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CONSOLIDATED INCOME STATEMENTS - CNY (¥)
¥ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
[1]
Dec. 31, 2017
[1],[2]
Operating revenue      
Traffic revenue ¥ 148,117 ¥ 138,064 ¥ 121,873
Other operating revenue 6,205 5,559 5,933
Total operating revenue 154,322 143,623 127,806
Operating expenses      
Flight operation expenses 70,566 76,216 62,978
Maintenance expenses 13,057 12,704 11,877
Aircraft and transportation service expenses 26,591 24,379 22,935
Promotion and selling expenses 7,755 7,036 6,881
General and administrative expenses 4,073 3,770 3,391
Depreciation and amortization 24,620 14,308 13,162
Impairment losses on property, plant and equipment 18 0 [3] 324 [3]
Others 1,928 1,829 1,550
Total operating expenses 148,608 140,242 123,098
Other net income 5,124 5,438 4,448
Operating profit 10,838 8,819 9,156
Interest income 74 125 89
Interest expense (5,845) (3,202) (2,747)
Share of associates' results (178) 263 431
Share of joint ventures' results 365 200 99
Exchange (loss)/gain, net (1,477) (1,853) 1,801
Changes in fair value of financial assets / liabilities 265 12 (64)
Remeasurement of the originally held equity interests in a joint venture 13 0 109
Profit before income tax 4,055 4,364 [3] 8,874 [3]
Income tax (971) (1,000) (1,976)
Profit for the year 3,084 3,364 6,898
Profit attributable to:      
Equity shareholders of the Company 2,640 2,895 5,961
Non-controlling interests 444 469 937
Profit for the year ¥ 3,084 ¥ 3,364 ¥ 6,898
Earnings per share      
Basic and diluted ¥ 0.22 ¥ 0.27 ¥ 0.60
[1] The Group has initially applied IFRS 16 at January 1, 2019 using the modified retrospective approach. Under this approach, comparative information is not restated. See Note 2(b).
[2] The Group has initially applied IFRS 15 and IFRS 9 at January 1, 2018. Under the transition methods chosen, comparative information is not restated. See Note 2(b).
[3] The Group has initially applied IFRS 16 using the modified retrospective approach and adjusted the opening balances at January 1, 2019 to recognize right-of-use assets and lease liabilities relating to leases which were previously classified as operating leases under IAS 17. In the comparative periods in 2018 and 2017, cash payments under operating leases made by the Group as a lessee of RMB9,920 million and RMB8,996 million, respectively, were included in operating cash outflows in the consolidated cash flow statements. Under IFRS 16, except for short-term lease payments and payments for leases of low value assets not included in the measurement of lease liabilities, all other rentals paid on leases are now split into capital element and interest element and classified as financing cash outflows and operating cash outflows, respectively. Under the modified retrospective approach, the comparative information is not restated. Further details on the impact of the transition to IFRS 16 are set out in Note 2(b).