国泰航空(00293) - 2023 - 中期业绩

Financial Performance - The revenue for the first half of 2023 reached HKD 43,593 million, a significant increase of 135.0% compared to HKD 18,551 million in the same period of 2022[2] - Cathay Pacific reported a profit attributable to shareholders of HKD 4,268 million, a turnaround from a loss of HKD 4,999 million in the previous year, representing an improvement of HKD 9,267 million[2] - The basic earnings per share increased to HKD 61.5, up 143.8% from a loss of HKD 82.3 per share in the same period last year[2] - The company reported a net profit of HKD 4,268 million for the first half of 2023, compared to a net loss of HKD 4,999 million in the same period last year[31] - The airline's profit before tax for the first half of 2023 was HKD 4,707 million, compared to a loss of HKD 5,348 million in the previous year[40] - The group achieved a net profit of HKD 4,268 million attributable to shareholders, a significant recovery from a loss of HKD 4,999 million in the prior year[40] - The adjusted profit before tax for the first half of 2023 was HKD 4,890 million, a significant improvement from a loss of HKD 1,544 million in the same period of 2022, representing a change of HKD 6,434 million[25] Operational Metrics - The available tonne-kilometers (ATK) increased by 211.2% to 9,628 million, compared to 3,094 million in the previous year[4] - The passenger load factor improved to 87.2%, an increase of 28.0 percentage points from 59.2% in the same period last year[4] - The available seat-kilometers (ASK) surged by 1,111.3% to 37,053 million, compared to 3,059 million in the previous year[4] - The number of passengers carried reached 7.8 million, averaging 43,184 passengers per day, a 2,213.1% increase compared to the first half of 2022[7] - Passenger service revenue reached HKD 27,563 million, while cargo service revenue was HKD 12,432 million, indicating strong recovery in both segments[31] Cost and Expenses - Non-fuel costs for the first half of 2023 were HKD 24.639 billion, a 53.5% increase compared to the same period in 2022[8] - Total fuel costs increased by HKD 6.085 billion, or 147.8%, compared to the first half of 2022[8] - The total operating expenses for Cathay Pacific increased by 81.4% to HKD 38,403 million for the six months ended June 30, 2023, compared to HKD 21,173 million in the same period of 2022[24] - Cathay Pacific's operating expenses increased due to higher fuel prices and operational costs, impacting overall profitability[40] Debt and Financial Stability - The net debt decreased by 24.2% to HKD 44,565 million from HKD 58,829 million at the end of 2022[3] - Total borrowings decreased to HKD 68.664 billion, a reduction of 10.9%, with net borrowings decreasing by 24.2% to HKD 44.656 billion[28] - The net debt-to-equity ratio decreased from 0.71 times to 0.50 times, reflecting improved financial stability[28] - The company's available unrestricted cash amounted to HKD 28.896 billion, including HKD 24.099 billion in cash and HKD 4.913 billion in undrawn credit facilities[28] Future Outlook and Expansion - The group expects to receive five new aircraft in the second half of 2023, enhancing fleet capacity[5] - Passenger capacity is expected to reach 70% of pre-pandemic levels by the end of 2023, serving 80 destinations, with a goal of 100% by the end of 2024[10] - The group anticipates further increases in capacity and flight frequencies to meet rising passenger demand[6] - The company is focusing on talent acquisition from the Greater Bay Area to support its business expansion[30] Environmental Initiatives - The company has successfully offset over 300,000 tons of carbon dioxide through its voluntary carbon offset program since its launch in 2007[30] - Cathay Pacific has signed a memorandum of understanding with State Power Investment Corporation to develop a sustainable aviation fuel supply chain in mainland China[30] Corporate Governance - The company has adhered to all corporate governance codes as per the Hong Kong Stock Exchange Listing Rules during the reporting period[59] - The board of directors includes both executive and independent non-executive members, ensuring a diverse governance structure[62] Miscellaneous - The company resumed seasonal flights to Christchurch, New Zealand, starting December 16, marking the first seasonal flight restoration since the pandemic[18] - The company announced the resumption of three weekly flights between Hong Kong and Johannesburg starting August 1, reconnecting Hong Kong with Africa[18] - The group recognized a profit of HKD 1.929 billion from its stake in Air China due to a reduction in ownership from 18.13% to 16.26% after a share issuance[29] - The interim report for 2023 will be published on or before August 24, 2023, and printed copies will be sent to shareholders who opted for them on August 25, 2023[60] - The company acknowledges that forward-looking statements may be subject to risks and uncertainties, including economic conditions and geopolitical factors[61]