UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

For the month of October 2022

Commission File Number: 001-14550

 

 

China Eastern Airlines Corporation Limited

(Translation of Registrant’s name into English)

 

 

Board Secretariat’s Office

5/F, Block A2, Northern District, CEA Building

36 Hongxiang 3rd Road, Minhang District

Shanghai, China 200335

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:  ☒ Form 20-F  ☐ Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:    ☐  Yes    ☒  No

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):     n/a 

 

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

     

China Eastern Airlines Corporation Limited

     

(Registrant)

Date  

October 31, 2022

     By  

/s/ Wang Jian

       

Name: Wang Jian

       

Title: Company Secretary

 

2

Certain statements contained in this announcement may be regarded as “forward-looking statements” within the meaning of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of the Company to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements. Further information regarding these risks, uncertainties and other factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. The forward-looking statements included in this announcement represent the Company’s views as of the date of this announcement. While the Company anticipates that subsequent events and developments may cause the Company’s views to change, the Company specifically disclaims any obligation to update these forward-looking statements, unless required by applicable laws. These forward-looking statements should not be relied upon as representing the Company’s views as of any date subsequent to the date of this announcement.

 

3

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

 

LOGO

2022 THIRD QUARTERLY REPORT

 

This announcement is made pursuant to the disclosure requirements under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and Rule 13.09 and Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

The financial report of the Company for the third quarter of 2022 was not audited, and was prepared in accordance with the China Accounting Standards for Business Enterprises.

IMPORTANT NOTICE

This announcement is made by China Eastern Airlines Corporation Limited (the “Company”) pursuant to the disclosure requirement under Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”) (which requires any issuer listed on The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”) whose securities are also listed on other stock exchange(s) to simultaneously inform the Hong Kong Stock Exchange of any information released to any of such other exchange(s) and to ensure that such information is released to the market in Hong Kong at the same time as it is released to the other market(s)). At the request of the Shanghai Stock Exchange, a similar announcement of the even date is being made simultaneously by the Company in Shanghai pursuant to the relevant provisions of the Shanghai listing rules and regulations.

This quarterly report was prepared in accordance with the regulations as prescribed by the China Securities Regulatory Commission in relation to disclosure of information in quarterly reports for listed companies, and is published simultaneously in Shanghai and Hong Kong. The financial report of the Company for the third quarter of 2022 was not audited, and was prepared in accordance with the China Accounting Standards for Business Enterprises.

The board of directors (the “Board”) and the supervisory committee of the Company, and the directors, supervisors and senior management hereby undertake that the information set out in this quarterly report is true, accurate and complete and does not contain false information, misleading statement or material omission, and accept joint and several legal responsibility for the contents herein.

 

4

The person-in-charge of the Company, the officer-in-charge of accounting of the Company, and the officer-in-charge of the accounting department (accounting officer) of the Company, hereby undertake that the financial statements forming part of the quarterly report are true, accurate and complete.

The financial statements in this third quarterly report of the Company are unaudited.

 

1.

KEY FINANCIAL DATA

 

  (1)

Key accounting data and financial indicators

 

                  

Unit: million     Currency: RMB

 

  
Item    For the reporting
period		      Increase/decrease
for the reporting
period compared
with the same
period last year		      From the
beginning
of the year
to the end of the
reporting period		      Increase/decrease
from the
beginning of the
year to the end of
the reporting
period compared
with the same
period last year		  
            (%)             (%)  

Revenue

      16,496        -7.28        35,850        -31.72  

Net profit attributable to shareholders of the listed company

      -9,380        N/A        -28,116        N/A  

Net profit attributable to shareholders of the listed company after deducting non-recurring profit or loss

      -9,503        N/A        -28,353        N/A  

Net cash flow from operating activities

      N/A        N/A        -260        -102.03  

Basic earnings per share (RMB/share)

      -0.4970        N/A        -1.4897        N/A  

Diluted earnings per share (RMB/share)

      -0.4970        N/A        -1.4897        N/A  

Weighted average return on net assets (%)

      -33.43       
 Decreased by
27.06pt		  
 		      -75.20       
 Decreased by
58.61pt		  
 

 

Item    As at the
end of the
reporting period		      As at the end
of last year		      Increase/decrease
as at the end of
the reporting
period compared
with the end of
last year		  
                   (%)  

Total assets

      288,095        286,548        0.54  

Owners’ equity attributable to shareholders of the listed company

      23,370        51,373        -54.51  

 

  Note:

The “reporting period” refers to the three-month period from the beginning of this quarter to the end of this quarter, the same for below.

