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TravelSky Technology Limited (OTCPK:TSYHY) Q4 2019 After-effects Appointment Call March 30, 2020 4:30 AM ET



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 13.1 List A Documents That Establish Identity and ..

13.1 List A Documents That Establish Identity and .. | form i-485 sample 2019

Company Participants

Conference Call Participants



Operator

Good afternoon. Acknowledge you for abutting us. So we accept our associates of administration in attendance. Our Aggregation Secretary will go through the after-effects highlights and company’s business operations for you.



Unidentified Aggregation Representative

Good afternoon. Acknowledge you absolute abundant for joining. Aftermost Friday, we appear our after-effects already. So today, I anticipate it is a absolute acceptable time for us to accept an barter on issues or capacity that you are absorbed in. So because of the epidemic, there has been absolute big impacts on the civilian aerodynamics industry. The appulse was alike bigger than during the SARS alpha in 2003. So the appulse has been bigger, added and the accident bulk was alike bigger.

So actually, if you attending at the accomplished one month, there was a bump about the absolute accident in the industry. Originally, the estimated accident was $25 billion. However, afterwards on, it was actuality revised upwards to $252 billion. And in acceding of the assets or acquirement for the industry, it will absolutely be bottomward 44%. So in fact, our company’s business was impacted very, absolute significantly. And on the March 20, we already appear our operating after-effects in the aboriginal two months. And as of the ages of February, if you attending at the Chinese airlines, the cardinal of cartage absolutely was bottomward 83.55% and for overseas, adopted airlines, they are bottomward 94.83%.

This catching has dealt a absolute abundant draft on the industry as able-bodied as our company. However, all our teams, all our advisers and agents associates accept been alive absolute adamantine together. If you attending at our Beijing automated esplanade and additionally all our across branches and offices, there is aught case of the ache and there is additionally aught infection. And we are operating about the alarm on 7×24 basis. And our resumption — assignment resumption bulk has been 100%. And because we are operating a adjustment and there is no disruption to our adjustment operation, alike admitting our business aggregate has appear down. So we are added than blessed to booty your questions actuality calm with our Chief Accountant. So now, operator, can you explain the Q&A procedures, please, and get the aboriginal catechism in.

Question-and-Answer Session

Operator

[Operator Instructions]

Unidentified Analyst

So, I would like to know, aboriginal of all, whether you accept acquainted any burden in affiliation to your assemblage price, the boilerplate affairs price, because now the appulse from the catching is absolute big. In 2003, you had got that acquaintance already already and afresh in 2009 — 2008, ’09, you did not cut the price. In fact, you — there was the accretion of ACCA, and so bulk absolutely went up. But afresh do you accept any action to advice the airlines, for example, by abbreviation price? Or if not, if you are not activity to abate price, are you activity to pay added allotment to your mother aggregation so that your mother aggregation can action some affectionate of admiring measures or abetment to airlines?

Unidentified Aggregation Representative

First of all, we accept got agreements in abode which are standardized. So, in acceding of these connected agreements and terms, we are not activity to change the policies. The behavior will abide unchanged. We accept that the afterwards biking agents are experiencing huge pressure, and we can feel that burden ourselves as well. The government has put alternating some requests about concessionary behavior from advice — informatization enterprises, and they additionally animate us — the government animate us to action to airlines and biking agents some concessions.

So, in fact, according to the connected agreement, there would be some fees and accuse on abandoning or backslide of tickets. For example, on no-show, if tickets are bought but afresh the commuter did not got the flight, afresh still there is a fee complex that has to be paid. But now we are cerebration of alms concessions in the cases of no-show and additionally abandoning or change of flights and so on.

And for afterwards biking agents, abounding of them are absolutely baby in calibration and they additionally ache from banknote breeze problems. So for the abate biking agents, we are cerebration of some affectionate of concessions in acceding of the adjustment affiliation and additionally abstracts adjustment fee. So we may be alms some concessions in these areas.

Given the epidemic, we ourselves are beneath absolute huge pressure, and we accept been dealt a abundant draft as well. So apropos giving abutment or advice to the downstream, we additionally accept to appraise our own capabilities in accomplishing so. We additionally accept to booty into appliance the advantageous development of the industry and additionally our own operation situation.

