AIRLINE LIMITED航空股份有限公司
CHINA CREDIT REPORT(REPORT DATE: 14 JANUARY 20XX)

COMPANY OVERVIEWCOMPANY NAMEAIRLINE LIMITED航空股份有限公司
FORMER NAMEDATE OF ADOPTING PRESENT NAMENA

NA

REGISTRATION DATEMar. 27, 2006REGISTRATION NUMBER

100000400011XXXLEGAL FORM

JOINT STOCK LIMITED COMPANY (LISTED)REGISTRATION AGENCYSTATE ADMINISTRATION FOR INDUSTRY AND COMMERCE
IMPORT/EXPORT RIGHTNA
REGISTERED ADDRESSMANSION, XX TIANZHU RD., TIANZHU AIRPORT INDUSTRIAL ZONE, SHUNYI DISTRICT,BEIJING, 101XXX

北京市顺义区天竺空港工业区 A 区天柱路 XX 101XXX
BUSINESS ADDRESS

NO. 30, TIANZHU RD., TIANZHU AIRPORT ECONOMIC DEVELOPMENT ZONE, SHUNYIDISTRICT, BEIJING CITY, 101312

北京市,顺义区,天竺空港经济开发区天柱路 XX 101312
TELEPHONE

FACSIMILEEMAIL / WEB SITE(+86 10) 61462XXX(+86 10) 61462XXX

www.airline.com.cn

SIC CODE

5600, AIR TRANSPORTISIC CODE

5100, AIR TRANSPORTNACE CODE

51, AIR TRANSPORT
THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, NOR TO ANY OTHERPARTY. It is furnished by DP INFORMATION Network Pte Ltd (UEN 198302653E) ("DP Info") in STRICT CONFIDENCE at yourrequest for your exclusive use as a basis for credit, marketing and other business decisions. In accepting this report you hereby
agree to be responsible for all damages arising from a violation or breach of the above conditions. It is understood that this reportis based upon information obtained from sources deemed reliable, the accuracy of which is no manner guaranteed by DP Info. DP
Info shall not be liable for any loss or injury caused by the neglect or other act of failure to act on the part of the company and/or
its agents in procuring, collecting or communicating any information. For any questions regarding the accuracy of the information
contained in this report, please contact the Customer Service unit at+ 65 6320 1900 or via email at cs@dpgroup.com.sg. DP Info
is a company of Experian. www.dpgroup.com.sg
2

COMPANY OVERVIEWLEGAL REPRESENTATIVE/PERSON IN CHARGE

CHAN CHANGYIN
MAIN ACTIVITY

International and domestic regular and irregular air transportation of passengers, cargos,
mails and luggage; domestic and international business flight; airplane administration
business; maintenance of aircrafts; business agency among airline companies; ground service
and air express service (excluding correspondences and the matters of such nature) related toprincipal business; duty-free goods on the planes
CHANGES IN REGISTRATION

PLEASE REFER TO ‘CHANGE IN REGISTRATION’
STAFF STRENGTH

24,474REGISTERED CAPITALRMB 12,891,954,700
BANKERNA
TERM OF OPERATIONUNLIMITEDCREDIT LIMIT GUIDE LINE

RMB 10,000,000

CREDIT RATING

DP4[All figures quoted in RENMINBI (RMB) unless otherwise stated]

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, NOR TO ANY OTHERPARTY. It is furnished by DP INFORMATION Network Pte Ltd (UEN 198302653E) ("DP Info") in STRICT CONFIDENCE at yourrequest for your exclusive use as a basis for credit, marketing and other business decisions. In accepting this report you hereby
agree to be responsible for all damages arising from a violation or breach of the above conditions. It is understood that this reportis based upon information obtained from sources deemed reliable, the accuracy of which is no manner guaranteed by DP Info. DP
Info shall not be liable for any loss or injury caused by the neglect or other act of failure to act on the part of the company and/or
its agents in procuring, collecting or communicating any information. For any questions regarding the accuracy of the information
contained in this report, please contact the Customer Service unit at+ 65 6320 1900 or via email at cs@dpgroup.com.sg. DP Info
is a company of Experian. www.dpgroup.com.sg
3

BUSINESS PROFILE / OPERATION
HistoryMar.2006
2007

2008

Jun.2009

Subject was established.
In Sep., Subject announced that it would formally open Athens on Nov. 28, 2007,
which would link capitals of China and Greece.
In Sep., Subject's Beijing CUSS traveller number was over 1 million.
In Dec., Subject formally publicized "international transport general terms released
by Airlines Limited for traveller and luggage", which was compiled in accordancewith applied international pacts, civil aviation laws and actual situations of Air
China.
In Mar., Subject moved to the new terminal building of Capital Airport for
operation.
In Jun., Subject signed agreements with 50 core passenger transport sales agents,
and gave promises on safe, normal and high-quality services for Olympics Games(Paralympic Games).
In Jul., Subject's cross-strait weekend charter flight CA185 saw successful firsttime aviation, and 249 seats of fully-new A330 Lianmenghao (literal translation)
luxury passenger plane were all booked up.
In Jul., Subject's cross-strait weekend charter flight CA195 saw successful startup,and this adopts "Olympics Games Fuwa" passenger plane.
Subject, with brand value of RMB31.723 billion, ranked No. 28 among China's top
500 valuable brands appraised by World Brand Lab.

