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Public company info - Tian Lun Gas Holdings Ltd. , 01600.HK

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Tian Lun Gas Holdings Ltd., 01600.HK - Company Profile
Chairman Zhang Yingcen
Share Issued (share) 1,004,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Gas Supply
Corporate Profile Business Summary: The Group is principally engaged in the gas pipeline connections by providing residential, commercial and industrial users with laying and installation and transportation, distribution and sales of gases including natural gas and compressed natural gas (the “CNG”) and production and sales of liquefied natural gas (“LNG”) in bulk and in cylinders in certain cities of the People’s Republic of China (the “PRC”). Performance for the year: Revenue was RMB6,549 million, representing an increase of 28.1% as compared with RMB5,113 million for the corresponding period of last year. Gross profit was RMB1,704 million, representing an increase of 19.3% as compared with RMB1,428 million for the corresponding period of last year. Core profit for the year amounted to RMB811 million, representing an increase of 20.6% as compared with RMB673 million for the corresponding period of last year. Basic earnings per share were RMB0.80, representing an increase of 37.9% as compared with RMB0.58 for the corresponding period of last year. Business Review: For the year ended 31 December 2019, the Group deeply explored the potential of various users in the existing gas market, selectively acquired high-quality urban gas projects, accelerated the development of township coal-to-gas business, and created new value-added business. As a result, the Group maintained the rapid growth of its overall performance. Engineering Construction Service Volume The Group actively developed urban gas residential users and township coal-to-gas business in Henan’s operating areas. For the year ended 31 December 2019, the Group connected a total of 839,115 new residential users to gas pipelines, and the total number of residential users to gas pipelines increased to 3,224,163, representing an increase of 38.1% as compared with the corresponding period of last year. For the year ended 31 December 2019, the Group provided engineering construction service for a total of 3,431 industrial and commercial users to gas pipelines, and the total number of its industrial and commercial users under the projects operated by the Group increased to 23,320, representing an increase of 19.7% as compared with the corresponding period of last year. Gas Sales Volume For the year ended 31 December 2019, natural gas sales volume of the Group amounted to 1,566 million m3 , representing an increase of 274 million m3 or 21.2%, as compared with the corresponding period of last year. Gas volume sold to residential users, industrial and commercial users, transportation gas users, gas source trade, direct supply to industrial users and direct supply to urban gas enterprises accounted for 20.0%, 32.8%, 10.0%, 7.4%, 17.0% and 12.8% of total gas sales volume, respectively. Benefiting from the continued promotion of the environmental protection policy of the country and the Group’s strategy of vigorously developing industrial and commercial coal-to-gas users within the operating area, urban gas sales volume to industrial and commercial users increased by 26.5% as compared with the corresponding period of last year. During the year ended 31 December 2019, pipeline gas transmission volume of the Group was 762 million m3 . Development of New Projects During the year ended 31 December 2019, the Group completed full takeover of the operation and management and consolidation of financial statements of the project in Xiping County, Zhumadian City in Henan Province. At the same time, the Group had another three new urban gas projects, including the grant of the pipeline gas concession rights in Xichuan County, Henan Province, and Jia County, Henan Province and the acquisition of urban gas project in Shenqiu County, Henan Province, among which, the project in Shenqiu County in Henan Province had not been consolidated into the Group in 2019. At the end of 2019, the Group had a total of 63 urban gas projects in 15 provinces across China. Completion of the Acquisition of the Urban Gas Project in Xiping County, Zhumadian City, Henan Province During the year ended 31 December 2019, the Group completed full takeover of the operation and management of the target company for the project in Xiping County, Zhumadian City in Henan Province, which was newly acquired in November 2018, and began to conduct the consolidation of financial statements since 31 January 2019, contributing to the Group’s results. Grant of Township Pipeline Gas Concession Right in Xichuan County, Henan Province On 9 May 2019, Henan Tian Lun Gas Group Limited a subsidiary of the Company, was granted the exclusive concession right for pipeline gas in 15 townships in Xichuan