Report of Foreign Issuer (6-k)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

For the month of April 2017

Commission File Number: 001-14550

China Eastern Airlines Corporation Limited

———————————————————————————————————

(Translation of Registrant’s name into English)

Board Secretariat’s Office

Kong Gang San Lu, Number 88

Shanghai, China 200335

———————————————————————————————————

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: x Form 20-F ¨ Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ¨

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 x No

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): n/a

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 Eastern Airlines Corporation Limited
		(Registrant)

Date	April 28, 2017	By	/s/ Wang Jian
			Name: Wang Jian
			Title: Company Secretary

Certain statements contained in this announcement may be regarded as "forward-looking statements" within the meaning of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of the Company to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements. Further information regarding these risks, uncertainties and other factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The forward-looking statements included in this announcement represent the Company's views as of the date of this announcement. While the Company anticipates that subsequent events and developments may cause the Company's views to change, the Company specifically disclaims any obligation to update these forward-looking statements, unless required by applicable laws. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of this announcement.

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

2017 FIRST QUARTERLY REPORT

This announcement is made pursuant to the requirements under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and Rule 13.09 and Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

The financial statements of the Company for the first quarter of 2017 were not audited, and were prepared in accordance with the China Accounting Standards for Business Enterprises.

IMPORTANT NOTICE

This announcement is made by China Eastern Airlines Corporation Limited (the “ Company ”) pursuant to the disclosure requirement under Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “ Listing Rules ”) (which requires any issuer listed on The Stock Exchange of Hong Kong Limited (the “ Hong Kong Stock Exchange ”) whose securities are also listed on other stock exchange(s) to simultaneously inform the Hong Kong Stock Exchange of any information released to any of such other exchange(s) and to ensure that such information is released to the market in Hong Kong at the same time as it is released to the other market(s)). At the request of the Shanghai Stock Exchange, a similar announcement of the even date is being made by the Company in Shanghai pursuant to the relevant provisions of the Shanghai listing rules and regulations.

This quarterly report was prepared in accordance with the regulations as prescribed by the China Securities Regulatory Commission (the “ CSRC ”) in relation to disclosure of information in quarterly reports for listed companies, and is published simultaneously in Shanghai and Hong Kong. The financial statements of the Company for the first quarter of 2017 were not audited, and were prepared in accordance with the China Accounting Standards for Business Enterprises.

– 1 –

The board of directors (the “ Board ”) and the supervisory committee of the Company, and its directors, supervisors and senior management hereby confirm that the information set out in this quarterly report does not contain false information, misleading statement or material omission, and accept joint and several responsibility for the correctness, accuracy and completeness of the information set out in this quarterly report.

All directors of the Company attended the meeting of the Board to consider this quarterly report.

Liu Shaoyong, the person-in-charge of the Company, Ma Xulun, the officer-in-charge of accounting of the Company, and Wu Yongliang, the officer-in-charge of the accounting department (accounting officer) of the Company hereby confirm that the financial statements forming part of this quarterly report are true, accurate and complete.

The financial statements in the first quarterly report of the Company are unaudited.

MAIN FINANCIAL DATA AND CHANGES IN SHAREHOLDERS OF THE COMPANY

2.1

Main financial data

Unit: million Currency: RMB

Increase/decrease

as at the end

of the reporting

As at the

period compared

end of the

As at the end

with the end

reporting period

of last year

(%)

Total assets

209,980

210,051

-0.03

Net assets attributable to shareholders of the listed company

50,120

47,186

6.22

From the

Increase/

beginning of the

beginning of last

decrease

year to the end

compared

of the reporting

with the same

period

period last year

(%)

Net cash flows from operating activities

2,580

5,832

-55.76

– 2 –

			From the beginning
	From the beginning		of last year to		Increase/decrease
	of the year to		the end of the		compared with
	the end of the		reporting period		the same period
	reporting period		last year		last year
					(%)

Revenue		24,536		23,534		4.26
Net profit attributable to shareholders of the listed company		2,818		2,602		8.30
Net profit attributable to shareholders of the listed company after deducting non-recurring profit and loss		1,168		2,468		-52.67
Weighted average return on net assets (%)		5.79		7.12 Decreased by 1.33 pts
Basic earnings per share (RMB/share)		0.1948		0.1982		-1.71
Diluted earnings per share (RMB/share)		0.1948		0.1982		-1.71

