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 April 2008.
Commission
File Number: 001-14550
China
Eastern Airlines Corporation Limited
———————————————————————————————————
(Translation
of Registrant’s name into English)
2550
Hongqiao Road
Hongqiao
Airport
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: x Form
20-F oForm 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): o
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): o
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: o Yes x 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 April 29, 2008 | By: | /s/ Li Fenghua |
|
Name: Li Fenghua |
||
| Title: Chairman of the Board of Directors | ||
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.
(A joint stock limited company incorporated i
n the People’s Republic of China with limited liability)
(Stock code: 670)
FIRST QUARTERLY REPORT 2008
|
This
announcement is made by China Eastern Airlines Corporation Limited
pursuant to the disclosure requirement
under Rule 13.09(2) of the Rules Governing the Listing of Securities
on
The Stock Exchange of Hong Kong Limited .
The
financial statements of the Company for the first quarter of
2008 were not
audited, and were prepared in accordance with the PRC Accounting
Regulations.
|
|
1.
|
IMPORTANT
NOTICE
|
This
announcement is made by China Eastern Airlines Corporation Limited (the
“Company”) pursuant to the disclosure requirement under Rule 13.09(2) of the
Rules Governing the Listing of Securities on The Stock Exchange of Hong
Kong
Limited (which requires any issuer listed on The Stock Exchange of Hong
Kong
Limited whose securities are also listed on other stock exchange(s) to
simultaneously inform The Stock Exchange of Hong Kong Limited 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 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 statements of
the
Company for the first quarter of 2008 were not audited, and were prepared
in
accordance with the PRC Accounting Regulations.
The
Board
of Directors (the “Board”) and the supervisory committee of the Company, and its
directors, supervisors and senior management hereby confirm that the
information
set out in this report does not contain any false information, misleading
statement or material omission, and accept joint and several responsibility
for
the truthfulness, accuracy and completeness of the contents of this
report.
Mr.
Cao
Jianxiong, an executive director, did not attend the meeting for some
reason.
Mr. Luo Chaogeng, a non-executive director, did not attend the meeting
for some
reason. Mr. Peter Lok, an independent non-executive director, did not
attend the
meeting for some reason, and authorized Mr. Zhou Ruijin, an independent
non-executive director, to vote for him. Mr. Hu Honggao, an independent
non-executive director, did not attend the meeting for some reason, and
authorized Mr. Zhou Ruijin, an independent non-executive director, to
vote for
him. Mr. Wu Baiwang, an independent non-executive director, did not attend
the
meeting for some reason, and authorized Mr. Zhou Ruijin, an independent
non-executive director, to vote for him.
1
Mr.
Li
Fenghua, chairman of the Board of the Company and person-in-charge of the
Company, Mr. Cao Jianxiong, president of the Company and officer-in-charge
of
accounting, Mr. Luo Weide, chief financial officer, and Mr. Wu Longxue,
general
manager of the accounting department and officer-in-charge of the accounting
department (accounting officer), hereby declare that the financial report
forming part of
this
quarterly report is true and complete.
|
2.
|
BASIC
PARTICULARS OF THE
COMPANY
|
|
2.1
|
Main
accounting data and financial
indicators
|
Currency: RMB
|
|
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 (RMB’000)
|
68,484,226
|
67,141,714
|
2.00
|
|||||||
|
Owners’ equity (or shareholders’
|
||||||||||
|
equity) (RMB’000)
|
2,953,758
|
2,862,865
|
3.17
|
|||||||
|
Net earnings per share attributable
to the shareholders of listed
|
||||||||||
|
company (RMB)
|
0.6069
|
0.5882
|
3.17
|
|
|
From the
beginning of
the year to
the end of the
reporting period
|
|
|
Increase/
decrease
compared
with
the
same
period
last
year
(%)
|
|
||
|
Net cash flow generated from </
fon t>operating activities
|
1,125,383
|
-55.92
|
|||||
|
(RMB’000)
|
|||||||
| Net cash flow generated from operating activities per |
0.2312
|
-55.92
|
|||||
|
share (RMB)
|
2
|
|
Reporting period
|
|
|
From
the beginning of the year to the end of the reporting
period
|
|
|
Increase/decreasefor
the reporting period compared with the same period
last
year (%)
|
|
||
|
Net profit attributable to
