Financial Performance - Operating revenue and other income increased by 7% to $2.5 billion[6] - Record net profit after tax reached $764 million, compared to $20 million in 2022[8] - Core net profit after tax was $547 million, excluding the after-tax amount of $217 million from the recovery of Russian aircraft[6] - The company achieved a record net profit of $764 million in 2023, significantly up from $20 million in the previous year, surpassing the 2019 record of $702 million[23] - The net profit after tax for 2023 was $764 million, with a return on equity of 14.0%[44] - Pre-tax profit rose significantly to $861 million in 2023 from $29 million in 2022[86] - Net profit after tax increased to $764 million in 2023, up from $20 million in 2022[88] - The overall cost and expenses decreased by 29.7% to $1.6 billion in 2023, compared to $2.28 billion in 2022, primarily due to lower aircraft impairment and other operational efficiencies[70] Assets and Liabilities - Total assets as of December 31, 2023, amounted to $24.2 billion, a 10% increase from 2022[8] - Total assets grew by 9.5% to $24.2 billion as of December 31, 2023, from $22.1 billion in 2022[90] - Total liabilities increased by 9.2% to $18.4 billion in 2023 from $16.9 billion in 2022[91] - The company raised $4.1 billion in new debt financing, including $2.5 billion in loans and $1.7 billion in bonds[6] - The company increased its debt by $1.4 billion in 2023, with total liabilities rising by $1.6 billion[52] - Loans and borrowings rose by 9.2% from $15.1 billion on December 31, 2022, to $16.5 billion on December 31, 2023, driven by the issuance of $1.7 billion in notes and increased borrowings[99] Fleet and Operations - The fleet utilization rate reached 99% as of December 31, 2023[14] - The company executed a record 348 transactions in 2023, including commitments to purchase 95 aircraft[15] - The order book includes 224 aircraft, with a diverse customer base covering 91 airlines across 45 countries and regions[15] - The company successfully purchased 65 aircraft in 2023, bringing the total fleet to 460 owned and managed aircraft[24] - The average age of the fleet was 4.6 years at the end of 2023, with 77% of the fleet consisting of the latest technology aircraft[25] - The average remaining lease term for the company's aircraft is 8.1 years, with 76% of leases expiring in 2030 or later[39] Revenue Sources - The total operating revenue reached $2.46 billion in 2023, with lease rental income accounting for 78% of this total[34] - Lease rental income increased by 7.1% to $1.91 billion in 2023 from $1.78 billion in 2022, driven by improved aircraft utilization and favorable leasing terms[70] - Financing lease interest income surged by 69.4% to $0.69 billion in 2023 from $0.41 billion in 2022, with a rental yield of 6.6% in 2023 compared to 6.2% in 2022[73] - Other income increased by 220.4% to $0.317 billion in 2023, up from $0.099 billion in 2022, mainly due to insurance claims related to aircraft detained in Russia[78] Dividends and Shareholder Returns - The board proposed a final dividend of $0.2721 per share, with total dividends for 2023 reaching $0.3852 per share, representing 35% of net profit after tax[6] Management and Governance - Significant management changes occurred, with new appointments for CEO and CFO effective January 1, 2024[20] - The company is committed to high standards of corporate governance, adhering to relevant laws and regulations in Hong Kong and Singapore[154] - The board of directors is responsible for strategic leadership and control, ensuring effective oversight of management and compliance with corporate governance practices[162] - The company emphasizes risk management and internal control as part of its corporate governance strategy[163] Corporate Strategy and Future Outlook - The company