THIRD QUARTERLY REPORT 2021

RNS Number : 1914R

Air China Ld

03 November 2021

 

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

中

AIR CHINA LIMITED

(a joint stock limited company incorporated in the People's Republic of China with limited liability)

(Stock Code: 00753)

THIRD QUARTERLY REPORT 2021

This announcement is made pursuant to Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and Rule 13.09 and Rule 13.10B of The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

The board of directors (the "Board") of Air China Limited (the "Company", the Company together with its subsidiaries, the "Group") held a Board meeting on 29 October 2021 and passed the resolution approving the third quarterly report 2021 (the "Quarterly Report") of the Company for the three months ended 30 September 2021 (the "Reporting Period" or "Period") prepared in accordance with the PRC Accounting Standards for Business Enterprises.

I.  IMPORTANT NOTICE

1.1.  The Board and the supervisory committee of the Company together with the directors, supervisors and senior management of the Company guarantee that the contents of the Quarterly Report are true, accurate and complete and do not contain any false representation, misleading statement or material omission, and shall jointly and severally accept legal liability.

1.2.  The legal representative of the Company, person in charge of accounting function and person in charge of accounting department (accounting superintendent) hereby guarantee that the financial statements set out in the Quarterly Report are true, accurate and complete.

1.3.  The third quarterly report of the Company is unaudited.

II.  BASIC INFORMATION OF THE COMPANY

2.1.  Major accounting data and financial indicators

Unit: RMB'000

Items	TheReporting Period	Increase/decreaseoftheReporting Periodascomparedtothe correspondingperiodofthe previousyear(%)	Fortheperiodfromthebeginning oftheyearto theendofthe ReportingPeriod	Increase/decrease fortheperiod fromthebeginning oftheyearto theendoftheReportingPeriodascompared tothecorresponding periodofthe previousyear(%)
Revenue	19,793,622	5.24	57,457,425	18.58
Netprofitattributabletoshareholders ofthelistedcompany	-3,535,851	427.17	-10,321,667	2.07
Net profit attributable to shareholdersofthelistedcompanyafterdeductingnon-recurringprofitsandlosses	-3,653,470	388.49	-10,573,863	2.22
Netcashflowsfromoperating activities	N/A	N/A	10,151,293	668.84
Basicearningspershare (RMBpershare)	-0.26	427.17	-0.75	1.35
Dilutedearningspershare (RMBpershare)	N/A	N/A	N/A	N/A
Weightedaveragereturnon net assets(%)	-5.07	Decreasedby4.25percentagepoints	-14.18	Decreasedby2.62percentagepoints
	AttheendoftheReportingPeriod	Attheendofthepreviousyear		Increase/decrease at the end of the Reporting Periodas compared to theendoftheprevious year(%)
Totalassets	287,445,792	284,070,710		1.19
Owners'equityattributableto shareholdersofthelistedcompany	67,991,228	77,582,421		-12.36

2.2.  Non-recurring profits and losses items and amounts

Unit: RMB'000

Items	AmountsfortheReportingPeriod	Amounts for theperiod from thebeginning of the year to the end oftheReporting Period
Gainsorlossesondisposalofnon-currentassets(includingwrite-offs ofassetimpairmentprovision)	19,037	19,806
Governmentsubsidiesrecordedintheincomestatementforthecurrentperiod(excludingthosecloselyrelatedtotheCompany'snormalbusinessandcontinuouslyentitledtoinfixedamountsorquotasin accordancewiththerequirementsofthestatepolicy)	107,554	269,002
Reversalofprovisionforimpairmentofreceivableswhichare individuallytestedforimpairment	100,383	101,458
Othernon-operatingincomeandexpensesnotcoveredabove	-8,506	38,991
Less:Effectofincometax	27,828	78,934
Effectofnon-controllingshareholders'interests(aftertaxation)	73,021	98,127
Total	117,619	252,196

Explanation of   non-recurring   profits   and   losses   items   listed   in   the   "Interpretative

Announcement for Information Disclosure of Companies That Issue Securities to the Public No.1 - Non-recurring Profits and Losses" ( 《 1 號 ) which are defined as recurring profits and losses items

