国泰航空公布2013年全年财务报告

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{财务管理财务报表}中国国航财务报表分析案例

{财务管理财务报表}中国国航财务报表分析案例条，地区航线14条，国内航线197条，通航国家（地区）30个，通航城市143个，其中国际43个，地区4个，国内96个。

国航总部设在北京，辖有西南、浙江、重庆、内蒙古、天津等分公司和上海基地、华南基地，以及工程技术分公司、公务机分公司，控股北京飞机维修工程有限公司（Ameco）、中国国际货运航空有限公司、北京航空食品公司。

国航还参股深圳航空公司、国泰航空公司等企业，是山东航空公司的最大股东，控股澳门航空有限公司。

（二）经营范围：国航主要经营国际、国内定期和不定期航空客、货、邮和行李运输；国内、国际公务飞行业务；飞机执管业务，航空器维修；航空公司间的代理业务；与主营业务有关的地面服务和航空快递（信件和信件性质的物品除外）；机上免税品等。

国航为在首都国际机场的外国航空公司、国内航空公司提供地面服务，占首都机场地面服务业务份额的65%。

地面服务业务包括旅客进、出港服务，特殊旅客服务，要客、“两舱”旅客服务，旅客行李服务，航班载重平衡服务，航班离港系统服务，站坪装卸服务，客舱清洁服务等，共有3大类13个服务项目。

为国内外客户提供波音和空中客车系列飞机的航线维护、大修，多种型号发动机大修服务。

（三）主营业务情况：2011年净利润约74.77亿元，较2010年下滑38.75%。

2011年，航空运输业面临的市场环境十分复杂，呈现出国内客运较快增长、国际客运持续低迷、航空货运大幅回落等特点，同时，燃油价格高企、内外竞争加剧给经营带来了更大压力。

本集团坚持稳健经营和实施可持续发展的战略方针，全面加强经营管理，积极应对市场变化，有效巩固成本优势，不断提升服务品质，各方面工作都取得了新的业绩。

报告期内，实现营业收入971.39亿元，同比增长19.98%；实现归属于母公司净利润74.77亿元，同比下降38.75%，2011年，集团国内市场地位进一步巩固。

抓住国内客运市场增长的有利时机，适时调整运力投放结构，收益品质明显提升，市场地位得到巩固，国内航线投入可用座公里994.02亿，同比增加17.82%；实现收入客公里826.76亿，同比增长21.87%；运送旅客5939.15万人次，同比增长18.34%；客座率达到83.17%，同比提升2.77个百分点；收益水平同比提高7.25%至0.74元。

国泰航空2013年上半年财务报告

公司概要身为“寰宇一家”主要成员，国泰航空为香港最主要的航空公司，共运营184架飞机。

以纯利计算，国泰航空为全球第八大航空公司，以货运吨千米数计，则是全球第四大航空公司。

国泰持有中国国航20.13%股权，旗下全资附属企业华民航空和港龙航空分别提供全货运服务和往来中国内地客运业务。

投资概要-国泰航空2013年上半年收入同比微降0.6%至485.84亿港元，营业开支475.5亿元，同比减少3.3%，营业溢利录得10.35亿元，去年同期为亏损3.11亿。

期内应占联营公司的亏损，财务支出和所得税同比扩大，最终股东应占溢利缩减至2400万元，仍好于去年同期的亏损9.3亿。

每股收益0.6港仙，派中期息6港仙。

-受益于调整班次以削减部分长途运力，停用机龄较高及燃油效益较差机型，上半年燃油成本较同期大幅减少8.8%或18.24亿元，燃油在营运成本总额中的比率下降至接近四成，促使吨公里成本同比下降0.8%至3.69港元，是业绩改善的主因。

其余几项成本削减和增加基本相互抵消：剔除燃油的吨公里成本上升2.3%至2.23港元，主要由于公司加速淘汰旧机型而新增燃油效益较佳的新飞机，导致飞机折旧和租金等增加3.7亿，但此举也令飞机维修成本大幅减少7.8亿，另外，员工成本较去年同期增加约3.9亿。

-因客运业务改善，上半年在可载运力减少4.8%的基础上，载客人数增加1.3%，客运收入增长0.8%至349.8亿元。

长途航线需求情况好于预期带动整体客座率及单位收益率分别按年增长1.2个百分点及4.4%至80.1%，0.69港元。

货运业务依然低迷，货运运力同比减少了1.8%，竞争激烈和需求疲弱令货运运载率和单位收益率分别下降1.9个百分点和3.3%至62.4%，2.33港元，货运收入同比下跌5.2%至112.8亿。

-受长途航线及亚洲地区主要旅游线路需求强劲影响，今年第三季度的暑期旺季开局良好，经济舱录得高客座率，头等及商务舱表现未超预期，相对偏软。

1Q 2013 演示材料

SZEx Stock Code: 002202 HKEx Stock Code: 22082013年度1季度业绩公布议程第一部分第二部分第三部分第四部分行业回顾业务表现财务表现未来展望Page 1中国风电行业依旧保持谨慎乐观假设政府支持得以持续并且几个关键性政策得以执行，2013年风电装机预期将较 2012年上升。

中国年度装机容量(GW)• 积极因素与消极因素并存。

例如，比预期更高的国家第三批核准项目与较低的风电利用率同时存在。

• 尽管2012-2015年行业期望值较低，但是预计截止2015年累计装机容量仍然会超过1亿KW的目标。

十二五目标：1亿千瓦62.4 44.7 25.8 5.8 12.1 18.9 13.8 17.675.313.06.2 3.32007200820092010201120122013E2014E2015E实际装机容量预测累积装机容量预测累积装机容量市场普遍对2013年-2015年年度装机总量能否超越2012年的13GW保持谨慎乐观的态度。

来源：实际及累计装机：中国风能协会；目标装机：中国风电十二五规划。

Page 2国内风电场项目储备2013年，国家能源局拟核准风电项目84.3GW。

其中，超过一半尚未招标或开工建设。

国家能源局拟核准在“十二五”期间建设的风电项目(GW)28.8 GW 28.7 GW未招标审批项目 84.4 GW26.8 GW西北地区西南地区华南地区华北地区华南地区华中地区东北地区集中在电网并网能力较好的地区已招标第一批 2011/07 第二批 2012/03 第三批 2013/03• 国家能源局拟核准“十二五”期间建设风电项目84.3GW。

金风科技估计超过一半尚未招标或开工建设。

来源：公司估测• 2013年3月公布第三批核准项目28.7GW，远超过预期20GW。

Page 32012年风电装机需求减弱,13年1季度有所回升尽管国家批准了诸多风电项目，但是2012年国内公开招标仍然放缓。

艺龙2013年第二季度财务报告

艺龙2013年第二季度财务报告艺龙发布了截至6月30日的2013财年第二季度财报。

财报显示，艺龙第二季度总营收为人民币 2.517亿元，比去年同期的人民币1.970亿元增长28%；净营收为人民币2.343亿元(约合3820万美元)，比去年同期的人民币1.850亿元(约合2910万美元)增长27%；净亏损为人民币7610万元，去年同期净利润为人民币1600万元。

主要业绩艺龙第二季度总营收(不计入营业税和附加税)为人民币2.517亿元，比去年同期的人民币1.970亿元增长28%；艺龙第二季度净营收(计入营业税和附加税)为人民币2.343亿元(约合3820万美元)，比去年同期的人民币1.850亿元(约合2910万美元)增长27%；艺龙第二季度酒店预订业务佣金收入为人民币1.986亿元，比去年同期的人民币1.538亿元增长29%，在总营收中所占比例为79%；艺龙第二季度机票预订业务佣金收入为人民币3560万元，比去年同期的人民币2990万元增长19%，在总营收中所占比例为14%；艺龙第二季度其他业务收入为人民币1750万元，比去年同期的人民币1330万元增长32%，在总营收中所占比例为7%；艺龙第二季度运营亏损为人民币4790万元，去年同期运营利润为人民币300万元；艺龙第二季度净亏损为人民币7610万元，去年同期净利润为人民币1600万元；第二季度通过艺龙预订的酒店客房天数为580万天，比去年同期的370万天增长58%；艺龙第二季度移动酒店预订量在总酒店客房间夜中所占比例超过20%，公司当前预计第三季度中所占比例约为25%。