 

 

5

  (2)

Non-recurring profit or loss items and relevant amounts

 

    

Unit: million     Currency: RMB

 

  
Item    Amount for the
reporting period		      Amount from
the beginning of
the year to
the end of the
reporting period		  

Profit or loss from disposal of non-current assets

      -7        2  

Government grants recognised in current profit or loss, excluding those closely related to the ordinary operations of the Company and granted on an ongoing basis in fixed amount or fixed quota in accordance with government policies and regulations

      155        274  

Profit or loss from change in fair value of held-for-trading financial assets, derivative financial assets, held-for-trading financial liabilities and derivative financial liabilities, and investment gains from disposal of held-for-trading financial assets, derivative financial assets, held-for-trading financial liabilities, derivative financial liabilities and other debt investments, other than effective hedging business in the ordinary operations of the Company

      -9        -15  

Non-operating income and expenses other than the above

      34        99  

Less:  Effect on income tax

      47        89  

      Effect on minority interests (after tax)

      3        34  
  

 

 

     

 

 

  

Total

      123        237  
  

 

 

     

 

 

  

Description of the circumstances in which the non-recurring profit or loss items listed in the “Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public — Non-recurring Profit or Loss” (《公開發行證券的公司信息披露解釋性公告第 1 號 — 非經常性損益》) are defined as recurring profit or loss items

 

☐  Applicable

      ✓  Not Applicable   

 

6

  (3)

Details and reasons for changes in key accounting data and financial indicators

 

✓  Applicable

      ☐  Not Applicable   

 

Item    Change      Major reasons
     (%)       

Revenue (from the beginning of the year to the end of the reporting period)

      -31.72      Mainly attributable to the decline in demand of the passenger transportation market and decrease in the overall transportation capacity due to the impact of COVID-19

Net profit attributable to shareholders of the listed company (for the reporting period/ from the beginning of the year to the end of the reporting period), net profit attributable to shareholders of the listed company after deducting non- recurring profit or loss (for the reporting period/ from the beginning of the year to the end of the reporting period), basic earnings per share (RMB/share) (for the reporting period/ from the beginning of the year to the end of the reporting period), diluted earnings per share (RMB/share) (for the reporting period/ from the beginning of the year to the end of the reporting period)

      N/A      Mainly attributable to the decline in demand of the passenger transportation market and decrease in the overall transportation capacity due to the impact of COVID-19, as well as the significant increase in jet fuel costs as compared to the same period last year due to the high jet fuel prices, exchange losses arising from the depreciation of RMB, leading to the decline in operating results

Weighted average return on net assets (from the beginning of the year to the end of the reporting period)

     
 Decreased by
58.61 pt		  
 		   

Owners’ equity attributable to shareholders of the listed company (at the end of the reporting period)

      -54.51     

Net cash flow from operating activities (from the beginning of the year to the end of the reporting period)

      -102.03      Mainly attributable to the decrease in ticket sales during the reporting period as compared to the same period last year

 

7

2.

