(Stock code: 01848.HK)
Corporate Presentation to Investor
Full Value-chain Aircraft Solution Provider
(Dec 2015)
Business Overview
Shareholding Structure
3
Number of issued shares (as at 24 Dec 2015): 605,923,800 shares
30.8% 33.6%
CE Aerospace
35.6%
Public shareholders and related party
CEL
• A leading financial services
enterprise listed in HK (stock
code: 165.HK)
• A Chinese central
government-owned
enterprise
• A Fortune 500 company
FPAM
• An asset manager of aviation value-
chain
• Covering aircraft leasing, airport
investment and management, aircraft
disassembly, creative financing
• A shareholder of Toulouse -Blagnac
Airport
Long term investors
includes
• China Aerospace
Science & Technology
Corporate (CASC)
• CCB International
• Other fund investors
CALC at Glance
4
aircraft fleet aircraft on order
with Airbus
aircraft in 2022
(base case)
average age average remaining
lease term
total assets
aircraft lessor
listed in Asia staffs with offices
worldwide
aircraft disassembly
facilities in China
1 Purchase aircraft
Acquire ageing and retiring aircraft
Aircraft lease income
(recurring)
Recycle disassembled old aircraft engines and parts
Provide financing services
Financing
Provide aircraft leasing and
other value-added services
One-stop Aircraft Solutions Provider
Income from old aircraft
sale and leaseback
Income from the sale of
disassembled aircraft parts
Provide aircraft
Partners
■ Insurance companies
■ Banks
Realise finance
lease receivables
Future business/revenue
Existing business/revenue
Pay cash
2
3
Aircraft
manufacturers
Income flow
Aircraft parts / materials
recyclers
Airlines / cargo companies
5
z
Financial institutions
High quality airline
customers
■ China Development Bank
■ The Export-Import Bank
of China
■ Bank of China
■ Bank of Communications
■ Bank of Taiwan
■ China Construction Bank
■ China Everbright Bank
■ HSBC
■ ICBC Asia
■ Industrial and Commercial
Bank of China
■ Toronto-Dominion Bank
■ UK Export Finance
■ KEB Hana Bank
■ Korea Development Bank
Secondary
market
Air Berlin, Air
Asia, AP Fleet,
etc.
Strategies
Our Strategies
7
Capture the full value-chain of aircraft life cycle 1
• A one-stop service provider covering new aircraft purchase, structured finance, lease negotiations,
on lease asset management, fleet replacement package deal, sale-and-leaseback of old aircraft and
aircraft disassembly.
Diversified Financing Channels
Flexible Leasing
Structures
Old Aircraft
Solutions
Aviation Value-Chain
Demand of
Airline
Customers
Domestic &Overseas
Dual-platform
Purchase from OEM &
secondary market
Order directly from OEM
Purchase used aircraft from
international markets
Use multiple financing channels
including banks, ECAs,
securitizations and capital
markets
Long-term leases allow CALC
to acquire long-term loans from
financial institutions
Customized lease structures
for new and old aircraft
Lowering the overall costs of
the lease
Provide solutions for old aircraft
First Chinese aircraft lessor to
offer used aircraft disposal
Add high value to airlines when
renewing their fleets
Not affiliated to any OEM,
bank or airline
Able to deliver flexible
solutions for clients
Proactive aircraft asset
management
The first wholly foreign-owned aircraft
leasing company in the Tianjin DFTP
Able to offer diversified solutions to
airline customers with its complementary
onshore and offshore dual platforms
Our Strategies
8
• Prior to 2014, Greater China as home market
• From 2014 onward, step in Asian, European and other markets
• In 2020, to build the overseas and domestic airlines as our lessee and make proportion of our fleet by 50
to 50 in long run
Globalisation 2
No additional equity injection needed
9
• CADC business scope:
1. Aircraft dismantling services
2. Disassembled parts sales to commercial airlines,
cargo airlines, maintenance, repair and
operations(MRO), Aircraft on ground(AOG)
services
China Aircraft Disassembly Center (CADC)
Strategy Supporting Project –
Full Value-chain of Aircraft Life Cycle
• Location: This facility is located on the Southern
side of Harbin Taiping International Airport. It covers
an area of about 300,000 square meter.
