Financial Performance - Total operating revenue for 2023 reached RMB 159,929 million, a significant increase from RMB 87,059 million in 2022, representing an increase of 83.3%[2] - Operating expenses totaled RMB 159,052 million in 2023, up from RMB 115,262 million in 2022, reflecting a rise of 38.0%[3] - The company reported an operating profit of RMB 5,557 million for 2023, a turnaround from an operating loss of RMB 22,542 million in 2022[3] - Net loss for the year was RMB 2,957 million, a substantial improvement compared to a net loss of RMB 33,716 million in the previous year[4] - Basic and diluted loss per share improved to RMB (0.23) in 2023 from RMB (1.90) in 2022[3] - The total comprehensive income for the year was a net loss of (32,699) million, compared to (33,608) million in the previous year, indicating a slight improvement[11] - The company reported a decrease in total comprehensive income, with a loss of (36,900) million as of December 31, 2023, compared to (32,760) million in the previous year[11] - The net loss attributable to shareholders for 2023 was RMB 4,209 million, compared to a net loss of RMB 32,682 million in 2022, showing significant improvement[65] Assets and Liabilities - Non-current assets as of December 31, 2023, amounted to RMB 281,657 million, slightly up from RMB 278,792 million in 2022[6] - Current assets decreased to RMB 27,939 million in 2023 from RMB 33,454 million in 2022, indicating a decline of 16.5%[6] - Total liabilities decreased to RMB 129,436 million in 2023 from RMB 141,458 million in 2022, a reduction of 8.5%[8] - The company’s total equity as of December 31, 2023, was RMB 52,367 million, down from RMB 55,359 million in 2022[8] - As of December 31, 2023, the total assets amounted to RMB 96,976 million, an increase from RMB 86,514 million on December 31, 2022, reflecting a growth of approximately 12.5%[43] - The total amount of borrowings as of December 31, 2023, is RMB 116,216 million, down from RMB 119,780 million in 2022, indicating a reduction of about 3.1%[53] - The total liabilities as of December 31, 2023, were RMB 257,229 million, consistent with the total liabilities reported for December 31, 2022[32] Revenue Breakdown - Passenger revenue for 2023 was RMB 136,170 million, significantly up from RMB 60,017 million in 2022, marking a growth of 127.3%[22] - The total revenue from domestic operations in 2023 was RMB 122,933 million, significantly up from RMB 57,256 million in 2022, indicating a growth of approximately 114%[30] - Passenger load factor rose by 11.74 percentage points to 78.09% in 2023, compared to 66.35% in 2022[82] - Revenue per available seat kilometer (RPK) decreased by 6.78% to RMB 0.55 in 2023 from RMB 0.59 in 2022[82] - Revenue per ton kilometer (RTK) increased by 2.83% to RMB 5.08 in 2023, up from RMB 4.94 in 2022[82] Operational Efficiency - The company plans to focus on expanding its market presence and enhancing operational efficiency in the upcoming year[1] - The company continues to focus on its core aviation business, including passenger and cargo transport services[12] - The group achieved a flight safety record of 2.842 million hours, maintaining a leading safety level in the industry[67] - The company aims to enhance safety management through digital transformation and strict management of safety personnel, maintaining a stable safety status in 2024[108] - The company plans to improve market competitiveness by enhancing core network connectivity and developing a comprehensive customer management system[109] Taxation and Financial Management - The income tax expense for 2023 was RMB 1,436 million, a decrease of 33.7% from RMB 2,166 million in 2022[37] - The effective income tax rate for the company and its subsidiaries in China remained between 15% to 25% for both 2023 and 2022[37] - The company recognized deferred tax assets from unused tax losses and deductible temporary differences amounting to RMB 1,345 million in 2023, down from RMB 6,956 million in 2022[38] - The company reported a decrease in tax expenses due to non-deductible expenses of RMB 109 million in 2023, compared to RMB 90 million in 2022[38] Future Outlook and Strategic Initiatives - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency and asset utilization[44] - Strategic initiatives include high-quality development goals and expanding into emerging industries, particularly enhancing capabilities at Beijing hub and Daxing Airport[111] - The International Monetary Fund forecasts a global economic growth of 3.1% for 2024, with challenges from tightening monetary policies and geopolitical conflicts[107] Shareholder Information - The company did not recommend any dividends for the years ended December 31, 2023, and 2022[41] - The total number of shares as of December 31, 2023, was 18,120,892,710, with no repurchase or redemption of shares during the year[103] - The company confirmed compliance with the Hong Kong Stock Exchange's Listing Rules throughout the year ended December 31, 2023[105]
中国南方航空股份(01055) - 2023 - 年度业绩