Air China Limited Annual Results. March Under IFRS

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1 Air China Limited 21 Annual Results Under IFRS March 211

2 Agenda Part 1 Highlights Part 2 Business Overview Part 3 Financial Overview Part 4 Outlook 2

3 Part 1 Highlights

4 Steady Economic Growth; Asia Pacific Led Global Airline Recovery Chinese Economy Continues Steady Growth 14.% 12.% 1.% 8.% 6.% 4.% 2.%.% -2.% 13.% 1.2% 1.7% 9.% 8.7% 1.3% 4.9% 5.1% 5.% 3.7% 4.5% E -.8% Global GDP annual growth rate China GDP annual growth rate Source: IMF, NBS Strong Recovery in Global Airline Industry % 8.% 6.% 4.% 2.% Rapid Growth in Chinese Airline Industry.% Mar-8 May-8 Jul-8 Sep-8 Nov-8 Jan-9 Mar-9 May-9 Jul-9 Sep-9 Nov-9 Jan-1 Mar-1 May-1 Jul-1 Sep-1 Nov-1-2.% -4.% May-8 Jul-8 Sep-8 Nov-8 Jan-9 Mar-9 May-9 Jul-9 Sep-9 Nov-9 Jan-1 Mar-1 May-1 Jul-1 Sep-1 Nov-1 Global Airlines Index US Airlines Index Asia-Pacific Airlines Index Europe and Middle East Airlines Index Source: Bloomberg RPK Source: CAAC RFTK 4

5 Results Highlights Key Financial Metrics 21 YoY Change Turnover (RMB million) 82, % Operating Expenses (RMB million) 71, % Net Profit (RMB million) 12, % Profits Attributable to Shareholders (RMB million) 12, % EPS (RMB) % Key Operational Metrics* 21 YoY Change ASK (million) 132, % RPK (million) 15, % ATK (million) 19, % RTK (million) 14, % Passenger Load Factor (%) pts ATK Load Factor (%) pts * Note: Including Shenzhen Airlines operational figures from April 2 to December 31 5

6 Part 2 Business Overview

7 Passenger Services Air China Total 21 YoY Change Revenue (RMB million) 55, % ASK (million) 17, % RPK (million) 86, % Load Factor (%) pts Yield (RMB/RPK) % Domestic 21 YoY Change Revenue (RMB million) 35, % ASK (million) 64, % RPK (million) 51, % Load Factor (%) pts Yield (RMB/RPK) % International 21 YoY Change Revenue (RMB million) 18, % ASK (million) 39, % RPK (million) 31, % Load Factor (%) pts Yield (RMB/RPK) % Regional 21 (HK, Macao and Taiwan) YoY Change Revenue (RMB million) 2, % ASK (million) 3, % RPK (million) 2, % Load Factor (%) pts Yield (RMB/RPK) % 7

8 Demand-orientated Capacity Deployment to Further Improve Efficiency 4% 3% 2% 1% Passenger Capacity and Traffic Changes (21 vs 29) International Domestic Regional 32% 23% 18% 16% 14% 11% 3pts 4pts 6pts Passenger Capacity Distribution Change (21 vs 29) 3.53% 59.64% 3.24% 6.26% 36.83% 36.5% % ASK Change RPK Change Passenger Load Factor Change International Domestic Regional Total (as of December 31, 29) 262 Introduced in 21 3 B737-8 (12), A321/32 (12), A33 (3), Business Jet (2 under custody), B747-4F (1) Retired in 21 1 B757-2 (2), B767-3ER (1), B747-2F freighter (2), B737-3 (4), A321-1 (1) Total (as of December 31, 21) 282 *Note: does not include the conversion of a B747-4COMBI passenger jet to a B747-4F freighter Timely adjustments of capacity deployment to achieve the alignment of scale, growth rate and market demand Retirement of older aircraft to further optimize fleet structure and maintain a more efficient fleet 8

9 Improved Hub Operation to Realize Greater Network Effects Transfer passenger traffic at Beijing hub rose 2% year-over-year. Number of effective connecting flights within two hours rose 12.5% year-over-year. New routes from Beijing to Manila, Ulanhot, Jiuzhaigou valley and seven other cities launched Transfer traffic rose by 4% year-over-year at Chengdu hub, excluding domestic-to-domestic transfers. Through check-in service established in 35 cities, and new routes from Chengdu to Bangalore, Nagoya, Ngari and four other cities launched Shanghai gateway saw transfer traffic increase by 23%. New routes from Shanghai to Taipei Sungshan, Yinchuan and one other city launched. More wide-body aircraft were put into service on Beijing-Shanghai express and Shanghai-Tokyo and Shanghai-Osaka routes Take majority shareholding Shenzhen Airlines boosted the Company s foothold in Southern China, resulting in a more balanced network Revenue from transfer passenger rose 32% year-over-year Changes in Capacity Input in Beijing, Chengdu and Shanghai Transfer Passenger Revenue Rose 32% 6% 4% 2% % 39.9% 15.2% 17.6% 13.% 8.8% 3.7% Beijing Chengdu Shanghai RMB 1 million ASK YoY Growth AFTK YoY Growth 9