Non-recurring profit and loss and relevant amounts

	Unit: million Currency: RMB

	Amount for
Item	the period

Gains from disposal of long-term investments		1,766
Gains or losses from disposal of non-current assets		-1
Non-operating incomes and expenses other than the above		121
Effect on minority interests (net of tax)		-14
Effect on income tax		-222

Total		1,650

– 3 –

2.2

The total number of the Company’s shareholders and the shareholding of the 10 largest shareholders and the shareholding of the 10 largest holders of listed shares (or holders of shares without trading moratorium) as at the end of the reporting period

Unit: Shares

Total number of shareholders

303,415

Shareholding of the 10 largest shareholders

Number of

shares with

Shareholdings

trading

Pledged or locked-up

as at the end

moratorium

Status of

Number of

Nature of

Name of shareholder (in full)

of the period

Proportion

held

shareholders

(%)

China Eastern Air Holding Company (中國東方航空集團公司) (“ CEA Holding ”)

5,072,922,927

35.06

–

Nil

–

State-owned legal person

HKSCC NOMINEES LIMITED

4,182,183,289

28.91

–

Unknown

–

Overseas legal person

China National Aviation Fuel Holding Company (中國航空油料集團公司)

586,300,252

4.05

465,838,509

Nil

–

State-owned legal person

Delta Air Lines, Inc.

465,910,000

3.22

–

Unknown

–

Overseas legal person

Shanghai Licheng Information Technology Consulting Co., Ltd. ( 上海勵程信息技術諮詢有限公司)

465,838,509

3.22

465,838,509

Pledged

465,838,509

Domestic non- state-owned legal person

CES Finance Holding Co., Ltd. (東航金控有限責任公司) (“ CES Finance ”)

457,317,073

3.16

–

Nil

–

State-owned legal person

China Securities Finance Corporation Limited (中國證券金融股有限公司)

339,744,816

2.35

–

Nil

–

State-owned legal person

China COSCO Shipping Corporation Limited (中國遠洋海運集團有限公司)

232,919,254

1.61

232,919,254

Nil

–

State-owned legal person

Central Huijin Asset Management Ltd. (中央匯金資管理有限責任公司)

70,984,100

0.49

–

Nil

–

State-owned legal person

Shanghai Alliance Investment Limited (上海聯和投資有限公司)

65,615,429

0.45

–

Nil

–

State-owned legal person

– 4 –

	Shareholding of the 10 largest holders of shares without trading moratorium
	Number of listed
	shares without trading
Name of shareholder	moratorium held		Class and number of shares
			Class	Number

CEA Holding		5,072,922,927	RMB ordinary shares		5,072,922,927

HKSCC NOMINEES LIMITED		4,182,183,289	Overseas listed foreign shares		4,182,183,289

Delta Air Lines, Inc.		465,910,000	Overseas listed foreign shares		465,910,000

CES Finance		457,317,073	RMB ordinary shares		457,317,073

China Securities Finance Corporation Limited (中國證券金融股有限公司)		339,744,816	RMB ordinary shares		339,744,816

China National Aviation Fuel Holding Company (中國航空油料集團公司)		120,461,743	RMB ordinary shares		120,461,743

Central Huijin Asset Management Ltd. (中央匯金資管理有限責任公司)		70,984,100	RMB ordinary shares		70,984,100

Shanghai Alliance Investment Limited (上海聯和投資有限公司)		65,615,429	RMB ordinary shares		65,615,429

Industrial and Commercial Bank of China Limited – Harvest New Opportunity Flexible Allocation Mixed Launched Fund (中國工商銀行股有限公司 – 嘉實新機遇靈活配置混合型發起式證券投資基金 )		38,114,895	RMB ordinary shares		38,114,895

Bank of China Co., Ltd. – Huaxia New Economy Flexible Configuration of Mixed-type Securities Investment Fund 中國銀行股有限公司 (–華夏新經濟靈活配置混合型發起式證券投資基金 )		25,441,974	RMB ordinary shares		25,441,974


Description of connected relationship or activities in concert among the above shareholders		Among the 4,182,183,289 shares held by HKSCC NOMINEES LIMITED, 2,626,240,000 shares are held by CES Global Holdings (Hong Kong) Limited in the capacity of beneficial owner; China Eastern Air Holding Company owns 100% equity interest in CES Finance Holding Co., Ltd; CES Finance Holding Co., Ltd owns 100% equity interest in CES Global Holdings (Hong Kong) Limited; thus, China Eastern Air Holding Company indirectly owns 100% equity interests in CES Global Holdings (Hong Kong) Limited. The Company is not aware of any other connected relationship or activities in concert among the 10 largest holders of shares without trading moratorium.

