordinary shares and provides an overview of the company's shareholders and actual controller Shareholder and Actual Controller Information As of year-end 2018, the company had 49,306 ordinary shareholders, with Guangdong Airport Authority as the controlling shareholder at 51.05% and the Guangdong Provincial People's Government as the ultimate actual controller, while Hong Kong Securities Clearing Company held 13.85% and Central Huijin held 2.03% among the top ten shareholders Top Ten Shareholders' Shareholding | Shareholder Name | Shares Held at Period End | Proportion (%) | | :--- | :--- | :--- | | Guangdong Airport Authority | 1,056,346,783 | 51.05 | | Hong Kong Securities Clearing Company Limited | 286,583,584 | 13.85 | | Central Huijin Investment Ltd. | 41,964,740 | 2.03 | | China Merchants Bank - Xingquan Hexi Flexible Allocation Mixed Fund | 37,408,573 | 1.81 | | UBS AG | 33,940,940 | 1.64 | - The company's controlling shareholder is Guangdong Airport Authority, holding 51.05%; the actual controller is the Guangdong Provincial People's Government[80][81] Directors, Supervisors, Senior Management, and Employees This section provides an overview of the company's directors, supervisors, senior management, and employee structure Employee Information As of the reporting period end, the company and its main subsidiaries had 12,981 employees, with over 60% holding college degrees or higher, and in 2018, total outsourced labor hours exceeded 10 million, with compensation totaling approximately 303 million yuan Employee Professional Structure and Education Level | Category | Number of People | | :--- | :--- | | Professional Structure | | | Senior Professional Titles | 68 | | Intermediate Professional Titles | 338 | | Junior Professional Titles | 321 | | Other | 12,254 | | Education Level | | | Postgraduate and above | 276 | | Bachelor's Degree | 1,940 | | College Degree | 5,228 | | Below College Degree | 5,537 | | Total | 12,981 | - In 2018, the company's total outsourced labor hours were 10,064,135.30 hours, with total compensation paid amounting to 303,041,254.03 yuan[102] Corporate Governance This section outlines the company's corporate governance structure and compliance with relevant regulations Overview of Corporate Governance During the reporting period, the company strictly adhered to relevant laws and regulations, with its corporate governance structure showing no significant deviations from CSRC requirements, holding one annual general meeting, four board meetings, and three supervisory board meetings in compliance with procedures, while also establishing executive performance appraisal and ensuring timely, accurate, and complete information disclosure - The actual corporate governance structure of the company does not differ from the normative documents on listed company governance issued by the China Securities Regulatory Commission[104] - During the reporting period, the company held one annual general meeting, four board meetings, and three supervisory board meetings, with all meeting procedures in compliance with regulations[104][105] Financial Report This section presents the company's audited financial statements and the auditor's report Audit Report Lixin Certified Public Accountants (Special General Partnership) issued a standard unqualified audit opinion on the company's 2018 financial statements, affirming their fair presentation in all material respects according to enterprise accounting standards, with key audit matters being "revenue recognition for aviation services" and "impairment of receivables" - The auditing firm issued a standard unqualified audit report[117] - Key audit matters include: - Revenue Recognition for Aviation Services: Focus on the risk of inaccurate revenue recognition or allocation to incorrect accounting periods due to complex IT systems and untimely reconciliation - Impairment of Receivables: Focus on the inherent uncertainty in assessing the recoverability of receivables due to their significant balances[120][122] Financial Statements The financial statements show that as of year-end 2018, total assets were 27.065 billion yuan, total liabilities 11.323 billion yuan, and equity attributable to parent 15.616 billion yuan, with 2018 revenue of 7.747 billion yuan and net profit attributable to parent of 1.129 billion yuan, while operating cash flow was 3.119 billion yuan, investment cash outflow 1.808 billion yuan, and financing cash outflow 1.858 billion yuan Consolidated Income Statement Summary (Unit: billion yuan) | Item | 2018 | 2017 | | :--- | :--- | :--- | | Total Operating Revenue | 7.747 | 6.762 | | Total Operating Costs | 6.306 | 4.676 | | Operating Profit | 1.528 | 2.165 | | Total Profit | 1.538 | 2.166 | | Net Profit | 1.162 | 1.601 | | Net Profit Attributable to Parent Company Shareholders | 1.129 | 1.596 | Consolidated Cash Flow Statement Summary (Unit: billion yuan) | Item | 2018 | 2017 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 3.119 | 2.153 | | Net Cash Flow from Investing Activities | -1.808 | -4.058 | | Net Cash Flow from Financing Activities | -1.858 | 3.753 | | Net Increase in Cash and Cash Equivalents | -0.546 | 1.849 |