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Annual Report 2015 The Hong Kong and China Gas Company Limited The Hong Kong and China Gas Company Limite (Stock Code: 3) Annual Report The Hong Kong and China Gas Company Limited d 香港中華煤氣有限公司 Annual Report 2015 23rd Floor, 363 Java Road, North Point, Hong Kong www.towngas.com 201 5 k h . m o c . t a m r o f . w ww D E T I M I L T A M R O F : N G I S E D CONTENTS 04 Business Coverage in 2015 06 Business Highlights 07 Five-Year Summary 08 Chairman’s Statement 16 Board of Directors 17 Biographical Details of Directors 21 Executive Committee 22 Mainland Utility Businesses 32 Hong Kong Gas Business 40 New Energy and Diversied Businesses 48 Corporate Social Responsibility 58 Risk Factors 59 Financial Resources Review 60 Five-Year Financial Statistics 61 2015 Financial Analysis 62 Comparison of Ten-Year Results 64 Report of the Directors 74 Corporate Governance Report 85 Independent Auditor’s Report 86 Consolidated Income Statement 87 Consolidated Statement of Comprehensive Income 88 Consolidated Statement of Financial Position 90 Consolidated Cash Flow Statement 92 Consolidated Statement of Changes in Equity 94 Notes to the Consolidated Financial Statements 181 Corporate Information and Financial Calendar Slide out the transparent sheet to experience our innovation! As Hong Kong’s first public utility as well as one The Group’s innovative thinking has the of the leading energy providers on the mainland, opportunity to bear fruit because the Towngas we understand the importance of innovation. team is dedicated to recognising bright It is the key to our sustaining contribution in ideas, refining and implementing them in a a rapidly changing business landscape. New manner that achieves its primary goals. This commercial platforms have transformed the ethos is captured in our company slogan, face of business, and we continue to revitalise “Growth = Innovation x Implementation”, our services and technology not merely to underscoring the commitment to quality and ensure our competitiveness, but also create excellence manifested throughout our new markets. organisational values. KEY HIGHLIGHTS OF 2015 We developed a landmark 222 PROJECTS IN MAINLAND We operate CHINA, mostly joint ventures, 131 CITY-GAS PROJECTS spanning upstream, midstream and in 23 provinces, autonomous regions downstream natural gas sectors, water and municipalities, with residential sectors, environmentally-friendly and business accounts exceeding energy applications, energy resources’ 20 million for the first time, which exploration and utilisation, as well encompasses a population of around as telecommunications. 60 million on the mainland. Towngas China (1083.HK) achieved a CREDIT RATING UPGRADE The Group’s water to BBB+ with a stable outlook by business celebrated its Standard & Poor’s, and Baa1 10th anniversary this year, by Moody’s. and introduced AQUAJOY, a high-end bottled purified water product. 