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(Stock code: 01848.HK)
Full Value-chain Aircraft Solution Provider
2016 INTERIM RESULTS ANNOUNCEMENT PRESENTATION
(25 Aug 2016)
2
Company Overview
Stock code : 01848.HK
Constituent stock of MSCI China Small Cap/Hang Seng
Composite Indexes
Listing date : 11 July 2014
Listing price : HK$5.53
No. of issued shares (25 Aug 2016) : 626,646,640 shares
Stock price ( 24 Aug 2016) : HK$8.65
Market cap ( 24 Aug 2016) : HK$5.42 billion
About CALC
Stock price performance
million HK$
2016 Interim Results Highlights
+61.5% Revenue and
Other Income
+7 aircraft to
70 in total
(71 aircraft as at
25 Aug 2016)
+98.0% Basic EPS
+105.7% Net profit for
the Period
+250.0% Interim
Dividend
HK$0.14
per share
0
2
4
6
8
10
12
0
2
4
6
8
10
Aug-2015 Oct-2015 Dec-2015 Feb-2016 Apr-2016 Jun-2016 Aug-2016
Volume Closing price
2016 Interim Results
4
2016 Interim Results –
A Fruitful First Half Year of 2016
For the six months ended 30 June
HK$ million 2016 2015 Change
Revenue and other income 1,026.6 635.7 +61.5%
Profit attributable to owners of the company 240.0 116.7 +105.7%
EPS (Basic) (HK cents) 39.2 19.8 +98.0%
Dividend per share (HK cents) 14.0 4.0 +250.0%
Dividend payout ratio 35.7% 20.8% +14.9 p.p.
For six months ended 30 Jun
HK$ million 2016 2015 Change
Finance lease income 617.1 461.2 +33.8%
Operating lease income 176.7 109.1 +62.0%
Gain from disposal of finance lease receivables 145.1 - N/A
Government subsidies 81.9 64.1 +27.7%
Sundry income 5.8 1.3 +346.2%
Total revenue and other income 1,026.6 635.7 +61.5% 5
Financial Highlights – Revenue Analysis
1H2016 2015 Change
Total number of aircrafts on hand 70 63 +7
Revenue and other income
6
Financial Highlights – Fast & Sustainable Growth
223.2
447.9
686.9
1,145.0
1,549.3
635.7
1026.6
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2011 2012 2013 2014 2015 1H15 1H16
HK$ million
HK$ million Net Profit
Revenue and other income
51.5 95.1
172.5
302.7
380.2
116.7
240.0
0
50
100
150
200
250
300
350
400
450
2011 2012 2013 2014 2015 1H15 1H16
7
Financial Highlights – Fast & Sustainable Growth
3,340 6,889
12,833
18,313
23,947
28,865
2011 2012 2013 2014 2015 1H16
235
695
958
1,781
2,208 2,272
2011 2012 2013 2014 2015 1H16
Total assets HK$ million
Total equity HK$ million
90.3%
87.3%
86.7% 86.6%
2013 2014 2015 1H16
^Bank, long term borrowings, convertible bonds, guaranteed bonds and
RMB medium-term notes/total assets
Gearing^ As at 30 Jun
As at 30 Jun
As at 30 Jun
8
Diversified and Flexible Financing Channels
As at 30 June 2016
Total liabilities
HK$ 26,593m
Bank and LT borrowings mainly for aircraft
HK$21,484m (80.8% of liabilities)
Bank borrowing interest rate: 2.41%~6.48%, average 4.39%
Due within one year: 18.52%
Others:
Mainly comprised of lease
deposit amounting to
HK$1,490 million
(5.6% of total liabilities)
Derivative financial liabilities:
Mainly due to interest rate swaps HK$110 million
(0.4% of total liabilities)
Convertible bonds: HK$817 million
(3.1% of total liabilities)
RMB medium term notes:
HK$392 million
(1.5% of total liabilities)
Guaranteed bonds:
HK$2,300 million
(8.6% of total liabilities)
9
Diversified and Flexible Financing Channels
1. Realise Lease
Receivables
• Realise the unearned finance
income and accelerate asset
rotation and bank borrowing
repayment
• 14 aircraft lease receivables
are sold to the investors up to
25 August 2016
2. Bank Borrowings
• As the key source to finance
aircraft acquisition
• Include aircraft finance, pre-
delivery payment(PDP), working
capital facilities
• Signed a US$195 million
syndicated loan facility with a
consortium of 6 financial
institutions
3. Convertible Bonds
• HKD892 m (equivalent to USD 115m)
invested by Huarong International and
Great Wall Pan Asia International in March,
China Everbright (March 2015)
• Entered into a repurchase agreement of
HK$581.9 million in order to lower interest
expenses (July 2016)
5. ECA Financing & Credit
Support
• An important international
financing support alternative for
our global business expansion
strategies
• Three aircraft financing backed