INFORMATION OF SHAREHOLDERS

 

  (1)

Total number of ordinary shareholders and number of preferred shareholders with restored voting rights and shareholding of the 10 largest shareholders

 

                                     

Unit: share

 

  

Total number of ordinary shareholders as at the end of the reporting period

 

         151,072  

Total number of preferred shareholders with restored voting rights as at the end of the reporting period (if any)

 

         N/A  
     Shareholding of the 10 largest shareholders                
Name of shareholder   

Nature of

shareholder

   

Number of

shares held

      Percentage of
shares held		      Number of
shares with
trading
moratorium
held		      Pledged, marked or
locked-up		  
                 (%)             Status      Number  

China Eastern Air Holding Company Limited ( 中國東方航空集團有限公司 )

   

State-owned legal person

      7,567,853,802        40.10        2,494,930,875        None        0  

HKSCC NOMINEES LIMITED

   

Overseas legal person

      4,702,611,885        24.92        0        Unknown        0  

Shanghai Jidaohang Enterprise Management Company Limited
( 上海吉道航企業管理有限公司 )

   

Domestic non- state-owned legal person

      589,041,096        3.12        0        None        0  

China National Aviation Fuel Holding Company Limited
( 中國航空油料集團有限公司 )

   

State-owned legal person

      502,767,895        2.66        0        None        0  

DELTA AIR LINES, INC.

   

Overseas legal person

      465,910,000        2.47        0        None        0  

Shanghai Licheng Information Technology Consulting Co., Ltd.
( 上海勵程信息技術諮詢有限公司)

   

Domestic non- state-owned legal person

      465,838,509        2.47        0        None        0  

CES Finance Holding Co., Ltd.
( 東航金控有限責任公司 )

   

State-owned legal person

      457,317,073        2.42        0        None        0  

China Securities Finance Corporation Limited ( 中國證券金融股份有限公司 )

   

State-owned legal person

      429,673,382        2.28        0        None        0  

Shanghai Juneyao (Group) Co., Ltd.
( 上海均瑤 ( 集團 ) 有限公司 )

   

Domestic non- state-owned legal person

      311,831,909        1.65        0        Pledged        256,831,909  

China Structural Reform Fund Corporation Limited ( 中國國有企業結構調整基金股份 有限公司 )

   

State-owned legal person

      273,972,602        1.45        0        None        0  

 

8

Shareholding of the 10 largest holders of shares without trading moratorium  
Name of shareholder    Number of listed
shares without trading
moratorium held		      Class and number of shares       
            Class    Number  

China Eastern Air Holding Company Limited
( 中國東方航空集團有限公司 )

      5,072,922,927      RMB ordinary shares      5,072,922,927  

HKSCC NOMINEES LIMITED

      4,702,611,885      Overseas listed foreign shares      4,702,611,885  

Shanghai Jidaohang Enterprise Management Company Limited
( 上海吉道航企業管理有限公司 )

      589,041,096      RMB ordinary shares      589,041,096  

China National Aviation Fuel Holding Company Limited
( 中國航空油料集團有限公司 )

      502,767,895      RMB ordinary shares      502,767,895  

DELTA AIR LINES, INC.

      465,910,000      Overseas listed foreign shares      465,910,000  

Shanghai Licheng Information Technology Consulting Co., Ltd.
( 上海勵程信息技術諮詢有限公司 )

      465,838,509      RMB ordinary shares      465,838,509  

CES Finance Holding Co., Ltd.
( 東航金控有限責任公司 )

      457,317,073      RMB ordinary shares      457,317,073  

China Securities Finance Corporation Limited
( 中國證券金融股份有限公司 )

      429,673,382      RMB ordinary shares      429,673,382  

Shanghai Juneyao (Group) Co., Ltd.
( 上海均瑤 ( 集團 ) 有限公司 )

      311,831,909      RMB ordinary shares      311,831,909  

China Structural Reform Fund Corporation Limited
( 中國國有企業結構調整基金股份有限公司 )

      273,972,602      RMB ordinary shares      273,972,602  

 

Description of connected relationship or activities in concert among the above shareholders    China Eastern Air Holding Company Limited (“CEA Holding”) owns 100% equity interest in CES Finance Holding Co., Ltd. Among the 4,702,611,885 shares held by HKSCC NOMINEES LIMITED, 2,626,240,000 shares are held by CES Global Holdings (Hong Kong) Limited in the capacity of beneficial owner, and CEA Holding owns 100% equity interest in CES Global Holdings (Hong Kong) Limited.
   Shanghai Juneyao (Group) Co., Ltd. is the controlling shareholder of Juneyao Airlines Co., Ltd. Among the 4,702,611,885 shares held by HKSCC NOMINEES LIMITED, 546,769,777 shares are held by Shanghai Juneyao Airline Hong Kong Limited in the capacity of beneficial owner, and Juneyao Airlines Co., Ltd. owns 100% equity interest in Shanghai Juneyao Airline Hong Kong Limited.
   The Company is not aware of any other connected relationship or activities in concert among the 10 largest holders of shares without trading moratorium.
Description of the 10 largest shareholders and the 10 largest holders of shares without trading moratorium engaging in margin financing and securities lending as well as margin and securities refinancing business (if any)    N/A

