国泰航空(00293) - 2024 - 中期业绩

Financial Performance - The group's revenue for the six months ended June 30, 2024, was HKD 49,604 million, representing a 13.8% increase from HKD 43,593 million in 2023[3] - The profit attributable to shareholders for the same period was HKD 3,613 million, a decrease of 15.3% compared to HKD 4,268 million in 2023[3] - The basic earnings per share decreased by 14.8% to HKD 0.524 from HKD 0.615 in the previous year[3] - Cathay Pacific recorded a profit of HKD 3.613 billion in the first half of 2024, down from HKD 4.268 billion in the same period of 2023[6] - The group’s airlines and subsidiaries reported a profit of HKD 3.846 billion after excluding special items, down from HKD 4.763 billion in the previous year, primarily due to normalizing ticket prices[6] - The operating profit before tax for Cathay Pacific, excluding special items, was HKD 4,391 million, down 10.2% from HKD 4,890 million[26] - The operating profit for the six months ended June 30, 2024, was HKD 3,372 million, down from HKD 3,959 million in 2023, reflecting a decrease of 14.8%[48] - The net profit attributable to shareholders was HKD 3,613 million, a decrease of 15.4% from HKD 4,268 million in the prior year[41] Revenue Breakdown - Cathay Pacific's passenger revenue increased to HKD 30.17 billion in the first half of 2024, a 20.0% increase compared to the same period in 2023[7] - Passenger service revenue was HKD 33,004 million, up 19.7% from HKD 27,563 million year-on-year[32] - Cargo revenue for Cathay Pacific was HKD 10.92 billion, a 1.5% increase from the previous year, with total cargo tonnage rising by 10.4% to 719,000 tons[7] - Cathay Pacific's cargo service revenue saw a modest increase of 1.5%, reaching HKD 10,902 million, up from HKD 10,741 million[24] Capacity and Operations - The total available tonne-kilometers increased by 22.8% to 11,822 million from 9,628 million in 2023[4] - The available seat kilometers rose by 42.7% to 52,881 million compared to 37,053 million in 2023[4] - The passenger load factor decreased by 4.8 percentage points to 82.4% from 87.2% in the previous year[4] - The passenger flight capacity has been restored to 80% of pre-pandemic levels as of the second quarter of 2024[6] - The total number of passengers carried reached 10.7 million, averaging about 59,000 passengers per day, which is a 36.4% increase year-on-year[7] - In H1 2024, passenger capacity increased by 42.7% to 52,881 million available seat kilometers, with an overall load factor of 82.4%[14] Financial Position - The net debt decreased by 9.1% to HKD 47,971 million from HKD 52,764 million in 2023[2] - The available cash increased by 27.2% to HKD 25,416 million from HKD 19,985 million in 2023[2] - The group's net borrowings decreased by 9.1% to HKD 47,971 million, with a debt-to-equity ratio dropping from 0.69 to 0.61[29] - The total debt as of June 30, 2024, was HKD 66,810 million, a decrease from HKD 68,294 million at the end of 2023[50] - The net debt to equity ratio improved to 0.78 in 2024 from 0.88 in 2023, indicating a stronger balance sheet[50] Dividends and Shareholder Returns - The company declared an interim dividend of HKD 0.20 per share, compared to no dividend in the previous year[3] - The group plans to distribute an interim dividend of HKD 0.20 per ordinary share, payable on October 9, 2024[6] - The company reported no dividend arrears for ordinary shareholders as of June 30, 2024[63] Strategic Initiatives - The group is undergoing an unprecedented recruitment and training phase to meet rising travel demand[6] - The company plans to reach pre-pandemic flight levels by Q1 2025, with an increase of 5,000 employees by year-end, totaling 29,000 staff[12] - The passenger flight network will expand from over 80 to 100 destinations by 2025, with 10 new routes announced this year, 8 of which are already operational[12] - Cathay Pacific aims to modernize its fleet with new aircraft, including Airbus A321neo, A320neo, Boeing 777-9, and A350F freighters, to support long-term development and reduce carbon emissions[11] Sustainability Efforts - Cathay Pacific has set a new target to reduce carbon intensity by 12% by 2030 compared to 2019 levels, reflecting its commitment to sustainability[8] - The company plans to offset 10% of its carbon emissions from business travel with sustainable aviation fuel starting in 2024[31] Market and Demand Insights - Cargo demand in H1 2024 was strong, particularly for e-commerce and traditional air freight, with overall cargo capacity growth exceeding last year's figures[21] - The Southeast Asia market remains strong, with increased passenger volume to mainland China due to visa exemptions, particularly during festive periods[19] - The company is expanding services to mainland China, with additional flights and increased capacity for personal travel plans, enhancing connectivity[16] Governance and Compliance - The company is committed to maintaining high standards of corporate governance and transparency in its operations[68] - The board of directors includes both executive and non-executive members, ensuring a diverse governance structure[71] - The chairman of the board is Ho Yat-Lai, with a team of directors overseeing the company's operations[71]