UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________

 

FORM 6-K

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

 

For the month of October 2015

 

Commission File Number: 001-14550

 

China Eastern Airlines Corporation Limited

———————————————————————————————————

(Translation of Registrant’s name into English)

 

Board Secretariat’s Office

Kong Gang San Lu, Number 88

Shanghai, China 200335

———————————————————————————————————

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of x Form 20-F    ¨ Form 40-F

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ¨

 

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:  ¨ Yes    x No

 

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):    n/a 

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  China Eastern Airlines Corporation Limited
  (Registrant)
   
Date:  October 27, 2015 By:  /s/ Wang Jian
   

Name: Wang Jian

Title: Joint Company Secretary

 

 

 

 

Certain statements contained in this announcement may be regarded as "forward-looking statements" within the meaning of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of the Company to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements. Further information regarding these risks, uncertainties and other factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The forward-looking statements included in this announcement represent the Company's views as of the date of this announcement. While the Company anticipates that subsequent events and developments may cause the Company's views to change, the Company specifically disclaims any obligation to update these forward-looking statements, unless required by applicable laws. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of this announcement.

 

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.

 

 

 

THIRD QUARTERLY REPORT 2015

 

This announcement is made pursuant to Rule 13.09 and Rule 13.10B of the Listing Rules and the Inside Information Provisions (as defined under the Listing Rules) under Part XIVA of the Securities and Futures Ordinance.

 

The financial statements of the Company for the third quarter of 2015 were not audited, and were prepared in accordance with the PRC Accounting Standards.

 

1.IMPORTANT NOTICE

 

This announcement is made by China Eastern Airlines Corporation Limited (the “Company”) pursuant to the disclosure requirement under Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”) (which requires any issuer listed on The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) whose securities are also listed on other stock exchange(s) to simultaneously inform the Stock Exchange of any information released to any of such other exchange(s) and to ensure that such information is released to the market in Hong Kong at the same time as it is released to the other market(s)). At the request of the Shanghai Stock Exchange, a similar announcement of the even date is being made by the Company in Shanghai pursuant to the relevant provisions of the Shanghai listing rules and regulations.

 

This quarterly report was prepared in accordance with the regulations as prescribed by the China Securities Regulatory Commission (the “CSRC”) in relation to disclosure of information in quarterly reports for listed companies, and is published simultaneously in Shanghai and Hong Kong. The financial statements of the Company for the third quarter of 2015 were not audited, and were prepared in accordance with the PRC Accounting Standards.

 

The board of directors (the “Board”) and the supervisory committee of the Company, and its directors, supervisors and senior management hereby confirm that the information set out in this quarterly report does not contain false information, misleading statement or material omission, and accept joint and several responsibility for the correctness, accuracy and completeness of the information set out in this quarterly report.

 

 – 1 – 

 

 

All directors of the Company attended the meeting of the Board.

 

Name of the person-in-charge of the Company Liu Shaoyong
Name of the officer-in-charge of accounting Ma Xulun
Name of the officer-in-charge of the accounting department Wu Yongliang
(accounting officer)  

 

Liu Shaoyong, the person-in-charge of the Company, Ma Xulun, the officer-in-charge of accounting of the Company, and Wu Yongliang, the officer-in-charge of the accounting department (accounting officer) of the Company hereby confirm that the financial statements forming part of this quarterly report are true, accurate and complete.

 

The financial statements in the third quarterly report of the Company are unaudited.

 

2.MAIN FINANCIAL DATA AND CHANGES IN SHAREHOLDERS OF THE COMPANY

 

2.1Main financial data

 

Unit: million Currency: RMB

 

               Increase/  
               decrease as  
               at the end of  
               the reporting  
   As at the           period  
   end of the           compared  
   reporting   As at the end of last year   with the end  
   period   Adjusted   Unadjusted   of last year  
               (%)  
                  
Total assets   183,627    163,542    163,542     12.28  
Net assets attributable to shareholders of the listed company   35,611    27,696    27,696     28.58  

 

   From the             
   beginning of             
   the year to           Increase/ 
   the end of   From the beginning of last   decrease 
   the reporting   year to the end of the   compared 
   period (from   reporting period last year   with the 
   January to   (from January to September)   same period 
   September)   Adjusted   Unadjusted   last year 
               (%) 
                     
Net cash flows from operating activities   17,378    8,873    8,883    95.85 

 

 – 2 – 

 

 

   From the             
   beginning of             
   the year to           Increase/ 
   the end of   From the beginning of last   decrease 
   the reporting   year to the end of the   compared 
   period (from   reporting period last year   with the 
   January to   (from January to September)   same period 
   September)   Adjusted   Unadjusted   last year 
               (%) 
                 