As at the end of the reporting period, CES Global Holdings (Hong Kong) Limited has pledged in aggregate 1,670,000,000 H shares of the Company; and Shanghai Juneyao Airline Hong Kong Limited has released the pledge of 232,000,000 H shares of the Company in October 2022.

 

9

3.

OTHER REMINDERS

Other important information on the operating condition of the Company during the reporting period that investors need to be reminded of

✓ Applicable            ☐ Not Applicable

 

  (1)

On 10 May 2022, the 17th ordinary meeting of the ninth session of the Board of the Company considered and approved the resolution in relation to the Company’s non-public issuance of A shares to specific investors. The Company will non-publicly issue not more than 5,662,332,023 A shares to specific investors, and the total amount of funds raised will not exceed RMB15 billion. Among which, CEA Holding will subscribe for not less than RMB5 billion in cash under the non-public issuance of shares. The resolution has been considered and approved at the Company’s general meeting held on 29 June 2022. The Company’s non-public issuance of A shares has been approved by CEA Holding, and the relevant application has been accepted by the China Securities Regulatory Commission (the “CSRC”). The Company has responded to the feedback from the CSRC. The Company’s non-public issuance of A shares is subject to approval from the CSRC. For details, please refer to the announcements and circular of the Company published on the website of the Hong Kong Stock Exchange on 10 May, 9 June, 23 June, 29 June, 27 July, 22 August and 9 September 2022.

 

  (2)

On 1 July 2022, the 18th ordinary meeting of the ninth session of the Board of the Company considered and approved the Resolution in relation to the Introduction of 100 A320NEO Series Aircraft and Signing of Relevant Agreement. On the same date, the Company signed the relevant agreement with Airbus S.A.S. Such issue is subject to consideration at the general meeting. For details, please refer to the announcement and circular of the Company published on the website of the Hong Kong Stock Exchange on 3 July and 24 August 2022.

 

  (3)

On 12 August 2022, due to his departure from the position, Mr. Liu Shaoyong, the chairman of the Board of the Company, has notified the Board of the Company of his resignation as the chairman of the Board, a director, the chairman and member of the nomination and remuneration committee of the Board and the authorised representative under the Listing Rules. On the same date, the 19th ordinary meeting of the ninth session of the Board of the Company considered and agreed to elect Mr. Li Yangmin, the vice chairman of the Company, to act as the chairman of the Board and the chairman of the nomination and remuneration committee of the Board, and act as the legal representative of the Company, and agreed to appoint Mr. Li Yangmin as the authorised representative under the Listing Rules. For details, please refer to the announcement of the Company published on the website of the Hong Kong Stock Exchange on 12 August 2022.

 

10

  (4)

On 30 August 2022, a total of 1,394,245,744 A shares of the Company with trading moratorium held by Juneyao Airlines Co., Ltd., Shanghai Juneyao (Group) Co., Ltd., Shanghai Jidaohang Enterprise Management Company Limited and China Structural Reform Fund Corporation Limited, the shareholders of the Company, became tradable; on 29 August 2022, the lock-up period for the 517,677,777 H shares subscribed by Shanghai Juneyao Airline Hong Kong Limited has ended. For details, please refer to the announcement of the Company published on the website of the Hong Kong Stock Exchange on 24 August 2022.

