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China Airlines Ltd.

Company Background

Founded in December 1959 by the Taiwanese government, China Airlines is Taiwan's flagship carrier and its largest. It is a member of the SkyTeam global airline alliance and offers both passenger and air cargo services.

The government-controlled airline flies to major destinations in North America, Europe and Asia. Traditionally a long-haul carrier with a fleet of 90 passenger and cargo jets, it mainly relies on Airbus A330 and Boeing 747 planes for intercontinental flights.

Now it mostly depends on regional passenger flights, particularly to China, Japan and South Korea, for revenue growth. Passenger flights account for more than two-thirds of the company's annual revenue, with the remainder coming from cargo services and onboard sales of duty-free goods.

In 2013, it created Tigerair Taiwan with Singapore-based Tigerair to tap Asia's budget air travel market.

Company President Chang Yu-Hern is a veteran in the local transportation sector. Previously he served as director-general of the Institute of Transportation under Ministry of Transportation and Communications. Before that, he was a director and consultant at the China Aviation Development Foundation, a government-controlled entity that is responsible for growing Taiwan's aviation industry.

Business Summary

China Airlines Ltd. engages in the provision of international air passenger transport and freight services. Its business includes air passenger transport in regular or occasional international charter contract; air cargo services; civil aviation international airport and transit of aircraft handling services; aircraft merchandise sales; aircraft catering; aircraft internal products such as cloth laundry washing and hospitality industry general business; in, out, and transit air cargo warehousing services; and aircraft airframe maintenance. The company was founded on September 07, 1959 and is headquartered in Taoyuan, Taiwan.

Financial Highlights

Dec 2020 TWDUSD
Revenue115,250.55M3,914.15M
Gross Profit9,031.26M306.72M
Operating income2,184.68M74.19M
Income before tax-452.96M-15.38M
Net income140M4.75M
EBITDA33,558.59M1,139.72M
Diluted EPS0.020.00
Dividends Per Share00
Total Assets284,194.08M10,114.38M
Total liabilities223,482.51M7,953.68M
Total equity57,559.48M2,048.52M
Operating cash flow9,481.88M322.02M
Currency in TWDCurrency in USD

Historical Data

 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 141,079.10M 156,121.78M 170,711.60M 168,444.16M 115,250.55M
Gross Profit 17,152.70M 21,041.46M 16,349.48M 14,827.94M 9,031.26M
Operating income 4,564.96M 8,826.43M 4,022.66M 2,666.09M 2,184.68M
Income before tax 1,342.86M 2,987.72M 2,714.00M -429.12M -452.96M
Net income 571.54M 2,208.06M 1,790.36M -1,199.79M 140M
EBITDA 22,257.69M 27,425.31M 23,539.44M 35,465.45M 33,558.59M
Diluted EPS 0.10 0.39 0.31 -0.22 0.02
Dividends Per Share 0 0.21 0.20 0 0
Total Assets 224,500.75M 225,899.63M 230,136.58M 293,047.97M 284,194.08M
Total liabilities 166,780.24M 166,888.70M 170,089.49M 232,915.86M 223,482.51M
Total equity 55,637.13M 56,876.64M 57,081.57M 56,553.77M 57,559.48M
Operating cash flow 17,544.64M 28,469.88M 25,188.00M 37,805.35M 9,481.88M
 Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020
Revenue 4,374.43M 5,131.75M 5,661.23M 5,449.02M 3,914.15M
Gross Profit 531.85M 691.63M 542.19M 479.67M 306.72M
Operating income 141.54M 290.12M 133.40M 86.24M 74.19M
Income before tax 41.63M 98.20M 90.00M -13.88M -15.38M
Net income 17.72M 72.57M 59.37M -38.81M 4.75M
EBITDA 690.14M 901.47M 780.62M 1,147.27M 1,139.72M
Diluted EPS 0.00 0.01 0.01 -0.00 0.00
Dividends Per Share 0 0.00 0.00 0 0
Total Assets 6,965.79M 7,591.09M 7,487.28M 9,775.76M 10,114.38M
Total liabilities 5,174.85M 5,608.10M 5,533.70M 7,769.81M 7,953.68M
Total equity 1,726.30M 1,911.27M 1,857.09M 1,886.57M 2,048.52M
Operating cash flow 544.00M 935.81M 835.29M 1,222.97M 322.02M