expects further growth in 2024, driven by the recovery of cross-border travel in the Asia-Pacific region[27] - The company plans to implement cost-cutting measures aimed at reducing operational expenses by 5% in the upcoming year[138] - The company is exploring partnerships with key industry players to drive further growth and innovation[138] Employee and Diversity Initiatives - Female employees represent 50% of the total workforce and 26% of the management team, maintaining a stable gender ratio[170] - The company aims to maintain a female employee ratio of at least 45% in the workforce[170] - The company has adopted a board diversity policy, reviewed in December 2022 and December 2023, to ensure a balanced skill set and diverse perspectives[168]

2024年03月27日 公 司点评 公 买入 / 维持 司 中银航空租赁(02588) 研 究 目标价: 昨收盘:60.15 中银航空租赁 2023 年报点评：机队保持领先，业绩稳健增长 事件：中银航空租赁公布2023年年度报告，报告期内公司实现经营 ◼ 走势比较 收入及其他收入总额24.6亿美元，同比+6.7%；实现税后净利润7.6亿美 元，其中核心税后净利润（剔除滞俄飞机收回款项）为5.5亿美元，同比 20% +3.8%。公司计划派发 0.3 美元/股的末期股利，2023 财年总股息达 0.4 太 10% 美元/股，现金分红比例维持35%。 平 供需缺口推高租赁收益率。需求端，年内全球航空业实现复苏，IATA 0% 洋 (10%)72/3/32 8/6/32 02/8/32 1/11/32 31/1/42 62/3/42 数 供据 给显 端示 ，波20 音23 及年 空客 客运 生量 产同 的比 客+3 机7 同%， 比1 仅2月 +6客 %,运 飞量 机达 交到 付2 量01 较9年 20水 18平 年的 的9 峰8% 值。 证 (20%) 低23%。供需缺口推高飞机估值和租赁费率，报告期内公司单架飞机 ...

Financial Performance - Total operating revenue and other income increased by 7% to $2.461 billion[4] - Record net profit after tax reached $764 million, up from $20 million in 2022, representing a growth of 3,708%[4] - Core net profit after tax was $547 million, excluding the after-tax impact of $217 million from the recovery of Russian aircraft[4] - Earnings per share (EPS) was $1.10, compared to $0.03 in 2022, reflecting a growth of over 100%[5] - The company achieved a record net profit of $764 million in 2023, significantly higher than the $20 million in 2022 and surpassing the previous record of $702 million set in 2019[18] - Pre-tax profit increased significantly from $29 million in 2022 to $861 million in 2023[76] - Net profit after tax rose from $20 million in 2022 to $764 million in 2023[78] - Lease rental income increased by 7.1% to $1.91 billion in 2023 from $1.78 billion in 2022, with a yield of 10.0% compared to 9.2% in the previous year[63] - Financing lease interest income rose by 69.4% to $68.9 million in 2023 from $40.7 million in 2022, with the yield for financing leases at 6.6% in 2023, up from 6.2% in 2022[64] - The net gain from aircraft sales was $77.8 million in 2023, a 21.9% increase from $63.9 million in 2022, attributed to the sale of 20 aircraft in 2023 compared to 17 in 2022[66] Assets and Liabilities - Total assets amounted to $24.2 billion, a 10% increase from $22.1 billion in 2022[5] - Total assets increased by $2.1 billion to $24.2 billion as of December 31, 2023, with aircraft accounting for the largest portion at a net book value of $19.1 billion[41] - Total equity rose by 11% to $5.7 billion as of December 31, 2023[42] - The company’s total liabilities increased by $1.6 billion, with total debt rising by $1.4 billion in 2023[45] - Loans and borrowings increased by 9.2% from $15.1 billion on December 31, 2022, to $16.5 billion on December 31, 2023, primarily due to the issuance of $1.7 billion in notes and an increase of $500 million in borrowings from revolving credit facilities[88] - Total debt increased from $15.2 billion on December 31, 2022, to $16.6 billion on December 31, 2023, with a total capital debt ratio remaining stable at 2.9 times[94] Liquidity and Cash Flow - Cash and cash equivalents stood at $392 million, with total liquidity reaching $5.6 billion[4] - The company maintained strong liquidity with $5.6 billion in total liquidity, including $3.92 million in cash and undrawn committed loan facilities of $5.2 billion[4] - Operating cash flow (net of interest paid) grew by 