Financial Performance - Total revenue for the six months ended June 30, 2023, was HKD 2,326.3 million, an increase of 23.0% compared to HKD 1,890.8 million in the same period of 2022[2] - Profit attributable to shareholders reached HKD 201.2 million, recovering from a loss of HKD 130.2 million in the first half of 2022[3] - EBITDA for the period was HKD 2,284.6 million, representing a significant increase of 65.6% from HKD 1,379.5 million in the previous year[2] - The profit for the six months ended June 30, 2023, was HKD 306.9 million, a significant recovery from a loss of HKD 70.4 million in the same period last year[11] - The total comprehensive income for the six months ended June 30, 2023, was HKD 172,221, compared to HKD 231,663 in the same period of 2022, showing a decrease of approximately 25.6%[50] - Basic earnings per share improved to HKD 0.270 in 2023 from a loss of HKD 0.175 in 2022, indicating a turnaround in profitability[84] Fleet and Operations - The company delivered 13 new aircraft to airline customers during the review period, increasing the fleet size to 189 aircraft as of June 30, 2023[4] - The fleet size increased from 150 aircraft at the end of 2022 to 162 aircraft as of June 30, 2023[11] - The average age of the owned fleet was 8.3 years, with an average remaining lease term of 5.8 years, and a 100% utilization rate for the owned fleet[5] - The fleet size under operating leases increased from 97 aircraft as of December 31, 2022, to 108 aircraft as of June 30, 2023[29] - The number of aircraft classified as held for sale increased from 4 to 5 between December 31, 2022, and June 30, 2023[30] Financial Position - The total assets increased to HKD 63,185.6 million as of June 30, 2023, up HKD 7,853.5 million or 14.2% from HKD 55,332.1 million at the end of 2022[11] - The total liabilities rose to HKD 56,921.6 million as of June 30, 2023, an increase of HKD 7,845.7 million or 16.0% from HKD 49,075.9 million at the end of 2022[11] - The group’s cash and bank balances increased by 32.9% to HKD 6,202.7 million from HKD 4,667.5 million as of December 31, 2022[28] - The total interest-bearing debt increased by 16.3% to HKD 52,453.1 million from HKD 45,104.1 million as of December 31, 2022[37] - The total capital commitments amounted to HKD 78,826.1 million, primarily related to aircraft purchases, with HKD 15,884.1 million expected to be incurred within one year[55] Financing and Investments - The company secured over HKD 14.5 billion in new and renewed financing, providing strong support for business development[7] - The company has secured new aircraft project loan financing totaling HKD 7,578.1 million from various banks and financial institutions[58] - The group has received approval from the China Securities Regulatory Commission to issue unsecured bonds up to RMB 2 billion within two years, with a recent issuance of RMB 1.5 billion completed in June 2023[58] - The planned pre-delivery payments (PDP) for the next twelve months amount to HKD 7,591.2 million[56] - The company is actively seeking additional financing sources, including bond issuance and medium-term notes[58] Income and Expenses - Total other income for the six months ended June 30, 2023, was HKD 225.1 million, an increase of 32.0% from HKD 170.5 million in the same period of 2022[15] - Interest expenses rose to HKD 1,075.9 million, a 42.0% increase from HKD 757.9 million in the previous year, primarily due to a rise in the 3-month USD LIBOR from 2.29% to 5.55%[17] - Depreciation expenses increased to HKD 748.0 million, up 26.6% from HKD 590.7 million, attributed to an increase in the number of aircraft from 97 to 108[19] - The net income from the sale of aircraft and aircraft parts was HKD 44.7 million for the six months ended June 30, 2023, down from HKD 66.5 million in the same period last year[14] - The company incurred interest expenses of HKD 1,075,871 in the first half of 2023, up from HKD 757,857 in the same period of 2022, marking an increase of about 42%[51] Corporate Governance - The company has adhered to all provisions of the Corporate Governance Code as of June 30, 2023, emphasizing its commitment to high standards of corporate governance[92] - The company has adopted the "Standard Code" for securities trading by directors, confirming compliance as of June 30, 2023[93] - The Audit Committee, consisting of independent non-executive directors, reviewed the group's accounting principles and practices for the six months ending June 30, 2023[94] - The unaudited consolidated financial statements for the six months ending June 30, 2023, were reviewed by the external auditor, PwC, in accordance with the relevant standards[94] Market Outlook - The global aviation industry is expected to achieve a net profit of USD 9.8 billion in 2023, more than double previous forecasts[9] - The company plans to leverage its full industry chain operations to capitalize on the rapid recovery of the aviation market and the trend towards low-carbon aviation[10] - The company is confident in completing the planned aircraft sales within the expected timeline and recovering the proceeds[59]

