BEIJING AIRPORT(00694)2023-03-30 14:16Financial Performance - In 2022, Beijing Capital International Airport recorded 157,630 aircraft movements, a decrease of approximately 47.1% compared to the previous year[2]. - Passenger throughput reached 12,703,342, representing a decline of about 61.1% year-over-year[2]. - The company's total revenue for 2022 was RMB 2,230,948,000, down approximately 33.3% from the previous year[2]. - Aviation revenue amounted to RMB 710,728,000, reflecting a decrease of about 47.1% year-over-year[2]. - Non-aviation revenue was RMB 1,520,220,000, which is a decline of approximately 24.1% compared to the previous year[2]. - The net loss after tax for 2022 was RMB 3,526,635,000, an increase of approximately 66.6% compared to the net loss of RMB 2,116,537,000 in the previous year[2]. - Total comprehensive loss for the year was RMB 3,557,127,000, which includes other comprehensive losses of RMB 30,492,000[13]. - The company reported a net loss of RMB 3,526,635,000 for the year ended December 31, 2022, compared to a net loss of RMB 2,116,537,000 in 2021, indicating a significant increase in losses[13]. - The company's financial income decreased significantly from RMB 80,829 thousand in 2021 to RMB 22,952 thousand in 2022, primarily due to a drop in bank deposit interest[19]. - Total financial costs increased from RMB 140,192 thousand in 2021 to RMB 344,559 thousand in 2022, reflecting higher interest expenses on borrowings[19]. - The company's financial cost net amount was RMB 344,559,000, significantly higher than RMB 140,192,000 in the previous year, primarily due to exchange losses from USD liabilities[53]. Assets and Liabilities - Total assets as of December 31, 2022, were RMB 33,483,400,000, down from RMB 35,147,336,000 in the previous year[7]. - Total liabilities increased to RMB 16,878,480,000 in 2022 from RMB 14,972,528,000 in 2021[9]. - As of December 31, 2022, the company's total equity was RMB 16,604,920,000, down from RMB 20,174,808,000 at the end of 2021[10]. - The company’s accounts payable increased from RMB 2,588,367 thousand in 2021 to RMB 3,120,141 thousand in 2022, indicating a rise in short-term liabilities[28]. - As of December 31, 2022, the company’s total borrowings amounted to RMB 6,403,196 thousand, up from RMB 4,492,881 thousand in 2021, indicating an increase in leverage[33]. - The company's total liabilities as of December 31, 2022, included bank loans and other borrowings, with a significant portion due within one year amounting to RMB 6,200,200,000[38]. Cash Flow and Operating Activities - The company experienced a cash outflow from operating activities of RMB 1,501,321,000 in 2022, compared to RMB 621,485,000 in 2021, reflecting increased financial pressure[13]. - The net cash used in operating activities for 2022 was RMB 1,501,321,000, an increase of RMB 879,836,000 compared to RMB 621,485,000 in 2021[57]. - The company's cash and cash equivalents as of December 31, 2022, were RMB 1,590,413,000, down from RMB 2,224,473,000 on December 31, 2021[57]. - The current ratio as of December 31, 2022, was 0.19, compared to 0.41 on December 31, 2021[57]. - The debt-to-asset ratio increased to 50.40% as of December 31, 2022, from 42.60% a year earlier[57]. Revenue Breakdown - The company's main business revenue for 2022 was RMB 2,230,948,000, a decrease of approximately 33.3% year-over-year, with aviation business revenue dropping to RMB 710,728,000, down 47.1%[42]. - Non-aeronautical business revenue was RMB 1,520,220,000 in 2022, a decrease of 24.1% from RMB 2,001,740,000 in 2021[47]. - Franchise income for 2022 was RMB 675,551,000, down about 29.0% year-on-year, with advertising revenue decreasing by 33.3% to RMB 480,378,000 due to a decline in passenger volume[48]. - Retail revenue increased by approximately 47.6% to RMB 81,229,000, attributed to the recognition of franchise income under a supplemental agreement[48]. - The total revenue from aircraft takeoff and related services was RMB 499,443,000, a decrease of 39.2% year-over-year[45]. - The company’s rental income decreased to RMB 741,233,000 in 2022, down 13.9% from RMB 861,138,000 in 2021[47]. - Resource usage income fell by approximately 48.7% to RMB 85,010,000, linked to a decline in passenger volume[49]. Dividends and Shareholder Returns - The board of directors did not recommend the distribution of any final dividend for the year ended December 31, 2022[2]. - The company did not recommend any final dividend for the year ended December 31, 2022, maintaining a focus on financial stability amid losses[23]. - The company’s capital reserve, which is not distributable as profit, remains intact and can be converted into ordinary shares under appropriate conditions in the future[26]. Operational Insights and Future Plans - The company is aware of external risks affecting industry operations and is taking measures to assess and respond to these challenges[11]. - The company will continue to enhance safety operation capabilities to support the orderly recovery of the industry in 2023[64]. - The focus will be on hub quality, promoting key hub construction projects, and enhancing the competitiveness of the "Capital Express" brand[64]. - The company aims to improve service standards and enhance market competitiveness and passenger attraction through targeted service enhancement actions[64]. - The company plans to explore management potential and promote innovative business operations to maximize resource value and improve profitability[64]. - The company will fully implement new development concepts, focusing on sustainable development and enhancing governance capabilities to maintain long-term value[64]. Employee and Operational Metrics - The total number of employees decreased to 1,542 in 2022 from 1,567 in 2021[58]. - In the first two months of 2023, the number of aircraft takeoffs and landings at Beijing Capital Airport increased by approximately 31.1% year-on-year[63]. - Passenger throughput at Beijing Capital Airport grew by approximately 88.9% year-on-year, with domestic routes increasing by about 86.3%[63]. - International passenger volume surged by approximately 274.1% year-on-year, benefiting from the easing of travel restrictions[63].