Shandong Airlines Co., Ltd. Summary of Annual Report 2015
Shandong Airlines Co., Ltd.
Summary of Annual Report 2015
1. Important Notice
The summary is abstract from full-text of annual report, for more details of operating results, financial condition and future
development plan of the Company; investors should found in the full-text of annual report that published on media appointed by
CSRC.
Other directors attending the Meeting for annual report deliberation except for the followed:
Name of director absent Title for absent director Reasons for absent Attorney
Submitted application for
Wang Kaiyuan Independent director
resignation
The profit distribution plan that deliberated and approved by the Board is: based on total stock issued 400,000,000 shares, distributed
2.5 Yuan (tax included) bonus in cash for every 10-share hold by all shareholders, 0 shares bonus issued (tax included) and no
capitalizing of common reserves carried out.
Short form of the stock Shanhang-B Stock code 200152
Stock exchange for listing Shenzhen Stock Exchange
Person/Way to contact Secretary of the Board Rep. of security affairs
Name Dong Qiantang Fan Peng
1/F, Tiangong Office Building, North of 3/F, Tiangong Office Building, North of
Red-crowed cranes Hotel, Yaoqiang Red-crowed cranes Hotel, Yaoqiang
Office add.
International Airlines, Licheng District, International Airlines, Licheng District,
Jinan, Shandong Jinan, Shandong
Fax. 0531-85698767 ext. 8679 0531-85698767 ext. 8679
Tel. 0531-82085939 0531-82085586
E-mail dongqt@shandongair.com.cn fanp@shandongair.com.cn
II. Main business or product introduction in the reporting period
Our Company and its subsidiaries are mainly engaged in provision of airline transportation service. The details of our operation
scope are set out in the notes to financial statements.
For the past two decades, the Company has always emphasized on “safety, efficiency, punctuality and service”. As of December
2015, the Company owns 90 airplanes including Boeing 737 series, enabling it to rank as one of large airlines. Currently, it operates
160 routes, with over 3,000 scheduled flights flying to 70 domestic cities every week and also international flights to Taiwan, South
Korea, Japan, Thailand, Vietnam and Cambodia. It sets flight bases in Jinan, Qingdao, Yantai, Xiamen, Beijing, Kunming,
Chongqing, Urumqi and Guiyang, and determines the “big triangle” route networks centralized with Shandong, Xiamen and
Chongqing.
The Company has been awarded the title of the “most valuable top 500 brands of China” for successive eight years. In 2012, the
brand value of the Company increased by RMB4.943 billion as compared to previous year to RMB23.215 billion, making it rank
No.105 among the most valuable top 500 brands of China, with 7 positions improved. In April 2015, the Company, together with
Xiamen Airline, Air China, Hainan Airline and Sichuan Airline, were honored as the “best airlines in airline service evaluation for
2014”. Besides, the Company also obtained the single prize of “best advance in cabin facilities”.
Through making strategic layout, consolidating firm foundation for safety management, continuous optimization of route network
and fleet structure, continuous improvement of its capability of production and operation, enhancement of human resources
construction and reinforcement of energy saving and emission reduction, the Company realized steady improvement of sustainable
development in 2015.