目前累计已有2500多万名用户下载了艺龙移动应用；截至2013年6月30日，艺龙持有的现金和现金等价物及短期投资和限制性现金总额为人民币19亿元(约合3.1亿美元)，基本上全部以人民币形式持有。

财务分析艺龙第二季度总营收(不计入营业税和附加税)为人民币2.517亿元，比去年同期的人民币1.970亿元增长28%。

仅供内部参考严禁外传所有资料仅供参考

2年期「遇水則發」新台幣 QAK5 計價連動債券
2007/3/2 2009/3/2
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2年期「遇水則發」港幣計價連動債券
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3年8個月「勝券在握」美 QAK8 元計價連動債券
2007/4/16 2010/12/16
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10年期「穩定收益」美元計價連動債券
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7 年期高枕無憂 S&P500 連動組合式債券
2003-06-25/ 2010-06-25
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優質穩定配息連動債券
2003-08-07/ 2013-08-07
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10Y 加速回本保障收益美 2003-08-22/
元反浮動利率債券
2013-08-22
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「美林精選價值護本」 QA36 連動債券
2004-04-16/ 2011-04-16
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QAA1 3 星彩美元計價連動債券
2005-08-01/ 2E6
3 年期關鍵食刻美元計價連動債券
2006-06-02/ 2009-06-02
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Q AF1
2 年期「蒸蒸日上 II」美元計價連動債券
2006-07-14/ 2008-07-14
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90.84 12.71
103.55
89.55 12.58906 102.13906
94.56 14.4325 108.9925
101.63 7.1761 108.8061
100.1
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107.1
108.15

三家航空公司财务报表对比分析（HB）

三家航空公司财务报表对⽐分析（HB）第⼀部分战略分析航空运输业作为三⼤交通运输⾏业在国民经济和社会发展中占据着重要地位。

然⽽，2000年以来，全球的航空业⾯临着严峻的挑战。

2001 年美国“911”事件，导致全球航空业需求猛跌，中国航空货运周转量负增长13%；接着2003 年初东亚地区爆发“SARS”，导致当年我国旅客周转量增速从双位数猛降⾄1.9%；随后从2003年以来，国际油价开始节节攀升，04、05 年原油均价涨幅均超过30%，06 年在⼀波疯狂上涨后有所回调，然⽽⽯油作为⼀种不可再⽣能源，其价格势必长期保持在上升通道，巨⼤的燃油使航空公司⾯临沉重成本压⼒。

⼀、航空业的PEST分析1、P（Policy）政治环境：3⽉14⽇，⼗届全国⼈⼤四次会议表决通过了《关于国民经济和社会发展第⼗⼀个五年规划纲要的决议》，《决议》中明确提出了：建设社会主义新农村、推进⼯业结构优化升级、加快发展服务业、实施互利共赢的开放战略。

这其中涉及航空运输业的主要在于“推进⼯业结构优化升级”强调了加快发展⾼技术产业，包括电⼦信息制造业、航空航天产业及优化发展能源⼯业，包括⽯油天然⽓等。

此外，在⽯油价格连续上涨之后，国家出台了燃油附加税政策，并屡次提⾼其征收，从航空公司的报表中我们发现这⼀政策在⼀定程度上缓解了⽯油价格上涨对航空公司带来的成本压⼒。

2、E（Economic）经济环境（1）GDP的⾼速增长为航空业的发展带来正效应。

航空业与GDP 增长具有极⾼的正相关性。

根据欧美等发达国家的经验，航空业⼀旦开始起飞，其年均增速将是GDP 增速的1.5～2 倍，⽽且⾏业成长期长达30－40 年。

实践表明这个结论也符合我国国情，1990－2005 年，我国航空业增速是GDP 增速的1.7 倍。

随着中国经济保持稳健的增长，我国的航空业将保持15%的增长态势。

此外，经济增长中的对外贸易部分将直接刺激我国航空货运市场的发展。

如图：图1：航空货运与GDP、外贸额⾼度相关（2）⼈民币升值带来巨额汇兑收益从05 年7 ⽉⼈民币兑美元⼀次性升值2%以来，⼈民币就⼀直保持上升势头。

Agency Problems, Auditing, and the Theory of the Firm

Agency Problems, Auditing, and the Theory of the Firm：: Some Evidence
——Watts, R. & J. Zimmerman (JAE 1983)
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航空机场行业2012年报和2013年1季报总结报告

航空机场行业2012年报和2013年1季报总结2013年5月目录一、航空股2012年年报总结:收入增长缓慢，运营效率下滑 (4)1、2012年行业基本面供过于求，客座率下滑 (4)2、运营效率继续下降，收入增长缓慢 (5)3、成本增速下滑，但单位成本仍继续增长 (6)4、汇兑和投资收益大幅缩水 (7)5、三大航剔除非主营因素的利润总额和净利润对比 (8)二、航空股2013年1季报总结:供需状况有所改善，票价下滑明显 81、供需改善，客座率提升 (8)2、票价水平下滑明显，航企仍是增量不增收 (10)三、航空股基本面展望:需求能否持续向好是关健，人民币升值可能带来额外催化因素 (11)四、航空股投资策略：航空需求前景还需进一步观察 (12)五、机场股2012年年报和2013年1季报总结:流量跟随航空波动，业绩增长稳健 (13)1、航空需求复苏带动机场盈利快速提升 (13)2、非航收入占比继续提升 (14)3、往年人工成本增长较快，今年1季度开始回落 (14)4、机场盈利增速正在加快 (15)六、机场基本面展望:航空运力高投放，机场成本增速放缓将驱动机场业绩较快增长 (16)1、航空高运力投放将驱动机场流量较快增长 (16)2、收费并轨对机场全年业绩带来额外提升 (17)3、成本预测：人工成本增速有望趋缓；资本开支上海机场最优 (18)七、机场投资策略:整体佑值较低，首选业绩增长快速且不乏催化剂的上海机场 (19)八、风险因素 (19)一、航空股2012年年报总结:收入增长缓慢，运营效率下滑1、2012年行业基本面供过于求，客座率下滑2012年行业供需格局体现为供大于求。

三大航合计RPK和ASK同比分别增长7.6%和8.2%，客座率水平有1%左右的下滑。

由于国际经济环境恶劣，航空公司减少国际线运力投放，转投国内航线，致使国内线供过于求明显，国际线相对较好。

2012年国内线RPK和ASK分别增长4.5%和6.3%，运力差-1.8个百分点；国际线需求和供给增速则为12%和9.6%。

2013年我国进出口贸易的主要特点

2013年我国进出口贸易的主要特点（一）2013年我国进出口贸易总体稳中向好，有望超过美国位列世界货物贸易第一位1、我国进出口贸易总体保持平稳增长，规模首次突破4万亿美元2013年我国进出口总值25.8万亿元人民币(折合4.2万亿美元)，扣除汇率因素后同比增长7.6%，进出口规模首次突破4万亿美元关口，有望超越美国位例世界货物贸易第一位。

其中出口13.7万亿元人民币(折合2.2万亿美元)，增长7.9%；进口12.1万亿元人民币(折合2万亿美元)，增长7.3%；贸易顺差1.6万亿元人民币(折合2597.5亿美元)，同比扩大12.8%。

从月度具体数据来看，我国进出口贸易额基本维持在同一水平，同比增速在经历了前三季度较大波动后趋于平稳。

一季度，我国进出口值为9754.1亿美元，同比增速为13.5%；二季度进出口10220.2亿美元，同比增速为4.3%。

进入三季度，我国进出口10629.4亿美元，同比增速回升至6%；第四季度，我国进出口11001.4亿美元，同比增长7.3%。

其中，10月、11月和12月进出口同比增速分别为6.5%、9.2%和6.5% ，总体呈现低位平稳的态势。

图表 1 2013年我国进出口贸易月度走势2、2013年前三季度我国进出口货运量总体保持增长态势，进口货运量与贸易额走势基本一致，价格对出口影响在减小2013年我国进出口货物量359960万吨，同比增长4.4%。

