Investor Presentaiton

Margin Analysis ENN 新奥 Gross profit margin 20.4% (1H2014: 20.5%) Margins analysis Gross profit margin: Net profit margin 9.8% (1H2014: 10.7%) Stripping out impact from North America refuelling business, gross profit margin in 1H2015 was 20.6%, remained stable compared with the same period of last year Net profit margin: Stripping out impact from CB, net profit margin in 1H2015 was 10.5% compared with 10.3% in 1H2014, increased by 0.2ppt ➤ Higher operating efficiency offset the increase in finance cost due to the US$400 million 5-year bond issued in 2H2014 and the loss from North America refuelling business 18

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