Change in Registration
Date of Change
2010

Change(s)Registered Capital

From
RMB12,251,362,273

To
RMB12,891,954,700

Operations
Main Business:
Chinese SIC:
ISIC:
NACE:

Providing air transportation services
5600, Air transport
5100, Air transport
51, Air transport

Subject mainly provides international and domestic cargo and passenger air transportation
services. It has strong domestic & overseas combined transportation capability and owns sales
network. It has concluded code sharing agreement with more than ten domestic and overseas
airlines, including Lufthansa Airlines, Austrian Airlines, SAS Scandinavian Airlines, Finnair,
Turkish Airlines, United Airlines, All Nippon Airways, HK Airlines, Macau Airlines, Shandong
Airlines, Shanghai Airlines, etc.

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, NOR TO ANY OTHERPARTY. It is furnished by DP INFORMATION Network Pte Ltd (UEN 198302653E) ("DP Info") in STRICT CONFIDENCE at yourrequest for your exclusive use as a basis for credit, marketing and other business decisions. In accepting this report you hereby
agree to be responsible for all damages arising from a violation or breach of the above conditions. It is understood that this reportis based upon information obtained from sources deemed reliable, the accuracy of which is no manner guaranteed by DP Info. DP
Info shall not be liable for any loss or injury caused by the neglect or other act of failure to act on the part of the company and/or
its agents in procuring, collecting or communicating any information. For any questions regarding the accuracy of the information
contained in this report, please contact the Customer Service unit at+ 65 6320 1900 or via email at cs@dpgroup.com.sg. DP Info
is a company of Experian. www.dpgroup.com.sg
4

BUSINESS PROFILE / OPERATION
Trademark and Patents
Total No. ofTrademarks
Registration No.
Registration Date
Trademark Design

1202
6421XXX--

9868XXX--

9936XX--

Note: Information on only the three latest registered trademarks is provided herein.
Patent Type
Total Patents
Patents Applied in 2012
Patents Applied in 2011
Patents Applied in 2010
Patents Applied in 2009
Patents Applied in 2007

Invention Patent Utility Model Patent52
4-1------1

Design Patent
20
-13
4
2
1

Total
27
4
14
4
2
2

Note: Information on only the patent application records since 2007 is provided herein.
Purchasing Information
Main Purchases:
Fuel oil, aviation machinery, and insurance services
No. of Major Suppliers: More than 20
Major Suppliers:
China National Aviation Media & Advertising Company, Air China Group
Import & Export Trading Co., Ltd., China Aviation Supplies Import andExport Group Corporation, Airbus S.A.S., and The Boeing Company
Main Payment Terms: Immediate payment, short-term credit, or L/C
Subject makes purchase both at home (North China) and from abroad (the United States). In
the first half of 2011, Subject totally introduced 24 sets of planes, with focus on B737-800 andA320 series of narrow aircrafts, as well as 3 sets of A330 wide aircrafts. It withdrew 6 planes,
including old types like B757-200, B737-300, etc.
The information above was confirmed by Subject's staff in Jan. 2012.

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, NOR TO ANY OTHERPARTY. It is furnished by DP INFORMATION Network Pte Ltd (UEN 198302653E) ("DP Info") in STRICT CONFIDENCE at yourrequest for your exclusive use as a basis for credit, marketing and other business decisions. In accepting this report you hereby
agree to be responsible for all damages arising from a violation or breach of the above conditions. It is understood that this reportis based upon information obtained from sources deemed reliable, the accuracy of which is no manner guaranteed by DP Info. DP
Info shall not be liable for any loss or injury caused by the neglect or other act of failure to act on the part of the company and/or
its agents in procuring, collecting or communicating any information. For any questions regarding the accuracy of the information
contained in this report, please contact the Customer Service unit at+ 65 6320 1900 or via email at cs@dpgroup.com.sg. DP Info
is a company of Experian. www.dpgroup.com.sg
5

BUSINESS PROFILE / OPERATION
Sales Information
Domestic:
Regions:
Customers:
Sales Terms:

100%South China, North China, East China, etc.
Individual consumers and business persons
Immediate payment or short-term credit

During 2012 Spring Festival travel season, Subject actively arranged transport force andincreased sufficient flights between the Straits, with flights covering Beijing, Shanghai,
Hangzhou and Chongqing of Chinese Mainland and Taipei of Taiwan. It increased 90 flights
accumulatively.
The information above was confirmed by Subject's staff in Jan. 2012.
Import & Export
None developed during the course of the investigation.
Credit Records
Supplier:
Commodities Supplied:
Telephone:
Cooperation Duration:
Payment Punctuality:
Interviewee's Remarks:
Date of Interview:

Aviation Media & Advertising Company
Advertisement010-64748XXX
Long-term
PromptSubject makes payment in time and has normal credit standing.
Jul. 26, 2012

Number of Employees
Total Employees: 24,474
The information above was obtained from Subject's 2010 annual report.
Facilities
Location:
Area:
Property Ownership:
Traffic Convenience:

Tianzhu Rd., Tianzhu Airport Economic Development Zone, Beijing
More than 50,000 sq. meters
Self-owned
Convenient

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, NOR TO ANY OTHERPARTY. It is furnished by DP INFORMATION Network Pte Ltd (UEN 198302653E) ("DP Info") in STRICT CONFIDENCE at yourrequest for your exclusive use as a basis for credit, marketing and other business decisions. In accepting this report you hereby
agree to be responsible for all damages arising from a violation or breach of the above conditions. It is understood that this reportis based upon information obtained from sources deemed reliable, the accuracy of which is no manner guaranteed by DP Info. DP
Info shall not be liable for any loss or injury caused by the neglect or other act of failure to act on the part of the company and/or
its agents in procuring, collecting or communicating any information. For any questions regarding the accuracy of the information
contained in this report, please contact the Customer Service unit at+ 65 6320 1900 or via email at cs@dpgroup.com.sg. DP Info
is a company of Experian. www.dpgroup.com.sg
6

BUSINESS PROFILE / OPERATION
Litigation
Hearing Court:
Case Number:
Date of Hearing:
Case Brief:

Date of Acquisition:

Beijing Xicheng District People's Court (South District)
Case No.: (2010) XZZ No. 01XXX
Mar. 15, 2010
Executed Party: Subject
Filing Date: Mar. 15, 2010
Amount of subject matter: RMB0.00
Status: Concluded
Jul. 26, 2012

Note: This report only provides litigation records, public rankings as well as other public records ofthe latest 3 years.
Major Ranks
Year
2011
2010
2010
2010
2010

Major Rank
China's Top 500 Enterprises
Top 100 Listed Companies of China by Overall Strength
Rank of Chinese Companies by Corporate Social Responsibility (Top 50
Domestic Companies)
China's Top 500 Listed Corporations
List of Credit Grade-A Taxpayers in Beijing by State Tax Contribution

Place
30
23
23
35

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, NOR TO ANY OTHERPARTY. It is furnished by DP INFORMATION Network Pte Ltd (UEN 198302653E) ("DP Info") in STRICT CONFIDENCE at yourrequest for your exclusive use as a basis for credit, marketing and other business decisions. In accepting this report you hereby
agree to be responsible for all damages arising from a violation or breach of the above conditions. It is understood that this reportis based upon information obtained from sources deemed reliable, the accuracy of which is no manner guaranteed by DP Info. DP
Info shall not be liable for any loss or injury caused by the neglect or other act of failure to act on the part of the company and/or
its agents in procuring, collecting or communicating any information. For any questions regarding the accuracy of the information
contained in this report, please contact the Customer Service unit at+ 65 6320 1900 or via email at cs@dpgroup.com.sg. DP Info
is a company of Experian. www.dpgroup.com.sg
7

SHAREHOLDERS AND MANAGEMENT
Shareholders and Shares
Shareholders
Aviation Holding Company
Airways Ltd.
Nominees Limited
Aviation Corporation (Group) Limited
Oil Holding Company
Sinotrans Co., Ltd.
Power Holdings Limited
Total
Shareholders
Aviation Holding Company
Airways Ltd.
Nominees Limited
Aviation Corporation (Group) Limited
Oil Holding Company
Sinotrans ment Co., Ltd.
Power Holdings Limited

Capital Subscribed
5,126,147,507
2,517,385,455
1,793,435,579
1,556,334,920
86,300,000
75,800,000
48,000,000----------11,203,403,461% of Total
39.76
19.53
13.91
12.07
0.67
0.59
0.37
-------86.90
Paid-up %100.00100.00100.00100.00100.00100.00100.00Background of Major Shareholders
Name:
Aviation Holding Company
Establishment Date: Oct. 11, 2002
Legal Rep.:
KONG Yong
AIC No.:100000000037XXX
Legal Status:
State-owned enterprise
Registered Capital: 10,027,830,000
Address:
Air China Plaza, Xiaoyun Road, Ring Road, Chaoyang District, Beijing
Telephone:(+86 10) 84488XXX
Facsimile:(+86 10) 84475XXX
Other Information: Officially established on Oct. 11, 2002, it is headquartered in Beijing. It isa large state-owned airfreight group company, a state-authorized
investment entity and equally a state-controlled company.
Name:
Address:
Other Information:

Airways Ltd.
Hong Kong
There is no information about the company on the official registrar in
Hong Kong

Name:
Address:
Other Information:

Nominees Limited
Hong Kong, China
Name: Nominees Limited
Date of Establishment: May 14, 1991