其中，进口货物量为230271万吨，同比增长10.4%；出口货运量为129689万吨，同比减少了4.7 %。

从我国进出口货运量与进出口贸易额的走势来看，进口货运量走势与进口贸易额走势基本一致，进口价格基本维持在一个比较稳定的水平，进口贸易额的增加是由进口数量增加带来的。

而前三季度出口货运量与出口贸易额呈交织波动，即出口货运量较高时，出口贸易额较小，而出口货运量减少时，出口贸易额反上升，这说明出口货运量与出口贸易额的波动受价格影响较为明显，四季度影响逐渐减小，呈现出量价齐增的态势，出口环境有所改善。

2013年中国国际收支报告

2013年中国国际收支报告国家外汇管理局国际收支分析小组2014年4月4日内容摘要2013年，全球经济艰难复苏，分化趋势日益明显，发达国家经济好转，但新兴市场增长放缓，主要发达经济体量化宽松货币政策取向也有所分化，部分新兴经济体汇率和金融市场面临压力。

我国经济运行整体呈现稳中有进、稳中向好的态势，人民币汇率保持基本稳定。

2013年，我国经常项目收支状况继续改善，顺差1828亿美元，较上年下降15%，与GDP之比为2.0%，较上年回落0.6个百分点。

其中，货物贸易顺差与GDP之比与上年基本持平，服务贸易逆差、收益和经常转移逆差与GDP之比均有所扩大。

资本和金融项目保持净流入，特别是在年中新兴市场出现局部振荡时，我国跨境资本虽窄幅波动，但仍呈现净流入。

国际收支总体不平衡问题依然突出，经常项目与直接投资顺差规模仍处于较高水平，非直接投资资本流动由2012年的逆差转为顺差，外汇储备资产增加4327亿美元，较上年多增3340亿美元。

2014年，我国国际收支“扩顺差”与“减顺差”的因素并存。

其中，经常项目顺差将保持一定规模，与GDP之比维持较低水平；国内外宏观环境中的不确定因素较多，资本和金融项下总体将呈现振荡走势。

在此情景下，促进国际收支基本平衡、防范跨境资本冲击风险仍是未来的主要政策方向。

下一步，外汇管理部门将加快推进外汇管理体制改革创新，完善跨境资金流动监管体系建设，转变外汇管理职能，完善外汇储备经营管理体制。

目录一、国际收支概况 (6)（一）国际收支运行环境 (6)（二）国际收支主要状况 (8)（三）国际收支运行评价 (15)二、国际收支主要项目分析 (19)（一）货物贸易 (19)（二）服务贸易 (22)（三）直接投资 (26)（四）证券投资 (30)（五）其他投资 (31)三、国际投资头寸状况 (34)四、外汇市场运行与人民币汇率 (42)（一）外汇市场发展 (42)（二）人民币汇率走势 (43)（三）外汇市场交易 (49)五、国际收支形势展望 (55)专栏1．促进国际收支基本平衡仍然是我国宏观调控的重要目标2．服务贸易项下旅游逆差持续扩大3．为什么对外净债权增加≠经常项目顺差4．2013年新兴市场货币走势分化5．美国量化宽松货币政策及其退出的影响图1-1 2007-2013年主要经济体经济增长率1-2 2011-2013年新兴市场股票指数和货币指数1-32008-2013年我国季度GDP和月度CPI增长率1-42001-2013年经常项目主要子项目的收支状况1-51994-2013年货物和服务贸易差额与GDP之比1-62001-2013年资本和金融项目主要子项目的收支状况1-72001-2013年外汇储备增加额与外汇储备余额1-81990-2013年经常项目差额与GDP之比及其结构1-92005-2013年我国资本和金融项目差额及外汇储备变动情况1-10 2004-2013年我国国际收支基础性差额和非直接投资差额2-1 2001-2013年我国进出口总额、差额与GDP之比2-2 2000-2013年海关进出口差额主要构成2-3 2000-2013年我国按外贸主体划分的进出口贸易比重2-4 2000-2013年我国按贸易方式划分的进出口贸易比重2-5 2001-2013年我国出口商品在发达经济体的市场份额变动2-6 2004-2013年我国货物和服务贸易比较2-7 2013年我国服务贸易分国别和地区的收支情况2-8 2000-2013年外国来华直接投资状况2-9 2000-2013年我国对外直接投资状况2-10 2000-2013年跨境证券投资净额2-11 2000-2013年其他投资净额3-1 2004-2013年末我国对外金融资产、负债及净资产状况3-2 2004-2013年末我国对外金融开放度以及对外净资产与GDP之比3-3 2012年末我国及主要发达经济体对外金融开放度比较3-4 2004-2013年末我国对外金融资产结构变化3-5 2004-2013年末我国对外负债结构变化3-6 2005-2013年末我国对外资产、负债及净资产增速4-1 2013年境内外人民币对美元即期汇率走势4-2 1994年1月-2013年12月人民币有效汇率走势4-3 2013年境内外人民币对美元远期市场1年期美元升贴水点数4-4 境内外人民币对美元汇率历史实际波动率4-5 2012-2013年境外人民币对美元期权市场6个月期限价格4-6 2006-2013年即期外汇市场交易量4-7 2013年银行对客户远期结售汇的交易期限结构4-8 中国与国际外汇市场的参与者结构比较4-9 全球人民币外汇交易量4-10 2005-2013年银行间外汇市场外币对即期交易的币种构成C1-1 经常项目、资本和金融项目差额以及储备资产变动与GDP之比C2-1 2001-2013年入境游客与内地居民出境人数C4-1 2012-2013年JP Morgan新兴市场货币和波动率走势C4-2 2013年新兴市场货币对美元汇率升贬值C5-1 实施QE以来美联储资产负债表大幅扩张表1-1 2007-2013年国际收支顺差结构1-2 2013年中国国际收支平衡表2-1 2013年外国来华直接投资资本金来源国情况表3-1 2013年末中国国际投资头寸表4-1 2013年人民币外汇市场交易概况一、国际收支概况（一）国际收支运行环境2013年，全球经济艰难复苏，分化趋势日益明显，发达国家经济好转，但新兴市场增长放缓。

2011-2013全国机场生产统计公报

2011年全国机场生产统计公报一、2011年中国的航空货运量根据国家民航局最近公布的2011年全国运输机场生产统计公报，2011年全国各机场共完成货邮吞吐量1157.8万吨，比上年增长2.5%。

其中，国内航线完成750.2万吨，比上年增长3.9%（其中内地至香港、澳门和台湾地区航线为69.3万吨，比上年增长0.3%）；国际航线完成407.6万吨，比上年增长0.1%，如果将港澳台货量计入国际货量，国际货物共完成476.9万吨，占整个货邮运量的41.19%，与去年同期基本持平。

北京、上海和广州三大城市机场货邮吞吐量占全部机场货邮吞吐量的54.9%。

全国各地区货邮吞吐量的分布情况是：华北地区占17.0%，东北地区占3.7%，华东地区占43.8%，中南地区占22.9%，西南地区占9.5%，西北地区占2.1%，新疆地区占1.0%。

公报公布的内容与往年相同，依然没有全国各机场进出港以及转港的统计货量。

另外，公报的数据显示，上海的浦东机场和虹桥机场以及天津、大连等机场的货运量比去年同期减少。

相反，重庆、成都、武汉和郑州等机场得益于当地综合物流园区的建设和富士康等大型代工企业迁入的经济拉动，机场吞吐量呈现大幅度增长。

一、2010年中国的航空货运量根据国家民航局公布的2010年全国机场生产统计公报，2010年全国各机场共完成货邮吞吐量1129万吨，比上年增长19.4%。

其中，国内航线完成721.9万吨，比上年增长15.5%（其中内地至香港、澳门和台湾地区航线为69.1万吨，比上年增长53.6%）；国际航线完成407.1万吨，比上年增长27%。