Applicable  √ Not applicable

2.3.  Changes of major accounting data and financial indicators and reasons for changes

√ Applicable  Not applicable

Items	Percentageofchange(%)	Mainreason
Netprofit  attributabletoshareholdersofthelistedcompanyfortheReportingPeriod	427.17	MainlyduetothecombinedeffectsofthesporadicoutbreakofCOVID-19pandemic,therisingaviationfuelpriceandthefluctuationinexchangerate
Netprofitattributabletoshareholdersofthelistedcompanyafterdeductingnon-recurringprofitsandlossesfortheReportingPeriod	388.49	MainlyduetothecombinedeffectsofthesporadicoutbreakofCOVID-19pandemic,therisingaviationfuelpriceandthefluctuationinexchangerate
BasicearningspersharefortheReportingPeriod(RMBpershare)	427.17	MainlyduetothecombinedeffectsofthesporadicoutbreakofCOVID-19pandemic,therisingaviationfuelpriceandthefluctuationinexchangerate
NetcashflowsfromoperatingactivitiesfortheperiodfromthebeginningoftheyeartotheendoftheReportingPeriod	668.84	Mainlyduetotheimpactoftheyear-on-yearincreaseinsalesrevenueandthedecreaseinreturnedtickets

The Group will firmly establish the concept of "Safety First", implement safety responsibilities, stringently adhere to rules and regulations as well as manage and control various types of risks, thereby resolutely upholding the safety standards. Moreover, the organizational leadership in respect of the pandemic prevention and control will be further strengthened and the regularized prevention and control measures will be strictly implemented. The Group will continuously strengthen market research and judgement, keep abreast of the changes in demand, dynamically adjust the deployment of transport capacity and implement strict cost control, all in an effort to reduce the impact of the pandemic on the operation.

2.4.  Total number of shareholders, particulars of the top 10 shareholders and the top 10 shareholders of tradable shares (or shares not subject to selling restrictions) as at the end of the Reporting Period

Total number of shareholders of ordinary shares and number of shareholders of preference shares with restored voting rights as well as particulars of the top 10 shareholders

Unit: share

http://www.rns-pdf.londonstockexchange.com/rns/1914R_1-2021-11-3.pdf

Particularsofthetop10shareholdersnotsubjecttosellingrestrictions
Nameofshareholder	Number of tradableshares held notsubjecttoselling restrictions	Classandnumberofshares
		Classofshares	Number
ChinaNationalAviationHoldingCorporationLimited	5,952,236,697	RMBordinaryshares	5,952,236,697
CathayPacificAirwaysLimited	2,633,725,455	Overseaslistedforeignshares	2,633,725,455
HKSCCNOMINEESLIMITED	1,688,048,365	Overseaslistedforeignshares	1,688,048,365
ChinaNationalAviationCorporation(Group)Limited	1,556,334,920	RMBordinaryshares	1,332,482,920
		Overseaslistedforeignshares	223,852,000
ChinaNationalAviationFuelGroupCorporation	462,583,102	RMBordinaryshares	462,583,102
ChinaSecuritiesFinanceCorporationLimited	311,302,365	RMBordinaryshares	311,302,365
HongKongSecuritiesClearingCompanyLtd.	79,930,038	RMBordinaryshares	79,930,038
AgriculturalBankofChinaLimited-GFBalancedPreferredHybridSecuritiesInvestmentFund ( 中 - 廣 證 )	72,954,329	RMBordinaryshares	72,954,329
ChinaConstructionBankCorporation- GFValueLeadingHybridSecuritiesInvestmentFund( 中-廣 證 )	37,046,485	RMBordinaryshares	37,046,485
IndustrialBankCo.,Ltd.-GFStablePreferredSix-monthHybridSecuritiesInvestmentFund ( 興 - 廣 混 )	36,480,514	RMBordinaryshares	36,480,514
Explanationonconnectedrelationshiporactioninconcertamongtheaboveshareholders	China National Aviation Corporation (Group) Limited is a wholly-ownedsubsidiaryofChinaNationalAviationHoldingCorporationLimited.Accordingly, China National Aviation Holding Corporation Limited isdirectlyandindirectlyinterestedin51.70%ofthesharesoftheCompany.
Explanationonthetop10shareholdersandthetop10shareholdersnotsubjecttosellingrestrictions involvedinmargin financing and securities lendingaswellasmarginandsecuritiesrefinancingbusiness (ifany)	Nil

1.  HKSCC NOMINEES LIMITED is a subsidiary of The Stock Exchange of Hong Kong Limited and its principal business is acting as nominee for and on behalf of other corporate shareholders or individual shareholders. The 1,688,048,365 H shares held by it in the Company do not include the 166,852,000 shares held by it as nominee of China National Aviation Corporation (Group) Limited.