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, NOR TO ANY OTHERPARTY. It is furnished by DP INFORMATION Network Pte Ltd (UEN 198302653E) ("DP Info") in STRICT CONFIDENCE at yourrequest for your exclusive use as a basis for credit, marketing and other business decisions. In accepting this report you hereby
agree to be responsible for all damages arising from a violation or breach of the above conditions. It is understood that this reportis based upon information obtained from sources deemed reliable, the accuracy of which is no manner guaranteed by DP Info. DP
Info shall not be liable for any loss or injury caused by the neglect or other act of failure to act on the part of the company and/or
its agents in procuring, collecting or communicating any information. For any questions regarding the accuracy of the information
contained in this report, please contact the Customer Service unit at+ 65 6320 1900 or via email at cs@dpgroup.com.sg. DP Info
is a company of Experian. www.dpgroup.com.sg
8SHAREHOLDERS AND MANAGEMENT
Background of Major Shareholders (Cont’d)Name:
Address:
Other Information:

Aviation Corporation (Group) Limited
Hong Kong
Company Number: 0517XXX
Company Name: Aviation Corporation (Group) Limited
Company Category: Local company
Date of Establishment: Jun. 13, 1995
Legal Status: Private company
Status Quo: Active
Register of Charge: Yes

Name:
Establishment Date:
Legal Rep.:
AIC No.:Legal Status:
Registered Capital:
Other Information:

Oil Holding Company
Oct. 11, 2002
SUN Li100000000037XXX
State-owned enterprise
4,415,580,000
Established in 2002, Oil Holding Company is a large-sized state-owned airtransport service company established on the basis of Oil Corporation(literal translation). It is the largest aviation oil supplier integrating
aviation oil procurement, transportation, storage, testing, marketing andfilling.

Name:
Establishment Date:
Legal Rep.:
AIC No.:Legal Status:
Registered Capital:
Other Information:

Sinotrans Co., Ltd.
Oct. 11, 1999
ZHAN Jianwei
1000001003XXX
Joint stock limited company (listed)
905,481,720
Founded in Oct. 1999, the company was listed at Shanghai Stock
Exchange on Dec. 28, 2000, and is the first listed company in the domestic
aviation freight forwarding industry. Its abbreviated stock name is
Sinotrans. The company was established by reorganizing high-quality
airlift assets of Sinotrans Group, and its core business covers aviation
freight forwarding and mail express. Thereinto, international freight
forwarding business ranks No. 1 in the domestic line, and its mail express
business has formed rapidly-developed self-owned brand- S Express.

Name:
Establishment Date:
Legal Rep.:
AIC No.:Legal Status:
Registered Capital:

Power Holdings Limited
Nov. 17, 2009
QIAO Baoping
110000012416XXX
Limited liability company (wholly owned by a corporation)
5,700,000,000

Note: Information provided herein comes directly from our database and may contain obsolete
information.

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, NOR TO ANY OTHERPARTY. It is furnished by DP INFORMATION Network Pte Ltd (UEN 198302653E) ("DP Info") in STRICT CONFIDENCE at yourrequest for your exclusive use as a basis for credit, marketing and other business decisions. In accepting this report you hereby
agree to be responsible for all damages arising from a violation or breach of the above conditions. It is understood that this reportis based upon information obtained from sources deemed reliable, the accuracy of which is no manner guaranteed by DP Info. DP
Info shall not be liable for any loss or injury caused by the neglect or other act of failure to act on the part of the company and/or
its agents in procuring, collecting or communicating any information. For any questions regarding the accuracy of the information
contained in this report, please contact the Customer Service unit at+ 65 6320 1900 or via email at cs@dpgroup.com.sg. DP Info
is a company of Experian. www.dpgroup.com.sg
9

RELATED COMPANIESNone developed during the course of the investigation.

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, NOR TO ANY OTHERPARTY. It is furnished by DP INFORMATION Network Pte Ltd (UEN 198302653E) ("DP Info") in STRICT CONFIDENCE at yourrequest for your exclusive use as a basis for credit, marketing and other business decisions. In accepting this report you hereby
agree to be responsible for all damages arising from a violation or breach of the above conditions. It is understood that this reportis based upon information obtained from sources deemed reliable, the accuracy of which is no manner guaranteed by DP Info. DP
Info shall not be liable for any loss or injury caused by the neglect or other act of failure to act on the part of the company and/or
its agents in procuring, collecting or communicating any information. For any questions regarding the accuracy of the information
contained in this report, please contact the Customer Service unit at+ 65 6320 1900 or via email at cs@dpgroup.com.sg. DP Info
is a company of Experian. www.dpgroup.com.sg
10

BANKING & FINANCIAL INFORMATION
Banking Relationship
None developed during the course of the investigation.
Financial Summary
Sales
Total profit
Net profit
Total assets
Total liabilities
Total shareholders' equity
Total current assets
Total current liabilities
Working capital
Total fixed assets
Return on net assets (%)
Net profit margin (%)
Turnover of total assets
Turnover of accounts receivable (days)
Liabilities/assets ratio (%)
Current ratio
Quick ratio
Sales growth (%)
Gross profit growth (%)
Total assets growth (%)

