Transcript Document

FY2011 Interim Results Briefing
29th November 2010
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Operational Highlights 1H FY2011
Piped Gas
Total sales volume (million m3)
Sales Volume (as at 30th Sep 2010)
Period
Sales Growth – Total
1H FY11
14.3%
1H FY10
106.0.%
1H FY09
110.9%
Period
Sales Growth – Natural Gas Only
1H FY11
21.8%
1H FY10
101.8%
1H FY09
138.0%
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Natural Gas Volume
Customer Breakdown (as at 30th Sep 2010)
Sales Volume Growth
in 1H FY11
% of Total
Volume
CNG Stations
72.5%
10.1 %
Commercial
62.6%
12.9%
8.3%
64.2%
42.0%
12.8%
Natural gas sales volume (million m3)
Sector
Industrial
Residential
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Natural Gas
Customer Data (as at 30th Sep 2010)
Customer Growth
Organic
Acquired
1H FY11
Portfolio Total
Residential
386,500
409,581
5,633,517
34.2%
4,197,905
95
4
909
71.8%
529
Commercial
1,699
1,539
36,714
20.6%
30,454
CNG Stations
17
4
102
41.7%
72
Industrial
Customer Tariffs (ex-tax)
(RMB / m3)
Change from
1H FY10
1H FY10
Portfolio Total
1H FY11
Change from 1H FY10
1H FY10
1H FY09
Residential
2.06
12.0%
1.84
1.82
Industrial
2.16
6.4%
2.03
1.95
Commercial
2.48
7.4%
2.31
2.02
CNG Stations
2.37
10.7%
2.14
2.31
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Natural Gas
Other Operational Data (as at 30th Sep 2010)
Urban Population Covered (m)
Urban population covered and penetration rate
Penetration Rate
(000 m3)
Natural gas daily consumption
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Natural Gas
Other Operational Data (as at 30th Sep 2010)
1H FY11
Change from
1H FY10
1H FY10
1H FY09
Residential Connection Fee
(RMB per customer)
2,484
2.7%
2,418
2,228
Total Pipelines (km)
52,746
81.9%
28,990
17,073
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LPG
Operational Data (as at 30th Sep 2010)
1H FY11
1H FY10
Sale tonnage (ton)
508,482
435,900
Gross Margin (%)
-0.14%
+8.40%
Operating Margin (%)
-3.67%
- 0.14%
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Natural Gas
Current Project 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 from
Heilongjiang Harbin, Jiamusi,
Zhongyu Gas
Shuangcheng, Mudanjiang, Jiagedaqi
Heilongjiang
Gansu Lingtai County
Jilin
Inner Mongolia Hohhot, Wushenqi,
Wushenqi Pipeline, Changmeng Pipeline,
Baotou, 4 counties, Etoke Banner, Etuokeqi,
Alashan, Zuoqi Tenggeli Industrial Zone
Liaoning
Xinjiang
Ningxia Zhongwei
Shaanxi Baoji, Qishan Xian, Yulin
Hubei Yichang, Xiaogan, Hanchuan,
Inner Mongolia
Gansu
Hubei
Sichuan
Guizhou
Yunnan
Anhui
Hunan
Jiangsu Pizhou, Yangzhong, Nanjing
Shanghai
Zhejiang
Guangxi Guangdong
(Jiang Bei, Pukou), Xuzhou (Jiawang),
Xuzhou (Xinyi), Yangzhou
Zhejiang Hangzhou (Xiaoshan),
Taizhou, Jinhua, Hangzhou Jiangdong
Industrial Zone
Fujian
Taiwan
Fujian 29 city gas concessions
Anhui Wuhu, Huainan, Shouxian,
Hainan
Suzhou, Wuhuxian, Nanling, Huoshan,
Fengtai, Wuwei, Xiuningxian
Guangdong Maoming, Conghua,
Guangxi Yuling, Qinzhou, Liuzhou,
Fongchenggang, Laibin, Baise, Nanning City,
Nanning Dongmeng Development Zone, Bobai
cities from Zhongyu Gas
Jiangxi
Dingwang purification, Chongqing Pipeline
Hunan Yiyang, Yuanjiang, Youxian
Shandong Dezhou, Qingdao, 3
Jiangsu
Chongqing
Yingcheng, Yunmeng, Suizhou, Tianmen,
Guangshui, Dangyang, Xiaogan Pipeline,
Dangyang Pipeline, Huanggang-Daye pipeline
Chongqing Dianjiang E&P, Yubei District,
Henan
Shaanxi
Tibet
Sujiatun(Shenyang), Jinzhou D. Zone,
Liaoyang, Gaizhou, Zhuanghe, Linghai,
Pulandian, Liaoyang Economic Zone,
Jinzhou Longxiwan New Zone
Tianjin Tianjin Pipeline
Beijing
Tianjin
Hebei
Shanxi Shandong
Ningxia
Qinghai
Liaoning Dalian, Fushun, Jinzhou,
Jiangxi Nanchang (Wanliqu)
Meizhou, Yunfu, Shanwei, Xinxingxian,
Fengshunxian, Pingyuanxian
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Financial Highlights 1H FY2011
Financial Summary
Income Statement
HK$ ('000)
1H FY11
% change
1H FY10
6,537,621
66.0%
3,937,292
Gas Sales
2,404,538
52.5%
1,577,112
Connection Fees
1,005,288
79.8%
559,269
LPG Sales
2,897,589
65.8%
1,748,104
230,206
340.0%
52,327
1,234,712
32.2%
934,031
EBIT
770,123
37.2%
561,507
Profit after tax
123,729
-74.8%
490,778
Core Earnings
296,169
25.5%
236,054
Gross Margin – Gas Sales
20.0%
-
22.9%
Gross Margin – Connection Fees
70.7%
-
74.8%
Gross Margin – LPG Sales
-0.1%
-
8.4%
Turnover
Other
Gross Profit
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Financial Summary
Balance Sheet & Debt Position
HK$ ('000)
1H FY11
1H FY10
Total Assets
26,380,903
19,451,891
Total Equity
6,413,152
4,477,943
Shareholder's Equity
4,948,470
3,648,305
Cash
4,258,280
2,503,123
Short-term Bank Debt
5,410,759*
3,102,667
Long-term Bank Debt
8,937,959
7,968,539
* of which HK$2,851,490,000 was Zhongyou Huadian LPG trade finance related facilities
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FY2011-12 Outlook
FY2011-2012 Guidance
 Enhance organic growth of existing city gas and pipeline projects in terms of residential penetration,
industrial connections and CNG station rollout
 Continue upstream LPG integration with refineries Sinopec and CNPC and enhance imports through
Oman Oil’s connections in the Middle East
 Active rollout of LPG downstream retail distribution network through the newly established JV with
Oman Oil
Gas volume (m3)
New residential connections
CNG stations
LPG sales (million ton)
FY2011
FY2012
4.8 bn
6.0 bn
700,000
850,000
to reach 120
180
1.3
2.0
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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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