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CLP Group 2016 Interim Results Analyst Briefing 1 August 2016
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Page 1: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

CLP Group 2016 Interim Results

Analyst Briefing

1 August 2016

Page 2: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

This presentation contains some comments about future events including our

expectations about the performance of CLP Group's business. The comments

are not audited and are based on a number of factors that we cannot

accurately predict or control. We cannot be certain that the comments will be

accurate or complete and so they should not be relied on. From time to time

as circumstances change we may update our website at www.clpgroup.com

and will update the Hong Kong Stock Exchange when relevant to comply with

our continuous disclosure obligations.

This presentation is not an offer of securities for sale in the United States.

Securities may not be offered or sold in the United States absent registration

or an exemption from registration. Any public offering of securities in the

United States must be made by means of a prospectus that contains detailed

information about the issuer and its management, as well as financial

statements.

Maps included in this presentation are indicative only. They are provided for

the purpose of showing the approximate location of CLP Group’s assets, and

do not purport to show the official political borders between different countries.

Disclaimer

2

Page 3: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

Agenda

Performance Overview

Group Financial Performance and Operating Information

Performance by Business Units

Strategy and Outlook

Appendices

3

Page 4: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

Focus • Delivery • Growth

Reliable performance in Hong Kong and further growth of

contribution from overseas businesses

Continued growth in low carbon investment

Progress on planned CCGT and EIA of offshore LNG terminal in Hong Kong

478 MW renewable projects committed or under construction

Solar portfolio now reaching towards 300 MW (July 2016)

Healthy cash flow and strong credit rating with positive outlook

4

Page 5: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

Earnings and Dividends 1H2016 1H2015* Change

Operating earnings (HK$M) 6,149 5,525 11%

Total earnings (HK$M) 6,125 5,723 7%

Operating earnings per share (HK$) 2.43 2.19 11%

Total earnings per share (HK$) 2.42 2.27 7%

Dividends per share (HK$)

First interim dividend 0.57 0.55 4%

Second interim dividend 0.57 0.55 4%

Total interim dividends to date 1.14 1.10 4%

Financial Performance

* Comparative figures have been restated for the adoption of HKFRS 9 on hedge accounting

5

Page 6: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

(1) Equity basis and capacity purchase arrangements. Also includes long-term power contracts from facilities in which we hold an equity interest.

(2) Equity basis and capacity purchase arrangements. 1H2015 data revised to reflect definition.

(3) Non-carbon emitting includes wind, hydro, solar and nuclear

(4) Unplanned customer minutes lost - average of the past 36 months

Operating Information 1H2016 1H2015 Change

Safety (Total Recordable Injury Rate) 0.10 0.22 0.12

Electricity sent out (GWh) (1) 38,524 37,579 945

Generation Capacity (MW) (2)

Total in Operation 21,767 21,657 110

Non-Carbon Emitting (3) 4,416 4,186 230

Under Construction 1,402 1,565 163

Customer Number (Thousand)

Hong Kong

Australia

2,500

2,640

2,472

2,618

28

22

Hong Kong local electricity sales (GWh) 15,519 15,431 0.6%

Reliability in Hong Kong (minutes lost pa) (4) 1.49 2.26 34%

Operating Information

6

Page 7: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

Group Financial Performance

System Control Centre, Hong Kong

Page 8: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

HK$M 1H2016 1H2015* Change

Revenue 38,671 39,985 3%

Operating Earnings

Hong Kong and related activities 4,432 4,130 7%

Local electricity business 4,276 4,052

Sales to Guangdong and others 69 (6)

PSDC and Hong Kong Branch Line 87 84

Overseas 2,057 1,666 23%

Mainland China 841 941

India 200 92

Southeast Asia and Taiwan 119 140

Australia 897 493

Others, net (340) (271)

Operating Earnings 6,149 5,525 11%

Items affecting comparability # (24) 198

Total Earnings 6,125 5,723 7%

Group Financial Performance

* Comparative figures have been restated for the adoption of HKFRS 9 on hedge accounting # Items affecting comparability in 1H2016 represent revaluation loss on Argyle Street site, partially offset by reversal of over-provision of capital gain tax.

1H2015 represent revaluation gain of Argyle Street site

8

Page 9: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

HK$M 1H2016 1H2015* Change

Operating Earnings

(Attributable to CLP) 6,149 5,525 11%

Exclude:

Fair value

adjustments 61 22

Net finance costs # (1,142) (1,593)

Income tax expense (1,424) (1,314)

Non-controlling

interests (423) (419)

ACOI

9,077

8,829

3%

Adjusted Current Operating Income (ACOI)

Adjusted Current Operating Income or ACOI

ACOI equals EBIT excluding items affecting

comparability and fair value adjustments, but

includes Group’s share in net earnings from joint

ventures and an associate

Fair value adjustments

Mainly attributable to energy derivative contracts

in EnergyAustralia

Net finance costs #

Lower finance costs following significant debt

prepayment by EnergyAustralia after Iona asset

sale in December 2015

Lower average interest rate of the Group

Favourable fair value movements of financial

instruments

Income tax expense

Increase in line with increase in operating profits

Non-controlling interests

CSG’s 30% share of CAPCO

* Comparative figures have been restated for the adoption of HKFRS 9 on hedge accounting # Included the distribution to perpetual capital securities holders

9

Page 10: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

HK$M 1H2016 1H2015

Hong Kong and related activities 6,328 6,074 Ongoing capital investments in line with Development Plan