2011
97,139,111,000
10,121,519,000
7,897,609,000
173,323,568,000
123,822,047,000
49,501,521,000
21,461,660,000
57,867,384,000-36,405,724,000
101,737,456,000
15.95
8.13
0.56
9.83
71.44
0.37
0.35
19.98
-0.79
11.66

2010
80,962,677,000
15,025,062,000
12,454,758,000
155,219,613,000
113,520,293,000
41,699,320,000
20,988,132,000
50,633,098,000-29,644,966,000
88,224,954,000
29.87
15.38
0.52
14.14
73.14
0.41
0.40
58.45
140.0846.21

2009
51,095,369,000
5,314,681,000
4,978,268,000
106,163,207,000
82,201,764,000
23,961,443,000
7,178,764,000
36,394,306,000-29,215,542,000
69,147,527,000
20.78
9.74
0.48
15.51
77.43
0.20
0.17
----

31/12/2011(Consolidated)
15,420,242
12,144
1,601
2,652,439
584,983
1,662,087
1,128,164
21,461,660
424,618
14,804,420
240,879
101,737,456
27,566,439
2,805,249
1,102,185
187,8932,992,769
151,861,908
173,323,568

31/12/2010(Consolidated)
15,011,027
27,37914,295
3,180,638
683,781
1,138,695
932,317
20,988,132
393,492
15,522,585-88,224,954
23,518,332
2,867,600
1,449,030
181,317
2,074,171
134,231,481
155,219,613

31/12/2009(Consolidated)
3,201,568-2,4892,201,172
350,257
492,007931,271
7,178,764
254,306
13,235,575-69,147,527
11,731,131
2,576,301
349,055
138,105
1,552,443
98,984,443
106,163,207

Financial Data
Balance Sheet (‘000)

Cash & bank
Tradable financial assets
Notes receivable
Accounts receivable
Advances to suppliers
Other receivables
Inventory
Total Current Assets
Long-term receivables
Long-term equity investment
Investment real estate
Fixed assets
Construction-in-progress
Intangible assets
Goodwill
Long-term prepaid & deferred expense
Deferred income tax assets
Total Non-Current Assets
TOTAL ASSETSTHIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, NOR TO ANY OTHERPARTY. It is furnished by DP INFORMATION Network Pte Ltd (UEN 198302653E) ("DP Info") in STRICT CONFIDENCE at yourrequest for your exclusive use as a basis for credit, marketing and other business decisions. In accepting this report you hereby
agree to be responsible for all damages arising from a violation or breach of the above conditions. It is understood that this reportis based upon information obtained from sources deemed reliable, the accuracy of which is no manner guaranteed by DP Info. DP
Info shall not be liable for any loss or injury caused by the neglect or other act of failure to act on the part of the company and/or
its agents in procuring, collecting or communicating any information. For any questions regarding the accuracy of the information
contained in this report, please contact the Customer Service unit at+ 65 6320 1900 or via email at cs@dpgroup.com.sg. DP Info
is a company of Experian. www.dpgroup.com.sg
11

BANKING & FINANCIAL INFORMATION
Financial Data (Cont’d)Balance Sheet (‘000) (Cont’d)

Short-term loans
Tradable financial liabilities
Notes payable
Accounts payable
Advances from customers
Tickets and cargo bills payable
Accrued payroll
Taxes payable
Interest payable
Other payables
Non-current liabilities due within 1 year
Other current liabilities
Total Current Liabilities
Long-term loans
Bonds payable
Long-term payables
Accrued financial lease outlay
Accrued liabilities
Deferred income tax liabilities
Deferred income
Other non-current liabilities
Total Non-Current Liabilities
TOTAL LIABILITIESPaid-up capital
Capital reserve
Surplus reserve
Undistributed profit
Difference from converting statements
in foreign currency
Minority interests
TOTAL SHLDRS’ EQUITYTOTAL LIABILITIES & SHLDRS’EQUITY

31/12/2011(Consolidated)
11,507,317
223,137
0
12,081,912
121,5032,052,297
2,703,428
2,756,215
360,578
6,309,825
17,240,694
2,510,478
57,867,384
33,398,481
6,000,000
2,643,472
19,191,860
346,284
1,213,030
3,161,536
0
65,954,663
123,822,047
12,891,955
16,288,523
3,471,812
17,134,982-3,049,254

31/12/2010(Consolidated)
15,703,154
427,329
387,327
9,426,483
125,088-1,593,762
2,998,802
310,029
4,630,782
11,421,643
3,608,699
50,633,098
31,923,371
9,000,000
2,271,951
16,061,353
77,8201,005,840
2,546,860
062,887,195
113,520,293
12,891,955
16,245,469
2,178,300
12,515,511-2,178,610

31/12/2009(Consolidated)
8,870,400
2,274,627
763,255
9,547,384
38,127-726,567
720,295
303,154
1,846,008
11,304,489
0
36,394,306
18,321,078
9,000,000
1,499,128
15,366,476
94,438143,000
1,383,338
045,807,458
82,201,764
12,251,362
10,823,906
1,563,914
921,848-1,638,158

