Financial Performance - The company reported a total revenue of RMB 52.90 billion for the year ended December 31, 2022, a decrease from RMB 74.53 billion in the previous year, representing a decline of approximately 29.1%[2] - The net loss attributable to shareholders for the year was RMB 38.62 billion, compared to a net loss of RMB 16.64 billion in the previous year, indicating an increase in losses of approximately 131.5%[3] - The operating loss for the year was RMB 35.44 billion, significantly higher than the operating loss of RMB 16.86 billion in the prior year, reflecting a deterioration in operational performance[2] - The company recorded a pre-tax loss of RMB 45.88 billion for the year, compared to a pre-tax loss of RMB 21.83 billion in the previous year, indicating a worsening financial position[2] - The basic and diluted loss per share for the year was RMB 281.16, compared to RMB 121.12 in the previous year, reflecting a significant increase in loss per share[2] - The company reported a net asset value of RMB 21,528,228 thousand, a substantial decline from RMB 65,831,111 thousand in 2021[6] - The company reported a pre-tax loss of RMB 45.88 billion under International Financial Reporting Standards for the year ended December 31, 2022, compared to a loss of RMB 21.83 billion in 2021, representing an increase in losses of approximately 109.8%[14] - The company reported a negative distributable profit for the year 2022, and thus will not proceed with profit distribution[81] Assets and Liabilities - Total assets as of December 31, 2022, amounted to RMB 294.98 billion, a decrease from RMB 298.38 billion in the previous year, representing a decline of approximately 1.3%[4] - The company’s non-current assets totaled RMB 272.73 billion as of December 31, 2022, compared to RMB 267.98 billion in the previous year, showing an increase of approximately 1.8%[4] - The net current liabilities as of December 31, 2022, were approximately RMB 70.24 billion, compared to RMB 61.22 billion in 2021, indicating a significant increase in liabilities[6] - The total liabilities increased to RMB 273,451,149 thousand in 2022 from RMB 232,550,079 thousand in 2021[31] - The total equity attributable to shareholders decreased to RMB 23,609,134 thousand in 2022 from RMB 61,402,519 thousand in 2021[31] Cash Flow and Financing - The company’s cash and cash equivalents stood at RMB 10.61 billion as of December 31, 2022, down from RMB 15.93 billion in the previous year, representing a decrease of approximately 33.0%[4] - The company generated cash inflows from operating activities, which are crucial for meeting its debt repayment and capital expenditure needs[6] - The company had unused bank credit facilities amounting to RMB 110.94 billion as of December 31, 2022, which supports its ability to meet debt obligations[6] - The net cash outflow from operating activities was RMB 23.34 billion, a significant decline from a net inflow of RMB 7.13 billion in the same period last year[70] Revenue Breakdown - Revenue from customer contracts in the aviation operations segment was RMB 50,002,426 thousand, down 29.5% from RMB 70,997,080 thousand in the previous year[10] - Passenger transport revenue recognized upon service provision amounted to RMB 50.29 billion for the year ended December 31, 2022, a decrease from RMB 71.28 billion in 2021, reflecting a decline of approximately 29.4%[14] - The company reported a 30.32% decrease in air transport revenue to RMB 48.381 billion, down RMB 21.049 billion year-on-year[49] - Passenger revenue in mainland China decreased by 39.35% to RMB 32.74 billion, accounting for 85.48% of total passenger revenue[53] - Total cargo and mail transportation revenue decreased by RMB 1.03 billion to RMB 10.08 billion, a decline of 9.26% year-on-year[56] Operational Metrics - Available seat kilometers (ASK) decreased by 36.89% to 96,212.39 million from 152,444.53 million year-on-year[33] - Passenger traffic (measured in revenue passenger kilometers) fell by 42.31% to 60,354.57 million from 104,625.58 million year-on-year[34] - The number of flights operated decreased by 36.41% to 363,886 from 572,264 year-on-year[34] - The average aircraft age in the fleet is 8.59 years, with a total of 762 aircraft as of December 31, 2022[36] - The operating cost per available seat kilometer increased by 52.24% to RMB 0.9533 from RMB 0.6262 year-on-year[34] Strategic Initiatives - The company plans to continue focusing on expanding its aviation operations and enhancing service offerings to improve revenue streams[9] - The company is committed to maintaining sufficient cash flow and external financing to support its ongoing operations and strategic initiatives[6] - The company is focused on maximizing revenue, marginal contribution, and profit, aiming for operational efficiency and stability in its business fundamentals[42] - The company has implemented a digital transformation strategy to enhance data asset management and improve data security management[39] - The company is committed to green and low-carbon development, with a "dual carbon" action plan in place to improve environmental governance capabilities[39] Governance and Compliance - The board of directors has undergone a restructuring to improve governance quality and decision-making processes[40] - The company has adopted a code of conduct that is not less stringent than the Standard Code of Conduct[80] - The company’s 2022 annual performance has been reviewed by the Audit and Risk Management Committee of the Board[87] Future Outlook - The company provided a future outlook with a revenue guidance of RMB 1.2 billion for the next fiscal year, representing a growth of 20%[92] - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2025[92] - The focus for 2023 includes enhancing safety standards, ensuring production recovery, and promoting innovation and reform[71] - The Chinese civil aviation market is expected to continue its recovery, driven by business travel and tourism demand[74]
中国国航(00753) - 2022 - 年度业绩