中银航空租赁(02588) - 2023 - 年度财报

Financial Performance - Operating revenue and other income increased by 7% to $2.5 billion[6] - Record net profit after tax reached$764 million, compared to $20 million in 2022[8] - Core net profit after tax was$547 million, excluding the after-tax amount of $217 million from the recovery of Russian aircraft[6] - The company achieved a record net profit of$764 million in 2023, significantly up from $20 million in the previous year, surpassing the 2019 record of$702 million[23] - The net profit after tax for 2023 was $764 million, with a return on equity of 14.0$861 million in 2023 from $29 million in 2022[86] - Net profit after tax increased to$764 million in 2023, up from $20 million in 2022[88] - The overall cost and expenses decreased by 29.7$1.6 billion in 2023, compared to $2.28 billion in 2022, primarily due to lower aircraft impairment and other operational efficiencies[70] Assets and Liabilities - Total assets as of December 31, 2023, amounted to$24.2 billion, a 10% increase from 2022[8] - Total assets grew by 9.5% to $24.2 billion as of December 31, 2023, from$22.1 billion in 2022[90] - Total liabilities increased by 9.2% to $18.4 billion in 2023 from$16.9 billion in 2022[91] - The company raised $4.1 billion in new debt financing, including$2.5 billion in loans and $1.7 billion in bonds[6] - The company increased its debt by$1.4 billion in 2023, with total liabilities rising by $1.6 billion[52] - Loans and borrowings rose by 9.2$15.1 billion on December 31, 2022, to $16.5 billion on December 31, 2023, driven by the issuance of$1.7 billion in notes and increased borrowings[99] Fleet and Operations - The fleet utilization rate reached 99% as of December 31, 2023[14] - The company executed a record 348 transactions in 2023, including commitments to purchase 95 aircraft[15] - The order book includes 224 aircraft, with a diverse customer base covering 91 airlines across 45 countries and regions[15] - The company successfully purchased 65 aircraft in 2023, bringing the total fleet to 460 owned and managed aircraft[24] - The average age of the fleet was 4.6 years at the end of 2023, with 77% of the fleet consisting of the latest technology aircraft[25] - The average remaining lease term for the company's aircraft is 8.1 years, with 76% of leases expiring in 2030 or later[39] Revenue Sources - The total operating revenue reached $2.46 billion in 2023, with lease rental income accounting for 78$1.91 billion in 2023 from $1.78 billion in 2022, driven by improved aircraft utilization and favorable leasing terms[70] - Financing lease interest income surged by 69.4$0.69 billion in 2023 from $0.41 billion in 2022, with a rental yield of 6.6$0.317 billion in 2023, up from $0.099 billion in 2022, mainly due to insurance claims related to aircraft detained in Russia[78] Dividends and Shareholder Returns - The board proposed a final dividend of$0.2721 per share, with total dividends for 2023 reaching $0.3852 per share, representing 35% of net profit after tax[6] Management and Governance - Significant management changes occurred, with new appointments for CEO and CFO effective January 1, 2024[20] - The company is committed to high standards of corporate governance, adhering to relevant laws and regulations in Hong Kong and Singapore[154] - The board of directors is responsible for strategic leadership and control, ensuring effective oversight of management and compliance with corporate governance practices[162] - The company emphasizes risk management and internal control as part of its corporate governance strategy[163] Corporate Strategy and Future Outlook - The company expects further growth in 2024, driven by the recovery of cross-border travel in the Asia-Pacific region[27] - The company plans to implement cost-cutting measures aimed at reducing operational expenses by 5% in the upcoming year[138] - The company is exploring partnerships with key industry players to drive further growth and innovation[138] Employee and Diversity Initiatives - Female employees represent 50% of the total workforce and 26% of the management team, maintaining a stable gender ratio[170] - The company aims to maintain a female employee ratio of at least 45% in the workforce[170] - The company has adopted a board diversity policy, reviewed in December 2022 and December 2023, to ensure a balanced skill set and diverse perspectives[168]