2,763,503
49,501,521
173,323,568

46,695
41,699,320
155,219,613

38,571
23,961,443
106,163,207

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, NOR TO ANY OTHERPARTY. It is furnished by DP INFORMATION Network Pte Ltd (UEN 198302653E) ("DP Info") in STRICT CONFIDENCE at yourrequest for your exclusive use as a basis for credit, marketing and other business decisions. In accepting this report you hereby
agree to be responsible for all damages arising from a violation or breach of the above conditions. It is understood that this reportis based upon information obtained from sources deemed reliable, the accuracy of which is no manner guaranteed by DP Info. DP
Info shall not be liable for any loss or injury caused by the neglect or other act of failure to act on the part of the company and/or
its agents in procuring, collecting or communicating any information. For any questions regarding the accuracy of the information
contained in this report, please contact the Customer Service unit at+ 65 6320 1900 or via email at cs@dpgroup.com.sg. DP Info
is a company of Experian. www.dpgroup.com.sg
12

BANKING & FINANCIAL INFORMATION
Financial Data (Cont’d)
Income Statement (‘000)
Sales
Less: Cost of sales
Sales taxes and additional
Gross Profit
Less: Selling expenses
Administrative expenses
Financial expenses
Assets impairment loss
Plus: Investment income
Net income from fair value change
Operating Profit
Plus: Non-operating income
Less: Non-operating expenses
Total profit
Less: Income tax
Net profit

2011
97,139,111
76,692,435
2,241,459
18,205,217
6,521,025
3,307,241-1,549,773
2,146,816
1,336,532
33,7449,150,184
1,198,749
227,414
10,121,519
2,223,910
7,897,609

2010
80,962,677
61,004,800
1,607,734
18,350,143
5,503,427
2,340,040-539,525
2,098,256
3,572,863
1,743,515
14,264,323
847,901
87,162
15,025,062
2,570,304
12,454,758

2009
51,095,369
41,947,116
1,505,062
7,643,191
3,812,512
1,620,311
1,205,931
161,247
610,449
2,759,580
4,213,219
1,168,519
67,057
5,314,681
336,413
4,978,268

2011
21,639,589-16,896,989-3,481,855

2010
19,666,942-14,074,330
6,073,759

2009
6,895,270-12,582,067
5,426,860

Cash Flow Statement (‘000)
Net cash flow from operating activities
Net cash flow from investing activities
Net cash flow from financing activities
Notes to FinanceDue to lack of clear government policy regarding transparency of enterprise financial
information, many financial items might be missing in the above financial statements, causing
possible inequality between the sum of the provided items and the provided Total Number.
Subject increased registered capital in 2010, so paid-up capital of 2010 went up year-on-year.
The consolidated scope of 2010 financial statements: Aviation Company Limited, Import &Export Co., Ltd. (literal translation), Zhejiang Co., Ltd. (literal translation), Shanghai Aviation
Co., Ltd. (literal translation), Development Corporation (Hong Kong) Limited, Golden Phoenix
Resources Service Co., Ltd. (literal translation), Total Group Limited, Macau Airlines Co., Ltd.,Angel Ltd., Cargo Co., Ltd., Chengdu Engineering Service Co., Ltd., Shenzhen Co., Ltd.,
Shenzhen Trade Co., Ltd. (literal translation), Shenzhen Flying School (literal translation), Kun
Airlines Co., Ltd., etc.

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agree to be responsible for all damages arising from a violation or breach of the above conditions. It is understood that this reportis based upon information obtained from sources deemed reliable, the accuracy of which is no manner guaranteed by DP Info. DP
Info shall not be liable for any loss or injury caused by the neglect or other act of failure to act on the part of the company and/or
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contained in this report, please contact the Customer Service unit at+ 65 6320 1900 or via email at cs@dpgroup.com.sg. DP Info
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BANKING & FINANCIAL INFORMATION
Change of Key Financials (‘000)
Sales
Net profit
Total assets
Total liabilities
Total shareholders’ equity
Total current assets
Total current liabilities
Working capital
Total fixed assets

2011
97,139,111
7,897,609
173,323,568
123,822,047
49,501,521
21,461,660
57,867,384-36,405,724
101,737,456

Growth Rate (%)
19.98-36.59
11.66
9.07
18.71
2.26
14.29
-15.32

2010
80,962,677
12,454,758
155,219,613
113,520,293
41,699,320
20,988,132
50,633,098-29,644,966
88,224,954

Important Ratios
Profitability
Return on net assets (%)
Return on total assets (%)
Gross profit margin (%)
Net profit margin (%)

2011
15.95
4.56
18.74
8.13

2010
29.87
8.02
22.66
15.38

2009
20.78
4.69
14.96
9.74

Efficiency
Turnover of total assets
Turnover of current assets
Turnover of accounts receivable (days)

2011
0.56
4.53
9.83

2010
0.52
3.86
14.14

2009
0.48
7.12
15.51

Solvency
Liabilities/assets ratio (%)
Current ratio
Quick ratio

2011
71.44
0.37
0.35

2010
73.14
0.41
0.40

2009
77.43
0.20
0.17

GrowthSales growth (%)
Gross profit growth (%)
Total assets growth (%)