8% from $1.517 billion in 2022 to $1.643 billion in 2023[93] - The company has $4.1 billion in projected cash outflows for aircraft capital expenditures, with $2.5 billion expected in 2024[104] Fleet and Operations - The fleet comprised 684 aircraft, with a utilization rate of 99% for owned aircraft[8] - The company executed a record 348 transactions in 2023, including commitments to purchase 95 aircraft[8] - The company successfully purchased 65 aircraft in 2023, bringing the total fleet to 460 owned and managed aircraft[19] - The average age of the fleet is 4.6 years, with 77% of the fleet consisting of the latest technology aircraft, up from 71% in 2022[19] - The average remaining lease term for aircraft is 8.1 years, with a significant portion of leases expiring after 2029[33] Corporate Governance - The company is committed to high standards of corporate governance, ethics, transparency, and accountability to enhance shareholder value[137] - The board of directors is responsible for strategic leadership and control, including approving business plans and annual budgets[146] - The company has adopted and complied with the principles of the corporate governance code for the year ending December 31, 2023[137] - The board consists of six non-executive directors, four independent non-executive directors, and two executive directors[148] - The company emphasizes risk management and internal control as part of its corporate governance practices[146] Risk Management - The company has established a risk management and internal control system to achieve business objectives, with the audit committee overseeing its effectiveness[171] - The internal audit department conducts independent reviews of major risk areas and monitors compliance with accounting, financial, and operational procedures[175] - The company evaluates its risk management and internal control systems annually, covering all significant controls, including financial, operational, compliance, and risk management[174] - The board of directors and management are responsible for identifying and analyzing potential risks associated with achieving business goals[172] Environmental and Social Responsibility - The company is committed to reducing direct carbon emissions and achieving carbon neutrality through investments in fuel-efficient aircraft, which constitute 77% of its fleet[57] - The company has a dedicated committee for environmental, social, and governance (ESG) initiatives, overseeing commitments and reporting responsibilities[196] Employee and Management - Employee count as of December 31, 2023, was 198, up from 192 in 2022, reflecting a growth in business operations and management[107] - Personnel expenses for the year ended December 31, 2023, were $6.8 million, representing 2.8% of total operating revenue, compared to $4.9 million or 2.1% in 2022[108] Board Composition and Diversity - As of December 31, 2023, the number of female directors reached three, exceeding the board's gender diversity target[152] - The company maintains a balanced workforce with a gender ratio of 50% female employees, with women comprising 26% of the management team[152] - The board's diversity policy was reviewed in December 2023, emphasizing the importance of skills, experience, and diverse perspectives in board appointments[151]

2023年 中期報告 P BOC AVIATION BOC AVIATION LIMITED 中特航空組織有限公司 《冷新加坡共和壓計用成立的有限公司》 政份代表: 2588 •獲供購房 持續投資 穩步增長 01.110 and an ADING A 值公司即將迎來成立30週年之際，我們欣 然宣佈2023年上半年恢復增長，稅後淨利 潤為2.62億美元、每股收益為0.38美元。而 2022年上半年同期稅後淨虧損3.13億美 元、每股虧損0.45美元。2022年上半年的 核心稅後淨利潤為2.06億美元。 董事會批准派發中期股息每股0.1131美 元，相當於稅後淨利潤的30%，較2022年 上半年的中期股息每股0.0889美元增加 27%。中期股息佔稅後淨利潤的比例自 2017年以來始終一致，顯示出本公司現金 流量持續強勁及相關業務明顯增長。 全球客運總量的增長是公司業務的一大 推動力，截至2023年6月，其水平接近 2019年的水平，反映了全球大多數主要市 場的活躍程度。根據國際航空運輸協會 (IATA)的數據，2023年上半年不僅客運 量增長迅速，較2022年上半年增長47%， 而且2023年6月的客座率（衡量 ...