by a guarantee issued by UK
Export Finance (Aug 2015)
4. Medium Term Notes &
USD Bonds
• Successful issuance of CALC’s
first medium term notes in China
of RMB$340m, rated AA by
China Cheng Xin International
(July 2015)
• Successful issuance of CALC’s
first USD bonds of US$300
million (May 2016)
• Second issuance of USD bonds
of USD$300 million (Aug 2016)
05 01
02
03
04
05
06
6. JOLCO
• Closed its first Japanese Operating
Lease with a Call Option (“JOLCO”)
financing to two new Airbus A320
delivered to Pegasus Airlines in June
1
2
3
4
5
6
10
Cash & Banking Facilities
As at 30 June 2016 As at 31 December 2015
Cash and bank balance HK$4,845 million HK$1,598 million
Facilities granted HK$23 billion HK$20 billion
Utilised 89.2% 95.2%
Cash and banking facilities
11
Major Achievements
• First issuance of USD300 million three-year bonds with interest of 5.9% per
annum due in 2019
• Second issuance of USD300 million five-year bonds with interest of 4.9% per
annum due in 2021
• Syndicated loan facility of USD195m with six financial institutions
• Closed its first Japanese Operating Lease with a Call Option (“JOLCO”)
• Completed two lease receivables realisation transactions
• Repurchase of HK$581,850,000 convertible bonds
Financing
.
12
Major Achievements (cont.)
Globalisation
• Bring in new shareholders and completed restructuring for CADC
project, starting to move in full pace
• Pop up two A320 aircraft order from Airbus, order book increased to 102
A320 aircraft as at 25 August 2016
• Signed MOU with COMAC to acquire up to 60 ARJ21-700 series aircraft
Momentum across the business
.
.
Aircraft PRC Overseas Total
Delivered in 2016 3 5 8
Will be delivered in 2016 7 3 10
Sound Risk Management
14
Sound Risk Management
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)
• 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.
• Financial market risk: (Next page for details)
15
Financial Market Risk Management
19*
11
3
15
22
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
No. of aircraft
Stringent interest risk control
11
4
55
Realisation
RMB rental vsRMB loan
USD rental vsUSD loan
RMB rental vs
RMB loan
USD rental vs
USD loan
Natural hedge on currency exchange rate
as at 30 Jun 2016 as at 30 Jun 2016
• *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
Interest and Currency Risk Control of our 70 aircraft fleet
Total: 70 aircraft Total: 70 aircraft
Business Overview & Strategies
17
Growth Drivers
Downstream expansion to aircraft disassembly
• On schedule to reach 173 aircraft in 2022
Fast growing fleet expansion
Diversified financing structure
• Realisation for lease receivables
• USD Bonds
• Syndicated Loan
• JOLCO
• China Aircraft Global Venture (CAG)
• Capture the full value chain of aircraft life cycle • Open new revenue streams
Globalisation strategy
• Increase overseas airline’s market share and
diversify client base • Seek overseas M&A opportunities to speed up
the growth
• Actively explore further opportunities
for aircraft purchase, trading, and sales and
leaseback
• Widen our aviation expertise
18
CALC at Glance
aircraft fleet (as at 25 Aug 2016)
aircraft on order
with Airbus (as at 25 Aug 2016)
aircraft in 2022
average age (as at 30 Jun 2016)
average remaining
lease term (excluding 4 old aircraft)
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
Recycle disassembled old aircraft engines and parts
Financing
Provide aircraft leasing and
other value-added services
Our Mission: 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
19
z
Financial institutions
High quality airline
customers
￭ China Development Bank
￭ Bank of China
￭ Bank of Communications
￭ Bank of Taiwan
￭ China Construction Bank
￭ China Everbright Bank
￭ Chong Hing Bank
￭ China Merchants Bank
￭ Export-Import Bank of China
￭ HSBC
￭ ICBC Asia
￭ Industrial and Commercial
Bank of China
￭ KEB Hana Bank
￭ Korea Development Bank
￭ Mega International
Commercial Bank
￭ Shanghai Pudong
Development Bank
￭ Sinopac Leasing Co
￭ Toronto-DominionBank
￭ UK Export Finance
Secondary
market
Air Berlin, Air
Asia, AP
Fleet, etc.