北京、上海和广州三大城市机场货邮吞吐量占全部机场货邮吞吐量的56.7%。

全国各地区货邮吞吐量的分布情况是：华北地区占16.6%，东北地区占3.6%，华东地区占45.5%，中南地区占22.4%，西南地区占9.。

0%，西北地区占2.0%，新疆地区占0.9%。

另外，国际航线的货邮吞吐量在整个货邮运量中的比例依然偏低，为36.1%，如将港澳台地区航线的69.1万吨计入国际航线为42.1%，与上年相比提高3.5%。

空中网2013年第一季度财务报告

报告显示，空中网第一季度总营收为4794万美元，同比增长9.3%，比上一季度增长12.4%，超出公司预期的4500万美元到4600万美元；净利润为681万美元，同比下滑0.8%，比上一季度增长42.6%，超出于公司预期的300万美元到400万美元。

主要业绩：空中网第一季度总营收为4794万美元，同比增长9.3%，比上一季度增长12.4%，超出公司预期的4500万美元到4600万美元；空中网第一季度总毛利润为1859万美元，同比下滑0.8%，比上一季度增长3.3%，超出公司此前预期的1700万美元到1800万美元；按照美国通用会计准则，空中网第一季度净利润为681万美元，同比下滑0.8%，比上一季度增长42.6%，超出公司预期的300万美元到400万美元。

按照美国通用会计准则，空中网第一季度每股美国存托凭证基本收益为0.17美元；不按照美国通用会计准则，空中网第一季度净利润为890万美元，同比增长2.8%，比上一季度增长14.9%，超出公司预期的550万美元到650万美元。

不按照美国通用会计准则，空中网第一季度每股美国存托凭证摊薄收益为0.21美元；截至2013年3月31日，空中网所持现金和现金等价物、持有至到期的证券、可交易证券和限制性现金总值为1.8523亿美元，即每股美国存托凭证的现金和现金等价物、持有至到期的证券、可交易证券和限制性现金为4.55美元。

财务分析：空中网第一季度总营收为4794万美元，同比增长9.3%，比上一季度增长12.4%，超出公司预期的4500万美元到4600万美元。

空中网第一季度无线增值服务业收入为1585万美元，同比下滑17.1%，比上一季度增长8.4%。

第一季度中总无线增值服务的运营环境环比相对稳定，但公司预计2013年中总无线增值服务将跟2012年一样继续在运营环境问题上面临困境。

空中网第一季度总无线增值服务营收在总营收中所占比例为33.1%。

空中网第一季度总移动游戏收入为371万美元，同比下滑33.3%，比上一季度下滑11.1%。

国泰航空二零零三年末期业绩

國泰航空二零零三年末期業績綜合損益賬截至二零零三年十二月三十一日止年度附註2003港幣百萬元2002港幣百萬元營業額客運服務18,663 22,376 貨運服務9,913 9,387 航空飲食及其他服務1,002 1,327 營業總額 1 29,578 33,090 開支員工(8,035) (7,918) 航線(5,416) (6,113) 燃料(5,236) (4,895) 飛機維修(2,856) (3,312) 折舊及營業租賃(4,860) (4,720) 佣金(400) (501) 其他(550) (881) 營業開支(27,353) (28,340) 營業溢利2,225 4,750 財務支出(1,807) (2,421) 財務收入1,187 1,678 財務支出淨額(620) (743) 應佔聯屬公司溢利151 324 除稅前溢利1,756 4,331 稅項 2 (409) (328) 除稅後溢利1,347 4,003 少數股東權益(44) (20) 股東應佔溢利1,303 3,983 股息中期 - 已派 3 100 534 末期 - 擬派 3 568 935 特別 - 擬派 3 936 -基本 4 39.0 119.5 攤薄 4 38.8 118.7港元港元每股股東資金9.3 9.6綜合資產負債表二零零三年十二月三十一日結算附註2003港幣百萬元2002港幣百萬元資產及負債非流動資產及負債固定資產 5 51,357 50,038 無形資產405 489 於聯屬公司之投資1,661 1,739 其他長期應收款項及投資1,263 1,45854,686 53,724 長期負債(33,022) (31,382) 相關已抵押存款11,604 12,853 長期負債淨額(21,418) (18,529) 退休福利責任(181) (346) 遞延稅項(7,762) (7,614)(29,361) (26,489) 非流動資產淨值25,325 27,235 流動資產及負債存貨398 430 貿易及其他應收款項4,753 4,294 流動資金15,200 13,18020,351 17,904 長期負債之流動部分(6,754) (6,409) 相關已抵押存款1,875 2,128 長期負債之流動部分淨額(4,879) (4,281) 貿易及其他應付款項(5,543) (5,280) 未獲運輸收益(2,839) (2,518) 稅項(1,259) (874)(14,520) (12,953) 流動資產淨值5,831 4,951 資產總額減流動及非流動負債31,156 32,186 少數股東權益(104) (71) 資產淨值31,052 32,115資本及儲備股本669 667 儲備30,383 31,448 股東資金 6 31,052 32,1151. 營業總額營業總額包括向第三者提供之運輸服務、航空飲食及其他服務之收益。

