南方航空(600029) - 2022 Q3 - 季度财报

Report Overview Important Notice This unaudited Q3 2022 report for China Southern Airlines is guaranteed by its board, supervisory committee, and senior management for truthfulness, accuracy, and completeness - This quarter's financial statements are unaudited[3] - The company's Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the report's content[3] - The company's principal Ma Xulun, chief accountant Yao Yong, and head of accounting Mao Juan have signed assurance statements[3] Key Financial Data Key Accounting Data and Financial Indicators Q3 2022 saw a 9.01% revenue increase to RMB 29.344 billion, but net loss attributable to shareholders expanded by 326.21% to RMB 6.099 billion Key Financial Indicators for Q3 2022 and Year-to-Date | Item | Current Period (Million RMB) | YoY Change (%) | Year-to-Date (Million RMB) | Year-to-Date YoY Change (%) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 29,344 | 9.01 | 70,161 | -10.62 | | Net Profit Attributable to Shareholders of Listed Company | -6,099 | 326.21 | -17,587 | 187.42 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Items) | -6,571 | 298.24 | -18,322 | 184.06 | | Net Cash Flow from Operating Activities | N/A | N/A | 7,300 | -44.52 | | Basic Earnings Per Share (RMB/share) | -0.36 | 350.00 | -1.03 | 171.05 | | Diluted Earnings Per Share (RMB/share) | -0.36 | 350.00 | -1.03 | 171.05 | | Weighted Average Return on Net Assets (%) | -11.98 | Decrease by 10.05 percentage points | -34.94 | Decrease by 26.23 percentage points | | Total Assets (End of Current Period) | 309,794 | -4.07 (vs. end of previous year) | | | | Owners' Equity Attributable to Shareholders of Listed Company (End of Current Period) | 51,595 | -23.69 (vs. end of previous year) | | | Non-recurring Gains and Losses and Amounts Total non-recurring gains and losses were RMB 472 million for the quarter and RMB 735 million year-to-date, primarily from asset disposal, government grants, and other non-operating items Non-recurring Gains and Losses for Q3 2022 and Year-to-Date | Item | Amount for Current Period (Million RMB) | Amount for Year-to-Date (Million RMB) | | :--- | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | 44 | 149 | | Government Grants Included in Current Profit/Loss | 80 | 119 | | Other Non-operating Income and Expenses Apart from the Above | 213 | 528 | | Other Gains/Losses Meeting the Definition of Non-recurring Items | 318 | 329 | | Less: Income Tax Impact | 163 | 278 | | Minority Interest Impact (After Tax) | 20 | 112 | | Total | 472 | 735 | Changes and Reasons for Key Accounting Data and Financial Indicators Net profit, non-recurring net profit, and EPS showed significant loss increases due to the pandemic, high oil prices, and RMB depreciation, with operating cash flow down 44.52% year-to-date - Net profit attributable to shareholders of the listed company (for the current period and year-to-date) significantly increased its loss, with changes of 326.21% and 187.42% respectively[7] - Net profit attributable to shareholders of the listed company (excluding non-recurring items) (for the current period and year-to-date) significantly increased its loss, with changes of 298.24% and 184.06% respectively[7] - Basic and diluted earnings per share (for the current period and year-to-date) both showed significant increases in losses, with changes of 350.00% and 171.05% respectively[7] - The primary reasons for these increased losses are multiple adverse factors including the pandemic, high oil prices, and RMB depreciation[7] - Net cash flow from operating activities decreased by 44.52% year-to-date, primarily due to reduced revenue impacted by adverse factors such as the pandemic[7] Shareholder Information Total Number of Common Shareholders and Top Ten Shareholders' Holdings The company had 137,795 common shareholders at period-end, with China Southern Air Holding Company Limited and Nan Lung Holding Limited as the largest shareholders, holding 49.67% and 15.08% respectively - The total number of common shareholders at the end of the reporting period was 137,795[8] Top Ten Shareholders' Holdings | Shareholder Name | Shareholder Nature | Number of Shares Held (Shares) | Shareholding Ratio (%) | | :--- | :--- | :--- | :--- | | China Southern Air Holding Company Limited | State-owned Legal Entity | 8,600,897,508 | 49.67 | | Nan Lung Holding Limited | State-owned Legal Entity | 2,612,124,036 | 15.08 | | HKSCC Nominees Limited | Overseas Legal Entity | 1,750,886,837 | 10.11 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Entity | 623,084,982 | 3.60 | | China National Aviation Fuel Group Limited | State-owned Legal Entity | 350,162,257 | 2.02 | | China Securities Finance Corporation Limited | State-owned Legal Entity | 320,484,148 | 1.85 | | American Airlines, Inc. | Overseas Legal Entity | 270,606,272 | 1.56 | | China Structural Reform Fund Corporation Limited | State-owned Legal Entity | 192,659,933 | 1.11 | | Spring Airlines Co., Ltd. | Domestic Non-state-owned Legal Entity | 140,531,561 | 0.81 | | Guoxin Central Enterprise Operation Investment Fund Management (Guangzhou) Co., Ltd. - Guoxin Central Enterprise Operation (Guangzhou) Investment Fund (Limited Partnership) | Domestic Non-state-owned Legal Entity | 70,006,275 | 0.40 | - China Southern Air Holding Company Limited holds shares in the company through its wholly-owned subsidiaries, Nan Lung Holding Limited and TravelSky (Hong Kong) Limited, indicating a related party relationship[9] Other Reminders Other Important Information Regarding the Company's Operating Performance During the Reporting Period Requiring Investor Attention The company and its subsidiaries have provided USD 5.372 billion (approximately RMB 38.140 billion) in guarantees for 43 SPV companies, all within shareholder-approved limits - The company and its controlled subsidiaries have provided actual guarantees for 43 SPV companies[11] Total SPV Company Guarantee Amount | Item | Amount | | :--- | :--- | | Guaranteed Amount (Billion USD) | 5.372 | | Guaranteed Amount (RMB, at Sep 30, 2022 exchange rate) | 38.140 Billion RMB | - All guarantees are within the authorized guarantee limits approved by the company's general meeting of shareholders[11] Quarterly Financial Statements Type of Audit Opinion This quarter's financial statements are unaudited - This quarter's financial statements are unaudited[13] Consolidated Balance Sheet As of September 30, 2022, total assets were RMB 309.794 billion (down 4.07%), total liabilities RMB 243.706 billion, and owners' equity attributable to the parent company RMB 51.595 billion (down 23.69%) Consolidated Balance Sheet Key Data (As of September 30, 2022) | Item | Sep 30, 2022 (Million RMB) | Dec 31, 2021 (Million RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 309,794 | 322,948 | -4.07 | | Total Current Assets | 29,608 | 37,866 | -21.80 | | Total Non-current Assets | 280,186 | 285,082 | -1.72 | | Total Liabilities | 243,706 | 238,703 | 2.10 | | Total Current Liabilities | 120,345 | 110,990 | 8.43 | | Total Non-current Liabilities | 123,361 | 127,713 | -3.39 | | Total Owners' Equity Attributable to Parent Company | 51,595 | 67,616 | -23.69 | | Minority Interests | 14,493 | 16,629 | -12.85 | | Total Owners' Equity | 66,088 | 84,245 | -21.55 | - Short-term borrowings significantly increased from RMB 25.116 billion at the end of 2021 to RMB 44.995 billion as of September 30, 2022, an increase of approximately 79.19%[15] - Retained earnings changed from RMB 43 million at the end of 2021 to RMB -17.544 billion as of September 30, 2022, reflecting the company's significant losses during the reporting period[16] Consolidated Income Statement Q1-Q3 2022 total operating revenue was RMB 70.161 billion (down 10.62%), with total operating costs at RMB 94.601 billion, leading to a net loss of RMB 18.135 billion Consolidated Income Statement Key Data (Q1-Q3 2022) | Item | Q1-Q3 2022 (Million RMB) | Q1-Q3 2021 (Million RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 70,161 | 78,495 | -10.62 | | Total Operating Costs | 94,601 | 88,437 | 6.97 | | Of which: Operating Costs | 80,216 | 77,748 | 3.17 | | Financial Expenses | 8,470 | 3,726 | 127.33 | | Total Profit (Total Loss) | -20,609 | -6,627 | 210.99 | | Net Profit (Net Loss) | -18,135 | -5,100 | 255.59 | | Net Profit (Net Loss) Attributable to Parent Company Shareholders | -17,587 | -6,119 | 187.42 | | Basic Earnings Per Share (RMB/share) | -1.03 | -0.38 | 171.05 | - Financial expenses significantly increased by 127.33% year-on-year, a major contributing factor to the expanded loss[18] - Minority interest income/loss shifted from a profit of RMB 1.019 billion in Q1-Q3 2021 to a loss of RMB 548 million in Q1-Q3 2022[22] Consolidated Cash Flow Statement Q1-Q3 2022 net cash flow from operating activities was RMB 7.300 billion (down 44.52%), investing activities improved to RMB -2.671 billion, while financing activities saw increased outflow to RMB -11.279 billion Consolidated Cash Flow Statement Key Data (Q1-Q3 2022) | Item | Q1-Q3 2022 (Million RMB) | Q1-Q3 2021 (Million RMB) | Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 7,300 | 13,158 | -44.52 | | Net Cash Flow from Investing Activities | -2,671 | -12,208 | 78.12 (Improvement) | | Net Cash Flow from Financing Activities | -11,279 | -4,386 | -157.16 (Increased outflow) | | Net Increase in Cash and Cash Equivalents | -6,570 | -3,440 | -91.00 (Increased outflow) | | Cash and Cash Equivalents at End of Period | 14,886 | 21,979 | -32.36 | - Tax refunds received significantly increased from RMB 47 million in Q1-Q3 2021 to RMB 5.600 billion in Q1-Q3 2022, contributing significantly to operating cash inflows[24] - Cash paid for the acquisition of fixed assets, intangible assets, and other long-term assets decreased from RMB 13.762 billion in Q1-Q3 2021 to RMB 7.209 billion in Q1-Q3 2022, indicating reduced investment expenditures[26]