 

  (5)

On 30 August 2022, the 2022 fourth regular meeting of the Board of the Company considered and approved the Resolution in relation to Certain Amendments to the Articles of Association, the Resolution in relation to Certain Amendments to the Rules for Procedures for General Meetings and the Resolution in relation to Certain Amendments to the Rules for Meetings of the Board of Directors. Such issue is subject to consideration at the general meeting. For details, please refer to the announcement and circular of the Company published on the website of the Hong Kong Stock Exchange on 30 August and 25 October 2022.

 

  (6)

On 30 August 2022, the 2022 fourth regular meeting of the Board of the Company considered and approved the Resolution in relation to the Daily Connected Transactions for 2023–2025, and agreed on the transaction caps of the 2023–2025 daily connected transactions of the Company. On 26 September 2022, the Company and the relevant connected parties signed the relevant framework agreements. Such issue is subject to consideration at the general meeting. For details, please refer to the announcements and circular of the Company published on the website of the Hong Kong Stock Exchange on 30 August, 26 September and 25 October 2022.

 

  (7)

On 21 September 2022, the Company received a notification letter from Shanghai Juneyao (Group) Co., Ltd., a shareholder, that it intends to reduce its shareholdings by not more than 155,915,954 shares of the Company, representing 0.826% of the total share capital of the Company, through centralized bidding system within a certain period. For details, please refer to the announcement of the Company published on the website of the Hong Kong Stock Exchange on 21 September 2022.

 

  (8)

On 12 October 2022, the 20th ordinary meeting of the ninth session of the Board of the Company considered and approved the Resolution in relation to the Adjustment to the Caps for the Daily Connected Transactions of the Exclusive Operation of Freight Business for Passenger Aircraft in 2022, and agreed to adjust the caps for the daily connected transactions of the exclusive operation of passenger aircraft cargo business between the Company and China Cargo Airlines for 2022 to RMB9 billion. Such issue is subject to consideration at the general meeting. For details, please refer to the announcement and circular of the Company published on the website of the Hong Kong Stock Exchange on 12 October and 25 October 2022.

 

11

4.

QUARTERLY FINANCIAL STATEMENTS

 

  (1)

Type of audit opinion

 

☐  Applicable

      ✓  Not Applicable   

 

  (2)

Financial statements

Consolidated Balance Sheet

30 September 2022

Prepared by: China Eastern Airlines Corporation Limited

Unit: million    Currency: RMB    Type of audit: Unaudited

 

Item   

30 September

2022

     

31 December

2021

  

Current assets:

      

Monetary capital

      23,575        12,962  

Held-for-trading financial assets

      69        84  

Hedge instruments

      144        —    

Trade receivables

      1,263        974  

Prepayments

      271        160  

Other receivables

      1,984        2,397  

Inventory

      1,768        1,799  

Held-for-sale assets

      2        2  

Non-current assets due within one year

      243        304  

Other current assets

      5,431        9,228  
  

 

 

     

 

 

  

Total current assets

      34,750        27,910  
  

 

 

     

 

 

  

Non-current assets:

      

Long-term equity investment

      2,254        2,261  

Other equity instrument investments

      332        457  

Hedge instruments

      48        —    

Investment properties

      112        118  

Fixed assets

      85,832        89,954  

Construction in progress

      17,426        15,472  

Right-of-use assets

      121,835        124,663  

Intangible assets

      2,591        2,655  

Goodwill

      9,028        9,028  

Long-term deferred expenses

      2,222        2,452  

Deferred income tax assets

      9,601        9,580  

Other non-current assets

      2,064        1,998  
  

 

 

     

 

 

  

Total non-current assets

      253,345        258,638  
  

 

 

     

 

 

  

Total assets

      288,095        286,548  
  

 

 

     

 

 

  

 

12

 

  (2)

Financial statements (Cont’d)

Consolidated Balance Sheet (Cont’d)

30 September 2022

Prepared by: China Eastern Airlines Corporation Limited

Unit: million    Currency: RMB    Type of audit: Unaudited

 

Item    30 September
2022		      31 December
2021		  

Current liabilities:

      