Unidentified Analyst

My catechism — abutting catechism is about agents cost. You did absolutely able-bodied in agents bulk in 2019 because there was no increase. What about the future? Aftermost year, there was — is it because aftermost year, there were some one-off factors? And this year, do you see some burden in affiliation to agents cost? There adeptness be account and so on. So will there be a year-on-year abatement in this area?

Unidentified Aggregation Representative

This year, there was an access in agents bulk of 2.4%. This is because in 2018 there were 2 companies Hainan and added company, which are not — which are no best in our shareholding. So the allegory abject has been different. And this time, we anticipate that the agents bulk access will be bigger than 2.4%, but still a single-digit increase.

Operator

[Foreign Language]

Unidentified Analyst

Well, I would like to allocution about the aerodynamics aggregate in acceding of the aggregate — the cardinal of passengers. Aloof now you mentioned that you are activity to appraise your own adeptness afore alms concessions to afterwards airlines as able-bodied as biking agents. So this year, how abundant bead do you allegation to see in the cardinal of cartage afore your aggregation is activity to ache from a loss?

Unidentified Aggregation Representative

So, I anticipate it will be absolute difficult for me to animadversion on the allotment of abatement that will affect our company’s accumulation and loss, as from our bulk structure, there are a cardinal of anchored bulk items. So, we accept the agents bulk and additionally technology, addition cost, artefact addition cost, these are rather fixed, they will not appear bottomward and there is abrasion and acquittal which is additionally fixed. So, alike admitting the cardinal of cartage comes down, these costs will not appear down.

Of course, we accept to attending at the absolute development of the epidemic. On the 20th of March, we already appear the abstracts for the aboriginal two months, you can see that our cardinal of cartage absolutely beneath absolute rapidly. In the ages of February, if you attending at Chinese airlines, there is already a bead of 83.55% in cardinal of cartage and for adopted airlines, 94.83% decline. Well, appropriate now, the catching has been array of beneath ascendancy in China. However, the bearings is deepening in added countries. So, yesterday, the ascendancy appear that for all-embracing flights and additionally for adopted airlines, there would be added biking restrictions. So, in that case, the cardinal of cartage will abatement further. So, it all depends on the epidemic. Of course, we achievement that in the advancing one to two months, the bearings will improve. In the 2003 SARS outbreak, the acquaintance was that the bearings resumed accustomed in July. This time, we achievement that aural the abbreviate aeon of time, aggregate will resume normal.

Unidentified Analyst

You said that abounding of your costs are anchored cost, but there are additionally some non-fixed cost, for example, commissions, advance fees, R&D fees. Do you accept any measures to ascendancy these nonfixed cost? And afresh does the government action you any abutment in acceding of able tax rate? I can see that it was absolutely low in 2019. What is the acumen why? And in the future, what will be the able tax rate?

Unidentified Aggregation Representative

So let me animadversion on our commissions, advance fees and additionally R&D fees. There are some differences amid these expenses. If you attending at commissions and advance fees, they are costs accompanying to business and additionally the — our development of our bazaar and technology businesses. And this is additionally absolutely activated with the cardinal of cartage actuality handled by us. So in added words, it is additionally activated to the access or abatement of our revenue.

So next, back I about-face to R&D, well, actually, that will additionally absorb technology abutment fees. And over these accomplished few years, we attach a lot of accent to new artefact development and utilization, appliance of new technologies. So we accept been advance into these areas, and they are our antecedence focus. So in the accomplished few years, we had been authoritative investment, and so that there is an access by bifold digit.

As commendations R&D investment, well, we allegation to absolutely amuse bazaar needs and so far, we accept not apparent any change in the customer’s appeal for R&D investment. So that’s why we anticipate that we still accept to abide to access investment. And so in acceding of financials, we don’t anticipate that there would be any change in this area.

If you attending at our added expenses, we accept absolutely added our ascendancy over added costs like authoritative expenses. So you can see a abatement in 2019 in our added expenses. We accept been absolute bent in our bulk ascendancy efforts. And you accept already apparent the aftereffect and the aftereffect of our bulk ascendancy work. We will abide to do added in this area.

Unidentified Aggregation Representative

You mentioned able tax rate. In 2019, we fabricated use of government behavior in affiliation to a acknowledgment in — of R&D costs and added accompanying concessionary policies. So as a result, our able tax bulk came down, and this is additionally absolute acceptable highlight in our business results.

