Date: June 26, 2008
To: Mr. H. Christopher Owings
Assistant Director
United States Securities and Exchange Commission
100 F Street, North East
Washington, D.C. 20549
SENT VIA EDGAR
Re: | Sino Gas International Holdings, Inc. |
File No. 333-147998
Amendment No. 2 to Registration Statement on Form S-1
Filed on May 27, 2008
Dear Mr. Owings:
On behalf of Sino Gas International Holdings, Inc. ( the “Company” or “Sino Gas”), we hereby submit this response to the comments of the staff (the “Staff”) of the Securities and Exchange Commission (the “Commission”) as set forth in the Staff's letter, dated June 17, 2008, with respect to Amendment No. 2 to our registration statement on Form S-1 (the “Registration Statement” or “Prospectus”). For ease of reference, we have set forth below each of the Staff’s comments first and then with the corresponding Company’s response to follow.
We understand and agree that:
· | Sino Gas is responsible for the adequacy and accuracy of the disclosure in the filings; |
· | Staff’s comments or changes to disclosure in response to Staff’s comments in the filings reviewed by the Staff do not foreclose the Commission from taking any action with respect to the filing; and |
· | Sino Gas may not assert Staff’s comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. |
General
1. | We note your response to comment two in our letter dated February 12, 2008. Please update the closing price of your common stock on the front of your prospectus so that it reflects the closing price as of a current date. |
Response:
In response to Staff’s comments, we updated our common stock closing price table on the front of our prospectus to reflect the closing price as of a current date.
Beijing Gas is subject to restrictions on paying dividends and making other payments to us. page 9
2. | We note your response to comment 3 in our letter dated February 12, 2008. Please revise this risk factor to disclose whether you have in the most recently completed fiscal year satisfied the set-aside reserve fund and whether dividends were or could have been paid out of retained earnings. If you have not met these restrictions, please also disclose your present status in satisfying the set-aside reserve. Further, please explain to readers that the term “RMB” refers to China’s currency Renminbi. |
Response:
In response to Staff’s comments, we revised the risk factor on prospectus page 9 to disclose that in the most recent completed fiscal year we have satisfied the set-aside reserve fund and dividends could have been paid out of retained earnings. However, this year, we do not have plans to distribute dividends. Further, we revised the prospectus to explain “RMB” as China’s currency Renminbi.
Page 2 of 3,
H. C. Owings, SEC
June 26, 2008
Cash and cash equivalents. page 25
3. | We note your response to comment 5 in our letter dated February 12, 2008. Please revise to elaborate upon the discussions with the two to three small-sized city projects you reference. In doing so, please provide enough details so that an investor can determine the materiality of these discussions and their present status. |
Response:
In response to Staff’s comments, we have revised our prospectus page 25 to elaborate upon the acquisitions we made with the two small-sized city projects.
4. | Please provide additional details concerning the status and nature of your proposed debt offering and status of your discussions with a bank. In this regard, if you are expecting to issue debt securities please describe the debt securities including their terms. |
Response:
In response to Staff’s comments, we respectfully submit that the debt financing was not materialized in 2nd quarter as we had expected and it is still under negotiations. So is the status of the bank loan. We revised our prospectus page 25 accordingly.
Our Industry. page 42
5. | We note your response to comment 7 in our letter dated February 12, 2008 and your references to exhibits 6a, 6b and 7 of your response. We did not receive these exhibits. Please provide us with these materials. Also, we note on page 53 of your prospectus your statement that there are “approximately 2,862 smaller cities in the PRC with urban dwellers in the city proper between 100,000 to 300,000.” Please provide us with copies of the reports or studies that support the qualitative and comparative statements contained in your prospectus. |
Response:
In response to Staff’s comments, we checked our records and we did send the exhibits 6a, 6b, and 7 to the Commission in our correspondence on January 22, 2008. Nonetheless, it is hereby enclosed again.
In further response to Staff’s comments, we attached exhibit 8 as support for first line of the prospectus page 54 for the text “2,862 smaller cities in the PRC” with the number “2,862” in bold and underlined on page 3 of exhibit 8, English translation for page 2 of exhibit 8.
In addition, we attached exhibit 9 as support for the table of companies on prospectus page 54.
For Towngas China Co., Ltd, the support is collected from the internet with link as follows: http://www.reuters.com/finance/stocks/incomeStatement?stmtType=INC&perType=ANN&symbol=1083.HK. The 07 revenue of US$ 408 million and 07 net income of US$ 18.4 million on prospectus page 54 are supported by total revenue of HK$ 3195.4 million and net income of HK$ 144.5 million on page 1 of exhibit 9.