2011
19.98
-0.79
11.66

2010
58.45
140.08
46.21

2009
----

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Info shall not be liable for any loss or injury caused by the neglect or other act of failure to act on the part of the company and/or
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INDUSTRY INFORMATION
Industry Profile
5600, Air transport
Industry Definition:
This industry includes transport of passengers or cargo by air, general airlines services andsupporting and auxiliary activities related to air transport
Industry Status & Trend:
In 2011, civil aviation continued safety was ensured, the whole operation and development of
the industry turned better steadily. In national airports with scheduled flights, 21 airports haveannual passenger handling capacity of over 10 million person-times, with an increase of 5against the previous year and passenger handling capacity accounting for 75.1% of all airport
passenger handling capacity; and 53 airports have annual passenger handling capacity of over1 million person-times, with an increase of 2 against the previous year and passengers handling
capacity accounting for 95.2% of all airport passenger handling capacity. In national airports
with scheduled flights, 47 airports have annual cargo and post handling capacity of over 10,000
tons, on the same level of the previous year and cargo and post handling capacity accounting
for 98.6% of all airport cargo and post handling capacity.
In 2012, the expected indicators of the development of civil aviation is that the total turnoverof the whole industry will reach 63,200 million tons* km and passenger transport volume will
exceed 320 million person-times, up 10.1% and 10.3% year on year respectively.
Industry Financial Ratios
5600, Air transport
2011
Return on net assets (%)
Return on total assets (%)
Gross profit margin (%)
Turnover of total assets
Turnover of current assets
Turnover of accounts receivable (days)
Liabilities/assets ratio (%)
Current ratio
Quick ratio
Sales growth (%)
Gross profit growth (%)
Total assets growth (%)

Best
12.80
5.70
18.30
0.90
4.80
16.59
56.20
1.32
1.01
15.50
11.20
23.60

Average
3.00
1.10
8.50
0.50
2.50
24.00
70.00
0.67
0.51
3.80
1.50
10.10

Worst
-14.60-12.20
-8.70
0.10
1.40
46.75
90.20
0.26
0.20
-10.20-13.10-8.60

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, NOR TO ANY OTHERPARTY. It is furnished by DP INFORMATION Network Pte Ltd (UEN 198302653E) ("DP Info") in STRICT CONFIDENCE at yourrequest for your exclusive use as a basis for credit, marketing and other business decisions. In accepting this report you hereby
agree to be responsible for all damages arising from a violation or breach of the above conditions. It is understood that this reportis based upon information obtained from sources deemed reliable, the accuracy of which is no manner guaranteed by DP Info. DP
Info shall not be liable for any loss or injury caused by the neglect or other act of failure to act on the part of the company and/or
its agents in procuring, collecting or communicating any information. For any questions regarding the accuracy of the information
contained in this report, please contact the Customer Service unit at+ 65 6320 1900 or via email at cs@dpgroup.com.sg. DP Info
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15

INDUSTRY INFORMATION
Industry Financial Ratios (Cont’d)2010
Return on net assets (%)
Return on total assets (%)
Gross profit margin (%)
Turnover of total assets
Turnover of current assets
Turnover of accounts receivable (days)
Liabilities/assets ratio (%)
Current ratio
Quick ratio
Sales growth (%)
Gross profit growth (%)
Total assets growth (%)

Best
16.60
10.20
21.00
1.00
4.80
18.27
56.20
1.47
1.13
31.40
28.40
28.60

Average
6.80
5.00
10.00
0.60
2.50
27.69
70.00
0.95
0.73
20.00
18.20
15.10

Worst
-10.80-10.10
-7.40
0.10
1.40
63.16
90.20
0.52
0.40
1.80
1.60
-3.60

* The above indicators come from industry statistics regularly published by the government.
Trend Chart of Key Indicators
5600, Air transport
Trend of Gross Profit Margin (Average)

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INDUSTRY INFORMATION
Trend Chart of Key Indicators (Cont’d)Trend of Turnover of Accounts Receivable (Days) (Average)

Trend of Liabilities/assets Ratio (Average)

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INDUSTRY INFORMATION
Trend Chart of Key Indicators (Cont’d)Trend of Sales Growth (Average)

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SUPPLEMENTARY INFORMATION
In accordance with GZXX [2004] No.7XX "approval on reorganizing Aviation Holding Company andestablishing a joint stock limited company", GZXX [2004] No.8XX "approval on establishing
Airlines Limited" released by State-Owned Assets Supervision and Administration Commission of
the State Council and the initiators' agreement, Subject is a joint stock limited company initiatedby Airlines Corporation and Aviation Corporation (Group) Limited, and mainly runs internationaland domestic aviation passenger transport and cargo transport. Now it is a leading enterprise in
the national aviation transport enterprise, with good development prospects.
Subject has its A share listed at Shanghai Stock Exchange and its A share code is 601XXX.
Subject's H share is listed at The Stock Exchange of Hong Kong Limited and its H share code is
0XXX. Other stock exchange is London Stock Exchange and the stock code is AIXX.
Subject is a listed company and the information on Subject’s shareholders are Subject’s top 10
shareholders as of June 30, 2011.
According to State Administration for Industry and Commerce, Subject's date of establishment isMar. 27, 2006, but according to Subject's annual report, it is a joint stock limited company
registered and incorporated in China on Sep. 30, 2004.

