SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of January, 2004
CHINA SOUTHERN AIRLINES COMPANY LIMITED
(Translation of registrant's name into English)
Baiyun International Airport
Guangzhou, People's Republic of China
(Address of principal executive offices)
(Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.)
Form 20-F. X Form 40-F.
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(Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)
Yes. No. X
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(If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-________.)
China Southern Airlines Company Limited (the "Company") on January 15, 2004
published in local newspapers in Hong Kong an announcement in Chinese and
English, respectively, concerning the Company estimated that it has incurred a
book net foreign exchange loss based on its unaudited consolidated financial
statements for 2003. A copy of the English announcement is included in this Form
6-K of the Company.
The Stock Exchange of Hong Kong Limited takes no responsibility for the contents
of this announcement, makes no representation as to its accuracy or completeness
and expressly disclaims any liability whatsoever for any loss howsoever arising
from or in reliance upon the whole or any part of the contents of this
announcement.
(a joint stock limited company incorporated in the
People's Republic of China with limited liability)
ANNOUNCEMENT
This announcement is made by the Company pursuant to paragraph 2(2) of the
Listing Agreement entered into between the Company and the Stock Exchange.
The Company estimates that it has incurred a book net foreign exchange loss
of approximately Renminbi 180 million based on its unaudited consolidated
financial statements for 2003.
This announcement is made by China Southern Airlines Company Limited (the
"Company") pursuant to paragraph 2(2) of the Listing Agreement entered into
between the Company and The Stock Exchange of Hong Kong Limited (the "Stock
Exchange").
All financial data for the year 2003 set out in this announcement is unaudited.
Based on its unaudited consolidated financial statements, the Company estimates
that it has incurred a book net foreign exchange loss of approximately Renminbi
180 million for the year 2003 (the "Book Net Foreign Exchange Loss"). The
Company incurred foreign currency debts denominated in both the US Dollars and
the Japanese Yen as a result of purchasing and leasing aircraft, turbine engines
and aviation equipment from outside the People's Republic of China (the "PRC").
Thus, any change in foreign exchange rate could result in a book foreign
exchange gain or loss for the Company. The main cause for the Book Net Foreign
Exchange Loss is the increase of the exchange rate for Japanese Yen against
Renminbi by approximately 11.9% as of December 31, 2003, comparing to that of
December 31, 2002. Based on its unaudited consolidated financial statements, the
Company has an aggregate amount of Japanese Yen denominated debts of
approximately Japanese Yen 22.8 billion as of December 31, 2003.
The Book Net Foreign Exchange Loss has a negative impact on the Company's
operating results for the year ended December 31, 2003. However, given that the
majority of the Book Net Foreign Exchange Loss has not been realized as a result
of the different repayment schedules for these Japanese Yen denominated debts,
the Book Net Foreign Exchange Loss is unlikely to cause significant and
substantial impact on the Company's cash flow, and it is not expected that the
Book Net Foreign Exchange Loss will cause any significant negative impact on the
future development of the Company's business.
The Company did not make provision for any changes in foreign exchange rate in
its profit forecast for the year ended December 31, 2003 which was published in
the Company's announcement dated July 4, 2003 in relation to the issue of "A"
shares by the Company. The Company therefore issue this announcement in relation
to its Book Net Foreign Exchange Loss, pursuant to the relevant regulatory
requirements and practices in the PRC.
By order of the Board
SU LIANG
Company Secretary
Guangzhou, the People's Republic of China
January 14, 2004
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
CHINA SOUTHERN AIRLINES COMPANY LIMITED
By /s/ Su Liang
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Name: Su Liang
Title: Company Secretary
Date: January 15, 2004