For Xinao Gas Holdings Ltd, the support is collected from the internet with link as follows: http://www.reuters.com/finance/stocks/incomeStatement?stmtType=INC&perType=ANN&symbol=2688.HK. The 07 revenue of US$ 822 million and 07 net income of US$ 72.5 million on prospectus page 54 are supported by total revenue of Renminbi 5756.3 million and net income of Renminbi 507.5 million on page 2 of exhibit 9.
For China Gas Holdings Ltd, the support is collected from the internet with link as follows: http://www.reuters.com/finance/stocks/incomeStatement?stmtType=INC&perType=ANN&symbol=0384.HK. The 07 revenue of US$ 158 million and 07 net income of US$ 24.3 million on prospectus page 54 are supported by total revenue of HK$ 1236.5 million and net income of HK$ 190.1 million on page 3 of exhibit 9.
Page 3 of 3,
H. C. Owings, SEC
June 26, 2008
For Zhengzhou Gas Co. Ltd, the support is collected from the internet with link as follows:
http://www.reuters.com/finance/stocks/incomeStatement?stmtType=INC&perType=ANN&symbol=3928.HK. The 07 revenue of US$ 123 million and 07 net income of US$ 18.4 million on prospectus page 54 are supported by total revenue of Renminbi 862.2 million and net income of Renminbi 128.5 million on page 4 of exhibit 9.
In the calculation of conversion of currencies, we used the currency exchange ratios of 1 US$=7.83 HK$ and 1 US$=7.01 Renminbi.
If you have any further questions or comments, please do not hesitate to contact me or our attorney, Jiannan Zhang, Ph.D., Cadwalader, Wickersham & Taft LLP 2301 China Central Place, Tower 2 No. 79 Jianguo Road, Beijing 100025, China. +86 (10) 6599-7270 (Direct Phone) +86 (10) 6599-7300 (Main Fax), Jiannan.zhang@cwt.com.
Very truly yours, | |
/s/ Yuchuan Liu | |
Yuchuan Liu | |
Chairman & CEO |
Enclosure
Exhibit 6a
![](https://capedge.com/proxy/CORRESP/0001144204-08-036771/v118184_ex6ax1x1.jpg)
Exhibit 6b
![](https://capedge.com/proxy/CORRESP/0001144204-08-036771/v118184_ex6bx1x1.jpg)
Exhibit 7
![](https://capedge.com/proxy/CORRESP/0001144204-08-036771/v118184_ex7x1x1.jpg)
Exhibit 8
![](https://capedge.com/proxy/CORRESP/0001144204-08-036771/v118184_ex8-1x1x1.jpg)
![](https://capedge.com/proxy/CORRESP/0001144204-08-036771/v118184_ex8-2x1x1.jpg)
Table for China County Level Unit
Province-level | city-level | county-level | |||
total | unit of district | total | unit of district | total | unit of district |
34 | 4 municipality city | 333 | 283 cities | 2862 | 852 urban area |
23 province | 17 areas | 374 county-level city | |||
5 autonomous region | 30 autonomous prefecture | 1464 county | |||
2 special administrative region | 3 zone | 117 autonomous county | |||
49 banner | |||||
3 autonomous banner | |||||
2 special administrative region | |||||
1 forest districts | |||||
beijing | 18 | 16 urban area | |||
2 county | |||||
tianjin | 18 | 15 urban area | |||
3 county | |||||
Hebei | 11 | 11 cities | 172 | 26 urban area | |
22 county-level city | |||||
108 county | |||||
6 autonomous county | |||||
Shanxi | 11 | 11 cities | 119 | 23 urban area | |
11 coounty-level city | |||||
85 county | |||||
21 urban area | |||||
Nei Mongol | 12 | 9 cities | 101 | 21 urban area | |
3 zones | 11 county-level city | ||||
17 county | |||||
49 banner | |||||
3 autonomous banner | |||||
Liaoning | 14 | 14 cities | 100 | 56 urban area | |
17 county-level city | |||||
19 county | |||||
8 autonomous city | |||||
Jilin | 9 | 8 cities | 60 | 19 urban area | |
