国泰航空(00293) - 2022 - 中期财报

Financial Performance - Cathay Pacific reported a loss attributable to shareholders of HKD 18,551 million for the six months ended June 30, 2022, an increase of 17.0% compared to HKD 15,854 million in the previous year[7]. - The loss per share for ordinary shares improved to HKD (4,999) from HKD (7,565), representing a decrease of 33.9%[7]. - Cathay Pacific Group reported a loss attributable to shareholders of HKD 4.999 billion for the first half of 2022, compared to a loss of HKD 7.556 billion in the same period of 2021[9]. - Passenger service revenue increased by 177.6% to HKD 2.068 billion, while cargo service revenue rose by 9.3% to HKD 12.148 billion[46]. - Total revenue for the group reached HKD 18.551 billion, reflecting a 17.0% increase from HKD 15.854 billion in the previous year[46]. - Operating loss before non-recurring items was HKD 1,253 million, significantly improved from a loss of HKD 4,532 million in the same period last year[55]. - The company reported a net loss from associates of HKD 2,726 million for the first half of 2022[64]. - The company recorded a loss of HKD 4,999 million for the six months ended June 30, 2022, compared to a loss of HKD 7,565 million in the same period of 2021, reflecting a 34% improvement[60]. Operational Metrics - The available seat kilometers (ASK) decreased by 30.5% to 3,094 million from 4,454 million year-on-year[8]. - The revenue passenger kilometers (RPK) surged by 277.7% to 67.6 million from 17.9 million year-on-year[8]. - The airline's passenger revenue increased by 177.6% year-on-year to HKD 2.068 billion in the first half of 2022, with a total of 335,000 passengers carried, representing a 113.4% increase compared to the previous year[10]. - The load factor for the first half of 2022 was 59.2%, significantly up from 18.9% in the same period of 2021, reflecting improved operational performance[15]. - The overall passenger load factor in the Americas region improved by 51.7 percentage points to 72.7% in the first half of 2022 compared to 21.0% in the previous year[16]. - The company aims to gradually increase passenger and cargo capacity to 25% and 65% of pre-pandemic levels by the end of 2022, respectively[12]. Cost and Expenses - The operating cost per available ton kilometer (including fuel) rose by 32.4% to HKD 5.88 from HKD 4.44[8]. - Non-fuel costs decreased by 4.9% to HKD 16.056 billion in the first half of 2022, while fuel costs increased by HKD 1.458 billion (or 54.8%) compared to the previous year[11]. - Fuel costs increased significantly, with total fuel costs amounting to HKD 4.618 billion, up from HKD 2.937 billion, driven by an 85.1% rise in average fuel prices[51]. - The cost per available tonne-kilometre (including fuel) rose by 32.4% to HKD 5.88, while the cost excluding fuel increased by 30.4% to HKD 5.19[48]. Fleet and Capacity - The company plans to add 51 new aircraft to its fleet in the coming years[6]. - The average age of the fleet increased to 11.3 years from 10.6 years[8]. - The fleet consisted of 188 aircraft as of June 30, 2022, with 69 aircraft parked outside Hong Kong due to operational considerations[29]. - The average age of the fleet is 11.3 years, with 12 aircraft on order for delivery in 2023 and beyond[30]. Cash and Liquidity - As of June 30, 2022, the company had available unrestricted cash of HKD 26.7 billion, aided by a loan extension from the Hong Kong government[11]. - Available unrestricted cash totaled HKD 26.7 billion, comprising HKD 17.29 billion in cash and HKD 9.53 billion in undrawn credit facilities[52]. - The company reported a net cash inflow from operating activities of HKD 5,636 million in 2022, up from HKD 1,425 million in 2021, marking a 296% increase[59]. Challenges and Outlook - The company continues to face significant challenges due to strict travel restrictions and quarantine requirements affecting crew operations[12]. - The recent adjustments to quarantine requirements for inbound travelers are expected to enhance travel demand, positively impacting future performance[12]. - The company has acknowledged potential risks affecting future performance, including the impact of the COVID-19 pandemic and changes in the economic environment[107]. Sustainability Initiatives - The company aims to achieve net-zero carbon emissions by 2050 and increase sustainable aviation fuel usage to 10% of total fuel consumption by 2030[42]. - Cathay Pacific has committed to halving its single-use plastic footprint by the end of 2022 and continues to work towards this three-year goal[43]. - The group aims to reduce ground emissions by 32% by 2030 and 55% by 2035, based on 2018 levels[43]. Employee and Community Engagement - The company plans to recruit over 4,000 frontline staff in the next 18 to 24 months to meet operational needs as global travel demand is expected to rise[13]. - Cathay Pacific has donated over 62,600 items, including blankets and masks, to communities in need during the first half of 2022[44]. - Cathay Pacific plans to recruit approximately 180 trainee pilots in 2022, with a goal of training over 1,000 local trainee pilots by 2025[44].