00135.HK (1) (2) 7 33 34 ING Bank N.V. 35 65 2016 2 18280 38 SGM-1SGM-2 118 39 48 2016 1 23
... 1.... 7 I.... 7 II.... 8 III.... 11 IV..... 12 V.... 14 VI.... 17 VII.... 19 VIII.... 30 IX.... 31 X.... 31 XI.... 32 XII.... 33... 34... 35.... 66.... 69... I-1.... II-1... III-1... IV-1... V-1... VI-1... SGM-1 i
2015 12 28 CNG 00135.HK 1
14,827,093,900 17,998,414,600 2,322,357,900 2014 11 6 2017 12 31 2006 11 14 2011 11 14 2014 12 31 GDP 2
ING Bank N.V. 2016 1 20 LNG 2015 11 25 LPG 3
2003 11 192006 11 142009 3 25 2010 5 19 2011 11 14 00857. HK (a) (b) 4
VII3 2017 12 31 VII3 2017 12 31 (a) (d) (e) 2009 3 25 571 2016 2 18 0.01 2015 12 27 10 5
2010 5 19 2015 9 30 (1) (2) 1.00 0.82381 7.75 (3) 6
00135.HK GBS, LLD, DBA, JP # # # # Clarendon House 2 Church Street Hamilton HM11 Bermuda 118 39 (1) (2) I. 2015 12 28 14,827,093,900 17,998,414,600 2,322,357,900 7
II. 1. 2015 12 28 2. (i) (ii) (iii) 3. 4. 14,827,093,900 17,998,414,600 2,322,357,900 10 30% 660% (i) 8
(ii) 5. (i) (ii) (iii) 2015 9 30 15,827,093,900 19,212,301,500 2,478,987,300 9
6. (i) (ii) (iii) 2016 12 31 7. 10
III. 86.35% 3.43% 100% 58.33% 86.35% 3.43% 58.33% 100% 11
IV. 1. 2008 8 85.6 LPG (i)cng LPG (ii) (iii)(iv) (v) 120 29 LPG 2014150 18 2CNG 200 500 90 LPG 201484 8 LPG 591 12
LPG29 152CNG 194LNG4LPG90 18 100 2014 12 31 CNG LNG LPG CNG LNG LPG 2. 2015 9 30 2015 9 3016,025 11,332 13
20132014 12 31 2015 9 302014 12 312015 9 30 9 30 12 31 2015 2014 2013 16,025 14,812 11,302 11,332 10,510 7,349 1,655 1,535 1,411 1,185 1,125 1,011 822 723 692 V. 139,06162,944 2015 6 30 122,476 47,373 2015 6 30 16,585 15,571 14
2014 12 3111,956 2014 1 12014 12 31 13,902 2014 12 315,610 2014 1 12014 12 31 6,521 3,400 230 2015 11 30 27,2461,141 3,538 4,2604,563 3,7101,3357,661 1,038 15
2015 11 30 1,141 800 364 2,305 6,344 8,649 3,538 3,763 3,710 4,260 1,335 7,661 674 24,941 (6,344) 18,597 27,246 2015 11 30139 14926,958 139 149 13019 2015 11 30 785 16
2015 11 30 2015 6 30 29.55% 2015 6 30 32,033 915 76,117 30.21% (i) (ii) 29.55% 30.21% VI. 17
CNG LNG LPG CNG LPG 18
VII. 4,708,302,133 58.33% 277,432,0003.43% 4,985,734,133 61.76% 14A 14A 2014 11 72014 11 11 20032006 200920102011 2014 2014 11 72014 11 11 19
1. (i) LPG (ii) (iii) (iv) 20
2014 12 31 2015 9 30 9 30 12 31 2012 2013 2014 2015 29,718 34,070 32,512 18,880 181 650 269 96 4,294 3,140 3,702 4,933 2,046 896 6,771 3,572 2. LNG LNG 21
2014 12 31 2015 9 30 1,3942,8723,230 839 3. 12 31 2016 2017 1 1 (a) 2014 12 31 14,708 17,252 10,424 13,232 4 4 2015 6 30 6,783 8,218 2 4,000 3 4,005 5,739 5,440 7,174 5% 14A.76 22
12 31 2016 2017 1 1 (b) 5 (c) 2014 12 31 18 37 19 39 2 2015 6 30 19 15 6 6 5% 14A.76 (d) 2014 12 31 32,338 72,498 37,424 85,644 4 4 7 2015 6 30 12,514 12,687 5,415 8 (e) 2014 12 31 21,935 25,369 22,080 26,080 4 4 9 2015 6 30 6,361 10,954 4,868 10 23
1. 2017 12 31 (i) (ii) (iii) 2014 12 10 (iv) (v) 2. VII(1)(ii) (iii) (iv) 3. 4. 2014 12 10 5. (b) 2014 11 11 6. 7. VII1(i) 8. 9. VII2 10. 4. LPG 24