– 5 –

2.3

The total number of the Company’s preference shareholders and the shareholding of the 10 largest preference shareholders and the shareholding of the 10 largest preference holders of shares without trading moratorium as at the end of the reporting period

Not applicable

IMPORTANT MATTERS

3.1

Details of and reasons for the substantial changes in main items of financial statements and financial indicators of the Company

	Change
	compared
	to the same
Item	period last year			Reason for the Change

Tax and surcharges		109.68	%	Primarily due to relevant tax adjustments which were originally included in administrative expenses by the Company are now accounted for under “Tax and surcharges” in accordance with the “Notice on Issuing the Regulations on the Accounting Treatment of Value-added Tax” issued by the Ministry of Finance, PRC (Cai Kuai [2016] No. 22)

Investment income		5,848.39	%	Primarily due to the investment income amounting to RMB1.754 billion from the completion of the transfer of the Company’s 100% equity interest in Eastern Air Logistics Co., Ltd. (“ Eastern Logistics ”) to Eastern Airlines Industry Investment Company Limited (“ Eastern Airlines Industry Investment ”), a wholly- owned subsidiary of CEA Holding, the controlling shareholder of the Company on 8 February 2017

Non-operating income		33.04	%	Primarily due to the Company’s transfer of amount of settlement of vouchers for which settlement period has passed, into non-operating revenue during the reporting period

Refund of taxes		-49.16	%	Primarily due to the decrease in the tax exemption and deduction in respect of value-added tax received by the Company during the reporting period

Cash received from disposal of investment		100	%	Primarily due to the completion of the transfer of the Company’s 100% equity interest in Eastern Logistics to Eastern Airlines Industry Investment, a wholly- owned subsidiary of CEA Holding, the controlling shareholder of the Company on 8 February 2017

– 6 –

	Change
	compared
	to the same
Item	period last year			Reason for the Change

Cash received from borrowings		-60.03	%	Primarily due to the repayment of some USD- denominated borrowings in the corresponding period of last year for improving the debt structure of the Company last year, and through financing via channels including issuance of super short-term commercial paper and obtaining bank borrowings

Cash paid for repayment of indebtedness		-74.40	%	Primarily due to the repayment of some USD-denominated borrowings in the corresponding period of last year for improving the debt structure of the Company

	Change
	compared to
	the end of
Item	last year			Reason for the Change

Monetary capital		31.30	%	Primarily due to retaining part of the deposits in USD for repaying USD borrowings in early April 2017 at the end of the reporting period with the aim of improving the Company’s debt structure

Short-term borrowings		32.22	%	Primarily due to increase in short-term bank borrowings during the reporting period for satisfying the Company’s capital needs

Bills payable		42.77	%	Primarily due to new adoption of settlement by way of bill of the Company for settlement with some suppliers during the reporting period

Settlement of vouchers		-33.83	%	Primarily due to larger amount of sales in advance of carriage of the Company as at the end of 2016 due to earlier commencement of the Spring Festival in 2016 compared with in 2015

Staff remuneration payable		-41.09	%	Primarily due to the payment of talent incentive bonuses for year 2016 during the reporting period

Undistributed profits		33.36	%	Primarily due to the profit recorded during the reporting period and an increase in undistributed profit of the Company

– 7 –

3.2

Analysis of the progress of significant events and their effects and proposed solutions

(1)

On 29 November 2016, the resolution regarding “the entering into of the ‘Bellyhold Space Management Agreement” between the Company and China Cargo Airlines Co., Ltd. (“ China Cargo Airlines ”) and engaging in the transactions contemplated thereunder was considered and approved during the third ordinary meeting of the eighth session of the Board. It was agreed that the Company would enter into the ‘Bellyhold Space Management Agreement’ (“ Management Agreement ”) with its related party China Cargo Airlines and the Board agreed to the cap amount for 2017 to 2019 for the management fee in respect of bellyhold space cargo carriage to be paid to China Cargo Airlines. On 1 January 2017, the Company signed the Management Agreement with China Cargo Airlines. For details, please refer to the announcements published by the Company in China Securities Journal, Shanghai Securities News, Securities Daily and on the website of the Shanghai Stock Exchange at www.sse.com.cn on 4 January and 18 January 2017, respectively.

