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 May 2020

Commission File Number: 001-14550

 

 

China Eastern Airlines Corporation Limited

(Translation of Registrant’s name into English)

 

 

Board Secretariat’s Office

5/F, Block A2, Northern District, CEA Building

36 Hongxiang 3rd Road, Minhang District

Shanghai, China 200335

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:  ☒ 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   ☒ 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        May 4, 2020                                                  By   /s/ Wang Jian
      Name: Wang Jian
      Title: Company Secretary

 

2

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.

 

3

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.

 

LOGO    LOGO
  

 

(A joint stock limited company incorporated in the People’s Republic of China with limited liability)

                             (Stock code: 00670)

2020 FIRST QUARTERLY REPORT

 

This announcement is made pursuant to the requirements under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and Rule 13.09 and Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

The financial statements of the Company for the first quarter of 2020 were not audited, and were prepared in accordance with the China Accounting Standards for Business Enterprises.

 

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 “Hong Kong Stock Exchange”) whose securities are also listed on other stock exchange(s) to simultaneously inform the Hong Kong 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 simultaneously 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 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 first quarter of 2020 were not audited, and were prepared in accordance with the China Accounting Standards for Business Enterprises.

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 to consider this quarterly report.

Liu Shaoyong, the person-in-charge of the Company, Li Yangmin, 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 first quarterly report of the Company are unaudited.

 

2

2.

BASIC INFORMATION OF THE COMPANY

 

  2.1

Main financial data

Unit: million Currency: RMB

 

     As at the end of
the reporting
period 		    As at the end of
last year 		   

Increase/decrease as at the
end of the reporting
period compared with the
end of last year (%)

 

Total assets

     286,530       282,936       1.27  

Net assets attributable to shareholders
of the listed company

     62,543       66,765      
-6.32
 
     From the
beginning of the
year to the end of
the reporting
period 		    From the
beginning of last
year to the end of
the reporting
period last year 		   

Increase/decrease
compared with the same
period last year (%)

 

Net cash flows from operating activities

     -6,126       5,335       -214.83  
     From the
beginning of the
year to the end of
the reporting
period 		    From the
beginning of last
year to the end of
the reporting
period last year 		   

Increase/decrease
compared with the same
period last year (%)

 

Revenue

     15,454       30,053       -48.58  

Net profit attributable to shareholders

of the listed company

     -3,933       2,006       -296.06  

Net profit attributable to shareholders
of the listed company after deducting
non-recurring profit and loss

     -4,046       1,935       -309.10  

Weighted average return on net assets (%)

     -6.08 %      3.65 %     
Decreased
by 9.73 pt 		 
 

Basic earnings per share (RMB/share)

     -0.2401       0.1371       -275.13  

Diluted earnings per share (RMB/share)

     -0.2401       0.1371       -275.13  

 

3

  Non-recurring

profit and loss and relevant amounts

Unit: million Currency: RMB

 

Item    Amount
for the
period 		 

Changes in fair value arising from financial assets/
liabilities held for trading

     -22  

Non-operating net incomes and expenses

     13  

Net incomes and expenses other than the above

     157  

Effect on income tax

     -34  

Effect on minority interests

     -1  
  

 

 

 

Total

     113  
  

 

 

 

 

4

  2.2

The 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 (i.e. 31 March 2020)

Unit: shares

 

Totalnumber of shareholders

  

242,825

Shareholding of the 10 largest shareholders

 

                       Pledged or locked-up       

Name of shareholder (in full)

 

Shareholdings as
at the end

of the period

    Proportion    

Number of
shares with

trading
moratorium

held

     Status of
shares 		   

Number of

shares

     Nature of
shareholders
          (%)                          

China Eastern Air Holding Company Limited
( 中國東方航空集團有限公司 )

    5,072,922,927       31.0 %            State-owned legal person

HKSCC Nominees Limited

    4,701,704,955       28.7 %      517,677,777        Unknown        Overseas legal person

Shanghai Jidaohang Enterprise Management Company Limited
( 上海吉道航企業管理有限公司 )

    589,041,096       3.6 %      589,041,096          

Domestic

non-state-

owned legal person

China National Aviation Fuel Holding Company Limited
( 中國航空油料集團有限公司 )

    502,767,895       3.1 %            State-owned legal person

Delta Air Lines, Inc.

