(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.

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