Fleet and Operations - China Southern Airlines operates a fleet of 897 aircraft, including Boeing 787, 777, 737 series, and Airbus 350, 330, 320 models[1]. - The company has the largest passenger volume in China, with a comprehensive network covering domestic and international routes[1]. - The company has 20 subsidiaries and 7 holding airline subsidiaries, with a total of 52 overseas offices globally[1]. - The airline's operational performance is supported by a strong financial structure, with major banks including China Development Bank and Industrial and Commercial Bank of China as key partners[9]. - The company aims to expand its market presence and enhance its service offerings through strategic initiatives and technological advancements[5]. - The company aims to transform its operational model towards high-quality development, focusing on safety, innovation, and collaboration[20]. - The company has implemented a digital transformation strategy, enhancing its IT architecture and data management[25]. - The company is committed to improving operational control costs and enhancing service levels in response to complex domestic and international environments[64]. - The company aims to enhance operational efficiency and aircraft utilization rates, focusing on maximizing marginal contributions and improving performance in key markets[66]. Financial Performance - Operating revenue for the first half of 2023 reached RMB 71,830 million, a 75.98% increase compared to RMB 40,817 million in the same period of 2022[10]. - Net loss attributable to equity holders of the company improved to RMB (2,877) million, a 74.96% reduction from RMB (11,490) million year-on-year[10]. - Net cash inflow from operating activities surged to RMB 16,831 million, up 917.59% from RMB 1,654 million in the first half of 2022[10]. - Basic and diluted loss per share decreased to RMB (0.16), a 76.47% improvement from RMB (0.68) in the same period last year[11]. - Total operating income for the first half of 2023 was RMB 71,830 million, reflecting a 75.98% increase from RMB 40,817 million in the same period of 2022[34]. - Total operating expenses amounted to RMB 72,204 million, an increase of 35.34% from RMB 53,349 million in the first half of 2022[37]. - The total comprehensive income for the six months ended June 30, 2023, was a loss of RMB 2,563 million, compared to a loss of RMB 21,622 million for the same period in 2022, showing an improvement in financial performance[176]. Passenger and Cargo Statistics - The company transported 64.996 million passengers and handled 706,000 tons of cargo and mail during the reporting period[16]. - The total passenger transportation volume reached 64.99 million, an increase of 118.62% compared to the same period last year[27]. - The total cargo and mail transportation volume was 70.6 thousand tons, generating revenue of RMB 7.18 billion[24]. - The domestic passenger kilometers (RPK) increased by 108.24% to 96,663.87 million[27]. - The international passenger kilometers (RPK) surged by 529.50% to 11,706.75 million[27]. - Passenger revenue amounted to RMB 60,958 million, reflecting a significant increase due to the recovery in production and an increase in flight transportation volume[33]. Safety and Environmental Responsibility - China Southern Airlines has received the highest safety award in Chinese civil aviation, the "Diamond Two-Star Award" for flight safety[1]. - The company achieved a total of 132.7 million safe flight hours, maintaining industry-leading safety levels[23]. - The company emphasizes its commitment to corporate governance and environmental responsibility in its operations[5]. - The company has complied with the corporate governance code as per the listing rules for the six months ended June 30, 2023[77]. - The company achieved compliance with national pollution discharge standards, with no violations of environmental laws or regulations reported during the reporting period[86]. - The company conducted environmental impact assessments for construction projects and obtained discharge permits, adhering to the permit requirements[88]. Capital and Investment - Capital commitments as of June 30, 2023, amounted to approximately RMB 107,214 million, primarily for aircraft and related equipment purchases[15]. - The company plans to issue up to 5,436,269,319 new A-shares, raising a total of up to RMB 17.5 billion for purchasing new aircraft and supplementing working capital[114]. - The company will also issue up to 855,028,969 new H-shares, raising up to HKD 2.9 billion to supplement general operating funds[114]. - The funds raised will be used to expand the fleet size, optimize the age structure of the aircraft, and enhance operational capacity, supporting the increase in flight frequency and the opening of new routes[118]. Risk Management - The company faces risks from intensified industry competition and the need for effective marketing strategies to counter high-speed rail competition[56][57]. - The company recognizes the impact of macroeconomic policies and external factors such as pandemics and natural disasters on its operations and performance[54][55]. - A 10% fluctuation in average fuel prices could lead to an increase or decrease in operating costs by RMB 2,280 million[62]. - The company has entered into crude oil forward contracts to mitigate fuel price risk, with a fair value of RMB 4 million as of June 30, 2023[197]. Employee and Management - As of June 30, 2023, the group had a total of 98,490 employees, an increase from 97,899 employees as of December 31, 2022[76]. - Employee costs for the reporting period amounted to RMB 14,297 million, compared to RMB 12,543 million for the six months ended June 30, 2022, representing an increase of approximately 14%[76]. - The company has appointed several new senior management personnel, including a new Vice President and Chief Flight Officer[71]. Shareholder and Corporate Governance - The company did not experience any changes in its controlling shareholder or actual controller during the reporting period[151]. - The top shareholder, China Southern Airlines Group, holds 51.90% of shares, totaling 9,404,468,936 shares[147]. - The company has committed to supporting the implementation of an equity incentive plan following the completion of the share reform work[103]. - The company will continue to fulfill its information disclosure obligations as required by regulations[144].

