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Annual Report 2018 TOWNGAS CHINA COMPANY LIMITED COMPANY CHINA TOWNGAS ANNUAL REPORT 2018 www.towngaschina.com ANNUAL REPORT 2018 Towngas China continues to be Asia’s leading clean energy supplier and quality service provider, with a focus on innovation and environmental-friendliness. Whilst improving the environment, we are also providing our customers with reliable, efficient, safe and clean energy. CONTENTS Contents Business Overview 2 Five-Year Financial Summary 4 Financial Highlights 5 Chairman’s Statement 6 Financial Review 10 Review of Operations 14 Awards and Accolades 32 Risk Factors 34 Board of Directors 36 Report of the Directors 40 Corporate Governance Report 53 Independent Auditor’s Report 69 Consolidated Income Statement 75 Consolidated Statement of Comprehensive Income 76 Consolidated Statement of Financial Position 77 Consolidated Statement of Changes in Equity 79 Consolidated Statement of Cash Flows 80 Notes to the Consolidated Financial Statements 83 Corporate Information 189 Business Overview TOWNGAS CHINA COMPANY LIMITED ANNUAL REPORT 2018 Business Overview NO. OF PROJECTS Heilongjiang Jilin Piped Gas Projects116 Distributed Energy Projects Anhui Anqing, Bowang, Chizhou, Huangshan, Huizhou, Maanshan, Sichuan Energy Investment, Shenyang Economic and Tunxi, Wuhu Fanchang, Wuhu Jiangbei, Zhengpugang Xin Qu Technological Development Zone, Modern Industrial Zone Qingdao Jimo Chuangzhi New District, Inner Mongolia Chongqing Qijiang Xuzhou Industrial Park (Jiawang district), Binzhou Yangxin Economic and Fujian Changting Technological Development Zone, Liaoning Changchun, Guangdong Fengxi, Foshan, Qingyuan, Shaoguan, Yangdong Guilin, Guangxi Guilin, Liuzhou, Zhongwei (Fusui) Tangshan Chengnan Economic Development Zone, Guizhou Xingyi Binzhou Boxing Economic Hebei Development Zone, Hebei Cangxian, Mengcun, Qinhuangdao, Shijiazhuang, Yanshan Xuzhou Biomedical Industrial Park, Heilongjiang Qiqihar Maanshan Economic and Shandong Technological Development Zone Hubei Zhongxiang South District Hunan Miluo Inner Mongolia Baotou Anhui Jiangsu Midstream Projects Jiangsu Dafeng, Nanjing Gaochun, Tongshan Shanghai Taian Taigang, Jiangxi Changjiu, Fuzhou, Jiujiang, Wuning, Xiushui, Yifeng Xuancheng-Huangshan, Hubei Inner Mongolia Guyang, Sichuan Jilin Changchun, Gongzhuling, Siping Jinan-Liaocheng Liaoning Anshan, Beipiao, Benxi, Chaoyang, Dalian Changxingdao, Dalian Economic and Technical Development Zone, Fuxin, Chongqing Zhejiang Jianping, Kazuo, Lvshun, Shenyang Coastal Economic Zone, Tieling, Wafangdian, Xinqiu, Yingkou Shandong Boxing Economic Development Zone, Chiping, Feicheng, Jimo, Vehicle Gas Refilling Stations Hunan Jinan West, Laiyang, Laoshan, Linqu, Longkou, Pingyin, Taian, Jiangxi Qiqihar (Lianfu), Weifang, Weihai, Wulian, Yangxin, Zhaoyuan, Zibo, Zibo Lubo Guizhou Qiqihar (Xingqixiang) Fujian Sichuan Cangxi, Chengdu, Dayi, Jiajiang, Jianyang, Lezhi, Mianyang, Mianzhu, Pengshan, Pengxi, Pingchang, Weiyuan, Xindu, Xinjin, Yuechi, Zhongjiang, Ziyang Yunnan Yunnan Luliang Guangxi Zhejiang Huzhou, Songyang, Tongxiang, Yuhang Others Maanshan Piping Prefabrication, Towngas Natural Gas Sales Guangdong 02 TOWNGAS CHINA COMPANY LIMITED ANNUAL REPORT 2018 HeilongjiangHeilongjiang Jilin Jilin Inner MongoliaInner Mongolia Liaoning Liaoning Hebei Hebei ShandongShandong Anhui Anhui Jiangsu Jiangsu ShanghaiShanghai Sichuan Sichuan Hubei Hubei ChongqingChongqing Zhejiang Zhejiang Hunan HunanJiangxi Jiangxi Guizhou Guizhou Fujian Fujian Yunnan Yunnan Guangxi Guangxi GuangdongGuangdong 03 Five-Year Financial Summary TOWNGAS CHINA COMPANY LIMITED ANNUAL REPORT 2018 Five-Year Financial Summary For the year ended 31 December 2014 2015 2016 2017 2018 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 RESULTS Revenue 7,881,833 7,718,293 7,181,150 8,759,783 11,787,002 Profit before taxation 1,531,059 1,268,043 1,455,403 1,917,654 1,892,130 Taxation (350,085) (343,511) (362,133) (405,373) (478,981) Profit for the year 1,180,974 924,532 1,093,270 1,512,281 1,413,149 Profit for the year attributable to: Shareholders of the Company* 1,054,189 807,042 973,997 1,365,385 1,224,274 Non-controlling interests 126,785 117,490 119,273 146,896 188,875 Profit for the year 1,180,974 924,532 1,093,270 1,512,281 1,413,149 HK cents HK cents HK cents HK cents HK cents Earnings per share Basic 40.19 30.45 36.26 49.87 43.89 Diluted 40.08 30.43 N/A N/A N/A As at 31 December 2014 2015 2016 2017 2018 HK$’000 HK$’000 HK$’000 HK$’000 HK$’000 ASSETS AND LIABILITIES Total assets 27,350,239 28,870,524 28,027,110 32,774,810 34,014,606 Total liabilities (12,905,761) (14,170,668) (13,362,927) (15,576,994) (16,245,290) 14,444,478 14,699,856 14,664,183 17,197,816 17,769,316 Equity attributable to shareholders of the Company 13,253,951 13,478,084 13,499,351 