Revenue and profits are higher under HKFRS
15 and companies need to reclassify customer deposits to contract liabilities.
First quarter Adjusted EBITDA margin under HKFRS
was 18% (Q1 2015: 15%), or 24% under US GAAP (Q1 2015: 23%).
Fourth Quarter Adjusted EBITDA margin under HKFRS
was 21% (Q4 2014: 19%), or 26% under US GAAP (Q4 2014: 28%).
Adjusted EBITDA margin in the half year under HKFRS
increased slightly by 1% to 16% compared to the same period last year, and under US GAAP was lower by two percentage points at 23% in the same period.
Adjusted EBITDA margins under HKFRS
and US GAAP were 15% and 23%, respectively.
Adjusted EBITDA margin in the year decreased by one percentage point year-on-year to 15% under HKFRS
and remained at 25% under US GAAP in 2014.
Adjusted EBITDA margin under HKFRS
and US GAAP remained broadly consistent with the same period last year at 16% and 26%, respectively.
(During the period, the Company adopted HKFRS
11 "Joint Arrangements" to restate the gains from and interests in engine business using the equity method, which is reflected in the share of profits of jointly entities).
Upon completion of the Acquisition, the Five Joint Ventures will become jointly controlled entities of the Company under HKFRS
. The number of crude oil terminal companies controlled or jointly owned by the Group will increase from two to seven, with the number of berths increasing from 14 to 24, of which nine berthswill have the capacity to accept VLCC vessels.