2.  According to the "Implementation Measures on Partial Transfer of State-owned Shares to the National Social Security Fund in the Domestic Securities Market" (Cai Qi [2009] No.

94) ( 《 ( 財 [2009]94 號 ))

and the Notice ([2009] No. 63) jointly issued by the Ministry of Finance, the State-owned Assets Supervision and Administration Commission of the State Council, China Securities Regulatory Commission and the National Council for Social Security Fund, 127,445,536 shares and 36,454,464 shares held by China National Aviation Holding Corporation Limited, the controlling shareholder of the Company, and China National Aviation Corporation (Group) Limited respectively are frozen at present.

III.  OTHER REMINDERS

Other significant information in relation to the operation of the Company during the Reporting Period that needs to be brought to the attention of investors

Applicable  √ Not applicable

IV.  QUARTERLY FINANCIAL STATEMENTS

Types of audit opinion

Applicable  √ Not applicable

 

CONSOLIDATED BALANCE SHEET

30 September 2021

Prepared by Air China Limited

Unit: RMB'000 (Unaudited)

Items	30September 2021	31December 2020
CURRENTASSETS:
Cashandbankbalance	9,482,681	6,575,243
Provisionsonpayables
Contributionsmade
Financialassetsheld-for-trading
Derivativefinancialassets
Billsreceivable	5,748	6,593
Accountsreceivable	2,709,506	2,942,799
Receivablesfinancing
Prepayments	496,939	421,237
Premiumreceivable
Receivablesonreinsurance
Provisionsforreinsurancecontracts
Otherreceivables	3,166,001	3,491,233
Including:Interestreceivable
Dividendreceivable
Purchaseoffinancialassetsresold
Inventories	2,406,238	1,853,990
Contractassets
Held-for-saleassets
Non-currentassetsduewithinayear
Othercurrentassets	4,197,760	4,444,806
Totalcurrentassets	22,464,873	19,735,901

Items	30September 2021	31December 2020
NON-CURRENTASSETS:
Loansandadvances
Debtinvestments
Otherdebtinvestments	1,329,055	1,344,829
Long-termreceivables	618,907	621,398
Long-termequityinvestments	11,479,800	12,379,614
Investmentsinotherequityinstruments	197,017	235,223
Othernon-currentfinancialassets
Investmentproperties	130,353	138,688
Fixedassets	86,477,618	87,717,717
Constructioninprogress	33,675,777	38,138,866
Biologicalassetsforproduction
Oilandgasassets
Right-of-useassets	116,572,791	112,074,148
Intangibleassets	3,545,707	3,597,206
Developmentexpenses
Goodwill	1,102,185	1,102,185
Long-termdeferredexpenses	279,183	292,972
Deferredincometaxassets	9,572,526	6,691,963
Othernon-currentassets
Totalnon-currentassets	264,980,919	264,334,809
Totalassets	287,445,792	284,070,710

Items	30September 2021	31December 2020
CURRENTLIABILITIES:
Short-termloans	22,306,828	29,327,087
Short-termfinancingbondspayable	2,530,144	510,810
Borrowingsfromcentralbank
Contributionsreceived
Financialliabilitiesheld-for-trading
Derivativefinancialliabilities
Billspayable	-	62,570
Accountspayables	14,896,695	12,740,096
Airtrafficliabilities	2,254,283	2,002,649
Receiptsinadvance
Contractliabilities	1,523,522	1,280,102
Saleoffinancialassetsrepurchased
Depositsfromclientsandplacementsfromotherbanks
Brokeragepayable
Underwritingfeespayable
Employeecompensationspayable	2,543,024	2,608,944
Taxespayable	229,711	206,547
Otherpayables	13,043,968	9,600,645
Including:Interestpayable
Dividendpayable
Feesandcommissionspayable
Amountspayableonreinsurance
Held-for-saleliabilities
Non-currentliabilitiesduewithinayear	22,562,294	22,054,735
Othercurrentliabilities
Totalcurrentliabilities	81,890,469	80,394,185

