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ENN Energy Holdings Limited ENN Energy Holdings Limited ENERGY INNOVATION Leveraging on our solid foundation of energy distribution, we strive to reach new heights through strategic business development, sound execution ability, provision of innovative energy solutions, and prudent acquisition strategy. We are committed to becoming an international clean energy distributor, creating values to our customers and maximizing returns to our shareholders. CONTENTS 02 Corporate Information 06 Chairman’s Statement 12 Operational Locations In China 14 Project Operational Data 22 Operational Highlights 23 Financial Highlights 24 Comparison of Ten-Year Results 26 Management Discussion and Analysis 42 Directors and Senior Management 46 Director’s Report 59 Corporate Governance Report 88 Independent Auditor’s Report 89 Co nsolidated Statement of Profit or Loss and Other Comprehensive Income 90 Consolidated Statement of Financial Position 92 Consolidated Statement of Changes in Equity 93 Consolidated Statement of Cash Flows 96 Notes to the Consolidated Financial Statements 02 CORPORATE INFORMATION Board of Directors Members of the Nomination Hong Kong Branch Share Registrar Executive Directors Committee and Transfer Office Wang Yusuo* Computershare Hong Kong Investor Wang Yusuo (Chairman) Jin Yongsheng Limited Cheung Yip Sang (Vice Chairman) Wang Guangtian Rooms 1712–16, 17th Floor Yu Jianchao Yien Yu Yu, Catherine CFA Hopewell Centre Han Jishen (President) Ma Zhixiang 183 Queen’s Road East Wang Dongzhi (Chief Financial Officer) Yuen Po Kwong Wanchai Non-executive Directors Law Yee Kwan, Quinn CPA Hong Kong Wang Zizheng Registered Office Stock Exchange Listing Jin Yongsheng Ugland House The Stock Exchange of Hong Kong Limited Lim Haw Kuang P.O. Box 309 Independent Non-executive Directors South Church Street Stock Code George Town 2688 Wang Guangtian Grand Cayman Yien Yu Yu, Catherine Cayman Islands Auditors Ma Zhixiang British West Indies Deloitte Touche Tohmatsu Yuen Po Kwong Certified Public Accountants Law Yee Kwan, Quinn Principal Place of Business in 35th Floor One Pacific Place Hong Kong No. 88 Queensway Company Secretary Rooms 3101–04, 31st Floor Hong Kong Wong Chui Lai CPA Tower 1, Lippo Centre No. 89 Queensway Legal Adviser Authorised Representatives Hong Kong Woo, Kwan, Lee & Lo Yu Jianchao 26th Floor, Jardine House Wang Dongzhi Head Office in The PRC 1 Connaught Place Building A, ENN Industrial Park Central Members of the Audit Committee Xinyuan DongDao Road Hong Kong Yien Yu Yu, Catherine* CFA Economic and Technological Wang Guangtian Development Zone Principal Bankers Ma Zhixiang Langfang City Industrial and Commercial Bank of China Yuen Po Kwong Hebei Province China Construction Bank Law Yee Kwan, Quinn CPA The PRC Agricultural Bank of China Bank of China (Hong Kong) Principal Share Registrar and Members of the Remuneration Transfer Office in the Cayman Website Committee Islands www.ennenergy.com Yuen Po Kwong* Royal Bank of Canada Trust Company Jin Yongsheng (Cayman) Ltd E-mail address Wang Guangtian 4th Floor, Royal Bank House [email protected] Yien Yu Yu, Catherine CFA 24 Shedden Road Ma Zhixiang George Town Law Yee Kwan, Quinn CPA Grand Cayman KY1-1110 Cayman Islands British West Indies * Chairman of the relevant Board committees 03 OUR MISSION INNOVATING CLEAN ENERGY, IMPROVING LIVING ENVIRONMENT, ENHANCING THE QUALITY OF LIFE. WELL-DEFINED BUSINESS STRATEGIES EXPAND CITY-GAS BUSINESS EXPAND GAS DEVELOP USAGE AS DISTRIBUTED TRANSPORTATION ENERGY FUEL PROJECTS CONDUCT ENERGY TRADING TO REAP SYNERGY 06 CHAIRMAN’S STATEMENT Results of the Year industries and strengthened the upgrade of The global energy market experienced traditional industries, natural gas distributed some significant changes in 2014, where energy and energy saving businesses China’s economic slowdown lowered enjoyed a positive outlook. Moreover, the the energy consumption in conventional construction and operation of part of the sectors and the adjustment of natural trunk line of West-East Pipeline III, the gas price has affected the development planning of the China-Russia Pipeline and of the gas industry. However, as the other long distance natural gas pipelines Chinese government stepped up its effort and the encouragement of the exploitation in economic structural reform, promoted of shale gas and coalbed methane created the development of strategic emerging more opportunities for the industry. Seizing this opportunity, the Group will leverage on its strengths to adapt to any market changes and meet customers’ needs. WANG Yusuo Chairman 07 Total Revenue Total Natural Gas RMB million Sales Volume million m3 29,087 10,120 8,037 6,225 5,011 22,966 3,808 18,027 15,068 11,215 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 Thanks to the concerted effort of its The Group’s natural gas sales volume for employees, the Group continued to the year of 2014 grew by 25.9% to 10,120 maintain a substantial growth during million cubic metres as compared with last the year in face of both opportunities year. During the