County, Henan Province, to exclusively operate and maintain township pipeline gas facilities, supply gas to users by pipeline, provide emergency repair and rescue services for related pipeline gas facilities and charge fees for a concession period of 30 years. Xichuan County boasts sound real estate development, a considerable user base of gas pipelines connection, and promising industrial projects with great potential. Thanks to its abundant tourism resources, Xichuan County is a famous tourist city in the Central China and a domestic tourist hotspot, with the leading ecological sightseeing belt in the middle route of the South-to-North Water Transfer Project, enjoying a good gas development foundation for vehicles and commercial users. The acquisition of the exclusive township pipeline gas concession right in Xichuan County will further expand the business scope and generate synergies in township coal-to-gas project in Henan Province, and form regional monopoly with the project in Xichuan County under operation. Grant of Township Pipeline Gas Concession Right in Jia County, Henan Province On 20 May 2019, Henan Tian Lun Gas Pipeline Network Co., Ltd., an indirect subsidiary of the Company, entered into “Jia County Township Pipeline Gas Franchise Agreement” with the Housing and Urban-Rural Development Bureau of Jia County, Henan Province and obtained the exclusive pipeline gas concession right in 3 townships of Jia County. Tian Lun Pipeline Network Co., Ltd. exclusively invests, constructs, operates, maintains and upgrades municipal pipeline gas facilities in the region, supplies gas to users by pipeline transportation, provides relevant rush repair and rescue services in respect of the pipeline gas facilities and charges fees. The concession period will be 30 years. Located in the central western part of Henan Province, Jia County boasts convenient transportation, only 80 kilometers away from Zhengzhou International Airport. With the rapid development of the industrial economy, Jia County has formed eight major industries including raw coal mining, foundry, food processing, machinery manufacturing, chemical industry, papermaking, tanning and footwear, building materials, and craft products, with bright prospects for the future industrial gas market development. The acquisition of the township pipeline gas concession rights can further expand the potential of local industries and township coal-to-gas conversion. Also, due to its neighboring to Baofeng County and Ye County, where the Group also owns exclusive township pipeline natural gas concession rights, it will create synergies and can further enhance the Group’s business scale and market share in the central part of China. Acquisition of Urban Gas Project in Shenqiu County, Henan Province On 28 December 2019, Henan Tian Lun Gas Group Limited, an indirect wholly-owned subsidiary of the Company, entered into an agreement with the then shareholder of Shenqiu County Huixintuan Gas Limited to acquire the entire equity interest in Shenqiu County Huixintuan Gas Limited at a consideration of RMB280,000,000. Shenqiu County, where the project locates, is the east gate of Henan Province and the intersection connecting the Central Plains Economic Circle and the East China Economic Circle. Shenqiu County has gas supplied by Huaiyang-Xiangcheng Pipeline of the Huaiyang Sub-station of the CNPC First West-East Gas Pipeline Project, and plans to use the gas supplied by two companies ENN and Haite in Jieshou through the First West-East Gas Pipeline. Sufficient gas source supply will provide strong support for the Group’s future operations. The target company has a stable and mature business operation, with a user base including 96,000 residential households (55,000 urban households and 41,000 township households), and 450 industrial and commercial households, and 34,000 households for gas pipelines connections, contributing to an annual gas sales volume of approximately 22 million m3 in 2019. In addition, the gas pipeline stretches 443 kilometers and has a coverage of 19 townships. The follow-up investment is small and it can be quickly built into a large-scale residential project. Shenqiu County has a population of about 1.4 million. By 2030, Shenqiu County plans to have a total urban population of 495 thousand, about 165 thousand households; a population of 1.05 million in townships, about 247.5 thousand households, indicating a huge potential for gas pipelines connections in the future. Shenqiu County enjoys fast and convenient transportation. The Zhengzhou-Hefei High-speed Rail Project, which was officially opened to traffic at the end of 2019, and the Nanjing-Luoyang Expressway, which runs through the whole Henan, will accelerate the net inflow of urban population and access to further development of local real estate and commerce. Shenqiu County has been actively promoting the process of urban industrialization. The growth rate of its industrial added values above