Revenue   71,963    68,818    68,735    4.57 
Net profit attributable to shareholders of the listed company   5,334    2,059    2,058    159.06 
Net profit attributable to shareholders of the listed company after deducting non-recurring profit and loss   4,813    1,563    1,562    207.93 
Weighted average return on net assets (%)   16.79    8.04    8.04    Increased by 8.75 percentage points 
Basic earnings per share (Yuan/share)   0.4191    0.1625    0.1625    157.91 
Diluted earnings per share (Yuan/share)   0.4191    0.1625    0.1625    157.91 

 

Note:Earnings per share of the Company from January to September 2015 is calculated based on the average weighted number of outstanding ordinary shares of the parent company of 12,726,037,000 shares; whereas earnings per share for the corresponding period last year is calculated based on 12,674,269,000 shares.

 

Non-recurring profit and loss and relevant amounts

 

Unit: million Currency: RMB

 

       Amount for 
       the period from 
       the beginning 
       of the year 
       to the end of 
       the 
   Amount for   reporting 
   the period   period (from 
   (from July to   January to 
Item  September)   September) 
         
Gains or losses from disposal of non-current assets  -75   101 
Non-operating incomes and expenses other than the above   385    698 
Effect on income tax   -79    -212 
Effect on minority interests (net of tax)   -38    -66 
           
Total   193    521 

 

 – 3 – 

 

 

2.2The total number of the Company’s shareholders and the shareholding of the 10 largest shareholders and the shareholding of the 10 largest holders of listed shares (or holders of shares without trading moratorium) as at the end of the reporting period

 

  Unit: Shares
   
Total number of shareholders 389,031

 

   Shareholding of the 10 largest shareholders    
           Number of          
           shares with          
   Shareholdings       trading   Pledged or locked-up   
   as at the end       moratorium   Status of  Number of  Nature of
Name of shareholder(in full)  of the period   Proportion   held   shares  shares  shareholders
       (%)              
                      
China Eastern Air Holding Company
(中國東方航空集團公司)		   5,072,922,927    38.61    241,547,927   Nil  0  State-owned legal person
HKSCC NOMINEES LIMITED   4,182,567,288    31.83    698,865,000   Unknown  Unknown  Overseas legal person
DELTA AIR LINES INC   465,910,000    3.55    0   Unknown  Unknown  Overseas legal person
CES Finance Holding Co., Ltd
(東航金控有限責任公司)		   457,317,073    3.48    457,317,073   Nil  0  State-owned legal person
China Securities Finance Corporation Limited
(中國證券金融股 有限公司)		   379,683,460    2.89    0   Unknown  Unknown  State-owned legal person
China National Aviation Fuel Holding Company
(中國航空油料集團公司)		   120,461,743    0.92    0   Unknown  Unknown  State-owned legal person
Sinotrans Air Transportation Development Co., Ltd.
(中外運空運發展股  有限公司)		   83,157,894    0.63    0   Unknown  Unknown  State-owned legal person
Central Huijin Investment Ltd.
( 中央匯金投資有限責任公司)		   70,984,100    0.54    0   Unknown  Unknown  State-owned legal person
Shanghai Alliance Investment Limited
(上海聯和投資 有限 公司)		   65,615,429    0.50    0   Unknown  Unknown  State-owned legal person
China Galaxy Securities Co., Ltd.
(中國銀河證券股 有限公司)		   45,580,337    0.35    0   Unknown  Unknown  State-owned legal person

 

 – 4 – 

 

 

Shareholding of the 10 largest holders of shares without trading moratorium

 

   Number of listed        
   shares without        
   trading        
Name of shareholder  moratorium held   Class and number of shares
       Class  Number 
            
China Eastern Air Holding Company
(中國東方航空集團公司)		   4,831,375,000   RMB ordinary shares   4,831,375,000 
HKSCC NOMINEES LIMITED   3,483,702,288   Overseas listed foreign shares   3,483,702,288 
DELTA AIR LINES INC   465,910,000   Overseas listed foreign shares   465,910,000 
China Securities Finance Corporation Limited
(中國證券金融股 有限公司)		   379,683,460   RMB ordinary shares   379,683,460 
China National Aviation Fuel Holding Company
(中國航空油料集團公司)		   120,461,743   RMB ordinary shares   120,461,743 
Sinotrans Air Transportation Development Co., Ltd.
(中外運空運發展股 有限公司)		   83,157,894   RMB ordinary shares   83,157,894 
Central Huijin Investment Ltd.
(中央匯金投資有限責任公司)		   70,984,100   RMB ordinary shares   70,984,100 
Shanghai Alliance Investment Limited
(上海聯和投資有限公司)		   65,615,429   RMB ordinary shares   65,615,429 
China Galaxy Securities Co., Ltd.
(中國銀河證券股 有限公司)		   45,580,337   RMB ordinary shares   45,580,337 
Industrial and Commercial Bank of China Limited – Harvest New Opportunity Flexible Allocation Mixed Launched Fund
(中國工商銀行股 有限公司–#65293;嘉實新機 遇靈活配置混合型發起式證券投資基金)		   38,114,895   RMB ordinary shares   38,114,895 