Items	30September 2021	31December 2020
NON-CURRENTLIABILITIES:
Reservesoninsurancecontracts
Long-termloans	35,079,045	21,140,699
Debenturespayable	9,499,132	10,498,398
Including:Preferenceshares
Perpetualbonds
Leaseliabilities	76,218,303	76,098,678
Long-termpayables	5,450,951	5,783,825
Long-termemployeecompensationpayables	225,344	229,332
Accruedliabilities	3,045,899	3,023,109
Deferredincome	549,103	488,791
Deferredincometaxliabilities	329,728	334,720
Othernon-currentliabilities	1,971,922	2,264,843
Totalnon-currentliabilities	132,369,427	119,862,395
Totalliabilities	214,259,896	200,256,580
OWNERS'EQUITY(ORSHAREHOLDERS'EQUITY):
Paid-upcapital(orsharecapital)	14,524,815	14,524,815
Otherequityinstruments
Including:Preferenceshares
Perpetualbonds
Capitalreserve	26,270,841	26,270,841
Less:Treasuryshares
Othercomprehensiveincome	-137,476	-871,587
Including:Foreigncurrencytranslationdifferences	-2,435,937	-2,311,036
Specialreserves
Surplusreserves	11,564,287	11,564,287
Generalriskprovisions	110,628	110,628
Retainedearnings	15,658,133	25,983,437
Totalowners'equity(orshareholders'equity)attributabletoequityshareholdersoftheparentcompany	67,991,228	77,582,421
Non-controllinginterests	5,194,668	6,231,709
Totalowners'equity(orshareholders'equity)	73,185,896	83,814,130
Totalliabilitiesandowners'equity(orshareholders'equity)	287,445,792	284,070,710

Person in charge of the Company: Mr. Song Zhiyong 

Person in charge of accounting function: Mr. Xiao Feng

Person in charge of accounting department: Mr. Zhan Zhong

CONSOLIDATED INCOME STATEMENT

January to September 2021

Prepared by Air China Limited

Unit: RMB'000 (Unaudited)

Items	Firstthreequartersof2021 (January toSeptember)	Firstthreequartersof2020 (January toSeptember)
I.  Totalrevenuefromoperations	57,457,425	48,454,050
Including: Operatingincome InterestincomePremiumearned Feesandcommissionincome	57,457,425	48,454,050
II.  Totaloperatingcost	73,584,421	61,471,267
Including: Operatingcosts	63,149,708	52,945,632
Interestexpenses
Feesandcommissionexpenses
Returnedpremium
Netreimbursementpaid
Netamountsofprovisionsoninsurance obligationsdrawn
Bonuspaidoninsurancepolicy
Reinsurancepremium
Taxesandotherlevies	188,691	153,033
Sellingexpenses	3,316,364	2,967,568
Generalandadministrativeexpenses	3,244,237	2,737,019
R&Dexpenses	92,814	223,392
Financeexpenses	3,592,607	2,444,623
Including:Interestexpenses	4,052,386	3,830,249
Interestincome	63,887	107,760
Add:Otherincome	2,919,449	2,989,572
Investmentincome(lossisrepresentedby"-"sign)	-1,592,710	-3,666,326
Including:Investmentincomefromassociates andjointventures	-1,648,727	-3,713,229
Derecognitionofgainsonfinancialassets measuredatamortisedcost
Exchangegains(lossisrepresentedby"-"sign)
Gainsfromnetexposuretohedging (loss is represented by "-" sign)
Gainsfromchangesinfairvalue(lossisrepresentedby"-"sign)
Impairmentlossofcredit (lossisrepresentedby"-"sign)	100,850	70,165
Impairmentlossofassets(lossisrepresented by"-"sign)	-5,027	-137
Gainsfromdisposalofassets(lossisrepresented by"-"sign)	25,796	29,079