Fleet and Operations - China Southern Airlines reported an operating fleet of 897 aircraft, including models from Boeing and Airbus, as of June 30, 2023[3]. - The company operates a comprehensive route network covering domestic and international destinations, with 20 subsidiaries and 52 overseas offices[3]. - The airline achieved a passenger volume of 100 million in 2022, making it the largest airline in China by passenger traffic[3]. - The group achieved a total of 132.7 million hours of safe flight operations and transported 64.996 million passengers in the first half of 2023[18]. - The average age of the fleet is 9.0 years, with a total of 897 aircraft at the end of the reporting period[31]. Financial Performance - Operating revenue for the first half of 2023 reached RMB 71,830 million, a 75.98% increase compared to RMB 40,817 million in the same period of 2022[12]. - Net loss attributable to equity holders of the company improved to RMB (2,877) million, a 74.96% reduction from RMB (11,490) million year-on-year[12]. - Net cash inflow from operating activities surged to RMB 16,831 million, a significant increase of 917.59% from RMB 1,654 million in the first half of 2022[12]. - Basic and diluted loss per share decreased to RMB (0.16) from RMB (0.68), reflecting a 76.47% improvement[13]. - The company reported a total comprehensive income for the six months ended June 30, 2023, was a loss of RMB 2,563 million, compared to a loss of RMB 21,622 million for the same period in 2022, showing an improvement in financial performance[177]. Revenue and Cost Management - Passenger revenue amounted to RMB 60,958 million, reflecting a significant increase of 128.03% compared to the same period in 2022[34]. - Operating expenses totaled RMB 72,204 million, an increase of 35.34% year-on-year, with a total operating expense to revenue ratio of 100.52%[37]. - The company aims to increase its revenue per available seat kilometer (RASK) by optimizing its flight schedules and capacity management[7]. - The average revenue per passenger kilometer (RPK) increased by 3.70% to RMB 0.56, indicating improved pricing power[29]. Market Position and Strategy - China Southern Airlines is focused on expanding its market presence and enhancing operational efficiency through strategic initiatives[3]. - The airline's management is optimistic about future growth prospects, anticipating a recovery in air travel demand post-pandemic[3]. - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its service offerings[3]. - The company is focusing on high-quality development strategies, including five major development strategies and six major transformations to enhance operational efficiency and market competitiveness[21]. Sustainability and Environmental Management - The company is committed to sustainability and has implemented measures to reduce its carbon footprint in operations[3]. - The company’s environmental management includes being listed as a key pollutant discharge unit in Shenyang, focusing on pollution prevention and environmental management[81]. - The company achieved compliance with national pollution discharge standards during the reporting period, with no violations of environmental laws or regulations[87]. - The company is actively monitoring and managing its emissions to align with environmental regulations and standards[84]. Employee and Management - As of June 30, 2023, the total number of employees in the group was 98,490, an increase from 97,899 as of December 31, 2022[77]. - Employee costs for the group totaled RMB 14,297 million in the first half of 2023, compared to RMB 12,543 million for the same period in 2022, reflecting a year-on-year increase of approximately 14%[77]. - The company appointed several new senior management personnel, including Gao Fei as Deputy General Manager and Wang Renjie as Chief Pilot[71]. Risks and Challenges - The company faces risks from intensified industry competition and potential impacts from macroeconomic policies[54][56]. - The company has significant capital expenditure risks primarily related to aircraft acquisition, which may lead to substantial operating profit declines if business conditions deteriorate[60]. - A 10% fluctuation in average fuel prices would impact operating costs by RMB 2,280 million, highlighting the sensitivity to international oil price changes[62]. Capital and Financing - The company has a total credit facility of approximately RMB 412,139 million, with RMB 114,594 million utilized, leaving approximately RMB 297,545 million available for future capital expenditures[43]. - The company plans to issue up to 5,436,269,319 new A-shares, raising a total of up to RMB 17,500 million for purchasing new aircraft and supplementing working capital[115]. - The total amount raised from the 2020 A-share issuance was RMB 12,782,393,520.97, with a net amount of RMB 12,776,085,313.42 after deducting fees[114]. Compliance and Governance - The company’s board confirmed compliance with the corporate governance code during the six months ending June 30, 2023[78]. - The interim financial report was approved by the board on August 29, 2023, and is prepared in accordance with the same accounting policies as the 2022 annual financial report[179]. - The company has not been involved in any illegal activities or received penalties during the reporting period[111].

