中银航空租赁(02588) - 2020 - 中期财报

Financial Performance - Operating revenue and other income increased by 11% to $1.035 billion compared to $930 million in the same period last year[4]. - Net profit after tax rose from $321 million in the first half of 2019 to $323 million in the first half of 2020[5]. - Earnings per share increased to $0.47 from $0.46 year-on-year[5]. - The company reported a net profit of $323 million for the first half of 2020, with earnings per share increasing compared to the same period last year[33]. - Total operating and other income increased by 11.2% to $1.035 billion, up from $930.43 million in the first half of 2019, primarily driven by increased rental income from the owned aircraft portfolio[39]. - Rental income for the first half of 2020 was $888 million, a 6.7% increase from $832.48 million in the first half of 2019, attributed to an increase in the number of operating leased aircraft from 314 to 328[40]. - The net gain from aircraft sales was $25.74 million, up 16.5% from $22.1 million in the same period last year, with five aircraft sold in the first half of 2020 compared to nine in the previous year[42]. - The company generated positive operating cash flow of $555 million for the first half of 2020, down from $629 million in the same period of 2019[33]. - The company reported a pre-tax profit of $353,716 thousand, compared to $351,581 thousand in the previous year, showing a marginal increase of about 0.6%[114]. Assets and Liabilities - Total assets as of June 30, 2020, amounted to $22.619 billion, a 14% increase from December 31, 2019[5]. - Total assets increased to $22,618,699 thousand as of June 30, 2020, compared to $19,764,428 thousand at the end of 2019, representing a growth of approximately 9.7%[116]. - The company reported a net asset value as of December 31, 2019, of $1.819386 billion[1]. - Loans and borrowings increased by 19.2% to $15.87 billion as of June 30, 2020, to fund increased capital expenditures[62]. - Total liabilities increased to $17,977,024 thousand from $15,183,514 thousand, reflecting a growth of around 18.5%[117]. - The total amount of loans and borrowings due within one year was $1.701 billion as of June 30, 2020, compared to $1.780 billion as of December 31, 2019, showing a decrease of about 4.4%[161]. - The company reported a significant increase in derivative financial liabilities, rising from $222 million as of December 31, 2019, to $315 million as of June 30, 2020[63]. Liquidity and Capital Expenditures - The company maintained strong liquidity of $4 billion, including cash and cash equivalents of $398 million and undrawn committed credit facilities of $3.6 billion[4]. - The company has a capital expenditure commitment of $9.4 billion, with expected investments close to $6 billion for 2020[34]. - The company has projected cash outflows for aircraft capital expenditures totaling $9.4 billion, with $1.9 billion expected in the second half of 2020[76]. - As of June 30, 2020, cash and cash equivalents stood at $398 million, along with $3.6 billion in undrawn revolving credit facilities, indicating sufficient liquidity[69]. Dividend and Shareholder Information - The company declared an interim dividend of $0.1398 per share, representing 30% of the net profit after tax for the first half of 2020[4]. - The interim dividend declared is $0.1398 per share, representing 30% of the net profit for the first half of 2020, consistent with previous years' dividend payout ratios[33]. - The company’s dividend policy allows for a maximum distribution of 35% of the after-tax net profit for the full financial year[81]. - The company declared an interim dividend of $0.1398 per share for the period ending June 30, 2020, totaling $0.970 million, which is an increase from the previous year's interim dividend of $0.1388 per share[183]. Operational Highlights - The fleet consisted of 571 aircraft, including 334 owned aircraft with an average age of 3.5 years and an average remaining lease term of 8.5 years[6]. - 23 aircraft were delivered in the first half of 2020, with 76 lease commitments signed, all of which have confirmed airline customers for deliveries planned before 2023[6]. - The utilization rate of owned aircraft was 99.8%, with a cash collection rate of 88.8% from airline customers in the first half of 2020[6]. - The company has restructured its order book, committing to purchase an additional 86 aircraft and reorganizing its Boeing 737 MAX orders, with a total of 197 aircraft planned for delivery by December 31, 2024[6]. Financial Expenses and Impairments - Total costs and expenses rose by 17.7% to $681.32 million, compared to $578.49 million in the first half of 2019, primarily due to increased depreciation, impairment of aircraft, and financial asset impairment losses[45]. - Financial expenses increased by 3.4% to $219.84 million, up from $212.57 million, as total debt rose from $13.1 billion to $16 billion, although the average debt cost decreased from 3.6% to 3.2%[48]. - Financial asset impairment losses surged to $0.47 million in the first half of 2020, compared to $0.04 million in the same period of 2019, attributed to financial difficulties faced by lessees due to the COVID-19 pandemic[50]. - The company experienced a significant increase in financial asset impairment losses, which rose to $46,677 thousand from $3,844 thousand, representing a dramatic increase of 1,116.5%[120]. Corporate Governance and Compliance - The company has fully complied with all provisions of the corporate governance code during the six-month period ending June 30, 2020[99]. - The company’s audit committee consists of three independent non-executive directors and two non-executive directors, ensuring oversight of financial reporting and internal control[98]. - The company’s board of directors includes a mix of executive and independent non-executive members, ensuring diverse governance[106]. Employee Compensation and Incentives - Personnel expenses for the first half of 2020 were $0.45 million, a 21.4% increase from $0.37 million in the same period of 2019, primarily due to adjustments in deferred bonuses and stock-based compensation[49]. - Total compensation for directors and key executives amounted to $4.613 million, a decrease from $5.995 million in the previous period[200]. - The company granted a total of 1,755,376 restricted stock units, representing approximately 0.22% of the total issued share capital[93]. - The company granted 616,243 restricted stock units to directors and 915,641 to key executives, compared to 457,353 and 643,571 units respectively in the previous year[200].