Air China raised more than 10 billion yuan, and the market accelerated recovery?

"China Economic Weekly" reporter Jia Xuan 丨 Beijing report

The civil aviation industry has a big move.

On the evening of August 2nd, China International Airlines Co., Ltd. (hereinafter referred to as Air China, 60111.SH) disclosed the non -public offering of A -share stocks in 2022. The company plans to raise funds for not more than 15 billion yuan. After deducting the issuance costs, 10.8 billion yuan is used to introduce 22 aircraft and 4.2 billion yuan to supplement mobile funds.

It is worth noting that this is the first fixed increase in Air China since 2017. On the list of new machines, there is still no name for Boeing.

At the same time, Air China ’s financing scale is also another large order for this year's fixed increase in financing. On July 4, the Ningde Times (300750.SZ) was listed on the share of the share to a specific object with a fundraising plan of 45 billion yuan. CITIC Investment, CICC, Goldman Sachs Gaohua, UBS Securities, and Huafu Securities jointly participated in the underwriting. In the same month, Shanghai Airport (600009.SH) completed the acquisition of assets such as Hongqiao Airport Company, Logistics Company and Pudong Fourth Runway Channel from Shanghai Airport Group.

The day after the news was announced, Air China's stock price fell slightly. As of the closing of 9.63 yuan, a decrease of 0.41%and the turnover of 293 million yuan.

Air China "tightened the belt" with a big hand purchase machine, the asset -liability rate is high

According to the plan released by Air China on August 2, the number of non -public offering shares is the total amount of raised funds, except for the issuance price, and does not exceed 30%of the total share capital before the non -public issuance, that is, no more than 4,357,444,555 shares ( Including).

The total amount of funds raised does not exceed 15 billion yuan (including the number), and the net raised funds after deducting the issuance fee will be used to introduce 22 aircraft projects. A350 aircraft is expected to be delivered from 2022 to 2023.

In recent years, the introduction of Air China aircraft has slowed sharply. According to statistics, from 2019 to 2021, Air China introduced a total of 105 aircraft, 48, 14 and 43, respectively. As of the end of 2021, there were 746 fleet aircraft (including official aircraft), with an average age of 8.23 ​​years.

For the purchase machine at this time, Air China said that the prediction of the civil aviation market is expected to enter the acceleration recovery stage. Under the background of the market aircraft supply from 2024 to 2026 and the existing aircraft will continue to withdraw, the company will lay out early to ensure that the fleets will grow reasonably in the next 3 to 5 years in response to the rapid growth of the demand for civil aviation.

It is worth noting that in the list of Air China ’s purchase list, Boeing products are still not seen. The 22 planes they want to buy are from China COMAC and Airbus.

With reference to the price directory of the two companies' public price, the total investment of Air China "new" is about 3.806 billion US dollars (equivalent to RMB 25.653 billion).

Among them, the company intends to pay RMB 10.8 billion in this non -public offering of funds, with a target of no more than 35 (including 35) specific objects, including the controlling shareholder China Aviation Group Co., Ltd. (hereinafter referred to as AVIC Group).

Among them, AVIC Group intends to subscribe to the amount of non -public issuance shares in cash by not less than 5.5 billion yuan, and after the completion of the non -public offering, AVIC Group directly and its wholly -owned subsidiaries indirectly held China Air China shares. The total number is not less than 50.01%(including the number).

As of the date of the plan, AVIC Group holds 5,952,236,697 shares, accounting for 40.98%of the company's total share capital. Holding 51.70%of the company's equity, it is the company's controlling shareholder, and the State -owned Assets Supervision Commission of the State Council is the company's actual controller. This distribution will not cause the company's control to change.

In addition, Air China needs to be "packed" about 15 billion yuan, which also means that the company's cash flow after the investment will be further eaten.

In recent years, Air China asset -liabilities have remained high. Annual report data shows that in the end of 2019, at the end of 2020 and at the end of 2021, Air China ’s asset -liability ratio was 65.55%, 70.50%, and 77.93%, respectively, and exceeded 80%in the first quarter of this year.