1 autonomous prefecture | 20 county-level city | ||||
18 county | |||||
3 autonomous city | |||||
Heilongjiang | 13 | 12 cities | 130 | 65 urban area | |
1 areas | 19 county-level city | ||||
45 county | |||||
1 autonomous city |
Exhibit 9
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Financial Statements
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Towngas China Co Ltd (Hong Kong Stock)
Annual Income Statement
In Millions of Hong Kong Dollars (except for per share items) | 2007 2007-12-31 Period Length 12 Months | 2006 2006-12-31 Reclassified 2007-12-31 Period Length 12 Months | 2005 2005-12-31 Reclassified 2006-12-31 Period Length 12 Months | 2004 2004-12-31 Restated 2005-12-31 Period Length 12 Months | 2003 2003-12-31 Period Length 12 Months | |||||||||||
Revenue | 3,195.4 | 2,642.9 | 2,324.1 | 1,800.3 | 1,457.6 | |||||||||||
Other Revenue, Total | -- | -- | -- | -- | -- | |||||||||||
Total Revenue | 3,195.4 | 2,642.9 | 2,324.1 | 1,800.3 | 1,457.6 | |||||||||||
Cost of Revenue, Total | 2,473.8 | 2,123.9 | 1,634.5 | 1,353.4 | 1,073.3 | |||||||||||
Gross Profit | 721.6 | 519.0 | 689.6 | 446.9 | 384.3 | |||||||||||
Selling/General/Admin. Expenses, Total | 232.3 | 146.7 | 223.3 | 126.5 | 102.8 | |||||||||||
Research & Development | -- | -- | -- | -- | -- | |||||||||||
Depreciation/Amortization | 147.9 | 113.6 | -- | -- | -- | |||||||||||
Interest Expense, Net - Operating | -- | -- | -- | -- | -- | |||||||||||
Interest/Investment Income - Operating | (23.3 | ) | (58.6 | ) | (42.3 | ) | (13.1 | ) | -- | |||||||
Interest Expense(Income) - Net Operating | (23.3 | ) | (58.6 | ) | (42.3 | ) | (13.1 | ) | -- | |||||||
Unusual Expense (Income) | -- | -- | -- | -- | -- | |||||||||||
Other Operating Expenses, Total | 102.4 | 230.5 | (35.9 | ) | (23.3 | ) | (3.1 | ) | ||||||||
Total Operating Expense | 2,933.1 | 2,556.2 | 1,779.6 | 1,443.5 | 1,173.0 | |||||||||||
Operating Income | 262.3 | 86.7 | 544.5 | 356.8 | 284.6 | |||||||||||
Interest Expense, Net Non-Operating | (178.0 | ) | (178.4 | ) | (160.2 | ) | (53.3 | ) | (10.3 | ) | ||||||
Interest/Invest Income - Non-Operating | 157.1 | (137.8 | ) | (143.3 | ) | 26.3 | -- | |||||||||
Interest Income(Exp), Net Non-Operating | (20.9 | ) | (316.2 | ) | (303.5 | ) | (27.0 | ) | (10.3 | ) | ||||||
Gain (Loss) on Sale of Assets | -- | -- | 0.0 | 2.1 | (0.2 | ) | ||||||||||
Other, Net | -- | -- | -- | -- | -- | |||||||||||
Net Income Before Taxes | 241.4 | (229.6 | ) | 241.0 | 331.8 | 274.1 | ||||||||||
Provision for Income Taxes | 37.0 | 17.1 | 35.1 | 19.7 | 22.9 | |||||||||||
Net Income After Taxes | 204.4 | (246.6 | ) | 205.9 | 312.1 | 251.3 | ||||||||||
Minority Interest | (59.9 | ) | (9.7 | ) | (50.2 | ) | (26.7 | ) | (42.2 | ) | ||||||
Equity In Affiliates | -- | -- | -- | -- | -- | |||||||||||
U.S. GAAP Adjustment | -- | -- | -- | -- | -- | |||||||||||
Net Income Before Extra. Items | 144.5 | (256.3 | ) | 155.8 | 285.4 | 209.1 | ||||||||||
Accounting Change | -- | -- | -- | -- | -- | |||||||||||
Discontinued Operations | -- | -- | -- | -- | -- | |||||||||||
Extraordinary Item | -- | -- | -- | -- | -- | |||||||||||
Tax on Extraordinary Items | -- | -- | -- | -- | -- | |||||||||||
Net Income | 144.5 | (256.3 | ) | 155.8 | 285.4 | 209.1 | ||||||||||
Preferred Dividends | -- | -- | -- | -- | -- | |||||||||||
General Partners' Distributions | -- | -- | -- | -- | -- | |||||||||||
Miscellaneous Earnings Adjustment | -- | -- | -- | -- | -- | |||||||||||