15,845,033 16,229,197 Non-controlling interests 1,190,527 1,221,772 1,164,832 1,352,783 1,540,119 Total equity 14,444,478 14,699,856 14,664,183 17,197,816 17,769,316 * the Company: Towngas China Company Limited 04 Financial Highlights TOWNGAS CHINA COMPANY LIMITED ANNUAL REPORT 2018 Financial Highlights Revenue Prot Attributable to Number of Customers (HK$ Millions) Shareholders of the Company (All Entities) (HK$ Millions) (Millions) 11,787 12,000 1,500 14 1,365 12.6 11.8 1,224 12 10,000 10.9 1,200 8,760 1,054 10.0 7,882 10 9.2 7,718 974 8,000 7,181 900 807 8 6,000 6 600 4,000 4 300 2,000 2 0 0 0 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 Analysis of Revenue 20%Gas Connection 17%Gas Connection 2017 2018 80% Piped Gas and Piped83% Gas and Related Products Related Products Percentage of Gas Volume by Customer Mix (All Entities) 25% Residential 24%Residential 2017 2018 vvb 58%Industrial 60%Industrial 17%Commercial 16%Commercial 05 Chairman’s Statement TOWNGAS CHINA COMPANY LIMITED ANNUAL REPORT 2018 Chairman’s Statement Economic Landscape In 2018, the global economy saw sustained and moderate growth, though with less momentum. The economy of the United States (the “US”) delivered a better-than-expected performance. As the US Federal Reserve continued to raise interest rates, emerging market currencies experienced varying degrees of exchange rate volatility while the depreciation of the Renminbi faced greater pressures during the second half of the year. At the same time, the Sino-US trade dispute has given rise to continuing uncertainty over China’s economic growth prospects in 2018. To stabilise economic growth, a number of government policies were implemented. This included lowering the value-added tax (VAT) rate on major commodities and services by 1%, amending the Individual Income Tax Law, cutting the reserve requirement ratio four times, as well as promulgating certain targeted policies to facilitate the economic development of non-public sectors and relieve operating pressures faced by private enterprises. The Central Government is also placing significant emphasis on the importance of providing greater support with strong fiscal policies, together with substantial tax cuts and fee deductions. These macro-policies have played a significant role in improving business sentiment in mainland China, helping to restore corporate investment confidence while also increasing national disposable income and spurring growth in domestic consumption. In 2018, the economy maintained a growth of 6.6%. 06 TOWNGAS CHINA COMPANY LIMITED ANNUAL REPORT 2018 Market Prospects for Natural Gas Business 2018 marked a critical year for China as the country worked towards its goal to “build a prosperous society in all respects”. Introducing and implementing anti-pollution measures is also seen as a key strategy to achieve this goal. The Chinese government released a “Three-Year Action Plan to Win the Battle for a Blue Sky”. Under this initiative, the aim is to ensure that by 2020, the percentage of days with good air quality in prefecture-level cities or above must reach 80% annually. At the same time, the number of pilot cities under the central-funded “Plan for Clean Heating in Winter in Northern Areas (2017-2021)” increased from “2+26” to “2+38”. To improve gas storage capacities, the National Development and Reform Commission (“NDRC”) also issued policies stipulating that the gas storage capacity of upstream gas suppliers and urban gas companies must reach 10% and 5% of the annual contract gas volume respectively. Gas storage capacities of local governments must also reach the three-day gas consumption level of their administrative divisions. Additionally, policies on the construction of local gas storage facilities were successively issued in provincial regions such as Jiangsu, Shandong, Sichuan and Henan. 07 TOWNGAS CHINA COMPANY LIMITED ANNUAL REPORT 2018 Chairman’s Statement In August 2018, the State Council issued “Several Opinions on Promoting the Coordinated and Stable Development of Natural Gas”, stating that the output of domestic natural gas is expected to rise to 200 billion cubic metres or more by 2020. Further policies are being launched, seeking to strengthen interconnect systems between the nation’s various natural gas trunk pipelines; open up facilities to third-party markets in a fair manner; introduce differential seasonal prices and suspend gas supply contracts with variable pricing; These initiatives will enhance the stability of natural gas supplies, strike a reasonable balance between supply and demand and encourage the greater use of natural gas, a clean source of energy, among end uses. With the help of these measures, the natural gas industry in mainland China is set to enter a new stage of both sustainable
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