BOC AVIATION(02588)2025-04-28 00:00Financial Performance - The company achieved a record net profit of 764 million in 2023[2]. - Total operating revenue and other income increased by 4% to 2.5 billion in 2023[9]. - The pre-tax profit rose by 21% to 861 million in the previous year[10]. - Operating cash flow (excluding interest) increased by 13% to 633 million, reflecting a 16% increase compared to 2023[27]. - The net profit after tax for 2024 is 924 million for the year ended December 31, 2024, an increase of 20.9% from 2.56 billion in 2024, driven primarily by a significant rise in financing lease interest income[75]. - The company achieved a pre-tax profit of 860.6 million in 2023[88]. Assets and Liabilities - Total assets reached a historical high of 24.2 billion in 2023[10]. - Total assets increased by 3.7% to 24.17 billion in 2023[91]. - The total equity rose by 10.7% to 5.75 billion in 2023[91]. - The total liabilities increased by 16.668 billion, compared to 12.1 billion[58]. - The company plans to deliver 47 aircraft this year, all of which have been leased to airline customers at favorable rates[33]. Financing and Debt - The company raised new debt financing of 4 billion in loans and 46 billion in debt financing and has a record liquidity of 710.3 million in 2024, primarily due to a rise in debt cost with an interest rate of 4.5% compared to 4.1% in 2023[85]. Corporate Governance - The company is committed to high standards of corporate ethics, transparency, and accountability to enhance shareholder value[148]. - The board of directors is responsible for strategic leadership and control, with a clear division of responsibilities between the board and management[154]. - The company has adopted and complied with the principles and applicable provisions of the corporate governance code for the year ending December 31, 2024[148]. - The company has a corporate governance policy that guides its directors and senior management in maintaining good governance practices[148]. - The company emphasizes risk management and internal control oversight as part of its governance practices[155]. Risk Management - The company has established a risk management and internal control system to achieve business objectives, providing reasonable assurance against misstatements or losses[179]. - The internal audit department conducts independent reviews of key risk areas and monitors compliance with accounting, financial, and operational procedures[182]. - The company evaluates the effectiveness of its risk management and internal control systems annually, covering all significant controls, including financial and operational controls[181]. - The audit committee is responsible for analyzing and independently assessing the adequacy and effectiveness of the company's risk management and internal control systems[182]. - The risk management committee and internal control committee oversee daily management matters related to risk management[180]. Diversity and Inclusion - The company achieved a total of four female directors, exceeding the board's gender diversity target[162]. - The proportion of female employees in the management team reached 20%, while the overall female employee ratio was 49%, surpassing the 45% target[162]. - The board has adopted a diversity policy, reviewed by the nomination committee in November 2024 and by the board in December 2024[160]. - The company is committed to maintaining at least two female directors on the board and a minimum of 45% female representation among employees[161]. Management Changes - Steven Townend appointed as Executive Director and CEO effective January 1, 2024[168]. - Liu Yunfei appointed as Non-Executive Director effective April 16, 2024[169]. - Liu Jin resigned as Non-Executive Director and Chairman on March 27, 2024[177]. - Robert James Martin retired as General Manager and CEO on December 31, 2023, and reappointed as Non-Executive Director on January 1, 2024[177].