1h fy2010 results briefing 16 december 2009. operational highlights 1h fy2010

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1H FY2010 Results Briefing 16 December 2009

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Page 1: 1H FY2010 Results Briefing 16 December 2009. Operational Highlights 1H FY2010

1H FY2010Results Briefing

16 December 2009

Page 2: 1H FY2010 Results Briefing 16 December 2009. Operational Highlights 1H FY2010

Operational Highlights 1H FY2010

Page 3: 1H FY2010 Results Briefing 16 December 2009. Operational Highlights 1H FY2010

3

0

200

400

600

800

1000

1200

1400

1600

1800

1H08 1H09 1H10

Coal Gas & Piped LPG

Natural Gas

Natural gasSales volume

Tota

l sal

es v

olum

e (m

illio

n m

3 )

Period Sales Growth – Total

1H10 106.0%

1H09 110.9%

1H08 124.6%

Period Sales Growth – Natural Gas Only

1H10 101.8%

1H09 138.0%

1H08 117.3%66.7

746.8

313.8

380.5

802.3

1,652.5

55.5

145.5

1,507.0

Page 4: 1H FY2010 Results Briefing 16 December 2009. Operational Highlights 1H FY2010

4

Natural gasCustomer breakdown

0

200

400

600

800

1000

1200

1400

1600

1H08 1H09 1H10

CNG Stations

Commercial

Industrial

Residential

Nat

ural

gas

sal

es v

olum

e (m

illio

n m

3 )

44.7

191.135.842.2

105.7

497.1

66.577.5

Sector 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%

746.8

313.8

1,507.0

107.8

145.4

1,088.7

165.1

Page 5: 1H FY2010 Results Briefing 16 December 2009. Operational Highlights 1H FY2010

5

Natural gasCustomer data

Customer Growth Organic Acquired1H10

Portfolio TotalChange from

1H091H09

Portfolio Total

Residential 289,262 163,273 4,197,905 23.5% 3,399,100

Industrial 105 4 529 116.8% 244

Commercial 1,752 191 30,454 24.8% 24,402

CNG Stations 7 - 67 34.0% 50

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

Page 6: 1H FY2010 Results Briefing 16 December 2009. Operational Highlights 1H FY2010

6

LPG Operational data

1H10 FY09*

LPG Sales Volume (tons) 435,900 495,155

LPG Average Sales Income per ton (HKD) 4,010 4,589

Operational Location (Cities) 22 17

* The acquisition of the LPG business was completed in September 2008. Therefore, the FY09 figures above do not capture full year performance

Page 7: 1H FY2010 Results Briefing 16 December 2009. Operational Highlights 1H FY2010

7

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

10,000

1H08 1H09 1H10

CNG for AutomobilesCommercialIndustrialResidential

2,374.7

4,485.0

8,913.0

Other operational data

Natural gas daily consumption

(000

m3 )

18.40%

25.40%28.30%

20

25

30

35

40

45

50

55

1H08 1H09 1H100%

5%

10%

15%

20%

25%

30%

Penetration Rate (%

)

Urb

an P

opul

ation

Co

vere

d (m

)

Urban population covered and penetration rate

379.8

1413.7

291.5 496.5

3,075.5

437.040.7

44.0476.05,963.0

1,437.0

890.0

623.0

292.0

50.9

Page 8: 1H FY2010 Results Briefing 16 December 2009. Operational Highlights 1H FY2010

8

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

Page 9: 1H FY2010 Results Briefing 16 December 2009. Operational Highlights 1H FY2010

99

Natural gasCurrent project locations

Beijing

Shanghai

Heilongjiang

Jilin

Liaoning

Inner Mongolia

Xinjiang

Tibet

Qinghai

Gansu

Ningxia

Shaanxi

Shanxi

Henan

ShandongHebei

Jiangsu

Anhui

Zhejiang

Fujian

JiangxiHunan

Guangdong TaiwanGuangxi

Hainan

Yunnan

Guizhou

Sichuan

Chongqing

Tianjin

Shaanxi Baoji, Qishan Xian, Yulin

Hebei Cangzhou, Cangzhou Economic Development Zone, Nanpi, Qinghe, Leting, Xinle, Gaocheng, Pingshan, Feng Nan, Neiqiu, Wangdu, Nanbao, Bohai New Area, Hebei Pipeline