Short-term borrowings

      49,835        37,614  

Hedge instruments

      —          1  

Notes payables

      3,095        748  

Trade payables

      12,954        11,321  

Account collected in advance

      98        13  

Contract liabilities

      3,066        3,287  

Staff remuneration payable

      2,291        2,757  

Tax payable

      1,217        1,794  

Other payables

      3,226        3,870  

Non-current liabilities due within one year

      28,518        24,270  

Other current liabilities

      6,068        216  
  

 

 

     

 

 

  

Total current liabilities

      110,368        85,891  
  

 

 

     

 

 

  

Non-current liabilities:

      

Long-term borrowings

      42,359        28,151  

Bonds payable

      19,419        22,641  

Hedge instruments

      —          45  

Lease liabilities

      77,840        82,126  

Long-term payables

      1,130        1,340  

Long-term staff remuneration payable

      2,539        2,643  

Estimated liabilities

      7,785        7,270  

Deferred income

      72        91  

Other non-current liabilities

      1,499        1,440  
  

 

 

     

 

 

  

Total non-current liabilities

      152,643        145,747  
  

 

 

     

 

 

  

Total liabilities

      263,011        231,638  
  

 

 

     

 

 

  

 

13

 

  (2)

Financial statements (Cont’d)

Consolidated Balance Sheet (Cont’d)

30 September 2022

Prepared by: China Eastern Airlines Corporation Limited

Unit: million    Currency: RMB    Type of audit: Unaudited

 

Item    30 September
2022		      31 December
2021		  

Owners’ equity (or shareholders’ equity):

      

Paid-up capital (or share capital)

      18,874        18,874  

Capital reserves

      41,934        41,934  

Other comprehensive income

      -2,963        -3,076  

Surplus reserves

      782        782  

Undistributed profits

      -35,257        -7,141  
  

 

 

     

 

 

  

Total owners’ equity (or shareholders’ equity) attributable to owners of the parent company

      23,370        51,373  
  

 

 

     

 

 

  

Minority interests

      1,714        3,537  
  

 

 

     

 

 

  

Total owners’ equity (or shareholders’ equity)

      25,084        54,910  
  

 

 

     

 

 

  

Total liabilities and owners’ equity (or shareholders’ equity)

      288,095        286,548  
  

 

 

     

 

 

  

 

Person-in-charge

of the Company:

Li Yangmin

  

Officer-in-charge

of accounting:

Zhou Qimin

  

Officer-in-charge of the

accounting department:

Yu Yahong

 

14

  (2)

Financial statements (Cont’d)

Consolidated Statement of Profit or Loss and Other Comprehensive Income

January – September 2022

Prepared by: China Eastern Airlines Corporation Limited

Unit: million     Currency: RMB     Type of audit: Unaudited

 

Item    The first three
quarters (January
– September) of
2022		      The first three
quarters (January
– September) of
2021		  

I.

   Total revenue      35,850        52,501  
  Of which: Revenue      35,850        52,501  
        

 

 

     

 

 

  

II.

   Total operating costs      68,218        67,880  
  Of which: Operating costs      56,330        59,440  
         Taxes and surcharges      131        172  
         Selling expenses      1,665        2,316  
         Administrative expenses      2,577        2,525  
         Research and development expenses      206        192  
         Finance costs      7,309        3,235  
         Of which: Interest expenses      4,601        4,326  
                          Interest income      366        238  
  Add:   Other gains      2,332        3,629  
    Investment gains (“-” indicating losses)      3        158  
    Of which:  

Gains from investments in associates
and joint ventures

      -3        45  
     

Gains arising from changes in fair
value (“-” indicating losses)

      -15        -7  
     

Credit impairment losses
(“-” indicating losses)

      -1        -3  
     

Asset impairment losses
(“-” indicating losses)

      -5        -2  
     

Gains from disposal of assets
(“-” indicating losses)

      12        —    
        

 

 

     

 

 

  

III.

   Operating profit (“-” indicating loss)      -30,042        -11,604  
  Add: Non-operating income      114        166  
  Less: Non-operating expenses      13        20  
        

 

 

     

 

 

  

IV.