Mainland China 1,029 1,100 Strong hydro and nuclear, new projects, lower coal contribution

India 648 614 Additional renewable contribution, thermal steady

Southeast Asia and Taiwan 118 139 Steady performance in Ho-Ping despite longer planned overhaul

Australia 1,317 1,174 Higher generation, lower D&A, lower retail contribution

Unallocated Group expenses (363) (272) Exchange loss in RMB deposits, higher corporate costs

Total 9,077 8,829 3% increase (or 8% normalised for scope and FX)

281

(21)

72

(13)

375

(52) (177) (217)

-2,000

0

2,000

4,000

6,000

8,000

10,000

1H2015 Scope FX Normalised1H2015

Hong Kong MainlandChina

India SEA &Taiwan

Australia UnallocatedGroup

Expenses

1H2016

Hong Kong

Mainland China

India

SEA & Taiwan

Australia

Unallocated Group Expenses

8,829 8,435

9,077

Adjusted Current Operating Income (ACOI)

HK$M

Increase on

like-for-like basis

after adjusting for

scope and FX

+8%

10

Page 11: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

Performance by Business Units

Hong Kong Mainland China

India SEA and

Taiwan

Australia

Page 12: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

Hong Kong ACOI

(1) Supply reliability based on average unplanned customer minutes lost per year

6,074

(27)

6,047 145 136 6,328

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

1H2015 FX Normalised 1H2015 Return on higherfixed assets

Others 1H2016

HK$M

Operational Performance

Local sales 15,519 GWh, up 0.6%

Total sales 16,035 GWh, up 1.2%

Supply reliability > 99.999% (1)

Tariff reduced by 0.9%

effective Jan 2016

Financial Performance

Higher earnings reflecting

• Organic growth in fixed assets

• T&D + Retail HK$2.1 bn

• Generation of HK$0.9 bn

• Others include contribution from

Hong Kong Branch Line and

benefits related to property

assets

Outlook

Ongoing engagement with the

Government on new SOC post-2018

Final investment decision on CCGT

project during 2016

Energy Security

• Diversify gas supply

• Proceed with the EIA study for

offshore LNG terminal

Continue efforts in providing smarter

and greener energy solutions

+5%

12

Page 13: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

1,100 1,050 1,029

(50)

119

(24) (2)

73 51

(234) (4)

0

200

400

600

800

1,000

1,200

1,400

1H2015 FX Normalised1H2015

Hydro Wind Solar NewProjects

Nuclear Coal-fired Others 1H2016

Mainland China ACOI HK$M

(2%)

Financial Performance

Renewables • Hydro power generation up 43%

• Direct sales schemes

• Additional contributions from newly commissioned wind and solar projects

Nuclear

• Strong performance

Coal-fired

• Reliable operations

• Lower dispatch and lower tariff, partially

offset by lower coal price

Carbon-free energy contributed over 70%

of ACOI, with Renewables around 35%

Operational Performance

Renewable projects performed well • Abundant rainfall at Huaiji Hydro

• Less wind resource in northern China offset by lower grid curtailment

• Existing solar projects stable

• New contributions from Xicun II solar and Xundian wind (92MW)

Stable operating performance at Daya Bay with lower planned outage YTD

Coal - lower utilisation hours of coal-fired generation units, particularly FCG I

Outlook

Complete and commission

FCG II (924MW), CLP Laizhou Wind and

Laiwu II Wind projects (99MW)

Sandu I Wind (99MW) commissioned in July

2016 and Sandu II Wind (99MW) to

commence construction in 2H2016

Maintain competitiveness and secure high

plant utilisation through direct sales in an

increasingly oversupplied market

Continue to develop non-carbon energy

Non-carbon

13

Page 14: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

India ACOI

614 576

648

(38)

10

(18) (11)

91

0

200

400

600

800

1H2015 FX Normalised1H2015

Jhajjar Paguthan Wind NewProjects

1H2016

HK$M

+13%

Operational Performance

Jhajjar (Coal)

• Coal supply stable

• Plant availability over 88%

Paguthan (Gas)

• Stable availability at above 90%

Renewables (Wind)

• Wind resource similar to last year

• New contributions from Chandgarh and Tejuva projects (107MW)

Financial Performance

Jhajjar (Coal)

• Higher capacity revenue

Paguthan (Gas)

• Availability in line with last year

• Higher O&M cost due to planned outage

Renewables (Wind)

• Growth in earnings reflected additional new assets production

Outlook

Continue to engage Coal India to

improve coal quality at Jhajjar

Pursue possible expansion

opportunities at existing sites

Renewables

• Pursue targeted growth in renewables

• Take forward the first investment in 100MW Veltoor Solar project in Telangana

14

Page 15: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

Southeast Asia and Taiwan ACOI

139

(8)

131

(11) (2)

118

0

100

200

1H2015 FX Normalised1H2015

Ho-Ping NED 1H2016

HK$M

(10%)

Operational Performance

Ho-Ping (Coal)

• High plant availability and high usage but longer planned outage

NED (Solar)

• Good performance and high availability

Financial Performance

Ho-Ping (Coal)

• Slight reduction in unit margin with lower tariff reflecting lower coal cost and longer planned outage

NED (Solar)

