BOC AVIATION-中银航空租赁(02588) - 2023 - 年度业绩

Financial Performance - Total operating revenue and other income increased by 7% to $2.461 billion[4] - Record net profit after tax reached$ 764 million, up from $20 million in 2022, representing a growth of 3,708%[4] - Core net profit after tax was$ 547 million, excluding the after-tax impact of $217 million from the recovery of Russian aircraft[4] - Earnings per share (EPS) was$ 1.10, compared to $0.03 in 2022, reflecting a growth of over 100%[5] - The company achieved a record net profit of$ 764 million in 2023, significantly higher than the $20 million in 2022 and surpassing the previous record of$ 702 million set in 2019[18] - Pre-tax profit increased significantly from $29 million in 2022 to$ 861 million in 2023[76] - Net profit after tax rose from $20 million in 2022 to$ 764 million in 2023[78] - Lease rental income increased by 7.1% to $1.91 billion in 2023 from$ 1.78 billion in 2022, with a yield of 10.0% compared to 9.2% in the previous year[63] - Financing lease interest income rose by 69.4% to $68.9 million in 2023 from$ 40.7 million in 2022, with the yield for financing leases at 6.6% in 2023, up from 6.2% in 2022[64] - The net gain from aircraft sales was $77.8 million in 2023, a 21.9% increase from$ 63.9 million in 2022, attributed to the sale of 20 aircraft in 2023 compared to 17 in 2022[66] Assets and Liabilities - Total assets amounted to $24.2 billion, a 10% increase from$ 22.1 billion in 2022[5] - Total assets increased by $2.1 billion to$ 24.2 billion as of December 31, 2023, with aircraft accounting for the largest portion at a net book value of $19.1 billion[41] - Total equity rose by 11% to$ 5.7 billion as of December 31, 2023[42] - The company’s total liabilities increased by $1.6 billion, with total debt rising by$ 1.4 billion in 2023[45] - Loans and borrowings increased by 9.2% from $15.1 billion on December 31, 2022, to$ 16.5 billion on December 31, 2023, primarily due to the issuance of $1.7 billion in notes and an increase of$ 500 million in borrowings from revolving credit facilities[88] - Total debt increased from $15.2 billion on December 31, 2022, to$ 16.6 billion on December 31, 2023, with a total capital debt ratio remaining stable at 2.9 times[94] Liquidity and Cash Flow - Cash and cash equivalents stood at $392 million, with total liquidity reaching$ 5.6 billion[4] - The company maintained strong liquidity with $5.6 billion in total liquidity, including$ 3.92 million in cash and undrawn committed loan facilities of $5.2 billion[4] - Operating cash flow (net of interest paid) grew by 8% from$ 1.517 billion in 2022 to $1.643 billion in 2023[93] - The company has$ 4.1 billion in projected cash outflows for aircraft capital expenditures, with $2.5 billion expected in 2024[104] Fleet and Operations - The fleet comprised 684 aircraft, with a utilization rate of 99% for owned aircraft[8] - The company executed a record 348 transactions in 2023, including commitments to purchase 95 aircraft[8] - The company successfully purchased 65 aircraft in 2023, bringing the total fleet to 460 owned and managed aircraft[19] - The average age of the fleet is 4.6 years, with 77% of the fleet consisting of the latest technology aircraft, up from 71% in 2022[19] - The average remaining lease term for aircraft is 8.1 years, with a significant portion of leases expiring after 2029[33] Corporate Governance - The company is committed to high standards of corporate governance, ethics, transparency, and accountability to enhance shareholder value[137] - The board of directors is responsible for strategic leadership and control, including approving business plans and annual budgets[146] - The company has adopted and complied with the principles of the corporate governance code for the year ending December 31, 2023[137] - The board consists of six non-executive directors, four independent non-executive directors, and two executive directors[148] - The company emphasizes risk management and internal control as part of its corporate governance practices[146] Risk Management - The company has established a risk management and internal control system to achieve business objectives, with the audit committee overseeing its effectiveness[171] - The internal audit department conducts independent reviews of major risk areas and monitors compliance with accounting, financial, and operational procedures[175] - The company evaluates its risk management and internal control systems annually, covering all significant controls, including financial, operational, compliance, and risk management[174] - The board of directors and management are responsible for identifying and analyzing potential risks associated with achieving business goals[172] Environmental and Social Responsibility - The company is committed to reducing direct carbon emissions and achieving carbon neutrality through investments in fuel-efficient aircraft, which constitute 77% of its fleet[57] - The company has a dedicated committee for environmental, social, and governance (ESG) initiatives, overseeing commitments and reporting responsibilities[196] Employee and Management - Employee count as of December 31, 2023, was 198, up from 192 in 2022, reflecting a growth in business operations and management[107] - Personnel expenses for the year ended December 31, 2023, were$ 6.8 million, representing 2.8% of total operating revenue, compared to $4.9 million or 2.1% in 2022[108] Board Composition and Diversity - As of December 31, 2023, the number of female directors reached three, exceeding the board's gender diversity target[152] - The company maintains a balanced workforce with a gender ratio of 50% female employees, with women comprising 26% of the management team[152] - The board's diversity policy was reviewed in December 2023, emphasizing the importance of skills, experience, and diverse perspectives in board appointments[151]