Financial Performance - Total operating revenue and other income increased by 6% to $2.307 billion[4] - Net profit after tax was $20 million, down from $561 million in 2021, impacted by a $507 million impairment related to Russian aircraft[4] - Core net profit after tax, excluding the impairment, was $527 million, a decrease of 6% from 2021[5] - Operating cash flow (excluding interest) increased by 14% to $1.5 billion[4] - Total assets as of December 31, 2022, were $22.071 billion, a decrease of 7.6% from the previous year[5] - The company achieved a pre-tax profit of $29 million and a net profit of $20 million, a decrease primarily due to the impact of the Russia-Ukraine conflict[16] - Core pre-tax profit, excluding the impact of aircraft impairment, was $598 million, with core net profit at $527 million, showing minimal change compared to 2021[19] - Total operating revenue and other income increased by 5.7% to $2.3 billion, while total costs and expenses rose by 47.5% to $2.3 billion, mainly due to asset write-downs[61] - Net profit for the year decreased by 96.4% to $20.1 million in 2022, compared to $561.3 million in 2021[81] Liquidity and Capital Structure - The company maintained strong liquidity with cash and cash equivalents of $392 million and undrawn committed loan facilities of $4.9 billion, totaling $5.3 billion in liquidity[4] - The company’s capital expenditure net amount was $1.2 billion, affected by delays in aircraft deliveries, with a financing requirement of $900 million, primarily sourced from bank channels[22] - The company raised over $38 billion in debt financing since its inception, with a strong investment-grade credit rating of A- from both Fitch and S&P[26][27] - Total liabilities decreased by 9.4% from $18.61 billion on December 31, 2021, to $16.87 billion on December 31, 2022, primarily due to repayments of loans[85] - Total equity as of December 31, 2022, was $5.20 billion, a decrease of 1.2% from $5.27 billion on December 31, 2021, mainly due to dividends paid[95] Aircraft Fleet and Transactions - The fleet consisted of 633 aircraft, with an average remaining lease term of 8.1 years and a utilization rate of 96%[11] - The company executed 298 transactions in 2022, including commitments to purchase 147 aircraft and delivery of 34 aircraft[11] - The year-end order book included 206 aircraft, with significant orders placed with Airbus and Boeing for a total of 120 aircraft[11] - The company delivered 34 aircraft to airline customers in 2022, bringing the total owned and managed fleet to 427 aircraft[21] - The average remaining lease term for the owned fleet is 8.1 years, with approximately 80% of leases set to expire in 2029 or later[32][33] Revenue Sources and Trends - The total operating income for 2022 was $2.307 billion, with lease rental income contributing 86%, interest and fees at 11%, and aircraft sales net income at 3%[29] - Lease rental income decreased by 4.3% to $1.78 billion in 2022 from $1.86 billion in 2021, mainly due to the termination of leases with Russian airlines[64] - Income from lease terminations surged by 201.8% to $222.9 million in 2022, primarily due to lease terminations with Russian airlines[68] - Other income rose by 323.1% to $99.0 million in 2022, driven by previously unutilized maintenance reserves and deposits[69] Corporate Governance and Management - The company adopted and complied with the corporate governance code principles and all applicable code provisions for the year ended December 31, 2022[144] - The company is committed to high standards of corporate ethics, integrity, transparency, and accountability to enhance shareholder value[144] - The board consists of five non-executive directors, four independent non-executive directors, and two executive directors, ensuring a diverse governance structure[156] - The company has achieved a gender diversity goal with three female directors, exceeding the target of at least two female directors[160] - The board has a clear division of responsibilities between the chairman and the CEO, enhancing governance effectiveness[155] Risk Management and Internal Controls - The audit committee oversees the establishment and maintenance of risk management and internal control systems, ensuring their effectiveness[176] - The company conducts annual assessments of its risk management and internal control systems, confirming their effectiveness and adequacy in 2022[179] - The internal audit department is responsible for reviewing compliance with policies and procedures across the