Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 4,763.7 million, representing a strong growth of 14.2% compared to HKD 4,171.0 million in 2022[2] - Profit attributable to shareholders for the year was HKD 28.3 million, a decrease of 61.5% from HKD 73.6 million in 2022[2] - EBITDA for the year increased by 25.4% to HKD 4,377.0 million, up from HKD 3,490.6 million in 2022[2] - Adjusted profit attributable to shareholders surged by 410.8% to HKD 184.9 million, compared to HKD 36.2 million in 2022[2] - The operating profit for 2023 was HKD 693.7 million, a decrease of HKD 81.5 million or 10.5% from HKD 775.2 million in 2022[25] - The total revenue for 2023 was HKD 4,763.7 million, an increase of HKD 778.1 million or 18.7% compared to HKD 4,171.0 million in 2022[25] - The total lease income from finance and operating leases for 2023 was HKD 4,199.2 million, an increase of HKD 657.0 million or 18.5% compared to HKD 3,542.2 million in 2022[27] - The net income from aircraft sales and parts trading for 2023 was HKD 124.5 million, compared to HKD 207.1 million in 2022[28] - The company recorded a comprehensive income of HKD 77,953 thousand for the year, down from HKD 536,691 thousand in 2022, a decrease of 85.51%[67] Cash and Liquidity - Cash and cash equivalents as of December 31, 2023, were HKD 5,295.9 million, reflecting a significant increase of 49.1% from HKD 3,552.5 million in 2022[2] - The group secured over HKD 24 billion in new financing, including aircraft project loans and RMB bonds, enhancing liquidity for business development, with cash and bank balances amounting to HKD 5,840.4 million as of December 31, 2023[17] - The cash flow from operating activities for the year ended December 31, 2023, was HKD 3,685,874,000, an increase from HKD 3,348,587,000 in 2022[70] - The net cash flow used in investing activities was HKD (3,965,451,000), compared to HKD (6,529,265,000) in the previous year[71] - Cash flow from financing activities generated HKD 2,105,369,000, slightly up from HKD 2,008,278,000 in 2022[71] Fleet and Operations - The company maintained a fleet size of 192 aircraft by the end of 2023, an increase of 16 aircraft from the previous year, including 165 owned and 27 managed aircraft[13] - The company delivered 21 new aircraft in 2023, including two Boeing 737 MAX aircraft, and maintained a strong order book with 141 aircraft orders, comprising 113 Airbus A320 NEO and 28 ARJ21 aircraft[14] - The average age of the company's owned fleet was 8.5 years, with an average remaining lease term of 5.7 years as of December 31, 2023[14] - The company achieved a rental income recovery rate of 101.4% for the year, reflecting improved operational performance among most airline customers[15] - The company delivered its first new Boeing 737 MAX aircraft from its order book during the review year, marking a significant milestone in its partnership[6] Debt and Financing - The total liabilities as of December 31, 2023, were HKD 54,684.7 million, an increase of HKD 5,608.8 million or 11.4% from HKD 49,075.9 million in 2022[25] - Total interest-bearing debt rose by 12.0% from HKD 45,104.1 million in 2022 to HKD 50,511.5 million in 2023[53] - The average effective interest rate for bank and other borrowings increased to 6.12% in 2023 from 4.20% in 2022[32] - The group has issued RMB 1.5 billion and RMB 0.5 billion three-year corporate bonds in China in June and November 2023, respectively[76] - The total amount of bonds and financing notes increased from HKD 5,406.5 million as of December 31, 2022, to HKD 5,943.5 million as of December 31, 2023, primarily due to the issuance of two three-year RMB bonds totaling HKD 2,204.0 million[55] Market and Strategic Initiatives - The company is actively promoting green financing and has issued the first low-carbon transition bond in the Chinese aviation and aircraft leasing industry[8] - The company aims to enhance its global footprint and sustainable development through strategic partnerships and asset management[5] - The group has expanded its customer base to 41 airlines across 20 countries and regions, with all aircraft scheduled for delivery in the next 21 months already under lease agreements, over half of which will be leased to overseas airline customers[16] - Global air passenger demand increased by 36.9% in 2023, reaching 94.1% of 2019 levels, with domestic routes in China surpassing pre-pandemic levels[12] - The aircraft supply chain faces challenges, particularly a shortage of narrow-body aircraft, which is expected to persist until at least 2027, driving demand for aircraft leasing[20] Governance and Compliance - The company has adhered to all applicable provisions of the Corporate Governance Code as of December 31, 2023[111] - The consolidated financial statements for the year ended December 31, 2023, were audited by PwC in accordance with Hong Kong Financial Reporting Standards[114] - The audit committee, consisting of independent non-executive directors, reviewed the group's accounting principles and discussed matters related to auditing, internal controls, and financial reporting[113] - The 2023 ESG report marks the company's 10th report on its ESG performance, available on its website and the Hong Kong Stock Exchange[111] Employee and Operational Metrics - The total number of employees increased from 169 in 2022 to 185 in 2023, with total employee compensation amounting to HKD 171.2 million in 2023[61] - The company maintained a prudent approach to credit loss provisioning, resulting in an increase in expected credit loss provisions[51] - The aging analysis of operating lease receivables shows that 65% are overdue by more than 90 days, compared to 44% in 2022, indicating a significant increase in overdue amounts[87]
中国飞机租赁(01848) - 2023 - 年度业绩