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agree to be responsible for all damages arising from a violation or breach of the above conditions. It is understood that this reportis based upon information obtained from sources deemed reliable, the accuracy of which is no manner guaranteed by DP Info. DP
Info shall not be liable for any loss or injury caused by the neglect or other act of failure to act on the part of the company and/or
its agents in procuring, collecting or communicating any information. For any questions regarding the accuracy of the information
contained in this report, please contact the Customer Service unit at+ 65 6320 1900 or via email at cs@dpgroup.com.sg. DP Info
is a company of Experian. www.dpgroup.com.sg
19

SUMMARY
Subject was established on 27 March 2006 as a Joint stock limited company (listed).
Subject mainly provides international and domestic cargo and passenger air transportation
services. It has strong domestic & overseas combined transportation capability and owns sales
network. It has concluded code sharing agreement with more than ten domestic and overseas
airlines, including Lufthansa Airlines, Austrian Airlines, SAS Scandinavian Airlines, Finnair, Turkish
Airlines, United Airlines, All Nippon Airways, HK Airlines, Macau Airlines, Shandong Airlines,
Shanghai Airlines, etc.
In view of above, Subject’s credit rating is DP4.

THIS REPORT MUST NOT BE COMMUNICATED TO THE PERSON/S OR FIRM/S REPORTED ON, NOR TO ANY OTHERPARTY. It is furnished by DP INFORMATION Network Pte Ltd (UEN 198302653E) ("DP Info") in STRICT CONFIDENCE at yourrequest for your exclusive use as a basis for credit, marketing and other business decisions. In accepting this report you hereby
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Info shall not be liable for any loss or injury caused by the neglect or other act of failure to act on the part of the company and/or
its agents in procuring, collecting or communicating any information. For any questions regarding the accuracy of the information
contained in this report, please contact the Customer Service unit at+ 65 6320 1900 or via email at cs@dpgroup.com.sg. DP Info
is a company of Experian. www.dpgroup.com.sg
20

RATING EXPLANATION/ SCORESHEET
Default Frequency<0.1%

DP Credit
RatingDP1

0.1% - <0.2%DP2

0.2% - <0.4%DP3

0.4% - <1.0%DP4

1.0% - <3.0%DP5

3.0% - <8.0%DP68% - <14.0%

DP7

14.0% - <30%

DP8

Explanation

Status*

Possess extremely strong financial
fundamental with high incentive
and capability for repayment of
obligations.
Has strong financial health withabove average capability formeeting payments.
Stable financial health and above
normal operational environment.
General unfavourable factors are
not likely to cause distress.
Overall financial health andoperation are considered
normal. Capable of meeting its
commitments. May besusceptible to difficulties in theevent of drastic changes in
economic conditions.
Adequate financial capabilities tomeet normal commitments.
However, adverse changes in
economic condition could lead to
doubtfulness in the ability to pay.
Sufficiently sound financial ability
to meet normal obligations.
Capabilities in reacting to adverse
operational condition are limited orconsider doubtful.
Weakness in financial ability isapparent. Vulnerable tounfavourable changes in theeconomic and operational
environment and is likely to fall
into a weakened financial
condition.
Apparent weakness in financial
health with limited capability tomeet its obligations especially inthe event of any adverse changes
in operating environment.

Premium

Premium
StrongStrongModerate

Moderate

MonitorMonitor*DP 1 to DP 4 is comparable to “Investment Grade” rated securities, and DP 5 to DP 6 iscomparable to “High Yield” rated securities, and DP 7 to DP8 is comparable to “High Risk” rated
securities.

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its agents in procuring, collecting or communicating any information. For any questions regarding the accuracy of the information
contained in this report, please contact the Customer Service unit at+ 65 6320 1900 or via email at cs@dpgroup.com.sg. DP Info
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DPI’S COMMENTS & RATING* The rating is an opinion of Subject’s capability and ability based on prevailing conditions
and information made available to DP Information at the time of rating.
* The rating is not a recommendation to buy or sell nor is it an endorsement or nonendorsement of an issue.
* The information received has been obtained from sources believed to be reliable, but its
accuracy or completeness is not guaranteed.
* DP Information does not assume any part of the requester’s risk in the use or non-use ofthis rating.
* No part of this report may be reproduced, stored in retrieval system or transmitted, in
any form or by any means.
* DP Information’s ratings are subject to change due to any unforeseen and/or foreseen
circumstances

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its agents in procuring, collecting or communicating any information. For any questions regarding the accuracy of the information
contained in this report, please contact the Customer Service unit at+ 65 6320 1900 or via email at cs@dpgroup.com.sg. DP Info
is a company of Experian. www.dpgroup.com.sg
22