Financial Performance - Total operating revenue for 2022 was RMB 87,059 million, a decrease of 14.3% from RMB 101,644 million in 2021[3]. - Operating expenses totaled RMB 115,262 million, slightly down from RMB 116,340 million in 2021, resulting in an operating loss of RMB 22,542 million compared to a loss of RMB 9,929 million in the previous year[4]. - Net loss for the year was RMB 33,716 million, significantly higher than the net loss of RMB 11,016 million in 2021, with a basic and diluted loss per share of RMB (1.90) compared to RMB (0.75) in 2021[4]. - The total comprehensive income for the year 2022 was approximately RMB (32,699) million, compared to RMB (33,608) million in 2021, indicating a decrease of about 2.7%[10]. - The total operating revenue for the company was impacted by global economic slowdown, with a GDP growth of only 3.0% in China for 2022[55]. - The company reported a significant increase in non-current assets, with RMB 23,739 million added in the aviation transportation segment for the year ended December 31, 2022[18]. - The company reported a pre-tax loss of RMB 31,550 million for 2022, compared to a loss of RMB 13,910 million in 2021, representing a significant increase in losses[24]. Revenue Breakdown - Passenger transport revenue for 2022 was RMB 60,017 million, a decrease from RMB 75,392 million in 2021, reflecting a decline of approximately 20.4%[15]. - Cargo and mail transport revenue for 2022 was RMB 20,884 million, slightly up from RMB 19,887 million in 2021, representing an increase of about 5.0%[15]. - Domestic revenue for the year 2022 was RMB 57,256 million, a decrease from RMB 76,517 million in 2021, while international revenue increased to RMB 29,249 million from RMB 24,739 million[23]. - Passenger revenue decreased by 20.39% from RMB 75,392 million in 2021 to RMB 60,017 million in 2022, contributing 74.19% of total transportation revenue[72]. - Domestic passenger revenue fell by 27.58% to RMB 49,723 million, accounting for 82.85% of total passenger revenue[72]. - International passenger revenue increased by 50.90% to RMB 9,828 million, representing 16.38% of total passenger revenue[73]. - Cargo and mail revenue rose by 5.01% to RMB 20,884 million, making up 25.81% of total transportation revenue[73]. Assets and Liabilities - Non-current assets as of December 31, 2022, amounted to RMB 278,792 million, down from RMB 285,345 million in 2021[7]. - Current liabilities increased to RMB 141,458 million from RMB 110,990 million in 2021, contributing to a net current liability of RMB (108,004) million compared to RMB (73,124) million in the previous year[8]. - The company’s total assets less current liabilities stood at RMB 170,788 million, down from RMB 212,221 million in 2021[8]. - The company’s net assets decreased to RMB 55,359 million from RMB 84,508 million in 2021[8]. - Total liabilities increased to RMB 256,887 million in 2022 from RMB 238,703 million in 2021, reflecting a rise of approximately 7.5%[52]. - The company's total equity decreased to RMB 55,114 million in 2022 from RMB 84,245 million in 2021, a decline of about 34.5%[52]. - Total borrowings increased to RMB 119,780 million in 2022 from RMB 96,267 million in 2021, reflecting a growth of 24.5%[45]. Operational Efficiency and Strategy - The company plans to focus on expanding its market presence and enhancing operational efficiency in the upcoming fiscal year[2]. - The company aims to ensure aviation safety for the year 2023 by enhancing safety quality and establishing a digital safety ecosystem[96]. - The company plans to capitalize on market recovery opportunities and improve operational performance by restoring international flights and enhancing customer management systems[97]. - A cost control mechanism will be established to enhance risk resistance and optimize asset-liability structures, aiming to prevent debt and funding risks[98]. - The company will focus on improving operational efficiency and service quality, implementing a customer-centric flight punctuality indicator system[99]. - Strategic initiatives will be implemented to enhance the domestic route network and restore international routes, with a focus on high-value customer operations[100]. - The company will deepen reforms to stimulate internal growth, including optimizing performance evaluation and compensation mechanisms[101]. Cash Flow and Expenses - Cash and cash equivalents decreased to RMB 19,889 million from RMB 21,456 million in 2021[7]. - The company incurred interest expenses of RMB 6,096 million in the aviation transportation segment for the year ended December 31, 2022[18]. - The effective income tax expense for 2022 was RMB 2,166 million, compared to an income tax benefit of RMB 2,894 million in 2021[30]. - The company did not recommend any dividends for the years ended December 31, 2022, and 2021[33]. - The company recorded a bad debt provision of RMB 2,672 million for accounts receivable in 2022, compared to RMB 2,897 million in 2021, indicating a decrease of about 7.8%[41]. - The company reported a net cash outflow from operating activities of RMB 2,450 million for the year ended December 31, 2022[80]. Market and Economic Conditions - The global economic growth forecast for 2023 is 2.9%, with rising inflation and tightening monetary policies expected to slow down economic growth[95]. - The company organized 9,098 passenger-to-freight flight conversions, enhancing cargo operations[57]. - The market share at Beijing Daxing Airport reached 53.7%, indicating a strong presence in the region[59]. - The company raised approximately RMB 60.5 billion through a non-public stock issuance project[59].
中国南方航空股份(01055) - 2022 - 年度业绩