二零一五年半年报业绩 2015InterimResults 国际会计准则 UnderIFRS
Disclaimer FinancialdataincludedinthispresentationispreparedunderIFRS. Unlessotherwisespecified,theunitforcostandincomeisRMBmillion Regions or Regional inthispresentationmeanshongkong, MacauandTaiwan. TransportationrevenueinthispresentationincludesCo-operational routesincome. Thispresentationcontainsforward-lookingforecastandoutlook.These opinionswerebasedoncertainassumptions,whichweresubjectto change.theactualresultsmaydeviatemateriallyfromtheforecast. 2
IndustryCircumstances Favorable Factors Unfavorable Factors Chineseeconomicstructuredadjustment ismakingcontinuousprogress BoomingdemandfortourisminChina Ticketpriceceilingraisedincertain domesticroutes Domesticroutesalescommissionfee reduced Unevendevelopmentintheworld NegativeimpactofMERSvirusinSouth Koreanmarket Lessstrongdemandinbusinesstravel Intensifiedcompetitionwithinindustry Sluggishdemandincargo Internationaloilpricestayslow 3
ResultsOverview Data Overview 2015H1 2014H1 YoY Total turnover 46,627 44,936 +3.8% Operatingcost 40,901 43,334-5.6% Operating profit 5,726 1,602 +257.4% Grossprofitmargin 12.3% 3.6% +8.7pt EBITDAR 13262 8580 +54.6% Exchange loss 56 660-91.5% Net profit (attributable to shareholders of the Company) 3,562 12 +29,583% CashFlowsfromoperatingactivities 10,420 5,262 +98.0% ATK (Million) 12,055 10,892 +10.7% Passengerloadfactor 80.4% 79.9% +0.5pt Daily utilization 9.9 9.7 +0.2 4
OverallMarket CapacityBreakdown CapacityProportionbyMarket Cargo 35.7% Passenger 12,000 8,000 Regional 3.7% International 42.8% Regional 3.2% International 44.2% 64.3% 4,000 Domestic 53.5% Domestic 52.6% RevenueBreakdown 0 2014H1 2015H1 ChangeinMajorTransportationIndicators Cargo 7.7% 15% 10% 10.7% 10.3% 5% 2.3% Passenger 92.3% 0% -5% -10% -0.2pt -7.3% ATK LF RTK RRTK Revenue 5
Passenger CapacityBreakdown Regional 0.7 Trendofunitrevenueandloadfactor 80% International 29.8% 3.2% Domestic 67.0% 0.6 0.5 0.4 0.65 0.52 0.61 0.61 0.61 0.48 0.48 0.49 0.56 0.45 78% 76% 74% 72% 70% 2012 2013 2014 2014H1 2015H1 PLF RRPK RASK RevenueBreakdown ChangesofpassengerbusinessIndicators Regional 4.2% International 20% 15% 11.9% 12.6% 29.3% Domestic 10% 5% 0% 0.5pt 3.6% 66.5% -5% -10% -7.9% ASK PLF RPK RRPK Revenue 6
PassengerBreakdown DomesticYoY InternationalYoY RegionalYoY 25% 22.3% 22.8% 20% 15% 15.4% 10% 8.8% 9.5% 5% 0.6pt 0.3pt 2.2% 0% -5% -10% -5.1% -6.2% -0.9pt -0.4% -4.2% -8.9% -6.0% -15% ASK RPK PLF Revenue RRPK 7
PassengerRevenueHighlight YoY 60% +53.8% +57.1% 50% +43.3% 40% +35.9% 30% +23.8% 20% 10% +8.8pt 0% DirectSale DirectSaleProp Two-Party GroupClient Premium Passenger Premium Revenue Non-Flight Revenue 8
NetworkandMarketShare Top 10 Markets in Terms of Total Flight Shanghai Market Beijing Market Guangzhou Share of CEA 41.5% 19.3% 10.6% Chendu 13.6% Shenzhen Kunming 8.5% 40.8% London Frankfurt Rome Paris Urumqi Moscow Chengdu Xi an Taiyuan Beijing Nanjing Qingdao Hefei Shanghai Hangzhou NIngbo Wuhan Nanchang South Korea Japan Vancouver Toronto LosAngeles NewYork SanFrancisco Hawaii Xi an Chongqin 30.4% 9.6% Kunming Guang Zhou Shenzhen Taipei Hangzhou Xiamen 10.4% 11.0% Connecting eachother SoutheastAsia, SouthAsia, WestAsia Several destinationin SoutheastAsia Melbourne Sydney Auckland 9
OptimizationofFleet Fleet End of 2014 2015H1 In Out End of 2015H1 Passenger Aircraft 485 +35-19 501 B777-300ER 4 +2 6 A330Series 44 +5 49 B737Series 190 +16-8 198 A320Series 222 +12-3 231 A340-600 4-2 2 B767 6 6 B757-200 5-4 1 Regional 10-2 8 Freighters 12-2 10 B777-300 A330Series B737Series A320Series 4majoraircraftmodelsaccountedfor 94.7%oftotalfleet Bettermatchedaircrafttypes,markets androutes Long-haulroutes tonorthamerica ToEurope,Australia andfortrunkroutes Medium-and short-haulroutes Reducedoperatingcostsand enhancedoperationalefficiency Total 497 +35-21 511 10
Services&Experience In-flightfacilities Skykitchen Premiumclasses EntertainmentSystem SeatSelection Escortingoftravellers Self-servicecheck-in ServiceAPP 11