III. Main accounting data and financial indexes
1. Main accounting data and financial indexes for recently three years
Whether it has retroactive adjustment or re-statement on previous accounting data for accounting policy changed and accounting
1
Shandong Airlines Co., Ltd. Summary of Annual Report 2015
error correction or not
□ Yes √No
In RMB
2015 2014 Changes over last year 2013
Operating income 12,108,963,139.11 11,570,296,757.48 4.66% 11,427,157,933.15
Net profit attributable to
532,260,993.04 287,851,542.09 84.91% 390,121,811.72
shareholders of the listed company
Net profit attributable to
shareholders of the listed company
387,733,814.57 146,403,043.43 164.84% 138,890,318.37
after deducting non-recurring gains
and losses
Net cash flow arising from
2,424,457,843.01 1,459,828,215.31 66.08% 1,411,186,522.15
operating activities
Basic earnings per share
1.33 0.72 84.72% 0.98
(RMB/Share)
Diluted earnings per share
1.33 0.72 84.72% 0.98
(RMB/Share)
6.89 percentage points
Weighted average ROE 17.22% 10.33% 15.42%
up
Changes over end of
End of 2015 End of 2014 End of 2013
last year
Total assets 12,748,902,597.96 12,118,867,620.51 5.20% 11,474,898,669.33
Net assets attributable to
3,365,013,204.57 2,878,120,380.35 16.92% 2,692,517,344.38
shareholder of listed company
2. Quarterly main financial index
In RMB
First quarter Second quarter Third quarter Fourth quarter
Operating income 2,865,150,067.48 2,848,574,455.23 3,573,871,388.93 2,821,367,227.47
Net profit attributable to
135,623,893.16 81,182,980.53 423,378,501.05 -107,924,381.70
shareholders of the listed company
Net profit attributable to
shareholders of the listed company
129,461,801.13 52,077,440.44 399,391,907.08 -193,197,334.08
after deducting non-recurring gains
and losses
Net cash flow arising from
251,123,795.40 530,458,860.31 1,202,697,554.35 440,177,632.95
operating activities
Whether there are significant differences between the above-mentioned financial index or its total number and the relevant financial
index disclosed in the company’s quarterly report and semi-annual report
□Yes √ No
IV. Shares and shareholders
1. Particulars about common stock shareholders, preference shareholders with voting rights recovered and
top ten shareholders
In Share
Total Total Total
Total common preferenc preference
common
stock e shareholders
stock
shareholders at
shareholder 13,939 14,658 sharehold 0 with voting 0
end of last month ers with rights
s in
before annual voting recovered at
reporting
report disclosed rights end of last
period-end
recovered month before
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Shandong Airlines Co., Ltd. Summary of Annual Report 2015
at end of annual report
reporting disclosed
period
Top ten shareholders
Number of shares
Amount of Amount of restricted shares pledged/frozen
Nature of Proportion of
Full name of Shareholders
shareholder shares held shares held held State of
Amount
share
State-owned
Shandong Aviation Group 42.00% 168,004,000 168,004,000
legal person
State-owned
Air China Limited 22.80% 91,200,000 91,200,000
legal person
CHINA INT'L CAPITAL CORP
Foreign legal
HONG KONG SECURITIES 1.50% 5,981,000 0
person
LTD
WANXIANG
INTERNATIONAL Foreign legal
0.62% 2,480,000 0
INVESTMENT person
CORPORATION
DZ S/A QUONIAM FDS SELE
Foreign legal
SICAV-EMERGING 0.56% 2,259,178 0
person
MARKETS EQ MINRISK
GUOTAI JUNAN
Foreign legal
SECURITIES(HONGKONG) 0.56% 2,253,791 0
person
LIMITED
Domestic
Chen Jingjian nature 0.37% 1,494,800 0
person
VANGUARD TOTAL
Foreign legal
INTERNATIONAL STOCK 0.37% 1,476,820 0
person
INDEX FUND
Domestic
Xie Qingjun nature 0.33% 1,322,100 0
person
Haitong International Securities
Foreign legal
Company Limited-Account 0.29% 1,159,000 0
person
Client
Explanation on associated
relationship among the aforesaid N/A
shareholders
Explanation on shareholders
involving margin business (if N/A
applicable)
2. Total preferred stock shareholders of the Company and shares held by top ten shareholders with
preferred stock held
The Company had no shareholders with preferred stock held in the reporting.
3. Property right and controlling relationships between the actual controllers of the Company and the
Company is as follows:
Shandong Aviation Group
42%
Shandong Airlines Co., Ltd.
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Shandong Airlines Co., Ltd. Summary of Annual Report 2015
V. Discussion and analysis by the Management Team
1. Introduction of operation in the reporting period
In 2015, we achieved satisfying operating results since we stay calm to respond to complicated internal and
external operating conditions, continuously consolidate safety management foundation, enhance operation
management efficiency, dramatically promote reform of marketing model, raise general service quality, facilitate
refined management and perform honesty operation, which enabled the Company to substantially complete the
scheduled targets in respect of safety, operation, efficiency, service and management works.