2015 AWARDS AND RECOGNITIONS Global Chinese Business 1000 HKMA/TVB Awards for by Yazhou Zhoukan Marketing Excellence – Merit Awards The Outstanding Listed by the Hong Kong Management Association Company Award by the Hong Kong Institute of China Top CIO Award – Financial Analysts and Professional China Informatisation Commentators Limited Project Award by IT magazines including CEOCIO We unveiled a wide array of EXTENDED SERVICE BUSINESSES including online bill payment, home insurance, kitchen solution as well as stylish household Our proprietary process for merchandise, opening new business UPGRADING METHANOL opportunities in mainland China. INTO NATURAL GASOLINE (a gasoline substitute chemical With the new technologies for product) is undergoing pilot converting AGRICULTURAL production at our methanol plant AND FORESTRY WASTE in Inner Mongolia. into natural gas through thermal gasification, we are planning to We commissioned a commence a pilot project in 2,000-SERVER-RACK Hebei province. DATA CENTRE, one of the total five operating in Hong Kong and In collaboration with members of mainland China, providing cloud the District Councils, we staged the computing and co-location services GAS APPLIANCE FOR THE in a strategic location. COMMUNITY PROGRAMME, with a target of delivering 10,000 gas hotplates to the needy in Hong Kong. Constituent Company of Tao Zhu Gong Awards – the Hang Seng Corporate Highly Commended Sustainability Index Series Top Treasury Team of the Year by Hang Seng Indexes Company Limited by EuroFinance Safety Management System Award China Corporate Social (Other Industries) – Gold Award Responsibility Brand Award – by the Hong Kong Occupational Safety Most Influential Company and Health Council by Corporate Citizenship Committee of the China Association of Social Workers, Caring Company – Outstanding CCTV Business News Channel, and Tencent Partnership Project Award 2014/15 Charity Foundation by the Hong Kong Council of Social Service 189 BUSINESS COVERAGE IN 2015 221 222 Heilongjiang 102 Towngas Towngas China (Stock Code: 3) (Stock Code: 1083) 38 Jilin 30 186 89 Piped City-Gas 44. Wuhu Upstream Projects Piped City-Gas 174. Fuxin 188 187 Projects 45. Suzhou Industrial 88. Shanxi LCBM Projects 175. Shenyang Coastal 78 Park (Industrial 89. Jilin Tianyuan Economic Zone Guangdong Province Guangdong Province 173 1. Panyu Wastewater 90. Xuzhou COG 122. Foshan 176. Yingkou Treatment) 184 Liaoning 2. Zhongshan 91. Heze COG 177. Dalian Changxingdao 79 123. Shaoguan 182 174 175 108 3. Dongyong 46. Maanshan 92. Jiexiu COG 124. Qingyuan 178. Dalian Economic and 185 171 4. Shenzhen 47. Jiangbei Coal Logistic Project 125. Yangdong Technical 172 179 5. Chaoan 93. Shandong Jining Development Zone 181 176 126. Fengxi 80 6. Chaozhou Raoping New Energy Projects Jiaxianggang 179. Anshan 37 Hebei 183 113 Eastern China 180. Lvshun 177 Central China Coal Mining Logistic Port 178 127. Nanjing Gaochun 181. Kazuo 103 Beijing 190 100 101 7. Wuhan 48. Jiangxi Fengcheng Oilfield Project 128. Dafeng 31 180 182. Beipiao Inner Mongolia 104 8. Xinmi 49. Inner Mongolia 94. Phetchabun 129. Tongshan 76 183. Wafangdian 77 Erdos Kejian Province in 195 Eastern China 130. Maanshan 184. Xinqiu 196 Thailand 131. Bowang 49 58 192 9. Yixing Coal-based Chemical 185. Jianping 82 191 156 159 10. Taizhou 50. Jiangxi Fengcheng 132. Zhengpugang Xin 83 51 193 164 186. Changchun 81 56 Shanxi 32 168 11. Zhangjiagang 51. Inner Mongolia Telecommunication Qu Modern 187. Gongzhuling 167 163 97 67 158 12. Wujiang Erdos Projects Industrial Zone 188. Siping 194 152 70 61157 154 155 162 13. Xuzhou 95. Shandong Jinan 133. Wuhu Fanchang 189. Qiqihar Ningxia 69 161 29 153 CNG/LNG Refilling 92 95 