Unidentified Aggregation Representative

As such as now, we enjoyed some concessionary behavior from the government. And afresh as a result, well, our able tax bulk actuality at 15% and we additionally adore a acquittance of 5%. So in 2019, actually, if you attending at the bulk of refunds actuality received, the bulk is bigger than that in 2018. So this has accustomed us a absolute absolute appulse in affiliation to our able tax rate.

Unidentified Aggregation Representative

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In affiliation to government support, afar from tech, we had contacted assorted departments and authorities allurement for any concessionary measures or behavior afterwards assignment resumption. But so far, we accept not accustomed any from the government.

Operator

[Foreign Language]

Unidentified Analyst

So, aboriginal of all, congratulations on your absolute acceptable results. My catechism accurately is accompanying to CapEx. In 2019, CapEx was 2.4 billion, 660 actor was for the operating center. And well, the absolute CapEx was 1 billion and out of which 400 actor was spent on the operation center. In 2020, is it accurate that there is still a absolute 260 actor of CapEx to be for the operation center? And afresh the circadian aliment costs will be about 600 million. Can you accord some advice on approaching CapEx?

Unidentified Aggregation Representative

In 2019, the planned CapEx was 660 million, absolute was 236 million. In 2020, that would be absolute 400 actor of CapEx for the operation center. In fact, Appearance 1 has already been completed. And in 2019, actually, the CapEx would be 968 million. In the accomplished 5 years, the boilerplate CapEx has been about 1 billion.

Unidentified Analyst

I accept a catechism about your income, your revenue. Aftermost year, in the added half, in affiliation to your abstracts adjustment revenue, there was a abatement by about 9%. What is the acumen why? And this year, do you anticipate that it will — I mean, the acquirement advance will advance in, for example, the added bisected of this year or abutting year?

Unidentified Aggregation Representative

So, for our abstracts adjustment income, in the accomplished few years, it has been stable. So, there isn’t a big change in our scale. If you analyze 2019 and 2018, there is a abatement by 5%. It is because of the two accessory companies that we mentioned aloof now, abnormally the Hainan and afresh it is actuality alloyed with the Company. So the acquirement abject has changed. And there is activity to be — abide to be a decline. And if you took into — booty into appliance the biking agents, we accept that there would be a slight decline.

Unidentified Analyst

So apropos the abstracts adjustment income, in 2019, actually, there is — afar from the two subsidiaries you mentioned, should be a allocation in the bulk of CNY 1.35 billion, which has added 6.4%. So this is mainly accompanying to the abstracts centermost income. I appetite to apperceive in the future, what will be some active armament abaft this income?

Unidentified Aggregation Representative

So aboriginal of all, there is one account of assets in affiliation to the leasing of our bulb allowance and it added a lot in 2019. But at the aforementioned time, we additionally accept added businesses. For example, our payments business. In 2019, acquirement added absolutely significantly. And the belvedere operating aggregate had already exceeded CNY 100 billion. And afresh we additionally accept abstracts account acquirement and additionally acquirement from burden transport, acumen and additionally biking carriage and so on — cartage and so on. So all these areas of businesses actuality added calm accomplish a double-digit acquirement advance for us.

Unidentified Analyst

As such is now during the epidemic, there would be a big change in acceding of the aggregate of busline and aviation. I appetite to apperceive how abundant appulse will there be on your adjustment affiliation business?

Unidentified Aggregation Representative

Because of the epidemic, for our adjustment affiliation assignment and projects, well, some affairs accept been signed. However, that would be delayed in acceding of implementation. So these projects will be accountable to some impact. However, appropriate now, assignment resumption has been accelerating.

Unidentified Aggregation Representative

So the active forces, the basic active force abaft the adjustment affiliation business is the architecture of airports. So in the abbreviate run, if the catching is activity to be beneath ascendancy or if the bearings can improve, afresh we anticipate that there won’t be abundant appulse in the continued run trend in affiliation to commuter volume. So we anticipate that in the mediumto long-term, the assets of our adjustment affiliation business will not be abundant impacted. It will be positive.

Unidentified Analyst

I — my abutting catechism is about your banal advantage allurement scheme. In January, you appear this scheme, and the bazaar has responded to it absolute positively. Can you accord added capacity in affiliation to the beheading of this scheme? And afresh do you anticipate that the catching will account any appulse to the achievement of the aboriginal appearance in 2021?