Financial Performance - Total revenue for the year ended December 31, 2022, reached HKD 4,171 million, an increase of 27.2% compared to HKD 3,278 million in 2021[19]. - The company's attributable profit for the year was HKD 73.6 million, down from HKD 525.8 million in 2021, primarily due to asset impairments related to the conflict in Ukraine[19]. - Adjusted attributable profit, excluding the impairment impact, was HKD 512.6 million, slightly lower than HKD 525.8 million in 2021[19]. - The average return on equity decreased to 1.6% in 2022 from 12.4% in 2021[16]. - The adjusted EBITDA for 2022 was HKD 3,929.6 million, compared to HKD 2,864.1 million in 2021, reflecting a significant increase[38]. - Leasing income from finance and operating leases amounted to HKD 3,542.2 million, up HKD 1,041.8 million or 41.7% from HKD 2,500.4 million in 2021[42]. - The average rental yield for finance leases increased to 13.8% in 2022 from 12.9% in 2021, while the average yield for operating leases rose to 11.7% from 11.5%[42]. - The group’s income tax expense for the year ended December 31, 2022, was HKD 307.8 million, compared to HKD 204.9 million in 2021, reflecting a higher effective tax rate due to non-deductible items[54]. Assets and Liabilities - The total assets increased to HKD 55.3 billion in 2022, up from HKD 50.0 billion in 2021[16]. - The total liabilities increased to HKD 49,075.9 million, up HKD 5,064.0 million or 11.5% from HKD 44,011.9 million in 2021, primarily due to increased interest-bearing debt for newly delivered aircraft[39]. - The total amount of bonds and financing notes decreased from HKD 7,022.7 million as of December 31, 2021, to HKD 5,406.5 million as of December 31, 2022, primarily due to the repayment of bonds and financing notes totaling HKD 3,977.3 million and the issuance of new bonds totaling HKD 2,485.6 million[66]. - The total borrowings increased by 17.0% to HKD 38,001.1 million as of December 31, 2022, from HKD 32,477.9 million as of December 31, 2021[64]. - The debt-to-equity ratio was 81.5% in 2022, compared to 80.9% in 2021, reflecting a slight increase[70]. Fleet and Operations - The total value of the fleet as of December 31, 2022, was HKD 119.2 billion, comprising 150 owned aircraft and 26 managed aircraft[7]. - The total fleet size of the company expanded to 176 aircraft, an increase of 24 aircraft year-on-year[22]. - The company delivered a total of 28 aircraft in 2022, including 18 new aircraft and 10 through sale-leaseback arrangements, increasing its fleet size to 176 aircraft by December 31, 2022[31]. - The company's fleet utilization rate reached 100% as of December 31, 2022, with 90% of its owned fleet consisting of highly liquid narrow-body aircraft[31]. - The company had 226 aircraft orders and served 38 airline customers across 17 countries and regions[7]. Dividends and Shareholder Information - The board proposed a final dividend of HKD 0.15 per share, totaling HKD 0.30 per share for the year, down from HKD 0.41 in 2021[19]. - The proposed final dividend for the year ended December 31, 2022, is HKD 0.15 per share, compared to HKD 0.26 per share in 2021[77]. - The company declared an interim dividend of HKD 0.15 per share for the six months ended June 30, 2022, totaling approximately HKD 111.7 million[77]. - As of December 31, 2022, the total issued shares is 744,355,352 shares[104]. - The company’s major shareholders include China Everbright Holdings Limited, which holds 38.08% of the issued shares, and Everbright Aviation Investment Limited, which holds 32.79%[104]. Corporate Governance - The company has established a strategy committee to execute its corporate strategy, while daily operations are managed by the management team[142]. - The board consists of 3 executive directors, 1 non-executive director, and 5 independent non-executive directors, ensuring at least one independent director has appropriate professional qualifications and financial expertise[139]. - The company has adopted a board diversity policy, considering factors such as gender, age, cultural background, and professional experience in the nomination process[151]. - The company has established three board committees: the audit committee, the remuneration committee, and the nomination committee, all chaired by independent non-executive directors[157]. - The company has complied with the disclosure requirements under the Hong Kong Listing Rules for related party transactions for the year ended December 31, 2022[128]. Risk Management - The company has established a "three lines of defense" framework for risk management, involving business units, support departments, and internal audit functions[176]. - The company has not identified any significant control deficiencies or weaknesses during the year[180]. - The company closely monitors foreign exchange risks and uses currency swaps and forwards to hedge against currency exchange risks[185]. - The company effectively hedges floating-rate borrowings through interest rate swap arrangements[185]. - The company has implemented measures to maximize cash flow in the short term and protect its assets in response to COVID-19 impacts[183]. Sustainability and Development - The company continues to focus on green aviation and sustainable development as part of its long-term strategy[6]. - The company is committed to investing in new generation energy-efficient aircraft in line with the long-term trend of green low-carbon development in the aviation industry[27]. - The company published its 9th ESG report in 2022, reflecting its commitment to environmental, social, and governance practices[135]. - The climate risk policy was approved in 2021 and became effective on January 1, 2022, allowing the group to implement comprehensive measures against climate-related risks[166]. Market Outlook - The global airline revenue passenger kilometers (RPK) increased by 64.4% in 2022 compared to 2021, recovering to 68.5% of pre-COVID levels[25]. - The International Air Transport Association (IATA) forecasts that global travel volume will reach 85.5% of pre-pandemic levels in 2023[27]. - The global aviation market is expected to recover rapidly, with IATA projecting a net profit of USD 4.7 billion for airlines in 2023[36].