20
Our Growth Strategies
Capture the full value-chain of aircraft life cycle
• 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
21
Our Growth Strategies
• 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
3. Leasing of old aircraft
4. Package deals
• Location: The Southern side of Harbin Taiping International Airport, covering 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
Shareholder of Aircraft Recycling International Limited (“ARI”) has its respective expertise in financing, local network,
aviation expertise and operational support
By working hand in hand, the parties would be able to create synergies in order to accelerate and sustain the
development of CADC
China Aircraft Disassembly Center (CADC)
22
Our Growth Strategies
• Build the global network to
disassemble and sell the
aircraft parts and materials
Disassembly
and Aircraft
Parts Sales Finance
• Structure aircraft financing with
worldwide banks/financial
institutions e.g. EXIM Bank of
China, ECA, TD, BOT, KDB,
HSBC, Bank of Taiwan, Mega
ICBC, Credit Agricole
• Lease / sales and
leaseback/ old and new
aircraft to worldwide
airlines
Aircraft
Leasing
Aircraft
Buy & Sell
• Sourcing and trading
new/old worldwide
Globalisation
23
Our Growth Strategies
0
7
12
2014 2015 25-Aug-16
Number of aircraft delivered to overseas airlines (as at 25 Aug 2016)
Our Achievements in Globalisation
(4) (5) (2) (1)
24
Our Growth Strategies
• We are seeking to build a China Aircraft Global Venture (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 equity
size of USD500million – USD1billion.
CAG will leverage on all of CALC successful elements, and target to establish a global platform
China Aircraft Global Venture (CAG)
Fleet and Expansion
26
Fast Growing Fleet Expansion
10 16 25
44
63 81
173
0
20
40
60
80
100
120
140
160
180
200
2011 2012 2013 2014 2015 2016F 2022F
Order book
• 102 A320 aircraft with Airbus
Committed aircraft delivery
Actual fleet size : 71 (as at 25 Aug 2016)
• All aircraft scheduled for 2016 has been fully place
out (placed pop-up orders for two aircraft in 2016)
• Lease arrangement in advance 12 months of
aircraft delivery date
Fleet expansion plan 1 Aircraft Delivery Schedule (as at 25 Aug 2016) 2
Placement status 3
Fleet expansion strategies:
• Natural growth with order book
• New /old aircraft SLB
• Portfolio trade and pop up orders
2015 2016 2017
Delivered 19 8 0
To be
delivered
0 10 18
Total 19 18 18
27
All Aircraft Lease in 2016 Are Secured
# Lessee Number of
Aircrafts Status
1 Air Macau 2 Delivered
2 China Eastern Airlines 2 Delivered
3 Longjiang Airlines 1 Delivered
4 Pegasus Airlines 2 Delivered
5 Jetstar Pacific 4 Lease Agreement Signed
and 1 Delivered
6 Sichuan Airlines 3 Lease Agreement Signed
7 China West Air 2 Lease Agreement Signed
8 Lucky Airlines 2 Lease Agreement Signed
Total 18
CALC would continue its fleet expansion effort, by aiming to deliver 18 aircraft in 2017
28
Diversified Customer Portfolio
Fleet size: 71 aircraft (as at 25 August 2016)
(2)
(1)
(1) (4)
(10)
(9)
(8)
(12)
(5)
(5)
(5)
(4)
(4)
(1)
29
Our Young Age Fleet
4 5
62
Airbus330 series Boeing B737 NG Airbus A319/320/321 series
Fleet breakdown by aircraft type
No. of aircraft as at 25 August 2016
Young and modern fleet
3.9
3.5
3.7
3.2 3.4 3.6 3.8 4
FY2014
FY2015
1H2016
Average age of CALC aircraft as at 30 Jun 2016
Airbus A320 series aircraft is popular in the market for its
wide operator base, excellent operating economies and
strong residual value
71 aircraft
Market Data
31
CALC Market Status
51.2%
75.8%
23.1%
4.0% 6.1%
6.8%
9.0%* -3.0%*
19.2%
14.0% 16.8%
3.5%
8.0%
0.2%
15.1%
7.3%
CALC AerCap Air Lease FLYLeasing
Aircastle AWAS BOCA CDBLeasing
Comparison with other leasing firms
3-Year Revenue CAGR ROE (2015)
3-Year CAGR: it is the
average rate of increase in
revenue and other income,
from 2013 – 2015, on a
yearly basis
ROE is solely based on
2015 results
Note:
1. For BOCA and CDB Leasing, revenue
data of 2013 is not publicly available.
Hence, a 2-Year CAGR is used for
reference
2. The CAGR of AerCap included M&A
factor
Air Travel Growth in Last 50 Years Through Various Crises
32
Projected Steady Air Traffic Growth in the Next 20 Years
33
CALC Market Position Amongst Lessors
34
0
50
100
150
200
250
300
350
400
450
500
Existing Orderbook and Historical Deliveries from Airbus
Orderbook Delivered
Source: Airbus, as at December 2015
*Aircraft delivery and orderbook figures provided by Airbus, figures only accounted for
orders directly made to Airbus and not for any deliveries taken from third party seller.