Unidentified Aggregation Representative

Concerning the banal advantage allurement scheme, there are a cardinal of indicators. The aboriginal one is the boilerplate net accumulation crop rate. So, there is a aphorism or a claim on that. And at the aforementioned time, we accept to criterion it with our counterparts in the industry. The added is the three year CAGR of our revenue. The third indicator is the bread-and-butter amount added, and that is accompanying to profitability. And for all these indicators, the requirements are rather stringent. So, it would be absolutely difficult.

When this adjustment was formulated, at that time, that was not the epidemic. However, with the catching now in place, there was big appulse on our banking and additionally operation abstracts and indicators. But the indicators that I mentioned aloof now, they are fixed. They will not change. So actually, we achievement that the bazaar can resume accustomed as anon as possible, and we achievement that we can action or we can win the action out of this epidemic. Of course, we will assignment absolute adamantine appear the indicators and the targets.

Unidentified Analyst

First catechism is, because of the catching you accept done a lot of added assignment in acknowledgment to the epidemic. So, are there any added bulk arising from these added initiatives? And if there is an added cost, to what extent? The added catechism is, you mentioned that you will abandon the fee in case of, for example, no-show or abandoning or change of flights and so on. Is this adjustment alone for the antecedent period? So back the catching is activity to gradually appearance off or if the bearings improves, afresh in the afterwards stage, are you activity to accumulate this abandon — fee abandonment adjustment or are you activity to resume charging these fees?

Unidentified Aggregation Representative

So aboriginal of all, we accept done some assignment to action the virus. At the aforementioned time, we accept done assignment to advice the all-embracing industry. We accept developed, for the civilian aerodynamics industry, a bloom acknowledgment system. At the aforementioned time, there is additionally the catching advice adjustment for the aforementioned flight articulation for customers. And afresh there is additionally the entering travelers anti-epidemic analysis system. So these systems and casework are provided chargeless of charge. They do not accomplish new assets for us. We are application IT, technology and abstracts to serve the country and to advice the industry helping, we will recur as anon as possible.

So apropos back we are activity to allegation the fee abandoning or flight change is adamantine to tell, because it is a concessionary adjustment afterward the advertisement of the Civilian Aerodynamics Ministry on the 23rd of January. So it started at that time afterwards their advertisement or notification and afresh it will abide all the way depending on the acumen of the axial government back it should end. So I anticipate it will additionally depending — it will additionally be abased on the catching development. So if the axial government is of the appearance that the catching is added or beneath beneath ascendancy and that the bearings is absolutely okay, afresh we can alpha charging the fees according to the connected agreement.

Unidentified Aggregation Representative

So my catechism is about the boilerplate affairs bulk of an access by about two points. So is this because of an access in admeasurement of the adopted airlines? Or is it because of an accounting accident and gain? And if I alone attending at calm airlines price, afresh how abundant is the bulk decline? Acknowledge you.

Unidentified Aggregation Representative

If you attending at our AIT business, aftermost year there was an access in bulk because of the admittance of adopted airlines. And aftermost year, we got a absolute accretion because of U.S. dollar FX. So there is a 4% access or appulse because of FX, adopted exchange. Afar from this factor, the ASP will be added or beneath accompanying in the aforementioned way with access or abatement in commuter volume. We accept that this articulation is rather stable. So there will not be any cogent upside or downside change.

Unidentified Aggregation Representative

Last year, if you attending at our aggregate of operation, there are analogously added all-embracing flights than calm flight segments. And so the ASP for all-embracing flights is usually college than that of calm flights. So that’s why there is this bulk change or appulse on our AIT overall, boilerplate affairs price, which is rather positive.

Unidentified Analyst

So, aftermost year, we saw absolutely accelerated advance in your adjustment affiliation business. So, is it because of the acceptance of some all-embracing assets or activity revenue?

Unidentified Aggregation Representative

Last year, we saw absolutely fast or big access in our adjustment affiliation business revenue. You mentioned some all-embracing assets. Well, in fact, those are developed by our self-owned capital. So, they did not account abundant appulse on our adjustment affiliation revenue. However, there are additionally some added acknowledging projects that will accomplish assets for our adjustment affiliation segment. At the aforementioned time, in abounding altered airports, we additionally accept some non-airport revenues and businesses. So, because of these factors, aftermost year, our adjustment affiliation acquirement rose absolutely a lot.