Financial Performance - For the six months ended June 30, 2022, the total revenue of the company was HKD 1.891 billion, representing a 19.3% increase compared to HKD 1.585 billion in the same period of 2021[9]. - The company reported a loss attributable to shareholders of HKD 130.2 million for the first half of 2022, compared to a profit of HKD 302.6 million in the same period of 2021[8]. - Adjusted profit attributable to shareholders reached HKD 308.8 million, an increase from HKD 302.6 million year-on-year[8]. - The adjusted EBITDA for the first half of 2022 was HKD 1.818 billion, compared to HKD 1.407 billion in the same period of 2021[8]. - The total revenue for the six months ended June 30, 2022, was HKD 1,890.8 million, an increase of HKD 305.6 million or 19.3% compared to the same period last year[15]. - The total leasing income from finance and operating leases was HKD 1,653.8 million, up HKD 497.8 million or 43.1% from HKD 1,156.0 million for the six months ended June 30, 2021, due to an increase in fleet size from 104 to 138 aircraft[17]. - The company reported a net foreign exchange gain of HKD 109.7 million for the six months ended June 30, 2022, compared to a loss of HKD 25.3 million in the previous year[26]. - The company reported a net loss for the period of HKD 70,439 thousand, a decline from a profit of HKD 353,450 thousand in the same period of 2021, reflecting a negative change of approximately 119.9%[80]. - Total comprehensive income for the period was HKD 231,663,000, down from HKD 480,156,000 in the previous year, indicating a decrease of approximately 51.7%[81]. Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.15 per ordinary share, totaling HKD 112 million, consistent with the interim dividend declared in the first half of 2021[9]. - The interim dividend declared for the six months ended June 30, 2022, is HKD 0.15 per share, consistent with the interim dividend for the same period in 2021[70]. - The company declared a dividend of HKD 105,686,000 for the period ending June 30, 2022, an increase from HKD 89,007,000 for the same period in 2021, which is a rise of 18.7%[153]. Asset and Fleet Management - The fleet size of China Aircraft Leasing Group increased by 11 aircraft to 163 by June 30, 2022, comprising 138 owned and 25 managed aircraft[10]. - The delivery of 13 aircraft during the review period included 3 from new orders and 10 through sale-and-leaseback arrangements, maintaining a 100% fleet utilization rate[10]. - The average age of the owned fleet was 8.7 years with an average remaining lease term of 6.1 years as of June 30, 2022[10]. - The company has a total of 241 aircraft on order, including 145 Airbus, 66 Boeing, and 30 COMAC aircraft, to meet post-pandemic recovery demands[10]. - As of June 30, 2022, 76.8% of the owned fleet was leased to airlines in China, with plans to accelerate global market expansion, particularly in fast-growing regions[11]. - The company classified 7 aircraft as held for sale as of June 30, 2022, compared to 2 aircraft on December 31, 2021, marking a 259.4% increase[31]. - The company’s total aircraft fleet includes 80 Airbus A320 CEO series and 21 Airbus A320 NEO series as of June 30, 2022[34]. Financial Position and Liabilities - Total assets as of June 30, 2022, were HKD 53,973.5 million, an increase of HKD 3,944.4 million or 7.9% from HKD 50,029.1 million as of December 31, 2021[15]. - Total liabilities as of June 30, 2022, were HKD 47,932.1 million, an increase of HKD 3,920.2 million or 8.9% from HKD 44,011.9 million as of December 31, 2021[15]. - The