organization[177] - The company has established procedures for identifying, controlling, and reporting major risks, including financial and operational risks[179] Future Outlook and Strategic Initiatives - The company provided guidance for the next fiscal year, projecting revenue growth of 10% to $1.32 billion[121] - New product launches are expected to contribute an additional $200 million in revenue, with a focus on innovative leasing solutions[121] - The company is expanding its market presence in Asia, targeting a 25% increase in market share over the next two years[121] - Research and development investments increased by 30%, focusing on advanced aircraft technology and sustainability initiatives[121]

Financial Performance - BOC Aviation recorded a core after-tax net profit of $206 million for the first half of 2022, excluding the impact of impairment on 17 aircraft in Russia, while including the impairment, the after-tax net loss was $313 million, or a loss of $0.45 per share [3]. - The company recorded a net loss of $313 million for the first half of 2022, compared to a net profit of $254 million in the same period of 2021, primarily due to an impairment of $804 million related to 17 aircraft in Russia [28]. - The net loss attributable to the company for the current period was $(312,548) thousand, compared to a profit of $253,926 thousand in the same period of 2021, indicating a significant decline [109]. - The company reported a basic and diluted loss per share of $(0.45), compared to earnings of $0.37 per share in the same period of the previous year [108]. - The company incurred a pre-tax loss of $346,865,000 for the first half of 2022, compared to a pre-tax profit of $287,623,000 in the same period of 2021 [114]. Revenue and Income - Total operating revenue and other income increased by 8% to $1.196 billion compared to the first half of 2021 [7]. - Total revenue for the first half of 2022 increased by 8% to $1.196 billion, including $223 million from the termination of leases with Russian airlines [29]. - The company reported a substantial increase in income from terminated leases, which rose to $222,876 thousand from $73,855 thousand, reflecting a growth of 201.5% [108]. - The company reported a decrease in lease rental income by 5% to $877 million and a 19% decline in core lease rental contributions to $280 million due to aircraft being off-lease and losses from Russian aircraft [29]. Assets and Liabilities - Total assets decreased by 4% to $22.8 billion as of June 30, 2022, primarily due to the impairment of aircraft in Russia [7]. - The total liabilities as of June 30, 2022, included $13,699,906 thousand in non-current liabilities, down from $14,865,627 thousand as of December 31, 2021, indicating a decrease of about 7.8% [156]. - The company's total liabilities decreased to $17,892,587 thousand from $18,613,450 thousand, indicating a reduction of 3.9% [111]. - The net book value of aircraft as of June 30, 2022, was $1.2308 billion, a decrease from $1.5667 billion on December 31, 2021 [137]. Cash Flow and Liquidity - Operating cash flow (excluding interest) rose by 29% to $717 million for the first half of 2022 [7]. - The liquidity position remained strong, with $6 billion in cash and available credit lines as of June 30, 2022 [4]. - The company maintained a strong liquidity position with $454 million in cash and short-term deposits as of June 30, 2022 [9]. - Cash generated from operating activities for the first half of 2022 was $946,169,000, an increase from $797,064,000 in the same period of 2021, representing a growth of about 18.7% [114]. Aircraft and Fleet - The fleet consisted of 608 aircraft, with an average remaining lease term of 8.4 years and an average age of 4.1 years for owned aircraft [10]. - The total number of aircraft owned increased from 380 at the end of 2021 to 390 by June 30, 2022, despite delays in deliveries impacting growth [29]. - The company signed its largest aircraft order in history, committing to purchase 80 Airbus A320NEO series aircraft, which will support future operating revenue [4]. - The company has ordered 181 aircraft for delivery through 2029, with 69% of its owned fleet consisting of the latest technology aircraft as of June 30, 2022, up from 66% at the end of 2021 [32]. Dividends - The company declared an interim dividend of $0.0889 per share, representing 30% of core after-tax net profit, consistent with previous years [3]. - The company declared an interim dividend of $0.0889 per share, representing 30% of adjusted net profit