We are one of the world's leading large gen-set system integration providers in terms of revenue in 2015 and Southeast Asia's largest private gas-fired engine-based distributed power generation, or DPG, station owner and operator in terms of secured installed capacity as of December 31, 2015, according to Frost & Sullivan. For the years ended December 31, 2013, 2014 and 2015, our revenue was HK$575.8 million, HK$929.8 million and HK$1,212.8 million, respectively, representing a CAGR of 45.1%, and our profit for each of these years was HK$9.7 million, HK$120.7 million and HK$141.2 million, respectively, representing a CAGR of 281.5%.

Under our system-integration, or SI, business, we design, integrate and sell gas-fired and diesel-fired engine-based electricity generation units, or gen-sets, and power generation systems, or PGSs, utilizing our proprietary system design and integration capabilities. We were the largest system integration provider of gen-sets and PGSs with power output of 800 kW and above in Asia in terms of revenue in 2015, according to Frost & Sullivan. Our SI business recorded HK$535.5 million, HK$785.5 million and HK$965.6 million in revenue, representing 93.0%, 84.5% and 79.6% of our total revenue, in 2013, 2014 and 2015, respectively and sold gen-sets and PGSs with an aggregate capacity of 286.3MW, 345.6MW and 407.6MW for the years ended December 31, 2013, 2014 and 2015, respectively.

Under our investment, building and operating, or IBO, business, we design, invest in, build and, in collaboration with off-takers, operate and lease DPG stations. We were the largest private gas-fired DPG station owner and operator in Indonesia and Myanmar in terms of secured installed capacity as of December 31, 2015, according to Frost & Sullivan. We had six DPG stations in commercial operation in Indonesia, Myanmar and Bangladesh with installed capacity ranging from 20.3MW to 65.8MW, totaling 300.9MW, as of the Latest Practicable Date. This includes five environmentally friendly gas-fired DPG stations for continuous operation and one diesel-fired DPG station for peak-shaving. We had 31.9MW, 165.9MW and 258.8MW of installed capacity as of December 31, 2013, 2014 and 2015, respectively, growing at a CAGR of 184.8%. Our IBO business recorded HK$40.2 million, HK$144.3 million and HK$247.3 million in revenue, representing 7.0%, 15.5% and 20.4% of our total revenue, in 2013, 2014 and 2015, respectively. Our year-end order book calculated by multiplying the contract capacity for all our DPG stations by the remaining duration (in months) of the contracts as of December 31, 2013, 2014 and 2015 was 3,196MW-months, 10,015MW-months and 21,671MW-months, assuming our DPG station operating agreements and offtake agreements are not terminated, representing a CAGR of 160.4%. As of the Latest Practicable Date, we also had three DPG stations under construction in Myanmar, Ghana and Indonesia, with planned installed capacity ranging from 56.2MW to 149.8MW, totaling an additional 262.4MW. These DPG stations are expected to commence operations in 2016.

We have developed a strong network of partners to continue to grow our IBO business. We work closely with project co-developers, such as CRRC, and EPC contractors and sub-contractors, such as CNTIC, to identify project opportunities, perform risk assessments, choose the appropriate technologies, negotiate and finalize project terms, manage and coordinate local subcontractors and construct the DPG station. We have very strong cooperative relationships with CRRC and CNTIC. CRRC and CNTIC's solid understanding of local market conditions provides us with an advantage in gaining access to selected local subcontractors and allows us to quickly obtain reliable estimates of project timelines and costs before submitting a bid or responding to customer requests. In April 2015, we entered into a five-year power project co-development agreement with CRRC and CNTIC for the co-development and construction of gas-fired, diesel-fired and heavy-fuel-fired DPG stations in the countries covered by the PRC government's Belt and Road Initiative. The agreement covers Indonesia, Myanmar and Bangladesh, as well as other countries in Africa and Latin America.

updated 6th December, 2016

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