Air China - 中国国际航空公司

中国国际航空股份有限公司
二零一五年度业绩
Air China Limited
2015 Annual Results
2015年8月
March 2016
1
Part 1 Performance Highlights
Part 2 Business Overview
Part 3 Financial Review
Part 4 Outlook
2
Under IFRS
Part 1 Performance Highlights
3
Performance Overview : Major Business Development
Global network further extended: the only Chinese airline covering 6 continents;
Fleet expanded to 590 aircrafts, structural and productivity enhancement;
Channel management strengthened, direct sales reaching 30% of total sales;
Marketing capabilities intensification with “PhoenixMiles” members totaling
37.37million;
Innovated service products. 24 aircrafts completed the installation of WIFI ,
leverage Satellite Broadband Technology to enrich experience with live satellite
TV programs;
Cost management tightening and debt structure optimization to maintain
competitive cost advantage, asset-liability ratio lowered to 68.86%;
Integrated aircraft maintenance resources and established new AMECO.
4
Performance Highlights - Key Operational Metrics
ATK (million)
• 31,363.89
• 13.57%
ASK (million)
• 214,828.73
• 10.95%
5
RTK (million)
• 21,807.18
• 12.19%
RPK (million)
• 171,713. 88
• 11.01%
ATK Load Factor (%)
• 69.53
• - 0.86pts
Passenger Load Factor
(%)
• 79.93
• 0.04pts
Performance Highlights - Key Financial Metrics
In RMB and YoY changes
Turnover
Operating Expenses
(million)
(million)
• 110,057.03
• 3.86%
Profit for the Period
(million)
• 7,509.49
• 73.27%
6
• 94,505.41
• - 4.26%
Profit Attributable to
Shareholders
(million )
• 7,063.35
• 83.34%
Profit from
Operations
(million)
• 15,551.62
• 114.30%
EPS
(Yuan/share)
• 0.57
• 83.34%
Part 2 Business Overview
7
Air China
Total
2015
Domestic
2015
YoY
Change
Revenue (RMB million)
40,440.1
11.10%
10.96%
ASK (million)
80,215.5
6.52%
122,451.7
10.58%
RPK (million)
65,563.3
6.99%
Load Factor （%）
79.7
-0.28pts
Load Factor （%）
81.7
-0.36pts
Yield (RMB/RPK)
0.51
-0.93%
Yield (RMB/RPK)
0.62
3.84%
Revenue (RMB million)
63,032.1
9.55%
ASK (million)
153,621.8
RPK (million)
International
2015
YoY
Change
Regional
(HK, Macau and Taiwan)
2015
YoY
Change
Revenue (RMB million)
3,272.8
-18.69%
17.45%
ASK (million)
5,409.1
3.21%
52,724.2
16.36%
RPK (million)
4,164.2
0.40%
Load Factor （%）
77.5
-0.73pts
Load Factor （%）
77.0
-2.16pts
Yield (RMB/RPK)
0.37
-6.53%
Yield (RMB/RPK)
0.79
-3.38%
Revenue (RMB million)
19,319.2
8.76%
ASK (million)
67,997.2
RPK (million)
*Fuel surcharges excluded from revenue and yield.
8
YoY
Change
Fleet Structural Refinement Bringing Competitive Advantage
Total (as of 31 Dec, 2014)
334
2015
Introduced B737-800（20）、B747-8 （3）、A320（5）、A319（3）、A330（4）
35
Retired B737-800（4）、B757-200（1）、A340（3）、A320（1）
-9
Total (as of 31 Dec, 2015)
360
2014
Aircraft
360
365
316
334
81
91
301
292
73
95
24%
38%
219
146
235
228
243
38%
0
2013
Narrow-body Aircraft
9
2014
35%
265
73
2012
27%
2015
Wide-body Aircraft
38%
Market-oriented Capacity Deployment
2014-2015 Capacity Distribution
ASK Change
RPK Change
International
2014
Domestic
Passenger Load Factor Change
HK, Macau and Taiwan
2015
3.79%
2015
2014
3.52%
20.50%
18.28%
44.26%
41.82%
54.40%
38.39%
11.42%
52.22%
31.91%
International
10
37.55%
11.19%
Domestic
Regional
Europe
America
30.76%
Japan and South Korea
Southeast Asia
and Others
Further Efforts on Hub Strategy to Enhance Network Values
In 2015, Air China launched 65 routes in total, making 2015 the most outstanding year in terms of opening new
routes. There are 29 international and regional routes among the newly launched routes, including BeijingMinsk-Budapest, Auckland, Johannesburg and Havana.