company’s total interest-bearing debt increased by 9.2% from HKD 40,480.4 million as of December 31, 2021, to HKD 44,194.5 million as of June 30, 2022[36]. - The debt-to-equity ratio increased to 81.9%, up from 80.9%, reflecting a 1.0 percentage point rise[45]. - The total amount of bonds and financing notes decreased from HKD 7,022.7 million as of December 31, 2021, to HKD 4,335.7 million as of June 30, 2022, primarily due to the repayment of bonds totaling HKD 3,977.3 million[40]. - The total amount of medium-term notes increased from HKD 979.8 million as of December 31, 2021, to HKD 2,692.6 million as of June 30, 2022, mainly due to the issuance of new notes[43]. Operational Challenges and Market Conditions - The company fully impaired assets stranded in Russia due to the ongoing conflict, resulting in a significant impact on financial performance[9]. - The global aviation market showed signs of recovery, with a 76.2% increase in passenger demand in June 2022 compared to June 2021, reaching 70.8% of June 2019 levels[9]. - The company continues to monitor the geopolitical situation and its impact on operations, particularly regarding assets in Russia[9]. - The company is actively seeking to recover aircraft from Russian lessees, with ongoing communication and insurance claims submitted[180]. - The group experienced delays in lease payments from several airline customers due to the impact of COVID-19, affecting operational and financial conditions[87]. Governance and Compliance - The company has adopted the Corporate Governance Code and complied with all applicable provisions during the reporting period[57]. - The Audit Committee reviewed the financial reporting procedures and internal controls for the six months ending June 30, 2022[59]. - The company’s remuneration committee monitored the compensation policies for directors and senior management during the reporting period[60]. - The board of directors emphasizes the importance of good corporate governance for the company's success and sustainable development[57]. Employee Compensation and Costs - Employee compensation for the six months ended June 30, 2022, totaled HKD 70.2 million, an increase from HKD 55.7 million in the same period last year[46]. - Employee benefits expenses increased to HKD 70,178 thousand from HKD 55,745 thousand, reflecting higher personnel costs[179]. Financing and Cash Flow - The company secured over HKD 14 billion in new and renewed financing during the review period, with cash and bank balances at HKD 4.88 billion[12]. - The company plans to consider equity and debt financing opportunities to support its rapid expansion[44]. - The group had cash and bank balances of HKD 4,879,700,000 and unutilized borrowing facilities of HKD 6,168,400,000 as of June 30, 2022, ensuring liquidity for upcoming obligations[87]. - Cash flow from financing activities for the six months ended June 30, 2022, was HKD 2,929,397,000, compared to a cash outflow of HKD 2,428,557,000 in the same period of 2021, indicating a significant improvement[84]. Risk Management - The group has implemented industry risk management systems focusing on counterparty credit ratings and understanding lessees' business and financial conditions[106]. - The group actively manages and controls credit risk concentration, particularly by regularly assessing lessees' repayment capabilities[108]. - The group faced cash flow interest rate risk due to floating rate financing leases and bank borrowings, with a focus on managing this risk through matching lease rates with borrowing rates[98].