    465,910,000       2.8 %            Overseas legal person

Shanghai Licheng Information Technology Consulting Co., Ltd.
( 上海勵程信息技術諮詢有限公司 )

    465,838,509       2.8 %         Pledged       465,838,509     

Domestic

non-state-

owned legal person

CES Finance Holding Co., Ltd.
( 東航金控有限責任公司 )

    457,317,073       2.8 %            State-owned legal person

China Securities Finance Corporation Limited
( 中國證券金融股份有限公司 )

    429,673,382       2.6 %            State-owned legal person

Shanghai Juneyao (Group) Co., Ltd.

( 上海均瑤 ( 集團 ) 有限公司 )

    311,831,909       1.9 %      311,831,909        Pledged       311,831,909      Domestic non-state-owned legal person

China Structural Reform Fund Corporation Limited
( 中國國有企業結構調整基金股份有限公司)

    273,972,602       1.7 %      273,972,602           State-owned legal person

 

 

5

Shareholding of the 10 largest holders of shares without trading moratorium

 

Name of shareholder   

Number of listed
shares without
trading

moratorium
held

     Class and number of shares  
            Class    Number  

China Eastern Air Holding Company Limited

( 中國東方航空集團有限公司 )

     5,072,922,927      RMB ordinary shares      5,072,922,927  

HKSCC Nominees Limited

     4,184,027,178      Overseas listed
foreign shares 		     4,184,027,178  

China National Aviation Fuel Holding Company Limited
( 中國航空油料集團有限公司 )

     502,767,895      RMB ordinary shares      502,767,895  

Delta Air Lines, Inc.

     465,910,000      Overseas listed
foreign shares 		     465,910,000  

Shanghai Licheng Information Technology Consulting Co., Ltd.
( 上海勵程信息技術諮詢有限公司 )

     465,838,509      RMB ordinary shares      465,838,509  

CES Finance Holding Co., Ltd.
( 東航金控有限責任公司 )

     457,317,073      RMB ordinary shares      457,317,073  

China Securities Finance Corporation Limited
( 中國證券金融股份有限公司 )

     429,673,382      RMB ordinary shares      429,673,382  

China COSCO Shipping Corporation Limited
( 中國遠洋海運集團有限公司 )

     232,919,254      RMB ordinary shares      232,919,254  

Hong Kong Securities Clearing Company Limited
( 香港中央結算有限公司 )

     95,965,690      RMB ordinary shares      95,965,690  

Central Huijin Asset Management Ltd.
( 中央匯金資產管理有限責任公司 )

     70,984,100      RMB ordinary shares      70,984,100  

 

Description of connected relationship or activities in concert among the above shareholders

   Among the 4,701,704,955 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 Limited (“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 interest in CES Global. Among the 4,701,704,955 shares held by HKSCC Nominees Limited, 517,677,777 shares are held by Shanghai Juneyao Airline Hong Kong Limited (“Juneyao Hong Kong”) in the capacity of beneficial owner, and Juneyao Airlines Co., Ltd. (“Juneyao Airlines”) owns 100% equity interest in Juneyao Hong Kong. Shanghai Juneyao (Group) Co., Ltd. is the controlling shareholder of Juneyao Airlines. The Company is not aware of any other connected relationship or activities in concert among the 10 largest holders of shares without trading moratorium.

As at the end of the reporting period, CES Global has pledged in aggregate 1,450,000,000 H shares of the Company; and Juneyao Hong Kong has pledged in aggregate 232,000,000 H shares of the Company.

 

6

3.

