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Margin Analysis Gross profit margin 21.4% (2014: 20.9%) Margins analysis Net profit margin 8.5% (2014: 12.4%) ENN 新奥 Gross profit margin: Gross profit margin increased by 0.5ppt mainly due to increased contribution from the higher- margin connection fee revenue ➤ Gross profit margin of piped gas sales increased from 15.2% in 2014 to 15.3% in 2015 Net profit margin: Stripping out impact from one-off items, net profit margin in 2015 was 10.7% compared with 10.3% in 2014, increased by 0.4 ppt ➤ Higher operating efficiency offset the increase in finance cost due to the US$400 million 5-year bond issued in 2H2014 and loss from North America refuelling business 5

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