Financial Performance - Total revenue for 2021 was HKD 3,278 million, a decrease from HKD 3,486 million in 2020[11]. - The net profit attributable to shareholders for 2021 was HKD 526 million, compared to HKD 334 million in 2020, representing a 57.5% increase[11]. - The operating profit for 2021 was HKD 819.9 million, down HKD 128.8 million or 13.6% from HKD 948.7 million in 2020[27]. - The total comprehensive income for the year was HKD 893,360 thousand, significantly higher than HKD 26,395 thousand in 2020[177]. - Basic earnings per share for the year was HKD 0.722, up from HKD 0.482 in 2020, representing a growth of 50%[175]. - The company reported a net income from aircraft trading and parts trading of HKD 301,741 thousand, down from HKD 514,275 thousand in the previous year[175]. - The company’s cash flow hedge recorded a gain of HKD 195,810 thousand, compared to a loss of HKD 203,011 thousand in 2020[177]. - The company reported a pre-tax profit of HKD 832,206,000, significantly higher than HKD 433,001,000 in 2020, reflecting a growth of 92.5%[181]. Asset and Liability Management - The total asset value reached HKD 50,029 million as of December 31, 2021, up from HKD 46,393 million in 2020[12]. - Total liabilities rose to HKD 44,011.9 million, an increase of HKD 3,035.1 million or 7.4% from HKD 40,976.8 million in 2020, primarily due to an increase in interest-bearing debt[27]. - The debt-to-asset ratio for 2021 was 80.9%, slightly up from 80.1% in 2020[12]. - Total borrowings increased to HKD 32,477.9 million in 2021, up 21.4% from HKD 26,763.0 million in 2020[44]. - The total amount of bonds and financing notes decreased to HKD 7,022.7 million in 2021, down 22.4% from HKD 9,054.8 million in 2020[45]. - The total amount of medium-term notes was HKD 979.8 million in 2021, a decrease of 26.8% from HKD 1,338.3 million in 2020[47]. - The total liabilities increased to HKD 44,011.9 million, a rise of 7.4% from HKD 40,976.8 million in 2020[49]. Fleet and Aircraft Management - The total number of aircraft managed was 152, consisting of 127 owned and 25 managed aircraft[4]. - The company has a total of 244 aircraft on order, indicating strong future growth potential[4]. - The fleet size surpassed 150 aircraft for the first time, with a steady increase in aircraft deliveries[16]. - The company delivered 34 aircraft during the year, with 22 aircraft delivered in the fourth quarter of 2021[32]. - The fleet size of the company expanded to 152 aircraft by December 31, 2021, including 127 owned and 25 managed aircraft[23]. - The company achieved a fleet utilization rate of 100% during the year, with a 93% aircraft operating rate, ranking first among large leasing companies globally[23]. Investment and Growth Strategy - The company is actively investing in new generation fuel-efficient aircraft to meet the increasing demand for fleet upgrades due to the pandemic[18]. - The company plans to strengthen its competitive advantage during the 14th Five-Year Plan period, focusing on expanding domestic markets and recovering international markets[19]. - The company aims to enhance collaboration with China Everbright Group and develop more aviation-related fund platforms[19]. - The company is focused on strategic planning and execution of development strategies, including business development, aircraft leasing, financing, and procurement[150]. Corporate Governance and Compliance - The company has adhered to all provisions of the Corporate Governance Code as of December 31, 2021[101]. - The board consists of 3 executive directors, 1 non-executive director, and 3 independent non-executive directors, meeting the requirement of at least one independent director with appropriate professional qualifications[102]. - The audit committee reviewed the financial statements for the year ended December 31, 2021, and the consolidated financial statements were audited by PwC[99]. - The company has established formal and transparent procedures for the appointment, re-election, and removal of directors[106]. - The company has implemented a whistleblowing policy to encourage employees and stakeholders to report any suspected misconduct or violations[115]. Risk Management - The company has established a risk management team to oversee operational and business risks in the aircraft leasing sector[136]. - The board confirmed the effectiveness and adequacy of the risk management and internal control systems during the annual review[139]. - The risk management framework includes a "three lines of defense" model to identify, assess, and report risks effectively[140]. - The company emphasizes the importance of a robust risk management culture throughout the organization[136]. Shareholder Information - The company proposed a final dividend of HKD 0.26 per share, bringing the total dividend for 2021 to HKD 0.41 per share, slightly up from HKD 0.40 in 2020[15]. - Major shareholders include China Everbright Group holding approximately 37.91% of the issued shares, equivalent to 283,417,693 shares[71]. - The total number of shares issued as of December 31, 2021, is 747,619,737[72]. - The company maintains a dividend policy aligned with its financial strategy, ensuring sufficient cash reserves to meet operational needs[57]. Market and Industry Trends - In 2021, the global air passenger demand increased by over 20% compared to 2020, with domestic routes recovering to over 70% of 2019 levels[22]. - The domestic air travel market in China has recovered to over 75.6% of 2019 passenger levels, supported by significant government financial assistance[145]. - The company is actively expanding its market presence and exploring new business opportunities in response to industry trends[156].

中國飛機租賃集團控股有限公司 (根據開曼群島法例註冊成立的有限公司) 股份代號: 01848 | --- | --- | --- | --- | --- | --- | |----------|----------|-------|-----------------------------|------------------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | . . . . . . . . . . . . . . | | | | 日臻於強 | 同心致遠 | | | 中 期 報 告 2019 | | FSC 混合產品 目錄 2 公司資料 3 管理層討論及分析 14 其他資料 24 中期財務資料的審閱報告 25 中期合併資產負債表 26 中期合併收益表 27 中期合併全面收益表 28 中期合併權益變動表 29 中期合併現金流量表 31 中期簡明合併財務資料附註 中國飛機租賃集團控股有限公司 2019中期報告2 公司資料 | --- | --- | |-------------------------- ...