Hubei Yichang, Xiaogan, Hanchuan, Yingcheng, Yunmeng, Suizhou, Tianmen, Guangshui, Dangyang, Xiaogan Pipeline, Dangyang Pipeline, Huanggang-Daye pipeline

Hunan Yiyang, Yuanjiang

Guangdong Maoming, Conghua, Meizhou, Yunfu, Shanwei

Guangxi Yuling, Qinzhou, Liuzhou, Fongchenggang, Laibin, Baise, Nanning Dongmeng Development Zone

Chongqing Dianjiang E&P, Yubei District, Dingwang purification, Chongqing Pipeline

Inner Mongolia Hohhot, Wushenqi, Wushenqi Pipeline, Changmeng Pipeline, Baotou, 4 counties, Etoke Banner

Ningxia Zhongwei

Fujian 28 city gas concessions

Jiangsu Pizhou, Yangzhong, Nanjing (Jiang Bei), Xuzhou (Jiawang), Xuzhou (Xinyi), Yangzhou

Anhui Wuhu, Huainan, Shouxian, Suzhou, Wuhuxian, Nanling, Huoshan, Fengtai , Wuwei

Zhejiang Hangzhou (Xiaoshan), Shaoxing, Taizhou, Jinhua

Liaoning Dalian, Fushun, Jinzhou, Sujiatun(Shenyang), Jinzhou D. Zone, Liaoyang, Gaizhou, Zhuanghe, Linghai, Pulandian

Shandong Dezhou, Qingdao

Tianjin Tianjin Pipeline

Heilongjiang Harbin, Jiamusi, Shuangcheng

Hubei

Page 10: 1H FY2010 Results Briefing 16 December 2009. Operational Highlights 1H FY2010

Financial Highlights 1H FY2010

Page 11: 1H FY2010 Results Briefing 16 December 2009. Operational Highlights 1H FY2010

11

Financial summaryIncome Statement

HK$ ('000) 1H FY10 % change 1H FY09 (restated) 1H FY08

Turnover 3,937,292 138.7% 1,649,787 877,762

Gas Sales 1,577,112 51.7% 1,039,417 549,941

Connection Fees 559,269 35.4% 412,950 227,027

LPG Sales 1,748,104 - - -

Other 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 - -

Page 12: 1H FY2010 Results Briefing 16 December 2009. Operational Highlights 1H FY2010

12

Income statementTurnover breakdown

Connection Fees

25.9%

Others11.5%

Sales of Piped Gas

62.7%

1H FY08 1H FY09 1H FY10

Connection Fees

25.0%

Others12.0%

Sales of Piped Gas

63.0%

Others1.3%

Connection Fees

14.2%

Sales of LPG44.4%

Sales of Piped Gas

40.1%

Page 13: 1H FY2010 Results Briefing 16 December 2009. Operational Highlights 1H FY2010

13

Financial summaryBalance 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

Convertible Bond 14,823 14,823

* Including HK$2,295,512,000 LPG Trading Facilities

Page 14: 1H FY2010 Results Briefing 16 December 2009. Operational Highlights 1H FY2010

14

Balance sheetGearing and debt maturity profile

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

Management is committed to prudent capital management, and a significant portion of the Group’s debt is long term

Debt Maturity Profile

Note 1): As at 30 September 2009Net Gearing = Net Debt Excluding LC Related Trading Facilities / Total Equity

Page 15: 1H FY2010 Results Briefing 16 December 2009. Operational Highlights 1H FY2010

FY2010-11 Guidance

Page 16: 1H FY2010 Results Briefing 16 December 2009. Operational Highlights 1H FY2010

16

FY2010-2011 guidance

Management will focus on organic growth of existing city gas and pipeline projectsNew investments will be on opportunistic basis

FY2010 FY2011

Gas volume (m3) 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

LPG sales to reach 1.2–1.3m tons 2.0 – 2.2m tons

Page 17: 1H FY2010 Results Briefing 16 December 2009. Operational Highlights 1H FY2010

17

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.