LCC Transformation-CUA Improved flight efficiency,higher passenger load factor and explosive growth in direct sales Operating 65 routes on two bases--nan Yuan in Beijing and FoShan in Newly Launched 4 different level of seat products are widely welcomed Guangzhou Simplified service to reduce cost and improve efficiency and further implement the LCC model by adding more seats of configuration Focus on building the new official website and APPs, establishing the e-business platform 12
CargoBusiness Capacity breakdown Regional 2.0 TrendofUnitRevenueandloadfactor 65% 3.3% Domestic 26.7% 1.5 1.71 1.57 1.55 1.58 1.33 60% 1.0 1.08 0.95 0.92 0.91 55% International 70.0% 0.5 2012 2013 2014 2014H1 2015H1 0.75 50% FLF RFTK AFTK Revenues Breakdown Regional 5.8% Domestic 15.1% 10% ChangesofMainCargoBusinessIndicator 8.5% 5.3% 0% -1.7pt International 79.1% -10% -20% -11.0% -15.5% AFTK FLF RFTK RRFTK Revenue 13
RevenueChange +1,140-2,527 +2,725-399 +752 46,627 44,936 2014H1 Domestic Passenger (Exclude Surcharge) Internationaland Regional Passenger (Exclude Surcharge) Passenger Fuel Surcharge Cargo Others(ExcludeCooperationalroutes income) 2015H1 14
MainCosts CostItems 2015H1 2014H1 YoY Prop Aircraftfuel 10,562 14,949-29.3% 25.8% Take-offandlandingcharges 5,082 4,579 +11.0% 12.4% Depreciationand amortization 5,011 4,449 +12.6% 12.3% Wages,salariesandbenefits 7,576 6,885 +10.0% 18.5% Aircraftmaintenanceexpenses 1,896 2,080-8.8% 4.6% Foodandbeverages 1,212 1,148 +5.6% 3.0% Aircraftoperatingleaserentals 2,200 2,298-4.3% 5.4% Other operatingleaserentals 325 231 +40.7% 0.8% Salesandmarketingexpenses 1,888 2,044-7.6% 4.6% Civilaviationinfrastructurelevies 878 797 +10.2% 2.1% GroundService andothercharges 2,794 2,483 +12.5% 6.8% Others 1,477 1,391 +6.2% 3.6% Total operating expenses 40,901 43,334-5.6% 100.0% 15
OperatingProfit +4,387-503 +4,468-691 -562 +184 +156-311 -227 5,726-2,777 1,602 2014H1 Revenue (Exclude fuel Surcharge) Fuel Surcharge Fuel Takingoff andlanding charge Wage, Depreciation Aircraft salaries& & Maintenance benefit amortization Sales& Marketing Ground serviceand othercharges Others 2015H1 16
ChangeofCashFlow AssetsandLiabilitiesStructure StructureofInterest-bearingLiabilities AssetsStructureandCashFlow Cashandcash equivalentsat31 Dec2014 Cashandcash equivalentsat 30Jun,2015 Netcash inflowfrom operating activities Netcash outflows from investing activities Netcash inflowfrom Financing activities Exchange adjustment s 1,355-11,402 +10,241 +695-56 833 Total liability 80.0% Equity 20.0% Interestbearing liability 73.1% other liability 26.9% Liabilityin other currency 81.3% Liabilityin RMB 18.7% Liabilityin USdollars 97.5% Liabilityin other currencies 2.5% 17
FutureProspects Opportunities Challenges BeltandRoad,YangtzeRiverEconomicBeltand Free-tradezonesreleasethepotentialofregional economicdevelopment Opening of ShanghaiDisneylandand co-operation betweenceaanddisneyland TransformationofE-Commercecompanyby innovativelytappingin-flightinternetbusiness model Internationaloilpricestays low Sustainableimpactbytheloosingrestraint on the domesticrouteticketprice IntroducingDeltaairlinesasstrategicinvestorand launchthenon-public offeringofashare Uncertaintiesofcrudeoilprice FluctuationrickofRMBexchangerateundernew formationmechanism HigherexpectationsforUSFederalraiseUSinterest rate In-flight Internet OpportunitieswithIn-flight Internet Addmoreinternettraffic Enhancepassengerstickiness Betteranalysiswithbigdata 18
CapacityDeploymentIn2015H2 Routes Expected Capacity Growth YOY Capacity Distribution Prop Overall +12.50% 100% Domestic +10% +52.0% International +20% +48.0% Regional -0.3% 0.0% 19
FleetPlanandCapex Fleet Plan End of 2015H1 2015H2 Plan 2016 Plan IN OUT IN OUT PassengerAircraft 501 +45-24 +72-26 B777-300ER 6 +3 +7 A330Series 49 +2 B737Series 198 +23-10 +35-15 A320Series 231 +17-8 +30-6 A340-600 2-2 B767 6 B757-200 1-1 RegionalAircraft 8-3 -5 Freighters 10-1 Total 511 +45-25 +72-26 Capex(Billion RMB) 16.5 20
StrategicInvestmentByDelta Equity Cooperation Business Cooperation 21
Non-publicofferingA share IssuePlan Content Issuevolume Not more than 2,329,192,546 A Share Issueprice Not less than RMB6.44 per A Share Financing scale Not more than RMB15 billion Latest advances Approved by SASAC, formal application accepted by CSRC on 1 July 2015 22
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