Pro Forma Adjustment | -- | -- | -- | -- | -- | |||||||||||
Interest Adjustment - Primary EPS | -- | -- | -- | -- | -- | |||||||||||
Income Available to Com Excl ExtraOrd | 144.5 | (256.3 | ) | 155.8 | 285.4 | 209.1 | ||||||||||
Income Available to Com Incl ExtraOrd | 144.5 | (256.3 | ) | 155.8 | 285.4 | 209.1 | ||||||||||
Basic Weighted Average Shares | 1,728.20 | 945.87 | 946.92 | 943.15 | 618.45 | |||||||||||
Basic EPS Excluding Extraordinary Items | 0.084 | (0.271 | ) | 0.165 | 0.303 | 0.338 | ||||||||||
Basic EPS Including Extraordinary Items | 0.084 | (0.271 | ) | 0.165 | 0.303 | 0.338 | ||||||||||
Dilution Adjustment | -- | 0.0 | -- | 13.7 | 5.4 | |||||||||||
Diluted Weighted Average Shares | 1,740.00 | 945.87 | 946.92 | 1,060.93 | 710.02 | |||||||||||
Diluted EPS Excluding ExtraOrd Items | 0.083 | (0.271 | ) | 0.165 | 0.282 | 0.302 | ||||||||||
Diluted EPS Including ExtraOrd Items | 0.083 | (0.271 | ) | 0.165 | 0.282 | 0.302 | ||||||||||
DPS - Common Stock Primary Issue | 0.000 | 0.000 | 0.000 | 0.000 | 0.000 | |||||||||||
Gross Dividends - Common Stock | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
Total Special Items | (1.2 | ) | (13.0 | ) | (3.8 | ) | (1.4 | ) | 0.2 | |||||||
Normalized Income Before Taxes | 240.2 | (242.6 | ) | 237.2 | 330.4 | 274.4 | ||||||||||
Effect of Special Items on Income Taxes | (0.2 | ) | (4.6 | ) | (0.6 | ) | (0.1 | ) | 0.0 | |||||||
Inc Tax Ex Impact of Sp Items | 36.8 | 12.5 | 34.5 | 19.6 | 22.9 | |||||||||||
Normalized Income After Taxes | 203.4 | (255.1 | ) | 202.7 | 310.7 | 251.5 | ||||||||||
Normalized Inc. Avail to Com. | 143.5 | (264.8 | ) | 152.5 | 284.0 | 209.3 | ||||||||||
Basic Normalized EPS | 0.083 | (0.280 | ) | 0.161 | 0.301 | 0.338 | ||||||||||
Diluted Normalized EPS | 0.082 | (0.280 | ) | 0.161 | 0.281 | 0.302 |
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Financial Statements
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XinAo Gas Holdings Ltd (Hong Kong Stock)
In Millions of Renminbi (except for per share items) | 2007 2007-12-31 Period Length 12 Months | 2006 2006-12-31 Reclassified 2007-12-31 Period Length 12 Months | 2005 2005-12-31 Restated 2006-12-31 Period Length 12 Months | 2004 2004-12-31 Restated 2005-12-31 Period Length 12 Months | 2003 2003-12-31 Period Length 12 Months | |||||||||||
Revenue | 5,756.3 | 3,396.5 | 2,056.8 | 1,439.9 | 878.1 | |||||||||||
Other Revenue, Total | -- | -- | -- | -- | -- | |||||||||||
Total Revenue | 5,756.3 | 3,396.5 | 2,056.8 | 1,439.9 | 878.1 | |||||||||||
Cost of Revenue, Total | 4,006.3 | 2,214.1 | 1,285.2 | 850.4 | 502.7 | |||||||||||
Fuel Expense | -- | -- | -- | -- | -- | |||||||||||
Operations & Maintenance | -- | -- | -- | -- | -- | |||||||||||
Selling/General/Admin. Expenses, Total | 938.9 | 687.6 | 332.1 | 260.5 | 159.2 | |||||||||||
Research & Development | -- | -- | -- | -- | -- | |||||||||||
Depreciation/Amortization | -- | -- | -- | -- | -- | |||||||||||
Interest Expense, Net - Operating | -- | -- | -- | -- | -- | |||||||||||
Interest/Investment Income - Operating | -- | -- | -- | -- | -- | |||||||||||
Interest Expense(Income) - Net Operating | -- | -- | -- | -- | -- | |||||||||||
Unusual Expense (Income) | 95.7 | 7.3 | -- | -- | -- | |||||||||||
Other Operating Expenses, Total | (273.7 | ) | (178.7 | ) | (12.3 | ) | (29.1 | ) | (16.5 | ) | ||||||
Total Operating Expense | 4,767.1 | 2,730.3 | 1,605.0 | 1,081.8 | 645.4 | |||||||||||