AT&T公司2013年财务年报

A T&T Inc. Financial Review 2013Selected Financial and Operating Data 10 Management’s Discussion and Analysis ofFinancial Condition and Results of Operations 11 Consolidated Financial Statements 39 Notes to Consolidated Financial Statements 44 Report of Management 72 Report of Independent Registered Public Accounting Firm 73 Report of Independent Registered Public Accounting Firmon Internal Control over Financial Reporting 74 Board of Directors 75 Executive Officers 76Selected Financial and Operating DataDollars in millions except per share amountsAt December 31 and for the year ended: 20132012 2011 2010 2009 Financial DataOperating revenues $128,752$127,434 $126,723 $124,280 $122,513 Operating expenses $ 98,273$114,437 $117,505 $104,707 $101,513 Operating income $ 30,479$ 12,997 $ 9,218 $ 19,573 $ 21,000 Interest expense $ 3,940$ 3,444 $ 3,535 $ 2,994 $ 3,368 Equity in net income of affiliates $ 642$ 752 $ 784 $ 762 $ 734 Other income – net $ 596$ 134 $ 249 $ 897 $ 152 Income tax expense (benefit) $ 9,224$ 2,900 $ 2,532 $ (1,162)$ 6,091 Net Income $ 18,553$ 7,539 $ 4,184 $ 20,179 $ 12,447 Less: Net Income Attributable toNoncontrolling Interest $ (304)$ (275)$ (240)$ (315)$ (309) Net Income Attributable to AT&T $ 18,249$ 7,264 $ 3,944 $ 19,864 $ 12,138 Earnings Per Common Share:Net Income Attributable to AT&T$ 3.39$ 1.25 $ 0.66 $ 3.36 $ 2.06 Earnings Per Common Share – Assuming Dilution:Net Income Attributable to AT&T$ 3.39$ 1.25 $ 0.66 $ 3.35 $ 2.05 Total assets $277,787$272,315 $270,442 $269,473 $268,312 Long-term debt $ 69,290$ 66,358 $ 61,300 $ 58,971 $ 64,720 Total debt $ 74,788$ 69,844 $ 64,753 $ 66,167 $ 72,081 Construction and capital expenditures $ 21,228$ 19,728 $ 20,272 $ 20,302 $ 17,294 Dividends declared per common share $ 1.81$ 1.77 $ 1.73 $ 1.69 $ 1.65 Book value per common share $ 17.50$ 16.61 $ 17.85 $ 18.94 $ 17.28 Ratio of earnings to fixed charges1 5.98 2.96 2.23 4.57 4.46 Debt ratio 45.0%43.0% 38.0% 37.1% 41.4% Weighted-average common shares outstanding (000,000) 5,3685,801 5,928 5,913 5,900 Weighted-average common sharesoutstanding with dilution (000,000) 5,3855,821 5,950 5,938 5,924 End of period common shares outstanding (000,000) 5,2265,581 5,927 5,911 5,902 Operating DataWireless subscribers (000)2110,376 106,957 103,247 95,536 85,120 In-region network access lines in service (000)124,63929,279 34,054 39,211 47,534 Broadband connections (000)316,42516,390 16,427 16,309 15,789 Number of employees 243,360241,810 256,420 266,590 282,7201 P rior-period amounts are restated to conform to current-period reporting methodology.2 T he number presented represents 100% of AT&T Mobility wireless subscribers.3 B roadband connections include U-verse high speed Internet access, DSL lines and satellite broadband.Management’s Discussion and Analysis of Financial Condition and Results of OperationsDollars in millions except per share amountsOperating revenues increased $1,318, or 1.0%, in 2013 and $711, or 0.6%, in 2012. The increases in 2013 and 2012 are primarily due to growth in wireless data and equipment revenues, reflecting the increasing percentage of wireless subscribers choosing smartphones. Higher wireline data revenues from U-verse residential customers and strategic business services also contributed to revenue growth. These increases were mostly offset by continued declines in wireline voice revenues for both years. The sale of our Advertising Solutions segment lowered revenues $1,049 in 2013 and $2,244 in 2012.The telecommunications industry is rapidly evolving from fixed location, voice-oriented services into an industry driven by customer demand for instantly available, data-based services (including video). Our products, services and plans are changing as we transition to sophisticated, high-speed, IP-based alternatives. We are also re-designing our networks to accommodate these new demands and to take advantage of related technological efficiencies.OVERVIEWOperating income increased $17,482 in 2013 and$3,779, or 41.0%, in 2012. Our operating margin was 23.7% in 2013, compared to 10.2% in 2012 and 7.3% in 2011. Operating income for 2013 increased $17,578 due to a noncash actuarial gain of $7,584 related to pension and postemployment benefit plans in 2013 and an actuarial loss of $9,994 in 2012. Operating income for 2013 also reflects continued growth in wireless data revenue, and increased revenues from AT&T U-verse® (U-verse) and strategic business services. Partially offsetting these increases were continued declines in our traditional voice and data services, higher wireless equipment costs and increased expenses supporting U-verse subscriber growth. Operating income for 2012 included actuarial losses of $9,994, and reflected a partial year’s results for our sold Advertising Solutions segment. Operating income for 2011 included actuarial losses of $6,280, charges of $4,181 related to our decision toterminate the acquisition of T-Mobile USA, Inc. (T-Mobile) and noncash charges of $2,910 related to impairments of directory intangible assets.For ease of reading, AT&T Inc. is referred to as “we,” “AT&T” or the “Company” throughout this document, and thenames of the particular subsidiaries and affiliates providing the services generally have been omitted. AT&T is a holding company whose subsidiaries and affiliates operate in the communications services industry in both the United States and internationally, providing wireless and wireline telecommunications services and equipment. You should read this discussion in conjunction with the consolidated financial statements and accompanying notes. A reference to a “Note” in this section refers to the accompanying Notes to Consolidated Financial Statements. In the tables throughout this section, percentage increases and decreases that are not considered meaningful are denoted with a dash.RESULTS OF OPERATIONSConsolidated Results Our financial results are summarized in the table below. We then discuss factors affecting our overall results for the past three years. These factors are discussed in more detail in our “Segment Results” section. We also discuss our expected revenue and expense trends for 2014 in the “Operating Environment and Trends of the Business” section.Percent Change2013 vs. 2012 vs.2013 2012 2011 2012 2011Operating Revenues $128,752 $127,434 $126,723 1.0% 0.6%Operating expensesCost of services and sales51,464 55,228 54,904 (6.8) 0.6Selling, general and administrative 28,414 41,066 41,314 (30.8) (0.6)Impairment of intangible assets — — 2,910 — — Depreciation and amortization 18,395 18,143 18,377 1.4 (1.3)Total Operating Expenses 98,273 114,437 117,505 (14.1) (2.6)Operating Income 30,479 12,997 9,218 — 41.0Interest expense3,940 3,444 3,535 14.4 (2.6)Equity in net income of affiliates 642 752 784 (14.6) (4.1)Other income (expense) – net 596 134 249 — (46.2)Income Before Income Taxes 27,777 10,439 6,716 — 55.4Net Income18,553 7,539 4,184 — 80.2Net Income Attributable to AT&T $ 18,249 $ 7,264 $ 3,944 — 84.2%Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)Dollars in millions except per share amountsDepreciation and amortization expense increased $252, or 1.4%, in 2013 and decreased $234, or 1.3%, in 2012. The 2013 expense increase was primarily due to ongoing capital spending for network upgrades and expansion, partially offset by fully depreciated assets and lower amortization of intangibles for customer lists related to acquisitions and the sale of our Advertising Solutions segment.The 2012 expense decrease was primarily due to the sale of our Advertising Solutions segment and lower amortization of intangibles for customer lists related to acquisitions, offset by increased depreciation associated with ongoing capital spending for network upgrades and expansion.Interest expense increased $496, or 14.4%, in 2013 and decreased $91, or 2.6%, in 2012. The increase was due to a $581 charge related to our debt tender offers in 2013, partially offset by charges associated with early debt redemptions in 2012. Lower average interest rates offset higher average debt balances.The decrease in interest expense for 2012 was primarily due to lower average interest rates and average debt balances, partially offset by one-time charges associated with early debt redemptions.Equity in net income of affiliates decreased $110, or14.6%, in 2013 and $32, or 4.1%, in 2012. Decreased equity in net income of affiliates in both periods was due to lower earnings from América Móvil, S.A. de C.V. (América Móvil), and increased expenses in our mobile payment joint venture with other wireless carriers, marketed as the Isis Mobile Wallet TM (ISIS). These decreases were partially offset by earnings from YP Holdings LLC (YP Holdings).Other income (expense) – net We had other income of $596 in 2013, $134 in 2012 and $249 in 2011. Results for 2013 included a net gain on the sale of América Móvil shares and other investments of $498, interest and dividend income of $68, and leveraged lease income of $26. Other income for 2012 included interest and dividend income of $61, leveraged lease income of $55 and net gains on the sale of investments of $74. This income was partially offset by $57 of investment impairments. Results for 2011 included interest and dividend income of $73, leveraged lease income of $80 and net gains on the sale of investments of $97.Income tax expense increased $6,324 in 2013 and $368 in 2012. Both increases were primarily due to an increase in income before income taxes. Our effective tax rate was 33.2% in 2013, 27.8% in 2012 and 37.7% in 2011 (see Note 11).We expect continued growth in our wireless and wireline IP-based data revenues as we bundle and price plans with greater focus on data and video services. We expect continued declines in voice revenues and our basic wireline data services as customers choose these next-generation services.Cost of services and sales expenses