10 Sustained Improvement in Yield Quality RMB 1 million Premium Class Continued Growth Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec International YoY Change Domestic YoY Change Regional YoY Change 1% 8% 6% 4% 2% % 92% Growth in E-commerce Revenue RMB 1million Frequent Flyer Revenue Rose 59% Corporate Customer Revenue Grew 78% Revenue from Star Alliance Carriers Cooperation Rose 91% RMB 1 million RMB 1 million RMB 1 million

11 Air China Cargo Optimizing Operational Efficiency to Significantly Increase Yield YoY Change AFTK (million) 7, , % Freighter AFTK (million) 2, , % RFTK (million) 4,53.8 3, % Freighter RFTK (million) 2, , % Tonnage Carried (tonne) 1,148, , % Freighter Tonnage Carried (tonne) 385, , % Load Factor (%) 6.99% 54.21% 6.78pts Yield (RMB/RFTK) % Cargo Traffic Maintained Rapid Growth Million Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec RTK in 21 International YoY Growth International Cargo Load Factor YoY Growth Cargo Load Factor 8% 7% 6% 5% 4% 3% 2% 1% % 11

12 Shenzhen Airlines 21 YoY Change ASK (million) 3, % RPK (million) 24, % ATK (million) 3, % RTK (million) 2, % Passengers carried (thousand) 17, % Passenger load factor (%) 8.22% 2.38pts ATK load factor (%) 78.88% 4.58pts Passenger Yield (RMB/RPK).61-12

13 Air Macao 21 YoY Change ASK (million) 3, % RPK (million) 2, % ATK (million) % RTK (million) % Passengers carried (thousand) 1, % Passenger load factor (%) 7.35% 3.19pts ATK load factor (%) 66.71% 1.34pts Passenger Yield (RMB/RPK) % 13

14 Part 3 Financial Overview

15 Record High Net Profit Benefited from industry recovery and operational efficiency (RMB million) YoY Growth Turnover 82,488 51, % Air traffic revenue 78,29 48, % Operating expenses 71,56 45, % Operating expenses ex-fuel cost 47,464 31, % Gain from change in fair value of fuel derivative contracts 1,954 2, % Profit/(loss) from operations 1,928 5, % Finance costs , % Share of profit/(loss) of associates 3, % Profit/(loss) before tax 14,834 5, % Net profit/(loss) 12,336 4, % Profit/(loss) attributable to equity holders 12,5 4, % EPS (RMB) % 15

16 Optimizing Capacity Deployment and Enhancing Passenger and Cargo Services Synergy Revenue Breakdown: RMB million Revenue Breakdown Passenger Services YoY Change Cargo Services YoY Change Total YoY Change Domestic 45, % 2, % 48, % (%) pts pts pts International 18, % 6, % 25, % (%) pts pts pts Regional 3, % % 4, % (%) pts pts pts RMB million 9, 8, 7, 6, 5, 4, 3, 2, 1, 11.22% 88.78% 12.88% 87.12% Passenger Cargo 35.83% 21 Passenger Revenue Breakdown 5.82% 58.35% 33.3% 5.39% Domestic International Regional 61.58% 16

17 Cost Pressure from Jet Fuel Price Surge (RMB million) YoY Change Jet fuel 24,96 14, % Depreciation 12.% Take-off, Landing and Depot charges 1.8% Maintenance 3.6% 21 Staff 13.8% Leasing 4.9% Other flight operation expenses 11.5% Catering 2.9% Gain/loss from change in fair value Take-off, landing and depot charges -1,954-2, % 7,77 5, % Depreciation 8,569 7, % Maintenance 2,577 1, % Staff 9,852 6, % Jet Fuel 33.7% Others (including gain from change in fair value) 7.% Leasing 3,488 2, % Air Catering 2,44 1, % Other flight operation expenses 8,228 4, % Others 6,953 4, % Total 71,56 45, % 17

18 Higher Jet Fuel Cost with Uncertainties in Future Price Trend Fuel Costs and Jet Fuel Surcharge RMB million Fuel Costs Jet Fuel Surcharge Changes in Jet Fuel Purchase Price RMB/Tonne 7, 6, 5, 4, 3, 2, 1, Average Domestic International 21 Average: 5, Average: 4,583 RMB/Tonne 7, 6, 5, 4, 3, 2, 1, 21 Average: 5,74 29 Average: 4,728 RMB/Tonne 21 Average: 5,82 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 6, 5, 4, 3, 2, 1, 29 Average: 4,