   Total profits (“-” indicating total losses)      -29,941        -11,458  
  Less: Income tax expenses      -7        -2,878  
        

 

 

     

 

 

  

 

15

 

  (2)

Financial statements (Cont’d)

Consolidated Statement of Profit or Loss and Other Comprehensive Income (Cont’d)

January – September 2022

Prepared by: China Eastern Airlines Corporation Limited

Unit: million    Currency: RMB    Type of audit: Unaudited

 

Item                     The first three
quarters (January
– September) of
2022		      The first three
quarters (January
– September) of
2021		  
V.    Net profit (“-” indicating net loss)      -29,934        -8,580  
   (I)   Classified by continuation of business      
     1.  

Net profit from continuing activities
(“-” indicating net loss)

      -29,934        -8,580  
     2.  

Net profit from discontinued activities
(“-” indicating net loss)

      —          —    
   (II)   Classified by ownership      
     1.   Net profit attributable to shareholders

of the parent company
(“-” indicating net loss)

      -28,116        -8,162  
     2.  

Minority interests
(“-” indicating net loss)

      -1,818        -418  
           

 

 

     

 

 

  
VI.    Other comprehensive income, net of tax      108        -268  
   (I)  

Other comprehensive income, net of tax,
attributable to owners of the parent company

      113        -265  
     1.  

Other comprehensive income that
cannot be reclassified into profit or loss

      -86        -20  
       (1)     

Changesarising from re-measuring
defined benefit plan

      13        -29  
       (2)     

Othercomprehensive income that cannot
be transferred to profit or loss under
the equity method

      —          —    
       (3)     

Changesin fair value of other equity
instrument investments

      -99        9  
       (4)     

Changesin fair value of the enterprise’s
own credit risk

      —          —    
           

 

 

     

 

 

  

 

16

 

  (2)

Financial statements (Cont’d)

Consolidated Statement of Profit or Loss and Other Comprehensive Income (Cont’d)

January – September 2022

Prepared by: China Eastern Airlines Corporation Limited

Unit: million    Currency: RMB    Type of audit: Unaudited

 

Item    The first three
quarters (January
– September) of
2022		     

The first three
quarters (January
– September) of

2021

         1.   

Other comprehensive income that will be reclassified into profit or loss

      199      -245
            (1)   

Other comprehensive income that will be transferred to profit or loss under the equity method

      —        —  
            (2)   

Changes in fair value of other debt investments

      —        —  
            (3)   

Amount of financial assets reclassified into other comprehensive income

      —        —  
            (4)   

Credit impairment provision for other debt investments

      —        —  
            (5)   

Cash flow hedge reserve

      199      -245
      (II)   

Other comprehensive income, net of tax, attributable to minority interests

      -5      -3
                 

 

 

     

 

VII. Total comprehensive income

      -29,826      -8,848
      (I)   

Total comprehensive income attributable to owners of the parent company

      -28,003      -8,427
      (II)   

Total comprehensive income attributable to minority interests

      -1,823      -421
                 

 

 

     

 

VIII. Earnings per share:

      
      (I)    Basic earnings per share (RMB/share)      -1.4897      -0.4983
      (II)    Diluted earnings per share (RMB/share)      -1.4897      -0.4983
                 

 

 

     

 

 

Person-in-charge

of the Company:

Li Yangmin

   

Officer-in-charge

of accounting:

Zhou Qimin

   

Officer-in-charge

of the accounting department:

Yu Yahong

 

17

  (2)

Financial statements (Cont’d)

Consolidated Cash Flow Statement

January – September 2022

Prepared by: China Eastern Airlines Corporation Limited

Unit: million     Currency: RMB     Type of audit: Unaudited

 

Item   

The first three
quarters (January
– September) of

2022

      The first three
quarters (January
– September) of
2021		  

1.