IMPORTANT MATTERS

 

  3.1

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

During the first quarter of 2020, the Company achieved passenger traffic volume of 24,837.09 million passenger-kilometres, representing a year-on-year decrease of 54.38%; served 13.7028 million travelers, representing a year-on-year decrease of 57.06%; and achieved passenger load factor of 67.77%, representing a year-on-year decrease of 14.89 percentage points.

During the first quarter of 2020, the Company’s operating income amounted to RMB15,454 million; net profit attributable to shareholders of the listed company amounted to RMB- 3,933 million; and net profit attributable to shareholders of the listed company after deducting non-recurring profit and loss amounted to RMB-4,046 million. The Company suffered losses in the first quarter of 2020 mainly due to the rapid spread of the novel coronavirus (COVID-19) epidemic worldwide since the beginning of 2020. Many countries have imposed travel restrictions, and the demand of passengers to travel have been significantly reduced, which had a significant impact to the transportation industry where the Company operates. The Company drastically reduced flight capacity deployment, which resulted in a substantial decline in revenue.

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

 

 

Item    Change compared
to the end of last
year 		    Reason for the change

Monetary capital

     419.47 %    Primarily due to the fact that the Company conducted research and made judgement on the future operation and reserved capital for the subsequent payments based on the external capital market situation.

Deferred income tax assets

     173.39 %   

Primarily due to the fact that the Company made provision for deferred income tax assets based on current loss for the deductions in

subsequent years.

Contract liabilities

     -63.14 %   

Primarily due to the significant decline in flight

productivity and the decrease in passenger

ticket settlement.

Tax payables

     -48.03 %    Primarily due to the significant decline in flight productivity and the decrease in the withholding and payment of airport construction charges.

Other current liabilities

     97.10 %   

Primarily due to the fact that the Company

speeded up the pace of financing and increased the issuance of super short-term debentures.

 

7

Item    Change compared
to the
corresponding
period last year 		    Reason for the change

 

Consumption of aviation fuel

     -42.53 %    Primarily due to the sharp decline in the demand for air passenger transportation and the significant decline in flight productivity, and

Airport take-off and landing charges

     -46.32 %   

thus the aviation fuel costs, take-off and landing costs, food and beverages and supplies costs and sales expenses decreased correspondingly.

Food and beverages and supplies costs

     -51.48 %   

Sales expenses

     -40.52 %   

Finance costs

     814.55 %    Primarily due to the foreign exchange loss amounted to RMB585 million in the first quarter of 2020 as compared to the foreign exchange gain amounted to RMB1,054 million in the corresponding period of last year, and the increase in interest expenses relating to lease liabilities amounted to RMB137 million.

Net cash flows from operating activities

     -214.83 %    Primarily due to a sharp decline in the demand for air passenger transportation and the significant drop in flight productivity, and thus the Company’s operating income decreased significantly.

Net cash flows from investing activities

     -78.46 %   

Primarily due to the fact that the Company’s investment plans were reduced or delayed in response to the impact of the novel coronavirus (COVID-19) epidemic.

Net cash flows from financing activities

     446.46 %   

Primarily due to the Company’s aim to maintain stable cash flow by accelerating the pace of financing.

 

  3.2

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

Not applicable

 

  3.3

Overdue commitments that have not yet been fulfilled during the reporting period

Not applicable

 

8

  3.4

Warning 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

The Company has quickly responded to the strike of the novel coronavirus (COVID-19) epidemic and strived to prevent and combat the epidemic in the country, community and the Company. While ensuring the health and safety of employees and passengers, the Company timely adjusted its operating strategies, such as suspending or adjusting the operation of certain flights, dynamically optimised and adjusted its transportation capacity deployment, actively strived for policy support from all aspects, implemented strict cost control measures, adjusted aircraft introduction schedule, reduced or delayed investment plans, accelerated the pace of financing, and ensured stable cash flow from operations. Although the Company took the above measures in a timely manner, as of the date of this report, there is still great uncertainty in the time span and severity of the epidemic around the world, which may magnify the impact on or result in a delay in the recovery of travel demand. The Company expects that the novel coronavirus (COVID-19) epidemic will cause significant uncertainties and adverse impact on the results of the Company for the first half of 2020. The Company will continue to pay attention to the progress of the novel coronavirus (COVID-19) epidemic, keep closely updated on the changes in market demand, actively respond to the risks and challenges brought by the epidemic to the Company’s production and operation, and strive to reduce the adverse impact of the epidemic.