5. (i) (a) (a) 2017 12 31 20162017 (ii) (c) (c) 2017 12 31 25
(iii) (d) (d) 2017 12 31 LPG LPGLPG (iv) (e) (e) 2017 12 31 6. (i) (a) (a) (b) 26
(a) (a) (a) (a) (a) (b) (a) 3%(a) (i) (a) (ii) 2014 12 31 (a) (a) 27
(a) (i) (ii) (b) (i) (ii) (c) (i) (ii) (ii) (c) (i) (ii) (iii) (d) 28
(d) (iv) (e) (a) (e) (e) (e) (e) (b) (e) 3%(e) (i) (e) (ii) (iii)(a) (a) (e) (e) 29
(i) (ii) LPG(iii) (iv) VIII. 4,708,302,133 58.33% 277,432,0003.43% 4,985,734,133 61.76% 14A 14 14A 100%14 14A 30
14A 14A (a) (d) (e) 5% IX. 1. LNG LNG 2. IV 3. (i) (ii) (iii) (iv) X. 2016 2 18 1. 2. 31
(i) (ii) ING Bank N.V. SGM-1 SGM-2 (i) (ii) XI. (i) (ii) 32
34 XII. 34 35 65 2016 1 23 33
00135.HK (1) (2) 2016 1 23 (1) (2) (1) (2) 2016 2 18 2016 1 23 34
ING Bank N.V. 1 36 (1) (2) ING Bank N.V. 2015 12 14 2016 1 23 35
2015 12 28 14,827,093,900 17,998,414,600 1 2,322,357,900 1 2016 1 20 4,708,302,133 0.01 58.33% 277,432,000 3.43% 4,985,734,133 61.76% 14A 14 14A 100% 14 14A 14A 5% 1 1.000.82381.00 7.75 36
ING Bank N.V.ING 2015 12 22 1. 2. 3. 37
4. 5. ING ING ING 6. 7. 8. 13.80 ING Bank N.V.ING Bank N.V. 38
ING ING 39
1. A. 2015 12 282015 12 28 14,827,093,900 17,998,414,600 2,322,357,900 1 86.35% 3.43% 58.33% 100% B. 1988 6 1 LNG LNG 40
2010 2009 20132014 12 31 2015 6 30 1 6 30 12 31 2015 2014 2013 1,386 5,336 5,660 19,493 42,708 37,770 20,879 48,044 43,430 C. 2008 8 85.6 LPG (i) CNG LPG (ii) (iii)(iv) (v) 12029 LPG 2014 15018 2CNG200 500 90 LPG 201484 8 LPG591 41
2 9 30 12 31 2015 2014 2013 16,025 14,812 11,302 11,332 10,510 7,349 32,173 54,180 53,404 EBITDA (1) 2,470 2,554 2,225 EBIT (2) 1,582 1,454 1,321 1,655 1,535 1,411 1,185 1,125 1,011 822 723 692 1. EBITDA 2. EBIT 2. 42
2014 11 2014-2020 2020 62% 10% 2014 11 2014-2020 2020 2005 40% 45% 2014 12 31 2014 12 31 11.1% 19.3% 2015 6 30159 43
3. A. 14,827,093,900 17,998,414,600 2,322,357,900 (i) (ii) 2015 9 30 30% 60% 4.6% 44
B. (i) 2015 12 27 10 (ii) (iii) 100% 15,827,093,900 13.80 (1)(d) 4 5 45
4. 2 EV/ EBITDA EV/EBIT (a) (b) 300 2015 6 30 2014 12 31 2 46
3 (1)(8) EV/ EBITDA (2) EV/ EBIT (3) (4) (5) 353 14.4x 17.9x 14.4x 2.9x 5,965 14.4x 17.1x 18.2x 2.6x (6) 339 6.7x 9.6x 8.0x 0.8x 5,272 9.4x 11.5x 16.1x 2.4x 809 16.3x 19.5x 18.7x 2.3x 4,507 7.6x 9.1x 12.5x 2.2x 5,331 4.5x 6.4x 7.4x 0.8x 1,235 8.1x 10.0x 9.0x 0.7x 581 10.9x 13.0x 13.9x 2.1x 10.2x 12.6x 13.1x 1.9x 9.4x 11.5x 13.9x 2.2x 6.9x 12.2x 20.5x 1.4x (7) Capital IQ (1) (2) EV/EBITDA 2014 12 31 EBITDA (3) EV/EBIT 2014 12 31 EBIT (4) 2014 12 31 2015 3 31 (5) 2015 6 30 (6) 2015 9 30 (7) (i)(ii) 2015 9 30 (8) 7.8308 47
(1) EV/EBITDA 2014 12 31EV/EBITDA 10.29.4 EV/EBITDA EV/ EBITDA (2) EV/EBIT 2014 12 31EV/EBIT 12.611.5 EV/EBIT EV/EBIT (3) 2014 12 31 13.113.9 10% 119%EV/ EBITDA EV/EBITEV/EBITDA EV/EBIT EV/ EBITDAEV/EBIT (4) 2015 9 30 1.4 2015 6 301.92.2 2015 9 30 48