• CADC is a significant move for CALC in terms of
• Opening up new revenue stream
• Enhancing relationships with airline
customers
• Optimising the residual value of aged aircraft
• Complete its full value chain services as
aircraft solutions provider
• Short term goal: To build the dismantling
capacity of 20 aircraft per annual in 2018,
expansion will depend on market conditions.
Recent progresses:
• Strategic Cooperation Agreement signed with
Eastern Airlines Technic Co, Ltd. for aircraft/engine
maintenance services and technical advisory
services
• Land acquired and design of the site construction
finished with third party consultant under review
• Strong local support and incentives from the
government
• Network build on sourcing old aircraft and
distribution of dismantled parts
• Strong interest comes from PRC banks in financing
CADC project, which will not require a large CAPEX
from CALC
CADC simulation rendering
Value Added Marketing Capabilities Show Case
10
Proven ability to provide a wide range of services
• Tailored solutions addressing operational technical needs of our clients
• Qualifies our offer to serve major airlines, regional or start-ups airlines
Illustrative examples of our marketing and placement capabilities
Trade in of three 24 years old
A300-600 and lease of 6 A320
from our order book
Placement of three A320 with
start-up Qingdao Airlines
Lease transaction of 4 used
aircraft executed in a tight
timeframe
•Strong capability to source suitable
aircraft from international market
•Highly technical aspects managed in a
very tight timeframe
• Identification and sale of the 3 A300 to an
overseas cargo operator
•Placement of 6 A320 from our order book
to China Eastern Airlines
Marketing & Placement Capabilities
•Assisted QDA to set up the operations
•Help QDA launching Airbus aircraft type
Supporting Efforts for Globalisation
11
• Lease the aircraft to
worldwide airlines
• Place the aircraft
globally
• Build the global
network to sell the
aircraft parts and
materials
Aircraft
Buy & Sell
Aircraft
Parts
Sales
Aircraft
Leasing
Finance
• Sourcing new/old aircraft
globally
• Sale the aircraft
worldwide
• Structure aircraft
acquisition financing with
worldwide banks/financial
institutions e.g.
ECA,TD,DVB,BOT,KDB
Signature deals Date
Total of six second hand aircraft bought from Air Berlin 2010-2012
Sold three old aircraft at age of 24 years to MNG Airlines 2013
Four aircraft bought from AirAsia 2014
Five A320 aircraft lease agreement signed with Air India 2014
Signing of LOI with Pegasus for the lease of two A320 aircraft 2015
Three aircraft financing backed by a guarantee issued by UK Export Finance(as fronting ECA) 2015
Flexible and Diversified Finance Channels
12
1. Realise lease
receivables
• realise the unearned finance
income and accelerate asset
rotation and bank borrowing
repayment
• five aircraft lease receivables
are sold to the investors during
2013-2014
2. Bank borrowings
• As the key source to finance
aircraft acquisition
• Include aircraft finance, pre-
delivery payment(PDP), working
capital facilities
3. Convertible bonds
• HKD892m (equivalent to USD 115m)
invested by Huarong International and Great
Wall Pan Asia Internation in March, China
Everbright in May 2015
05 01
02
03
04
5. ECA financing
• an important international
financing support alternative
for our global business
expansion strategies
• three aircraft financing
backed by a guarantee issued
by UK Export Finance
(fronting for the ECA) (Aug
2015)
4. Medium Term Notes
• successful issuance of
CALC’s first medium term
notes in China of RMB340m
• rated AA by China Cheng Xin
International(July 2015)
Strategy Supporting Project - Globalisation
13
China Aircraft Global Fund (CAG)
• We are seeking to build a China Aircraft Global Fund (CAG) to serve as a new platform.