decreased $3,764, or 6.8%, in 2013 and increased $324, or 0.6%, in 2012. The 2013 expense decreased by $4,822 as a result of recording actuarial gains in 2013 and actuarial losses in 2012. Lower interconnect and long-distance expenses, lower costs associated with Universal Service Fund (USF) fees and the sale of our Advertising Solutions segment also contributed to expense declines in 2013. These decreases were partially offset by increased wireless equipment costs related to device sales and increased wireline costs attributable to U-verse subscriber growth.Expense increases in 2012 were primarily due to increased wireline costs attributable to growth in U-verse subscribers, higher wireless handset costs related to strong smartphone sales and a higher actuarial loss on benefit plans. These increases were partially offset by lower traffic compensation costs, the sale of our Advertising Solutions segment and lower other nonemployee-related charges.Selling, general and administrative expenses decreased $12,652, or 30.8%, in 2013 and $248, or 0.6%, in 2012. The 2013 expense decreased by $12,757 as a result of recording actuarial gains in 2013 and actuarial losses in 2012. Expense reductions in 2013 also reflect lower employee related Wireline costs, gains on spectrum transactions, lower financing-related costs associated with our pension and postretirement benefits (referred to as Pension/OPEB expenses) and the sale of our Advertising Solutions segment. These decreaseswere partially offset by increased charges for employee separations and higher selling and advertising expenses.The 2012 expense decrease was primarily due to $4,181 in 2011 expenses related to the termination of theT-Mobile merger and the sale of our Advertising Solutions segment, offset by a larger actuarial loss of $3,454 and higher wireless commissions and administrative costs.Impairment of intangible assets In 2011, we recorded noncash charges for impairments in our AdvertisingSolutions segment, which consisted of a $2,745 goodwill impairment and a $165 impairment of a trade name.The former Advertising Solutions segment (sold on May 8, 2012), included our directory operations, which published Yellow and White Pages directories and sold directory advertising, Internet-based advertising and local search.The Other segment accounted for less than 1% of our 2013 and 2012 total segment operating revenues. Since segment operating expenses exceeded revenue in both years, a segment loss was incurred in both 2013 and 2012. This segment includes results from our equity investments in América Móvil and YP Holdings, and costs to support corporate-driven activities and operations. Also included in the Other segment are impacts of corporate-widedecisions for which the individual operating segments are not being evaluated, including interest costs and expected return on plan assets for our pension and postretirement benefit plans.The following sections discuss our operating results by segment. Operations and support expenses include certain network planning and engineering expenses; information technology; our repair technicians and repair services; property taxes; bad debt expense; advertising costs; sales and marketing functions, including customerservice centers; real estate costs, including maintenance and utilities on all buildings; credit and collection functions; and corporate support costs, such as finance, legal, human resources and external affairs. Pension and postretirement service costs, net of amounts capitalized as part ofconstruction labor, are also included to the extent that they are associated with employees who perform these functions.We discuss capital expenditures for each segment in “Liquidity and Capital Resources.”Segment ResultsOur segments are strategic business units that offer different products and services over various technology platforms and are managed accordingly. Our operating segment results presented in Note 4 and discussedbelow for each segment follow our internal management reporting. We analyze our operating segments based on segment income before income taxes. We make ourcapital allocation decisions based on the strategic needs of the business, needs of the network (wireless or wireline) providing services and demands to provide emerging services to our customers. Actuarial gains and lossesfrom pension and other postemployment benefits, interest expense and other income (expense) – net, are managed only on a total company basis and are, accordingly, reflected only in consolidated results. Therefore, these items are not included in each segment’s percentage of our total segment income. Each segment’s percentageof total segment operating revenue and income calculations is derived from our segment results, and income percentage may total more than 100 percent due to losses in one or more segments. We have three reportable segments: (1) Wireless, (2) Wireline and (3) Other. Our operating results prior to May 9, 2012, also included our sold Advertising Solutions segment (see Note 5).The Wireless segment accounted for approximately 54% of our 2013 total segment operating revenues as compared to 52% in 2012 and 76% of our 2013 total segment income as compared to 70% in 2012. This segment uses our nationwide network to provide consumer and business customers with wireless data and voice communications services. This segment includes our portion of the results from our mobile payment joint venture ISIS, which is accounted for as an equity method investment.The Wireline segment accounted for approximately 46% of our 2013 total segment operating revenues as compared to 47% in 2012 and 27% of our 2013 total segment income as compared to 31% in 2012. This segment uses our regional, national and global network to provide consumer and business customers with data and voice communications services, U-verse high-speed broadband, video, voice services and managed networking to business customers.Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)Dollars in millions except per share amountsdevices on installment), and expect to launch additional plans during 2014. While we have focused on attracting and retaining postpaid subscribers, we have recently increased our focus on prepaid subscribers with our pending acquisition of Leap Wireless, which we expect to complete by the end of first quarter 2014.In 2013, we continued to see an increasing number of our postpaid subscribers select smartphones rather than feature phones, which lack general Internet access. Of our total postpaid phone subscriber base, 76.6% (or 51.9 millionWireless Subscriber RelationshipsAs the wireless industry continues to mature, we believe that future wireless growth will increasingly depend on our ability to offer innovative services, plans and devices and a wireless network that has sufficient spectrum and capacity to support these innovations on as broad a geographic basis as possible. To attract and retainsubscribers in a maturing market, we have launched a wide variety of service plans, including Mobile Share and AT&T Next (our program that allows for the purchase ofWirelessSegment ResultsPercent Change2013 vs. 2012 vs.2013 2012 2011 2012 2011Segment operating revenuesData$21,719 $18,297 $14,861 18.7% 23.1%Voice, text and other service 39,833 40,889 41,865 (2.6) (2.3) Equipment8,347 7,577 6,489 10.2 16.8Total Segment Operating Revenues 69,899 66,763 63,215 4.7 5.6Segment operating expenses Operations and support44,508 43,296 41,282 2.8 4.9 Depreciation and amortization 7,468 6,873 6,329 8.7 8.6Total Segment Operating Expenses 51,976 50,169 47,611 3.6 5.4Segment Operating Income17,923 16,594 15,604 8.0 6.3Equity in Net Income (Loss) of Affiliates (75) (62) (29) (21.0) —Segment Income $17,848 $16,532 $15,575 8.0% 6.1%The following table highlights other key measures of performance for the Wireless segment:Percent Change2013 vs. 2012 vs.(Subscribers in 000s)2013 2012 2011 2012 2011Wireless Subscribers 1Postpaid smartphones 251,874 47,076 39,376 10.2% 19.6%Postpaid feature phones and data-centric devices 20,764 23,421 29,933 (11.3) (21.8)Postpaid 72,638 70,497 69,309 3.0 1.7Prepaid 7,384 7,328 7,225 0.8 1.4Reseller14,028 14,875 13,644 (5.7) 9.0Connected devices 316,326 14,257 13,069 14.5 9.1Total Wireless Subscribers 110,376 106,957 103,247 3.2 3.6Net Additions 4 Postpaid 1,776 1,438 1,429 23.5 0.6Prepaid (13) 128 674 — (81.0) Reseller(1,074) 1,027 1,874 — (45.2) Connected devices2,032 1,171 3,722 73.5 (68.5)Net Subscriber Additions 2,721 3,764 7,699 (27.7)% (51.1)%Total Churn 5 1.37% 1.35% 1.37% 2 BP (2) BP Postpaid Churn 5 1.06% 1.09% 1.18% (3) BP(9) BP1 Represents 100% of AT&T Mobility wireless subscribers.2I ncludes approximately 1,534 smartphones sold in 2013 under the AT&T Next program.3I ncludes data-centric devices (eReaders and automobile monitoring systems). Excludes tablets, which are primarily included in postpaid.4E xcludes merger and acquisition-related additions during the period.5C alculated by dividing the aggregate number of wireless subscribers who canceled service during a period divided by the total number of wireless subscribers at the beginning of that period. The churn rate for the period is equal to the average of the churn rate for each month of that period.Wireless MetricsSubscriber Additions As of December 31, 2013,we served 110.4 million wireless subscribers, an increase of 3.2% from 2012. Market maturity in traditional wireless subscribers continues to limit the rate of growth in the industry’s subscriber base, contributing to a 1.4% decrease in our gross subscriber additions (gross additions) in 2013 and a decrease of 13.0% in 2012.Net subscriber additions (net additions) in 2013 were lower primarily due to losses in low-revenue reseller accounts. Lower net additions in 2012, as compared to 2011, were primarily attributable to lower net connected device and reseller additions when