5. EV/EBITDA (a) (b)50% (c) 100 2012 2015 16 16 10 49
4 (1) EV EBITDA (2) (3) (4) 2015 3 30 140 11.9x 38.8x 3.3x (5) 266 13.8x 108.5x 1.4x 2015 2 27 Targa Resources Atlas Pipeline 4,000 35.0x (43.7x) 1.7x Partners LP Partners, L.P. 2015 2 27 Targa Resources Corp. Atlas Energy, L.P. 1,869 15.8x (24.8x) 5.4x 2014 11 26 Kinder Morgan, Inc. El Paso Pipeline Partners, L.P. 10,318 13.8x 27.0x 2.3x 2014 11 26 Kinder Morgan, Inc. Kinder Morgan Energy Partners, L.P. 33,993 (6) 10.8 x n.m. (7) 3.4x 2014 9 4 Cheung Kong Infrastructure Holdings Limited Envestra Limited 2,215 11.1x 16.9x 2.9x 2013 12 20 570 17.6x (8) 3.8x (9) 2013 11 12 400 19.7x (10) 2.3x (11) 2013 6 12 Gujarat Gas Company Limited 725 11.6x 15.8x 4.5x (12) 2013 5 1 Kinder Morgan, Inc. Copano Energy LLC 3,721 30.9x (26.8x) (13) 3.8x 50
(1) EV EBITDA (2) (3) (4) 2012 11 6 Cosan S.A. Companhia de 2,962 (14) 20.9x 4.1x Indústria e Gás de São Comércio Paulo SA- Comgás 2012 10 16 311 86.6x (15) 1.8x (16) 2012 7 3 AEI China Gas Limited 238 18.5x (17) 0.9x (18) 2012 5 24 Kinder Morgan, Inc. El Paso Corp 22,954 11.3x 44.2x (19) 4.9x (20) 2012 3 26 Energy Transfer Southern Union 5,461 13.5x 22.7x 2.1x Equity, L.P. Company 14.9x 31.3x 3.0x 13.5x 19.7x 3.1x (21) 12.9x 48.3x 2.3x 12.9x 29.2x 2.0x 6.9x 20.5x 1.4x (22) Dealogic (1) (2) EV EBITDA EBITDA (3) (4) (5) 2015 3 51
(6) (7) n.m. (8) 2012 12 31 (9) 2012 12 31 (10) 2011 12 31 (11) 2012 6 30 (12) 2012 6 30 (13) (14) (15) 2011 12 31 (16) 2012 7 31 (17) 2011 12 31 (18) 2011 12 31 (19) 12 2011 6 30 (20) 2011 6 30 (21) (22) (i)(ii) 2015 9 30 52
(1) EV/EBITDA EV/EBITDA 14.913.5 EV/EBITDA EV/EBITDA EV/EBITDA 12.912.9 EV/EBITDA EV/EBITDA (2) 31.319.7 48.329.2 (3) 2015 9 30 1.4 3.03.1 2.32.0 53
6. 2015 6 302014 1 1 5 2015 6 30 122,476 139,061 47,373 62,944 2014 12 31 11,956 13,902 5,610 6,521 139,06162,944 2015 6 30 122,476 47,3732015 6 30 16,585 15,571 2014 12 31 11,956 2014 1 12014 12 31 13,902 54
2014 12 315,610 2014 1 12014 12 31 6,521 6 2015 6 30 31,498 32,948 (15,700) (1,441) 15,798 31,507 53,158 48,245 2015 6 30 29.7% 2015 6 30 31,507 48,245 65.3% 2015 9 30 7. 20032006 200920102011 2014 55
14A 14A (a) (i) LPG (ii) (iii) 56
(b) 57
58 (c) 7 12 31 2016 2017 1 1 (a) 2 3 14,708 4 17,252 4 2,544 10,424 4 13,232 4 2,808 (b) 5 (c) 5 (d) 6 32,338 72,498 40,160 37,424 85,644 48,220 (e) 7 21,935 25,369 3,434 22,080 26,080 4,000
1. 2. 3. (a)(ii) (iii) 4. 14A.76 2017 12 31(a) 10,703 4,9842017 12 31(a) 11,513 6,0582017 12 31 810 1,074 5. (b)(c) 14A.76 6. a(i) 7. (b) (d) 2017 12 31 (i) (ii) (iii) 2014 12 10 59
(iv) (v) (i) (a) (a) 20162017810 667 3 1,074 885 3 2014 12 31 (a) 181 650 269 2016 2013 2017 201336.2% 2017 2017 12 31(a) 20162017 3 10.8238 60
(i) 2016 (ii) 2017 (a) (ii) (d) 20162017 40,160 33,084 3 48,220 39,724 3 2014 12 31 (d) 29,718 34,070 32,512 2016 2013 2017 201316.6% 2017 12 31(d) LPG LPG LPG (i)2016(ii) 2017 16.6% LPG (d) 3 10.8238 61