Institutional investors are showing strong appetites for aircraft asset
• Objective:
• CAG seeks to capture the increasing global demand for aircraft leasing and management
solutions and further drive business growth of CALC
• Bring new investors including insurance companies, pension fund and high net worth individuals
to aviation industry by offering them long term stable return investment opportunities
• Additional source of income for CALC as an asset manager
• Lessened debt burden and reduce gearing ratio of CALC
• Strengthen our bargaining power with Airbus or Boeing for making new bulk purchase
• Overview: CAG’s business is focused on aircraft leasing and transactions incidental to leasing , trading
and financing of aircraft. CAG will establish a business model for direct aircraft purchase and lease
transactions and aircraft sale and leaseback transactions with leading airline operators globally.
• Structure: CAG is a composite fund comprising of shares, junior debt and senior debt with target size of
USD 1 billion.
CAG will leverage on all of CALC successful elements, and target to establish a global platform
Key Financial Figures
Liabilities Profile
As of 30 Jun 2015
Total liabilities
HK$ 18 billion
Bank and LT borrowings for aircraft
HK$ 17 billion (93% of total liabilities)
Bank borrowing interest rate: 2.73%~6.87%, average 4.69%
Due within one year: 21.69%
Others:
Mainly lease deposit
HK$ 534million
(3.0% of total liabilities) Derivative financial liabilities:
Mainly due to interest rate swap HK$ 42 million
(0.2% of total liabilities)
15
Convertible bonds: HK$778million
Cash & Banking Facilities
16
As at 30 June 2015 As at 31 December 2014
Cash and bank balance HK$ 1,297 million HK$ 1,644 million
Facilities granted HK$ 18 billion HK$ 17 billion
Utilised 96.1% 97.5%
Cash and banking facilities
As at 30 June 2015
China Development Bank (purchase of aircraft) USD 1.5 billion (Jun 2013-2018)
Export-Import Bank (purchase of aircraft) RMB 10 billion
(equivalent to *USD 1568.32m ) (Nov 2014-2017)
China Construction Bank (purchase of aircraft) RMB 4.4 billion
(equivalent to *USD 690.06m ) (Jun 2015-2017)
Bank of Comm (arranger of securitisation and debenture issuances) 20 aircraft realisation of lease
receivables (Mar 2015-2018)
China Everbright Group
Loan services frame agreement
Realisation of lease receivables
frame agreement (May 2015-2017)
Major MOU/Master Agreement signed with banks
Exchange rate: 1 USD=6.376 CNY
Key Ratios
6,889
12,833
18,313 20,040
2012 2013 2014 2015
695
958
1,781 1,950
2012 2013 2014 2015
Total assets
HK$ million
Total equity
HK$ million
0.88 0.90 0.87 0.87
2012 2013 2014 2015
^Bank, long term borrowings and convertible bonds/total assets
Gearing ̂
17
As at 30 June As at 30 June
As at 30 June
As at 31 Dec As at 31 Dec
As at 31 Dec
Return on Equity
20.5% 21.1% 22.4%
2012 2013 2014
As at 31 Dec
Revenue Analysis
415.8
570.3
16.6
65.4
0
200
400
600
800
1H 2014 1H 2015
Lease income Others
Total: 432.4
2015 1H Revenue and other income breakdown
HK$ million
Total: 635.7
18
Revenue
448
687
1,145
636
2012 2013 2014 2015
HK$ million
As at 30 June As at 31 Dec
62.8
116.7
0
50
100
150
1H2014 1H2015
Net Profit
Net Profit
HK$ million
Total: 62.8
1H2015 Net profit after tax
19
Net Profit Analysis
Total: 116.7
63
95
173
117
2012 2013 2014 2015
303
Net profit after tax
HK$ million
As at 30 June As at 31 Dec
1H
2015 Interim Results
For the six months ended 30 June
HK$ million 2015 2014 Change
Revenue and other income 635.7 432.4 +47.0%
Profit before tax (NPBT) 157.8 86.3* +82.9%
Profit attributable to Owners of the Company 116.7 62.8 +85.8%
Basic earnings per share (HK$) 0.198 0.134 +47.8%
Dividends per share (HK$) 0.04 0 N/A
Dividend payout ratio 20.2% 0 N/A
20
*Note: After taking into account of IPO listing expense HK$24.7 million for the six months period ended 30 June 2014 but no
such expenses in 2015.