• Marginally lower solar resource

Outlook

Ongoing engagement with

Vietnamese Government on

Vinh Tan III and Vung Ang II

projects

Closely monitor development

in other Southeast Asian

countries

15

Page 16: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

Operational Performance

Retail

• Lower volumes due to milder

weather and lower C&I customer

accounts

• Lower churn, lower Ombudsman

complaints, 20% E-billing reached

Wholesale

• Higher generation due to improved

wholesale market conditions

together with high availability and

utilisation at Mt Piper and Yallourn

Scope change represents Iona sale

Financial Performance

Retail

• Lower energy margins mainly

driven by higher discounting

• Lower bad & doubtful debt

Wholesale

• Higher prices, higher generation

• Lower D&A after 2015 impairment

• Hedge contract close out brings

forward benefit from 2H

Corporate

• Restructuring costs and

investment in Transformation

Outlook

Further investment in Transformation

activities across the business

Focus on retention of existing

customers

Volatile wholesale electricity market

expected to continue in the short

term

Tight gas market with higher prices

and continuing volatility

1,174

942

1,317

(177) (55)

(44)

613

(194)

0

200

400

600

800

1,000

1,200

1,400

1,600

1H2015 Scope FX Normalised1H2015

Retail Wholesale Corporate 1H2016

Australia ACOI HK$M

+40%

16

Page 17: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

51.753.8

0

10

20

30

40

50

60

2014 2015

Tho

usa

nd

s

Net DebtHK$bn

7.4

9.0

0

2

4

6

8

10

1H2015 1H2016

Free Cash Flow HK$bn

3.9 4.1

0

2

4

6

8

10

1H2015 1H2016

Dividends paidHK$bn

3.9 3.9

1.10.4

1.01.4

0.40.3

6.46.0

0

2

4

6

8

10

1H2015 1H2016

Capital Investments

Maintenance capex Others

Growth capex SoC capex

HK$bn

32.4% 32.8%

0%

10%

20%

30%

40%

1H2015 1H2016

Net debt/Total Capital

+5%

-7%

+21%

+0.4%+4%

30 Jun 201631 Dec 2015 30 Jun 201631 Dec 2015

Interim Financial Dashboard

Credit Ratings Standard &

Poor’s Moody’s

CLP Holdings A-

Positive

A2

Stable

CLP Power

Hong Kong

A

Positive

A1

Stable

EnergyAustralia BBB

Positive

-

Arrows indicate recent changes 17

Page 18: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

18

Outlook

Page 19: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

Deliver safe, reliable and clean energy supply to Hong Kong at

reasonable, internationally competitive cost

Record safety performance and supply reliability maintained at 99.999%

Continue to meet tighter emission targets

Average Total Tariff reduced in January 2016 & Basic Tariff lower than 1998

Discussions ongoing with Government on new SoC post-2018

Hong Kong – Excellence in Performance

19

Page 20: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

Environmental Permit issued for new CCGT in June 2016

Offshore LNG Terminal

Environmental Impact Assessment study is currently underway

Access international markets and diversify gas supply

Contributing to Government Climate Change Targets for 2020 and beyond

Hong Kong – Infrastructure and Development

23 Black Point Power Station, Hong Kong Source: Höegh LNG

Page 21: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

Renewables

25

Renewables portfolio* exceeds 3,500MW capacity and

continues to grow

81 MW wind commissioned during 1H2016

Solar acquisition in India, construction commenced

Sihong Solar acquisition in China on 11 July

478 MW of wind and solar committed or

under construction

Non-carbon emitting generation* (renewables and

nuclear) now represents 21% of portfolio capacity

* Equity interest and capacity purchase arrangements, including projects under construction at period end

Xicun Solar Power Station, Yunnan, China

0

1,000

2,000

3,000

4,000

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Jun-16

MW Renewables Portfolio

(Equity generation & capacity purchase arrangements)

Page 22: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

Embracing Innovation and New Technology

Information Education Tools / Support Enablers

Australian NextGen Products

Hong Kong – Smarter and Greener

Embedded networks

22

Battery Storage Rooftop Solar

Page 23: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

Mainland China

Australia

Southeast Asia

Outlook – Focus • Delivery • Growth

Wholesale market likely to remain volatile

Continue addressing value restoration

across the integrated business

Hong Kong

Maintain competiveness of

existing portfolio

Further growth in earnings

from non-carbon emitting

sources

Continue to progress

opportunities in Vietnam

Investment in infrastructure

to meet demand growth and

climate change targets

Progress post-2018 SoC

arrangements

India

Maintain earnings from

existing assets

Progressively add

wind and solar

23

Page 24: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

Sihong Solar Power Station, China

Questions and Answers

Page 25: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

Appendices

Xundian Wind Farm, Yunnan, China

Page 26: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

30 Jun 2016 31 Dec 2015

HONG KONG HK$M HK$M

Total borrowings of CLPH, CLPP, CAPCO & PSDC 42,467 41,480

Minus: Bank balances and liquid funds (2,198) (2,425)

Net Debt 40,269 39,055

OVERSEAS

Total borrowings of EnergyAustralia, India and Mainland China

subsidiaries (non-recourse to CLPH)

14,860 14,003

Minus: Bank balance and liquid funds (1,297) (1,374)

Net debt 13,563 12,629

CONSOLIDATED total borrowings of CLP Group 57,327 55,483

Minus: Consolidated Group’s bank balance and liquid funds (3,495) (3,799)