year, the Group completed and challenges. The turnover and piped natural gas connection for 1,322,723 profit attributable to shareholders for residential households and 8,660 the year reached RMB29,087 million commercial/industrial (“C/I”) customers and RMB2,968 million respectively, (with total installed designed daily capacity representing increases of 26.7% and of 8,317,243 cubic metres). On the other 137.1% over last year. Earnings per hand, the Group continued to develop share increased by 136.2% to RMB2.74. vehicle gas refuelling station business During the year, the Group’s investment actively. During the year, 18 CNG refuelling grade credit ratings were reaffirmed by stations and 61 LNG refuelling stations three leading rating agencies, including were built and put into operation. As of the Moody’s: Baa3 (stable), S&P: BBB (stable) end of 2014, the Group operated a total and Fitch: BBB (stable). In light of the of 286 and 241 CNG refuelling stations Company’s more solid profit base, the and LNG refuelling stations respectively. Board recommended a final dividend of The Group’s operating and financial HK$0.83 (equivalent to RMB0.66) per performances were in line with the targets share, payable to shareholders registered initially set in the year. in the register of shareholders on 5 June 2015 to express its appreciation for their support. The total amount of dividend was around RMB720 million, representing an increase of 73.9% compared with last year. 08 CHAIRMAN’S STATEMENT On 28 February 2015, the National Since the city-gate price hike on 1 Strategic Planning Development and Reform Commission September last year, the Group has While considering the future development (“NDRC”) announced to adjust the natural finished cost pass through to most of the strategy, the Group will also review the gas city-gate prices for non-residential non-residential users. Starting from 1 current operation by taking into account use. Effective from 1 April, the price April 2015, it will pass through the lower the market development and changes of incremental volume will be reduced natural gas cost to downstream users and of relevant policies in order to develop a by RMB0.44 per cubic metre and the maintain stable dollar margin. Lower gas suitable investment strategy and allocate price of existing volume will be increased price will stimulate downstream demand more resources to the downstream core by RMB0.04 per cubic metre, so as to and facilitate the Group’s gas sales volume businesses. accomplish the third step of the pricing growth. Meanwhile, although the NDRC During the year, in order to better allocate reform. By doing so, the prices of existing did not adjust the residential city-gate its resources and focus on expanding volume and incremental volume will prices, it reiterated to establish tier-pricing the downstream core businesses, the converge. The average purchasing cost for mechanism for residential gas tariff in all Group decided to dispose of its interests the Group’s gas projects is expected to be cities and gradually normalise residential in the LNG processing plants in Qinshui, lowered. Since the second half of 2014, gas prices in order to promote efficient use Beihai and Ningxia. Under the first state- led by the sharp decline in global oil prices, of gas and energy saving. According to the owned enterprise pilot reform project the prices of substitute energy, such as fuel Guiding Opinions on the Establishment of that introduces private capital, the Group oil and liquefied petroleum gas (“LPG”), Natural Gas Tier-pricing Mechanism for acquired an equity interest in Sinopec have dropped accordingly, hindering the Residential Users published in March 2014 Marketing Company Limited (“Sinopec promotion of natural gas usage to some by the NDRC, tier-pricing mechanism shall Marketing”) and made the payment extent. In particular, after the city-gate be established in all cities with piped gas in February 2015. The transaction price hikes of natural gas on 10 July 2013 supply by the end of 2015. Natural gas strengthened the cooperation between and 1 September 2014, the economic for residential use will be categorized into the two parties and offered an opportunity advantage of natural gas was lessened three tiers and an excess progressive rate for both to further develop clean energy amid oil price weakness. Therefore, the will be applied to each tier, which will be businesses leveraging on their competitive latest city-gate price adjustment will restore favourable to the Company’s residential gas advantages, so as to create a win-win the price advantage of natural gas over sales. Currently, the Company has 24 city- situation. On the other hand, the Group substitute energy. It also reflected the gas projects with tier-pricing mechanism acquired the vehicle gas refuelling station Chinese government’s determination to for residential users. It will actively respond business in North America during the establish a pricing mechanism driven by to the government’s plan and establish tier- year.
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