Items	Firstthreequartersof2021 (January toSeptember)	Firstthreequartersof2020 (January toSeptember)
III.  Profitfromoperations(lossisrepresentedby"-"sign)	-14,678,638	-13,594,864
Add:Non-operatingincome	88,974	132,287
Less:Non-operatingexpenses	55,917	106,516
IV.  Totalprofit(totallossisrepresentedby"-"sign)	-14,645,581	-13,569,093
Less:Incometaxexpenses	-2,849,163	-2,107,276
V.  Netprofit(netlossisrepresentedby"-"sign)	-11,796,418	-11,461,817
(I) Classifiedbycontinuityofoperations
1.Netprofitfromcontinuingoperations(netlossisrepresentedby"-"sign)	-11,796,418	-11,461,817
2.Netprofitfromdiscontinuedoperation(netlossisrepresentedby"-"sign)
(II)Classifiedbyownership
1.Netprofitsattributabletoshareholdersoftheparent company(netlossisrepresentedby"-"sign)	-10,321,667	-10,111,847
2.Profitorlossattributabletonon-controllinginterests (netlossisrepresentedby"-"sign)	-1,474,751	-1,349,970
VI.  Othercomprehensiveincomeaftertaxation,net	702,188	-1,403,285
(I)Othercomprehensiveincomeaftertaxationattributable toshareholdersoftheparentcompany,net	730,474	-1,386,552
1.Othercomprehensiveincomethatcannotbesubsequently reclassifiedtoprofitorloss	-20,066	-123,665
(1)Changesarisingonremeasurementofdefinedbenefitplans	-1,594	-3,324
(2)Othercomprehensiveincomeaccountedforusingtheequity methodthatcannotbereclassifiedtoprofitorloss	-3,858	-103,423
(3)Changeinfairvalueofinvestmentsinotherequityinstruments	-14,614	-16,918
(4)ChangeinfairvalueofowncreditriskoftheCompany

Items	Firstthreequartersof2021 (January toSeptember)	Firstthreequartersof2020 (January toSeptember)
2.Othercomprehensiveincomethatwillbereclassified toprofitorloss	750,540	-1,262,887
(1)Othercomprehensiveincomeaccountedforusingtheequity methodthatmaybereclassifiedtoprofitorloss	879,233	-885,536
(2)Changeinfairvalueofotherdebtinvestments	-388	-8,011
(3)Amountoffinancialassetsreclassifiedintoother comprehensiveincome
(4)Provisionsforcreditimpairmentofotherdebtinvestments	-3,404	17,511
(5)Reserveforcashflowhedging
(6)Exchangedifferenceontranslationoffinancialstatements inforeigncurrency	-124,901	-386,851
(7)Others
(II)Othercomprehensiveincomeaftertaxationattributableto non-controllinginterests,net	-28,286	-16,733
VII.  Totalcomprehensiveincome	-11,094,230	-12,865,102
(I)Totalcomprehensiveincomeattributabletoshareholders oftheparentcompany	-9,591,193	-11,498,399
(II)Totalcomprehensiveincomeattributabletonon-controlling interests	-1,503,037	-1,366,703
VIII. Earningspershare:
(I) Basicearningspershare-RMBpershare	-0.75	-0.74
(II)Dilutedearningspershare-RMBpershare	N/A	N/A

For business combination under common control during the Period, the net profit of merged party before the business combination is Nil, and the net profit of the merged party for the last period is Nil.

Person in charge of the Company: Mr. Song Zhiyong 

Person in charge of accounting function: Mr. Xiao Feng

Person in charge of accounting department: Mr. Zhan Zhong

CONSOLIDATED CASH FLOW STATEMENT

January to September 2021

Prepared by Air China Limited

Unit: RMB'000 (Unaudited)

Items	Firstthreequartersof2021 (January toSeptember)	Firstthreequartersof2020 (January toSeptember)
I.  Cashflowsfromoperatingactivities:
Cashreceivedfromsalesofgoodsandprovisionofservices	61,020,442	44,861,340
Netincreaseindepositsfromclientsandplacementsfrombanks
Netincreaseinborrowingsfromcentralbank
Netincreaseinborrowingsfromotherfinancialinstitutions
Cashreceivedfrompremiumsoforiginalinsurancecontracts
Netcashreceiptfromreinsuranceoperations
Netincreaseinreserveoftheinsuredandinvestment
Cashreceivedfrominterest,feesandcommission
Netincreaseincontributionsreceived
Netincreaseincashfromrepurchaseoperations
Netcashreceiptfromsecuritiestradingasagent
Refundoftaxesandlevies	13,275	24,206
Othercashreceivedrelatingtooperatingactivities	6,962,870	4,873,350
Subtotalofcashinflowsofoperatingactivities	67,996,587	49,758,896
Cashpaidforgoodspurchasedandservicesreceived	34,568,979	30,033,412
Netincreaseinloansandadvancestoclients
Netincreaseindepositsincentralbankandotherbanks
Cashpaidinrespectofclaimsunderoriginalinsurancecontracts
Netincreaseincontributionsmade
Cashpaidforinterest,feesandcommissions
Cashpaidforbonuspaidoninsurancepolicy
Cashpaidtooronbehalfofemployees	17,412,815	16,862,435
Taxesandleviespaid	1,318,399	1,495,050
Othercashpaidrelatingtooperatingactivities	4,545,101	3,152,563
Subtotalofcashoutflowsfromoperatingactivities	57,845,294	51,543,460
Netcashflowsfromoperatingactivities	10,151,293	-1,784,564

