Financial Performance - Total revenue for 2023 reached HKD 4,764 million, an increase from HKD 4,171 million in 2022, representing a growth of 14.2%[10] - The profit attributable to shareholders for 2023 was HKD 28 million, a significant decrease from HKD 74 million in 2022, reflecting a decline of 62.2%[10] - The EBITDA for 2023 was HKD 4,377 million, demonstrating the company's operational efficiency[10] - For the fiscal year ending December 31, 2023, the total revenue of the group was HKD 4,763.7 million, representing a strong year-on-year growth of 14.2% compared to HKD 4,171.0 million in 2022[14] - The net profit attributable to shareholders for the year was HKD 28.3 million, a decrease from HKD 73.6 million in 2022[14] - 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[31] - Adjusted profit attributable to shareholders was HKD 184.9 million, up HKD 148.7 million or 410.8% from HKD 36.2 million in 2022[31] Assets and Liabilities - The total assets of the company amounted to HKD 59.8 billion, reflecting a stable asset base[8] - The total assets of the group increased to HKD 59,825 million in 2023, up from HKD 55,332 million in 2022, reflecting a growth of 4.5%[11] - The total liabilities rose to HKD 54,685 million in 2023, compared to HKD 49,076 million in 2022, indicating an increase of 11.0%[11] - The total liabilities increased by 11.4% to HKD 54,684.7 million from HKD 49,075.9 million year-on-year[57] - The total interest-bearing debt increased by 12.0% to HKD 50,511.5 million from HKD 45,104.1 million year-on-year[57] - The equity total decreased by 17.8% from HKD 6,256.2 million in 2022 to HKD 5,140.0 million in 2023[65] Fleet and Operations - The company operates a fleet of 192 aircraft, consisting of 165 owned and 27 managed aircraft[6] - There are currently 141 aircraft orders in the pipeline, indicating strong future growth potential[6] - The company serves 41 airline customers across 20 countries and regions, showcasing its global reach[6] - The company delivered a total of 21 new aircraft in 2023, including two Boeing 737 MAX aircraft, and increased its fleet size to 192 aircraft by the end of the year, up by 16 from the previous year[21] - 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[21] - The company maintained a strong order book with a total of 141 aircraft orders, including 113 Airbus A320 NEO and 28 COMAC ARJ21 aircraft[21] Debt and Financing - The debt ratio stands at 81.9%, indicating a high level of leverage in the company's capital structure[9] - The debt ratio (interest-bearing debt to total assets) increased to 84.4% in 2023 from 81.5% in 2022, indicating a higher leverage[11] - The company secured over HKD 24 billion in new financing, including a sustainable development-linked aircraft prepayment loan, marking a first in the global aviation leasing industry[23] - The average actual interest rate on bank borrowings was 6.12% in 2023, compared to 4.20% in 2022[36] Sustainability and Future Strategies - The company is committed to sustainable development and green aviation, positioning itself as a leader in the industry[4] - Future strategies include expanding into new markets and enhancing aircraft asset management services[4] - The group is actively promoting green financing and has issued the first low-carbon transition bond in the Chinese aviation leasing industry[16] - The company is committed to supporting the development of domestic aircraft and enhancing overseas aviation material support capabilities[17] Shareholder and Dividend Information - The board proposed a final dividend of HKD 0.15 per share, maintaining the total dividend for 2023 at HKD 0.30 per share, consistent with 2022[14] - The group maintains a dividend policy aligned with its financial strategy, ensuring sufficient cash reserves to meet operational needs[72] - The board will review the dividend policy periodically, considering various factors impacting the group[72] Corporate Governance - The company has established a governance report for the year ending December 31, 2023, detailing its corporate governance practices[133] - The company has adhered to all provisions of the Corporate Governance Code as of December 31, 2023[134] - The board composition includes 25% female and 75% male directors, with 38% being independent non-executive directors[137] - The company emphasizes compliance with applicable laws and regulations across its jurisdictions[135] Risk Management - The company has established a risk management and internal control system to monitor and manage risks effectively[175] - The risk management framework includes a "three lines of defense" model to identify and manage risks effectively[193] - The company has conducted a climate risk assessment since 2019 to understand potential risks from climate change on its operations[181] - The company closely monitors foreign exchange risks and employs currency swaps and forwards to hedge against currency exchange risks[198] Employee and Diversity Initiatives - Employee count rose to 185 as of December 31, 2023, compared to 169 in 2022, with total employee compensation for 2023 amounting to HKD 171.2 million[66] - The company aims to maintain a diverse board with at least 25% female representation, despite the upcoming retirement of a female director in 2024[159] - The company has implemented an Equal Opportunity and Anti-Discrimination Policy to promote a fair and inclusive work environment[158] Board Changes and Appointments - The board has undergone changes, with new appointments and resignations noted, including the resignation of independent non-executive director Fan Renhe[81] - The company has appointed a new company secretary, effective May 1, 2023, who is a Chartered Financial Analyst and a registered accountant in Singapore[182] - The board has established formal procedures for the appointment, re-election, and retirement of directors, ensuring transparency[145]
中国飞机租赁(01848) - 2023 - 年度财报