The comparative figures represent figures at 31 December 2007 and the year then ended. Certain comparative figures have been adjusted as a result of adopting IFRIC 13, Customer Loyalty Programmes (Note 3). In addition, certain comparative figures have been reclassified to conform with current year’s presentation.
ANNUAL REPORT 2008
(Prepared in accordance with International Financial Reporting Standards) (Expressed in Renminbi)
Notes to the Financial Statements
136 ANNUAL REPORT 2008
Up to the date of issue of these financial statements, the IASB has issued a number of amendments, new standards and interpretations which are not yet effective for the year ended 31 December 2008 and which have not been adopted in these financial statements, except for the early adoption of IFRIC 13 as disclosed in Note 3.
The Group is in the process of making an assessment of what the impact of these amendments, new standards and new interpretations is expected to be in the period of initial application.
So far it has concluded that the adoption of them (except for IFRIC 13, as disclosed in Note 3) is unlikely to have a significant impact on the Group’s results of operations and financial position.
In addition, the following developments are expected to result in amended disclosures in the financial statements,
including restatement of comparative amounts in the first period of adoption:
Effective for accounting period
beginning on or after
IFRS 8, Operating Segments 1 January 2009
IAS 1 (Revised), Presentation of Financial Statements 1 January 2009
Amendments to IFRS 7, Financial instruments: Disclosures –
The particulars of the Group’s principal subsidiaries as of 31 December 2008 are as follows:
Shantou Airlines Company Limited (a) PRC RMB280,000,000 60% Airline Chongqing Airlines Company Limited (a) PRC RMB1,200,000,000 60% Airline Zhuhai Airlines Company Limited (a) PRC RMB250,000,000 60% Airline Xiamen Airlines Company Limited (a) PRC RMB1,200,000,000 60% Airline Guizhou Airlines Company Limited (a) PRC RMB80,000,000 60% Airline
Nan Lung International Freight Limited HK HKD3,270,000 51% Freight services
139
ANNUAL REPORT 2008
Five Year Summary
The Board of Directors, Supervisory Committee and Senior Management
BOARD OF DIRECTORS
Mr. Si Xian Min is the Chairman of the Board. Mr.Si graduated with a master degree of Business Administration from School of Economics and Management of Tsinghua University, EMBA Major. Mr. Si is also an expert of political science. He began his career in civil aviation in 1975. He held positions as Director of the political division of China Southern Airlines Henan Branch, Party Secretary and Vice President of Guizhou Airlines, Deputy Party Secretary and the Secretary of the Disciplinary Committee of the Company and Party Secretary of China Northern Airlines and has been the President of the Company from October 2004 to January 2009. He has been the General Manager of CSAHC and the Chairman of the Board of the Company since January 2009. Save as disclosed above, Mr. Si is not connected with any Directors, senior management, substantial shareholders or Supervisors of the Company.
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