(iii) (e) 20162017 3,434 2,829 3 4,0003,295 3 2014 12 31 (e)1,394 2,872 3,230 2015 9 30 839 2016 201412.4% 2017 20142.0% 2017 12 31(e) 20162017 (i) 2016(ii) 2017 2.0% (e) (a) (d) (e) (i) (a) (a) 3 10.8238 62
(a) (a) (a) (a) (a) 3%(a) (a) (ii) (d) (d)(a) (iii) (e) (e)(e) (e) (e) (e) (e) 3% (e) (e) (i) (ii)lpg (iii) 63
(i)(a) (d) (e) (ii) (iii) 2014 12 (iv) 1. 2. 3. 14A 2009 88.9% 64
14,827,093,900 2014 12 31 EBITDA 2017 12 31(a) (d) (e) ING BANK N.V. 2016 1 23 6 17 28 65
2015 6 (BP Statistical Review of World Energy 1 )2014 1,8552009 14.9% 2014 1,3452009 8.8% BP 2014 5.6% 2014 2014-2020 20142020 202010% LPG LPG LPGLPG (PDH)LPG LPG CNG LNG LPG 1 (BP Statistical Review of World Energy) Oil and Gas Journal 66
200852 120 29 35 LPG 2020 GDP 2010 BP 2014 5.6%1.0%0.4%0.2% 67
1. 2014 112014-2020 2020 62% 10% 2. 2014 11 2014-2020 2020 2005 40%-45% 3. 2014 11 4 4. 2014 3 162014-2020 2020 60% 5. 2013 9 2017 68
CNG 69
LNG 29 100 70
1. 2. 3. 71
25% 72
) 73
A. 2015 6 30 2013 12 31 75.39% 201264.75% 2014 12 31 83.88% 201375.39% 2015 6 30 103.70% 201483.05% 2012 12 31 2012 12 3113,306 10,48726.88% 2012 12 31 6,518 5,62115.96% 2013 12 31 2013 12 3114,353 13,3067.87%2013 12 31 6,8516,5185.11% 2014 12 3111,956 14,35316.70%2014 12 31 5,6106,85118.11% 2015 6 30 4,705 6,32625.62%2015 6 30 1,9213,17139.42% 2012 12 31 32,953 25,915 27.16% I-1
18.44% 6,076 81.56% 26,877 2013 12 31 43,430 32,953 31.79% 13.03% 201218.44% 5,660 20126,076 86.97% 201281.56%37,770 201226,877 2014 12 31 48,044 43,430 10.62% 11.11% 201313.03% 5,336 20135,660 88.89% 201386.97%42,708 201337,770 2015 6 3020,879 22,763 8.28% 6.64% 201412.49% 1,386 20142,844 93.36% 201487.51%19,493 201419,919 2012 12 31 361 174 107.47% I-2
2013 12 31 768 361 112.74% 2014 12 31 837 768 8.98% 665 2013538 2015 6 30488 34840.23% 2015 6 30 87 2012 12 31 172 178 3.37% 2012 12 31 2013 12 31 228 172 32.56% 2014 12 31 217 228 4.82% 2015 6 30103 105 1.90% 2012 12 31 12,912 9,30738.73% I-3
2013 12 31 21,303 12,91264.99% 2014 12 31 26,354 21,30323.71% 2015 6 3011,315 11,7663.83% 2012 12 31 1,684 1,50511.89% 2013 12 31 2,046 1,68421.50% 2014 12 31 2,368 2,04615.74% 2015 6 301,012 1,0281.56% 2012 12 31 42247 83.00% Continental Geopetro (Bengara II) Ltd CGB2 2013 12 31 11 42 73.81% I-4
2014 12 31 201311 100.00% 2015 6 302 2012 12 31 4,434 4,0908.41% 2012 12 31 2012 7 1 2013 12 31 4,528 4,4342.12% 2013 12 31 2012 7 1 2014 12 31 5,392 4,52819.08% 2014 12 31 2015 6 302,899 2,7136.86% 2015 6 302014 2012 12 312,165 1,60734.72% 2013 12 312,878 2,16532.93% I-5
2014 12 312,777 2,8783.51% 2015 6 30 1,143 1,2135.77% 2012 12 31923 1,19522.76% 2012 12 31 2013 12 31746 92319.18% 2014 12 31737 7461.21% 2015 6 30 195 38048.68% 2012 12 31 661 405 63.21% 2012 12 31 I-6