 

Description of connected relationship or activities in concert among the above shareholders Among the 4,182,567,288 H shares held by HKSCC NOMINEES LIMITED, 2,626,240,000 shares are held by CES Global Holdings (Hong Kong) Limited (“CES Global”) in the capacity of beneficial owner; China Eastern Air Holding Company (“CEA Holding”) owns 100% equity interest in CES Finance Holding Co., Ltd (“CES Finance ”); CES Finance owns 100% equity interest in CES Global; thus, CEA Holding indirectly owns 100% equity interests in CES Global. The Company is not aware of any other connected relationship or activities in concert among the 10 largest holders of shares without trading moratorium.
   
Description of preference shareholders with voting rights restored and the number of shares held Not applicable

 

2.3The total number of the Company’s preference shareholders and the shareholding of the 10 largest preference shareholders and the shareholding of the 10 largest preference holders of shares without trading moratorium as at the end of the reporting period

 

Not applicable

 

 – 5 – 

 

 

3.IMPORTANT MATTERS

 

3.1Details of and reasons for the substantial changes in main items of financial statements and financial indicators of the Company

 

Item  Change   Reason for the Change
   (%)    
        
Finance costs   158.03   Primarily due to the exchange losses caused by the depreciation of RMB against USD
Assets impairment loss   2,640.00   Primarily due to impairment on available-for- sale financial assets of the Company and a low base for the corresponding period last year
Investment income   109.72   Primarily due to gains on disposal of long-term investments and the increase in profits from associated companies of the Company
Non-operating expenses   257.69   Primarily due to the demolition and relocation of a subsidiary’s airport resulting in loss from the write-off of its property
Income tax   286.33   Primarily due to the increase in income tax payable caused by the increase in the Company’s profits
Net profit attributable to the parent company   159.06   Primarily due to the decrease in operating costs with international fuel prices remaining at low levels; meanwhile with enormous demand from the Chinese aviation market, the Company actively coordinated production, hence further boosting its operating capabilities
Minority interests   507.41   Primarily due to the increase in income attributable to minority interests caused by the increase in the subsidiaries’ profits
Prepayments   60.12   Primarily due to tour group fees prepaid by Shanghai Airlines Tours International (Group) Co., Ltd., a subsidiary, had yet to be settled
Non-current assets held for sale   –41.80   Primarily due to the disposal of aircraft held for sale by the Company and the net asset value of aircraft held for sale is reduced
Other non-current assets   58.73   Primarily due to the decrease in deposits paid for aircraft held under operating leases
Short-term borrowings   –51.28   Primarily due to the decrease in short-term borrowings caused by the adoption of other financing methods by the Company
Receipts in advance   70.75   Primarily due to the increase in the balance of the receipt in advance of carriage of the Company
Other current liabilities   37.50   Primarily due to the issuance of super short-term commercial paper by the Company
Undistributed profits   1,147.10   Primarily due to the increase in the Company’s profit for the period

 

 – 6 – 

 

 

3.2Analysis of the progress of significant events and their effects and proposed solutions

 

1.Non-public Issuance of A Shares

 

On 2 July 2015, the Company received from China Securities Regulatory Commission (“ CSRC ”) the “Notice of Acceptance of Application for Administrative Approval”. Having examined the application materials submitted by the Company for administrative approval for Non-public Issue of Shares of Listed Companies pursuant to the relevant laws, CSRC considered that the application materials were complete and complied with the statutory form, and decided to accept the said application for administrative approval. For details, please refer to the announcement published by the Company in China Securities Journal and Shanghai Securities News and on the website of Shanghai Stock Exchange at www.sse.com.cn on 3 July 2015.

 

The Company received the “Notice regarding CSRC’s Comments on Matters Subject to Administrative Approval” (No. 151777) dated 27 August 2015 issued by CSRC. The Company and relevant intermediaries have addressed the respective issues raised in the comments in accordance with the requirements of the CSRC. For details, please refer to the announcement published by the Company in China Securities Journal and Shanghai Securities News and on the website of Shanghai Stock Exchange at www.sse.com.cn on 22 September 2015.