of $206 million, reflecting confidence in cash flow and core business performance [28]. - The proposed interim dividend for the period ending June 30, 2022, is $0.0889 per share, totaling $61,698 thousand, compared to $76,202 thousand for the same period in 2021, representing a decrease of approximately 18.9% [175]. Impairment and Expenses - Aircraft impairment rose by 916.2% from $84 million in the first half of 2021 to $851 million in the first half of 2022, mainly due to an impairment of $804 million on 17 aircraft [42]. - Financial asset impairment losses decreased by 90.6% from $63 million in the first half of 2021 to $6 million in the first half of 2022, as the aviation industry began to recover from the COVID-19 pandemic [45]. - Total costs and expenses decreased from $820 million in the first half of 2021 to $739 million in the first half of 2022, primarily due to reduced financial asset impairment losses and decreased aircraft impairment [40]. Corporate Governance and Compliance - The company has fully complied with the corporate governance code as of June 30, 2022 [94]. - The audit committee consists of three independent non-executive directors and two non-executive directors, ensuring oversight of financial reporting and internal controls [93]. - The financial statements were prepared in accordance with International Accounting Standard 34 and Singapore Financial Reporting Standards (International) 1-34 [106]. Shareholder Information - As of June 30, 2022, Central Huijin Investment Ltd. holds 70% of the company's issued share capital, with China Bank and BOC Investment also holding the same percentage [81]. - The company reported a total of 694,010 thousand shares issued and fully paid as of June 30, 2022, consistent with the same number as of December 31, 2021 [171]. - The company has granted 1,178,077 restricted stock units to directors and key executives as of June 30, 2022, compared to 746,615 units as of December 31, 2021 [188].

Financial Performance - Total operating revenue and other income increased by 6% to $2.183 billion in 2021[6] - Pre-tax profit reached $639 million, a 13% increase compared to 2020, while net profit after tax rose by 10% to $561 million[6] - Earnings per share (EPS) improved to $0.81, up 10.1% from $0.73 in 2020[8] - Total operating revenue and other income increased to $2.2 billion, up 6% year-on-year[18] - The company reported a net profit after tax of $561 million in 2021, with a return on equity of 11.2%[37] - The net profit for the year ended December 31, 2021, was $561.3 million, an increase of 10.1% compared to $509.8 million in 2020[57] - The pre-tax profit for 2021 was $638.7 million, up 13.4% from $563.0 million in 2020[57] - Lease rental income increased by 4.5% to $1.87 billion in 2021 from $1.78 billion in 2020[58] - Total operating income and other income rose by 6.3% to $2.18 billion in 2021 compared to $2.05 billion in 2020[58] Assets and Liabilities - Total assets remained stable at $23.9 billion, with cash and cash equivalents amounting to $486 million, a 19.3% increase from the previous year[8] - As of December 31, 2021, the total asset value reached $23.9 billion, compared to $23.6 billion at the end of 2020[18] - Total assets increased by 1.3% to $23.9 billion as of December 31, 2021, from $23.6 billion in 2020[72] - Total liabilities remained stable at approximately $16.7 billion as of December 31, 2021, compared to $16.8 billion as of December 31, 2020[85] - The total capital-to-debt ratio improved from 3.5 times as of December 31, 2020, to 3.2 times as of December 31, 2021[85] Fleet and Aircraft - The fleet consisted of 521 aircraft, with an average remaining lease term of 8.3 years and a utilization rate of 98.5%[13] - A total of 52 aircraft were received in 2021, and 26 aircraft were sold, including 23 from the owned fleet[13] - The fleet size increased to 417 aircraft, leased to 86 airlines across 38 countries and regions, with 64% of the fleet leased to airlines in Belt and Road Initiative countries[18] - The company's fleet net book value reached a historical high of $19.6 billion by the end of 2021[19] - The average age of the owned fleet was 3.9 years, making it one of the youngest in the aircraft leasing industry[23] Dividends - The board proposed a final dividend of $0.1733 per share, bringing the total dividend for the fiscal year to $0.2831 per share[6] - The company maintained a dividend policy of distributing no more than 35% of annual net profit, proposing a final dividend of $0.1733 per share, totaling $0.2831 per share for 2021[18] - The total dividend for the year ended December 31, 2021, will amount to $0.2831 per share, distributing a total of approximately $196.5 million to shareholders[162] Cash Flow and Financing - Operating cash flow (excluding interest) remained stable at $1.3 billion[6] - The average debt cost for the company in 2021 was 2.9%, benefiting from a strong investment-grade credit rating (Fitch and S&P both rated A-) and diversified debt financing sources[25] - The company invested $2.1 billion in new aircraft purchases and repaid $1.9 billion in debt during 2021[23] - The amount of cash and cash equivalents as of December 31, 2021, was $485 million, with an additional $5.6 billion in undrawn committed loan facilities[84] Governance and Management - The management team includes Robert James Martin as CEO, who has over 34 years of experience in the aircraft and leasing business[99] - The company has established a clear governance framework to manage daily operations, including several management committees led by senior executives[150] - The board consists of five non-executive directors, four independent non-executive directors, and two executive directors[122] - The company has adopted a board diversity policy, considering factors such as gender, age, cultural background, and professional experience in board member appointments[123] - The board has a clear division of responsibilities between itself and the management team, with the board overseeing strategic leadership and management executing approved strategies[120] Risk Management - The company emphasizes the importance of risk management and internal controls as part of its governance strategy[120] - The company has a risk management committee that continuously reviews risk factors affecting the balance sheet, including asset and credit risks[150] - The internal audit department conducts independent reviews of major risk areas and monitors compliance with accounting, financial, and operational procedures[139] Market and Strategic Outlook - The company anticipates a gradual strengthening of recovery trends in 2022 as vaccination efforts continue[54] - The aviation leasing market remains competitive, with challenges in expanding the asset base due to new entrants[53] - The company is exploring partnerships with other firms to enhance its product distribution channels[103] Charitable Contributions - The company donated over $50,000 for charitable purposes during the year ended December 31, 2021[167]

Financial Performance - Operating revenue and other income increased by 11% to $1.035 billion compared to $930 million in the same period last year[4]. - Net profit after tax rose from $321 million in the first half of 2019 to $323 million in the first half of 2020[5]. - Earnings per share increased to $0.47 from $0.46 year-on-year[5]. - The company reported a net profit of $323 million for the first half of 2020, with earnings per share increasing compared to the same period last year[33]. - Total operating and other income increased by 11.2% to $1.035 billion, up from $930.43 million in the first half of 2019, primarily driven by increased rental income from the owned aircraft portfolio[39]. - Rental income for the first half of 2020 was $888 million, a 6.7% increase from $832.48 million in the first half of 2019, attributed to an increase in the number of operating leased aircraft from 314 to 328[40]. - The net gain from aircraft sales was $25.74 million, up 16.5% from $22.1 million in the same period last year, with five aircraft sold in the first half of 2020 compared to nine in the previous year[42]. - The company generated positive operating cash flow of $555 million for the first half of 2020, down from $629 million in the same period of 2019[33]. - The company reported a pre-tax profit of $353,716 thousand, compared to $351,581 thousand in the previous year, showing a marginal increase of about 0.6%[114]. Assets and Liabilities - Total assets as of June 30, 2020, amounted to $22.619 billion, a 14% increase from December 31, 2019[5]. - Total assets increased to $22,618,699 thousand as of June 30, 2020, compared to $19,764,428 thousand at the end of 2019, representing a growth of approximately 9.7%[116]. - The company reported a net asset value as of December 31, 2019, of $1.819386 billion[1]. - Loans and borrowings increased by 19.2% to $15.87 billion as of June 30, 2020, to fund increased capital expenditures[62]. - Total liabilities increased to $17,977,024 thousand from $15,183,514 thousand, reflecting