Financial Performance - Operating revenue for the first quarter reached RMB 34,055 million, representing a year-on-year increase of 58.61%[4] - Net profit attributable to shareholders was a loss of RMB 1,898 million, with a significant reduction in losses compared to the previous year[4][7] - The company reported a significant recovery in passenger revenue due to the resurgence of the air passenger market[7] - Total operating revenue for Q1 2023 reached RMB 34,055 million, a significant increase from RMB 21,471 million in Q1 2022, representing a growth of 58.4%[18] - The net profit for Q1 2023 was a loss of RMB 1,724 million, compared to a loss of RMB 4,539 million in Q1 2022, showing an improvement of 62.0%[21] - The company reported a basic and diluted earnings per share of -0.10 yuan for Q1 2023, compared to -0.27 yuan in Q1 2022[21] Cash Flow - Net cash flow from operating activities amounted to RMB 8,808 million, reflecting a substantial increase of 51,711.76% year-on-year[4][7] - In Q1 2023, the cash inflow from operating activities was RMB 38,946 million, a significant increase from RMB 23,889 million in Q1 2022, representing a growth of 62.9%[22] - The net cash flow from operating activities reached RMB 8,808 million in Q1 2023, compared to only RMB 17 million in Q1 2022, indicating a substantial improvement[23] - Cash outflow for investment activities was RMB 2,536 million in Q1 2023, down from RMB 3,441 million in Q1 2022, reflecting a decrease of 26.3%[23] - The net cash flow from investment activities was -RMB 1,549 million in Q1 2023, an improvement from -RMB 2,834 million in Q1 2022[23] - Cash inflow from financing activities totaled RMB 12,400 million in Q1 2023, a decrease from RMB 28,910 million in Q1 2022, representing a decline of 57.0%[24] - The net cash flow from financing activities was -RMB 8,176 million in Q1 2023, compared to RMB 1,081 million in Q1 2022, indicating a negative shift[24] - The total cash and cash equivalents at the end of Q1 2023 were RMB 18,948 million, down from RMB 19,720 million at the end of Q1 2022[24] - The company received RMB 4,200 million from other financing activities in Q1 2023, compared to RMB 14,400 million in Q1 2022, showing a decrease of 70.8%[24] - The cash inflow from the disposal of fixed assets and other long-term assets was RMB 852 million in Q1 2023, up from RMB 517 million in Q1 2022, marking a growth of 64.6%[23] Assets and Liabilities - Total assets at the end of the reporting period were RMB 308,760 million, a decrease of 1.04% from the previous year[4] - The total assets as of March 31, 2023, were RMB 308,760 million, a decrease from RMB 312,001 million at the end of 2022[17] - Total liabilities decreased to RMB 255,370 million as of March 31, 2023, from RMB 256,887 million at the end of 2022[16] - Long-term borrowings increased to RMB 18,070 million as of March 31, 2023, compared to RMB 15,316 million at the end of 2022, reflecting a growth of 11.5%[16] Shareholder Information - Shareholders' equity attributable to the parent company was RMB 39,159 million, down 4.62% from the previous year[4] - The total number of ordinary shareholders at the end of the reporting period was 139,577[8] - The largest shareholder, China Southern Airlines Group Co., Ltd., holds 51.90% of the shares[8] Investments and Assets Management - The company reported a long-term equity investment of RMB 6,290 million as of March 31, 2023, compared to RMB 6,205 million at the end of 2022[14] - Fixed assets increased to RMB 90,939 million from RMB 90,810 million, reflecting ongoing investments in infrastructure[14] - The company has established 44 SPV companies, all of which have received guarantees[12] - The total amount guaranteed by the company for SPV companies reached USD 54.33 billion, equivalent to approximately RMB 373.34 billion[12] - The company has a total of 20 SPV companies with guaranteed amounts ranging from USD 0.25 million to USD 5.88 million[11] - The company's inventory stood at RMB 1,535 million, up from RMB 1,387 million, indicating potential growth in sales[14] Other Income and Expenses - Non-recurring gains and losses included RMB 160 million from the disposal of non-current assets and RMB 142 million from government subsidies[5][6] - The company reported an increase in other income to RMB 777 million in Q1 2023, up from RMB 550 million in Q1 2022, marking a growth of 41.2%[19] - The company paid RMB 8,605 million to employees in Q1 2023, an increase from RMB 7,398 million in Q1 2022, reflecting a rise of 16.3%[22] Tax and Deferred Income - The company’s deferred income tax assets remained stable at RMB 12,473 million as of both March 31, 2023, and December 31, 2022[15] - The weighted average return on net assets increased by 2.36 percentage points compared to the previous year[4][7]

中 China 國 Southern 南 www.csair.com 方 航 H 股證券代碼: 1055 A 股證券代碼: 600029 Airlines 空 股 Company 份 有 United 限 Kingdom Limited 公 ...

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