中银航空租赁(02588) - 2021 - 年度财报

Financial Performance - Total operating revenue and other income increased by 6% to $2.183 billion in 2021[6] - Pre-tax profit reached $639 million, a 13% increase compared to 2020, while net profit after tax rose by 10% to $561 million[6] - Earnings per share (EPS) improved to $0.81, up 10.1% from $0.73 in 2020[8] - Total operating revenue and other income increased to $2.2 billion, up 6% year-on-year[18] - The company reported a net profit after tax of $561 million in 2021, with a return on equity of 11.2%[37] - The net profit for the year ended December 31, 2021, was $561.3 million, an increase of 10.1% compared to $509.8 million in 2020[57] - The pre-tax profit for 2021 was $638.7 million, up 13.4% from $563.0 million in 2020[57] - Lease rental income increased by 4.5% to $1.87 billion in 2021 from $1.78 billion in 2020[58] - Total operating income and other income rose by 6.3% to $2.18 billion in 2021 compared to $2.05 billion in 2020[58] Assets and Liabilities - Total assets remained stable at $23.9 billion, with cash and cash equivalents amounting to $486 million, a 19.3% increase from the previous year[8] - As of December 31, 2021, the total asset value reached $23.9 billion, compared to $23.6 billion at the end of 2020[18] - Total assets increased by 1.3% to $23.9 billion as of December 31, 2021, from $23.6 billion in 2020[72] - Total liabilities remained stable at approximately $16.7 billion as of December 31, 2021, compared to $16.8 billion as of December 31, 2020[85] - The total capital-to-debt ratio improved from 3.5 times as of December 31, 2020, to 3.2 times as of December 31, 2021[85] Fleet and Aircraft - The fleet consisted of 521 aircraft, with an average remaining lease term of 8.3 years and a utilization rate of 98.5%[13] - A total of 52 aircraft were received in 2021, and 26 aircraft were sold, including 23 from the owned fleet[13] - The fleet size increased to 417 aircraft, leased to 86 airlines across 38 countries and regions, with 64% of the fleet leased to airlines in Belt and Road Initiative countries[18] - The company's fleet net book value reached a historical high of $19.6 billion by the end of 2021[19] - The average age of the owned fleet was 3.9 years, making it one of the youngest in the aircraft leasing industry[23] Dividends - The board proposed a final dividend of $0.1733 per share, bringing the total dividend for the fiscal year to $0.2831 per share[6] - The company maintained a dividend policy of distributing no more than 35% of annual net profit, proposing a final dividend of $0.1733 per share, totaling $0.2831 per share for 2021[18] - The total dividend for the year ended December 31, 2021, will amount to $0.2831 per share, distributing a total of approximately $196.5 million to shareholders[162] Cash Flow and Financing - Operating cash flow (excluding interest) remained stable at $1.3 billion[6] - The average debt cost for the company in 2021 was 2.9%, benefiting from a strong investment-grade credit rating (Fitch and S&P both rated A-) and diversified debt financing sources[25] - The company invested $2.1 billion in new aircraft purchases and repaid $1.9 billion in debt during 2021[23] - The amount of cash and cash equivalents as of December 31, 2021, was $485 million, with an additional $5.6 billion in undrawn committed loan facilities[84] Governance and Management - The management team includes Robert James Martin as CEO, who has over 34 years of experience in the aircraft and leasing business[99] - The company has established a clear governance framework to manage daily operations, including several management committees led by senior executives[150] - The board consists of five non-executive directors, four independent non-executive directors, and two executive directors[122] - The company has adopted a board diversity policy, considering factors such as gender, age, cultural background, and professional experience in board member appointments[123] - The board has a clear division of responsibilities between itself and the management team, with the board overseeing strategic leadership and management executing approved strategies[120] Risk Management - The company emphasizes the importance of risk management and internal controls as part of its governance strategy[120] - The company has a risk management committee that continuously reviews risk factors affecting the balance sheet, including asset and credit risks[150] - The internal audit department conducts independent reviews of major risk areas and monitors compliance with accounting, financial, and operational procedures[139] Market and Strategic Outlook - The company anticipates a gradual strengthening of recovery trends in 2022 as vaccination efforts continue[54] - The aviation leasing market remains competitive, with challenges in expanding the asset base due to new entrants[53] - The company is exploring partnerships with other firms to enhance its product distribution channels[103] Charitable Contributions - The company donated over $50,000 for charitable purposes during the year ended December 31, 2021[167]