a growth of around 18.5%[117]. - The total amount of loans and borrowings due within one year was $1.701 billion as of June 30, 2020, compared to $1.780 billion as of December 31, 2019, showing a decrease of about 4.4%[161]. - The company reported a significant increase in derivative financial liabilities, rising from $222 million as of December 31, 2019, to $315 million as of June 30, 2020[63]. Liquidity and Capital Expenditures - The company maintained strong liquidity of $4 billion, including cash and cash equivalents of $398 million and undrawn committed credit facilities of $3.6 billion[4]. - The company has a capital expenditure commitment of $9.4 billion, with expected investments close to $6 billion for 2020[34]. - The company has projected cash outflows for aircraft capital expenditures totaling $9.4 billion, with $1.9 billion expected in the second half of 2020[76]. - As of June 30, 2020, cash and cash equivalents stood at $398 million, along with $3.6 billion in undrawn revolving credit facilities, indicating sufficient liquidity[69]. Dividend and Shareholder Information - The company declared an interim dividend of $0.1398 per share, representing 30% of the net profit after tax for the first half of 2020[4]. - The interim dividend declared is $0.1398 per share, representing 30% of the net profit for the first half of 2020, consistent with previous years' dividend payout ratios[33]. - The company’s dividend policy allows for a maximum distribution of 35% of the after-tax net profit for the full financial year[81]. - The company declared an interim dividend of $0.1398 per share for the period ending June 30, 2020, totaling $0.970 million, which is an increase from the previous year's interim dividend of $0.1388 per share[183]. Operational Highlights - The fleet consisted of 571 aircraft, including 334 owned aircraft with an average age of 3.5 years and an average remaining lease term of 8.5 years[6]. - 23 aircraft were delivered in the first half of 2020, with 76 lease commitments signed, all of which have confirmed airline customers for deliveries planned before 2023[6]. - The utilization rate of owned aircraft was 99.8%, with a cash collection rate of 88.8% from airline customers in the first half of 2020[6]. - The company has restructured its order book, committing to purchase an additional 86 aircraft and reorganizing its Boeing 737 MAX orders, with a total of 197 aircraft planned for delivery by December 31, 2024[6]. Financial Expenses and Impairments - Total costs and expenses rose by 17.7% to $681.32 million, compared to $578.49 million in the first half of 2019, primarily due to increased depreciation, impairment of aircraft, and financial asset impairment losses[45]. - Financial expenses increased by 3.4% to $219.84 million, up from $212.57 million, as total debt rose from $13.1 billion to $16 billion, although the average debt cost decreased from 3.6% to 3.2%[48]. - Financial asset impairment losses surged to $0.47 million in the first half of 2020, compared to $0.04 million in the same period of 2019, attributed to financial difficulties faced by lessees due to the COVID-19 pandemic[50]. - The company experienced a significant increase in financial asset impairment losses, which rose to $46,677 thousand from $3,844 thousand, representing a dramatic increase of 1,116.5%[120]. Corporate Governance and Compliance - The company has fully complied with all provisions of the corporate governance code during the six-month period ending June 30, 2020[99]. - The company’s audit committee consists of three independent non-executive directors and two non-executive directors, ensuring oversight of financial reporting and internal control[98]. - The company’s board of directors includes a mix of executive and independent non-executive members, ensuring diverse governance[106]. Employee Compensation and Incentives - Personnel expenses for the first half of 2020 were $0.45 million, a 21.4% increase from $0.37 million in the same period of 2019, primarily due to adjustments in deferred bonuses and stock-based compensation[49]. - Total compensation for directors and key executives amounted to $4.613 million, a decrease from $5.995 million in the previous period[200]. - The company granted a total of 1,755,376 restricted stock units, representing approximately 0.22% of the total issued share capital[93]. - The company granted 616,243 restricted stock units to directors and 915,641 to key executives, compared to 457,353 and 643,571 units respectively in the previous year[200].