 

On 21 September 2015, the Company received an undertaking letter from CEA Holding, the controlling shareholder of the Company. CEA Holding undertook that it would propose the resolution on amendments to the terms of dividends under Article 157(D) of the articles of association of the Company before the forthcoming general meeting of the Company and vote for such resolution at the general meeting. For details, please refer to the announcement published by the Company in China Securities Journal and Shanghai Securities News and on the website of Shanghai Stock Exchange at www.sse.com.cn on 22 September 2015.

 

 – 7 – 

 

 

2.Completion of Issue of H Shares to Delta

 

On 27 July 2015, the Company entered into the conditional Share Subscription Agreement (“Subscription Agreement”) with Delta Air Lines, Inc. (“Delta”), pursuant to which Delta subscribed for 465,910,000 newly issued ordinary H shares at a consideration of HK$3,488,895,000. For details, please refer to the announcement published by the Company in China Securities Journal and Shanghai Securities News and on the website of Shanghai Stock Exchange at www.sse.com.cn on 28 July 2015.

 

On 1 September 2015, both parties entered into the Marketing Agreement and the Letter of Confirmation on the Subscription Agreement. Pursuant to the Marketing Agreement, both parties will have greater cooperation in terms of code-share, revenue management, schedule coordination, sales cooperation, airport facilities sharing, frequent-flyer program, lounge and system investment as well as staff exchange, which helps both parties establish long-term strategic alliance in air passenger market in China and the United States, thereby providing more flight options and services of better quality and higher competitiveness to travellers. Pursuant to the Letter of Confirmation on the Subscription Agreement, as of 1 September 2015, all conditions precedent to the Subscription Agreement have been fulfilled except for those conditions which will be fulfilled on the completion date of share subscription. For details, please refer to the announcement published by the Company in China Securities Journal and Shanghai Securities News and on the website of Shanghai Stock Exchange at www.sse.com.cn on 2 September 2015.

 

On 9 September 2015, the Company completed the issue of 465,910,000 ordinary H shares with a par value of RMB1 each at an issue price of HK$7.49 per share to Delta. For details, please refer to the announcement published by the Company in China Securities Journal and Shanghai Securities News and on the website of Shanghai Stock Exchange at www.sse.com.cn on 10 September 2015.

 

 – 8 – 

 

 

3.3The status of implementation of the matters undertaken by the Company and shareholders holding more than 5% interests

 

                        Whether the
                        undertaking
                        has
                    Whether   been strictly
Background                   there is an   implemented in
of   Type of   Undertaking       Time and term of   implementation   a timely
undertaking   undertaking   party   Content of undertaking   undertaking   period   manner
                         
Undertaking in relation to refinancing   Trading moratorium of shares   CEA Holding/ CES Finance   Pursuant to the “Report on non-public issuance of A shares” published by the Company on 17 April 2013, the Company issued 241,547,927 A shares of the Company and 457,317,073 A shares of the Company to CEA Holding and CES Finance respectively, on a non-public basis in April 2013. CEA Holding and CES Finance undertook that: they shall not transfer the A shares of the Company purchased under the aforesaid issuance within 36 months from the date of completion of the issuance of A shares.   Time of undertaking: April 2013; term of undertaking: from 16 April 2013 to 16 April 2016   Yes   Yes
                         
    Trading moratorium of shares   CES Global   The Company issued 698,865,000 additional H shares to CES Global in June 2013. According to the resolution passed at the 18th ordinary meeting of the sixth session of the Board held on 11 September 2012 and the resolution passed at the 2012 first extraordinary general meeting of the Company held on 9 November 2012, CES Global undertook that: it shall not transfer the H shares of the Company purchased under the aforesaid issuance within 36 months from the date of completion of the issuance of H shares.   Time of undertaking: November 2012; term of undertaking: from 21 June 2013 to 21 June 2016   Yes   Yes
                         
    To resolve defects in land and other property ownership   CEA Holding   Due to historical reasons, some of the land and property injected by CEA Holding into the Company had not yet been transferred to the name of the Company. With regard to 17 properties which are located in Guangzhou and Shenzhen (with an aggregate GFA of approximately 1,996.51 square meters), CEA Holding undertook that it shall, resolve defects in building ownership by completing procedures for transferring property ownership to the Company, or transferring the relevant gains to the Company upon external disposal within 3 years; and CEA Holding shall bear the corresponding obligations in relation to the losses caused to the Company as a result of the failure of CEA Holding in completing the relevant procedures for transferring the relevant property ownership in a timely manner.   Time of undertaking: June 2014; term of undertaking: from 27 June 2014 to 30 June 2017   Yes   Yes

