Financial Performance - Total revenue for the six months ended June 30, 2025, was HKD 2,405.2 million, a decrease of 4.9% compared to HKD 2,528.1 million in the same period of 2024[3]. - Profit attributable to shareholders increased by 6.7% to HKD 140.5 million, up from HKD 131.7 million in the previous year[5]. - Operating profit surged by 75.9% to HKD 481.0 million, compared to HKD 273.5 million in the same period last year[3]. - The group achieved a net profit of HKD 157.9 million for the period, compared to HKD 185.6 million in 2024, a decrease of approximately 15%[17]. - EBITDA for the six months ended June 30, 2025, was HKD 1,976.1 million, down from HKD 2,481.3 million for the same period in 2024[19]. - The company reported a pre-tax profit of HKD 188,396,000, a decrease of 37.5% from HKD 301,419,000[63]. - Total comprehensive income for the period was HKD 101,190,000, down 6.6% from HKD 107,809,000[61]. Revenue Sources - Financing lease income for the same period was HKD 333.3 million, up from HKD 300.2 million in 2024, representing an increase of approximately 11%[17]. - Total leasing income from finance and operating leases for the six months ended June 30, 2025, was HKD 1,908.1 million, a decrease of HKD 314.4 million or 14.1% from HKD 2,222.5 million for the same period in 2024[21]. - Operating lease income decreased by 18.1% to HKD 1,574,830,000 from HKD 1,922,237,000[60]. - The group’s net income from aircraft transactions and aircraft parts trade was HKD 294.7 million, significantly higher than HKD 25.4 million in the previous year[17]. - Net income from aircraft transactions reached HKD 295,217,000 for the six months ended June 30, 2025, compared to HKD 25,256,000 for the same period in 2024, representing a significant increase[89]. Aircraft and Fleet Management - The company delivered 10 new aircraft and 1 used aircraft during the review period, with a total of 21 new aircraft purchase agreements signed[6]. - As of June 30, 2025, the fleet consisted of 181 aircraft, with 89% of the owned fleet being narrow-body aircraft, maintaining a 100% leasing rate for the owned fleet[7]. - The company has 114 aircraft on order, including 88 Airbus and 26 COMAC aircraft, representing over 70% of the owned fleet size[8]. - The average age of the owned fleet is 8.6 years, with an average remaining lease term of 5.7 years[7]. - The total fleet size decreased from 159 aircraft as of December 31, 2024, to 151 aircraft as of June 30, 2025[39]. - The number of aircraft classified as held for sale decreased from 19 to 12 between December 31, 2024, and June 30, 2025[37]. Financial Position and Liquidity - Cash and cash equivalents amounted to HKD 4,884 million, with unutilized borrowing facilities totaling HKD 11,228 million, leading to a total liquidity of HKD 16,112 million[11]. - Total assets as of June 30, 2025, amounted to HKD 58,612.8 million, an increase of HKD 373.1 million or 0.6% from HKD 58,239.7 million as of December 31, 2024[19]. - Total liabilities as of June 30, 2025, were HKD 52,787.1 million, a decrease of HKD 124.4 million or 0.2% from HKD 52,911.5 million as of December 31, 2024[20]. - The group has a debt-to-equity ratio of 8.4:1 as of June 30, 2025, improved from 9.1:1 as of December 31, 2024[53]. - The group has secured a bank facility of HKD 7,126.3 million for future PDP payments over the next twelve months[68]. Cost Management and Expenses - The group’s interest expenses were HKD 1,104.4 million, down from HKD 1,340.1 million in 2024, reflecting a decrease of about 17.6%[17]. - The total employee compensation for the six months ended June 30, 2025, was HKD 94.2 million, a decrease from HKD 122.1 million for the same period in 2024[54]. - Depreciation and impairment for the six months ended June 30, 2025, was HKD 683.3 million, down HKD 156.4 million or 18.6% from HKD 839.7 million in the previous year[29]. - Interest expenses decreased to HKD 981.3 million, down from HKD 1,206.6 million in 2024, a reduction of approximately 18.7%[101]. Market Outlook and Strategic Plans - The group plans to continue expanding its global quality customer base and provide comprehensive aircraft lifecycle solutions in response to market opportunities[15]. - The group anticipates that the global aviation market will maintain steady growth, with total industry revenue expected to reach $979 billion and passenger volume to hit 4.99 billion in 2025[15]. - The company expects to complete the sale of eight aircraft by the end of October 2025, enhancing capital utilization[107]. - The group plans to meet its financial obligations and capital expenditures through internal resources and available bank financing[68]. Credit and Risk Management - The group’s expected credit loss reversal was primarily due to the repayment of certain loans by a joint venture and improved operating performance[30]. - The cumulative expected credit loss provision for finance lease receivables is HKD 22.8 million as of June 30, 2025, compared to HKD 18.5 million as of December 31, 2024[74]. - The expected credit loss provision for operating lease receivables was HKD 149,598,000 as of June 30, 2025, down from HKD 152,951,000 as of December 31, 2024[79]. Corporate Governance - The company has adhered to all provisions of the Corporate Governance Code as of June 30, 2025[109].
中国飞机租赁(01848) - 2025 - 中期业绩