Consolidated Net debt 53,832 51,684

Total Debt/Total Capital 34% 34%

Net Debt/Total Capital 33% 32%

CLP Group – Financial Obligations at a Glance

Moderate increase in net debt amount and net debt/total capital mainly related

to additional loans drawdown for capital expenditure and equity investments

26

Page 27: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

A

Positive

A

Positive

CLP Group – Credit Ratings

Long term Rating

Foreign Currency

Outlook

Local Currency

Outlook

Short term Rating

Foreign Currency

Local Currency

S&P Moody’s S&P Moody’s S&P

CLP Holdings CLP Power EnergyAustralia

A-2

A-2

P-1

P-1

A-1

A-1

-

-

P-1

P-1

A–

Positive

A–

Positive

A2

Stable

A2

Stable

Arrows indicate recent changes. S&P changed the rating outlooks of CLPH and CLP Power to

positive from stable in May 2016, and affirmed their ratings. Moody’s affirmed the credit ratings of

CLPH and CLP Power in May and March 2016 respectively with stable outlooks. S&P upgraded

the credit rating of EnergyAustralia to BBB from BBB- and outlook revised to positive from stable

in July 2016 which reflects the strengthening of financial risk profile after Iona asset sale

27

A1

Stable

A1

Stable

BBB

Positive

BBB

Positive

Page 28: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

• Ample liquidity with undrawn facilities of HK$4.3bn and HK$1.9bn cash as at 30 June 2016

• Rearranged HK$2.5bn 2-year bank facilities

CLP Holdings

• New financing obtained at attractive interest rates. CLP Power Hong Kong arranged HK$4.65bn 5-year bank facilities

CLP Power Hong Kong

• Continued financing at competitive terms. Tapping from diversified resources including offshore RMB construction bridge facilities

Mainland China

• Lower interest margins (by 0.2% to 1.6%) after successful refinancing. Jhajjar Power Ltd arranged Rs.2.5bn (HK$288m) working capital facilities to support operation, and CLP Wind Farms (India) arranged Rs.1bn (HK$115m) 9-year bank loan to replace short term loans of three commissioned wind projects

India

• Stronger balance sheet and greater financing flexibility after material deleveraging by using a portion of proceeds from Iona asset divestment to early repay significant external debt in December 2015. Syndicated loan facility reduced by A$450m (HK$2.6bn) and intercompany debt repaid by A$426.5m (HK$2.4bn)

EnergyAustralia

CLP Group – Highlights of Financing Activities

m – million

bn - billion

28

Page 29: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

1) Loan balance between two and five years as at 30 June 2016 included loan drawdown with current

tenor less than one year under revolving facility with maturity falling beyond one year

CLP Group – Loan Balances By Type and Maturity

57% 43%

57%

43%

Proportion of debt on fixed and floating rate

June 2016

December 2015

Fixed rate Floating rate

29

Jun 2016 Jun 2016

Page 30: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

CLP Group – Reconciliation of Operating Earnings to ACOI

* Including net fair value loss/(gain) on financing related derivative financial instruments, and other net exchange loss/(gain) on financing activities and distribution to perpetual

capital securities holders # Including net fair value loss/(gain) on derivative financial instruments relating to transactions not qualifying as hedges and ineffectiveness of cash flow hedges

^ Comparative figures have been restated for the adoption of HKFRS 9 on hedge accounting

HK$M Hong Kong Mainland China India SEA & Taiwan Australia Unallocated

Items Group total

2016 Interim results

Operating earnings 4,432 841 200 119 897 (340) 6,149

Add back

Non-controlling interests 407 16 - - - - 423

Net finance costs/(income) * 609 86 358 (1) 113 (23) 1,142

Income tax expense 876 86 90 - 372 - 1,424

Fair value adjustments # 4 - - - (65) - (61)

ACOI 6,328 1,029 648 118 1,317 (363) 9,077

2015 Interim results^

Operating earnings 4,130 941 92 140 493 (271) 5,525

Add back

Non-controlling interests 417 2 - - - - 419

Net finance costs/(income) * 675 96 392 (1) 432 (1) 1,593

Income tax expense 863 61 130 - 260 - 1,314

Fair value adjustments # (11) - - - (11) - (22)

ACOI 6,074 1,100 614 139 1,174 (272) 8,829

30

Page 31: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

(1) Capital investments include fixed assets, leasehold land and land use rights,

investment properties, intangible assets and investments in and advances to

joint ventures

(2) Capital expenditure on fixed assets and leasehold land and land use rights

are further analysed into

• SoC capex - capital expenditure related to the SoC business

• Growth capex - capital expenditure for additional generation capacity

• Maintenance capex - capital expenditure other than the above

(3) Capital investments on investment properties and intangibles assets, and

investments in and advances to joint ventures

(4) Net of bank balance, cash and other liquid funds

Cash flow

Free cash flow increased by HK$1.6 billion primarily

due to increase in inflows from SoC, improvement in

working capital from Australia and lower finance costs

paid offset by lower dividend from Fangchenggang

Capital Investments

HK$3.9 billion SoC capex on cash basis related to

enhancing transmission and distribution networks,

generation and customer services in Hong Kong

Growth capex mainly related to our renewable

projects in Mainland China

Maintenance capex represents capital expenditure on

existing power plants in Australia

Net Debt/Total Capital

Moderate increase in net debt amount and net

debt/total capital mainly related to additional loans

drawdown for capital expenditure and equity

investments

CLP Group – Cash Flow and Financial Structure

31

HK$M 1H2016 1H2015

Cash Flow

EBITDAF 12,301 12,389

Less: Items affecting comparability 107 (198)

Recurring EBITDAF 12,408 12,191

Less: Movement in SoC items 124 (362)