As of December 31, 2015, Air China operated 360 passenger routes, including 100 international, 15 regional
and 245 domestic routes.
11
Further Efforts on Hub Strategy to Enhance Network Values
12
Beijing Hub
• Newly launched (adjusted routes included) 13 international and regional routes. Increased
frequencies on long-haul international routes, including Beijing-New York, Vancouver, Dusseldorf
and Sydney etc.
• The number of connected Origin & Destination pairs per week increased 206 to 5500.
• Transfer passengers reached 5.532 million, an increase of 13.3% YoY.
Chengdu
Regional Hub
• Newly launched (adjusted routes included) 17 routes to include Chengdu-Colombo, Paris and Dali.
The existing routes of Chengdu-Frankfurt, Singapore have been extended to Lanzhou and
Yinchuan respectively. Frequency of flights have been increased on domestic routes such as
Chengdu-Shanghai, Guiyang.
• The number of international and regional routes reached 12.
Shanghai
International
Gateway
• Newly launched 5 domestic routes including Shanghai- Harbin, Fuzhou etc. Beijing-ShanghaiMelbourne have been adjusted to direct routes from Shanghai to Melbourne.
• Added luggage through-checking service for international routes from Sydney, Melbourne via
Shanghai to Europe.
• The number of international and regional routes reached 13.
Channel Management with Focus on Direct Sales and E-commerce
Direct Sales increased
2014
2015
3%
3%
Revenue from Direct E-commerce Increased 85%
150
85%
123
120
23%
30%
90
67
60
67%
74%
30
0
Direct Sales
Agency Sales
Sales from other airlines
Revenue from Premium Classes Increased
2014
2015
Revenue Structure of Direct E-commerce
RMB hundred million
60
11%
8%
50
37%
40
52%
30
20
11%
10
0
Domestic
International
2014
13
Regional
2015
Website
Mobile
Flagship Store
Upgrading Service with Product Innovation
New App Launched
Get Upgraded at The Gate
14
Uplifted Cabin Interior Designs
Seat Selecting Fee
Enhanced Catering Service
Fast Track Pass
Upgraded Inflight Entertainment Flights with KU Satellite Networks
Air China Cargo
YoY
Change
2015
AFTK (million)
11,174.9
Utilization Rate of Freighters
18.40%
Hour/Aircraft, Day
Freighter AFTK (million)
RFTK (million)
Freighter RFTK (million)
3,310.5
32.70%
6,012.4
16.06%
9.5
2,717.0
34.25%
9
1,319,206.0
7.24%
10
9.4
9.52
8.85
8.5
Tonnage Carried (tonne)
8.05
8
Freighter Tonnage Carried (tonne)
Load Factor (%)
413,564.3
16.27%
53.8
-1.09pts
7.5
7
2012
Freighter Load Factor (%)
Yield (RMB/RFTK)
*Fuel surcharges excluded from yield.