shareholders of listed company
|
||||||||||
|
(RMB’000)
|
210,797
|
210,797
|
142.94
|
|||||||
|
Basic earnings per share (RMB)
|
0.0433
|
0.0433
|
142.94
|
|||||||
|
Basic earnings per share after
non-recurring gains and losses
|
||||||||||
|
(RMB)
|
0.0431
|
0.0431
|
134.01
|
|||||||
|
Diluted earnings per share (RMB)
|
0.0433
|
0.0433
|
142.94
|
|||||||
|
Return on net assets
(fully diluted) (%)
|
7.13
|
7.13
|
Increased
26.22
percentage
points
|
|||||||
|
Return on net assets (fully diluted)
after deducting non-recurring
losses (%)
|
7.10
|
7.10
|
Increased
31.21
percentage
points
|
|
|
From the
beginning of
|
|
||
|
|
|
|
the year to
|
|
|
|
|
|
the end of the
|
|
|
Non-recurring gains or losses
|
|
|
reporting period
|
|
|
|
|
|
(RMB’000)
|
|
|
Gains or losses from disposal of non current assets
|
1,091
|
3
|
2.2
|
The
total number of the Company’s shareholders and the shareholdings of the 10
largest holders of circulating shares not subject to selling
moratorium as
at the end of the reporting
period
|
|
|
Unit: Shares
|
|||
|
Total
number of shareholders as at end of the
reporting period
|
215,443 |
Shareholding of the 10 largest holders of circulating shares not subject to selling
moratorium
|
Name
of shareholders (in full)
|
Number
of circulating shares not subject to selling moratorium held
at the end of
the period
|
Class
|
||
|
HKSCC
NOMINEES LIMITED
|
1,546,683,499
|
Overseas
listed foreign shares
|
||
|
國際金融
- 滙豐 - TEMASEK
FULLERTON ALPHA PTE LTD
|
9,999,969
|
RMB
ordinary shares
|
||
|
中國銀行
- 嘉實滬深300指數證券投資基金
|
4,214,298
|
RMB
ordinary shares
|
||
|
海通
- 交行 - 日興資產管理有限公司
- 日興AM中國人民幣A股母基金
|
3,999,937
|
RMB
ordinary shares
|
||
|
UBS
AG
|
3,600,000
|
RMB
ordinary shares
|
||
|
融通新藍籌證券投資基金
|
3,164,833
|
RMB
ordinary shares
|
||
|
WU
SHUK LING OLIVIA
|
2,000,000
|
Overseas
listed foreign shares
|
||
|
中國農業銀行
- 華夏平穩增長混合型證券投資基金
|
1,676,999
|
RMB
ordinary shares
|
||
|
ARSENTON
NOMINEES LIMITED
|
1,500,000
|
Overseas
listed foreign shares
|
||
|
青島市光明總公司
|
1,430,098
|
RMB
ordinary shares
|
|
3.
|
IMPORTANT
MATTERS
|
|
3.1
|
The
details of and reasons for the substantial changes in
main items of
financial statements and financial indicators of the
Company
|
|
þApplicable
|
o Not applicable
|
|
1.
|
Balance
Sheet Items
|
Currency
capital increased by 98.62% as compared with the end of last year mainly
due to
the increase of bank deposit.
Dividend
receivables decreased by 84.22% as compared with the end of last year mainly
due
to the dividends received from associated companies.
Long
term
equity investment increased by 39.16% as compared with the end of last year
mainly due to the investment in Xingfu Airlines.
4
Notes
payable decreased by 36.00% as compared with the end of last year mainly
due to
the decrease in the use of notes as a form of payment by clients.
Advance
receipts decreased by 36.40% as compared with the end of last year mainly
because of the decrease in advance receipts from international and domestic
air
traffic liabilities.
Interests
payable decreased by 32.78% as compared with the end of last year mainly
because
of the payment of bank borrowing interests during the first
quarter.
Tradable
financial liability increased by 915.35% as compared with the end of last
year
mainly because of depreciation of US dollars and reduction of interest
rate.
|
2.
|
Income Statement Items
|
Net
financial
costs
decreased
by
515.14%
as
compared
with
the
same
period
last
year.
The
main
reason
for
the
decrease
was
the
exchange
gains
as
a
result
of
the
continued
appreciation of Renminbi.
Gains
from change of fair value decreased by 275.00% as compared with the same
period
last year. The main reason for the decrease was the losses incurred from
the
change in fair value of tradable financial assets, tradable financial
liabilities and derivatives and hedging activities measured at fair
value.
Non operating income decreased by
35.14% as compared with the same period last year
mainly due to decrease of subsidy income.
Non operating expenditures increased by
96.22% mainly due to increase in
losses incurred
from disposal of fixed assets.
|
3.
|
Cash Flow Statement Items
|
Net
cash
flow generated from operating activities decreased by 55.92% as compared
with
the same period last year. The main reason was the increase in cash payment
to
and for employees.
Net
cash
flow generated from investment activities increased by 137.82% as compared
with
the
same period last year. The increase was mainly attributable to the increase
in
cash
received from disposal of fixed assets, intangible assets
and other long term assets.