Operating Income | 989.2 | 666.2 | 451.9 | 358.2 | 232.6 | |||||||||||
Interest Expense, Net Non-Operating | (281.2 | ) | (203.4 | ) | (73.4 | ) | (42.7 | ) | (24.0 | ) | ||||||
Interest/Invest Income - Non-Operating | 106.5 | 70.8 | 22.1 | (2.3 | ) | (2.4 | ) | |||||||||
Interest Income(Exp), Net Non-Operating | (174.7 | ) | (132.6 | ) | (51.3 | ) | (45.1 | ) | (26.4 | ) | ||||||
Gain (Loss) on Sale of Assets | -- | -- | -- | -- | -- | |||||||||||
Allowance for Funds Used During Const. | -- | -- | -- | -- | -- | |||||||||||
Other, Net | -- | -- | -- | -- | (7.0 | ) | ||||||||||
Net Income Before Taxes | 814.5 | 533.6 | 400.5 | 313.1 | 199.2 | |||||||||||
Provision for Income Taxes | 108.4 | 49.8 | 38.3 | 9.2 | 3.0 | |||||||||||
Net Income After Taxes | 706.1 | 483.9 | 362.2 | 303.9 | 196.3 | |||||||||||
Minority Interest | (198.6 | ) | (104.2 | ) | (91.6 | ) | (53.3 | ) | (13.2 | ) | ||||||
Equity In Affiliates | -- | -- | -- | -- | -- | |||||||||||
U.S. GAAP Adjustment | -- | -- | -- | -- | -- | |||||||||||
Net Income Before Extra. Items | 507.5 | 379.6 | 270.5 | 250.6 | 183.1 | |||||||||||
Accounting Change | -- | -- | -- | -- | -- | |||||||||||
Discontinued Operations | -- | -- | -- | -- | -- | |||||||||||
Extraordinary Item | -- | -- | -- | -- | -- | |||||||||||
Tax on Extraordinary Items | -- | -- | -- | -- | -- | |||||||||||
Net Income | 507.5 | 379.6 | 270.5 | 250.6 | 183.1 | |||||||||||
Preferred Dividends | -- | -- | -- | -- | -- | |||||||||||
General Partners' Distributions | -- | -- | -- | -- | -- | |||||||||||
Miscellaneous Earnings Adjustment | -- | -- | -- | -- | -- | |||||||||||
Pro Forma Adjustment | -- | -- | -- | -- | -- | |||||||||||
Interest Adjustment - Primary EPS | -- | -- | -- | -- | -- | |||||||||||
Income Available to Com Excl ExtraOrd | 507.5 | 379.6 | 270.5 | 250.6 | 183.1 | |||||||||||
Income Available to Com Incl ExtraOrd | 507.5 | 379.6 | 270.5 | 250.6 | 183.1 | |||||||||||
Basic Weighted Average Shares | 989.92 | 936.92 | 888.49 | 848.10 | 737.00 | |||||||||||
Basic EPS Excluding Extraordinary Items | 0.513 | 0.405 | 0.305 | 0.296 | 0.248 | |||||||||||
Basic EPS Including Extraordinary Items | 0.513 | 0.405 | 0.305 | 0.296 | 0.248 | |||||||||||
Dilution Adjustment | 3.4 | 4.4 | 0.0 | 2.5 | 0.0 | |||||||||||
Diluted Weighted Average Shares | 1,015.52 | 993.09 | 892.67 | 872.05 | 745.08 | |||||||||||
Diluted EPS Excluding ExtraOrd Items | 0.503 | 0.387 | 0.303 | 0.290 | 0.246 | |||||||||||
Diluted EPS Including ExtraOrd Items | 0.503 | 0.387 | 0.303 | 0.290 | 0.246 | |||||||||||
DPS - Common Stock Primary Issue | 0.126 | 0.078 | 0.050 | 0.029 | 0.000 | |||||||||||
Gross Dividends - Common Stock | 126.9 | 77.3 | 46.3 | 25.3 | 0.0 | |||||||||||
Total Special Items | 95.7 | 7.3 | -- | -- | -- | |||||||||||
Normalized Income Before Taxes | 910.2 | 540.9 | 400.5 | 313.1 | 199.2 | |||||||||||
Effect of Special Items on Income Taxes | 12.7 | 0.7 | -- | -- | -- | |||||||||||
Inc Tax Ex Impact of Sp Items | 121.1 | 50.5 | 38.3 | 9.2 | 3.0 | |||||||||||
Normalized Income After Taxes | 789.1 | 490.5 | 362.2 | 303.9 | 196.3 | |||||||||||
Normalized Inc. Avail to Com. | 590.5 | 386.2 | 270.5 | 250.6 | 183.1 | |||||||||||
Basic Normalized EPS | 0.596 | 0.412 | 0.305 | 0.296 | 0.248 | |||||||||||
Diluted Normalized EPS | 0.585 | 0.393 | 0.303 | 0.290 | 0.246 |
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NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes.