15
82.1
0.95pts
1.13
3.72%
2013
2014
2015
Part 3 Financial Review
16
Solid Growth of Business Performance, Improved Profitability
RMB million
2014
(Restated)
YoY Change
Turnover
110,057
105,956
3.86%
Air Traffic Revenue
104,368
101,385
2.94%
Operating Expenses
94,505
98,708
-4.26%
Operating Expenses ex-fuel cost
70,463
64,165
9.81%
Profit from Operations
15,552
7,257
114.30%
7,969
3,214
147.92%
-Net Loss of Foreign Exchange
5,156
360
1331.62%
Share of Profit of Associates
1,620
859
88.65%
Profit for the Period
7,509
4,334
73.27%
Profit Attributable to Shareholders
7,063
3,852
83.34%
0.57
0.31
83.34%
Finance Cost
EPS (RMB Yuan/share)
17
2015
Interest Bearing Debt (1)
（RMB million）
31 December 2015
Percentage(%)
31 December 2014
USD
76,468
73.48
83,334
73.79
RMB
24,471
23.52
28,639
25.36
EURO
1,602
1.54
146
0.13
JPY
1,266
1.22
814
0.72
MOP
249
0.24
-
-
Total
104,057
100.00
112,933
100.00
Sensitivity Analysis
RMB/USD
1% Fluctuation
of exchange rate
18
Percentage(%)
(Restated)
Impact on
Net Profit:
530 million
(RMB)
Interest Bearing Debt (2)
31 Dec 2014
31 Dec 2015
16.59%
28.93%
71.07%
83.41%
Short term Interest
Bearing Debt
31 Dec 2014
31 Dec 2015
34.90%
64.07%
65.10%
Fixed rate debt
19
35.93%
Floating rate debt
Long term Interest
Bearing Debt
Sensitivity Analysis
Change of
Interest rate100bp
Impact on
Interest
Expense:
667 million
(RMB)
Principal Business Continued to Improve
Passenger
Services
(RMB million)
YoY Change Cargo Services
YoY Change
Total
YoY Change
Domestic
（%）
63,146
65.82
2.39%
-0.78pts
1,981
23.44
-2.52%
0.31pts
65,127
62.40
2.23%
-0.43pts
International
（%）
27,398
28.57
9.16%
1.46pts
6,176
73.12
-3.50%
0.27pts
33,575
32.17
6.59%
1.10pts
5,377
5.61
-7.75%
-0.68pts
290
3.44
-17.92%
-0.58pts
5,667
5.43
-8.34%
-0.67pts
95,921
3.59%
8,447
-3.85%
104,368
2.94%
Regional
（%）
Total
Percentage Changes on Passenger and Cargo Revenue
Revenue Breakdown
RMB million
120,000
101,385
104,368
100,000
8.67%
8.09%
32.17%
31.07%
80,000
60,000
5.43%
6.10%
62.40%
62.83%
91.33%
91.91%
40,000
20,000
2014
0
2014
Passenger Revenue
20
2015
Cargo Revenue
Domestic
2015
International
Regional
Strengthened operational efficiency, Cost Well managed
Maintenance
4.2%
2015
Staff
19.3%
Air Catering
3.2%
Sales and
marketing
expenses
4.8%
Depreciation
13.8%
General and
administrative
expenses
1.5%
Take-off,
landing and
depot
charges
12.3%
(RMB million)
Others
10.4%
Jet fuel
25.4%
11.5%
2014
Take-off,
landing
and depot
charges
10.7%
Staff
15.8%
Air
Catering
2.8%
Sales and
marketing
expenses
6.0%
General and
administrative
expenses
2014
（Restated）
YoY Change
Jet Fuel
24,043
34,542
-30.40%
Take-off, landing and depot
charges
11,643
10,566
10.19%
Depreciation
13,011
11,393
14.20%
Maintenance
4,015
3,588
11.93%
18,231
15,551
17.23%
Air Catering
3,032
2,756
10.02%
Sales and marketing
expenses
4,559
5,897
-22.69%
General and administrative
expenses
1,415
586
141.48%
Others
14,557
13,829
5.27%
Total
94,505
98,708
-4.26%
Staff
Depreciation
2015
0.6%
Others
9.8%
Jet fuel