   Cash flow from operating activities:      
  Cash received from sales of goods and provision of labour services      37,258        54,371  
  Refund of taxes      5,699        18  
  Other cash received from operating activities      4,433        7,906  
    

 

 

     

 

 

  
  Sub-total of cash inflow from operating activities      47,390        62,295  
    

 

 

     

 

 

  
  Cash paid for purchase of goods and receiving of labour services      27,931        26,248  
  Cash paid to and for employees      15,570        16,949  
  Taxes paid      707        1,987  
  Other cash paid for operating activities      3,442        4,283  
    

 

 

     

 

 

  
  Sub-total of cash outflow from operating activities        47,650          49,467  
    

 

 

     

 

 

  
  Net cash flow from operating activities      -260        12,828  
    

 

 

     

 

 

  

2.

   Cash flow from investing activities:      
  Cash received from disposal of investment      —          201  
  Investment income in cash      11        103  
  Net cash received from disposal of fixed assets, intangible assets and other long-term assets      139        —    
  Net cash received from disposal of subsidiaries and other operating units      —          117  
  Other cash received from investing activities      1,382        5,721  
    

 

 

     

 

 

  
  Sub-total of cash inflow from investing activities      1,532        6,142  
    

 

 

     

 

 

  
  Amount paid in cash in relation to purchases of fixed assets, intangible assets and other long-term assets      5,717        8,805  
  Other cash paid for investing activities      —          31  
    

 

 

     

 

 

  
  Sub-total of cash outflow from investing activities      5,717        8,836  
    

 

 

     

 

 

  
  Net cash flow from investing activities      -4,185        -2,694  
    

 

 

     

 

 

  

 

18

 

  (2)

Financial statements (Cont’d)

Consolidated Cash Flow Statement (Cont’d)

January – September 2022

Prepared by: China Eastern Airlines Corporation Limited

Unit: million    Currency: RMB     Type of audit: Unaudited

 

Item   

The first three

quarters (January
– September) of
2022

     

The first three

quarters (January
– September) of
2021

  

3.

   Cash flow from financing activities:      
  Cash received from acquisition of investment      —          284  
  Cash received from borrowings      110,102        102,081  
  Other cash received from financing activities      —          792  
    

 

 

     

 

 

  
  Sub-total of cash inflow from financing activities      110,102        103,157  
    

 

 

     

 

 

  
  Cash paid for repayment of indebtedness      77,634        92,259  
 

Cash payments for distribution of dividends, profits

expense or payment of interest

      4,124        4,326  
  Other cash paid for financing activities      13,299        13,528  
    

 

 

     

 

 

  
  Sub-total of cash outflow from financing activities      95,057        110,113  
    

 

 

     

 

 

  
  Net cash flow from financing activities      15,045        -6,956  
    

 

 

     

 

 

  

4.

   Effect of changes in exchange rate on cash and cash equivalents      11        3  
    

 

 

     

 

 

  

 

19

 

  (2)

Financial statements (Cont’d)

Consolidated Cash Flow Statement (Cont’d)

January – September 2022

Prepared by: China Eastern Airlines Corporation Limited

Unit: million    Currency: RMB     Type of audit: Unaudited

 

Item    The first three
quarters (January
– September) of
2022		      The first three
quarters (January
– September) of
2021		  

5.

   Net increase in cash and cash equivalents      10,611        3,181  
 

Add: Balance of cash and cash equivalents at the beginning of the period

      12,950        7,651  
    

 

 

     

 

 

  

6.

   Balance of cash and cash equivalents at the end of the period      23,561        10,832  
    

 

 

     

 

 

  

 

Person-in-charge

of the Company:

Li Yangmin

   

Officer-in-charge

of accounting:

Zhou Qimin

   

Officer-in-charge

of the accounting department:

Yu Yahong

Adjustment to financial statements at the beginning of the year upon adoption of the new accounting standards or interpretations of standards for the first time starting from 2022

☐ Applicable    ✓ Not Applicable

The Board of

CHINA EASTERN AIRLINES CORPORATION LIMITED

28 October 2022

As at the date of this announcement, the directors of the Company include Li Yangmin (Vice Chairman, President), Tang Bing (Director), Lin Wanli (Director), Cai Hongping (Independent non-executive Director), Dong Xuebo (Independent non-executive Director), Sun Zheng (Independent non-executive Director), Lu Xiongwen (Independent non-executive Director) and Jiang Jiang (Employee Representative Director).

 

20

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