Less: Movement in working capital & others (3,037) (4,696)

Funds from operations 9,495 7,133

Less: Tax paid (557) (399)

Less: Net finance costs paid (1,178) (1,573)

Less: Maintenance capex (301) (439)

Add: Dividends from joint ventures & an associate 1,579 2,718

Free Cash Flow 9,038 7,440

Capital Investments (1)

• SoC capex (2)

3,886 3,872

• Growth capex (2)

439 1,085

• Maintenance capex (2)

301 439

• Others (3)

1,341 1,044

Total 5,967 6,440

Dividend paid 4,093 3,916

End of period 30 Jun

2016

31 Dec

2015

Net Debt (4) (HK$M) 53,832 51,684

Net Debt/Total Capital (%) 33% 32%

Page 32: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

Hong Kong – Growing Business Scale

Generation Transmission Distribution Retail

8,888 MW of installed

capacity

> 15,100 km of transmission and

high voltage distribution lines

> 225 primary and > 14,100

secondary substations

During 1H2016:

Local electricity sales increased 0.6% to

15,519 GWh

No. of customers increased by 28k to

2,500k

Major infrastructure projects ongoing to

meet demand

Replaced 132kV substation in Tsim Sha

Tsui

Completed the 2nd 400kV Yuen Long –

Lai Chi Kok circuit to reinforce 400kV

power networks

Over 150 km of new transmission and

distribution power cables & over 100 new

substations added

New online portal “Eco Power 360” provides

customers with benchmarking of actual and

projected electricity usage

We generate, transmit and distribute electricity to over 80% of Hong Kong’s

population through Kowloon, the New Territories and Lantau Island

16,035 GWh sold and

2.5 million customer accounts

32

Page 33: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

26%

41%

27%

6% 28%

40%

27%

5%

1H2016

Total Capital Expenditure in line with Development Plan

Capex incurred up to June 2016 of HK$18.5bn, vs. Development Plan from January 2014 to September 2018: HK$34.1bn

Hong Kong – Electricity Sales and Capex

Electricity Sales

GWh 1H2016 1H2015 Change

Residential 4,244 4,031 5.3%

Commercial 6,246 6,308 (1.0%)

Infrastructure &

Public Services 4,202 4,221 (0.5%)

Manufacturing 827 871 (5.1%)

Total Local Sales 15,519 15,431 0.6%

Export Sales 516 407 26.8%

Total Sales 16,035 15,838 1.2%

Capital Expenditure

HK$M 1H2016 1H2015 Change

CLP Power HK 2,146 2,188 (1.9%)

CAPCO 933 1,089 (14.3%)

Total Capex 3,079 3,277 (6.0%)

5,6155,152

1,188720

1,3681,735

1,783

1,079

280

2,146

5,650 5,680

653

817 743

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

FY2012 FY2013 FY2014 FY2015 1H2016

6,838 6,400

6,983 6,887

2,799

CAPCO - JV partner’s share CAPCO - CLP’s share CLP Power

2014-2018

DP

HK$M

Sales Mix

1H2015

33

Residential

Commercial

Infra & Public services

Manufacturing

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Nitrogen Oxide (NOx) Sulphur Dioxide (SO2) Respirable Suspended Particulates (RSP)

Environmental Improvement

Over 85% emissions reduction even with 83% increase in electricity sales since 1990

Hong Kong – Tariff, Reliability, Fuel Mix & Environmental Improvement

0.0

0.5

1.0

1.5

2.0

2.5

CLP Power Singapore Sydney London New York

Low Tariff

Remarks:

Comparison based on average monthly domestic consumption of 275kWh

Tariff and exchange rate at Jan 2016

HK$/kWh High Reliability

0.5 1.5

17 17

28

0

10

20

30

40

50

0.5

Remarks: 2013-2015 average for CLP Power, 2012-2014 average for all other cities There is no overhead lines in Singapore

CLP Power Sydney

(CBD)

New York London Singapore

More Reliable Less Reliable

Unplanned customer

minutes lost per year

34

56%

15%

28%

1%

42%

25%

32%

1%

Coal Gas Nuclear Others (e.g. Oil)

2015

2014

Fuel Mix (based on MWh

generated/purchased)

Electricity Sales

Page 35: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

The average foreign exchange rates used to convert Mainland China Segment earnings to Hong Kong dollars

are 1.24658 for 1H2015 and 1.18594 for 1H2016. Note that in the ACOI variance analysis presented in the

body of the presentation 1H2015 earnings are adjusted for changes in scope and foreign exchange before

period on period variance in underlying performance is illustrated

Mainland China – Financials (HK$)

HK$M Operating/Total Earnings ACOI

1H2016 1H2015 1H2016 1H2015

Renewables projects 233 118 386 232

- Wind 111 94 145 133

- Hydro 71 (15) 169 53

- Solar 51 39 72 46

Nuclear power business 401 352 422 371

Coal-fired projects 273 520 287 547

- Shandong 169 242 179 256

- Guohua 100 178 103 185

- Fangchenggang 4 100 5 106

Operating expenditure (51) (50) (51) (51)

Earnings from operations 856 940 1,044 1,099

Development expenditure (6) (2) (6) (2)

RMB exchange loss (9) 3 (9) 3

Operating earnings /ACOI 841 941 1,029 1,100

Reversal of over-provision on capital gain tax

83 -

Total earnings 924 941

Mainland China

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Mainland China – Financials (Local Currency)

