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Public company info - Beijing Gas Blue Sky Holdings Limited , 06828.HK
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Beijing Gas Blue Sky Holdings Limited, 06828.HK - Company Profile
Chairman Zhi Xiaoye
Share Issued (share) 12,986,000,000
Par Currency Hong Kong Dollar
Par Value 0.055
Industry Gas Supply
Corporate Profile Business Summary: During the year, the Group is principally engaged in: • development and operation of city gas projects, including sales of natural gas to residential, industrial and commercial users through pipelines, provision of value-added services, such as repair and maintenance services and pipeline construction services; • direct LNG supply to industrial end users; • trading and distribution of CNG and LNG, including distribution and trading of CNG, LNG, fuel oil and other related oil by-products as a wholesaler to industrial and commercial users; and • operation of compressed natural gas (“CNG”) and liquefied natural gas (“LNG”) refueling stations for vehicles. Performance for the year: Revenue decreased by 45.3% from HK$2,676.1 million for the year ended 31 December 2019 to HK$1,463.1 million for the year ended 31 December 2020. Earnings/losses before interests, tax, depreciation and amortisation decreased from HK$480.9 million for the year ended 31 December 2019 to losses of HK$3,559.7 million for the year ended 31 December 2020. The Group’s loss for the year attributable to the owners of the Company was arrived at HK$3,716.3 million for the year ended 31 December 2020, representing an increase by HK$3,705.4 million from the year ended 31 December 2019. Business Review Development and Operation of City Gas Business During FY2020, the Group had 8 city gas projects located in Shanxi Province, Jilin Province, Liaoning Province and Hubei Province. During the year, the Group connected gas pipelines for 31,623 new users and the accumulated number of users reached 509,066, of which 31,428 were new residential users and the accumulated number of residential users reached 506,377. The volume of natural gas sold by the Group to residential users amounted to 64.0 million cubic meters (FY2019: 72.6 million cubic meters). The Group secured 195 new industrial and commercial users and the accumulated industrial and commercial users reached 2,689, and the natural gas sold to industrial and commercial users reached 68.4 million cubic meters (FY2019: 94.1 million cubic meters), which was mainly due to the impact of the pandemic, a large number of enterprises have suspended production, resulting in a significant decrease in demand from industrial and commercial users. City gas business recorded an income of HK$639.5 million (FY2019: HK$565.0 million), which included a connection fee income of HK$169.9 million (FY2019: HK$68.3 million), representing an increase of 148.8% as compared to the corresponding period of last year. The Group actively responded to national policies. In order to properly implement the Blue Sky Defensive Strategy to improve the quality of the atmospheric environment, the Group deepened the existing project regional market and vigorously promoted the coal-to-gas process in the plain regions. Moreover, the Group is developing high-quality industrial and commercial users in order to adjust the gas consumption structure of the Northeast China market, the Group continued to improve the market system with the goal of “market integration” and made important contributions to the Group’s overall gas volume and revenue. With the independent operation of China Oil and Gas Pipeline Network Group, the channel of city gas business extending to the upstream of industrial chain will be opened, which will promote the formation of multi-source gas supply pattern and reduce the cost of gas consumption. In addition, further development of urbanization boosted residential gas consumption. As China’s economy continues to grow, urbanization is expected to achieve stable development, and gas market will likely further expand in the future. Direct Supply to Industrial Users Business During the year, the Group recorded an income of HK$361.7 million, representing a decrease of 15.9% as compared to the corresponding period (FY2019: HK$430.1 million), and sold 130.9 million cubic meters (FY2019: 135.0 million cubic meters) of natural gas to industrial users through the provision of the gas supply service, covering such provinces as Anhui Province, Hainan Province, Zhejiang Province, Guangdong Province and Guangxi Autonomous Region. Trading and Distribution of LNG and CNG Business As at 31 December 2020, the Group owned 29% equity interests in PetroChina Jingtang LNG Co., Ltd., and distributed LNG with gas sources from Sinopec’s Dongjiakou receiving terminal in Bohai Rim, and distributed LNG with gas sources from CNOOC’s Ningbo receiving terminal in the Eastern China. The Group recorded a total trading volume of 133.1 million cubic meters (FY2019: 675.9 million cubic meters) and segment sales amount in trading and distribution business of HK$402.3 million (FY2019: HK$1,527.1 million). In addition, the Group cooperated with Beijing Gas Singapore, a subsidiary of Beijing Gas, and sold 26,000 tonnes of Ethylene Glycol in 2020. LNG and CNG Refuelling Station Business The Group sold natural gas for LNG vehicles (trucks and buses) and CNG vehicles (taxis, buses and private cars). During FY2020, the Group owned 26 gas refueling stations, including 16 CNG refueling stations and 10 LNG refueling stations (FY2019: 29 gas refuelling stations, including 17 CNG refueling stations and 12 refueling stations), with gas sales of 12.3 million cubic meters (FY2019: 35.6 million cubic meters) and sales income of HK$59.7 million (FY2019: HK$153.9 million), representing a decrease of 61.2% as compared to the corresponding period of last year, mainly because demand from transportation industry weakened under the pandemic. The Group will develop regional LNG refuelling stations based on its layout of the whole LNG industrial chain in the future. LNG Receiving Terminal Project In FY2020, the total throughput volume of Petrochina Jingtang (Caofeidian Jingtang LNG Receiving Terminal) project reached 6,236.1 million cubic meters (FY2019: 6,275.8 million cubic meters), among which, the gas volume externally delivered to the pipelines through gasification was 4,679.8 million cubic meters (FY2019: 5,503.0 million cubic meters), while the gas transportation volume of tank trucks was 1,556.3 million cubic meters (FY2019: 772.8 million cubic meters), representing a significant increase as compared to 2019, which was mainly because the receiving station adjusted its gas supply strategy based on market changes and increased the transportation volume of LNG tanks. Expansion Initiatives In 2020, the Group was granted an additional gas concession right. The Group entered into the agreement of concession right located in Jilin Chagan Lake Ecological Town with People’s government of Qianguoerluosi Mongolian Autonomous County to officially obtain the concession right in Jilin Chagan Lake Ecological Town. Prospects: 2021 marks the start of China’s 14th