(2)

On 17 January 2017, the resolution regarding the provision by the Company of guarantee to some of its subsidiaries was considered and approved during the 2017 first regular meeting of the Board, pursuant to which it was agreed that the Company shall provide, within the period from the effective date of the resolution to 31 December 2017, guarantee in the total amount of up to RMB1 billion to four wholly-owned subsidiaries of the Company namely China United Airlines Co., Ltd, Shanghai Eastern Flight Training Co., Ltd., Eastern Business Airlines Service Co., Ltd. and China Eastern Airlines Technology Co., Ltd., or their respective wholly-owned subsidiaries. Where the subject obligations are denominated in foreign currencies, the amounts shall be translated to Renminbi at the exchange rates prevailing at the time of provision of the guarantee. The period of guarantee shall be the same as the period of subject obligations of the respective guaranteed parties and shall not exceed 10 years. For details, please refer to the announcement published by the Company in China Securities Journal, Shanghai Securities News, Securities Daily and on the website of the Shanghai Stock Exchange at www.sse.com.cn on 18 January 2017.

(3)

On 29 November 2016, the Company entered into the “Eastern Logistics Share Transfer Agreement” with Eastern Airlines Industry Investment, a wholly-owned subsidiary of CEA Holding, the controlling shareholder of the Company and transferred 100% equity interest in Eastern Logistics to Eastern Airlines Industry Investment. The above transaction was approved at the Company’s first extraordinary general meeting in 2017. As at 8 February 2017, the Company had transferred 100% equity interest in Eastern Logistics to Eastern Airlines Industry Investment and completed industrial and commercial registration. The shareholder of Eastern Logistics was changed from the Company to Eastern Airlines Industry Investment starting from 8 February 2017. For details, please refer to the announcement published by the Company in China Securities Journal, Shanghai Securities News, Securities Daily and on the website of the Shanghai Stock Exchange at www.sse.com.cn on 11 February 2017.

– 8 –

(4)

On 22 February 2017, the resolution regarding the change in senior management of the Company was considered and approved during the fourth ordinary meeting of the eighth session of the Board. It was agreed that Mr. Jiang Jiang shall be appointed as a vice president of the Company, with a term of office in line with the current session of the Board and Mr. Sun Youwen shall cease to be a vice president of the Company due to change of job assignment. For details, please refer to the announcement published by the Company in China Securities Journal, Shanghai Securities News, Securities Daily and on the website of the Shanghai Stock Exchange at www.sse.com.cn on 23 February 2017.

(5)

On 30 March 2017, the profit distribution proposal of the Company for the year 2016 was considered and approved during the 2017 second regular meeting of the Board, pursuant to which it was agreed that the Company shall distribute cash dividends of the Company for the year 2016, with the total amount to be distributed at approximately RMB708.9 million, calculated based on the Company’s current total share capital of 14,467,585,682 shares. The cash dividend of RMB0.049 per share (inclusive of tax) is payable to holders of A shares of the Company in Renminbi and to holders of H shares of the Company in Hong Kong Dollars. The above profit distribution proposal needs to be submitted to the 2016 annual general meeting (“ AGM ”) of the Company for consideration and approval. For details, please refer to the announcement published by the Company in China Securities Journal, Shanghai Securities News, Securities Daily and on the website of the Shanghai Stock Exchange at www.sse.com.cn on 31 March 2017.

(6)

On 30 March 2017, the resolution for appointment of auditors by the Company for the domestic and international financial reports of the Company for the year 2017 was considered and approved during the 2017 second regular meeting of the Board, pursuant to which it was agreed to appoint Ernst & Young Hua Ming LLP as the auditors for the 2017 domestic (A shares) financial report and 2017 United States (ADR) financial report of the Company, and appoint Ernst & Young as the auditors for the 2017 Hong Kong (H shares) financial report of the Company, and proposed to the general meeting of the Company to authorize the Board to determine the remuneration of the auditors in relation to their auditing services. The Board also considered and approved the proposal for the appointment of internal control auditors of the Company for the year 2017 and agreed to appoint Ernst & Young Hua Ming LLP as the Company’s internal control auditors for the year 2017, and proposed to the general meeting of the Company to authorize the Board to determine the remuneration of the auditors in relation to their internal control auditing services. The above matters of appointment of auditors need to be submitted to the 2016 AGM of the Company for consideration and approval. For details, please refer to the announcement published by the Company in China Securities Journal, Shanghai Securities News, Securities Daily and on the website of the Shanghai Stock Exchange at www.sse.com.cn on 31 March 2017.