 

 – 9 – 

 

 

                        Whether the
                        undertaking
                        has
                    Whether   been strictly
Background                   there is an   implemented in
of   Type of   Undertaking       Time and term of   implementation   a timely
undertaking   undertaking   party   Content of undertaking   undertaking   period   manner
                         
    To resolve defects in land and other property ownership   CEA Holding   Due to historical reasons, some of the land and property injected by CEA Holding into the Company had not yet been transferred to the name of the Company. With regard to 76 properties which are located in the Eastern District of Shanghai Hongqiao Airport (the relevant land ownership of which has been transferred to the Company) (with an aggregate GFA of approximately 146,700 square meters), relevant construction procedures were not completed for the buildings due to historical reasons, and therefore it is currently difficult to carry out ownership transfer. As a result, CEA Holding undertook that it shall, strive for opportunity to develop in the Eastern District of Shanghai Hongqiao Airport, and resolve defects in relevant building ownership by completing relevant procedures for transferring building ownership to the Company in batches upon fulfillment of conditions or through land replacement, the expected final completion time of which is approximately 10 to 12 years. The progress of resolving the above defects in property ownership and its results are subject to the overall development policy of the Eastern District of Shanghai Hongqiao Airport and its progress of implementation. CEA Holding shall bear the corresponding obligations in relation to the losses caused to the Company as a result of the failure of CEA Holding in completing the relevant procedures for transferring the relevant property ownership in a timely manner.   Time of undertaking: June 2014; term of undertaking: from 27 June 2014 to 30 June 2026   Yes   Yes
                         
Other undertakings   Others   CEA Holding   CEA Holding undertook that it would propose the resolution on amendments to the terms of dividends under Article 157(D) of the articles of association of the Company before the forthcoming general meeting of the Company and vote for such resolution at the general meeting.   Time of undertaking: 21 September 2015; term of undertaking: from 21 September 2015 to the date of convening the forthcoming general meeting.   Yes   Yes

 

 – 10 – 

 

 

3.4Warning of and reasons for any expected accumulated losses from the beginning of the year to the end of the following reporting period or substantial changes in profitability compared to the same period last year

 

Not applicable

 

  By order of the Board
  CHINA EASTERN AIRLINES CORPORATION LIMITED
  Liu Shaoyong
  Chairman
  Shanghai, the People’s Republic of China
  27 October 2015

 

As at the date of this announcement, the directors of the Company include Liu Shaoyong (Chairman), Ma Xulun (Vice Chairman, President), Xu Zhao (Director), Gu Jiadan (Director), Li Yangmin (Director, Vice President), Tang Bing (Director, Vice President), Tian Liuwen (Director, Vice President), Ji Weidong (Independent non-executive Director), Li Ruoshan (Independent non-executive Director), Ma Weihua (Independent non-executive Director) and Shao Ruiqing (Independent non-executive Director).

 

 – 11 – 

 

 

4.APPENDICES

 

4.1Financial Statements

 

China Eastern Airlines Corporation Limited

Consolidated and Company’s Balance Sheet as at 30 September 2015

(Unless otherwise stated, amounts are expressed in RMB millions)

 

   30 September   31 December   30 September   31 December 
   2015   2014   2015   2014 
  Consolidated   Consolidated   Company   Company 
Assets                
                 
Current assets                    
Monetary capital   979    1,393    547    892 
Hedge instruments   –    5    –    5 
Trade receivables   3,958    3,862    4,818    2,920 
Prepayments   1,566    978    561    266 
Dividends receivable   26    33    26    33 
Other receivables   3,425    3,165    10,082    11,105 
Inventory   2,264    2,259    74    72 
Non-current assets held for sale   2,520    4,330    1,583    2,866 
Non-current assets due within one year   93    98    49    68 
Other current assets   2,541    2,120    2,520    1,722 
                     
Total current assets   17,372    18,243    20,260    19,949 
                     
Non-current assets                    
Hedge instruments   53    30    53    30 
Financial assets available for sale   378    433    323    388 
Long-term equity investment   2,041    1,591    16,406    15,848 
Fixed assets   126,882    107,278    81,559    68,632 
Construction in progress   22,677    22,376    21,472    20,258 
Intangible assets   2,345    2,436    1,383    1,469 
Goodwill   9,028    9,028    9,028    9,028 
Long-term deferred expenses   1,708    1,344    935    996 
Deferred income tax assets   170    170    –    – 
Other non-current assets   973    613    1,263    813 
                     