RMB’M Operating/Total Earnings ACOI

1H2016 1H2015 1H2016 1H2015

Renewables projects 197 95 325 187

- Wind 94 76 122 107

- Hydro 60 (12) 142 43

- Solar 43 31 61 37

Nuclear power business 338 282 356 298

Coal-fired projects 230 417 242 438

- Shandong 143 194 151 205

- Guohua 84 143 87 148

- Fangchenggang 3 80 4 85

Operating expenditure (43) (40) (43) (41)

Earnings from operations 722 754 880 882

Development expenditure (5) (2) (5) (2)

Operating earnings /ACOI 717 752 875 880

Reversal of over-provision on capital gain tax

70 -

Total earnings 787 752

Mainland China

36

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520

273

547

287

352

401

371

422

118

233

232

386

-49 -66 -50 -66

-200

0

200

400

600

800

1,000

1,200

1H2015 1H2016 1H2015 1H2016

Operating Earnings

China remains a primary growth market for CLP

Government support for renewable development within the Five Year Plan, Power Sector Reform and from COP21

provides strong impetus to investors such as CLP to make selective investments in renewables

CLP’s focus on the development of renewables and high-efficiency coal projects means we are well-positioned to

capitalise these opportunities

In 1H2016, CLP has completed the following projects

Commenced commercial operation of Xundian Wind (49.5MW) and Sandu I Wind (99MW) on 1 January and 1 July

2016 respectively

Acquired 49% remaining shareholding of Sihong Solar (93MW) from PRC partner on 11 July 2016

CLP is continuing to develop the following projects

Construction of FCG II (1,320MW, CLP share 924MW) ultra-supercritical plant, target to commission in 4Q2016

Committed or commenced construction of 3 wholly-owned wind farms - Sandu II (99MW) in Guizhou, CLP Laizhou

(49.5MW) and Laiwu II (49.5MW) in Shandong

Mainland China – Renewable and Power Generation

(1) CLP equity interest and capacity purchase rights

Contributions of renewable energy in ACOI were higher than

coal and both earnings & ACOI were higher than 1H2015

Renewables Nuclear Coal Others

ACOI HK$M

0

2,000

4,000

6,000

8,000

10,000

2007 2008 2009 2010 2011 2012 2013 2014 2015 Jun-16

MW

Coal-fired Nuclear Renewables Under construction

CLP capacity(1) in Mainland China

37

Page 38: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

India – Financials

HK$ Local Currency

1H2016 1H2015 1H2016 1H2015

HK$M HK$M INR’M INR’M

ACOI

Coal-fired 235 240 2,037 1,945

Gas-fired 115 141 997 1,143

Renewables 298 233 2,584 1,888

Total 648 614 5,618 4,976

Operating earnings

Coal-fired 51 (13)* 442 (105)

Gas-fired 97 85 841 689

Renewables 52 20 451 162

Total 200 92 1,734 746

India The average foreign exchange rates used to convert Indian Segment earnings to Hong Kong dollars

are 0.1234 for 1H2015 and 0.1153 for 1H2016. Note that in the ACOI variance analysis presented

in the body of the presentation 1H2015 earnings are adjusted for changes in scope and foreign

exchange before period on period variance in underlying performance is illustrated

38

* Restated for the adoption of HKFRS 9 on hedging accounting

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India – Renewable Generation

India is a developing economy with a need for new generation capacity to address a

continuing shortage of power

This provides us with a range of investment opportunities and India is a primary

growth market for CLP

We are one of the largest foreign investors in the power sector, and the largest

developer of wind power in India

Our renewables generation portfolio in India continues to grow

101 MW of Yermala Wind under construction

Veltoor Solar under construction

Increasing contribution from new wind assets

Coal Gas Renewables

ACOI HK$M

0

200

400

600

800

1,000

1,200

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Jun-16

MW CLP Renewable Portfolio in India

Commissioned - Wind Under Construction - Wind Under Construction - Solar

(13) 51

240 235 85

97

141 115

20 52

233 298

-200

0

200

400

600

800

1H2015 1H2016 1H2015 1H2016

Operating Earnings

39

Page 40: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

Southeast Asia & Taiwan – Financials

The average foreign exchange rates used to convert SEA & Taiwan Segment earnings to Hong

Kong dollars are 0.2350 and 0.2499 for 1H2015 and 0.2192 and 0.2376 for 1H2016 for Thai Baht

and New Taiwan Dollars respectively. Note that in the ACOI variance analysis presented in the

body of the presentation 1H2015 earnings are adjusted for changes in scope and foreign exchange

before period on period variance in underlying performance is illustrated

SEA & Taiwan

HK$ Local Currency

1H2016 1H2015 1H2016 1H2015

HK$M HK$M M M

ACOI

Coal-fired 102 119 NT$431 NT$474

Renewables 31 35 THB145 THB151

Operating expenditure (6) (7) - -

Development expenditure (9) (8) - -

Total 118 139

Operating earnings

Coal-fired 102 119 NT$431 NT$474

Renewables 31 35 THB145 THB151

Operating expenditure (6) (7) - -

Development expenditure (8) (7) - -

Total 119 140

40

Page 41: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

The average foreign exchange rates used to convert Australian Segment earnings to Hong Kong dollars

are 6.0217 for 1H2015 and 5.7131 for 1H2016. Note that in the ACOI variance analysis presented in

the body of the presentation 1H2015 earnings are adjusted for changes in scope and foreign exchange

before period on period variance in underlying performance is illustrated.

