Document

Report
1H FY2010
Results Briefing
16 December 2009
Operational Highlights
1H FY2010
Natural gas
Sales volume
1800
1,652.5
Period
Sales Growth –
Total
Coal Gas & Piped LPG
1H10
106.0%
Natural Gas
1H09
110.9%
1H08
124.6%
Period
Sales Growth –
Natural Gas Only
1H10
101.8%
1H09
138.0%
1H08
117.3%
1600
Total sales volume
(million m3)
1400
145.5
1200
1000
802.3
800
1,507.0
55.5
600
380.5
400
200
746.8
66.7
313.8
0
1H08
1H09
1H10
3
Natural gas
Customer breakdown
1600
1,507.0
CNG Stations
107.8
Commercial
145.4
Natural gas sales volume
(million m3)
1400
1200
Industrial
Residential
1000
746.8
800
400
313.8
200
42.2
35.8
191.1
0
44.7
1H08
Sales
Volume
Growth in
1H10
% of
Total
Volume
CNG
Stations
39.1%
7.2%
Commercial
118.6%
9.6%
Industrial
119.0%
72.2%
Residential
56.2%
11.0%
1,088.7
77.5
66.5
600
Sector
497.1
105.7
165.1
1H09
1H10
4
Natural gas
Customer data
Customer Growth
Organic
Acquired
1H10
Portfolio Total
Residential
289,262
163,273
4,197,905
23.5%
3,399,100
105
4
529
116.8%
244
Commercial
1,752
191
30,454
24.8%
24,402
CNG Stations
7
-
67
34.0%
50
Industrial
Change from
1H09
1H09
Portfolio Total
Customer Tariffs (ex-tax)
(RMB / m3)
1H10
Change from 1H09
1H09
1H08
Residential
1.84
1.1%
1.82
1.74
Industrial
2.03
4.1%
1.95
1.49
Commercial
2.31
14.4%
2.02
2.05
CNG Stations
2.14
-7.4%
2.31
1.98
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LPG
Operational data
LPG Sales Volume (tons)
LPG Average Sales Income per ton (HKD)
1H10
FY09*
435,900
495,155
4,010
4,589
22
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Operational Location (Cities)
* The acquisition of the LPG business was completed in September 2008.
Therefore, the FY09 figures above do not capture full year performance
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Other operational data
Natural gas daily consumption
55
10,000
8,000
(000 m3)
CNG for Automobiles
Commercial
Industrial
Residential
623.0
4,485.0
5,000
5,963.0
476.0
437.0
4,000
25.40%
50
890.0
6,000
45
25%
18.40%
20%
50.9
40
15%
35
44.0
40.7
3,000
2,374.7
2,000
292.0
379.8
1,000
1413.7
-
291.5
496.5
1H08
1H09
10%
30
3,075.5
1,437.0
1H10
30%
Penetration Rate
(%)
7,000
28.30%
8,913.0
Urban Population
Covered (m)
9,000
Urban population covered and penetration rate
5%
25
20
0%
1H08
1H09
1H10
7
Other operational data
1H10
Change from 1H09
1H09
1H08
Residential Connection Fee
(RMB per customer)
2,418
8.5%
2,228
2,368
Total Pipelines
(km)
28,990
69.8%
17,073
14,483
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Natural gas
Current project locations
Inner Mongolia Hohhot, Wushenqi, Wushenqi
Heilongjiang Harbin, Jiamusi,
Pipeline, Changmeng Pipeline, Baotou, 4 counties, Etoke
Banner
Shuangcheng
Heilongjiang
Hebei Cangzhou, Cangzhou Economic
Development Zone, Nanpi, Qinghe, Leting,
Xinle, Gaocheng, Pingshan, Feng Nan,
Neiqiu, Wangdu, Nanbao, Bohai New Area,
Hebei Pipeline
Liaoning Dalian, Fushun,
Jilin
Xinjiang
Liaoning
Inner Mongolia
Gansu
Ningxia Zhongwei
Ningxia
Beijing
Tianjin
Shanxi
Qinghai
Shaanxi Baoji, Qishan Xian, Yulin
Hubei Yichang, Xiaogan, Hanchuan,
Hubei
Sichuan
Yunnan
Guangxi
Chongqing Dianjiang E&P, Yubei
District, Dingwang purification, Chongqing
Pipeline
Hunan Yiyang, Yuanjiang
Guangxi Yuling, Qinzhou, Liuzhou,
Fongchenggang, Laibin, Baise, Nanning
Dongmeng Development Zone
Anhui
Shanghai
Jiangsu Pizhou, Yangzhong,
