中银航空租赁(02588) - 2019 - 中期财报

Financial Performance - Operating revenue increased by 13% to $930 million for the first half of 2019, compared to $825 million in the same period of 2018[6]. - Net profit after tax for the first half of 2019 was $321 million, an 8% increase from $297 million in the same period of 2018[6]. - Total operating revenue and other income rose by 12.8% to $930 million, primarily driven by increased rental income from the growing aircraft portfolio[32]. - Rental income for the first half of 2019 was $832 million, up 10.5% from $753 million in the same period of 2018, due to an increase in fleet size from 294 to 314 aircraft[33]. - The company's net profit for the six months ended June 30, 2019, was $321 million, an increase of 8.1% compared to the same period last year[30]. - Basic earnings per share for the first half of 2019 was $0.46, compared to $0.43 for the same period in 2018, reflecting a growth of 7%[96]. Assets and Liabilities - Total assets reached $19.2 billion as of June 30, 2019, a 5% increase from $18.3 billion at the end of 2018[9]. - The company's total liabilities as of June 30, 2019, were $14,869,862 thousand, compared to $14,057,197 thousand at the end of 2018, marking an increase of 5.8%[99]. - The total amount of trade and other payables was $198.891 million as of June 30, 2019, compared to $156.923 million as of December 31, 2018, representing a 26.7% increase[132]. - The company's total debt increased by 5.1% from $12.28 billion on December 31, 2018, to $12.91 billion on June 30, 2019, to fund increased capital expenditures[52]. - The total equity increased by 2.2% from $4.20 billion on December 31, 2018, to $4.29 billion on June 30, 2019, supported by retained earnings growth[55]. Aircraft Portfolio - The company has a total of 499 aircraft in its operating portfolio, including 314 owned aircraft with an average age of 3.1 years[10]. - A total of 25 aircraft were delivered in the first half of 2019, with 39 lease commitments signed during the same period[10]. - The average remaining lease term for the owned fleet is 8.2 years[10]. - The aircraft portfolio utilization rate was 99.6%, and the cash collection rate from airline customers was 97.2%[6]. - The fleet size increased from 303 to 314 aircraft, with a weighted average aircraft age of 3.1 years and a weighted average remaining lease term of 8.2 years as of June 30, 2019[26]. Financial Costs and Expenses - Total costs and expenses increased by 16.9% to $579 million, mainly due to higher depreciation of property, plant, and equipment, and increased financial costs[35]. - Financial costs for the first half of 2019 were $213 million, a 31.1% increase from $162 million in the same period of 2018, attributed to rising debt levels and average debt cost[37]. - The company's depreciation expense for property, plant, and equipment was $297,703 thousand for the first half of 2019, compared to $267,173 thousand in the same period of 2018[102]. Dividends - The interim dividend declared is $0.1388 per share[6]. - The proposed interim dividend for the period ending June 30, 2019, is $0.1388 per share, totaling $96.329 million, compared to $89.111 million for the same period in 2018[186]. - The total dividend declared for the year ending December 31, 2018, was $0.1845 per share, amounting to $128.045 million, which was paid on June 30, 2019[185]. Corporate Governance - The audit committee, consisting of three independent non-executive directors and two non-executive directors, oversees the company's financial reporting and internal control procedures[82]. - The company has fully complied with the corporate governance code as outlined in the listing rules during the six-month period ending June 30, 2019[83]. - The management team includes Robert James Martin as the Managing Director and CEO, and Peng Tianfa as the CFO[88]. Future Commitments and Projections - The company expects delivery delays for up to 30 aircraft, primarily due to the grounding of the Boeing 737 MAX[12]. - The company has projected cash outflows for aircraft capital expenditures of $7.7 billion through 2021, with $2.6 billion expected in the second half of 2019 and $3.9 billion in 2020[62]. - The company has committed to purchasing over 162 aircraft, with a total procurement value exceeding $44 billion since its establishment[28]. Financial Instruments and Risk Management - The group has outstanding nominal amounts of derivative financial instruments totaling $4,000,000 million, with various interest rates ranging from 1.975% to 4.242%[150][155]. - The group’s derivative instruments are assessed as highly effective for hedge accounting purposes[151]. - The company continues to manage financial risks including interest rate, liquidity, credit, and foreign exchange risks without significant changes in exposure or management policies[169].