REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Title of each class |
Trading Symbol |
Name of each exchange on which registered | ||
Ordinary H Shares of par value RMB1.00 per share represented by American Depositary Shares |
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Accelerated filer |
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Non-accelerated filer |
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Emerging growth company |
† |
The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. |
U.S. GAAP ☐ |
by the International Accounting Standards Board ☒ |
Other ☐ |
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• | general economic and business conditions in markets where our Company operates, including changes in interest rates; |
• | the effects of competition on the demand for and price of our services; |
• | natural phenomena; |
• | the impact of unusual events on our business and operations, including COVID-19 and other pandemics, and the effect of governmental actions taken in response; |
• | actions by government authorities, including changes in government regulations, and changes in CAAC’s regulatory policies; |
• | our relationship with China Southern Air Holding Company Limited; |
• | uncertainties associated with potential legal proceedings; |
• | technological development; |
• | our ability to attract key personnel and attract new talent; |
• | future decisions by management in response to changing conditions; |
• | the Company’s ability to execute prospective business plans; |
• | the availability of qualified flight personnel and airport facilities; and |
• | misjudgments in the course of preparing forward-looking statements. |
Capacity |
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“available seat kilometers” or “ASK” | the number of seats made available for sale multiplied by the kilometers flown | |
“available ton kilometers” or “ATK” | the tons of capacity available for the transportation of revenue load (passengers and cargo) multiplied by the kilometers flown | |
Traffic |
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“revenue passenger kilometers” or “RPK” | i.e. passenger traffic volume, the number of passengers carried multiplied by the kilometers flown | |
“revenue ton kilometers” or “RTK” | i.e. total traffic volume, the load (passenger and cargo) in tons multiplied by the kilometers flown | |
“revenue ton kilometers-cargo” or “RFTK” | i.e. cargo and mail traffic volume, the load for cargo and mail in tonnes multiplied by the kilometers flown | |
“revenue ton kilometers-passenger” | the load for passenger in tons multiplied by the kilometers flown | |
“ton” | a metric ton, equivalent to 1,000 kilograms | |
Yield |
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“yield per RFTK” | revenue from cargo operations divided by RFTK | |
“yield per RPK” | revenue from passenger operations divided by RPK | |
“yield per RTK” | revenue from airline operations (passenger and cargo) divided by RTK | |
Cost |
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“operating cost per ATK” | operating expenses divided by ATK | |
Load Factors |
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“overall load factor” | RTK expressed as a percentage of ATK | |
“passenger load factor” | RPK expressed as a percentage of ASK | |
Utilization |
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“utilization rates” | flight hours that aircraft can service during specified time | |
Equipment |
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“expendables” | aircraft parts that are ordinarily used up and replaced with new parts |
“rotables” | aircraft parts that are ordinarily repaired and reused | |
Others |
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“ADS” | American Depositary Share | |
“A Shares” | Shares issued by our Company to investors in the PRC for subscription in RMB, with par value of RMB1.00 each | |
“Board” | board of directors of the Company | |
“CAAC” | Civil Aviation Administration of China | |
“CAOSC” | China Aviation Oil Supplies Company | |
“CSAH” | China Southern Air Holding Company Limited | |
“CSRC” | China Securities Regulatory Commission | |
“Hong Kong Stock Exchange” | The Stock Exchange of Hong Kong Limited | |
“Hong Kong Listing Rules” | The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited | |
“H Shares” | Shares issued by our Company, listed on The Stock Exchange of Hong Kong Limited and subscribed for and traded in Hong Kong dollars, with par value of RMB1.00 each | |
“Nan Lung” | Nan Lung Holding Limited (a wholly-owned subsidiary of CSAH) | |
“NDRC” | National Development and Reform Commission of China | |
“SAFE” | State Administration of Foreign Exchange of China | |
“Finance Company” | China Southern Airlines Group Finance Company Limited | |
“SASAC” | State-owned Assets Supervision and Administration Commission of the State Council | |
“SEC” | United States Securities and Exchange Commission | |
“SPVs” | special purpose vehicles exclusively set up by the Company and its subsidiaries for leased aircraft |
ITEM 1. |
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS |
ITEM 2. |
OFFER STATISTICS AND EXPECTED TIMETABLE |
ITEM 3. |
KEY INFORMATION |
Year ended December 31, |
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2021 US$ |
2021 RMB |
2020 RMB |
2019 RMB |
2018 RMB |
2017 RMB |
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(in million, except per share and per ADS data) |
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Consolidated Income Statement Data |
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Operating revenue |
15,942 | 101,644 | 92,561 | 154,322 | 143,623 | 127,806 | ||||||||||||||||||
Operating expenses |
(18,247 | ) | (116,340 | ) | (109,111 | ) | (148,608 | ) | (140,242 | ) | (123,098 | ) | ||||||||||||
Operating (loss)/profit |
(1,557 | ) | (9,929 | ) | (11,864 | ) | 10,838 | 8,819 | 9,156 | |||||||||||||||
(Loss)/profit before income tax |
(2,182 | ) | (13,910 | ) | (15,195 | ) | 4,055 | 4,364 | 8,874 | |||||||||||||||
(Loss)/profit for the year |
(1,728 | ) | (11,016 | ) | (11,827 | ) | 3,084 | 3,364 | 6,898 | |||||||||||||||
(Loss)/profit attributable to: |
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Equity shareholders of our Company |
(1,899 | ) | (12,106 | ) | (10,847 | ) | 2,640 | 2,895 | 5,961 | |||||||||||||||
Non-controlling interests |
171 | 1,090 | (980 | ) | 444 | 469 | 937 | |||||||||||||||||
Basic and diluted (loss)/earnings per share |
(0.12 | ) | (0.75 | ) | (0.77 | ) | 0.22 | 0.27 | 0.60 | |||||||||||||||
Basic and diluted (loss)/earnings per ADS (1) |
(5.86 | ) | (37.36 | ) | (38.58 | ) | 10.76 | 13.50 | 30.03 | |||||||||||||||
Other Financial Data |
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Cash dividends declared per share |
— | — | — | — | 0.05 | 0.10 |
(1) | Basic and diluted earnings per share have been computed by dividing profit attributable to our equity shareholders by the weighted average number of shares in issue. Basic and diluted earnings per ADS have been computed as if all of our issued or potential ordinary shares, including A shares and H shares, are represented by ADSs during each of the years presented. Each ADS represents 50 H shares. |
As of December 31, |
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2021 US$ |
2021 RMB |
2020 RMB |
2019 RMB |
2018 RMB |
2017 RMB |
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(in million, except per share and per ADS data) |
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Consolidated Statement of Financial Position Data: |
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Cash and cash equivalents |
3,365 | 21,456 | 25,419 | 1,849 | 6,928 | 6,826 | ||||||||||||||||||
Total current assets, excluding cash and cash equivalents |
2,574 | 16,410 | 13,566 | 14,889 | 17,144 | 11,058 | ||||||||||||||||||
Property, plant and equipment, net |
14,302 | 91,186 | 86,146 | 84,788 | 170,692 | 158,926 | ||||||||||||||||||
Right-of-use |
21,714 | 138,439 | 151,065 | 153,211 | — | — | ||||||||||||||||||
Total assets |
50,694 | 323,211 | 326,383 | 306,928 | 246,949 | 218,718 | ||||||||||||||||||
Current borrowings |
9,083 | 57,913 | 40,099 | 37,543 | 38,741 | 27,568 | ||||||||||||||||||
Current portion of obligations under finance leases |
— | — | — | — | 9,555 |