compared to the prior year, which reflected higher churn rates for customers not using such devices (zero-revenue customers).Average service revenue per user (ARPU) – Postpaid increased 1.6% in 2013 and 1.9% in 2012, driven by increases in data services ARPU of 16.9% in 2013 and 17.9% in 2012, reflecting greater use of smartphones and data-centric devices by our subscribers.The growth in postpaid data services ARPU in 2013 and 2012 was partially offset by a 5.0% decrease in postpaid voice and other service ARPU in 2013 and a 3.7% decrease in 2012. Voice and other service ARPU declined due to lower access and airtime charges, triggered in part by postpaid subscribers on our discount plans, and lower roaming revenues.ARPU – Total increased 0.9% in 2013, reflecting growth in data services as more subscribers are using smartphones and tablets and choosing medium- and higher-priced usage-based data plans. Total ARPU decreased 1.6% in 2012, reflecting growth in connected device, tablet and reseller subscribers, which have lower-priced data-only plans compared with our postpaid smartphone plans. We expect continued revenue growth from data services as more subscribers use smartphones and data-centric devices. While price changes may impact revenue and service ARPU, going forward we expect to increaseequipment sales under our AT&T Next installment program. Data services ARPU increased 15.1% in 2013 and 16.1% in 2012, reflecting increased smartphone and data-centric device use. Voice, text and other service ARPU declined 5.5% in 2013 and 7.9% in 2012 due to voice access and usage trends and a shift toward a greater percentage of data-centric devices. We expect continued pressure on voice, text and other service ARPU.Churn The effective management of subscriber churn is critical to our ability to maximize revenue growth and to maintain and improve margins. While the postpaid churn rate was lower in 2013, the total churn rate was up slightly in 2013, reflecting increased competition, especially for price-conscious customers. Total and postpaid churn weresubscribers) use smartphones, up from 69.6% (or 47.1 million subscribers) a year earlier and 58.5% (or 39.4 million subscribers) two years ago. As iscommon in the industry, most of our subscribers’ phones are designed to work only with our wireless technology, requiring subscribers who desire to move to a new carrier with a different technology to purchase a new device. Our postpaid subscribers also continued to add more tablets, reflecting the popularity of our Mobile Share plan.Our postpaid subscribers typically sign a two-year contract, which includes discounted handsets and early termination fees. About 90% of our postpaid smartphone subscribers are on FamilyTalk® plans (family plans), Mobile Share plans or business plans, which provide for service on multiple devices at reduced rates, and such subscribers tend to have higher retention and lower churn rates. During 2013, we introduced additional programs that allow for the purchase of handsets on installments and for reduced-price service plans. We also offer data plans at different price levels (usage-based data plans) to attract a wide variety of subscribers and to differentiate us from our competitors. Our postpaid subscribers on data plans increased 10.2% year over year. A growing percentage of our postpaid smartphone subscribers are on usage-based data plans, with 72.6% (or 37.7 million subscribers) on these plans as of December 31, 2013, up from 67.4% (or 31.7 million subscribers) as of December 31, 2012, and 56.0% (or 22.1 million subscribers) as of December 31, 2011. About 80% of subscribers on usage-based data plans have chosen the medium- and higher-data plans. Such offerings are intended to encourage existing subscribers to upgrade their current services and/or add connected devices, attract subscribers from other providers and minimize subscriber churn.As of December 31, 2013, approximately 77% of our postpaid smartphone subscribers use a 4G-capable device (i.e., a device that would operate on our HSPA+ or LTE network), and more than 50% of our postpaid smartphone subscribers use an LTE device. Due tosubstantial increases in the demand for wireless service in the United States, AT&T is facing significant spectrum and capacity constraints on its wireless network incertain markets. We expect such constraints to increase and expand to additional markets in the coming years. While we are continuing to invest significant capital in expanding our network capacity, our capacity constraints could affect the quality of existing data and voice services and our ability to launch new, advanced wireless broadband services, unless we are able to obtain more spectrum. Any long-term spectrum solution will require that the Federal Communications Commission (FCC) make new or existing spectrum available to the wireless industry to meet the expanding needs of our subscribers. We will continue to attempt to address spectrum and capacity constraints on a market-by-market basis.Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)Dollars in millions except per share amountsOperations and support expenses increased $1,212,or 2.8%, in 2013 and $2,014, or 4.9%, in 2012. The increase in 2013 was primarily due to the following:• E quipment costs increased $817, reflecting sales ofmore expensive smartphones, partially offset by the overall decline in upgrade activity and total device sales. • S elling expenses (other than commissions) andadministrative expenses increased $712 due primarily to a $265 increase in employee-related costs, a $246 increase in advertising costs, $187 increase in information technology costs in conjunction with ongoing support systems development, and $107 increase in nonemployee-related costs, partially offset by an $84 decrease in bad debt expense. • N etwork system costs increased $146 primarily dueto higher network traffic, personnel-related network support costs and cell site related costs in conjunction with our network enhancement efforts. • C ommission expenses increased $59 due to ayear-over-year increase in smartphone sales as a percentage of total device sales, partially offset by the overall decline in handset upgrade activity and total device sales.Partially offsetting these increases were the following: • I nterconnect and long-distance costs decreased$353 due to third-party credits, lower usage costs and our ongoing network transition to more efficient Ethernet/IP-based technologies in 2013. • U SF fees decreased $104 primarily due to USF ratedecreases, which are offset by lower USF revenues. • I ncollect roaming fees decreased $73 primarily dueto rate declines and lower roaming use associated with the integration of previously acquired subscribers into our network.The increase in 2012 was primarily due to the following: • C ommission expenses increased $636 due to ayear-over-year increase in smartphone sales as a percentage of total device sales, partially offset by the overall decline in handset upgrade activity and total device sales. • S elling expenses (other than commissions) andadministrative expenses increased $526 due primarily to a $181 increase in information technology costs in conjunction with ongoing support systemsdevelopment, $137 increase in employee-related costs, $99 increase in nonemployee-related costs, and $89 increase in bad debt expense, partially offset by a $57 decline in advertising costs.down slightly in 2012, reflecting popularity of our reduced-rate family, Mobile Share, and business plans; however, the decrease was mostly offset by the disconnection of reseller low-revenue accounts.Operating ResultsSegment operating income margin was 25.6% in 2013, compared to 24.9% in 2012 and 24.7% in 2011. Our Wireless segment operating income increased $1,329, or 8.0%, in 2013 and increased $990, or 6.3%, in 2012. The operating income and margin increase in 2013reflected continuing data revenue growth and operating efficiencies, partially offset by the high subsidies associated with growing smartphone sales. The margin increase in 2012 reflected higher data revenues generated by our postpaid subscribers, partially offset by higher equipment and selling costs associated with higher smartphone sales and handset upgrades. While we subsidize the sales prices of various smartphones, we expect that subscriber revenues generated over time from voice and data services will exceed the cost of those subsidies. We also expect our subsidies costs to be tempered in 2014 by the growing popularity of our AT&T Next program, as discussed below.Voice, text and other service revenues decreased $1,056, or 2.6%, in 2013 and $976, or 2.3%, in 2012. While the number of wireless subscribers increased 3.2% in 2013, and 3.6% in 2012, these revenues continued to decline due to voice access and usage declines, as noted in the ARPU and subscriber relationships discussions above.Data service revenues increased $3,422, or 18.7%, in 2013 and $3,436, or 23.1%, in 2012. The increases were primarily due to the increased number of subscribers using smartphones and data-centric devices, such as tablets, eReaders, and mobile navigation devices. Data service revenues accounted for approximately 35.3% of our wireless service revenues in 2013, compared to 30.9% in 2012 and 26.2% in 2011.Equipment revenues increased $770, or 10.2%, in 2013 and $1,088, or 16.8%, in 2012. The increases were primarily due to year-over-year increases in smartphone sales as a percentage of total device sales to postpaid subscribers. Equipment revenues in 2013 also included incremental revenues from devices sold under our AT&T Next program. While we expect equipment revenues to increase under this program, we expect monthly services revenues to decline for subscribers to this program. The increase in 2012 was primarily due to the launch of a new iPhone model and increased handset upgrade fees.。