2013 12 31 622 661 5.90% 2013 12 311,882 1,260 2014 12 31 486 622 21.86% 2014 12 311,521 1,035 2015 6 30258 222 16.22% 2015 6 30 657 399 2012 12 31 2,334 2,2553.50% CNPC-Aktobemunaigas Joint Stock Company 2013 12 3129.48%1,646 20122,334CNPC-Aktobemunaigas Joint Stock Company 2014 2 2014 2 14 2014 12 3156.50%716 20131,6462014 12 31CNPC- Aktobemunaigas Joint Stock Company 2015 6 30 132.98% 62 20141882015 6 30 CNPC-Aktobemunaigas Joint Stock Company I-7
2012 12 31 307 3224.66% 2013 12 3135.18%415 2012307 2014 12 3138.31%256 2013415 150 2013 2015 6 30 54.17%121 20142642015 6 30 2012 12 31 13,306 10,48726.88% 2013 12 3114,353 13,3067.87% 2014 12 3111,956 14,35316.70% 2015 6 30 4,705 6,32625.62% 2012 12 313,392 2,291 48.06% I-8
2013 12 313,845 3,392 13.35% 31.28% 2012 31.80% 2014 12 313,080 3,845 19.90% 2014 12 31 28.04% 201331.28% 2015 6 30 1,257 1,51316.92% 2015 6 30 27.06% 201425.76% 2012 12 31 9,914 8,19620.96%2012 12 31 6,518 5,62115.96% 2013 12 31 10,508 9,9145.99%2013 6,851 6,5185.11% 2014 12 31 8,876 10,50815.53% 2014 12 31 5,610 6,85118.11% 2015 6 303,448 4,81328.36% 2015 6 30 1,921 3,17139.42% I-9
2012 2012 12 31108,5422011 12 3184,20724,335 28.90% 2012 12 31 33.75%2011 12 3137.65% 31,673 201127,575 93,851 201173,233 2012 12 31 18,229 14,80423.14% 2012 12 311,418 20111,463 2012 12 313,113 2011 2,128 2012 12 31802011 23 346 201196 2012 4 13.10 80010,259 221 2013 2013 12 31 119,4622012 12 31 108,54210,920 10.06% 2013 12 31 30.26%2012 12 3133.75% 3.49% 31,350 201231,673 103,618 201293,851 2013 12 31 19,275 18,2295.74% I-10
2013 12 31814 20121,826 20123,113 2013 12 31 9,112 10,5211,409 2013 12 31 15.6201280.086 2012346 2013 12 31 4,518,000 2012 57 2012 2013 12 31 4,269 2013 12 31 (i) 20145504,263 2014 1,700 2,191 (ii) 2014 12 31 2014 2014 12 31117,7102013 12 31 119,4621,752 1.47% 2014 12 31 25.57%2013 12 3130.26% 4.69%25,532 2013 31,35099,846 2013103,618 I-11
2014 12 31 17,617 19,2758.60% 2014 12 31401 2013814 1,041 2013 1,826 2014 12 31 10,05415,442 5,388 2014 12 31 9.9201315.632 201386 2014 12 312013 12 31 4,518,00057 2014 12 314,887 2014 12 31 (i) 2,300 (ii) (iii) 2015 2015 6 30 122,4762014 12 31 117,7104,766 4.05% 2015 6 30 29.55%2014 12 31 25.57% 3.98%31,498 2014 12 3125,532106,601 2014 12 3199,846 I-12
2015 6 30 7,7599,15615.26% 2015 6 30 % 2020 5510 2025 5511 2015 5 13 500 5 2.875 2015 5 13 500 10 3.750 2015 45 2015 6 30 988 7,655 17,37411,479 5,895 2015 6 30 2014 2014458 2015 6 3010.32 7.362014 12 31 9.9 32 2015 6 30 636 2014 763 2015 11 12 2015 6 30 2014 201,614 2013231,857 2012 12 3120110.22 1,766 20100.138684 I-13
2012 12 31 8,213 201117,565 2012 12 31 4,512 2011 7,918 3,701 20119,670 2012 413.10 800 10,259 221LNG 2013 12 311,856 20121,418 2013 12 31201223 1,855 2011221,766 2014 12 311,486 20131,856 2014 12 31201323 1,857 2012231,855 2012 12 312013 12 312014 12 312015 6 30 2012 12 31 2012 2 2013 12 312014 12 31 2015 6 30 CGB270% CGB2 Bengara-II Bengara-II 100% I-14