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Financial Statements
��
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China Gas Holdings Ltd (Hong Kong Stock)
Sector: /finance/industries/allIndustries. Industry:
/finance/industries/overview?industryCode=· View 0384 on other exchanges
Independent Research | Broker Research
Annual Income Statement
In Millions of Hong Kong Dollars (except for per share items) | 2007 2007-03-31 Period Length 12 Months | 2006 2006-03-31 Period Length 12 Months | 2005 2005-03-31 Restated 2006-03-31 Period Length 12 Months | 2004 2004-03-31 Period Length 12 Months | 2003 2003-03-31 Period Length 12 Months | |||||||||||
Revenue | 1,236.5 | 630.5 | 411.4 | 376.5 | 85.5 | |||||||||||
Other Revenue, Total | -- | -- | -- | -- | -- | |||||||||||
Total Revenue | 1,236.5 | 630.5 | 411.4 | 376.5 | 85.5 | |||||||||||
Cost of Revenue, Total | 816.2 | 325.2 | 164.0 | 208.1 | 64.2 | |||||||||||
Gross Profit | 420.3 | 305.4 | 247.4 | 168.4 | 21.3 | |||||||||||
Selling/General/Admin. Expenses, Total | 218.6 | 172.7 | 118.8 | 59.8 | 37.9 | |||||||||||
Research & Development | -- | -- | -- | -- | -- | |||||||||||
Depreciation/Amortization | -- | -- | -- | 11.6 | 4.9 | |||||||||||
Interest Expense, Net - Operating | -- | -- | -- | -- | -- | |||||||||||
Interest/Investment Income - Operating | -- | -- | -- | -- | -- | |||||||||||
Interest Expense(Income) - Net Operating | -- | -- | -- | -- | -- | |||||||||||
Unusual Expense (Income) | 6.8 | 9.3 | (2.7 | ) | (5.8 | ) | 41.0 | |||||||||
Other Operating Expenses, Total | (133.5 | ) | (39.6 | ) | (15.7 | ) | (12.3 | ) | (3.8 | ) | ||||||
Total Operating Expense | 907.9 | 467.6 | 264.4 | 261.3 | 144.2 | |||||||||||
Operating Income | 328.5 | 162.9 | 147.0 | 115.2 | (58.6 | ) | ||||||||||
Interest Expense, Net Non-Operating | (107.8 | ) | (44.2 | ) | (27.4 | ) | (24.6 | ) | (6.2 | ) | ||||||
Interest/Invest Income - Non-Operating | 1.4 | 25.5 | 0.0 | 0.0 | (0.0 | ) | ||||||||||
Interest Income(Exp), Net Non-Operating | (106.4 | ) | (18.7 | ) | (27.4 | ) | (24.6 | ) | (6.2 | ) | ||||||
Gain (Loss) on Sale of Assets | 0.0 | 0.4 | (1.6 | ) | 27.6 | 0.0 | ||||||||||
Other, Net | 17.2 | 37.9 | 16.0 | -- | -- | |||||||||||
Net Income Before Taxes | 239.4 | 182.6 | 133.9 | 118.2 | (64.8 | ) | ||||||||||
Provision for Income Taxes | 13.8 | 2.5 | 1.5 | 1.3 | 1.9 | |||||||||||
Net Income After Taxes | 225.6 | 180.1 | 132.4 | 116.9 | (66.7 | ) | ||||||||||
Minority Interest | (35.5 | ) | (23.3 | ) | (35.8 | ) | (36.8 | ) | (3.0 | ) | ||||||
Equity In Affiliates | -- | -- | -- | -- | -- | |||||||||||
U.S. GAAP Adjustment | -- | -- | -- | -- | -- | |||||||||||
Net Income Before Extra. Items | 190.1 | 156.7 | 96.6 | 80.1 | (69.7 | ) | ||||||||||
Accounting Change | -- | -- | -- | -- | -- | |||||||||||
Discontinued Operations | -- | -- | -- | -- | -- | |||||||||||
Extraordinary Item | -- | -- | -- | -- | -- | |||||||||||
Tax on Extraordinary Items | -- | -- | -- | -- | -- | |||||||||||
Net Income | 190.1 | 156.7 | 96.6 | 80.1 | (69.7 | ) | ||||||||||
Preferred Dividends | -- | -- | -- | -- | -- | |||||||||||
General Partners' Distributions | -- | -- | -- | -- | -- | |||||||||||
Miscellaneous Earnings Adjustment | -- | -- | -- | -- | -- | |||||||||||
Pro Forma Adjustment | -- | -- | -- | -- | -- | |||||||||||