CALC Tied for 2nd in Number of Deliveries from Airbus in 2015
35
Source: Airbus
BOC AVIATION CALC GECAS ICBC CIT AWASAIR LEASE
CORPORATION
Narrow Body 28 19 19 17 4 11 9
Wide Body 4 0 0 0 7 0 0
0
5
10
15
20
25
30
35
CALC Contributed 30% of Total A320 Delivered to Chinese Operators
36
Source: Airbus
31% 24%* 15 12
33 38
0
10
20
30
40
50
60
2014 2015
A320 Delivered to Chinese Operators
CALC Other Operators
48 50
*In 2015 CALC has 19 new aircrafts delivered (2014:15), 12 of which was leased to Chinese
operators and 7 to foreign operators. In 2015 CALC has decided to globalize its lessee profile.
Management Team
38
Management Team
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 CEO
Chief Commercial Officer
Mr. Barry Mok Chung Tat
Deputy CEO and
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
39
Management Team (cont.)
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
41
Shareholding Structure
Number of issued shares (as at 25 Aug 2016): 626,646,640 shares
30.8% 33.6% 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
42
Corporate Milestones
￭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 63 aircraft
2015 2016
￭ Issuance of USD
300million unsecured
bonds in April and Aug
respectively
￭Signed US$194,730,000
Syndicated Loan
￭Completed two lease
receivables realisation
transactions
Momentums across the Business
43
Delivery to Jetstar Pacific Airlines marked the CALC’s 71st aircraft
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
Signing of US$194,730,000 syndicated loan in May 2016
44
Consolidated Balance Sheet
HK$ million As at 30 Jun 2016 As at 31 December 2015 Change
Net finance lease receivables 16,423.4 16,473.0 -0.3%
Property, plant and equipment 3,716.4 2,412.5 +54.0%
Cash and bank balance 4,844.7 1,597.7 +203.2%
Total assets 28,864.6 23,947.0 +20.5%
Total borrowings (including convertible bonds,
guaranteed bonds, medium-term notes, bank and
long-term borrowings)
24,993.3 20,766.5 +20.4%
Total liabilities 26,592.9 21,739.0 +22.3%
Total equity 2,271.7 2,208.0 +2.9%
Gearing (= total borrowings / total assets) 86.6% 86.7% -0.1 p.p.
1H2016 1H2015 Change
Capital expenditure for aircraft acquisition 2,313.0 2,037.6 +13.5%
45
Consolidated Income Statement
For the six months ended 30 June
(HK$ ’000) 2016 2015
Revenue and other income 1,026,637 635,734
Finance lease income 617,135 461,158
Operating lease income 176,741 109,114
Other income 232,761 65,462
Expenses (683,087) (477,458)
Interest expenses (475,421) (337,230)
Depreciation (69,834) (44,588)
Other operating expenses (137,832) (95,640)
Operating profit 343,550 158,276
Other losses (8,394) (466)
Profit before income tax 335,156 157,810
Income tax expense (95,138) (41,083)
Profit for the period 240,018 116,727
Basic earnings per share (HK$) 0.392 0.198
46
Consolidated Balance Sheet
(HK$ ’000) As at 30 June 2016 As at 31 December 2015
Total assets 28,864,585 23,947,029
Property, plant and equipment 3,716,351 2,412,544
Finance lease receivables, net 16,423,366 16,473,038
Derivative financial assets 20,244 19,439
Prepayments and other receivables 3,859,878 3,444,332
Restricted cash 492,097 208,387
Cash and cash equivalents 4,352,649 1,389,289
Total equity 2,271,730 2,208,002
Equity attributable to owners of the Company
Share capital 62,278 60,592
Reserves 1,390,183 1,437,497
Retained earnings 819,269 690,452
Non-controlling interests – 19,461
Total liabilities 26,592,855 21,739,027
Deferred income tax liabilities 199,669 122,132
Bank borrowings 20,206,440 18,775,249
Long-term borrowings 1,277,682 794,221
Medium-term notes 392,355 400,547
Convertible bonds 816,667 796,506
Guaranteed bonds 2,300,129 –
Derivative financial liabilities 110,147 32,103
Income tax payables 33,757 37,654
Interest payables 112,042 73,303
Other payables and accruals 1,143,967 707,312
Total equity and liabilities 28,864,585 23,947,029
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
(b) an invitation to enter into an agreement to acquire, dispose of, subscribe for or underwrite securities; or related to the issue of any securities.
This document (and the information contained herein) is not for publication or distribution to any person(s) except as permitted by us.
Thank you
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