Fleet and Expansion
Fleet Expansion
10 16 25
44
63 75
168
0
20
40
60
80
100
120
140
160
180
2011 2012 2013 2014 2015 2016F 2022F
• 105 aircraft remain on our order book with Airbus
• Aim to build a portfolio of 100 commercial aircraft
by 2016
Committed aircraft delivery
22
Actual fleet size : 63 (as of 24 Dec 2015)
• All aircraft scheduled for 2016 has been fully place out
• Lease arrangement in advance 12 months of aircraft
delivery date
Fleet expansion plan 1 Aircraft Delivery Schedule 2
Placement status 3
Fleet expansion strategies:
• Neutral growth with order book
• New /old aircraft SLB
• Portfolio trade and pop up orders
2015 2016 2017
Delivered 19 0 0
To be delivered 0 12 20
Total 19 12 20
Fleet Breakdown
4 5
54
Airbus330 series Boeing B737 NG Airbus A319/320/321 series
Fleet breakdown by aircraft type
No. of aircraft as of 24 Dec 2015
Young and modern fleet
2.6
3.9
3.8
0 1 2 3 4 5
FY2013
FY2014
1H2015
Average age of CALC aircraft as of 30 Jun 2015
Airbus A320 series aircraft is popular in the market for its
wide operator base, excellent operating economies and
strong residual value
23
63 aircraft
Diversified Customer Portfolio
24
Fleet size: 63 aircraft (as of 24 December 2015)
(10)
(9)
(8)
(10)
(5)
(5)
(5)
(4)
(4)
(1)
(2)
Risk Control
Risk Control
26
In order to achieve an appropriate balance between risk and return and minimize the potential
adverse effects on our financial performance:
• Counterparty risk: monitoring country risks and their currency volatility, based on our industry research,
counterparty credit rating, analysis of travel demand growth, unique business model, steady financial
condition, and shareholders support(i.e. state owned) to strengthen our risk control
• Asset risk: limited asset risk by cautious aircraft model selection, monitoring aircraft price trend, safety
record and production capacity of aircraft model to enhance our control over asset risk (i.e. aircraft
model with high leasing demand, low RV risk and stable market price)
• Financial market risk: • Currency risk: minimise the currency risk by matching the lease receivables and borrowings under the same currency
• Interest rate risk: manage interest rate risk by way of matching the interest rates of the lease receivables with interest
rates of bank borrowings
• Liquidity risk: reduce liquidity risk by matching the maturity of the lease term and the loan term and daily monitoring with
the following objectives: maintaining the stability of the leasing business, projecting cash flows and evaluating the level of
current assets, and maintaining an efficient internal fund transfer mechanism to ensure liquidity of the Group
• Business Operation risk: minimise the operation risk by aircraft insurance cover, director and officer
liability insurance cover, tax structure planning and arrange lease in advance of delivery of aircraft for 12
months
• Corporate/compliance risk: manage compliance risk by applying HK listing rules as well as other
regulations in different area of business activities, and implement anti-corruption policy to ensure a
strong corporate governance of the Group.
• Target to reduce current gearing ratio to gradually improve the ability to resist risks and in support of
sustainable growth of the business
• Separate project financing arrangements to match different aircraft purchases and leases
Remove Financial Market Risk
15*
5
3
8
19
Fixed rentalvs
Floating interestw/o Hedging
Realisation
Floating rentalvs
Floating interest
Fixed rentalvs
Floating interestwith Hedging
Fixed rental vs
Fixed interest
Fixed Rental v.s.
Fixed Interest
Fixed Rental v.s.
Floating Interest
with Hedging
Floating Rental v.s.
Floating Interest
Realisation
Fixed Rental v.s.