Valuation Measures

Dec 2020
PER467.05
ROA0.04%
ROE0.24%
Operating margin1.89%
Profit margin0.12%

Key executives

  • President: Shing-Hwang Kao
  • Vice President-Flight Operations: Ming Hui Lai
  • Chief Financial Officer: Wang Wei
  • Vice President-Information Management: Shih-Ming Lu
  • Senior Vice President: I-Chieh Chen

Shareholders

  • China Aviation Development Foundation (34.4%)
  • National Development Fund of The Executive Yuan (9.5%)
  • Chunghwa Telecom Co., Ltd. (4.8%)
  • The Vanguard Group, Inc. (1.4%)
  • China Airlines Ltd. Employee Stock Ownership Trust Plan (1.1%)
  • Labor Pension New Fund (1.1%)
  • Dimensional Fund Advisors LP (1.0%)
  • Hai Yang Investment Co. Ltd. (0.8%)
  • Norges Bank Investment Management (0.6%)
  • BlackRock Fund Advisors (0.4%)

Contact Details

  • Website:http://china-airlines.com
  • Address: No. 1 Hangzhan South Road, Dayuan District, Taoyuan, 337 58, Taiwan
  • Phone: +886.3.399.8888

Related Companies

  • Dynasty Aerotech International Corp.
  • Taiwan Aircraft Maintenance & Engineering Co., Ltd.
  • Tiger Taiwan Co. Ltd.
  • Global Sky Express Ltd.
  • China Pacific Laundry Services Ltd.
  • Yestrip Co., Ltd.
  • Hwa Hsia Co. Ltd. /TW/
  • Kaohsiung Airport Catering Services
  • China Airlines Ltd. Employee Stock Ownership Trust Plan
  • China Airlines Ltd. (California)
  • Cal Park Co. Ltd.
  • China Pacific Catering Services Ltd.
  • Taiwan Air Cargo Terminal Ltd.
  • Cal Hotel Co., Ltd.
  • Science Park Logistics Co., Ltd.
  • Dynasty Holidays, Inc.
  • Freighter Queen Ltd.
  • Freighter Prince Ltd.
  • Freighter Princess Ltd.
  • Hua Chuan Travel Agency
  • CAL-Asia Investment Inc.
  • Hsien Chi Information System Co. Ltd.
  • Hua Sheng Investment Co. Ltd.
  • Hua Hsin Aviation Co. Ltd.
  • Cal-Dynasty International, Inc.
  • China Airlines Warehouse Co. Ltd.
  • Mandarin Airlines Ltd.
  • Taiwan Airport Services Co., Ltd.

Competitors

  • China Eastern Airlines Corporation Limited Class H
  • Eva Airways Corporation
  • Cathay Pacific Airways Limited
  • Singapore Airlines Ltd.
  • Air China Limited Class H
  • Japan Airlines Co., Ltd.
  • Thai Airways International Public Co. Ltd.
  • China Southern Airlines Company Limited Class H
  • Qantas Airways Limited
  • Korean Air Lines Co., Ltd.
  • ANA Holdings Inc.
  • Delta Air Lines, Inc.
  • Norwegian Air Shuttle ASA
  • Turk Hava Yollari A.O.
  • Asiana Airlines Inc.
  • Air France-KLM SA
  • International Consolidated Airlines Group SA
  • Atlas Air Worldwide Holdings, Inc.
  • Aeroflot-Russian Airlines PJSC
  • Deutsche Lufthansa AG
  • LATAM Airlines Group SA
  • Ryanair Holdings Plc
  • Air Canada
  • American Airlines Group, Inc.
  • United Airlines Holdings, Inc.
  • United Parcel Service, Inc. Class B
  • Deutsche Post AG
  • easyJet plc
  • FedEx Corporation
  • Wizz Air Holdings Plc
Last Updated on 17 Sep, 2021

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