The above description of the future situation of the Company is based on preliminary judgment under the current situation and involves certain uncertainties. Investors are reminded of the risks thereof. Shareholders and potential investors of the Company are advised to exercise caution when dealing in the securities of the Company.

 

  

By order of the Board

CHINA EASTERN AIRLINES CORPORATION LIMITED

Liu Shaoyong

Chairman

Shanghai, the People’s Republic of China

29 April 2020

As at the date of this announcement, the directors of the Company include Liu Shaoyong (Chairman), Li Yangmin    (Vice Chairman), Tang Bing (Director), Wang Junjin (Director), Lin Wanli (Independent non-executive Director), Shao Ruiqing (Independent non-executive Director), Cai Hongping (Independent non-executive Director), Dong Xuebo (Independent non-executive Director) and Yuan Jun (Employee Representative Director).

 

9

4.

APPENDICES

 

  4.1

Financial Statements

China Eastern Airlines Corporation Limited

Consolidated and Company’s Balance Sheet as at 31 March 2020 (unaudited)

 

RMB million

           

 

Assets   

31 March

2020

Consolidated

    

31 December

2019

Consolidated

    

31 March

2020

Company

    

31 December

2019

Company

 

Current assets

Monetary capital

     7,044        1,356        6,678        1,112  

Held-for-trading financial assets

     99        121        99        121  

Hedge instruments

     16        43        3        43  

Notes receivables

     —          —          —          —    

Trade receivables

     1,769        1,717        1,318        1,355  

Prepayments

     255        175        145        72  

Other receivables

     4,566        5,883        16,233        14,781  

Inventory

     2,580        2,407        30        31  

Held-for-sale assets

     6        6        —          —    

Non-current assets due within

one year

     24        29        3        3  

Other current assets

     8,397        8,006        7,337        7,224  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total current assets

     24,756        19,743        31,846        24,742  
  

 

 

    

 

 

    

 

 

    

 

 

 

Non-current assets

Long-term equity investment

     2,598        2,604        16,026        16,032  

Other equity instrument investments

     1,101        1,274        987        1,160  

Hedge instruments

     20        27        20        27  

Investment properties

     644        653        186        189  

Fixed assets

     94,270        95,573        62,730        63,650  

Construction in progress

     20,660        20,130        20,078        19,736  

Right-of-use assets

     125,511        127,361        76,425        77,248  

Intangible assets

     1,744        1,771        1,146        1,168  

Goodwill

     9,028        9,028        9,028        9,028  

Long-term deferred expenses

     2,105        2,180        1,772        1,841  

Deferred income tax assets

     2,332        853        1,142        315  

Other non-current assets

     1,761        1,739        1,971        1,950  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total non-current assets

     261,774        263,193        191,511        192,344  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total assets

     286,530        282,936        223,357        217,086  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

10

  4.1

Financial Statements (Cont’d)

China Eastern Airlines Corporation Limited

Consolidated and Company’s Balance Sheet as at 31 March 2020 (unaudited) (Cont’d)

 

RMB million

           

 

Liabilities and shareholders’ equity

  

31 March

2020

Consolidated

    

31 December

2019

Consolidated

    

31 March

2020

Company

    

31 December

2019

Company

 

Current liabilities

Short-term borrowings

     2,702        2,200        8,182        9,240  

Hedge instruments

     93        13        93        13  

Notes payables

     1,101        —        1,101        —  

Trade payables

     13,457        12,879        10,825        10,325  

Account collected in advance

     11        18        —        2  

Contract liabilities

     3,752        10,178        3,438        9,477  

Staff remuneration payable

     2,378        2,794        1,452        1,768  

Tax payable

     1,213        2,334        256        945  

Other payables

     5,863        7,932        9,651        11,529  

Non-current liabilities due within one year

     20,417        21,101        10,685        11,171  

Other current liabilities

     37,280        18,914        37,261        18,854  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total current liabilities