35.0%
21
Jet Fuel Unit Cost Decreased Year-on-Year
Jet Fuel Cost and Jet Fuel Surcharge
RMB billion
40
30
20
33.7
34.5
24.1
22.6
10
35.6
34.7
14.5
24.0
14
8.7
15.1
14.5
15.2
8.6
7.7
4
0
2008
2009
2010
Fuel Cost
Changes in Jet Fuel Purchase Price
2011
2012
2013
2014
2015
Jet Fuel Surcharge
Sensitivity Analysis
RMB / Tonne
6,000
4,500
Oil Price Changes:
1USD/Barrel
3,000
1,500
0
1月
Jan
22
3月
Mar
5月
May
7月
July
9月
Sep
11月
Nov
Impact on Jet
Fuel Cost:
346 million
(RMB)
Intensified Cost Control Measures, Leading Industry Competitive
Cost Base
Fuel Cost and Non-fuel Operating Cost
Unit Cost
RMB Yuan
RMB million
100,000
92,151
80,000
60,000
91,064
71,560 34,703 35,640
62,715
94,062
98,708
33,722
94,505
34,542 24,043
22,614 45,862
14,466
20,000
40,101
4.28
4.04
4
3.57
3.01
2.98
47,464
1
0.68
31,426
0.61
0.54
0.47
0.56
0.54
0.51
0.44
0
2008
2009
2010
2011
2012
Operating Cost exclude Fuel Cost
2013
2014
2008
2015
2009
2010
2011
2012
Cost per ASK
Fuel Cost
Cost as Percentage of Revenue
120%
2013
2014
2015
Cost per ATK
Ex-fuel Unit Cost
RMB Yuan
118.54%
4
100%
93.64%
89.30%
86.75%
95.81%
91.55%
3
93.15%
2.74
85.87%
2.04
2.52
2.3
2.46
2.41
2.32
2.25
2
75.79%
61.15% 57.54%
60%
58.38% 55.72%
61.46% 60.55%
64.02%
1
0.44
0.36
0.32
0.38
0.34
0.34
0.33
0.33
0
40%
2008
2009
2010
2011
Operating Cost as % of Revenue
23
3.84
2
70,463
57,447 55,424 60,340 64,165
0
80%
3.96
3.46
3
24,096
40,000
5
2012
2013
2014
2015
Ex-fuel Operating Cost as % of Revenue
2008
2009
2010
Cost per ASK
2011
2012
Cost per ATK
2013
2014
2015
Healthy Financial Position
Net Debt-to-Equity Ratio
Asset-to-Liability Ratio
Times
3
2.5
%
2.54
2.5
2
1.72
1.53
1.7
1.67
1.66
1.38
1.5
1
0.5
0
2008
Times
2009
2010
2011
2012
2013
2014
90
80
70
60
50
40
30
20
10
0
2015
79.63
2008
77.8
2009
73.94
72.52
71.23
71.94
71.76
68.86
2010
2011
2012
2013
2014
2015
Net Assets
(Excluding Minority shareholder Interests)
EBITDA Interest Coverage Ratio
RMB million
70000
14
12
8.98
8.89
10
7.2
8
4.75
5.62
30000
4
20000
2
24
41,438
46,116
49,944
19,943
23,916
10000
0
-4
50000
53,757 54,274
40000
6.47
6
-2
59,748
60000
12.12
2008
-1.63
2009
2010
2011
2012
2013
2014
2015
0
2008
2009
2010
2011
2012
2013
2014
2015
Part 4 Outlook
25
2016 Outlook
China economy to maintain the
“New Normal”
Continue to focus
on hub network
strategy
Steady growth of passenger travel
International passenger market
growth significantly outpace
domestic market
Enhance service
and product
competitiveness
Advance business
model innovation
Air cargo market will continue
to face great challenges
HSR and LLC continues to
develop and further intensifies
competition
Intensify cost control
Jet fuel price and currency
fluctuation remain uncertain
26
Optimize capital
allocation & debt
structure
Appendix
Other Financial and Operational Data
2015
27
1. Fleet - The Group
31 Dec 2015
Delivery
Sub-total
Selfowned
Finance
Lease
Operating
Lease
Average
Age
2016
2017
2018
A319
42
26
10
6
9.90
-
-
-
A320/A321
177
63
68
46
5.07
19
17
15
A330
53
11
19
23
4.88
-
-
-
