Part 1 Performance Highlights. Part 2 Business Overview. Part 3 Financial Review

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1 August 216 1

2 Part 1 Performance Highlights Part 2 Business Overview Part 3 Financial Review Part 4 Outlook 2 Under IFRS

3 3 Part 1 Performance Highlights

4 Performance Highlights - Key Operational Metrics ATK (million) RTK (million) ATK Load Factor (%) 16, % 11, % pts ASK (million) RPK (million) Passenger Load Factor (%) 113, % 9, % pts 4

5 Performance Highlights - Key Financial Metrics In RMB and YoY changes Turnover (million) Operating Expenses (million) Profit from Operations (million) 53, % 45, % 7, % Net Loss of Foreign Exchange (million) Profit Attributable to Shareholders (million ) EPS (Yuan/share) 1, % 3, % % 5

6 6 Part 2 Business Overview

7 Air China Total YoY Change Domestic YoY Change Revenue (RMB million) 33, % ASK (million) 8, % RPK (million) 63, % Load Factor (%) pts Yield (RMB/RPK) % Revenue (RMB million) 2, % ASK (million) 41, % RPK (million) 33, % Load Factor (%) pts Yield (RMB/RPK).6.85% International YoY Change Regional (HK, Macau and Taiwan) YoY Change Revenue (RMB million) 11, % ASK (million) 36, % RPK (million) 28, % Load Factor (%) pts Yield (RMB/RPK) % Revenue (RMB million) 1, % ASK (million) 2, % RPK (million) 2, % Load Factor (%) pts Yield (RMB/RPK) % *Fuel surcharges excluded from yield. 7

8 Refined Market Strategies with Extensive and Balanced Global Network Geographic Analysis of Traffic Geographic Distribution of Capacity 2% 15% 1% 5% % -5% 19.3% 17.9% 5.28% 2.7% 2.5% -7.5% -.9% -.89%-.2% ASK Change RPK Change Passenger Load Factor Change 5.99% (54.26%) 3.14% (3.71%) 45.87% (42.3%) 25.24% 34.24% (19.23%) (38.38%) 11.24% (11.64%) 29.28% (3.75%) -1% International Domestic The Only Chinese Airline with Network Covering 6 Continents HK, Macau and Taiwan As of end June 216 : International Domestic Regional Europe America Japan and South Korea Southeast Asia and Others (Data from the same period in 215) Air China operates 377 passenger routes covering 39 countries & 173 cities, including 98 international routes covering 61 international destinations 16 regional routes covering 4 regional destinations 263 domestic routes covering 18 domestic destinations. Partnership through Star Alliance, Air China s global network spans 139 destinations in 193 countries. Leader in long-haul routes to Europe & North America with a capacity share of 21.4% among routes between China & Europe - The Biggest Carrier 18.9% among routes between China & North America - The Biggest Chinese Carrier 8

9 A Fleet That Most Aligned with The Network Total (as of 31 Dec, 215) 36 Introduced B787-9(3) B737-8(7) A32(5) 15 Retired B737-8(7) B757-2(1) A34(1) -9 Total (as of 3 Jun, 216) Boeing Dreamliner Narrow-body Aircraft 215 Wide-body Aircraft 27% 35% 28% 36% 38% 36% Air China is the first airline in the country to have a in the service which was delivered on 2 May 216. It employs a multitude of cuttingedge technologies, provides premier comforts, offers extra convenience for passengers and exceptionally economical with a strong route match. Self-owned Financial Lease Operating Lease 9

10 The Air Transport Hubs with Enormous Potentials Capacity in Beijing Hub Accounts for 66% in Air China s Overall Capacity Time Slot Share at Beijing Capital International Airport 34% 66% 59% 41% Beijing Hub Others Air China Others Dominant seat market share via Beijing hub leading the top 3 domestic routes In terms of departure traffic from Beijing (based on seats in service). Enhanced market position as international gateway via Shanghai with optimized domestic network to provide connecting passenger sources for the international routes. Continued strengthening of regional hub position via Chengdu hub with increased frequency of domestic flights to Ningbo, Korla, etc and expansion of international routes to Seoul, Paris, Frankfurt, etc. Heightened competitiveness of Southern China region with a newly launched Shenzhen-Frankfurt route and a Shenzhen- Beijing-Los Angeles route to meet international travel needs of the region. 1