(1) We maintained stable safety operation and recorded achievements in safety operation construction
In 2015, transportation segment, our principal business, has guaranteed 155,000 safe flights for 314,000 hours,
representing increases of 14.1% and 7.0% respectively as compared to previous year. There is no civil aircraft
incident or worse occurred due to the reason of the Company or external engagement. Safety quality evaluation
indicator was 10.73, indicating stable safety conditions. Thanks to adherence to liability accounting and
wholesome system, the safety management system became more improved. The key risks were under effective
control through optimizing management mechanism. Besides, the awareness of safety operation was obviously
improved by sticking to combination of violation rectification and cultural guideline.
(II) The operation quality was steadily improved through optimization of operation management
mechanism
Our punctuation rate throughout the year was 74.70%, representing an increase of 7.31 percentage points over last
year, ranking the 1st position among all the major civil airlines. 51 flights for significant missions and special III
(inclusive) were ensured, with punctuation rate of 92.16%. New technological applications have been broadly
promoted to provide powerful supports for production and operation. The operation scope of HUD was steadily
expanded, and pilot flight has been completed in the airports of Jinan, Qingdao, Yantai and Urumqi. Throughout
the year, 158 flights were realized through HUD operation, reflecting our advantages in technology competition,
which strongly contributed to establishment of our corporate brand image.
(III) We continued to optimize production organization and recorded satisfying efficiency better than our
expectation
In 2015, we completed a total turnover of 2.23 billion tons per kilometer, total passengers of 16.846 million and
freights transportation of 143,000 tons (including wet lease), representing increases of 14.9%, 10.0% and 1.1%
respectively. In addition, we realized operating income of RMB12.109 billion, representing an increase of 4.66%
year on year; total profit of RMB711 million, representing an increase of 78.48% year on year. The occupation rate
of our passenger flights was 75.9%, with a decrease of 1.3 percentage points year on year, the loading rate of
freight flights was 35.6%, with a decrease of 7.1 percentage points year on year. E-commerce has been
consolidated, resulting in initial effects of “increasing direct sales and reducing agent sales”. We were able to
maintain stable revenue through strengthening market development and marketing management.
(IV)We continued to improve service quality and further diversified the brand culture
The overall comment on passenger satisfaction investigation reached at 94.16, increasing 2.21 points year on year.
The comprehensive service ranking as determined by competent authorities was No.4, with one position advanced.
Customer’s effective complain rate was 0.184 per ten thousand people, representing a decrease of 0.018 per ten
thousand people. The abnormal rate of package transportation was 0.636‰, which was less than the highest rate
of 0.700‰ as targeted by the Company. The Company has been awarded the title of the “most valuable top 500
brands of China” for successive eight years. The brand value of the Company increased by RMB4.943 billion as
compared to previous year to RMB23.215 billion, making it rank No.105 among the most valuable top 500 brands
of China, with 7 positions improved.
2. Whether the main business had major change in the reporting period
□ Yes √ No
3. About the industries, products, or regions accounting for over 10% of the company’s operating income or
operating profit
In RMB
Increase/decrease Increase/decrease Increase/decrease
Gross profit
Name Operating revenue Operating cost of operating of operating cost of gross profit ratio
ratio
revenue y-o-y y-o-y y-o-y
Air transport 2.64 percentage
service 11,841,482,708.13 393,418,990.17 14.46% 4.25% 421.24%
points up
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Shandong Airlines Co., Ltd. Summary of Annual Report 2015
VI. Relevant items involving financial report
1. Particulars about the changes in aspect of accounting policy, estimates and calculation method compared
with the financial report of last year
No particulars about the changes in aspect of accounting policy, estimates or calculation method in Period.
2. Major accounting errors within reporting period that needs retrospective restatement
No major accounting errors within reporting period that needs retrospective restatement for the Company in the period.
3. Compare with last year’s financial report; explain changes in consolidation statement’s scope
No changes in consolidation statement’s scope for the Company in the period.
4. Explanation on “Qualified Opinion” from the Certified Public Accountants in the report period by the
Board of Directors and Supervisory Committee
□ Applicable √ Not applicable
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