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Depreciation and amortisation, which accounted for
10.8% of total operating expenses, increased by 3.9%
from RMB5,746 million in 2008 to RMB5,971 million in
2009, mainly due to the additional depreciation charges on aircraft delivered in 2009.
OPERATING PROFIT/(LOSS)
Operating profit of RMB1,440 million was recorded
in 2009 as compared to operating loss of RMB5,646
million in 2008. The increase in profit was mainly due
to the net effect of decrease in operating revenue by
RMB486 million or 0.9% in 2009, decrease in operating
expenses by RMB6,416 million or 10.4% and the receipt
of CAAC Infrastructure Development Fund contributions
of RMB1,328 million in 2009.
CHINA SOUTHERN AIRLINES COMPANY LIMITED • ANNUAL REPORT 2009
18 Management Discussion and Analysis
OTHER (EXPENSEs)/INCOME
Interest expense decreased by 24.7% from RMB1,987 million in 2008 to RMB1,497 million in 2009, mainly due to the
decrease in average effective interest rate of bank and other loans and obligations under finance leases.
Net exchange gain decreased by RMB2,499 million, from RMB2,592 million in 2008 to RMB93 million in 2009 because
the exchange rate of RMB against USD was relatively stable in 2009 while RMB appreciated significantly against USD
in 2008.
TAXATION
Income tax credit of RMB95 million was recorded in 2009 as compared to an income tax expense of RMB62 million
in 2008.
LIQUIDITY, FINANCIAL RESOURCES AND CAPITAL STRUCTURE
As at 31 December 2009, the Group’s current liabilities exceeded its current assets by RMB28,441 million. For the year ended 31 December 2009, the Group recorded a net cash inflow from operating activities of RMB8,959 million, a net cash outflow from investing activities of RMB14,478 million and a net cash inflow from financing activities of RMB5,213
million and a decrease in cash and cash equivalents of RMB306 million.
2009 2008
RMB million RMB million
Net cash inflow from operating activities 8,959 1,155
Net cash outflow from investing activities (14,478) (7,790)
Net cash inflow from financing activities 5,213 7,460
Net (decrease)/increase in cash and cash equivalents (306) 825
In 2010 and thereafter, the liquidity of the Group primarily depends on its ability to maintain adequate cash inflow from
operations to meet its debt obligations as they fall due, and its ability to obtain adequate external financing to meet its committed future capital expenditures. As at 31 December 2009, the Group had banking facilities with several PRC
commercial banks for providing loan finance up to approximately RMB128,175 million (2008: RMB125,265 million), of which approximately RMB50,455 million (2008: RMB47,125 million) was utilised. The Directors believe that sufficient financing will be available to the Group.
The Directors have carried out a detailed review of the cash flow forecast of the Group for the twelve months ending 31 December 2010. Based on such forecast, the Directors have determined that adequate liquidity exists to finance the working capital and capital expenditure requirements of the Group during that period. In preparing the cash flow forecast, the Directors have considered historical cash requirements of the Group as well as other key factors, including
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China Southern Airlines Company Limited Annual Report 2009(14)