– 9 –

(7)

On 27 April 2017, the resolution on “Amendments to Certain Articles of the Articles of Association” was considered and approved during the 2017 third regular meeting of the Board. The above resolution needs to be submitted to the 2016 AGM of the Company for consideration and approval. For details, please refer to the announcement to be published by the Company in China Securities Journal, Shanghai Securities News, Securities Daily and on the website of the Shanghai Stock Exchange at www.sse.com.cn on 28 April 2017.

(8)

On 27 April 2017, the resolution on “Amendments to Certain Rules of the Rules of Procedures for General Meeting of the Company” was considered and approved during the 2017 third regular meeting of the Board. The above resolution needs to be submitted to the 2016 AGM of the Company for consideration and approval. For details, please refer to the announcement to be published by the Company in China Securities Journal, Shanghai Securities News, Securities Daily and on the website of the Shanghai Stock Exchange at www.sse.com.cn on 28 April 2017.

3.3

The status of implementation of the matters undertaken by the Company and shareholders holding more than 5% interests

Whether the

undertaking

has been

Whether there

strictly

is an

implemented

Background of

Type of

Undertaking

Time and term of

implementation

in a timely

undertaking

party

Content of undertaking

undertaking

period

manner

Undertaking in relation to refinancing

To resolve
defects
in land
and other
property ownership

China Eastern Air Holding Company

Due to historical reasons, some of the land and properties injected by China Eastern Air Holding Company into the Company had not yet been transferred to the name of the Company. With regard to 17 properties which are located in Guangzhou and Shenzhen (with an aggregate GFA of approximately 1,996.51 square meters), China Eastern Air Holding Company undertook that it shall, resolve defects in building ownership by completing procedures for transferring property ownership to the Company, or transferring the relevant gains to the Company upon external disposal within 3 years; and China Eastern Air Holding Company shall bear the corresponding obligations in relation to the losses caused to the Company as a result of the failure of China Eastern Air Holding Company in completing the relevant procedures for transferring the relevant property ownership in a timely manner.

Time of undertaking: June 2014; term of undertaking: from 27 June 2014 to 30 June 2017

Yes

Completed

– 10 –

Whether the

undertaking

has been

Whether

strictly

there is an

implemented

Background of

Type of

Undertaking

Time and term of

implementation

in a timely

undertaking

party

Content of undertaking

undertaking

period

manner

To resolve
defects
in land
and other
property
ownership

China Eastern Air Holding Company

Due to historical reasons, some of the land and property injected by China Eastern Air Holding Company into the Company had not yet been transferred to the name of the Company. With regard to 76 properties which are located in the Eastern District of Shanghai Hongqiao Airport (the relevant land ownership of which has been transferred to the Company) (with an aggregate GFA of approximately 146,700 square meters), relevant construction procedures were not completed for the buildings due to historical reasons, and therefore it is currently difficult to carry out ownership transfer. As a result, China Eastern Air Holding Company undertook that it shall, strive for opportunity to develop in the Eastern District of Shanghai Hongqiao Airport, and resolve defects in relevant building ownership by completing relevant procedures for transferring building ownership to the Company in batches upon fulfillment of conditions or through land replacement, the expected final completion time of which is approximately 10 to 12 years. The progress of resolving the above defects in property ownership and its results are subject to the overall development policy of the Eastern District of Shanghai Hongqiao Airport and its progress of implementation. China Eastern Air Holding Company shall bear the corresponding obligations in relation to the losses caused to the Company as a result of the failure of China Eastern Air Holding Company in completing the relevant procedures for transferring the relevant property ownership in a timely manner.

Time of undertaking: June 2014; term of undertaking: from 27 June 2014 to 30 June 2026

Yes

– 11 –

Whether the

undertaking

has been

Whether

strictly

there is an

implemented

Background of

Type of

Undertaking

Time and term of

implementation

in a timely

undertaking

party

Content of undertaking

undertaking

period

manner

Other undertaking

Trading moratorium of shares

China Eastern Air Holding Company/ CES Finance Holding Co., Ltd.