Net
cash
flow generated from fund raising activities increased by 140.77% as compared
with the same period last year mainly attributable to the increase in cash
received from borrowing.
5
|
3.2
|
Analysis
of the progress of other significant events and their effects
and proposed
solutions
|
|
þ
Applicable
|
o
Not applicable
|
From
31
March to 1 April of 2008, the flight returns incident occurred on some
of the
intra- provincial flights of the Yunnan branch of the Company. After
the
occurrence of the flight returns incident, the Company promptly rearranged
transportation capacity to resume flights. On 16 April 2008, China Eastern
Air
Holding Company (“CEA Holding”), the controlling shareholder of the Company,
received the Notice Concerning the Punishment Regarding the Flight Returns
Incident of the Yunnan Branch of the Company issued by the Civil Aviation
Administration of China. After the occurrence of the flight returns incident,
the Company swiftly deployed a task group to hurry to Kunming to investigate
into and deal with the incidents. Those who were allegedly involved in
deliberate returns have been suspended from flying duties and are subject
to,
among others, further investigation. Meanwhile, the Company also conscientiously
looked into the loopholes of the management of the Company as reflected
in the
flight returns incident and diligently improved its operations. (For
details
please refer to the announcements published by the Company in Shanghai
Securities News on 9 April 2008 and 19 April 2008.)
|
3.3
|
The
status of implementation of the matters undertaken by the
Company,
shareholders and the ultimate
controller
|
|
þ
Applicable
|
o
Not applicable
|
Undertakings and status of implementation of the share
reform:
|
1.
|
CEA
Holding shall comply with the requirements of relevant laws,
regulations
and constitutions and satisfy the statutory
obligations.
|
|
2.
|
In
particular, CEA Holding undertook
that:
|
|
(1)
|
the
original non-circulating shares of the Company held by it shall
not be
listed and traded within 36 months from the day of the implementation
of
the share reform plan; and
|
|
(2)
|
shall
bear all the expenses in relation to the share reform
plan.
|
CEA
Holding represented that it shall perform the undertakings in good faith
and
accept relevant legal responsibilities. Unless the transferee(s) is/are
willing
and able to accept the responsibilities of the undertakings, CEA Holding
shall
not transfer any shares held.
Status of implementation: faithfully implemented.
|
3.4
|
Warnings
of and reasons for any expected accumulated losses from the
beginning of
the year to the end of the following reporting period or substantial
changes in profitability compared to the same period last
year
|
|
o
Applicable
|
þ
Not applicable
|
|
3.5
|
Particulars
of securities
investment
|
|
þ
Applicable
|
o
Not applicable
|
6
Unit: RMB
|
No.
|
|
|
Stock
code
|
|
|
Stock
short
name
|
|
|
Number
of
shares
held
at
the
end
of
the
reporting
period
(shares)
|
|
|
Initial
cost
of
investment
|
|
|
Carrying
amount
at
the
end
of
the
reporting
period
|
|
|
Carrying
amount
at
the
beginning
of
the
reporting
period
|
|
|
Item
for
accounting
purpose
|
|
|
1
|
600377
|
JSCo,Ltd.
|
200,000
|
360,000
|
360,000
|
360,000
|
Financialassets
|
|||||||||||||||
|
|
available for
sale
|
|||||||||||||||||||||
|
2
|
000563
|
陝國投A
|
216,000
|
203,040
|
203,040
|
203,040
|
Financialassets
|
|||||||||||||||
|
|
available for
sale
|
|||||||||||||||||||||
|
Total
|
|
|
-
|
563,040
|
563,040
|
563,040 | - | |||||||||||||||
|
By order of the Board of
CHINA EASTERN AIRLINES CORPORATION LIMITED
Li Fenghua
Chairman
|
||||||||||||||||||||||
The directors of the Company as at the date of this announcement
are:
|
Li
Fenghua
|
(Chairman,
Non-executive Director)
|
|
Li
Jun
|
(Vice
Chairman, Non-executive Director)
|
|
Cao
Jianxiong
|
(President,
Executive Director)
|
|
Luo
Chaogeng
|
(Non-executive
Director)
|
|
Luo
Zhuping
|
(Executive
Director)
|
|
Hu
Honggao
|
(Independent
Non-executive Director)
|
|
Peter
Lok
|
(Independent
Non-executive Director)
|
|
Wu
Baiwang
|
(Independent
Non-executive Director)
|
|
Zhou
Ruijin
|
(Independent
Non-executive Director)
|
|
Xie
Rong
|
(Independent
Non-executive Director)
|
Shanghai, the People’s Republic of China
28 April 2008
7