Items	Firstthreequartersof2021 (January toSeptember)	Firstthreequartersof2020 (January toSeptember)
II.  Cashflowsfrominvestingactivities:
Cashreceivedfromsaleandredemptionofinvestments	1,681,058
Recoveryofthesecuredbankdeposits	25,579	1,713
Cashreceivedfrominvestmentincome	27,120	17,350
Netcashproceedsfromdisposaloffixedassets,intangibleassetsand otherlong-termassets	105,047	101,728
Netcashproceedsfromdisposalofsubsidiariesandotherbusiness units
Othercashreceivedrelatingtoinvestingactivities	63,887	107,760
Subtotalofcashinflowsfrominvestingactivities	1,902,691	228,551
Cashpaidforpurchaseandconstructionoffixedassets,intangible assetsandotherlong-termassets	3,051,141	8,836,759
Cashpaidforinvestments		4,322,061
Netincreaseinsecuredloans
Netcashpaymentsforacquisitionofsubsidiariesand otherbusinessunits
Increaseinsecuredbankdeposits	14,761	1,633
Othercashpaidrelatingtoinvestingactivities
Subtotalofcashoutflowsfrominvestingactivities	3,065,902	13,160,453
Netcashflowsfrominvestingactivities	-1,163,211	-12,931,902

Items	Firstthreequartersof2021 (January toSeptember)	Firstthreequartersof2020 (January toSeptember)
III.  Cashflowsfromfinancingactivities:
Cashreceivedfromcapitalinjection
Including:Cashreceivedfromcapitalinjectionofminority shareholders insubsidiaries
Cashreceivedfromissuanceofdebentures	6,300,000	29,300,000
Cashreceivedfromborrowings	36,016,349	42,857,458
Cashreceivedfromcapitalinjection	490,148
Othercashreceivedrelatingtofinancingactivities
Subtotalofcashinflowsfromfinancingactivities	42,806,497	72,157,458
Cashpaidforrepaymentofborrowings	27,741,688	23,350,268
Cashpaidforrepaymentofdebentures	5,700,000	19,100,000
Cashpaidfordistributionofdividends,profitsorpaymentofinterest expenses	4,184,910	4,447,319
Including:Dividendsandprofitspaidtominorityshareholdersby subsidiaries	24,152	16,477
Cashpaidforleases	11,211,366	10,454,908
Othercashpaidrelatingtofinancingactivities
Subtotalofcashoutflowsfromfinancingactivities	48,837,964	57,352,495
Netcashflowsfromfinancingactivities	- 6,031,467	14,804,963
IV.  Effectofexchangeratechangesoncashand cashequivalents	-26,438	-28,661
V.  Netincreaseincashandcashequivalents	2,930,177	59,836
Add:Balanceofcashandcashequivalentsasatthebeginning ofthePeriod	5,837,998	8,935,282
VI.  Balanceofcashandcashequivalentsasattheend ofthePeriod	8,768,175	8,995,118

Person in charge of the Company: Mr. Song Zhiyong 

Person in charge of accounting function: Mr. Xiao Feng

Person in charge of accounting department: Mr. Zhan Zhong

Particulars in relation to adjustments made to the financial statements as at the beginning 
of the year for the initial implementation of New Lease Standard since 2021

Applicable  √ Not applicable

By Order of the Board

Air China Limited 

Huang Bin  Huen Ho Yin

  Joint Company Secretaries

Beijing, the PRC, 29 October 2021

As at the date of this announcement, the directors of the Company are Mr. Song Zhiyong, Mr. Ma Chongxian, Mr. Feng Gang, Mr. Patrick Healy, Mr. Xue Yasong, Mr. Duan Hongyi*, Mr. Stanley Hui Hon-chung* and Mr. Li Dajin*.

*  Independent non-executive director of the Company

 

END

 

 

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