Financial Performance - Total revenue for the six months ended June 30, 2023, was HKD 2,326.3 million, an increase of 23.0% compared to HKD 1,890.8 million in the same period of 2022[2] - Profit attributable to shareholders reached HKD 201.2 million, recovering from a loss of HKD 130.2 million in the first half of 2022[3] - EBITDA for the period was HKD 2,284.6 million, representing a significant increase of 65.6% from HKD 1,379.5 million in the previous year[2] - The profit for the six months ended June 30, 2023, was HKD 306.9 million, a significant recovery from a loss of HKD 70.4 million in the same period last year[11] - The total comprehensive income for the six months ended June 30, 2023, was HKD 172,221, compared to HKD 231,663 in the same period of 2022, showing a decrease of approximately 25.6%[50] - Basic earnings per share improved to HKD 0.270 in 2023 from a loss of HKD 0.175 in 2022, indicating a turnaround in profitability[84] Fleet and Operations - The company delivered 13 new aircraft to airline customers during the review period, increasing the fleet size to 189 aircraft as of June 30, 2023[4] - The fleet size increased from 150 aircraft at the end of 2022 to 162 aircraft as of June 30, 2023[11] - The average age of the owned fleet was 8.3 years, with an average remaining lease term of 5.8 years, and a 100% utilization rate for the owned fleet[5] - The fleet size under operating leases increased from 97 aircraft as of December 31, 2022, to 108 aircraft as of June 30, 2023[29] - The number of aircraft classified as held for sale increased from 4 to 5 between December 31, 2022, and June 30, 2023[30] Financial Position - The total assets increased to HKD 63,185.6 million as of June 30, 2023, up HKD 7,853.5 million or 14.2% from HKD 55,332.1 million at the end of 2022[11] - The total liabilities rose to HKD 56,921.6 million as of June 30, 2023, an increase of HKD 7,845.7 million or 16.0% from HKD 49,075.9 million at the end of 2022[11] - The group’s cash and bank balances increased by 32.9% to HKD 6,202.7 million from HKD 4,667.5 million as of December 31, 2022[28] - The total interest-bearing debt increased by 16.3% to HKD 52,453.1 million from HKD 45,104.1 million as of December 31, 2022[37] - The total capital commitments amounted to HKD 78,826.1 million, primarily related to aircraft purchases, with HKD 15,884.1 million expected to be incurred within one year[55] Financing and Investments - The company secured over HKD 14.5 billion in new and renewed financing, providing strong support for business development[7] - The company has secured new aircraft project loan financing totaling HKD 7,578.1 million from various banks and financial institutions[58] - The group has received approval from the China Securities Regulatory Commission to issue unsecured bonds up to RMB 2 billion within two years, with a recent issuance of RMB 1.5 billion completed in June 2023[58] - The planned pre-delivery payments (PDP) for the next twelve months amount to HKD 7,591.2 million[56] - The company is actively seeking additional financing sources, including bond issuance and medium-term notes[58] Income and Expenses - Total other income for the six months ended June 30, 2023, was HKD 225.1 million, an increase of 32.0% from HKD 170.5 million in the same period of 2022[15] - Interest expenses rose to HKD 1,075.9 million, a 42.0% increase from HKD 757.9 million in the previous year, primarily due to a rise in the 3-month USD LIBOR from 2.29% to 5.55%[17] - Depreciation expenses increased to HKD 748.0 million, up 26.6% from HKD 590.7 million, attributed to an increase in the number of aircraft from 97 to 108[19] - The net income from the sale of aircraft and aircraft parts was HKD 44.7 million for the six months ended June 30, 2023, down from HKD 66.5 million in the same period last year[14] - The company incurred interest expenses of HKD 1,075,871 in the first half of 2023, up from HKD 757,857 in the same period of 2022, marking an increase of about 42%[51] Corporate Governance - The company has adhered to all provisions of the Corporate Governance Code as of June 30, 2023, emphasizing its commitment to high standards of corporate governance[92] - The company has adopted the "Standard Code" for securities trading by directors, confirming compliance as of June 30, 2023[93] - The Audit Committee, consisting of independent non-executive directors, reviewed the group's accounting principles and practices for the six months ending June 30, 2023[94] - The unaudited consolidated financial statements for the six months ending June 30, 2023, were reviewed by the external auditor, PwC, in accordance with the relevant standards[94] Market Outlook - The global aviation industry is expected to achieve a net profit of USD 9.8 billion in 2023, more than double previous forecasts[9] - The company plans to leverage its full industry chain operations to capitalize on the rapid recovery of the aviation market and the trend towards low-carbon aviation[10] - The company is confident in completing the planned aircraft sales within the expected timeline and recovering the proceeds[59]
中国飞机租赁(01848) - 2023 - 中期业绩