(Stock code:1848.HK)
China Aircraft Leasing Group
Full value chain aircraft solutions provider
2024 Annual Results
March 2025
1.1 Stable financial and operational performance in 2024
18 straight years of profitability
(HK$ mn ) | (HK$ mn) | ||
4,764 | 5,204 | 258 | |
28 | |||
2023 | 2024 | 2023 | 2024 |
Toal revenue up 9% yoy | Profit to shareholders surged |
Proactive financial management making progress
(HK$ mn)
5,140 | 5,328 | 84.4% |
83.4% | ||
2023 | 2024 | 2023 | 2024 |
10 years of dividend payouts since listing
HK$ 4.59
Accumulated DPS1
21
Total payouts announced1
Note：1. Accumulated total since listing, incl. proposed 2024 final dividend of HKD 0.18 per share.
Ag-(Stable)
Offshore Issuer Rating (Outlook)
Net assets up 4% yoy | Lower gearing ratio2 | FIRST Int'l IG rating |
Note: 2. Gearing ratio = interest-bearing debts/total assets | 2024 Annual Results | 3 | |
1.2 Stay active and competitive across core business segments
Steady development of leasing
48 aircraft | 17 aircraft |
Signed LAs /LOIs | New deliveries |
Record-breaking portfolio trades
50 aircraft | 27 aircraft |
Signed SPAs | Portfolio trade |
Owned+Managed | Owned+Managed |
Quality Fleet Assets
189 aircraft | 124 aircraft | 90 % | 100 % |
Fleet size | On backlog | Narrowbody- | Best utilization rate2 |
159 owned1 + 30 managed | dominant fleet | (owned fleet) | |
(owned fleet) |
Global Creditworthy Clientele
40 | 21 | 101 % | 11.6 % |
Airline customers | Countries & regions | Rent collection ratio3 | Rental yield4 |
(Adjusted) | |||
Note：1、Including 1 aircraft involving Russian carriers. | |||
2、Excluding 1 aircraft involving Russian carriers. | |||
3、 Represented by the cash received over the amount of invoice billing. | 2024 Annual Results | 4 | ||
4、Adjusted average rental yield is a weighted average calculated as the sum of expected annualized gross lease receipt |
and government grants divided by the net book value of aircraft.
1.3 Improved operating environment sustained future growth
Asset appreciation & revenue growth
- Record-highglobal air traffic
- Record-highPLF
- Airlines revenue at all-time high
- Record-highpassenger number
- Traffic for int'l routes more than doubled
- Airlines return to profitability
- Supply chain snag persists
• | Postponed OEM production | • Rate cuts boost aircraft trading market |
ramp-up | ||
• | Aircraft delivery delay | |
• | Rising aircraft values | |
and lease rates |
Rate Cut
?
StrongChina Demand
Aircraft | |
Shortage | Currency |
- Rate-cutcycle to continue in 2025
- Lower USD borrowing costs
- China's monetary policy shifts to "moderate easing"
- Favorable RMB financing market
Deleverage & cost efficiency
2024 Annual Results | 5
2.1 2024 results overview
HK$ mn
2024 | 2023 | change |
Total revenue | 5,203.8 | 4,763.7 | +9.2% |
Profit for the year | 325.6 | 220.2 | +47.9% |
Profit attributable to shareholders | 257.5 | 28.3 | +809.9% |
EBITDA | 5,038.4 | 4,377.0 | +15.1% |
Final dividend per share (HK$) | 0.18 | 0.15 | +20.0% |
Full year dividend per share (HK$) | 0.30 | 0.30 | - |
2024 Annual Results | 7
2.2 Steady revenue growth
HK$ mn | 2024 | 2023 | change |
Total lease income | 4,349.7 | 4,199.2 | +3.6% |
Finance lease income | 608.8 | 601.0 | +1.3% |
(2024: 49 aircraft vs. 2023: 48 aircraft) | |||
Operating lease income | 3,740.9 | 3,598.2 | +4.0% |
(2024: 110 aircraft vs. 2023: 117 aircraft) | |||
Net income from aircraft transactions and aircraft | 212.7 | 124.5 | +70.9% |
components trading | |||
Government grants | 316.2 | 171.8 | +84.1% |
Bank interest income and interest income from loans | 242.9 | 198.6 | +22.3% |
to associates and joint ventures | |||
Asset management service fees income from | 16.7 | 18.4 | -9.2% |
CAG Group | |||
Others | 65.6 | 51.2 | +28.1% |
Total revenue | 5,203.8 | 4,763.7 | +9.2% |
2024 Annual Results | 8
2.3 Operating expenses
HK$ mn
2024 | 2023 | change |
Interest expenses and payments to trust plans | (2,710.6) | (2,244.5) | +20.8% |
Interest expenses | (2,447.3) | (1,953.5) | +25.3% |
(average US$ SOFR increased from 4.84% in 2023 to 4.94% | |||
in 2024) | |||
Payments to trust plans | (263.3) | (291.0) | -9.5% |
Depreciation and impairment | (1,686.6) | (1,618.8) | +4.2% |
(2024: 110 aircraft vs. 2023: 117 aircraft) | |||
Reversal of expected credit losses/(expected | 71.2 | (51.0) | n.a. |
credit losses) | |||
2024 Annual Results | 9
2.4 Diversified dual market financing channels to control financing costs
HK$ 24 bn
Total facilities obtained
New and renewed, FY2024
5.5%
Avg. financing cost
FY2024
Onshore RMB financing: active and well-recognized issuer with record-low rates
2024.04 | 2024.09 | 2025.02 | |||
Successfully issued 2 medium-term notes | First-ever RMB perpetual MTN issuance | Issued corporate bonds | |||
to refinance USD perpetual bonds | |||||
RMB 0.3bn | & | RMB1.2 bn | RMB 1 bn | RMB1.5bn | |
3-yr MTN | 5-yr MTN | Perp. MTN | 5-yr corporate bonds | ||
coupon rate 2.75% | coupon rate 3.3% | coupon rate 2.7% | coupon rate 2.38% | ||
US$ 0.1bn | US$ 0.4+0.3 bn | ||||
Perpetual Bonds | Warehouse Facility | ||||
Floating rate | Revolving & with an option to upsize | ||||
2024.07 | 2024.10 | ||||
Voluntary redemption of USD perp., | First-ever issuance | ||||
following previous redemption in Dec 2023 | Another innovative financing channel |
Offshore USD financing: proactive debt management and innovative financing
2024 Annual Results | 10