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China Southern Airlines Company Limited ("China Southern Airlines"
or the "Company") today announced the audited consolidated results of
the Company and its subsidiaries (the "Group") for the year ended 31
December 2006 (the "Year"), prepared in accordance with International
Financial Reporting Standards ("IFRS") and PRC Accounting Rules and
Regulations ("PRC GAAP").
Under IFRS, the Group's total operating revenue amounted to
approximately RMB46,219 million (2005: RMB38,293 million); operating
profit amounted to approximately RMB 312 million (2005: loss 1,305
million); profit attributable to shareholders of the Company amounted
to approximately RMB188 million (2005: loss RMB1,848 million). Basic
earnings per share was RMB0.04 (2005: basic loss per share RMB0.42).
Under PRC GAAP, the Group's sales from principal activities amounted
to approximately RMB47,047 million (2005: RMB39,052 million); profit
before income tax was RMB 306 million (2005: loss RMB 1,773 million);
net profit amounted to approximately RMB118 million (2005: loss
RMB1,794 million). The Board of Directors of the Company did not
recommend any final dividend for year 2006.
The Company said, "In 2006, China's economy continued to grow at a
healthy and steady pace while market demand for air transportation
remained strong. This has led to increases in the Group's passenger
and cargo traffic volumes and their income levels to various extents,
resulting in a corresponding increase in the overall operating income
of the Group. However, with the opening of the international and
domestic airline transportation market, the fleet capacity and number
of flights provided have significantly increased. With intensified
competition within the airline industry and soaring jet fuel prices
which hovered at a historic high level, the Group's operations have
been faced with strong pressure."
During the Year, total number of passengers carried increased by
11.5% to 49.21 million passengers; passenger revenue increased by
21.0% to RMB41,549 million, of which passenger revenues on domestic
routes, Hong Kong and Macau routes and international routes amounted
to RMB34,174 million, RMB1,230 million and RMB6,145 million,
respectively, representing increases of 21.3%, 3.0% and 24.1%,
respectively over the previous year. Total cargo and mail carried
increased by 5.7% to 819 thousand tonnes. Revenue from cargo and mail
also increased by 14.5% to RMB3,538 million.
In order to enhance economies of scale, the Company is gradually
implementing its strategic shift from a point-to-point linear
operational model to a hub-network operational model; in order to
improve the flight network structure of air transport hubs and enhance
the business profiting model. Meanwhile, by targeting customer needs,
the Company improved product quality and increased the introduction of
innovative services through promoting electronic ticketing and
customized services, so as to steadily achieve the long-term
objectives of the business strategies of the Group.
In 2006, the Group expedited its pace to become an international
player by entering into an operation agreement for joining the SkyTeam
Alliance. Through strategic partnerships with foreign airlines, the
Group broadened its global market penetration and coverage and
successfully added 16 new international routes including Lagos and
Tehran and 9 international destinations, representing the largest
number of newly launched international flight routes in recent years.
Looking ahead, the Company said, "In 2007, it is expected that
China's economic growth will remain robust and soaring jet fuel prices
will gradually slow down. Meanwhile, domestic airlines are expected to
benefit from the appreciation of Renminbi through foreign exchange
conversion from various business opportunities arising from 2008
Beijing Olympics, Shanghai 2010 World Expo and the Asian Game to be
held in Guangzhou, PRC. However, due to rapidly increasing flight
capacity, fierce market competition among airlines is inevitable.
Therefore, the Company will continue to reinforce the risk detection
and risk prevention ability as regards operational safety, further
enhancing its customer service and optimizing its resource allocation
among different routes to enhance cargo carrying capacity, as well as
reinforcing its financial planning management and improving its
internal control system, with a view to sustaining the Group's growth
and market competitiveness."
The Group is one of the largest airlines in the PRC in terms of
volume of passenger traffic, number of scheduled flights per week,
number of hours flown, number of routes and size of aircraft fleet.
The Group operates the most extensive route network among all PRC
airlines. For the year ended 31 December 2006, the Group operated a
total of 616 routes, of which 501 were domestic, 90 were international
and 25 were Hong Kong and Macau. As at 31 December 2006, the Group
operated an average of 9,333 landings and take-offs per week, serving
152 destinations. As at 31 December 2006, the Group operated a fleet
of 298 aircraft and the average age of the Group's fleet was 6.37
years.
Encl.
1. Audited Consolidated Income Statement (Prepared in accordance
with IFRS)
2. Audited Consolidated Income Statement (Prepared in accordance
with PRC GAAP)
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China Southern Airlines Company Limited
Audited Consolidated Income Statement
For the Year ended 31 December 2006
(in accordance with International Financial Reporting Standards)
2006 2005
RMB million RMB million
Traffic revenue:
Passenger 41,549 34,328
Cargo and mail 3,538 3,091
-------------- --------------
45,087 37,419
Other operating revenue 1,132 874
-------------- --------------
Total operating revenue 46,219 38,293
-------------- --------------
Operating expenses:
Flight operations 24,667 19,394
Maintenance 3,999 4,589
Aircraft and traffic servicing 6,219 5,759
Promotion and sales 2,811 2,780
General and administrative 3,140 2,457
Depreciation and amortisation 4,971 4,440
Others 100 179
-------------- --------------
Total operating expenses 45,907 39,598
-------------- --------------
Operating profit / (loss) 312 (1,305)
-------------- --------------
Non-operating income / (expenses):
Interest income 41 55
Interest expense (2,070) (1,616)
Share of associates' results 5 (285)
Share of jointly controlled entities'
results 115 36
Loss on derivative financial
instruments, net (19)
Gain / (loss) on sale of property,
plant and equipment 335 (32)
Exchange gain, net 1,492 1,220
Others, net 146 74
-------------- --------------
Total net non-operating income /
(expenses) 45 (548)
-------------- --------------
Profit / (loss) before taxation 357 (1,853)
Income tax (expense) / benefit (153) 7
-------------- --------------
Profit / (loss) for the year 204 (1,846)
============== ==============
Profit / (loss) attributable to
Equity shareholders of the Company 188 (1,848)
Minority interests 16 2
-------------- --------------
Profit / (loss) for the year 204 (1,846)
============== ==============
Basic earnings / (loss) per share RMB0.04 RMB(0.42)
============== ==============
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China Southern Airlines Company Limited
Audited Consolidated Income Statement
For the Year ended 31 December 2006
(in accordance with the PRC Accounting Rules and Regulations)
2006 2005
RMB million RMB million
Sales from principal activities 47,047 39,052
Less: Costs of sales from principal
activities 40,400 34,297
Business taxes and surcharges 1,321 1,129
------------- -------------
Profit from principal activities 5,326 3,626
Add: Profit from other operations 301 170
Less: Operating expenses 2,976 2,953
General and administrative expenses 2,242 2,092
Financial expenses 1,022 439
------------- -------------
Operating loss (613) (1,688)
Add: Investment income / (losses) 76 (202)
Subsidy income 145 77
Non-operating income 730 152
Less: Non-operating expenses 32 112
------------- -------------
Profit / (loss) before income tax 306 (1,773)
Less: Income tax 136 (4)
Minority interests 52 25
------------- -------------
Net profit / (loss) for the year 118 (1,794)
============= =============
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