江苏国泰有限公司财务报表分析

江苏国泰有限公司财务报表分析作者：赵培聪来源：《现代商贸工业》2010年第17期摘要:随着全球经济一体化进程的加快,培育和发展具有核心竞争力,企业集团是当今经济发展的大势所趋?在日益复杂的市场经济形势下,企业集团面临一系列财务风险的威胁?要想在激烈的竞争中立于不败之地,就应该把财务管理纳入企业日常管理工作中,使企业集团自身具备承担和化解风险的能力,减少因财务分析管理不当导致企业遭受经济损失或引发财务危机。

关键词:对外贸易;利润变化;杜邦比率分析中图分类号:F23文献标识码:A文章编号:1672-3198(2010)17-0222-02江苏国泰国际集团是江苏省重点企业集团之一。

集团主要从事纺织服装、轻工工艺、五金机械、化工医药、钢材船舶等商品的进出口业务,并积极向宾馆旅游、房地产、软件开发、金融证券等行业拓展,已形成一业为主、多元拓展的经营格局。

2009年,集团全年完成销售172.35亿元,实现进出口总额14亿美元,其中出口12亿美元,继续在全省外贸公司中位于前列。

在“2009中国企业500强”中,国泰集团列第302位,在“2009中国服务业企业500强”中,集团列第91位。

近年来,江苏国泰集团先后获得“全国外经贸系统先进集体”、“全国对外经贸优秀企业”、“全国商务系统先进集体”、“全国外经贸质量效益型先进企业特别奖”、“江苏省先进集体”、“江苏省文明单位”等荣誉称号。

1 战略分析当今,对外贸易现已成为一国国民经济的有机组成部分,成为一国国民经济整体中不可缺少的重要环节。

同时,随着经济全球化步伐的加快,我国贸易顺差扩大和外汇储备迅速增加,这些也昭示着进出口贸易在我国经济中占据重要地位。

本着以外贸为龙头、实业为基础、科技为依托的发展思路,江苏国泰股份有限公司自成立以来,紧紧抓住世界制造业向中国转移的机遇,积极稳妥地开展与主营进出口业务相关的出口商品生产基地建设,先后控股和参股了涉及化工、服装、毛纺、玩具等多家生产型企业,形成了独特的竞争优势,在行业中处于领先地位。

国泰航空

中文名称：国泰航空有限公司，简称：国泰航空英文名称：Cathay Pacific Airways Ltd.）总部：香港大屿山香港国际机场观景路国泰城枢纽：香港国际机场飞行常客计划：马可孛罗会、亚洲万里通IATA代码：CXICAO代码：CPA呼号：Cathay Pacific。

国泰航空有限公司（简称：国泰航空，英文名称：Cathay Pacific Airways Ltd.）是香港最主要的航空公司，在香港注册，是在香港交易所上市的综合企业（HKEx: 0293）。

主要业务是经营定期航空业务、航空饮食、航机处理及飞机工程。

其下的子公司包括港龙航空及香港华民航空。

为“寰宇一家”航空联盟的重要成员。

历史国泰航空公司于1946年9月24日由美国籍的Roy C Farrell 及澳洲籍的Sydney H de Kantzow 成立。

最初，他们均以澳华出入口公司的名义在上海发展，后来才因保护主义问题迁往香港，并注册为国泰航空公司（Cathay Pacific Airways）。

初时以两架改装自C-47运输机的DC-3营运航班，开办往返马尼拉、曼谷、新加坡及上海的客运及货运包机航班。

国泰航空公司是香港第一所提供民航服务的航空公司。

1948年，香港最主要的英资商行Butterfield & Swire（即太古集团前身），收购了当时为澳美合资的国泰四成半股权。

港英政府后来把香港以南的航线分予国泰经营，以北的则交予国泰唯一本地对手香港航空经营。

直至1958年，国泰收购香港航空，正式雄霸本地航空业及进军东北亚市场。

1980年代，国泰航空由太古洋行持有70%股权，汇丰银行则持有30%股权。

1986年4月，国泰航空在香港联合交易所上市，首次招股获得56倍的超额认购，5月16日正式挂牌买卖。

1987年2月，太古集团与汇丰银行以23亿港元向香港中信集团出售12.5%国泰航空股权。

中信成为国泰航空第三大股东，由荣智健及另一位中信高层加入国泰董事局。

威海广泰：2013年半年度财务报告

威海广泰空港设备股份有限公司2013年半年度财务报告（未经审计）披露日期：2013年8月6日威海广泰空港设备股份有限公司2013年1月1日至2013年6月30日(一)、审计报告半年度报告是否经过审计□是√否公司半年度财务报告未经审计。

(二)、财务报表财务附注中报表的单位为：人民币元1、合并资产负债表编制单位：威海广泰空港设备股份有限公司单位：元法定代表人：李光太主管会计工作负责人：乔志东会计机构负责人：乔志东2、母公司资产负债表编制单位：威海广泰空港设备股份有限公司单位：元法定代表人：李光太主管会计工作负责人：乔志东会计机构负责人：乔志东3、合并利润表编制单位：威海广泰空港设备股份有限公司单位：元法定代表人：李光太主管会计工作负责人：乔志东会计机构负责人：乔志东4、母公司利润表编制单位：威海广泰空港设备股份有限公司单位：元法定代表人：李光太主管会计工作负责人：乔志东会计机构负责人：乔志东5、合并现金流量表编制单位：威海广泰空港设备股份有限公司单位：元法定代表人：李光太主管会计工作负责人：乔志东会计机构负责人：乔志东6、母公司现金流量表编制单位：威海广泰空港设备股份有限公司单位：元法定代表人：李光太主管会计工作负责人：乔志东会计机构负责人：乔志东7、合并所有者权益变动表编制单位：威海广泰空港设备股份有限公司本期金额单位：元上年金额单位：元法定代表人：李光太主管会计工作负责人：乔志东会计机构负责人：乔志东8、母公司所有者权益变动表编制单位：威海广泰空港设备股份有限公司本期金额单位：元上年金额单位：元法定代表人：李光太主管会计工作负责人：乔志东会计机构负责人：乔志东（三）财务报表附注一、公司基本情况威海广泰空港设备股份有限公司（以下简称“公司”或“本公司”）经山东省体制改革办公室鲁体改函字[2002]40号文、山东省人民政府办公厅鲁政股字[2002]44号文批准，威海广泰空港设备有限公司整体变更设立威海广泰空港设备股份有限公司，以经审计的2001年12月31日的净资产按1：1的比例折成2,730万股。

国泰航空

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国泰航空公司简介
• • • • • • • 英文名称：英文名称：Cathay Pacific Airways Ltd 总部：总部：香港大屿山香港国际机场观景路国泰城枢纽：枢纽：香港国际机场飞行常客计划：马可孛罗会、亚洲万里通飞行常客计划：马可孛罗会、 IATA代码：CX 代码：代码 ICAO代码：CPA 代码：代码呼号：呼号：Cathay Pacific
以优质的服务创信誉，是国泰航空长期以来稳健发展的基石。真以优质的服务创信誉，是国泰航空长期以来稳健发展的基石。正以旅客为本，尽一切可能满足旅客需求。正以旅客为本，尽一切可能满足旅客需求。 1、大规模地改造商务舱服务设施，以提高商务舱的客座率，带动整个航线的经营：特别是执行欧洲和北美航线的飞机，都配备了可平躺式商务舱座椅、全部更新了原有的的个人视听设备，可任意选择多达十几部最新上映的中外电影，而高保真的防噪音耳机可以收听上百首最新流行的数码音乐。 2、经济舱的个人视听设备，已经几乎遍布所有国泰飞机，成为标准配备。 3、机上还新增了为旅客相聚谈天而设置的专用酒吧和休息区。 4、为旅客提供良好的机上餐饮供应：国泰航班头等舱的红酒酒单曾获得旧金山国际洋酒大赛金奖的殊荣；此外国泰为增加机上餐食特色，还特地请香港百年老店”镛记酒家“为其设计并制作传统粤菜风味的餐食，以满足旅客的高水平要求。
国泰品质保证部设有综合运作中心，24小时利用数据传送实时监察各地航机，如果航机出现问题可立即从中心收到信息。中心的工程师全天候值班，即时处理问题。国泰航空公司有受培训，来自不同国家，都很有经验。国泰航空公司品质保证部有350名工程师，在外地也大约有300多名工程师。在外地的工程师还为德航、日航、瑞士航空提供维修服务。机组人员每 6个月要到飞行训练处接受考试，按处理突发最恶劣的情况定期训练，考试不合格的机师不能驾机。