Bengara-II2011 11 30CGB2 2011 4BPMIGASDirectorate General of Oil and Natural Gas of The Ministry of Mines and Energy of the Republic of Indonesia CGB2 BPMIGAS 2012 8 24BPMIGAS CGB2 Bengara-II2011 11 30 Bengara-II Bengara-II BPMIGAS Bengara-II 2012 12 31 55 2012 12 31 17,475 201114,239 2013 12 31 21,589 201217,475 2014 12 31 21,751 2013 12 3121,589 2015 6 30 20,507 2014 12 3121,751 I-15
23 201122 2013 6 2013 5 28 23 201223 2014 6 302014 6 19 20 201323 2015 6 192015 6 9 2015 6 30 2012 12 31 2012 12 31 2013 12 312013 7 22 0.014,518,000 2013 6 2,000,000 12.84 12.00 25 2013 7 2,518,000 12.84 12.40 32 2013 12 31 2014 12 31 2015 6 30 I-16
B. 201220132014 12 31 2015 9 30 12 31 2015 2012 2013 2014 9 30 21,032,008 24,433,093 27,151,679 28,353,752 9,359,518 13,131,569 12,339,646 12,328,623 11,672,490 11,301,524 14,812,033 16,025,129 12 31 9 30 2012 2013 2014 2014 2015 50,040,457 53,404,448 54,179,798 40,610,537 32,172,758 937,857 1,411,418 1,534,791 1,337,115 1,655,467 660,970 1,011,141 1,124,510 971,501 1,185,194 12 31 9 30 2012 2013 2014 2014 2015 2,609,856 3,451,169 2,138,043 2,223,222 1,903,031 (2,672,991) (2,912,742) (4,117,886) (2,104,173) (2,076,805) 462,676 19,832 2,572,833 168,530 (20,815) 399,541 558,259 592,990 287,579 (194,589) I-17
12 31 9 30 2012 2013 2014 2014 2015 50,040,457 53,404,448 54,179,798 40,610,537 32,172,758 3,363,991 775,350 (8,437,779) 6.7% 1.5% (20.8%) 113,393 127,092 177,509 76,713 126,934 13,699 50,417 50,221 12.1% 39.7% 65.5% 113,915 113,675 142,103 104,031 111,054 (240) 28,428 7,023 (0.2%) 25.0% 6.8% 45,468,671 48,043,479 48,358,465 36,157,432 27,511,974 2,574,808 314,986 (8,645,458) 5.7% 0.7% (23.9%) 1,621,985 1,949,346 2,297,073 1,647,417 1,608,261 327,361 347,727 (39,156) 20.2% 17.8% (2.4%) 817,485 903,699 1,100,087 736,787 887,844 86,214 196,388 151,057 10.5% 21.7% 20.5% 1,333,487 1,258,604 1,113,315 807,021 677,779 (74,883) (145,289) (129,242) (5.6%) (11.5%) (16.0%) 63,314 70,640 84,963 60,388 54,402 7,326 14,323 (5,986) 11.6% 20.3% (9.9%) 25,454 23,699 61,715 43,896 38,066 (1,755) 38,016 (5,830) (6.9%) 160.4% (13.3%) 488 13,827 47,985 (1,225) 22,435 13,339 34,158 23,660 2,733.4% 247.0% 1,931.4% 1,843 3,014 612 1,843 1,171 612 63.5% 937,857 1,411,418 1,534,791 1,337,115 1,655,467 473,561 123,373 318,352 50.5% 8.7% 23.8% 276,887 400,277 410,281 365,614 470,273 123,390 10,004 104,659 44.6% 2.5% 28.6% 660,970 1,011,141 1,124,510 971,501 1,185,194 350,171 113,369 213,693 53.0% 11.2% 22.0% I-18
12 31 9 30 2012 2013 2014 2014 2015 LPG 35,545,749 33,853,288 29,802,374 23,456,628 15,462,668 71.03% 63.39% 55.01% 57.76% 48.06% (4.76%) (11.97%) (34.08%) 9,102,794 12,619,855 16,362,115 11,504,513 11,436,366 18.19% 23.63% 30.20% 28.33% 35.55% 38.64% 29.65% (0.59%) CNG 3,407,759 4,479,410 5,339,610 3,936,321 3,377,259 6.81% 8.39% 9.86% 9.69% 10.50% 31.45% 19.20% (14.20%) 1,553,299 1,931,872 2,055,807 1,271,130 1,483,056 3.10% 3.62% 3.79% 3.13% 4.61% 24.37% 6.42% 16.67% 430,856 520,023 619,892 441,945 413,409 0.87% 0.97% 1.14% 1.09% 1.28% 20.70% 19.20% (6.46%) 50,040,457 53,404,448 54,179,798 40,610,537 32,172,758 2012 50,040LPG CNG 201271.03% 18.19% 6.81% 2013 53,404 50,040 6.7% 2013CNG 38.64% 31.45%LPG4.76% LPG CNG 201363.39% 23.63% 8.39% 2014 54,180 53,404 1.5% 29.65% CNG 19.20% 2014 CNG LPG 11.97%LPG LPG CNG 201455.01% 30.20% 9.86% I-19
