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].
中国飞机租赁(01848) - 2021 - 年度财报