Transcript 投影片 1
Emerging into
Prosperity
FY2011 Annual Results Briefing
29 June 2011
TABLE OF CONTENTS
Management Members
3
Major FY2011 Milestones
5
Operational Highlights
7
Financial Highlights
15
Outlook
18
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MANAGEMENT
MEMBERS
MANAGEMENT MEMBERS
Mr. Ying Xue Pang – Joint Managing Director & Executive President
Mr. Kevin Zhu – Executive Director & Vice President
Mr. Frank Li – General Manager, IR Department
Presenter: Mr. Eric Leung – Joint Managing Director & President
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MAJOR FY2011
MILESTONES
MAJOR FY2011 MILESTONES
Acquired 28 city concessions in 11 provinces and territories, including Gansu, Liaoning, Heilongjiang,
Guangdong, Guangxi, Jiangxi, Hubei, Hebei, Henan, Shandong and Anhui Provinces and Regions.
Started trial operation of our 7th long distance pipeline project in Chongqing with designed transmission
capacity of 2 bn m3.
In March 2011, signed the agreement to acquire Panva Gas, the biggest LPG downstream retailer in
China, which owns 450 LPG retail and 220 franchised class III stations and services more than 4m
households in 8 provinces and regions. The downstream penetration enables China Gas to:
a.
Enjoy additional downstream margin
b. Reduce unit cost of supply
c.
Increase sales volume
d. Mitigate price fluctuation risk
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OPERATIONAL
HIGHLIGHTS FY2011
Total sales volume (million m3)
PIPED GAS SALES VOLUME
Period
Sales Growth – Total
FY11
28.5%
FY10
54.5%
FY09
102.5%
Period
Sales Growth – Natural Gas Only
FY11
31.7%
FY10
58.7%
FY09
104.1%
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Natural gas sales volume (million m3)
NATURAL GAS CONSUMPTION BREAKDOWN
Sales Volume Growth
in FY11
% of Total
Volume
CNG Stations
53.9%
8.5%
Commercial
45.8%
11.1%
Industrial
25.3%
67.6%
Residential
45.0%
12.8%
Customer
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NATUAL GAS CUSTOMER DATA
Customer Growth
Organic
Acquired
FY11
Portfolio Total
Residential
901,982
339,388
6,078,806
25.7%
4,837,436
254
206
1,270
56.8%
810
Commercial
3,680
314
37,470
11.9%
33,476
CNG Stations
14
-
105
15.4%
91
Industrial
Change from
FY10
FY10
Portfolio Total
Customer Tariffs (ex-tax)
(RMB / m3)
FY11
Change from FY10
FY10
FY09
Residential
2.15
14.4%
1.88
1.85
Industrial
2.29
9.6%
2.09
1.97
Commercial
2.35
10.3%
2.13
2.06
CNG Stations
2.72
25.3%
2.17
2.08
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DAILY CONSUMPTION & PENETRATION RATE
Urban population covered and penetration rate
Natural gas daily consumption
Unit: million
Unit: ’000 m3
13,900.0
14,000
80
40%
1185.6
1,538.6
12,000
6,855.2
6,000
617.0
436.7
35%
9,400.3
60
30%
50
25%
40
20%
30
7,245.3
4,000
50.5
5,174.6
55.9
59.2
15%
20
10%
Penetration Rate
8,000
30.3%
26.6%
10,416.7
802.8
1,105.6
10,000
33.4%
70
2,000
0
Residential
1,775.4
10
5%
626.9
1,262.9
FY09
FY10
FY11
0
0%
Industrial
Commercial
CNG for Automobiles
FY09
FY10
FY11
11
OTHER OPERATIONAL DATA
FY11
Change from FY10
FY10
FY09
Residential Connection Fee
(RMB per customer)
2,454
+ 3.6%
2,368
2,437
Total Pipelines (km)
59,189
+ 87.8%
31,513
25,886
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LPG
FY11
FY10
FY09*
Sale tonnage (ton)
984,600
944,000
495,155
Gross Margin (%)
+ 4.8%
+ 8.7%
+5.7%
Operating Margin (%)
- 0.3%
+ 1.6%
- 0.2%
* Only half year data as China Gas commenced LPG business in Sep.2008
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NATURAL GAS PROJECTS
LOCATIONS
Hebei Cangzhou, Cangzhou Economic
Development Zone, Nanpi, Qinghe, Leting,
Xinle, Gaocheng, Pingshan, Feng Nan,
Neiqiu, Wangdu, Nanbao, Bohai New
Area, Hebei Pipeline, Tang County
Henan 8 city gas concessions
Heilongjiang Harbin, Jiamusi,
from Zhongyu Gas
Shuangcheng, Mudanjiang, Jiagedaqi
Heilongjiang
Gansu Lingtai County
Inner Mongolia Hohhot, Wushenqi,
Wushenqi Pipeline, Changmeng Pipeline,
Baotou, 4 counties, Etoke Banner,
Etuokeqi, Alashan, Zuoqi Tenggeli
Industrial Zone
Jilin
Sujiatun(Shenyang), Jinzhou D. Zone,
Liaoyang, Gaizhou, Zhuanghe, Linghai,
Pulandian, Liaoyang Economic Zone,
Jinzhou Longxiwan, Zhuanghe I. Park
Liaoning
Gansu
Xinjiang
Inner Mongolia