Total non-current assets   166,255    145,299    132,422    117,462 
                     
Total assets   183,627    163,542    152,682    137,411 

 

 – 12 – 

 

 

4.1Financial Statements (Cont’d)

 

China Eastern Airlines Corporation Limited

Consolidated and Company’s Balance Sheet as at 30 September 2015 (Cont’d)

(Unless otherwise stated, amounts are expressed in RMB millions)

 

   30 September   31 December   30 September   31 December 
Liabilities and shareholders’  2015   2014   2015   2014 
equity  Consolidated   Consolidated   Company   Company 
                 
Current liabilities                    
Short-term borrowings   6,811    13,979    10,202    15,470 
Hedge instruments   5    –    5    – 
Notes payable   1,040    –    1,040    – 
Trade payables   12,888    11,147    16,288    11,493 
Account collected in advance   1,436    841    647    421 
Settlement of vouchers   4,633    5,064    4,612    4,920 
Staff remuneration payable   2,624    3,141    1,265    1,841 
Tax payable   2,332    1,846    979    817 
Interest payable   590    738    404    580 
Other payables   3,631    3,016    7,580    6,547 
Non-current liabilities due within one year   20,005    17,355    15,808    13,892 
Other current liabilities   5,500    4,000    5,500    4,000 
                     
Total current liabilities   61,495    61,127    64,330    59,981 
                     
Non-current liabilities                    
Long-term borrowings   23,199    20,228    18,530    15,229 
Hedge instruments   220    95    220    95 
Bonds payable   8,090    10,285    2,593    4,791 
Long-term payables   48,032    37,717    30,134    25,655 
Long-term staff remuneration payable   3,165    2,822    2,118    2,293 
Special items payable   55    116    28    95 
Deferred income tax liabilities   –    26    –    – 
Other non-current liabilities   1,511    1,639    1,240    916 
                     
Total non-current liabilities   84,272    72,928    54,863    49,074 
                     
Total liabilities   145,767    134,055    119,193    109,055 

 

 – 13 – 

 

 

4.1Financial Statements (Cont’d)

 

China Eastern Airlines Corporation Limited

Consolidated and Company’s Balance Sheet as at 30 September 2015 (Cont’d)

(Unless otherwise stated, amounts are expressed in RMB millions)

 

   30 September   31 December   30 September   31 December 
Liabilities and shareholders’  2015   2014   2015   2014 
equity  Consolidated   Consolidated   Company   Company 
                 
Shareholders’ equity                    
Share capital   13,140    12,674    13,140    12,674 
Capital reserves   19,815    17,410    20,272    17,868 
Other comprehensive income   (3,143)   (2,853)   (2,441)   (2,207)
Undistributed profits   5,799    465    2,518    21 
                     
Total equity attributable to shareholders of parent company   35,611    27,696    33,489    28,356 
Minority interests   2,249    1,791    –    – 
                     
Total shareholders’ equity   37,860    29,487    33,489    28,356 
                     
Total liabilities and shareholders’ equity   183,627    163,542    152,682    137,411 

 

Person-in-charge of the Company: Liu Shaoyong

Officer-in-charge of accounting: Ma Xulun

Officer-in-charge of the accounting department: Wu Yongliang

 

 – 14 – 

 

 

 

4.1Financial Statements (Cont’d)

 

China Eastern Airlines Corporation Limited

Consolidated and Company’s Income Statement for the Period from January to September 2015

(Unless otherwise stated, amounts are expressed in RMB millions)

 

      Jul to Sep   Jul to Sep   Jan to Sep   Jan to Sep   Jul to Sep   Jul to Sep   Jan to Sep   Jan to Sep 
      2015   2014   2015   2014   2015   2014   2015   2014 
      Consolidated   Consolidated   Consolidated   Consolidated   Company   Company   Company   Company 
          (Restated)       (Restated)       (Restated)       (Restated) 
                                    
1.  Revenue   27,652    26,170    71,963    68,818    15,137    13,931    38,925    36,815 
   Less:   Operating costs   (20,425)   (22,056)   (57,365)   (61,372)   (10,880)   (11,471)   (30,715)   (32,654)
   Business taxes and surcharges   (55)   (34)   (135)   (86)   (6)   (7)   (15)   (19)
   Selling expenses   (1,366)   (1,632)   (4,136)   (4,495)   (965)   (1,020)   (2,831)   (2,723)
   Administrative expenses   (701)   (719)   (1,930)   (1,977)   (382)   (407)   (1,064)   (1,097)
   Finance expenses/(income), net   (3,794)   (417)   (4,967)   (1,925)   (2,729)   (233)   (3,545)   (1,330)
   Assets impairment loss   (1)   (1)   (137)   (5)   –    –    (100)   (4)
   Add:    Gains arising from             changes in fair             value   2    5    6    11    2    5    6    11 
   Investment gains   38    37    151    72    49    51    246    157 
                                            