2015 9 30 32,173 40,611 20.8%LPG 34.09% LPG CNG 0.59% 14.20% LPG CNG 2015 9 3048.06% 35.55% 10.50% 2012113 2013127 113 12.1% 2014178 127 39.7% 2015 9 30127 77 65.5% 2012 114 2013 114 114 0.2% 2014 142 114 25.0% 2015 9 30 111 104 6.8% LPG 2012 45,469 I-20
2013 48,043 45,469 5.7%CNG 2014 48,358 48,043 0.7% 2015 9 30 27,512 36,157 23.9%LPG 2012 1,622 2013 1,949 1,622 20.2% 2014 2,297 1,949 17.8% 2015 9 30 1,608 1,647 2.4% 2012817 2013904 817 10.6% 20141,100 904 21.7% 2015 9 30888 737 20.5%(1) (2)5,000 I-21
2012 1,333 2013 1,259 1,333 5.6% 2014 1,113 1,259 11.5% 2015 9 30 678 807 16.0% 201263 201371 63 11.6% 201485 71 20.3% 2015 9 3054 60 9.9% 2012 25 I-22
2013 24 25 6.9% 2014 62 24 160.4% 2015 9 30 38 44 13.3% 2012277 2013400 277 44.6% 2014410 400 2.5% 2015 9 30470 366 28.4% 2012661 20131,011 661 53.0% CNG 20141,125 1,011 11.3% 2015 9 30 1,185 972 22.0%LPG I-23
2012 2012 12 317.40% 932.3 12,604.8 2013 2013 12 317.73%2012 12 31 7.40%0.33%947.12012 932.3 12,248.62012 12,604.8 2014 2014 12 317.17%2013 12 31 7.73%0.56%1,143.52013 947.1 15,955.52013 12,248.6 20159 30 2015 9 306.68%2014 12 31 7.17%0.48%1,147.92014 1,143.5 17,173.02014 15,955.5 I-24
201220132014 12 312015 9 30 932.3 947.1 1,143.5 1,147.9 12 31 2015 2012 2013 2014 9 30 292.5 141.0 589.9 730.8 639.8 806.1 553.6 417.1 932.3 947.1 1,143.5 1,147.9 201220132014 12 312015 9 30 111.0 114.2 54.7 73.8 97.7 140.9 188.2 126.0 201220132014 12 312015 9 30 2016 2014 2014-2020 2020 10%BP 20145.6% I-25
LPG LPG LPG (PDH) LPG LPG LPG LNG CNGLPG LPG 2012 2,610 2013 3,451 2,610 32.2% 2014 2,138 3,451 38.0% 2015 9 301,903 2,223 14.4% I-26
2012 2,673 2013 2,913 2,673 9.0% 2014 4,118 2,913 41.4% 2015 9 30 2,077 2,104 1.3% 2012 463 2013 20 463 95.7% 2014 2,573 20 12,873.1%2,500 2015 9 30 21 190 201220132014 12 31 2015 9 30 2,975 3,533 4,126 3,932 I-27
12 31 2015 2012 2013 2014 9 30 7,371,053 7,711,502 9,504,585 10,917,135 340,449 1,793,083 5% 23% 7,786,086 11,217,110 10,422,426 10,661,774 3,431,024 (794,684) 44% (7%) (415,033) (3,505,608) (917,841) 255,361 (3,090,575) 2,587,767 2013 20123,091 2014 20132,588 2015 9 30 2 I-28
(a) 2012 12 312012 12 31 38 122 2011 12 31 (b) 2013 12 312013 12 31 39 129 (c) 2014 12 312014 12 31 41 129 (d) 2015 6 30 2015 6 30 20 45 (www.hkexnews.hk) II-1
10 8 2016 1 23 201220132014 12 31 2015 9 302012 12 312013 12 312014 12 312015 9 30 2016 1 23 2001 7 27 12 31 B 35 201220132014 12 31 2015 9 30 III-1
3.340 2015 9 30 2012 20132014 12 31 2015 9 30 2410 2014 9 30 III-2
III-3