the scale ranks third in Zhoukou City. The presence of Angang Zhoukou Iron and Steel Co., Ltd. will also drive the development of the iron and steel industrial park with a production capacity of ten million tons to deliver a qualitative leap in industrial gas sales. In addition, relying on the only inland port in Henan Province to access to rivers and seas, Shenqiu County allows year-round navigation for ships with a capacity under 2,000 tons at Shaying River Port. A number of portbased industrial projects in such fields as metallurgical, building materials, and new energy have been introduced and cultivated. The target company has established long-term stable cooperation with 51 industrial users, indicating promising future development, and gas sales of industrial users will be steadily increased. Through the acquisition of this project, the Group can further expand the coverage of the Company’s coal-to-gas conversion business in Henan Province. At the same time, this project can form synergies with the urban gas projects of the Group that have been in operation in Henan Province, to further increase the Group’s its market share in Henan province. Long-haul Pipelines The Group has a total of six long-haul pipelines, three of which have been put into operation and are located in Da’an City, Jilin Province, Pingdingshan City, Henan Province and Wujiang City, Jiangsu Province, respectively, which have played an important role in securing the Group’s gas source supply. As at 31 December 2019, the progress of the Group’s three long-haul pipelines under construction/planning is as follows: • Lushan-Ruzhou Pipeline Branch of the West-East Pipeline II: The construction of first phase has been completed, and the relevant procedures has been completed. It has been docked with Lushan Substation of the West-East Pipeline II, with nitrogen replacement completed and qualified for gas supply conditions. • Yuzhou-Changge project: The pipeline has been successfully completed and qualified for gas supply conditions. The construction of the station line buildings and auxiliary buildings, and installation and commissioning of station-related equipment have been completed. #1 valve room and #2 valve room have been installed. • Puyang-Hebi pipeline: Sinopec’s reply to the pipeline open has been obtained so far. Upon completion, it will further lower the gas supply cost of Puyang subsidiary and Hebi subsidiary of the Company and provide strong gas source support for further expansion into surrounding pipeline market. The Group will pay real-time attention to relevant policies of the national pipeline network and focus on the long-haul pipelines projects supporting the existing urban gas projects while exploring high-quality and large-scale industrial direct supply projects, and participate in the businesses of midstream gas source procurement, develop distributed energy and gas transmission and supply for industrial parks and power plants from time to time, to maintain a steady growth in the Group’s gas sales business. Prospects: In 2019, China made continuous progress in the oil gas reform. With national natural gas utilization and environmental protection policies, the proportion of natural gas in China’s energy structure has shown a steady and rapid rise. At the same time, the upstream resource development and infrastructure construction encourage social capital, the listing of National Petroleum and Natural Gas Pipe Network Group Co., Ltd. and the full operation and gas transportation of the China-Russia East-Route Natural Gas Pipeline also bring new opportunities to the Group. In 2020, the Group will seize the development opportunity of national natural gas favorable policy, to rapidly expand the business scale of the Group, maintain the stable growth of gas sales, and continuously improve the operation quality of traditional urban gas business. Meanwhile, the Group will create an ecosystem of value-added business products and services, open up “online + offline” marketing channels, realize diversification of marketing forms so as to enhance core competitiveness. The Group will also steadily promote the township coal-to-gas business in a high quality manner in Henan Province, increase mergers and acquisitions of urban gas projects in Henan Province, and explore new paths and models for cooperative development. Combined with the users of coal-to-gas and the regional distribution of urban gas supply, the Group strives to launch a number of key long-haul pipeline projects in Henan to ensure the supply of gas. In addition, the Group will comprehensively harmonize the Group’s management process, strengthen cost control, improve risk management capabilities, optimize organizational structure, enhance team building, and promote steady and sustained growth of performance, so as to bring ideal returns to shareholders of the Company (the “Shareholders”) and maximize their dividends.

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