96 14. Suining 96. Shandong Jinan 134. Bozhou-Wuhu Shandong Stations Hebei Province 59 165 166 Yellow Sea 15. Fengxian (Chibo) Modern Industrial 72 63 160220 169 52. Shaanxi Xianyang 190. Qinhuangdao 91 62 16. Peixian 53. Shaanxi Huitai 97. Shandong Laiyang Zone 88 66 64 135. Wuhu Jiangbei 191. Yanshan 74 68 93 65 17. Danyang 54. Shaanxi Lueyang 98. Suzhou Fengxian 15 99 192. Cangxian 60 73 90 16 18. Jintan 99. Suzhou Peixian 136. Anqing 98 84 Jiangsu 55. Shaanxi Fengxiang 193. Mengcun 129 13 14 19. Tongling 100. Liaoning Dalian 137. Chizhou Shaanxi 8 128 56. Shaanxi Shenmu 194. Shijiazhuang 39 134 20. Suzhou (DETA) 138. Tunxi 55 53 71 10 57. Shaanxi Baoji 195. Baoding 52 33 27 101. Liaoning Dalian 139. Huangshan 57 109 36 Industrial Park 58. Shanxi Yuanping Henan Anhui 41 17 112 (Yida) 140. Huizhou Inner Mongolia 22 11 21. Changzhou 59. Shanxi Lingshi 75 223 18 21 102. Heilongjiang 141. Tongxiang 196. Baotou 135 40 22. Nanjing 60. Shanxi Pinglu 54 127 43 20 142. Huzhou 85 130 9 110 45 23. Fengcheng 61. Shandong Chiping Harbin Southwestern China 46 131 111 12 143. Yuhang 204 47 142 42 24. Pingxiang 62. Shandong Jining 103. Beijing (Zhongjing) 197. Ziyang 201 132 44 141 209 133 25. Jiangxi 104. Beijing (Chibo) 144. Songyang 198. Weiyuan 212 19 63. Shandong Dongping Hubei 136 137 26. Zhangshu 105. Guangdong 145. Changjiu 199. Pengxi 206 64. Shandong Jiaxiang Sichuan 211 199 139 143 146. Fuzhou 7 27. Yonganzhou 65. Shandong Weishan Dongguan 200. Lezhi 203 219 140 28 205 Chongqing 147 106. Guangdong 147. Jiujiang 201. Pingchang 207 200 86 28. Hangzhou 66. Shandong Shanxian 202 210 138 148. Wuning 148 67. Shandong Linqing Shenzhen (Qianhai) 202. Dayi 197 Shandong Province 208 214 145 Zhejiang 68. Shandong Heze 107. Guangdong 149. Xiushui 203. Yuechi 149 29. Jinan East 213 150 144 Shenzhen 150. Yifeng 204. Cangxi 198 25 23 146 East China Sea Northern China 69. Hebei Shijiazhuang 170 48 70. Xingtai Ningjin 151. Changting 205. Chengdu 26 50 30. Jilin Shandong Province 206. Zhongjiang 31. Beijing Economic- 71. Henan Xinmi Other Projects Hunan 24 108. Shenyang Sanquan 152. Jimo 207. Jianyang technological 72. Henan Anyang 73. Henan Kaifeng Construction 153. Laoshan 208. Pengshan Jiangxi Development Area 151 Fujian Supervisory 154. Zibo 209. Mianyang Guizhou 32. Hebei Jingxian 74. Henan Linzhou 75. Henan Nanyang 109. ECO Engineering 155. Zibo Lubo 210. Xinjin Northwestern China 76. Inner Mongolia Management 156. Longkou 211. Xindu Thailand 123 33. Xi’an Huhhot (Xi’an) 157. Jinan West 212. Mianzhu 215 94 Phetchabun Hainan Province 77. Inner Mongolia 110. Suzhou Industrial 158. Weifang 213. Jiajiang 218 217 Guangdong 124 119 5 159. Weihai 214. Qijiang 87 6 34. Qionghai Wulatezhong Qi Park Broad Energy Guangxi 116 126 215. Guilin 1 3 120 114 78. Inner Mongolia Services 160. Taian 122 115 216. Zhongwei (Fusui) Yunnan 121 117 Midstream Projects Xiwuzhumuqin Qi 111. GH Yixing Ecology 161. Chiping 107 105 162. Linqu 217. Xingyi 216 4 106 35 35. Guangdong LNG 79. Inner Mongolia 112. Zhangjiagang 2 163. Laiyang 218. Luliang 36. Anhui NG Chifeng (Chemical) 118 164. Zhaoyuan 37. Hebei NG 80. Inner Mongolia 113. Dalian (New Energy 125 165. Pingyin Hong Kong 38. Jilin NG Chaha’eryouyiqian Technology) Midstream Projects 166. Feicheng 39. Henan NG Qi 114.
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