Towngas China : Announcements and Notices -

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Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 1083)

2015 ANNUAL RESULTS ANNOUNCEMENT

Financial Highlights:

• Total gas sales of the Group steadily grew to 6,562 million cubic metres.

  
  

• Profit after taxation attributable to shareholders of the Company excluding the unrealised exchange loss and the provision for the disposal of the coke plant of Changchun Gas Co., Ltd. increased 1% to HK$1,202 million.

  
  

• A final dividend of HK ten cents per share is proposed.

RESULTS

The board of directors (the "Board") of Towngas China Company Limited (the "Company") is pleased to announce the audited consolidated results of the Company and its subsidiaries (collectively the "Group") for the year ended 31 December 2015.

The audited consolidated results of the Group for the year ended 31 December 2015 together with the comparative figures of 2014 are as follows:

CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2015
NOTES	2015 HK$'000	2014 HK$'000
Turnover	2	7,718,293	7,881,833
Operating profit before returns on investments	1,017,645	1,066,039
Other (losses) gains, net	(161,887)	14,291
Share of results of associates	265,587	347,205
Share of results of joint ventures	327,202	277,556
Finance costs	3	(180,504)	(174,032)
Profit before taxation	4	1,268,043	1,531,059
Taxation	5	(343,511)	(350,085)
Profit for the year	924,532	1,180,974
Profit for the year attributable to: Shareholders of the Company	807,042	1,054,189
Non-controlling interests	117,490	126,785
924,532	1,180,974
Proposed final dividend of HK ten cents	6	266,506	263,266
(2014: HK ten cents) per ordinary share
Earnings per share	7	HK cents	HK cents
- Basic	30.45	40.19
- Diluted	30.43	40.08

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2015

2015 HK$'000	2014 HK$'000
Profit for the year	924,532	1,180,974
Other comprehensive (expense) income
Item that will not be reclassified subsequently to profit or loss
Exchange differences arising on translation to presentation currency Item that may be reclassified subsequently to profit or loss	(617,004 )	(337,605 )
Fair value change on cash flow hedge	3,348	3,360
Fair value change on available-for-sale investment	33,250	-
(58,406 )	(334,245 )
Total comprehensive income for the year	344,126	846,729
Total comprehensive income attributable to:
Shareholders of the Company	280,954	766,265
Non-controlling interests	63,172	80,464
Total comprehensive income for the year	344,126	846,729

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AT 31 DECEMBER 2015

NOTES	2015 HK$'000	2014 HK$'000
Non-current assets
Property, plant and equipment	12,054,598	11,026,351
Leasehold land	502,146	449,682
Intangible assets	560,257	608,608
Goodwill	5,732,259	5,890,298
Interest in associates	2,940,684	2,836,497
Interest in joint ventures	2,071,013	1,936,057
Loans to joint ventures	92,796	56,012
Available-for-sale investments	259,506	170,763
24,213,259	22,974,268
Current assets
Inventories	558,421	565,951
Leasehold land	25,763	23,827
Loan to an associate	17,912	18,745
Loans to joint ventures	155,845	166,245
Trade and other receivables, deposits and prepayments	8	1,506,681	1,788,086
Amounts due from non-controlling shareholders	16,317	16,551
Time deposits over three months	237,938	344,914
Bank balances and cash	2,138,388	1,451,652
4,657,265	4,375,971
Current liabilities
Trade and other payables and accrued charges	9	4,159,819	4,136,399
Amounts due to non-controlling shareholders	151,299	188,092
Taxation	650,428	582,078
Borrowings - amount due within one year	3,183,174	2,482,814
Other financial liabilities	3,600	-
8,148,320	7,389,383
Net current liabilities	(3,491,055)	(3,013,412)
Total assets less current liabilities	20,722,204	19,960,856
Non-current liabilities
Loans from the ultimate holding company	993,750	993,750
Borrowings - amount due after one year	4,591,433	4,075,077
Deferred taxation	437,165	440,603
Other financial liabilities	-	6,948
6,022,348	5,516,378
Net assets	14,699,856	14,444,478
Capital and reserves
Share capital	266,506	263,266
Reserves	13,211,578	12,990,685
Equity attributable to shareholders of the Company	13,478,084	13,253,951
Non-controlling interests	1,221,772	1,190,527
Total equity	14,699,856	14,444,478