     88,267        78,363        82,944        73,324  
  

 

 

    

 

 

    

 

 

    

 

 

 

Non-current liabilities

Long-term borrowings

     3,701        3,823        3,569        3,693  

Bonds payable

     22,682        22,781        21,059        20,990  

Hedge instruments

     10        10        10        10  

Lease liabilities

     92,949        94,685        56,724        57,191  

Long-term payables

     1,295        1,318        606        617  

Long-term staff remuneration

payable

     2,666        2,672        2,054        2,081  

Estimated liabilities

     6,726        6,659        2,875        2,846  

Deferred income

     150        152        131        142  

Deferred income tax liabilities

     22        22        —        —  

Other non-current liabilities

     2,145        2,054        1,171        1,160  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total non-current liabilities

     132,346        134,176        88,199        88,730  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities

     220,613        212,539        171,143        162,054  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

11

  4.1

Financial Statements (Cont’d)

China Eastern Airlines Corporation Limited

Consolidated and Company’s Balance Sheet as at 31 March 2020 (unaudited) (Cont’d)

 

RMB million

           

 

Liabilities and shareholders’ equity   

31 March

2020

Consolidated

    

31 December

2019

Consolidated

    

31 March

2020

Company

    

31 December

2019

Company

 

Shareholders’ equity

           

Share capital

     16,379        16,379        16,379        16,379  

Capital reserves

     34,298        34,298        35,000        35,000  

Other comprehensive income

     (2,553 )       (2,264 )       (1,910 )       (1,608 ) 

Surplus reserves

     782        782        780        780  

Undistributed profits

     13,637        17,570        1,965        4,481  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total equity attributable to shareholders of parent company

     62,543        66,765        52,214        55,032  

Minority interests

     3,374        3,632        —          —    
  

 

 

    

 

 

    

 

 

    

 

 

 

Total shareholders’ equity

     65,917        70,397        52,214        55,032  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities and shareholders’ equity

     286,530        282,936        223,357        217,086  
  

 

 

    

 

 

    

 

 

    

 

 

 

The financial statements are signed by:

Legal representative: Liu Shaoyong

Officer-in-charge of accounting: Li Yangmin

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

 

12

  4.1

Financial Statements (Cont’d)

China Eastern Airlines Corporation Limited

Consolidated and Company’s Income Statement for the Period from January to March 2020 (unaudited)

 

RMB million

           

 

     Jan to Mar
2020
Consolidated 		     Jan to Mar
2019
Consolidated 		     Jan to Mar
2020
Company 		     Jan to Mar
2019
Company 		 

Revenue

     15,454        30,053        10,631        18,390  

Less:   Operating costs

     18,546        25,819        11,807        16,144  

Taxes and surcharges

     46        57        22        15  

Selling expenses

     913        1,535        727        1,123  

Administrative expenses

     751        794        487        524  

Research and development

expenses

     40        33        29        24  

Finance costs

     1,948        213        1,483        75  

Of which: Interest expenses

     1,354        1,209        1,057        819  

     Interest income

     17        10        16        10  

Credit impairment loss

     —        1        —        —  

Add:   Other gains

     1,130        1,151        574        472  

Investment gains

     (6)        58        (6)        145  

Of which: Gains from investments in associates and joint ventures

     (6)        58        (6)        58  

Gains/(Loss) arising from

changes in fair value

     (22)        —        (22)        —  

Gains from disposal of assets

     —        —        —        —  

Operating profit

     (5,688)        2,810        (3,378)        1,102  

Add: Non-operating income

     61        71        36        60  

Less: Non-operating expenses

     1        6        1        5  
  

 

  

 

  