2.  Operating profit   1,350    1,353    3,450    (959)   226    849    907    (844)
   Add: Non-operating income   1,024    893    3,628    3,425    468    586    2,011    2,167 
   Less: Non-operating expenses   (79)   (12)   (93)   (26)   (3)   (11)   (6)   (22)
                                            
3.  Total profits   2,295    2,234    6,985    2,440    691    1,424    2,912    1,301 
   Less: Income tax expenses   (328)   (141)   (1,159)   (300)   –72    –    –415    – 
                                            
4.  Net profit   1,967    2,093    5,826    2,140    619    1,424    2,497    1,301 
                                            
   – Net profit attributable to shareholders of the parent company   1,770    2,044    5,334    2,059                     
                                            
   – Minority interests   197    49    492    81                     
                                            
5.  Earnings per share                                        
   Basic earnings per share (RMB)   0.1380    0.1613    0.4191    0.1625                     
                                            
   Diluted earnings per share (RMB)   0.1380    0.1613    0.4191    0.1625                     

 

 – 15 – 

 

 

4.1Financial Statements (Cont’d)

 

China Eastern Airlines Corporation Limited

Consolidated and Company’s Income Statement for the Period from January to September 2015

(Unless otherwise stated, amounts are expressed in RMB millions)

 

      Jul to Sep   Jul to Sep   Jan to Sep   Jan to Sep   Jul to Sep   Jul to Sep   Jan to Sep   Jan to Sep 
      2015   2014   2015   2014   2015   2014   2015   2014 
      Consolidated   Consolidated   Consolidated   Consolidated   Company   Company   Company   Company 
          (Restated)       (Restated)       (Restated)       (Restated) 
                                    
6.  Other comprehensive income, net of tax                                
   Other comprehensive income that cannot be reclassified into profit or loss in subsequent accounting periods                                        
   Changes arising from re-measuring net assets or net liabilities of defined benefit plan   (138)   –    (214)   –    (106)   –    (158)   – 
                                            
   Other comprehensive income that will be reclassified into profit or loss in subsequent accounting periods when meeting the prescribed conditions                                        
   Share of other comprehensive income of investees to be reclassified into profit and loss in subsequent accounting periods under the equity method when meeting the prescribed conditions             4    (1)             4    (1)
                                            
   Gain or loss from fair value movements of available-for-sale financial assets   (25)        42    (47)   (25)        35    (41)
                                            
   Effective portion of gains or losses from cash flow hedge instruments   (127)        (119)   (56)   (127)        (119)   (56)
                                            
   Other comprehensive income, net of tax   (290)        (287)   (104)   (258)        (238)   (98)
                                            
   Of which:                                        
   Other comprehensive income, net of tax, attributable to shareholders of the parent company   (290)        (290)   (102)                    
                                            
   Other comprehensive income, net of tax, attributable to minority interests             3    (2)                    

 

 – 16 – 

 

 

4.1Financial Statements (Cont’d)

 

China Eastern Airlines Corporation Limited

Consolidated and Company’s Income Statement for the Period from January to September 2015

(Unless otherwise stated, amounts are expressed in RMB millions)

 

      Jul to Sep   Jul to Sep   Jan to Sep   Jan to Sep   Jul to Sep   Jul to Sep   Jan to Sep   Jan to Sep 
      2015   2014   2015   2014   2015   2014   2015   2014 
      Consolidated   Consolidated   Consolidated   Consolidated   Company   Company   Company   Company 
          (Restated)       (Restated)       (Restated)       (Restated) 
                                    
7.  Total comprehensive income   1,677    2,093    5,539    2,036    361    1,424    2,259    1,203 
   Of which:                                        
   Total comprehensive income attributable to shareholders of the parent company   1,480    2,044    5,044    1,957                     
                                            
   Total comprehensive income attributable to minority interests   197    49    495    79                     

 

Person-in-charge of the Company: Liu Shaoyong

Officer-in-charge of accounting: Ma Xulun

Officer-in-charge of the accounting department: Wu Yongliang

 

 – 17 – 

 

 

4.1Financial Statements (Cont’d)

 