Floating Interest
w.o. Hedging
27
No. of aircraft
Stringent interest risk control
5
4
41
Realisation
RMB rental vsRMB loan
USD rental vsUSD loan
USD rental vs
USD loan
RMB rental vs
RMB loan
Natural hedge on currency exchange rate
as at 30 June 2015 as at 30 June 2015
• *We will use interest rate swap arrangements for those
aircraft with interest rate mismatch subject to allowing the
flexibility of realisation and aircraft fund arrangement
• Currency 100% prefect match for asset investment
• Close monitoring LIBOR swap
• Maturity match for lease term and loan term
Realisation
No. of aircraft
Management
Management Team
29
Name and title Major responsibilities
■ Mr. Chen is an executive director and deputy general manager of China Everbright Holdings
Company Limited; an executive director, the chief executive officer, and a member of the
executive committee and strategy committee, as well as the chairman of Management
Decision Committee of China Everbright Limited(stock code: 165).
■ Responsible for formulating and reviewing the Group’s overall strategic planning and
managing overall business operations.
■ Over 30 years of extensive corporate and banking experience, and has arranged around HK$
500 billion debt capital market facilities.
■ Previously the Chief Executive of BOCI Capital and Executive Director of Hopewell Holdings
Limited (054.HK) and Hopewell Highway Infrastructure Limited (737.HK).
■ Responsible for the Group’s overall strategic planning and implementation. He also oversees
the accounting and risk management as well as other corporate functions including legal and
compliance, company secretary, human resources and administration, as well as investor and
public relations.
■ Ms. Liu joined CALC in 2006. She has established extensive network with airlines, banks,
financial institutions, governments, as well as aircraft manufacturers through long-term
mutually beneficial cooperation.
■ She leads the team placed over 60 new and used aircraft to more than 10 airlines in the
Greater China region, closed over USD 2 billion worth of multiple aviation financing projects
and the first aircraft lease securitization in China, and completed numerous aircraft
transactions with the airlines in Europe and Asia, covering aircraft acquisitions and second-
handed aircraft resale.
■ Ms. Liu is responsible for the Group’s overall strategic planning and implementation, as well as
managing overall commercial operations, including business development, aircraft trading and
global marketing, financing arrangements, and asset management and technical.
Mr. Chen Shuang
Executive Director
Chairman
Chief Executive Officer
Ms. Winnie Liu Wanting
Executive Director
Deputy Chief Executive Officer
Chief Commercial Officer
Mr. Barry Mok Chung Tat
Deputy Chief Executive Officer
Chief Financial Officer
Name and title Major responsibilities
■ Mr. Tang held senior financial positions in various companies listed in Hong Kong.
He has over 20 years of experience in corporate development, financial
management, consulting for various industries including aircraft leasing, aviation
logistics, corporate finance advisory and manufacturing.
■ Mr. Tang oversees all aspects of transaction-related functions. He is responsible for
transaction planning and closing, business analysis and pricing, financial risk
management, tax planning, structured finance as well as transaction legal.
■ Mr. Dunker has over 20 years of experience in the aircraft industry with focus on
aircraft purchase and financing.
■ In charge of aircraft asset trading and global marketing.
■ Over 27 years of experience in the aircraft industry, focusing on aircraft maintenance
and engineering, project consultancy and planning
■ Acted as independent contracted technical consultant of GE Capital Aviation Services
■ Responsible for technical and asset management
■ Leading expert in aircraft finance solutions with 30 years of experience in the
financial services industry, Ex-CEO of Natixis Transport Finance
■ Covers the Group’s international financing initiatives, with primary focus on capital
market initiatives on the international markets
Management Team (cont.)