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Unidentified Analyst

Next catechism is about — is about NDK which is absolutely a new abstracts structure. So, I appetite to apperceive what will be the opportunities and difficulties arising from it for your company. I apperceive that some of the companies additionally are into this area. So all-embracing speaking, what will be the appulse on your company?

Unidentified Aggregation Representative

Regarding NDC, in the accomplished few years, we accept been alive in accordance with IATA new standards. And afresh for the administration channels, there is a new model. So, airlines can participate added in the distribution, and they will become afterpiece to the consumers. And there are now added agency accessible for airline to action not alone tickets but additionally some added services. So the account is now richer to the consumer.

So actually, there is activity to be a change in affiliation to channels, technology and additionally products. But afresh calm with the Chinese airlines in the accomplished all along, we cooperated with them and we additionally serviced them by agency of an all-embracing package. So the distribution, burden approval and settlements and so on are all included in the package. And NDC represents a artefact technology change. So at the present moment, this will not affect our assets from the airlines.

Operator

[Foreign Language]

Unidentified Analyst

So aboriginal of all, I accept to acknowledge you for actuality able to acknowledgment our questions during this difficult period, and we are additionally added than blessed to assignment with you to ride out all the difficulties together. So my aboriginal catechism is about the airlines abstracts and statistics. Based on their information, in China, there is already a accretion of the aerodynamics volume. So if you attending at your catch and bookings, has there been an improvement? And what will be the approaching trends attending like?

Unidentified Aggregation Representative

If you attending at the catching in Mainland China, it is accurate that accretion is faster than in added genitalia of the world. As commendations whether we are optimistic about the future, it all depends on the development of the epidemic. Comparing with the SARS alpha in 2003 now the catching is abundant added austere and the appulse bulk is much, abundant bigger. As I said at the beginning, it is estimated that all-around aerodynamics accumulation will appear bottomward by 44%. So you can see from this that the catching is absolutely accomplishing a absolute abundant draft to the industry.

Regarding the mid- to long-term, in acceding of cardinal of passengers, well, in fact, we do accept the aplomb that it will grow, abnormally back it comes to people’s admiration to biking with the adamantine assignment and accomplishment of the accomplished apple calm and additionally with added advance in bloom affliction capabilities, in vaccine development and additionally in development of the anti-epidemic drugs. I accept that afterwards the epidemic, people’s admiration to biking will recover. And this is activity to be optimistic, and we will see fast and able advance afterwards the epidemic.

Unidentified Analyst

So appropriate now, accustomed the catch aggregate has appear down, so has there been a acceleration in ASP? If so, what is the allotment increase?

Unidentified Aggregation Representative

The appraisement is article that is rather adamant and fixed, and it is the aforementioned for all airlines. You mentioned that the cardinal of anxiety has appear down, but afresh our all-embracing appraisement has been absolute stable.

Unidentified Aggregation Representative

Right now, we alone accept catch aggregate of two months. So the sample is not big enough. There are not abundant samples. We accept to attending at the accomplished year. In 2003, during the SARS outbreak, the bearings recovered in July. So, actually, in 2003 in August to December, in some months, there is a year-on-year access by up to 30%. So, we accept to attending at accomplished year. If we alone attending at two or three months’ samples, that is not enough.

Unidentified Analyst

Do you accept any measures to access your revenue? For example, is there any way to access monetization?

Unidentified Aggregation Representative

We are absolutely cerebration of altered methods to aggrandize revenue. However, because our business is carefully accompanying with aviation, so we will abide to accomplish an effort. However, in the abbreviate run, we don’t anticipate that there would be a lot of acceptable furnishings or outcomes in acceding of acquirement expansion. So, we will accede added about cost. So, as I said aloof now, the cardinal of cartage advance bulk is rather slow. And as a result, agency amounts can appear down. Authoritative expenses, biking costs and additionally conference, affair costs and so on will see some allowance for decline. And there are some new technologies that we can apply. So, in these ways, we will be able to save some cost. At the aforementioned time, we appetite to additionally try to burrow some money out of our centralized operations. For example, we accept bulb rooms, and we are cerebration whether we absolutely will use the accomplished bulb allowance ourselves. So, we are cerebration of aperture up some areas for alfresco users, and we are aggravating to analyze some new users in the market. So, by accomplishing all these, we achievement that we will be able to save costs, and we can ride out the accepted catching in a bland way.

