中银航空租赁(02588) - 2022 - 年度财报

Financial Performance - Total operating revenue and other income increased by 6% to $2.307 billion[4] - Net profit after tax was $20 million, down from $561 million in 2021, impacted by a $507 million impairment related to Russian aircraft[4] - Core net profit after tax, excluding the impairment, was $527 million, a decrease of 6% from 2021[5] - Operating cash flow (excluding interest) increased by 14% to $1.5 billion[4] - Total assets as of December 31, 2022, were $22.071 billion, a decrease of 7.6% from the previous year[5] - The company achieved a pre-tax profit of $29 million and a net profit of $20 million, a decrease primarily due to the impact of the Russia-Ukraine conflict[16] - Core pre-tax profit, excluding the impact of aircraft impairment, was $598 million, with core net profit at $527 million, showing minimal change compared to 2021[19] - Total operating revenue and other income increased by 5.7% to $2.3 billion, while total costs and expenses rose by 47.5% to $2.3 billion, mainly due to asset write-downs[61] - Net profit for the year decreased by 96.4% to $20.1 million in 2022, compared to $561.3 million in 2021[81] Liquidity and Capital Structure - The company maintained strong liquidity with cash and cash equivalents of $392 million and undrawn committed loan facilities of $4.9 billion, totaling $5.3 billion in liquidity[4] - The company’s capital expenditure net amount was $1.2 billion, affected by delays in aircraft deliveries, with a financing requirement of $900 million, primarily sourced from bank channels[22] - The company raised over $38 billion in debt financing since its inception, with a strong investment-grade credit rating of A- from both Fitch and S&P[26][27] - Total liabilities decreased by 9.4% from $18.61 billion on December 31, 2021, to $16.87 billion on December 31, 2022, primarily due to repayments of loans[85] - Total equity as of December 31, 2022, was $5.20 billion, a decrease of 1.2% from $5.27 billion on December 31, 2021, mainly due to dividends paid[95] Aircraft Fleet and Transactions - The fleet consisted of 633 aircraft, with an average remaining lease term of 8.1 years and a utilization rate of 96%[11] - The company executed 298 transactions in 2022, including commitments to purchase 147 aircraft and delivery of 34 aircraft[11] - The year-end order book included 206 aircraft, with significant orders placed with Airbus and Boeing for a total of 120 aircraft[11] - The company delivered 34 aircraft to airline customers in 2022, bringing the total owned and managed fleet to 427 aircraft[21] - The average remaining lease term for the owned fleet is 8.1 years, with approximately 80% of leases set to expire in 2029 or later[32][33] Revenue Sources and Trends - The total operating income for 2022 was $2.307 billion, with lease rental income contributing 86%, interest and fees at 11%, and aircraft sales net income at 3%[29] - Lease rental income decreased by 4.3% to $1.78 billion in 2022 from $1.86 billion in 2021, mainly due to the termination of leases with Russian airlines[64] - Income from lease terminations surged by 201.8% to $222.9 million in 2022, primarily due to lease terminations with Russian airlines[68] - Other income rose by 323.1% to $99.0 million in 2022, driven by previously unutilized maintenance reserves and deposits[69] Corporate Governance and Management - The company adopted and complied with the corporate governance code principles and all applicable code provisions for the year ended December 31, 2022[144] - The company is committed to high standards of corporate ethics, integrity, transparency, and accountability to enhance shareholder value[144] - The board consists of five non-executive directors, four independent non-executive directors, and two executive directors, ensuring a diverse governance structure[156] - The company has achieved a gender diversity goal with three female directors, exceeding the target of at least two female directors[160] - The board has a clear division of responsibilities between the chairman and the CEO, enhancing governance effectiveness[155] Risk Management and Internal Controls - The audit committee oversees the establishment and maintenance of risk management and internal control systems, ensuring their effectiveness[176] - The company conducts annual assessments of its risk management and internal control systems, confirming their effectiveness and adequacy in 2022[179] - The internal audit department is responsible for reviewing compliance with policies and procedures across the organization[177] - The company has established procedures for identifying, controlling, and reporting major risks, including financial and operational risks[179] Future Outlook and Strategic Initiatives - The company provided guidance for the next fiscal year, projecting revenue growth of 10% to $1.32 billion[121] - New product launches are expected to contribute an additional $200 million in revenue, with a focus on innovative leasing solutions[121] - The company is expanding its market presence in Asia, targeting a 25% increase in market share over the next two years[121] - Research and development investments increased by 30%, focusing on advanced aircraft technology and sustainability initiatives[121]