 

  

 

Total profits

     (5,628)        2,875        (3,343)        1,157  

Less: Income tax expenses

     (1,437)        705        (827)        289  
  

 

  

 

  

 

  

 

Net profit

     (4,191)        2,170        (2,516)        868  
  

 

 

    

 

 

    

 

 

    

 

 

 

Classified by continuation of business

           

Net profit from continuing

activities

     (4,191)        2,170        

Classified by ownership Net profit attributable to shareholders of parent company

     (3,933)        2,006        

Minority interests

     (258)        164        

 

13

  4.1

Financial Statements (Cont’d)

China Eastern Airlines Corporation Limited

Consolidated and Company’s Income Statement for the Period from January to March 2020 (unaudited) (Cont’d)

 

RMB million

           

 

     Jan to Mar
2020
Consolidated 		     Jan to Mar
2019
Consolidated 		     Jan to Mar
2020
Company 		     Jan to Mar
2019
Company 		 

Other comprehensive income, net of tax

           

Other comprehensive income that cannot be reclassified into profit or loss

           

Changes arising from re-measuring defined benefit plan

     —          (46 )       —          (35 ) 

Other comprehensive income that cannot be transferred to profit or loss under the equity method Changes in fair value of other equity instrument investments

     (174 )       52        (175 )       45  
  

 

 

    

 

 

    

 

 

    

 

 

 

Other comprehensive income that will be reclassified into profit or loss Cash flow hedge reserve

     (115 )       (145 )       (127 )       (145 ) 
  

 

 

    

 

 

    

 

 

    

 

 

 

Other comprehensive income, net of tax

     (289 )       (139 )       (302 )       (135 ) 
  

 

 

    

 

 

    

 

 

    

 

 

 

Of which:

           

Other comprehensive income, net of tax, attributable to shareholders of the parent company

     (289 )       (142 )       
  

 

 

    

 

 

       

Other comprehensive income, net of tax, attributable to minority interests

     —        3        
  

 

 

    

 

 

       

Total comprehensive income

     (4,480 )       2,031        (2,818 )       733  
  

 

 

    

 

 

    

 

 

    

 

 

 

Of which:

           

Total comprehensive income attributable to shareholders of the parent company

     (4,222 )       1,864        
  

 

 

    

 

 

       

Total comprehensive income attributable to minority interests

     (258 )       167        
  

 

 

    

 

 

       

Earnings per share

           

Basis earnings per share (in RMB)

     -0.24        0.14        
  

 

 

    

 

 

       

Diluted earnings per share (in RMB)

     -0.24        0.14        
  

 

 

    

 

 

       

 

14

  4.1

Financial Statements (Cont’d)

China Eastern Airlines Corporation Limited

Consolidated and Company’s Cash Flow Statement for the Period from January to March 2020 (unaudited)

 

RMB million

           

 

     Jan to Mar
2020
Consolidated 		     Jan to Mar
2019
Consolidated 		     Jan to Mar
2020
Company 		     Jan to Mar
2019
Company 		 

1. Cash flow from operating activities

           

Cash received from sales of goods and provision of labour services

     10,055        31,034        5,163        17,838  

Refund of taxes

     36        50        7        0  

Other cash received from operating activities

     2,070        3,347        1,219        3,090  
  

 

 

    

 

 

    

 

 

    

 

 

 

Sub-total of cash inflow from operating activities

     12,161        34,431        6,389        20,928  
  

 

 

    

 

 

    

 

 

    

 

 

 

Cash paid for purchase of goods and receiving of labour services

     (10,980 )       (20,352 )       (8,111 )       (10,629 ) 

Cash paid to and for employees

     (5,618 )       (6,096 )       (3,340 )       (3,457 ) 

Taxes paid

     (503 )       (1,096 )       (202 )       (349 ) 

Other cash paid for operating activities

     (1,186 )       (1,552 )       (1,569 )       (1,837 ) 
  

 

 

    

 

 

    

 

 

    

 

 

 