Australia – Financials

Australia

HK$ Local Currency

1H2016 1H2015 1H2016 1H2015

HK$M HK$M A$M A$M

EBITDAF (before items

affecting comparability) 1,907 1,938 334 322

Depreciation & Amortisation (590) (764) (103) (127)

ACOI

Retail 1,285 1,401 225 233

Wholesale 874 455 153 76

Corporate (842) (682) (147) (114)

Total 1,317 1,174 231 195

Fair value adjustments 65 11 11 2

Net finance costs (113) (432) (20) (72)

Income tax expense (372) (260) (65) (43)

Operating earnings 897 493 157 82

41

Page 42: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

Successful implementation of the NPS

project including new complaints handling

procedures and ongoing stability in IT

platforms has resulted in Ombudsman

complaints reducing at a faster rate in EA

than industry

Manila contact centre successfully

commenced operating in March and Mill

Park contact centre on target to close in

September

Digitisation of activities continue with good

progress on electronic billing and welcome

packs

Mass Market Bad and Doubtful Debt as a

% of Revenue has continued to improve

with further improvements in debtor

management and collections

Improved Customer Experience and Reduced Costs

Australia – Retail Operations

42

Page 43: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

1Weighted Average Mass Market is the average accounts of our mass market customer base between 31 Dec to 30 June

Note: Individual items and totals are rounded to the nearest appropriate number. Some totals may not add down the page due to rounding of individual components

Mass Market Customer accounts stable

despite strong competition in the retail

market

Decreased sales volume and revenue

driven by lower sales to low margin

Commercial & Industrial customers

EnergyAustralia continues to have below

market churn rates (blended across

electricity and gas) in the key states of

Victoria and New South Wales

Australia – Retail Operations

43

Electricity Gas Total Electricity Gas Total

Total Mass Market 1,774.7 848.1 2,622.8 1,770.5 826.7 2,597.2

Commercial & Industrial 16.9 0.4 17.4 20.1 0.4 20.5

Total Account Numbers 1,791.7 848.5 2,640.2 1,790.6 827.1 2,617.7

Weighted Avg Mass Market1 1,775.9 846.0 2,621.9 1,775.7 822.9 2,598.5

Customer Account Numbers (‘000) 1H2016 1H2015

Electricity (TWh) Gas (PJ) Electricity (TWh) Gas (PJ)

Mass Market 5.2 14.1 5.4 16.0

Commercial & Industrial 4.9 15.5 5.6 17.2

Total Sales Volume 10.1 29.6 11.0 33.2

Sales Revenue (A$m) 1,912 460 2,275 483

Sales Volumes and Revenue1H2016 1H2015

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Australia – Wholesale Market Conditions

0

20

40

60

80

100

120

$/M

Wh

NEM monthly average spot prices Jan-15 to Jun-16

NSW VIC

Wholesale prices are higher due to both structural and temporary supply side factors

Planned and unplanned power station outages in NSW, Victoria and Basslink outage in Tasmania

Higher gas prices from LNG, increased gas fired generation and supply constraints

Closure of Northern Power Station in South Australia

Energy oversupply is likely to continue but renewables integration into the grid will continue to pose

challenges, particularly in South Australia, and may provide countervailing pricing pressure

Demand outlook remains flat

New renewables build to satisfy regulatory targets

Growth in battery storage and off-grid solutions

44

Page 45: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

Taiwan Hong Kong

Australia

India

TAIWAN – total 264MW

Operational

Ho-Ping 1,320/264 MW (c)

China

AUSTRALIA – total 4,967MW*

Operational

Yallourn 1,480/1,480 MW (c)

Mount Piper 1,400/1,400 MW (c)

Hallett 203/203 MW (g)

Ecogen 966/966* MW (g)

Tallawarra 420/420 MW (g)

Wind Projects (a) 583/495* MW (w)

Wilga Park 16/3 MW (g)

HONG KONG – total 6,908MW*

Operational

Castle Peak 4,108/4,108* MW (c)

Black Point 2,500/2,500* MW (g)

Penny’s Bay 300/300* MW (d)

CLP Group – Generation Portfolio – June 2016

Thailand

• Station Name Gross MW / CLP Equity MW

* including capacity purchase

# Solar projects in AC output Fuel Source: (c) – coal-fired (g) – gas-fired (w) – wind (h) – hydro (n) – nuclear (d) – diesel (s) – solar

INDIA – total 3,049MW

Operational

Jhajjar 1,320/1,320 MW (c)

Paguthan 655/655 MW (g)

Wind Projects 924/924 MW (w)

Under Construction / Committed

Wind Project 101/101 MW (w)

Solar Project# 100/49 MW (s)

CHINA – total 7,960MW*

Operational

Daya Bay(b) 1,968/1,380* MW (n)

Pumped Storage 1,200/600* MW (h)

Fangchenggang I 1,260/882 MW (c)

SZPC 3,060/900 MW (c)

Guohua 7,660/1,350 MW (c)

& Shenmu

Hydro Projects 509/489 MW (h)

Wind Projects 1,183/649 MW (w)

CGN Wind 1,993/283 MW (w)

Solar Projects # 262/175 MW (s)

Under Construction / Committed

Fangchenggang II 1,320/924 MW (c)

Wind Projects 297/297 MW (w)

CGN Wind 200/31 MW (w)

THAILAND – total 21MW

Operational

NED Solar # 63/21 MW (s)

18,181 Equity MW and 4,988MW Capacity Purchase (total 23,169MW)