Unidentified Analyst

Well, we can see that there is a big access of the software and accouterments bulk because of the operation of the all-embracing assets. So usually, according to the contract, aboriginal of all, the bulk will be entered and afresh followed by revenue. So in the future, is it accurate that there will be some acquirement contribution, but afresh the acquirement addition may not be entered into your adjustment affiliation revenue, but alone the costs are included. Is that the case?

Unidentified Aggregation Representative

First of all, this is a new business archetypal for us, and the acquirement will be accomplished in the AIT revenue. As commendations cost, well, in the acceding with the Basic All-embracing Airport, well, the bulk will be in the architecture of agency and advance expenses. But appropriate now, the processing aggregate is still absolute small, and there are some merchants that are yet to be confirmed. So in the future, afterwards bottomward the road, you’ll be able to see the ability of our bulk and revenue.

Unidentified Analyst

Then what is the acumen abaft the 60% access in the software and accouterments cost?

Unidentified Aggregation Representative

Last year, there were absolutely a cardinal of projects in affiliation to the airports as able-bodied as added industries. So they absorb the adjustment affiliation account affairs actuality delivered. And altered — in altered contracts, the adjustment of software and accouterments is not the same. And for one reason, the abject amount was rather low. And so the adjustment affiliation acquirement has gone up and bulk additionally has increased. But afresh it all depends on alone projects, the proportion, the adjustment of software and accouterments included and additionally the accumulation allowance of altered projects.

Operator

[Foreign Language]

Unidentified Analyst

My catechism is about Umetrip. I appetite to apperceive the account users and additionally the acquirement for this and additionally the advance of about-face or restructuring? And afresh what about the about-face of Hainan Airlines? What is the appulse on your company?

Unidentified Aggregation Representative

Regarding Umetrip, the cardinal of users, we accept not absolutely fabricated any accessible or alien announcement, but the cardinal is aloft 40 million, and the accumulated cardinal of users is rising. And in affiliation to the restructuring or about-face of shareholding structure, the Board has been proceeding with it. And there has been a cardinal of discussions on this matter, and the abeyant investors are now in deliberation.

Unidentified Aggregation Representative

Concerning the about-face of Hainan Airlines, this is in progress. And so far, there has not been any audible advice or account that we can tell. However, so far, if the operation is stable, afresh we will account from banknote breeze receivables and additionally approaching abeyant revenue. So, it will be a absolute appulse on us.

Unidentified Analyst

I appetite to apperceive whether you accept advised the achievability of architecture an aerodynamics billow because you accept so abounding abstracts centers and you accept able abstracts processing capabilities. So, accept you fabricated any addition in this area?

Unidentified Aggregation Representative

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So, actually, apropos cloud, we accept been authoritative an accomplishment for a continued aeon of time already, basically in two areas basement and applications. Apropos the basement platform, we started at a absolute aboriginal stage, but for applications, we started absolutely late. For the applications, they are mainly for our cocky use. They are to enhance our adaptability in operation and to lower cost. And afresh for the infrastructure, we are developing the billow in the administration of clandestine billow and amalgam cloud. However, we won’t be developing accessible cloud. So far, our development clip has not been fast. We accept to accede our own different characteristics, and we are mainly because the B blazon of customers. So, for example, all the SOEs, the governments and additionally — this chump is additionally an archetype that we will be alive on. All-embracing speaking, the billow will not be accounting for a big percent of our revenue.

Unidentified Aggregation Representative

We will extend this affair to 6:10 p.m. because we won’t be able to accommodated investors face-to-face. So back you ask questions, amuse try your best to be concise. Acknowledge you.

Operator

[Foreign Language]

Unidentified Analyst

So my catechism is apropos the new basic airport. So it is a new business, and it will be accounted for beneath AIT. So who will you be charging the fees, to the airport or to the airlines? And added catechism is about your AIT. So you said that in case of a no-show or a abandoning or a change of flight, you are now alms some concessions to the airlines. So apropos such fees, how abundant of the allotment of the absolute AIT is it? And the third one is about TFS. Is it Mainframe or Linux?

Unidentified Aggregation Representative

So for the airport, well, we will action a abandonment adjustment account so we can allegation a fee. And at the aforementioned time, we accept to pay a appropriate rights of acknowledgment fee. So that is in the anatomy of agency and advance costs for us. This is the way how it is actuality reflected beneath AIT segment.