China Eastern Air Holding Company and CES Finance Holding Co., Ltd. undertook that they will not dispose of the 241,547,927 A shares and 457,317,073 A shares held by each of them, within 24 months from the lifting of the trading moratorium on 18 April 2016.

Time of undertaking: April 2016; term of undertaking: from 18 April 2016 to 17 April 2018

Yes

3.4

Warning of and reasons for any expected accumulated losses from the beginning of the year to the end of the following reporting period or substantial changes in profitability compared to the same period last year

Not applicable

	By order of the Board
	CHINA EASTERN AIRLINES CORPORATION LIMITED
	Liu Shaoyong
	Chairman
	Shanghai, the People’s Republic of China
	27 April 2017

As at the date of this announcement, the directors of the Company include Liu Shaoyong (Chairman), Ma Xulun (Vice Chairman, President), Li Yangmin (Director, Vice President), Xu Zhao (Director), Gu Jiadan (Director), Tang Bing (Director, Vice President), Tian Liuwen (Director, Vice President), Li Ruoshan (Independent non-executive Director), Ma Weihua (Independent non-executive Director), Shao Ruiqing (Independent non-executive Director) and Cai Hongping (Independent non-executive Director).

– 12 –

APPENDICES

4.1

Financial Statements

China Eastern Airlines Corporation Limited

Consolidated and Company’s Balance Sheet as at 31 March 2017

(RMB million)

	31 March		31 December		31 March		31 December
	2017		2016		2017		2016
Assets	Consolidated		Consolidated		Company		Company

Current assets
Monetary capital		2,282		1,738		1,775		1,002
Hedge instruments		32		11		35		11
Bills receivable		30		30		–		–
Trade receivables		2,245		2,630		5,566		6,305
Prepayments		2,630		2,762		2,196		2,166
Dividends receivable		57		73		57		73
Other receivables		4,078		4,213		12,354		12,882
Inventory		2,285		2,248		37		38
Assets classified as held for sale		–		–		–		–
Non-current assets due within one year		140		140		111		111
Other current assets		2,430		2,043		2,593		2,031

Total current assets		16,209		15,888		24,724		24,619

Non-current assets
Hedge instruments		–		137		–		137
Financial assets available for sale		687		645		612		570
Long-term equity investment		2,142		2,060		15,042		16,630
Investment properties		321		321		31		31
Fixed assets		148,598		150,751		97,131		97,264
Construction in progress		28,271		25,755		26,930		24,582
Intangible assets		2,084		2,418		1,392		1,404
Goodwill		9,028		9,028		9,028		9,028
Long-term deferred expenses		1,510		1,879		1,250		1,210
Deferred income tax assets		91		79		–		–
Other non-current assets		1,039		1,090		888		915

Total non-current assets		193,771		194,163		152,304		151,771

Total assets		209,980		210,051		177,028		176,390

– 13 –

4.1

Financial Statements (Cont’d)

China Eastern Airlines Corporation Limited

Consolidated and Company’s Balance Sheet as at 31 March 2017 (Cont’d)

(RMB million)

Liabilities and shareholders’ equity	31 March 2017 Consolidated		31 December 2016 Consolidated		31 March 2017 Company		31 December 2016 Company

Current liabilities
Short-term borrowings		13,200		9,983		12,326		9,245
Hedge instruments		–		11		–		11
Notes payable		1,599		1,120		1,579		1,107
Trade payables		10,651		10,811		11,637		11,827
Account collected in advance		1,143		966		858		708
Settlement of vouchers		5,080		7,677		4,927		7,294
Staff remuneration payable		2,371		4,025		1,360		1,993
Tax payable		1,951		1,810		1,020		885
Interest payable		834		932		636		691
Other payables		3,057		3,455		11,751		12,715
Non-current liabilities due within one year		9,726		10,289		5,938		6,216
Other current liabilities		19,000		17,000		19,000		17,000

Total current liabilities		68,612		68,079		71,032		69,692


Non-current liabilities
Long-term borrowings		9,668		10,604		5,278		5,747
Hedge instruments		–		47		–		47
Bonds payable		17,357		17,286		17,357		17,286
Long-term payables		55,960		58,514		36,417		37,546
Long-term staff remuneration payable		2,758		3,085		2,163		2,305
Special items payable		82		86		66		66
Deferred income tax liabilities		87		86		95		95
Other non-current liabilities		2,173		2,168		1,271		1,250