Interest Adjustment - Primary EPS | -- | -- | -- | -- | -- | |||||||||||
Income Available to Com Excl ExtraOrd | 190.1 | 156.7 | 96.6 | 80.1 | (69.7 | ) | ||||||||||
Income Available to Com Incl ExtraOrd | 190.1 | 156.7 | 96.6 | 80.1 | (69.7 | ) | ||||||||||
Basic Weighted Average Shares | 2,995.32 | 2,548.93 | 1,844.96 | 1,300.96 | 1,043.40 | |||||||||||
Basic EPS Excluding Extraordinary Items | 0.063 | 0.061 | 0.052 | 0.062 | (0.067 | ) | ||||||||||
Basic EPS Including Extraordinary Items | 0.063 | 0.061 | 0.052 | 0.062 | (0.067 | ) | ||||||||||
Dilution Adjustment | (1.1 | ) | 0.0 | 0.0 | 0.9 | 0.0 | ||||||||||
Diluted Weighted Average Shares | 3,413.57 | 2,828.36 | 1,894.35 | 1,340.45 | 1,043.40 | |||||||||||
Diluted EPS Excluding ExtraOrd Items | 0.055 | 0.055 | 0.051 | 0.060 | (0.067 | ) | ||||||||||
Diluted EPS Including ExtraOrd Items | 0.055 | 0.055 | 0.051 | 0.060 | (0.067 | ) | ||||||||||
DPS - Common Stock Primary Issue | 0.012 | 0.010 | 0.000 | 0.000 | 0.000 | |||||||||||
Gross Dividends - Common Stock | 29.2 | 29.2 | 0.0 | 0.0 | 0.0 | |||||||||||
Total Special Items | 6.8 | 8.9 | (1.0 | ) | (31.4 | ) | 41.6 | |||||||||
Normalized Income Before Taxes | 246.1 | 191.4 | 132.9 | 86.8 | (23.2 | ) | ||||||||||
Effect of Special Items on Income Taxes | 0.4 | 0.1 | (0.0 | ) | (0.4 | ) | 14.3 | |||||||||
Inc Tax Ex Impact of Sp Items | 14.2 | 2.6 | 1.5 | 1.0 | 16.2 | |||||||||||
Normalized Income After Taxes | 231.9 | 188.8 | 131.4 | 85.8 | (39.4 | ) | ||||||||||
Normalized Inc. Avail to Com. | 196.5 | 165.5 | 95.6 | 49.0 | (42.4 | ) | ||||||||||
Basic Normalized EPS | 0.066 | 0.065 | 0.052 | 0.038 | (0.041 | ) | ||||||||||
Diluted Normalized EPS | 0.057 | 0.059 | 0.050 | 0.037 | (0.041 | ) |
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Income Statement
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Financial Statements
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Zhengzhou Gas Co Ltd (Hong Kong Stock)
Independent Research | Broker Research
Annual Income Statement
In Millions of Renminbi (except for per share items) | 2007 2007-12-31 Period Length 12 Months | 2006 2006-12-31 Period Length 12 Months | 2005 2005-12-31 Period Length 12 Months | 2004 2004-12-31 Period Length 12 Months | 2003 2003-12-31 Period Length 12 Months | |||||||||||
Revenue | 853.1 | 724.6 | 609.7 | 460.4 | 335.7 | |||||||||||
Other Revenue, Total | 9.0 | 7.0 | 10.8 | 10.0 | 21.2 | |||||||||||
Total Revenue | 862.2 | 731.6 | 620.5 | 470.4 | 356.9 | |||||||||||
Cost of Revenue, Total | 563.6 | 490.0 | 410.9 | 300.6 | 229.1 | |||||||||||
Fuel Expense | -- | -- | -- | -- | -- | |||||||||||
Operations & Maintenance | -- | -- | -- | -- | -- | |||||||||||
Selling/General/Admin. Expenses, Total | 96.3 | 99.6 | 84.9 | 64.0 | 49.5 | |||||||||||
Research & Development | -- | -- | -- | -- | -- | |||||||||||
Depreciation/Amortization | -- | -- | -- | -- | -- | |||||||||||
Interest Expense, Net - Operating | -- | -- | -- | -- | -- | |||||||||||
Interest/Investment Income - Operating | -- | -- | -- | -- | -- | |||||||||||
Interest Expense(Income) - Net Operating | (4.2 | ) | (3.6 | ) | (2.3 | ) | (1.1 | ) | (0.9 | ) | ||||||
Unusual Expense (Income) | -- | -- | -- | -- | -- | |||||||||||
Other Operating Expenses, Total | 10.1 | 10.4 | 0.8 | 8.2 | 0.7 | |||||||||||
Total Operating Expense | 665.8 | 596.5 | 494.2 | 371.7 | 278.4 | |||||||||||