I anticipate in affiliation to the fees for a no-show or a flight abandoning and changes, it is article dynamic. During the catching period, there is a fast access in such cases. And back there is no epidemic, there isn’t abundant of this affectionate of fee. So there is not abundant acquirement advancing out of it. And so there won’t be abundant appulse on us on the aboriginal assets or revenue.

Unidentified Aggregation Representative

So your catechism about the TFS system, well, it is based on both Mainframe and an accessible platform. For the Mainframe, it is safe and it is closed. But afresh the ability is a bit inferior. With an accessible platform, it is added flexible, intra-operability will be better, but afresh we accept to advance added in acceding of safety. So we will bisect the operation into abounding modules,comprising both accessible platforms as able-bodied as Mainframe. So they will coexist. And this is additionally in band with the all-embracing arrangement. Added suppliers are application the aforementioned model.

Unidentified Aggregation Representative

I appetite to supplement, apropos the new basic airport, well, because it is actuality developed with our own funds and additionally the accessories is actuality invested by us, so as a result, there will be abrasion costs arising from it, and it will be one of the bulk items from this project.

Unidentified Analyst

I appetite to know, is there any time absolute for the appropriate acknowledgment rights that you mentioned aloof now in apropos TFS? I apperceive that in one of the cases, they accept already migrated to Linux. Or is it accurate that there are still some operations based on Mainframe?

Unidentified Aggregation Representative

The appellation is — or the tenor is 10 years, and we additionally accept based on this to do our calculations.

Unidentified Analyst

My catechism is about the ASP for AIT business. For this year, the aggregate accept beneath so much. Will there be an access in ASP as a result?

Unidentified Aggregation Representative

Mathematically speaking, I accede with you, that is, for AIT, back aggregate comes down, afresh if you anticipate of a staircase, a footfall model, afresh back aggregate comes down, ASP will rise. However, this additionally involves a activating appliance because a lot of the acceding in the acceding had not been accomplished yet. For example, in acceding of the flight cancellation, no-show or flight change costs and fees, they did not — they were not answerable because of the concessionary policies. So, we cannot appraise the bearings by alone attractive at ASP. There are additionally added costs complex in affiliation to the airlines, so we charge booty an all-embracing appliance of the accomplished picture.

Besides, there are 2 added factors that will affect ASP. Aboriginal of all, the adopted barter ante amid U.S. dollar and RMB. If there is a lot of volatility, afresh there would be a big appulse on the ASP. And the abutting agency is that if there is a aciculate access in the all-embracing flights and additionally in the cardinal of adopted airlines flights, afresh again, there would be appulse on ASP.

Unidentified Analyst

Is the appraisement belief or appraisement standards are the aforementioned for all-embracing flights of calm airlines and additionally for the calm flights?

Unidentified Aggregation Representative

This catechism was asked every time. So if you compare, actually, the all-embracing flights of calm airlines is usually college than the calm flights, but the ASP is alike college for all-embracing airlines because it is based on a market-oriented pricing.

Unidentified Analyst

This catechism is about your added income. In the accomplished bristles years, if we do not accommodate abstracts adjustment business, the CAGR is absolutely fast for your added assets growth. It is double-digit advance rate. And aftermost year, it slowed bottomward absolutely a lot. So what is the acumen behind? In the future, what will be the advance bulk or your target?

Unidentified Aggregation Representative

So you accept been absolutely detail-minded in allegory our added business’ advance rate. In the accomplished few years, it has added absolutely a lot because of some new business introduced. For example, the leasing of our plants allowance and additionally third-party acquittal services. So these acclimated to accept 0 base. So as a result, there is a big advance from 0 base. And if you attending at both the CAGR and additionally the anniversary advance rate, they are absolute fast.

In 2019, we did not adore a double-digit advance bulk for our added income. This is because in the accomplished two years, these business segments had already entered a abiding period. In the future, there will be some added new businesses advancing in, and they will become new advance drivers to drive up the acquirement of added businesses.

Unidentified Analyst

Can you abridge the affidavit why in 2019 acquirement advance has slowed bottomward in acceding of the settlements business?

Unidentified Aggregation Representative

So I anticipate this is accompanying to our adjustment and approval business. In 2019, because of the all-embracing processing aggregate of our burden has decreased, and so its advance bulk has appear down. And if you attending at BSP, actually, the advance bulk is beneath than that of added business segments.

Operator

[Foreign Language]

Unidentified Aggregation Representative

Thank you. Acknowledge you. Goodbye.

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