Total non-current liabilities		88,085		91,876		62,647		64,342

Total liabilities		156,697		159,955		133,679		134,034

– 14 –

4.1

Financial Statements (Cont’d)

China Eastern Airlines Corporation Limited

Consolidated and Company’s Balance Sheet as at 31 March 2017 (Cont’d)

(RMB million)

Liabilities and shareholders’ equity	31 March 2017 Consolidated			31 December 2016 Consolidated			31 March 2017 Company			31 December 2016 Company

Shareholders’ equity
Share capital		14,467			14,467			14,467			14,467
Capital reserves		26,760			26,760			27,470			27,470
Other comprehensive income		(2,701	)		(2,817	)		(2,021	)		(2,140	)
Surplus reserves		328			328			328			328
Undistributed profits		11,266			8,448			3,105			2,231

Total equity attributable to shareholders of parent company		50,120			47,186			–			–

Minority interests		3,163			2,910			–			–

Total shareholders’ equity		53,283			50,096			43,349			42,356

Total liabilities and shareholders’ equity		209,980			210,051			177,028			176,390

The financial statements are signed by:

Person-in-charge of the Company: Liu Shaoyong

Officer-in-charge of accounting: Ma Xulun

Officer-in-charge of the accounting department: Wu Yongliang

– 15 –

4.1

Financial Statements (Cont’d)

China Eastern Airlines Corporation Limited

Consolidated and Company’s Income Statement for the Period from January to March 2017

(RMB million)

	Jan to Mar		Jan to Mar		Jan to Mar		Jan to Mar
	2017		2016		2017		2016
	Consolidated		Consolidated		Company		Company

Revenue		24,536		23,534		14,116		13,083
Less: Operating costs		21,484		18,528		12,774		10,333
Taxes and surcharges		65		31		11		4
Selling expenses		1,319		1,303		934		900
Administrative expenses		624		613		379		344
Finance expenses		507		631		431		557
Assets impairment loss		–		–		–		–
Add: Gains arising from changes in fair value		–		2		–		2
Investment gains		1,844		31		841		32

Operating profit/(loss)		2,381		2,461		428		979
Add: Non-operating income		1,228		923		739		407
Less: Non-operating expenses		4		3		2		1

Total profits		3,605		3,381		1,165		1,385
Less: Income tax expenses		621		550		291		125

Net profit		2,984		2,831		874		1,260

– Net profit attributable to shareholders of the parent company		2,818		2,602

– Minority interests		166		229

– 16 –

4.1

Financial Statements (Cont’d)

China Eastern Airlines Corporation Limited

Consolidated and Company’s Income Statement for the Period from January to March 2017 (Cont’d)

(RMB million)

	Jan to Mar			Jan to Mar			Jan to Mar			Jan to Mar
	2017			2016			2017			2016
	Consolidated			Consolidated			Company			Company

Other comprehensive income, net of tax
Other comprehensive income that cannot be reclassified into profit or loss in subsequent accounting periods:
Changes arising from re-measuring net assets or net liabilities of defined benefit plan		127			(16	)		127			(11	)

Other comprehensive income that will be reclassified into profit or loss in subsequent accounting periods:
Share of other comprehensive income of investees to be reclassified into profit and loss in subsequent accounting periods under the equity method when meeting the prescribed conditions		4			(5	)		4			(5	)

Fair value movements of available-for-sale financial assets		42			(3	)		42			(3	)

Effective portion of gains or losses from cash flow hedge instruments		(57	)		(158	)		(54	)		(158	)

Other comprehensive income, net of tax		116			(182	)		119			(177	)

Of which:
Other comprehensive income, net of tax, attributable to shareholders of the parent company		116			(182	)

Other comprehensive income, net of tax, attributable to minority interests		–			–

– 17 –

4.1

Financial Statements (Cont’d)

China Eastern Airlines Corporation Limited

Consolidated and Company’s Income Statement for the Period from January to March 2017 (Cont’d)

(RMB million)

	Jan to Mar		Jan to Mar		Jan to Mar		Jan to Mar
	2017		2016		2017		2016
	Consolidated		Consolidated		Company		Company