Three major goes under superpatients, and the recovery of the civil aviation industry is expected to "accelerate"

In the first half of the year, due to the repeated impact of the new crown pneumonia's epidemic, civil aviation transportation production fell into a trough. According to data from the Civil Aviation Administration, the daily flight volume in the first half of the year was only 2967, which was 17.8%of the same period in 2019. In April, the National Aviation Industry only completed 7.88 million passenger transportation volume, almost back to the level around 2003.

The number of passengers of major listed airlines declined by more than 40%, of which 4 of them decreased by more than 50%. The main base in Shanghai's airlines declined a lot year -on -year. In the listed airport, passengers at Shanghai Pudong Airport and Beijing Capital Airport have fallen by nearly 70 % year -on -year.

In contrast, freight is the first to recover. According to data from the Civil Aviation Administration, in the first half of the year, the industry completed a total of 3.077 million tons of goods and mail transportation, a year -on -year decrease of 17.9%, and resumed to 87.5%in the same period in 2019.

Recently, the civil aviation industry has gradually emerged from the most critical stage, especially since July, the number of civil aviation single -day flights has continued to remain above 10,000 classes. Among them, on July 8th and 10th, the volume of single -day flights exceeded 12,000 classes, which was restored to about 64.5%before the epidemic. The announcement issued by Air China also mentioned that its operating situation improved to a certain extent in the second quarter of this year. In the first half of this year, the company had a pre -loss of 6.7 billion yuan, a decrease in losses year -on -year. In the first half of the year, the loss of 8 billion yuan was narrowed compared to the first quarter, and the losses turned into profits in the second quarter.

With the further control of the domestic epidemic, the recovery of the civil aviation industry in the second half of the year is expected to start to "accelerate". Civil aviation expert Lin Zhijie believes that since May, the epidemic has become stable. With the introduction of the "New Coronatte Pneumonia Pneumonia Prevention Plan (Ninth Edition)", the standards for entry isolation and high -risk areas are becoming increasingly scientific and accurate. The optimization of the fuse policy and the orderly increase in international flights have greatly improved the confidence of civil aviation travelers.

A series of good news of travel has ushered in the long -lasting airlines ushered in. Public information shows that since the beginning of this year, the fixed activity of aviation listed companies has increased significantly.

In January, Huaxia Airlines disclosed that the amount of funds of no more than 2.5 billion yuan was formulated to introduce 4 A320 series aircraft, purchase 14 aircraft spare engines and supplementary mobile funds.

In February, the fixed increase plan of Jixiang Airlines and Spring and Autumn Airlines was adopted by the CSRC this year. Among them, Jixiang Airlines planned to increase the increase of no more than 3.302 billion yuan, of which 2.312 billion yuan was used to introduce aircraft and spare engine projects, and 990 million yuan was used to repay bank loans. Spring and Autumn Airlines plans to raise 3.5 billion yuan, purchase 9 A320 passenger aircraft and 1 A320 flight simulation machine, and use the remaining funds to supplement liquidity.

In May, China Eastern Airlines (600115.SH) drafted the total amount of fund -raising of not more than 15 billion yuan, of which 10.5 billion yuan was used for commercial aircraft purchases, and 4.5 billion yuan was used to supplement liquidity funds.

On July 1, the "Three Airlines" signed a super order of 240 billion yuan with Airbus. This is also the first time that the Chinese civil aviation industry has announced the large -scale passenger aircraft orders for the first time in the past three years. This time, China Southern Airlines, Air China, and China Eastern plans to purchase 292 Airbus A320NEO passenger planes with a directory price of US $ 37.257 billion. This move has also been interpreted by the market as a strong confidence in the airline's recovery of the airline.

At present, domestic in China has officially entered the summer stage, and the civil aviation industry has ushered in the peak season. Flight butler data latest shows that in the first Sunday (July 3) of the summer, domestic passenger flight volume reached 10,266 times. This is the first time since March this year exceeded 10,000 flights. The number of flights reached the same period last year last year. 81.83%level.

In addition, the prevention and control of the epidemic has stabilized and the demand for popular tourism locations, etc., in various aspects of positive factors to help the civil aviation industry rebound strongly.

(This article published in "China Economic Weekly" 2022, No. 15)

The cover of the 15th issue of "China Economic Weekly" in 2022

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