Five-Year Plan. Under the background of “peak carbon dioxide emissions and carbon neutrality” policy, the share of total traditional energy consumption will show a downward trend, and demands for natural gas will continue to grow. In February, the State Council released a guideline to accelerate the development of a green and low-carbon circular economic development system to promote the green and low-carbon transformation of the energy system. With implementation of the policy of “liberalizing production and retail and controlling transmission and distribution”, PipeChina’s further steps and the further implementation of the policy of “upstream diversification”, increasing reserves and production has been steadily promoted and the construction of gas storage and peak regulation facilities has been accelerated, which bring about more development opportunities for the natural gas industry. Continue to develop LNG whole industry chain business and city gas business Benefiting from the further implementation of policy of “liberalizing production and retail and controlling transmission and distribution” during the 13th Five-Year Plan period, the market-oriented reform will be further promoted in the 14th Five-Year Plan period. The energy production, supply, storage, transportation and marketing system will be gradually improved. This will help develop a more matured natural gas industry chain from the upstream, middle to downstream. Fully leveraging substantial shareholders’ and its internal resources, the Group will actively explore industry opportunities, continue to focus on developing LNG whole industry chain business and city gas business, and expand its comprehensive advantages as “gas source as well as the terminal”. In the future, Beijing Gas Group Co., Ltd (“Beijing Gas”), a substantial shareholder of the Company, is constructing a LNG receiving terminal at Nangang Industrial Zone in Tianjin, including wharf, berth, and 10 LNG storage tanks with the tank capacity of 200 thousand cubic meters each, and building the supporting facility – pipelines transmitting natural gas from the receiving terminal to Beijing City. LNG receiving terminal at Nangang Industrial Zone in Tianjin is crucial to the Group’s layout of the Group’s natural gas business development. The Group will have more cooperation opportunities with the substantial shareholder, Beijing Gas, in constructing LNG wharf and trading of LNG. This will benefit the Group's layout in the Beijing-Tianjin-Hebei region, further leverage regional synergies on the basis of the Group's existing business, increase it's market share and influence, and enhance it's overall LNG delivery and distribution capabilities. In terms of terminal city gas business, the Group will gradually gain more projects, and projects designed mainly for industrial and commercial users will become a driver for growth. At the same time, the Group will make every possible effort to attract such end market customers as gas power plants, gas for transportation, distributed energy, industrial and commercial users, and residential users, so as to increase gas consumption from the end customers. Substantial shareholder assigned management personnel to the Company to promote regulated management Since Beijing Gas assigned management personnel to the Group in 2020, the management and business capabilities of the Group have been continuously improved. The substantial shareholder has dispatched new members of the Board and management team with rich experience in natural gas industry and corporate management. Under the leadership of the new session of the Board and management team, the Group initiatively adjusted its strategies for every specific period, continuously perfected its internal management systems and procedures, and proactively tackled problems that have been identified. The Group is proactively communicating with the Group’s substantial shareholder to seek for its assistance from various aspects. The Group looks forward to, with the support from the substantial shareholder, making further progress in strategic synergy, business support, investment and financing arrangements, talent recruiting and management enhancement in the future. In terms of business, with the establishment of PipeChina, pipeline and network becomes independent which would gradually open to third parties, so as to improve the fair competitive capability of other market players. The Group will maximize the advantages of LNG layout in the upstream sector and stable industrial and commercial customer network in the downstream sector to gradually improve its comprehensive services, and increase the proportion in the profit of trade. As for city gas business, the Group will keep exploring opportunities of the substantial shareholder’s project in Beijing-Tianjin-Hebei region and Northeast Region along China-Russia east-route natural gas pipeline, and lay out key new project markets. For the existing city gas projects, the Group will adhere to refined management to improve the profitability of existing projects and achieve steady growth in the income of existing city gas assets, and also leverage the existing projects’ “point-toarea”（以點帶面）capability to focus on tapping the market potential of Shanxi and Jilin. The Group expects to strengthen interaction with the substantial shareholder when carrying on the city gas and LNG business to enhance its business synergies. Meanwhile, the Group will stick to the principle of cost-saving and efficiency-increasing. It will strictly control expenses and improve efficiency in executing projects to enhance the Group’s overall profitability. In terms of financing, the Group expects to continue to expand financing channels, optimize the financing structure through cooperation with more commercial banks, increase current loans, and refinance the original debt at lower costs so as to achieve a reasonable cost reduction and profitability enhancement. In terms of capital market planning, as the only listed platform and operator of LNG business for the Group’s substantial shareholder Beijing Gas, the Group may take chance for suitable mergers and acquisitions in the future as business grows. It may also implement capital plans in the future, including but not limited to capital injection plan. As of the date of this announcement, no such formal plan has been formulated, and the Company will make announcement(s) as and when appropriate in accordance with the applicable laws and regulations. In terms of talent management, the Group will bring in professionals owning rich experience in management and in the industry for key departments, and provide more vocational training for all personnel. Moreover, the Group will develop a better performance appraisal indicator system to maximize the guiding and encouragement function of performance appraisal. The Group will also enhance the construction of corporate culture to further help employees and the Group to grow together. All in all, the Group will strive to work together from all aspects to achieve the Group’s goal of healthy and high-quality development.

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