On March 30, Air China Limited(601111) , China Eastern Airlines Corporation Limited(600115) , China Southern Airlines Company Limited(600029) , China Express Airlines Co.Ltd(002928) , Shandong Airlines (Shandong Airlines b) and other five airlines announced their annual reports for 2021, with negative net profits.
Among them, Air China, China Eastern Airlines and China Southern Airlines all lost more than 10 billion yuan. In addition, China Express Airlines Co.Ltd(002928) revenue was 3.967 billion yuan, a year-on-year decrease of 16.08%, and net profit loss was 987096 million yuan; Shandong Airlines had a revenue of 12.515 billion yuan, a year-on-year increase of 18.80%, and a net profit loss of 1.814 billion yuan.
Air China Limited(601111) loss of 16.642 billion
In 2021, Air China Limited(601111) achieved an operating revenue of 74.532 billion yuan, an increase of 7.23% year-on-year. Among them, the main business income was 72.482 billion yuan, a year-on-year increase of 7.69%, and the income from other businesses was 2.05 billion yuan, a year-on-year decrease of 6.86%. The net profit attributable to the listed company was 16.642 billion yuan.
Specifically, Air China Limited(601111) achieved a passenger revenue of 58.317 billion yuan in 2021, an increase of 2.59 billion yuan year-on-year. Among them, the revenue decreased by 1.291 billion yuan due to the decrease of transportation capacity investment, 1.352 billion yuan due to the decrease of passenger occupancy rate, and 5.233 billion yuan due to the increase of income level. In 2021, the revenue from cargo and mail transportation reached 11.113 billion yuan, an increase of 2.56 billion yuan year-on-year. Among them, the revenue increased by 1 billion yuan due to the increase of transportation capacity investment, 791 million yuan due to the increase of carrying rate, and 769 million yuan due to the increase of income level.
By the end of the reporting period, Phoenix bosom friend had more than 720656 million members. In order to stabilize the high-end member team under the normalization of the epidemic, a phased adaptive grading scheme was launched in due time. The contribution revenue of frequent flyers accounted for 56.8% of the company’s passenger revenue, and the proportion of contribution revenue increased by 4.5 percentage points year-on-year. Air China app has more than 14.2 million registered users, with steady and rapid growth. In 2021, 407 new key customers were developed, and the number of effective key customers reached 3861.
In 2021, Air China Limited(601111) sales expenses amounted to 4.452 billion yuan, with a year-on-year increase of 86 million yuan, mainly due to the increase of agency service fees caused by the increase of sales volume and the number of passengers. The management fee was 4.499 billion yuan, a year-on-year increase of 376 million yuan, which was mainly affected by the adjustment of the policy of halving the collection of social security last year. Financial expenses amounted to 4.127 billion yuan, with a year-on-year increase of 2.818 billion yuan, of which interest expenditure (excluding capitalized part) was 5.495 billion yuan, with a year-on-year increase of 395 million yuan; The net exchange gain was 1.235 billion yuan, a year-on-year decrease of 2.368 billion yuan.
China Southern Airlines Company Limited(600029) loss of RMB 12.103 billion
In 2021 China Southern Airlines Company Limited(600029) achieved an operating revenue of 101644 billion yuan, an increase of 9.81% year-on-year; The net profit loss attributable to shareholders of listed companies was RMB 12.103 billion, with a loss of RMB 10.842 billion in the same period in 2020.
Specifically, the total revenue of China Southern Airlines Company Limited(600029) business in 2021 was 101644 million yuan, an increase of 9083 million yuan over the same period of last year, an increase of 9.81% year-on-year; The total transportation turnover was 2120871 million ton kilometers, an increase of 1.94% over the same period last year; The passenger traffic volume was 98.50 million, an increase of 1.70% over the same period last year; The occupancy rate was 71.25%, a decrease of 0.21 percentage points over the same period last year; The aircraft utilization rate was 6.96 hours per day, a decrease of 0.06 hours over the same period last year.