30
Mr. Jens Dunker
SVP-Aircraft Trading and Global Marketing
Mr. Duan Xiaoge
SVP-Technical and Asset Management
Mr. Christian Mc Cormick
Managing Director Finance
Mr. Pitney Tang Yu Ping
Chief Operating Officer
Appendix
Company Overview
32
Stock code : 01848.HK
Listing date : 11 July 2014
Listing price : HK$5.53
No. of issued shares (24 Dec 2015) : 605,923,800 shares
Stock price (23 Dec 2015) : HK$7.40
Market cap (23 Dec 2015) : HK$4.48 billion
Constituent stock of MSCI China Small Cap/Hang Seng Composite
Indexes
About CALC
Stock price performance
-
5
10
15
20
25
NT$-
NT$2.00
NT$4.00
NT$6.00
NT$8.00
NT$10.00
NT$12.00
NT$14.00
NT$16.00
Volume Closing price
million HK$
2015 interim results highlights
Growth drivers
• Globalisation strategy
• Diversify client base
• Increase overseas market share
• Downstream expansion to aircraft disassembly
• Capture the full value chain of aircraft life cycle
• Open new revenue streams
• Aggressive fleet expansion: Target 168 aircraft in 2022
• Diversified financing structure:
• Realisation for lease receivables
• China Aircraft Global Fund (CAG)
+47.0% yoy Revenue and
other income
+85.8% yoy Net profit
for the period
+47.8% yoy
EPS
Interim dividend per share
50 aircraft
(as of 30 Jun 2015)
HK$0.04
CALC Market Status
33
Source: Back Aviation database and Air Lease prospectus
Source: CALC database (Figures are calculated from the
financial data presented in their respective 2012-2014 annual
reports)
In order to manage their fleet more efficiently,
airlines demand of operating leases has grown
significantly over recent years.
Operating lease indicates the lessor’s status in
aviation industry as well as the attachments with
aircraft manufactures, airline companies etc.
• As indicated in the graph shown
above, CALC has attained a ROE of
22.4% in 2014, transcending its
international counterparts.
• This demonstrates CALC’s earning
capability in investing equity.
• CALC also demonstrated a very
strong growth rate in terms of the 3
year average revenue growth as
compared with its peers.
CALC annual aircraft delivery of 19 aircraft
makes 8% market shares among all aircraft
lessors and 20% market shares of aircraft under
operating lease in terms of A320 type of aircraft.
Thriving Air Industry in China (cont.)
34
2013 RPK per capita in China, the US and the world
335
765
3,019
0 500 1,000 1,500 2,000 2,500 3,000 3,500
China
Global
The US
(kilometers)
Source: Ascend Report
2013 Passenger aircraft per million people in China, the US and the world
1.5
2.7
17.2
0 5 10 15 20
China
Global
The US
Forecasted China’s air passenger by 2015
267.7
450.0
0
100
200
300
400
500
2010 2015F
Source: Ascend Report
Source: Ascend Report
(No. of aircraft)
(million passengers)
Aircraft deliveries in 2015
USD120.6 billion
Source: Current Aircraft Finance Market Outlook Issued in December
2014 by Boeing Capital Corporation
40% Funded by
lessors 60%
Corporate Milestones
35
■Establishment of
CALC (BVI)
■Structured and completed the
first sale and leaseback
transaction with China Southern
Airlines
■Fleet size reached 5
aircraft
■Listed on the Hong Kong Stock
Exchange, stock code: 01848.HK
■MOU for the establishment of CADC
■Bulk purchase of 100 Airbus A320
series aircraft
■Fleet size reached 44 aircraft
2010 2013 2014 2006 2011 2007 2008 2012
■Entered into the Aircraft
Purchase Lease for 36 Airbus
current generation A320 family
aircraft
■China Aerospace Investment
Holdings Limited became
shareholders of CALC
■ China Everbright
Limited became
strategic
shareholders of
CALC
■ Fleet size reached
10 aircraft
■ Structured and completed the first
transaction with China Eastern Airline
through purchasing 3 aircraft for sale
to a foreign airline operator
■ Completed the first realisation
transaction of finance lease
receivable in respect of one aircraft
■ Fleet size reached 25 aircraft
■Structured and completed the
first direct purchase and lease
transaction, pursuant to which
acquired an A320 from a
European airline operator
■Established CALC (Tianjin)
in Tianjin Dongjiang Free
Trade Zone
■ CADC completed auction
process of land acquisition;
Construction initiates
■ Issuance of Medium Term Notes
of Rmb340 million and
Convertible Bonds of HKD 892.2
million
■ Fleet size reached 50 aircraft
July 2015
Momentums across the Business
36
First WOFE aircraft lessor
established in Tianjin Dongjiang
Free Trade Port Zone in 2010
Successful delivery to Air
India and marked the
delivery CALC’s 55th
aircraft in Sep 2015
CALC listed on
the main board
of the HKEx in
Jul 2014
Entered into purchase
agreement for 100
aircraft with Airbus in
Dec 2014
Delivery of CALC’s
50th aircraft in Jun
2015
Balance Sheet
HK$ million As at 30 Jun 2015 As at 31 Dec 2014 Change
Net finance lease receivables 13,302 11,443 +16.2%
Property, plant and equipment 1,666 1,707 -2.4%
Cash and bank balance 1,297 1,644 -21.1%
Total assets 20,040 18,313 +9.4%
Total borrowings (including convertible bonds) 17,514 15,985 +8.7%
Total liabilities 18,090 16,532 +9.4%
Total equity 1,950 1,781 +9.5%
Gearing (= total borrowings/total assets) 87.4% 87.3% +0.1 p.p.