11 A Passenger Base that is Most Valuable PhoenixMiles Members Income from Frequent Flyers Grew 8% YoY RMB 1 Million As of end of June 216, members reached 4.45 million to become the 5 th largest frequent flyer program in the world, contributing 38.7% of the Company s overall passenger service income H215 Revenue from Premium Classes Continued to Increase RMB 1 Million 3 1% % RMB 1 Million 12 6% % % Domestic International Regional America Australia South Korea 1H215 1H215 11

12 Marketing Model in Transformation & Upgrade : E-commerce Platform Direct Sales Increased Revenue from Direct E-commerce Grew 69% YoY 1H215 RMB 1 million 3% 27% 4% 37% % 59% 4 2 Direct Sales Agency Sales Sales from other airlines 1H215 Revenue Structure of Direct E-commerce Income from Mobile App Grew 279% YoY RMB 1 million % 44% % Website Mobile App Flagship Store 1H215 12

13 Marketing Model in Transformation & Upgrade : Supplementary Income Fuel Surcharges Baggage Transportation Priority Boarding Seat Selection Frequent Flyer Program Supplementary Income Continued to Grow Year-on-Year RMB 1 million RMB 1 thousand % % 81% H215 空余座位 Paid Upgrades Prepaid 座享其程 Seats Overall Supplementary Income 1H215 13

14 Air China Cargo YoY Change AFTK (million) 5, % Freighter AFTK (million) 1, % RFTK (million) 3, % Freighter RFTK (million) 1, % Tonnage Carried (tonne) 657, % Freighter Tonnage Carried (tonne) 216, % Load Factor (%) pts Freighter Load Factor (%) pts Yield (RMB/RFTK) % *Fuel surcharges excluded from yield. 14

15 Other Business Aircraft Maintenance Financial Services 75% 51% After-tax profit of Jan-June was 3 million RMB. After-tax profit of Jan-June was 45 million RMB. 15

16 16 Part 3 Financial Review

17 Industry Leading Profitability Maintained Despite Intensified Competition RMB million 1H215 (Restated) YoY Change Turnover 53,984 51, % Air Traffic Revenue 51,13 49, % Operating Expenses 45,987 45, % Operating Expenses ex-fuel cost 36,26 33, % Profit from Operations 7,997 6, % Finance Cost 3,282 1, % -Net Loss of Foreign Exchange 1, % Share of Profit of Associates % Profit for the Period 3,794 4, % Profit Attributable to Shareholders 3,468 4, % EPS (RMB Yuan/share) % 17

18 Interest Bearing Debt (1) (RMB million) 3 June 216 Percentage(%) 31 December 215 (Restated) Percentage(%) USD 66, , RMB 45, , EURO , JPY 1, , MOP Total 113, ,57 1. Sensitivity Analysis RMB/USD 1% Fluctuation of exchange rate Impact on Net Profit: 48 million (RMB) 18

19 Interest Bearing Debt (2) 31 Dec Jun % 31.69% 83.41% 68.31% Short term Interest Bearing Debt Long term Interest Bearing Debt 31 December June 216 Sensitivity Analysis 64.7% 35.93% 58.7% 41.3% Change of Interest rate- 1bp Impact on Interest Expense: 668 million (RMB) Fixed rate debt Floating rate debt 19

20 Enhanced Operational Efficiency, Disciplined Cost Management 1H215 Depreciation 14.5% Take-off, landing and depot charges 13.4% Maintenance 5.5% Depreciation 13.8% Take-off, landing and depot charges 12.3% Jet Fuel 21.2% Maintenance 4.3% Jet Fuel 26.6% Staff 2.5% Air Catering 3.4% Sales and marketing expenses 4.5% General and administrative expenses 1.1% Others 16.% Staff 17.9% Air Catering 3.2% Sales and marketing expenses 5.7% General and administrative expenses 1.% Others 15.16% (RMB million) 1H215 (Restated) YoY Change Jet Fuel 9,727 12, % Take-off, landing and depot charges 6,167 5, % Depreciation 6,673 6, % Maintenance 2,515 1, % Staff 9,416 8, % Air Catering 1,564 1, % Sales and marketing expenses General and administrative expenses 2,68 2, % % Others 7,337 6, % Total 45,987 45, % 2

21 Jet Fuel Unit Cost Decreased Year-on-Year Jet Fuel Cost and Jet Fuel Surcharge RMB billion H215 Fuel Cost Jet Fuel Surcharge Changes in Jet Fuel Purchase Price Sensitivity Analysis RMB / Tonne 6, 1H215 4,5 3, 1,5 Oil Price Changes: 1USD/Barrel Impact on Jet Fuel Cost: 346 million (RMB) 1 月 Jan 2 月 Feb 3 Mar 月 4 Apr 月 May 5 月 Jun 6 月 21