A340
1
1
-
-
16.75
-
-
-
A350
-
-
-
-
-
-
1
3
B737
252
104
63
85
6.20
21
21
21
B747
11
9
2
-
7.96
-
-
-
B757
1
1
-
-
23.39
-
-
-
B777
30
14
13
3
7.32
3
3
-
B787
-
-
-
-
-
7
6
2
B747F
3
3
-
-
13.53
-
-
-
B757F
4
4
-
-
19.35
-
-
-
B777F
8
3
5
-
1.26
-
-
-
Business Jet
8
1
-
7
4.51
-
-
-
590
240
180
170
6.18
50
48
41
Total
*Wet lease aircraft excluded in calculation of average ages
28
2. Fleet - Air China
31 Dec 2015
Delivery
Sub-total
Selfowned
Finance
Lease
Operating
Lease
Average
Age
2016
2017
2018
A319
33
23
10
-
9.54
-
-
-
A320/A321
91
15
61
15
4.76
10
11
8
A330
53
11
19
23
4.88
-
-
-
A340
1
1
-
-
16.75
-
-
-
A350
-
-
-
-
-
1
3
B737
140
51
33
56
6.57
12
14
12
B747
11
9
2
-
7.96
-
-
-
B757
1
1
-
-
23.39
-
-
-
B777
30
14
13
3
7.32
3
3
-
B787
-
-
-
-
-
7
6
2
Total
360
125
138
97
6.28
32
35
25
*Wet lease aircraft excluded in calculation of average ages
29
3. Profit Index
2015
YoY
Change
EBITDA （RMB million）
28,562
18,650
53.15%
EBITDA Profit Margin
25.95%
17.60%
8.35pts
EBITDAR （RMB million）
34,726
24,128
43.92%
EBITDAR Profit Margin
31.55%
22.77%
8.78pts
6.42%
3.64%
2.78pts
12.39%
7.12%
5.27pts
Net Profit Margin
Return on Net Assets
30
2014
4. Consolidated Balance Sheet ( Condensed)
（RMB million）
31 Dec 2014
155,991
148,193
5.26%
20,211
22,923
-11.83%
7,138
8,640
-17.38%
213,631
211,670
0.93%
Current Liabilities
50,547
62,426
-19.03%
Non-current Liabilities
96,561
89,366
8.05%
147,108
151,792
-3.09%
59,748
54,274
10.09%
Non-current Assets
Current Assets
- Cash and Cash Equivalents
Total Assets
Total Liabilities
Shareholders’ equity
31
YoY
31 Dec 2015
Change
5. Consolidated Cash Flow Statement (Condensed)
(RMB million)
Net cash flow from operating activities
YoY
Change
2014
28,572
13,562
110.67%
6,788
10,535
-35.57%
Net cash inflow/(outflow) from financing
activities
23,381
7,936
194.63%
Net increase/(decrease) in cash and cash
equivalents
1,597
4,909
-67.46%
Cash and cash equivalents at beginning of
year
8,640
13,542
-36.20%
96
7
1358.06%
7,138
8,640
-17.38%
Net cash flow investing activities
Effect of exchange rate changes on cash
and cash equivalents
Cash and cash equivalents
32
2015
6. Subsidiaries
Shenzhen Airlines
YoY
Change
Air Macau
2015
YoY
Change
ASK (million)
52,733.7
10.15%
ASK (million)
5,734.7
11.10%
RPK (million)
43,138.2
11.56%
RPK (million)
3,847.1
9.27%
ATK (million)
5,422.6
10.61%
ATK (million)
664.9
11.34%
RTK (million)
4,314.3
10.76%
RTK (million)
410.1
9.07%
Passenger Load Factor（%）
81.8
1.03pts
Passenger Load Factor（%）
67.1
-1.12pts
ATK Load Factor（%）
79.6
0.11pts
ATK Load Factor（%）
61.7
-1.29pts
747.8
-5.97%
After-tax Profit (million)
31.3
-70.58%
0.51
3.03%
Passenger Yield (RMB/RPK)
0.50
-15.31%
Profit Attributable to Shareholders
(million )
Passenger Yield (RMB/RPK)
*Fuel surcharges excluded from yield.
33
2015
Investor Relations-Beijing
Fan Heyun
Tel: +8610-6146 2799
Fax: +8610-6146 2805
E-mail: [email protected]
Cao Yu
Tel: +8610-6146 2788
Fax: +8610-6146 2805
E-mail: [email protected]
Website：www.airchina.com.cn