Sub-total of cash outflow from operating activities

     (18,287 )       (29,096 )       (13,222 )       (16,272 ) 
  

 

 

    

 

 

    

 

 

    

 

 

 

Net cash flows from operating activities

     (6,126 )       5,335        (6,833 )       4,656  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

15

  4.1

Financial Statements (Cont’d)

China Eastern Airlines Corporation Limited

Consolidated and Company’s Cash Flow Statement for the Period from January to March 2020 (unaudited) (Cont’d)

 

RMB million

           

 

     Jan to Mar
2020
Consolidated 		     Jan to Mar
2019
Consolidated 		     Jan to Mar
2020
Company 		     Jan to Mar
2019
Company 		 

2. Cash flow from investing activities

           

Investment income in cash

     —          12        —          98  

Net cash received from disposal of fixed assets, intangible assets and other long-term assets

     —          5        —          5  

Other cash received from investing

activities

     —          —          —          —    
  

 

 

    

 

 

    

 

 

    

 

 

 

Sub-total of cash inflow from investing activities

     —          17        —          103  
  

 

 

    

 

 

    

 

 

    

 

 

 

Amount paid in cash in relation to purchases of fixed assets, intangible assets and other long-term assets

     (1,403 )       (6,429 )       (1,397 )       (6,012 ) 

Investments paid in cash

     —          (101 )       —          (101 ) 
  

 

 

    

 

 

    

 

 

    

 

 

 

Sub-total of cash outflow from investing activities

     (1,403 )       (6,530 )       (1,397 )       (6,113 ) 
  

 

 

    

 

 

    

 

 

    

 

 

 

Net cash flow from investing activities

     (1,403 )       (6,513 )       (1,397 )       (6,010 ) 
  

 

 

    

 

 

    

 

 

    

 

 

 

 

16

  4.1

Financial Statements (Cont’d)

China Eastern Airlines Corporation Limited

Consolidated and Company’s Cash Flow Statement for the Period from January to March 2020 (unaudited) (Cont’d)

 

RMB million

           

 

     Jan to Mar
2020
Consolidated 		     Jan to Mar
2019
Consolidated 		     Jan to Mar
2020
Company 		     Jan to Mar
2019
Company 		 

3. Cash flow from financing activities

Cash received from borrowings

     27,397        17,654        27,484        15,971  
  

 

 

    

 

 

    

 

 

    

 

 

 

Sub-total of cash inflow
from financing activities

     27,397        17,654        27,484        15,971  
  

 

 

    

 

 

    

 

 

    

 

 

 

Cash paid for repayment of indebtedness

     (8,328 )       (7,930 )       (9,974 )       (8,922 ) 

Cash payments for distribution of dividends, profits expense or

payment of interest

     (1,618 )       (1,652 )       (1,218 )       (1,203 ) 

Of which: Payment of dividends
and profits to minority
interests from subsidiaries

     —          (32 )       —          —    

Other cash paid for financing

activities

     (4,265 )       (5,659 )       (2,522 )       (3,368 ) 
  

 

 

    

 

 

    

 

 

    

 

 

 

Sub-total of cash outflow from
financing activities

     (14,211 )       (15,241 )       (13,714 )       (13,493 ) 
  

 

 

    

 

 

    

 

 

    

 

 

 

Net cash flow from financing activities

     13,186        2,413        13,770        2,478  
  

 

 

    

 

 

    

 

 

    

 

 

 

4. Effect of changes in exchange rate

on cash and cash equivalents

     12        (36 )       7        (23 ) 
  

 

 

    

 

 

    

 

 

    

 

 

 

5. Net (decrease)/increase in cash

and cash equivalents

     5,669        1,199        5,547        1,101  

Add: Balance of cash and cash

equivalents at the beginning

of the period

     1,350        646        1,107        393  
  

 

 

    

 

 

    

 

 

    

 

 

 

6. Balance of cash and cash

equivalents at the end

of the period

     7,019        1,845        6,654        1,494  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

17

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