Financial Performance - Total revenue for 2024 reached HKD 5,203.8 million, representing a year-on-year increase of 9.2% from HKD 4,763.7 million in 2023[24]. - Profit attributable to shareholders surged to HKD 257.5 million, a significant increase of 809.9% compared to HKD 28.3 million in 2023[24]. - Earnings per share for 2024 was HKD 0.346, reflecting a robust growth of 810.5% from HKD 0.038 in 2023[24]. - EBITDA for 2024 was HKD 5,038 million, showing a consistent upward trend from previous years[14]. - The total revenue for the year ended December 31, 2024, was HKD 5.204 billion, an increase from HKD 4.764 billion in 2023, representing a growth of approximately 9.2%[52]. - The net profit attributable to shareholders for the year was HKD 257.5 million, compared to HKD 28.3 million in the previous year, reflecting a substantial increase of approximately 812%[52]. - The EBITDA for 2024 reached HKD 5,038.4 million, an increase of HKD 661.4 million or 15.1% from HKD 4,377.0 million in 2023[54]. - Operating profit decreased slightly to HKD 898.7 million in 2024 from HKD 935.2 million in 2023[93]. Assets and Liabilities - Total assets amounted to HKD 58,240 million as of December 31, 2024[20]. - The total interest-bearing debt was HKD 48,577 million, with a debt-to-asset ratio of 83.4%[20][17]. - The total assets of the group as of December 31, 2024, were HKD 58,239.7 million, a decrease of HKD 1,585.0 million or 2.6% from HKD 59,824.7 million in 2023[54]. - The total liabilities decreased to HKD 52,911.5 million, down HKD 1,773.2 million or 3.2% from HKD 54,684.7 million in 2023[55]. - The total amount of bonds and financing notes decreased from HKD 5,943.5 million in 2023 to HKD 3,930.7 million in 2024, primarily due to the repayment of USD 240.3 million in bonds upon maturity[81]. - The total borrowings increased slightly by HKD 134.4 million or 0.3%, from HKD 42,911.8 million in 2023 to HKD 43,046.2 million in 2024[80]. - The group has a total of HKD 48,576.6 million in interest-bearing debt, which decreased by 3.8% from HKD 50,511.5 million in 2023[79]. Aircraft Operations - The company operated a fleet of 189 aircraft, consisting of 159 owned and 30 managed aircraft, serving 40 airline customers across 21 countries and regions[6]. - The company has 124 aircraft orders in its pipeline, indicating ongoing growth and expansion plans[6]. - The company completed the delivery of 19 aircraft during the fiscal year ending December 31, 2024[88]. - The total number of owned aircraft decreased from 165 in 2023 to 159 in 2024, with a notable increase in the Airbus A320 NEO series from 43 to 51[73]. - The total fleet size decreased from 165 aircraft to 159 aircraft, with 19 aircraft classified as held for sale as of December 31, 2024[72]. Dividends and Shareholder Returns - The board proposed a final dividend of HKD 0.18 per share, totaling HKD 0.30 per share for the year 2024, consistent with 2023[25]. - The board declared an interim dividend of HKD 0.12 per share, totaling approximately HKD 89.4 million[99]. - The proposed final dividend for the year ending December 31, 2024, is HKD 0.18 per share, an increase from HKD 0.15 per share in 2023[99]. - The company maintains a dividend policy aligned with its financial strategy, ensuring sufficient cash reserves for operational needs[101]. Market and Industry Outlook - In 2024, global air passenger demand is expected to grow by 10.4%, with a historic load factor of 83.5%[37]. - China's aviation industry recorded 730 million passengers in 2024, representing a year-on-year growth of 17.9%[37]. - The group anticipates global passenger numbers to exceed 5.2 billion by 2025, with a year-on-year growth of 6.7%, and expects the aviation market to continue to grow[49]. Financing and Capital Structure - The group secured approximately HKD 24 billion in new and renewed financing, including a USD 400 million warehouse-style aircraft financing project, marking the first issuance by an Asian aircraft leasing company since 2015[45]. - The group successfully issued RMB 1 billion perpetual medium-term notes at a record low interest rate of 2.7% during the year, further optimizing its capital structure[46]. - The group plans to optimize its capital structure and enhance operational strength in response to changing domestic and international interest rate environments[49]. - The group has established a stock option plan with a vesting period of two years, contingent upon performance targets set by the CEO[170]. Governance and Management - The board of directors underwent changes, with several appointments and resignations noted, including the appointment of Mr. Li Guohui as Chief Financial Officer on March 19, 2024[120]. - The board of directors is required to rotate one-third of its members at each annual general meeting, ensuring governance and compliance[122]. - The audit committee consists of independent non-executive directors, including Mr. Fan Junhua (Chairman), Mr. Zhuo Shengquan, Dr. Xie Xiaodong, and Dr. Hong Wen, with discussions on financial reporting and risk management[196]. - Deloitte will replace PwC as the company's auditor effective October 22, 2024, following PwC's resignation on October 21, 2024[199]. Corporate Social Responsibility - The total charitable donations made by the group during the year were approximately HKD 140,000[119]. - The company has established a strategy for sustainable development, with a focus on environmental, social, and governance issues[124].
中国飞机租赁(01848) - 2024 - 年度财报