Financial Performance - For the first half of 2023, the total revenue of the group reached HKD 2,326.3 million, representing a 23.0% increase compared to HKD 1,890.8 million in the same period last year[15]. - The profit attributable to shareholders for the first half of 2023 was HKD 201.2 million, a significant recovery from a loss of HKD 130.2 million in the same period of 2022[15]. - The profit for the period was HKD 306.9 million, a significant recovery from a loss of HKD 70.4 million in the same period last year[21]. - The group’s EBITDA for the six months ended June 30, 2023, was HKD 2,284.6 million, up from HKD 1,379.5 million in the previous year[21]. - Total revenue for the six months ended June 30, 2023, was HKD 2,326.3 million, an increase of HKD 435.5 million or 23.0% compared to HKD 1,890.8 million for the same period in 2022[23]. - Total leasing income from finance and operating leases was HKD 2,056.5 million, up HKD 402.7 million or 24.3% from HKD 1,653.8 million in the previous year, driven by an increase in fleet size from 150 to 162 aircraft[23]. - The net income for the period was HKD 306.9 million, compared to a loss of HKD 70.4 million in the same period last year[22]. - Basic earnings per share for the period were HKD 0.270, compared to a loss per share of HKD 0.175 in the previous year[22]. Fleet and Operations - The group delivered 13 new aircraft to airline customers during the review period, with a total fleet size increasing to 189 aircraft as of June 30, 2023[16]. - The average age of the owned fleet was 8.3 years, with an average remaining lease term of 5.8 years, and the utilization rate of the owned fleet reached 100%[16]. - The group has a total of 213 aircraft on order, including 120 Airbus, 65 Boeing, and 28 COMAC aircraft[16]. - As of June 30, 2023, 73.5% of the owned fleet was leased to airlines in China, with a total of 42 airline customers across 20 countries and regions[17]. - The group signed lease intention letters for 26 aircraft, all for overseas airline customers during the review period[17]. - The group is actively participating in the commercialization of domestic aircraft, having delivered a second ARJ21 aircraft to Lion Air during the review period[16]. Financial Position - As of June 30, 2023, total assets increased to HKD 63,185.6 million, a rise of HKD 7,853.5 million or 14.2% from December 31, 2022[21]. - The total liabilities increased to HKD 56,921.6 million, an increase of HKD 7,845.7 million or 16.0% from December 31, 2022, primarily due to an increase in interest-bearing debt[21]. - The group successfully secured over HKD 14.5 billion in new and renewed financing, including aircraft project loans and working capital loans, providing strong support for business development[18]. - The group’s cash and bank balances as of June 30, 2023, were HKD 6,202.7 million, with undrawn borrowing facilities of HKD 3,990.3 million, totaling HKD 10,193.0 million[18]. - The total interest-bearing debt increased from HKD 44,194.5 million to HKD 52,453.1 million, with an average effective interest rate of 5.72%[27]. - The company’s total assets rose by 14.2% to HKD 63,185.6 million as of June 30, 2023, compared to HKD 55,332.1 million as of December 31, 2022[54]. - The debt-to-equity ratio increased to 83.0% as of June 30, 2023, from 81.5% as of December 31, 2022, reflecting a 1.5 percentage point increase[54]. Dividends and Shareholder Information - The board declared an interim dividend of HKD 0.15 per share, totaling HKD 112 million[15]. - The interim dividend declared for the six months ended June 30, 2023, is HKD 0.15 per share, consistent with the interim dividend for the same period in 2022[83]. - The company has not indicated any changes in its dividend policy or shareholder arrangements[63]. - The total issued and paid-up ordinary shares remained at 744,355,352 shares as of June 30, 2023, with a par value of HKD 0.1 per share[158]. Risk Management and Financing - The company has implemented a credit risk management system focusing on industry research and understanding the financial status of lessees to mitigate credit risk[118]. - The company has established policies to manage, limit, and control excessive concentration of credit risk, particularly through regular assessments of lessees' repayment capabilities[120]. - The company is actively seeking additional financing sources, including the issuance of bonds and medium-term notes[101]. - The management is confident in the ability to secure necessary financing through successful execution of aircraft project loans and debt instruments[101]. Market and Economic Outlook - The global aviation industry is expected to see a net profit of USD 9.8 billion in 2023, more than double previous forecasts, indicating a strong recovery trend[20]. - The global air passenger demand increased by 47.2% year-on-year in the first half of 2023, recovering to 90.3% of the levels seen in the same period of 2019[15]. Corporate Governance - The company adhered to all provisions of the Corporate Governance Code during the six months ended June 30, 2023[64]. - The Audit Committee reviewed the unaudited consolidated financial statements for the six months ended June 30, 2023, ensuring compliance with applicable accounting standards[66]. - The company’s governance framework emphasizes transparency, accountability, and the enhancement of shareholder value[64].
中国飞机租赁(01848) - 2023 - 中期财报