Qinghai
Shaanxi Baoji, Qishan Xian, Yulin
Shaanxi
Tibet
Hubei Yichang, Xiaogan, Hanchuan,
Henan
Hubei
Sichuan
Hunan
Guizhou
Yunnan
Chongqing Dianjiang E&P, Yubei
District, Dingwang purification, Chongqing
Pipeline
Shandong Dezhou, Qingdao, 3
Anhui
Jiangsu Pizhou, Yangzhong,
Shanghai
Zhejiang
Jiangxi
Nanjing (Jiang Bei, Pukou), Xuzhou
(Jiawang), Xuzhou (Xinyi), Yangzhou
Zhejiang Hangzhou (Xiaoshan),
Fujian
GuangxiGuangdong
Hainan
cities from Zhongyu Gas
Jiangsu
Chongqing
Yingcheng, Yunmeng, Suizhou, Tianmen,
Guangshui, Dangyang, Xiaogan Pipeline,
Dangyang Pipeline, Huanggang-Daye
pipeline, Wuhan Qingshan
Tianjin Tianjin Pipeline
Beijing
Tianjin
Hebei
Shanxi Shandong
Ningxia
Ningxia Zhongwei
Taiwan
Taizhou, Jinhua, Hangzhou Jiangdong
Industrial Zone
Fujian 29 city gas concessions
Anhui Wuhu, Huainan, Shouxian,
Suzhou, Wuhuxian, Nanling, Huoshan,
Fengtai, Wuwei, Xiuningxian, Huoqiu,
Maoji
Hunan Yiyang, Yuanjiang, Youxian
Guangxi Yuling, Qinzhou, Liuzhou,
Fongchenggang, Laibin, Baise, Nanning
City, Nanning Dongmeng Development
Zone, Bobai, Wuxuan
Liaoning Dalian, Fushun, Jinzhou,
Guangdong Maoming, Conghua,
Jiangxi Nanchang (Wanliqu),
Xinfeng
Meizhou, Yunfu, Shanwei, Xinxingxian,
Fengshunxian, Pingyuanxian,
Huazhou, Dapu, Wuhua
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FINANCIAL
HIGHLIGHTS FY2011
FINANCIAL SUMMARY – INCOME STATEMENT
HK$ ('000)
FY11
% change
FY10
FY09
15,861,880
55.3%
10,211,959
6,323,823
Piped Gas Sales
6,359,041
66.0%
3,831,627
2,678,377
Connection Fees
2,346,388
60.5%
1,461,573
1,127,403
LPG Sales
6,654,797
43.5%
4,637,924
2,272,173
501,654
78.6%
280,835
245,870
Gross Profit
2,910,472
48.1%
2,116,292
1,429,349
EBITDA
2,426,116
37.4%
1,765,568
1,078,684
EBIT
1,778,150
39.9%
1,270,881
732,085
Profit after tax
781,322
- 23.1%
1,015,501
133,959
Core Earnings (ex non-cash & non
operating items)
827,405
40.2%
590,085
263,697
Gross Margin – Gas Sales*
17.5%
-
20.8%
19.1%
Gross Margin – Connection Fees*
68.4%
-
70.6%
67.4%
Gross Margin – LPG Sales
4.8%
-
8.7%
5.7%
Turnover
Others
* Excluding Zhongyu Gas
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FINANCIAL SUMMARY – BS & DEBT POSITION
HK$ ('000)
FY11
FY10 (restated)
Total Assets
30,886,528
22,997,594
Total Equity
10,338,156
5,230,237
Shareholder's Equity
8,764,676
4,123,022
Cash
6,729,033
4,361,419
Short-term Bank Debt
7,312,837*
5,332,060**
Long-term Bank Debt
7,720,327
7,984,046
48%
124%
Net Gearing Ratio
* of which HK$3,333,668,000 was Shanghai Zhongyou LPG trade finance related facilities
** of which HK$2,450,349,000 was Shanghai Zhongyou LPG trade finance related facilities
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OUTLOOK
OUTLOOK
Enhance organic growth of existing city gas projects in terms of residential penetration, industrial
connections and CNG stations rollout
Implement “Hub-Satellite City” investment program to acquire more city concessions
Continue to develop CNG/LNG stations
Active rollout of LPG downstream retail distribution network and achieve industry integration
Gas volume (m3)
New residential connections
CNG stations
LPG sales (million ton)
FY2012
FY2013
5.2 bn
6.2bn
950,000
1,000,000
to reach 140
170
1.8
2.2
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DISCLAIMER
Statements in this presentation and handout that are not strictly historical are “forward-looking”
statements. Forward-looking statements involve risks and uncertainties, including, but not limited to,
continued acceptance of the Company’s product and services in the marketplace, competitive factors,
new products and technology changes, the Company’s dependence upon third party suppliers and other
risks detailed from time to time in the presentation, handout and other related documents. China Gas is
not responsible for the accuracy and completeness of the contents of such presentations and/or other
documents. The materials and information in the presentations and other documents are for
informational purposes only, and are not an offer or solicitation for the purchase or sale of any securities
or financial instruments or to provide any investment service or investment advice.
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