19 Enhanced Cost Efficiency Fuel Cost and Non-fuel Cost Unit Cost RMB million 8, 6, 47,485 42,416 4, 15,716 17,21 2, 26,7 3,284 62,715 22,614 4,11 45,892 14,466 31,426 71,56 24,96 47,464 RMB Operating cost excluding fuel cost Fuel cost Cost per ATK Cost per ASK Cost as Percentage of Revenue Ex-fuel Unit Cost 12% 1% 8% 6% 94.4% 59.42% 92.53% 59.1% % 75.79% 89.3% 86.75% 61.15% 57.54% RMB % Operating cost as % of revenue Ex-fuel operating cost as % of revenue Ex-fuel cost per ATK Ex-fuel cost per ASK 19

20 Margins and Returns YoY Change EBITDA (RMB million) 19,497 12, % EBITDA margin (%) 23.64% 24.42% -.78pts EBITDAR (RMB million) 23,697 15, % EBITDAR margin (%) 28.73% 29.87% -1.14pts Operating profit margin (%) 13.25% 1.7% 2.55pts Pre-tax profit margin (%) 17.98% 9.86% 8.12pts Net profit margin (%) 14.55% 9.45% 5.1pts ROE (%) 36.74% 22.14% 14.6pts 2

21 Financial Strength and Healthy Capital Structure Net Debt to Equity Ratio Total Debt to Asset Ratio 3 2 (x) % (x) EBITDA Interest Cover Ratio (RMB million) 42, 35, 28, 21, 14, 7, Net Assets (Excludes minority interest) 31,736 31,57 19,943 23,916 41,

22 Part 4 Outlook

23 211: Business Environment Opportunities Sustained global economic recovery and continued rapid economic growth in China Continued growth in air travel, balancing capacity and demand Increased market concentration; stabilizing and improving yield Synergies created by member airlines within Air China Group Challenges Accelerated consolidation in global airline industry; intensified competition Impacts from high-speed rail with full HSR coverage in near future Insufficiency of core aviation resources Uncertainties from fluctuations in jet fuel prices, exchange rates and interest rates 23

24 211: New Developments Improving operational efficiency of hubs Business Enhancing sales and marketing efforts in international market Speeding up introduction of wide-body aircraft, delivery of five A33 and four B777 wide-body aircraft in 211 Annual capital expenditure RMB23.6 billion; 86% invested in aircraft Shenzhen Airlines Optimizing market structure and layout and improving efficiency Improving marketing collaboration to strengthen market controlling power Creating comprehensive synergy with Air China Cargo Operation model: air network + hub cargo terminal + truck network Improving marketing and service standards Service Customer-oriented service promoting Customer Service Management solutions Service upgrade for e-commerce, irregular flight information transfer and seven other service projects 24

25 Five-year Plan Strategic Positioning: Large-scale network carrier with sustained growth Strategic Objective: Top-tier international airline with strong competitive edge for further development Offer customers with exceptional experience, catering to the interest of all relevant parties Targets for Development Objectives: Become one of the world s top six airlines with significantly increased international competitiveness Balance domestic and international development, building a network with a composite hub in Beijing, a regional hub in Chengdu, an international gateway in Shanghai, and Shenzhen as a supportive hub in southern China Build three main businesses: passenger, cargo and aircraft maintenance 25

26 Appendix Other Financial and Operational Data

27 1 Fleet Air China Sub-total Owned 21 Delivery Finance Lease Operating Lease Average Age A A32/A * A A B * B B B B TU B747F Business jet TOTAL *Wet lease aircraft excluded in calculation of average ages 27

28 2 Fleet Shenzhen Airlines 21 Delivery Sub-total Owned Financial Lease Operating Lease Average Age A A B TOTAL

29 3 Consolidated Balance Sheet (Condensed) (RMB million) As of Dec 31, 21 As of Dec 31, 29 YoY Change Non-current assets 96,153 75, % Aircraft 82,655 65, % Property 5,876 3, % Current assets 22,979 8, % Cash and cash equivalents 14,42 2, % Total assets 158,774 17, % Current liabilities 52,389 37, % Non-current liabilities 65,14 46, % Total liabilities 117,43 83, % Shareholders equity 41,371 23, % 29

30 4 Consolidated Cash Flow Statement (Condensed) (RMB million) YoY Change Net cash flow from operating activities 18,366 5, % Net cash flow from investing activities -14,58-12, % Net cash flow from financing activities 7,463 6, % Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Effect of exchange rate changes on cash and cash equivalents 11, % 2,676 2, % % Cash and cash equivalents 14,376 2, % 3

31 5 Consolidated Borrowings and Obligations RMB million (as of Dec 31, 21) Sub-total RMB denominated USD denominated HKDK denominated EUR denominated Bank loans and notes Finance lease obligation 59,29 8,81 44,177 5, , ,456 Bond 9, 9, Total 86,314 18,629 61,633 5, Weight (%)

32 Investor Relations Beijing Rao Xinyu Tel: Fax: Wang Kai Tel: Fax: Website:

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