China Eastern Airlines Corporation Limited

Consolidated and Company’s Cash Flow Statement for the Period from January to September 2015

(Unless otherwise stated, amounts are expressed in RMB millions)

 

      Jan to Sep   Jan to Sep   Jan to Sep   Jan to Sep 
      2015   2014   2015   2014 
      Consolidated   Consolidated   Company   Company 
          (Restated)         
                    
1.  Cash flow from operating activities                
   Cash received from sales of goods and provision of labour services   76,448    72,859    38,629    37,344 
   Other cash received from operating activities   8,242    7,127    10,680    4,582 
                        
   Sub-total of cash inflow from operating activities   84,690    79,986    49,309    41,926 
                        
   Cash paid for purchase of goods and receiving of labour services   (48,840)   (53,222)   (22,305)   (25,121)
   Cash paid to and for employees   (12,920)   (11,681)   (6,726)   (6,891)
   Taxes paid   (1,390)   (2,764)   (1,064)   (925)
   Other cash paid for operating activities   (4,162)   (3,446)   (4,554)   (3,088)
                        
   Sub-total of cash outflow from operating activities   (67,312)   (71,113)   (34,649)   (36,025)
                        
   Net cash flows from operating activities   17,378    8,873    14,660    5,901 
                        
2.  Cash flow from investing activities                    
   Cash received from disposal of investment   49    9    49    2 
   Investment income in cash   57    55    119    87 
   Net cash recovered from disposals of fixed assets, intangible assets and other long-term assets   2,355    739    1,594    495 
   Other cash received from investing activities   540    2,227    44    65 
                        
   Sub-total of cash inflow from investing activities   3,001    3,030    1,806    649 

 

 – 18 – 

 

 

4.1Financial Statements (Cont’d)

 

China Eastern Airlines Corporation Limited

Consolidated and Company’s Cash Flow Statement for the Period from January to September 2015

(Unless otherwise stated, amounts are expressed in RMB millions)

 

      Jan to Sep   Jan to Sep   Jan to Sep   Jan to Sep 
      2015   2014   2015   2014 
      Consolidated   Consolidated   Company   Company 
          (Restated)         
                    
   Amount paid in cash in relation to purchases of fixed assets, intangible assets and other long-term assets   (22,665)   (17,648)   (18,623)   (10,191)
   Investments paid in cash   (413)   (102)   (462)   (541)
   Other cash paid for investing activities   –    (44)   –    (28)
                        
   Sub-total of cash outflow from investing activities   (23,078)   (17,794)   (19,085)   (10,760)
                        
   Net cash flow from investing activities   (20,077)   (14,764)   (17,279)   (10,111)
                        
3.  Cash flow from fund raising activities                    
   Proceeds received in cash from investments   2,870    –    2,870    – 
   Cash received from borrowings   37,763    18,660    36,317    23,085 
   Proceeds received in cash from bonds issuance   –    7,298    –    4,000 
                        
   Sub-total of cash inflow from fund raising activities   40,633    25,958    39,187    27,085 
                        
   Cash paid for repayment of indebtedness   (33,379)   (17,136)   (32,603)   (20,126)
   Cash payments for distribution of dividends, profits or payments of interest expense   (1,842)   (1,166)   (1,675)   (1,149)
   Other cash paid for fund raising activities   (3,169)   (1,776)   (2,675)   (1,061)
                        
   Sub-total of cash outflow from fund raising activities   (38,390)   (20,078)   (36,953)   (22,336)
                        
   Net cash flow from fund raising activities   2,243    5,880    2,234    4,749 
                        
4.  Effect of changes in exchange rate on cash and cash equivalents   12    23    5    (1)

 

 – 19 – 

 

 

4.1Financial Statements (Cont’d)

 

China Eastern Airlines Corporation Limited

Consolidated and Company’s Cash Flow Statement for the Period from January to September 2015

(Unless otherwise stated, amounts are expressed in RMB millions)

 

      Jan to Sep   Jan to Sep   Jan to Sep   Jan to Sep 
      2015   2014   2015   2014 
      Consolidated   Consolidated   Company   Company 
          (Restated)         
                    
5.  Net (decrease)/increase in cash and cash equivalents   (444)   12    (380)   538 
   Add: Balance of cash and cash equivalents at the beginning of the year   1,355    2,040    866    1,029 
                        
6.  Balance of cash and cash equivalents at the end of the period   911    2,052    486    1,567 

 

Person-in-charge of the Company: Liu Shaoyong

Officer-in-charge of accounting: Ma Xulun

Officer-in-charge of the accounting department: Wu Yongliang

 

 – 20 – 

 

 

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