Operating Income | 196.4 | 135.2 | 126.3 | 98.7 | 78.5 | |||||||||||
Interest Expense, Net Non-Operating | -- | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
Interest/Invest Income - Non-Operating | -- | -- | -- | -- | -- | |||||||||||
Interest Income(Exp), Net Non-Operating | -- | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||
Gain (Loss) on Sale of Assets | -- | -- | -- | -- | -- | |||||||||||
Allowance for Funds Used During Const. | -- | -- | -- | -- | -- | |||||||||||
Other, Net | -- | -- | -- | -- | -- | |||||||||||
Net Income Before Taxes | 196.4 | 135.2 | 126.3 | 98.7 | 78.5 | |||||||||||
Provision for Income Taxes | 66.7 | 9.5 | 16.6 | 23.8 | 22.0 | |||||||||||
Net Income After Taxes | 129.7 | 125.7 | 109.8 | 74.9 | 56.5 | |||||||||||
Minority Interest | (1.2 | ) | (14.2 | ) | (16.4 | ) | (9.7 | ) | (3.5 | ) | ||||||
Equity In Affiliates | -- | -- | -- | -- | -- | |||||||||||
U.S. GAAP Adjustment | -- | -- | -- | -- | -- | |||||||||||
Net Income Before Extra. Items | 128.5 | 111.5 | 93.4 | 65.2 | 52.9 | |||||||||||
Accounting Change | -- | -- | -- | -- | -- | |||||||||||
Discontinued Operations | -- | -- | -- | -- | -- | |||||||||||
Extraordinary Item | -- | -- | -- | -- | -- | |||||||||||
Tax on Extraordinary Items | -- | -- | -- | -- | -- | |||||||||||
Net Income | 128.5 | 111.5 | 93.4 | 65.2 | 52.9 | |||||||||||
Preferred Dividends | -- | -- | -- | -- | -- | |||||||||||
General Partners' Distributions | -- | -- | -- | -- | -- | |||||||||||
Miscellaneous Earnings Adjustment | -- | -- | -- | -- | -- | |||||||||||
Pro Forma Adjustment | -- | -- | -- | -- | -- | |||||||||||
Interest Adjustment - Primary EPS | -- | -- | -- | -- | -- | |||||||||||
Income Available to Com Excl ExtraOrd | 128.5 | 111.5 | 93.4 | 65.2 | 52.9 | |||||||||||
Income Available to Com Incl ExtraOrd | 128.5 | 111.5 | 93.4 | 65.2 | 52.9 | |||||||||||
Basic Weighted Average Shares | 1,251.50 | 1,251.50 | 1,251.50 | 1,251.50 | 1,251.50 | |||||||||||
Basic EPS Excluding Extraordinary Items | 0.103 | 0.089 | 0.075 | 0.052 | 0.042 | |||||||||||
Basic EPS Including Extraordinary Items | 0.103 | 0.089 | 0.075 | 0.052 | 0.042 | |||||||||||
Dilution Adjustment | -- | -- | 0.0 | 0.0 | 0.0 | |||||||||||
Diluted Weighted Average Shares | 1,251.50 | 1,251.50 | 1,251.50 | 1,251.50 | 1,251.50 | |||||||||||
Diluted EPS Excluding ExtraOrd Items | 0.103 | 0.089 | 0.075 | 0.052 | 0.042 | |||||||||||
Diluted EPS Including ExtraOrd Items | 0.103 | 0.089 | 0.075 | 0.052 | 0.042 | |||||||||||
DPS - Common Stock Primary Issue | 0.024 | 0.029 | 0.014 | 0.016 | 0.004 | |||||||||||
Gross Dividends - Common Stock | 30.3 | 35.7 | 17.3 | 20.0 | 5.5 | |||||||||||
Total Special Items | -- | -- | -- | -- | -- | |||||||||||
Normalized Income Before Taxes | 196.4 | 135.2 | 126.3 | 98.7 | 78.5 | |||||||||||
Effect of Special Items on Income Taxes | -- | -- | -- | -- | -- | |||||||||||
Inc Tax Ex Impact of Sp Items | 66.7 | 9.5 | 16.6 | 23.8 | 22.0 | |||||||||||
Normalized Income After Taxes | 129.7 | 125.7 | 109.8 | 74.9 | 56.5 | |||||||||||
Normalized Inc. Avail to Com. | 128.5 | 111.5 | 93.4 | 65.2 | 52.9 | |||||||||||
Basic Normalized EPS | 0.103 | 0.089 | 0.075 | 0.052 | 0.042 | |||||||||||
Diluted Normalized EPS | 0.103 | 0.089 | 0.075 | 0.052 | 0.042 |
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Income Statement