Nanjing (Jiang Bei), Xuzhou
(Jiawang), Xuzhou (Xinyi), Yangzhou
Zhejiang
Hunan
Guizhou
Shandong Dezhou, Qingdao
Jiangsu
Chongqing
Yingcheng, Yunmeng, Suizhou, Tianmen,
Guangshui, Dangyang, Xiaogan Pipeline,
Dangyang Pipeline, Huanggang-Daye
pipeline
Tianjin Tianjin Pipeline
Hebei
Shandong
Henan
Shaanxi
Tibet
Jinzhou, Sujiatun(Shenyang), Jinzhou
D. Zone, Liaoyang, Gaizhou,
Zhuanghe, Linghai, Pulandian
Jiangxi
Fujian
Guangdong
Zhejiang Hangzhou (Xiaoshan),
Taiwan
Shaoxing, Taizhou, Jinhua
Fujian 28 city gas concessions
Hainan
Anhui Wuhu, Huainan, Shouxian,
Suzhou, Wuhuxian, Nanling,
Huoshan, Fengtai,Wuwei
Guangdong Maoming,
Conghua, Meizhou, Yunfu, Shanwei
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Financial Highlights
1H FY2010
Financial summary
Income Statement
HK$ ('000)
1H FY10
% change
1H FY09 (restated)
1H FY08
3,937,292
138.7%
1,649,787
877,762
1,577,112
51.7%
1,039,417
549,941
559,269
35.4%
412,950
227,027
1,748,104
-
-
-
52,807
-73.3%
197,420
100,794
Gross Profit
934,031
68.9%
553,100
271,802
Profit after tax
490,778
338.2%
111,986
74,476
Profit Attributable to Shareholders
431,778
484.8%
73,836
64,711
Basic EPS (HK Cents)
12.95
483.3%
2.22
2.05
Gross Margin – Gas Sales
22.9%
n/a
19.3%
13.6%
Gross Margin – Connection Fees
74.8%
n/a
76.5%
80.0%
Gross Margin – LPG Sales
8.4%
n/a
-
-
Turnover
Gas Sales
Connection Fees
LPG Sales
Other
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Income statement
Turnover breakdown
1H FY08
1H FY09
Others
12.0%
Others
11.5%
1H FY10
Sales of LPG
44.4%
Sales of
Piped Gas
63.0%
Sales of
Piped Gas
62.7%
Connection
Fees
25.9%
Others
1.3%
Connection
Fees
14.2%
Connection
Fees
25.0%
Sales of
Piped Gas
40.1%
12
Financial summary
Balance sheet & debt position
HK$ ('000)
1H FY10
FY09
Total Assets
19,451,891
18,086,766
Total Equity
4,477,943
4,017,271
Shareholder's Equity
3,648,305
3,223,270
Cash
2,503,123
2,896,457
Short-term Bank Debt
3,102,667 *
3,103,855
Long-term Bank Debt
7,968,539
7,194,067
14,823
14,823
Convertible Bond
* Including HK$2,295,512,000 LPG Trading Facilities
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Balance sheet
Gearing and debt maturity profile
Management is committed to prudent capital management, and a significant portion of the
Group’s debt is long term
 Net Gearing at 148%1
 Short-term debt primarily consists of trade financing from banks for the LPG trading business of Shanghai Zhongyou
 Bank borrowings consist primarily of bank loans
Debt Maturity Profile
Less than one year
10.5%
From first year to
second year
4.4%
More than five
years
54.9%
From second year
to fifth year
30.2%
Note 1): As at 30 September 2009
Net Gearing = Net Debt Excluding LC Related Trading Facilities / Total Equity
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FY2010-11 Guidance
FY2010-2011 guidance
Management will focus on organic growth of existing city gas and pipeline projects
New investments will be on opportunistic basis
FY2010
FY2011
3.3 – 3.5 bn
4.5 – 5.0 bn
New residential connections
500,000 – 520,000
600,000 – 650,000
CNG stations
to reach 90 – 100
120 – 130
to reach 1.2–1.3m tons
2.0 – 2.2m tons
Gas volume (m3)
LPG sales
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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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