The total operating cost was 104229 million yuan, an increase of 9326 million yuan or 9.83% over the same period last year. The cost of main business was 101963 million yuan, an increase of 8848 million yuan or 9.50% over the same period last year. The cost of aviation fuel was 25505 million yuan, an increase of 35.69% over the same period last year.
The sales expense was 4993 million yuan, a decrease of 4.86% over the same period last year; The management fee was 3678 million yuan, a decrease of 7.80% over the same period last year; Financial expenses amounted to 4025 million yuan, an increase of 34.48% over the same period of the previous year, including 6202 million yuan excluding capitalized interest expenses, a decrease of 7.65%, mainly due to the decrease of 13.75% in interest expenses of lease liabilities; The exchange gain was 1575 million yuan, a decrease of 1910 million yuan over the same period last year.
In 2021, China Southern Airlines Company Limited(600029) the net loss attributable to the shareholders of the listed company was RMB 12103 million, and the net loss attributable to the shareholders of the listed company in the same period of last year was RMB 10842 million.
During the reporting period, China Southern Airlines Company Limited(600029) realized a net cash flow from operating activities of RMB 13371 million, an increase of 47.76% over the same period of last year, mainly due to the improvement of the company’s operation during the reporting period; The net cash flow used in investment activities was RMB 15149 million, an increase of 95.37% over the same period of last year, mainly due to the increase in the introduction of self owned aircraft this year; The net cash flow outflow from financing activities was RMB 2168 million, while the net cash flow inflow from financing activities in the same period last year was RMB 22299 million. This is mainly due to the non-public issuance of a + H shares and public issuance of convertible corporate bonds in 2020. There are no relevant matters in this period.
China Eastern Airlines Corporation Limited(600115) profit loss of RMB 12.214 billion
In 2021, China Eastern Airlines Corporation Limited(600115) operating revenue was 67.127 billion yuan, an increase of 14.48% year-on-year; The net profit loss attributable to shareholders of listed companies was 12.214 billion yuan.
China Eastern Airlines Corporation Limited(600115) said that in 2021, the aviation industry was seriously impacted by the epidemic and the company’s operating performance was seriously affected. The company’s net profit loss attributable to shareholders of Listed Companies in 2021 was 12.214 billion yuan, and the accumulated distributable profit of the parent company was negative. According to the relevant provisions of the company law and the articles of association, the company does not have the preconditions for cash dividends. Taking into account the long-term development of the company and the interests of all shareholders, the board of directors of the company agreed that the company would not carry out cash dividends or convert the accumulation fund into share capital in 2021. This plan needs to be submitted to the 2021 annual general meeting of shareholders of the company for deliberation.
According to the annual report, in 2021, China Eastern Airlines Corporation Limited(600115) completed a total transportation turnover of 13.05 billion ton kilometers, a passenger transportation volume of 79.099 million person times, and achieved an operating revenue of 67.13 billion yuan, an increase of 11.5%, 6.0% and 14.5% respectively over 2020; Affected by the rise of international oil prices and other factors, the operating cost increased by 9.24 billion yuan compared with 2020; The company’s net profit loss attributable to shareholders of Listed Companies in 2021 was 12.21 billion yuan, an increase of 380 million yuan compared with 2020.
As for the profit loss of tens of billions, China Eastern Airlines Corporation Limited(600115) explained that in 2021, the global economy was still in the process of recovery, and the recovery momentum was weakened due to the spread of mutated viruses such as delta and Omicron. Due to the differences in vaccination, research and development of specific drugs and the effectiveness of policy support, the economic recovery of various countries has been differentiated. The overall epidemic situation in China remained relatively stable, but it still showed local aggregation and multi-point distribution. China’s economic development and epidemic prevention and control have maintained a leading position in the world. The fundamentals of long-term economic development have not changed, but it is facing triple pressures of shrinking demand, supply shock and weakening expectations.
In addition, for the Boeing 737 crash, China Eastern Airlines Corporation Limited(600115) said that the cause of the accident was still under investigation. The company will closely follow up the follow-up progress of the investigation and assess its impact on the financial status and operating results of the group.