(a) Including CLP-owned Cathedral Rocks Wind, and capacity purchases arrangements from Waterloo Wind, Boco Rock Wind, Taralga Wind, Mortons

Lane Wind and Gullen Range Wind

(b) Agreement has been reached to increase proportion of supply to Hong Kong to about 80% from 2015 to 2018, with the remainder continuing to be

sold to Guangdong

45

Page 46: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

CLP Group – Renewable Generation Portfolio – June 2016

AUSTRALIA – total 495MW

Operational

Waterloo 111/56* MW (w)

Cathedral Rocks 66/33 MW (w)

Boco Rock 113/113* MW (w)

Taralga 107/107* MW (w)

Mortons Lane 20/20* MW (w)

Gullen Range 166/166* MW (w)

Khandke 50/50 MW (w)

Samana I & II 101/101 MW (w)

Saundatti 72/72 MW (w)

Theni I 50/50 MW (w)

Theni II 50/50 MW (w)

Harapanahalli 40/40 MW (w)

Andhra Lake 106/106 MW (w)

Sipla 50/50 MW (w)

Bhakrani 102/102 MW (w)

Mahidad 50/50 MW (w)

Jath 60/60 MW (w)

Tejuva 101/101 MW (w)

Chandgarh 92/92 MW (w)

Yermala (a) 101/101 MW (w)

Veltoor # (b) 100/49 MW (s)

Changdao 27/12 MW (w)

Weihai I & II 69/31 MW (w)

Nanao II & III 60/15 MW (w)

Shuangliao I & II 99/49 MW (w)

Datong 50/24 MW (w)

Laizhou I 41/18 MW (w)

Changling II 50/22 MW (w)

Guohua Wind 395/194 MW (w)

Qujiagou 49/12 MW (w)

Mazongshan 49/12 MW (w)

Qian’an I & II 99/99 MW (w)

CGN Wind 1,993/283 MW (w)

Penglai I 48/48 MW (w)

Chongming 48/14 MW (w)

Laiwu I 50/50 MW (w)

Xundian I Wind 49/49 MW (w)

Jiangbian 330/330 MW (h)

Huaiji 129/109 MW (h)

Dali Yang_er 50/50 MW (h)

Jinchang Solar # 85/43 MW (s)

Xicun I & II Solar # 84/84 MW (s)

Sihong Solar # (c) 93/48 MW (s)

Sandu I Wind 99/99 MW (w)

Sandu II Wind 99/99 MW (w)

CLP Laizhou I Wind 49/49 MW (w)

Laiwu II Wind 50/50 MW (w)

CGN Wind 200/31 MW (w)

Under Construction / Committed

Wind 328 MW

CHINA – total 1,924MW

THAILAND – total 21MW

Operational

NED Solar # 63/21 MW (s)

(a) Project has been downsized from 149MW to 101MW due to land issues

(b) CLP India has the option to acquire the remaining 51% in the future

(c) Acquisition of remaining 49% interest was completed on 11 July 2016

Operational

Wind 924 MW

Under Construction / Committed

Wind 101 MW Solar 49 MW

INDIA – total 1,074MW

Please update to

1H2016

46

Australia

India

China

Thailand

Solar project (s)

Hydro projects (h)

Wind projects (w)

3,052 Equity MW and 462MW Capacity Purchase (total 3,514MW) - 17% of CLP total equity generation portfolio

• Station Name Gross MW / CLP Equity MW

* including capacity purchase # Solar projects in AC output

Operational

Wind 932 MW Hydro 489 MW Solar 175 MW

Page 47: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

CLP Group – Energy Sent Out

47 * Equity basis and capacity purchase arrangements

841 816

16,477 16,659

3,7802,839

8,989

10,886

7,492 7,324

-5,000

0

5,000

10,000

15,000

20,000

25,000

1H2015 1H2016 1H2015 1H2016 1H2015 1H2016 1H2015 1H2016 1H2015 1H2016

Hong Kong Mainland China India SEA Australia

GWh

Energy Sent Out*

Pumped Storage Nuclear Coal Gas Wind Solar Hydro Others

Coal

65%

Gas

13%

Others

<1%

Wind

6%

Solar

<1%

Hydro

2% Nuclear

14%

CLP 2016 Interim Equity Generation

as Sent Out

Page 48: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

Capacity by

Energy Type

Total

Equity MW

(a) + (b)

%

Equity MW

in operation

(a)

%

MW under construction

and development/

financially committed

(b)

%

Coal 11,396 62% 10,472 57% 924 5%

Gas 3,031 17% 3,031 17% - -

Nuclear1 492 3% 492 3% - -

Diesel 210 1% 210 1% - -

Wind 2,318 13% 1,889 10% 429 2%

Hydro 489 3% 489 3% - -

Solar 245 1% 196 1% 49 <1%

Total operating 18,181 100% 16,779 92% 1,402 8%

18,181 Equity MW Attributable to CLP Group

CLP Group – Equity MW by Fuel Mix – June 2016

Note 1: CLP owns 25% of GNPJVC which owns Daya Bay units 1 and 2

48

Page 49: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

Analyst Presentations

Additional Resources

For more information please see our Integrated Annual Report,

online Sustainability Report and recent Results Announcements, all available at

www.clpgroup.com or contact the Investor Relations team at [email protected]

49

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Notes

Page 51: CLP Group 2016 Interim Results Analyst Briefing · 1 August 2016 . This presentation contains some comments about future events including our ... increasingly oversupplied market

Notes


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