22 Strengthened Cost Controls RMB million 98,78 1, 94,62 94,55 92,151 91,64 8, 6, 4, 2, Fuel Cost and Non-fuel Operating Cost 71, ,43 34, ,64 24,96 57,447 55,424 6,34 64,165 7,463 47,464 45,281 45,987 12,59 9,727 33,222 36, H215 Operating Cost exclude Fuel Cost Fuel Cost Unit Cost RMB Yuan H215 Cost per ASK Cost per ATK 12% Cost as Percentage of Revenue 4 RMB Yuan Ex-fuel Unit Cost 1% 86.75% 93.64% 91.55% 95.81% 93.15% 85.87% 87.22% 85.19% % 6% 58.38% 57.54% 55.72% 64.2% 61.46% 6.55% 63.99% 67.17% % H H215 Operating Cost as % of Revenue Ex-fuel Operating Cost as % of Revenue Cost per ASK Cost per ATK 22

23 Healthy Financial Position Net Debt-to-Equity Ratio Times EBITDA Interest Coverage Ratio Times % ,438 46,116 Gearing Ratio Net Assets (Excluding Minority shareholder Interests) RMB million 49,944 53,757 54,274 59,748 63, H

24 24 Part 4 Outlook

25 216 Outlook China economy continues the New Normal Passenger travel demands continues to grow steadily Continue to focus on hub network strategy International passenger market growth significantly outpace domestic market Air cargo market will continue to face great challenges Enhance service and product competitiveness Advance business model innovation HSR and LLC continues to intensify competition Jet fuel price and currency fluctuation remains uncertain Heighten cost control Optimize capital allocation & debt structure 25

26 Appendix Other Financial and Operational Data 26

27 1. Fleet - The Group Sub-total Selfowned 3 June 216 Delivery Finance Lease Operating Lease Average Age A A32/A A A B B B B B747F B757F B777F Business Jet Total *Wet lease aircraft excluded in calculation of average ages 27

28 2. Fleet - Air China Sub-total Selfowned 3 June 216 Delivery Finance Lease Operating Lease Average Age A A32/A A A B B B B Total * 平均机龄不包括湿租飞机 28

29 3. Profit Index 1H215 (Restated) YoY Change EBITDA (RMB million) 14,67 12,94 2.3% EBITDA Profit Margin 27.17% 24.85% 2.32pts EBITDAR (RMB million) 18,173 15, % EBITDAR Profit Margin 33.66% 3.57% 3.9pts Net Profit Margin 6.42% 8.9% -1.67pts Return on Net Assets 5.65% 7.45% -1.81pts 29

30 4. Consolidated Balance Sheet ( Condensed) (RMB million) 3 June December 215 YoY Change Non-current Assets 157, ,991.79% Current Assets 2,89 2, % - Cash and Cash Equivalents 7,864 7, % Total Assets 225, , % Current Liabilities 66,764 5, % Non-current Liabilities 88,495 96, % Total Liabilities 155, , % Total Equity Attributable to Shareholders of the Company 63,124 59, % 3

31 5. Consolidated Cash Flow Statement (Condensed) (RMB million) 1H215 (Restated) YoY Change Net cash flow from operating activities 11,285 11, % Net cash flow investing activities 14,669 4, % Net cash inflow/(outflow) from financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at beginning of the period Effect of exchange rate changes on cash and cash equivalents Cash and cash equivalents at the end of the period 4,35-8, % 65-1, % 7,138 8, % % 7,864 7, % 31

32 6. Subsidiaries Shenzhen Airlines YoY Change Air Macau YoY Change ASK (million) 27, % RPK (million) 23, % ATK (million) 2, % RTK (million) 2, % Passenger Load Factor(%) pts ATK Load Factor(%) pts Passenger Yield (RMB/RPK) % ASK (million) 3, % RPK (million) 2, % ATK (million) % RTK (million) % Passenger Load Factor(%) pts ATK Load Factor(%) pts Passenger Yield (RMB/RPK) % *Fuel surcharges excluded from yield. 32

33 Investor Relations-Beijing Fan Heyun Tel: Fax: Cao Yu Tel: Fax: Air China Website: Air China Mobile App:

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