Total comprehensive income		3,100		2,649		993		1,083

Of which:
Total comprehensive income attributable to shareholders of the parent company		2,934		2,420

Total comprehensive income attributable to minority interests		166		229

Earnings per share
Basis earnings per share (in RMB)		0.19		0.20

Diluted earnings per share (in RMB)		0.19		0.20

– 18 –

4.1

Financial Statements (Cont’d)

China Eastern Airlines Corporation Limited

Consolidated and Company’s Cash Flow Statement for the Period from January to March 2017

(RMB million)

		Jan to Mar			Jan to Mar			Jan to Mar			Jan to Mar
		2017			2016			2017			2016
		Consolidated			Consolidated			Company			Company

1.	Cash flow from operating activities
	Cash received from sales of goods and provision of labour services		25,384			24,257			13,017			12,568
	Refund of taxes		573			1,127			573			1,127
	Other cash received from operating activities		2,358			2,062			1,641			1,321

	Sub-total of cash inflow from operating activities		28,315			27,446			15,231			15,016


	Cash paid for purchase of goods and receiving of labour services		(16,867	)		(14,361	)		(9,061	)		(9,194	)
	Cash paid to and for employees		(5,681	)		(4,587	)		(2,639	)		(2,557	)
	Taxes paid		(931	)		(738	)		(608	)		(395	)
	Other cash paid for operating activities		(2,256	)		(1,928	)		(1,992	)		(1,390	)

	Sub-total of cash outflow from operating activities		(25,735	)		(21,614	)		(14,300	)		(13,536	)

	Net cash flows from operating activities		2,580			5,832			931			1,480

– 19 –

4.1

Financial Statements (Cont’d)

China Eastern Airlines Corporation Limited

Consolidated and Company’s Cash Flow Statement for the Period from January to March 2017 (Cont’d)

(RMB million)

		Jan to Mar			Jan to Mar			Jan to Mar			Jan to Mar
		2017			2016			2017			2016
		Consolidated			Consolidated			Company			Company

2.	Cash flow from investing activities
	Cash received from disposal of investment		2,444			–			2,433			–
	Investment income in cash		16			1			16			1
	Net cash recovered from disposals of fixed assets, intangible assets and other long-term assets		–			35			–			32
	Other cash received from investing activities		29			10			7			9

	Sub-total of cash inflow from investing activities		2,489			46			2,456			42

	Amount paid in cash in relation to purchases of fixed assets, intangible assets and other long-term assets		(5,324	)		(5,635	)		(4,897	)		(3,294	)
	Investments paid in cash		–			–			–			–
	Other cash paid for investing activities		–			–			–			–

	Sub-total of cash outflow from investing activities		(5,324	)		(5,635	)		(4,897	)		(3,294	)

	Net cash flow from investing activities		(2,835	)		(5,589	)		(2,441	)		(3,252	)

– 20 –

4.1

Financial Statements (Cont’d)

China Eastern Airlines Corporation Limited

Consolidated and Company’s Cash Flow Statement for the Period from January to March 2017 (Cont’d)

(RMB million)

		Jan to Mar			Jan to Mar			Jan to Mar			Jan to Mar
		2017			2016			2017			2016
		Consolidated			Consolidated			Company			Company

3.	Cash flow from financing activities
	Proceeds received in cash from investments		–			–			–			–
	Cash received from borrowings		15,533			38,857			14,073			37,357
	Other cash received in relation to financing activities		–			441			–			–

	Sub-total of cash inflow from financing activities		15,533			39,298			14,073			37,357

	Cash paid for repayment of indebtedness		(11,115	)		(43,420	)		(9,238	)		(39,922	)
	Cash payments for distribution of dividends, profits expense		(998	)		(803	)		(730	)		(577	)
	Other cash paid for financing activities		(2,674	)		(3,151	)		(1,864	)		(2,380	)

	Sub-total of cash outflow from financing activities		(14,787	)		(47,374	)		(11,832	)		(42,879	)

	Net cash flow from financing activities		746			(8,076	)		2,241			(5,522	)

4.	Effect of changes in exchange rate on cash and cash equivalents		32			18			24			11

5.	Net (decrease)/increase in cash and cash equivalents		523			(7,815	)		755			(7,283	)
	Add: Balance of cash and cash equivalents at the beginning of the year		1,695			9,115			976			8,042

6.	Balance of cash and cash equivalents at the end of the period		2,218			1,300			1,731			759