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Air China Limited (the "Company", including Air China and Air
Macau, together with its subsidiaries, collectively the "Group", HKEX:
753; LSE: AIRC; SSE: 601111; ADR OTC: AIRYY) announced its results for
the year ended December 31, 2006 (the "Period").
In 2006, Air China's operating revenue grew despite the high cost
of jet fuel during the first half of the year. Operating revenue
increased by 17.4% to RMB44.9 billion. Net profit attributable to
shareholders was RMB2,688 million, up 11.7% compared to 2005. Basic
earnings per share were RMB26.2 cents. The Board of Directors of the
Company recommended a year-end dividend of RMB4.92 cents per share.
During the Period, total operating expenses for the Group were
RMB42.4 billion, up 22.5% from 2005 due to increases in the price and
consumption of jet fuel, although fuel prices dropped in the second
half of the year. The total cost of jet fuel for the Group in the
Period was RMB15.7 billion. This was 37.0% of total operating
expenses, up 3 percentage points over 2005.
"2006 was a critical year for the Company", commented Mr. Li
Jiaxiang, Chairman of Air China. "We had several highlights this year,
including our A-share listing in Shanghai and the restructuring of our
cross shareholding with Cathay Pacific Airways. The share listing
helped stabilize our capital structure and provide us the resources to
continue our fleet expansion while the share restructuring strengthens
our relationship with Cathay and provides us with valuable know-how in
flight services. From an operating standpoint, we saw a break in the
high global oil prices in the second half of the year, which helped
bring some relief to the most significant cost pressure we have been
facing. As a result, we were able to post a substantial increase in
earnings and reward our shareholders with a year-end dividend."
Robust growth in passengers
During the Period, the total number of passengers carried by the
Company increased 14.2% to 33.97 million. Passenger traffic measured
by revenue passenger kilometer ("RPK") was 63.36 billion, an increase
of 15.5% over 2005. RPK on international routes, domestic routes, and
Hong Kong and Macau routes was 25.37 billion, 32.9 billion and 1.98
billion respectively, representing YoY increases of 16.5%, 14.2% and
13.1%.
Passenger capacity ("ASK") of Air China increased 12.4% to 79.4
billion during the Period. Passenger load factor increased 1.9
percentage points to 75.9%. Average passenger yield per RPK was
RMB0.59, an increase of 1.8% compared to 2005.
Expansion of hub and route networks
As of December 31, 2006, the total number of aircraft assigned to
the Company's Beijing hub was 123, giving the Company a market share
of 44% at the nation's largest domestic and international airport.
Meanwhile, Chengdu's position as a secondary hub in the Southwestern
region of the country was further strengthened. The Chengdu-based
fleet consisted of 38 aircraft. The Company continued to add new
capacity in Shanghai, which serves as an international gateway. The
Shanghai-based fleet has 30 aircraft. Air China also accelerated the
build-up of its operational base in Southern China.
During the Period, the Company introduced 35 new routes and began
new services to four additional countries. As of December 31, 2006,
Air China and Air China Cargo operated a total of 285 routes, which
includes 196 domestic routes, 81 international routes and 8 regional
routes. The Company continued to refine its route network to increase
operating efficiency. Internationally, the Company started new
services from Beijing to Ho Chi Ming city, Delhi, Madrid and Sao Palo;
from Tian Jin to Seoul; from Dalian to Seoul; and from Hangzhou to
Pusan. A dozen new domestic routes, which mainly originate from the
Company's hubs were also added.
Fleet expansion and upgrade
During the Period, Air China introduced 31 new aircraft. As of
December 31, 2006, the Company (including Air China Cargo) operated a
fleet of 207 aircraft. The average aircraft age was 7.1 years.
In order to promote service on international routes, the Company
upgraded the business and first class cabins of 9 Boeing 747 and 4
Airbus A340 aircraft. The upgrades were finished on schedule by
December 31, 2006, and a new program of upgrading the cabin facilities
of other A340 aircraft has begun.
Increased marketing efforts and expanded partnership
In 2006, the sale of electronic tickets was RMB10.65 billion, an
increase of 202.9%. Air China inaugurated a call center, a North
American sales website and a European call center, which have helped
strengthen its sales network. The Company is also promoting its
frequent flyer program. During the Period, a total of 1.1 million new
members joined the program, bringing the total membership of the
program to 4.1 million as of December 31, 2006.
On 22 May 2006, the Company signed a Memorandum of Understanding
with the Star Alliance, demonstrating its intention to join Star.
While further strengthening cooperation with long time business
partners such as Lufthansa and United, the Company also introduced
code sharing arrangements with new partners, including Varig, Virgin
Atlantic, Qantas and Air New Zealand. Additionally, a comprehensive
code sharing arrangement was implemented with Shangdong Airlines on
China-Korea routes.
Cargo operation
Cargo traffic experienced growth of 19% to 3.29 billion RTK in the
Period. Cargo capacity ("AFTK") increased 20.8% to 6.1 billion. The
cargo load factor was 53.7%, a decrease of 0.8 percentage points.
Outlook
Looking forward, Chairman Li Jiaxiang said, "Although the high
price of jet fuel creates significant cost a pressure, the PRC economy
has maintained its fast pace of growth and has been the driving force
behind our rapid growth. The coming Olympic Games in 2008 will present
business opportunities as the Company leverages its status as the sole
passenger airline partner of the Games. Furthermore, our strategic
relationship with Cathay Pacific Airways and our prospective
membership in the Star Alliance will further add to the momentum."
About Air China
Air China Limited (Air China) is the national flag carrier of
China and a leading provider of air passenger, air cargo and
airline-related services in China. Its operational head office is in
Beijing. It has an extensive route network serving major Chinese
cities and international destinations, with dominant market share
measured by total traffic volume for the Beijing Capital International
Airport. It also provides airline-related services, including aircraft
maintenance, ground services and in-flight catering services in
Beijing, Chengdu, Hong Kong and other locations through its own
business units and joint ventures. In the year ended December 31,
2006, it operated a fleet of 207 aircrafts, operated 196 domestic
routes, 81 international routes and 8 regional routes.
Air China was listed on the Hong Kong Stock Exchange and the
London Stock Exchange on December 15, 2004 under codes 0753 and AIRC
respectively. On July 2, 2006, Air China issued its Level I American
Depositary Receipt (ADR) listing in New York under the code AIRYY. On
August 18, 2006, Air China's A share was listed on the Shanghai Stock
Exchange under code 601111. Air China was designated on August 4, 2004
as the sole airline partner of the Beijing Olympic Games. For further
details, please visit Air China's website: www.airchina.com.cn.
Notice
Air China Limited will announce 2006 results on March 20, 2007.
Results will be published in the South China Morning Post and the Hong
Kong Economic Times on March 20, 2007. An archived webcast to discuss
Air China's results will be posted on March 21, 2007, on the Company's
website at www.airchina.com.cn.
Disclaimer
This press release contains projections and forward-looking
statements that reflect the company's current views with respect to
future events and financial performance. These views are based on
current assumptions which are subject to various risks and which may
change over time. No assurance can be given that future events will
occur that projections will be achieved, or that the company's
assumptions are correct. Actual results may differ materially from
those projected.
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