1H2015 1H2014 Change
Capital expenditure for aircraft acquisition 2,037.6 2,327.5 -12.5%
37
Consolidated Income Statement
For the six months ended 30 June
(HK$ ’000) 2015 2014
Revenue and other income 635,734 432,409
Finance lease income 461,158 342,031
Operating lease income 109,114 73,742
Other income 65,462 16,636
Expenses (477,458) (361,403)
Interest expense (337,230) (237,625)
Depreciation (44,588) (27,521)
Operating expenses (95,640) (96,257)
Operating profit 158,276 71,006
Foreign exchange gains/(losses) (466) 15,283
Profit before income tax 157,810 86,289
Income tax expense (41,083) (23,490)
Profit attributable to Owners of the Company 116,727 62,799
Earnings per share attributable to owners of the Company
Basic earnings per share HK$0.198 HK$0.134
38
Consolidated Balance Sheet
39
For the six months ended 30 June For the year ended 31 December
(HK$ ’000) 2015 2014
Total assets 20,039,787 18,313,040
Property, plant and equipment 1,666,442 1,706,695
Finance lease receivables – net 13,301,676 11,443,485
Derivative financial assets 14,104 14,979
Prepayments and other receivables 3,760,824 3,503,360
Restricted cash 185,044 218,951
Cash and cash equivalents 1,111,697 1,425,570
Equity / Equity attributable to owners of the Company
Share Capital 60,584 58,578
Reserves 1,418,653 1,273,531
Retained earnings – Proposed dividends 24,234 93,725
– Others 426,967 335,446
1,930,438 1,761,280
Non-controlling interests 19,465 19,416
Total equity 1,949,903 1,780,696
Total liabilities 18,089,884 16,532,344
Deferred income tax liabilities 97,971 67,161
Bank borrowings 16,094,019 15,342,648
Long-term borrowing 641,690 642,116
Convertible bonds 778,194 --
Derivative financial liabilities 42,084 33,361
Income tax payables 19,623 21,991
Interest payable 51,425 42,411
Other payables and accruals 364,878 382,656
Total equity and liabilities 20,039,787 18,313,040
Disclaimer:
This document may contain statements that constitute “forward-looking statements”, including, but not limited to, statements relating to the implementation of strategic initiatives, and
other statements relating to our future business development and economic performance.
While these forward-looking statements represent our judgments and future expectations concerning the development of our business, a number of risks, uncertainties and other
statutory requirements may render actual developments and results to differ materially from our expectations.
These factors include, but are not limited to, (1) general market, macro-economic, governmental and regulatory trends, (2) movements in local and international securities markets,
currency exchange rates and interest rates, (3) competitive pressures, (4) technology developments, (5) changes in the financial position or creditworthiness of our customers, obligors
and counterparts, and changes in the developments in the markets in which they operate, (6) legislative developments, (7) management changes and changes to our business group
structure and (8) other key factors that may adversely affect our business and financial model.
We are not under any obligations to (and expressly disclaim any such obligations to) update or alter its forward-looking statements whether as a result of new information, future events,
or otherwise. This material may not be reproduced, distributed or transmitted to any other persons or incorporated in any way into another document or other material without the prior
written consent from us.
This document is not:
(a) an offer of securities for sale in Hong Kong or elsewhere; or
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