A B 12 31 9 30 2012 2013 2014 2014 2015 4 50,040,457 53,404,448 54,179,798 40,610,537 32,172,758 5 113,393 127,092 177,509 76,713 126,934 6 113,915 113,675 142,103 104,031 111,054 (45,468,671) (48,043,479) (48,358,465) (36,157,432) (27,511,974) 7 (1,621,985) (1,949,346) (2,297,073) (1,647,417) (1,608,261) (817,485) (903,699) (1,100,087) (736,787) (887,844) (1,333,487) (1,258,604) (1,113,315) (807,021) (677,779) (63,314) (70,640) (84,963) (60,388) (54,402) 8 (25,454) (23,699) (61,715) (43,896) (38,066) 488 13,827 47,985 (1,225) 22,435 1,843 3,014 612 9 937,857 1,411,418 1,534,791 1,337,115 1,655,467 10 (276,887) (400,277) (410,281) (365,614) (470,273) 660,970 1,011,141 1,124,510 971,501 1,185,194 660,970 1,011,141 1,124,510 971,501 1,185,194 377,559 691,782 723,479 665,680 822,278 283,411 319,359 401,031 305,821 362,916 660,970 1,011,141 1,124,510 971,501 1,185,194 III-4
B 12 31 2015 2012 2013 2014 9 30 13 12,021,745 14,580,386 15,396,886 15,166,290 14 594,036 728,666 780,565 786,931 15 76,679 464,257 479,637 500,947 16 40,254 40,867 38,056 18 625,266 519,019 467,817 492,903 26 343,229 389,009 481,322 451,490 13,660,955 16,721,591 17,647,094 17,436,617 19 597,445 560,373 390,215 351,106 20 682,337 792,340 941,860 1,437,701 21 3,116,350 2,825,609 4,046,340 5,196,747 22 2,974,921 3,533,180 4,126,170 3,931,581 7,371,053 7,711,502 9,504,585 10,917,135 21,032,008 24,433,093 27,151,679 28,353,752 23(b) 6,060,000 6,060,000 8,560,000 8,560,000 362,847 890,378 1,536,270 2,312,284 23(c) 1,721,039 398,159 413,839 460,103 8,143,886 7,348,537 10,510,109 11,332,387 3,528,604 3,952,987 4,301,924 4,692,742 11,672,490 11,301,524 14,812,033 16,025,129 24 7,285,972 10,807,968 9,563,659 9,749,811 126,092 191,841 184,005 109,618 25 81,506 292,516 76,288 141,013 84,838 589,924 71,565 730,780 7,786,086 11,217,110 10,422,426 10,661,774 25 639,758 806,103 553,568 417,129 26 125,297 111,088 97,188 96,442 27 808,377 997,268 1,266,464 1,153,278 1,573,432 1,914,459 1,917,220 1,666,849 9,359,518 13,131,569 12,339,646 12,328,623 21,032,008 24,433,093 27,151,679 28,353,752 (415,033) (3,505,608) (917,841) 255,361 13,245,922 13,215,983 16,729,253 17,691,978 III-5
B 23(b) 2012 1 1 6,060,000 109,231 1,102,825 7,272,056 2,757,443 10,029,499 377,559 377,559 283,411 660,970 (85,511) 85,511 (38,432) (38,432) (38,432) (156,441) (156,441) 532,703 532,703 532,703 659,598 659,598 (15,407) (15,407) 2012 12 31 6,060,000 362,847 1,721,039 8,143,886 3,528,604 11,672,490 2013 1 1 6,060,000 362,847 1,721,039 8,143,886 3,528,604 11,672,490 691,782 691,782 319,359 1,011,141 (98,890) 98,890 (65,361) (65,361) (65,361) (246,825) (246,825) 13,005 13,005 13,005 348,169 348,169 (2,824) (2,824) 30 (1,440,285) (1,440,285) (1,440,285) 5,510 5,510 6,504 12,014 2013 12 31 6,060,000 890,378 398,159 7,348,537 3,952,987 11,301,524 2014 1 1 6,060,000 890,378 398,159 7,348,537 3,952,987 11,301,524 723,479 723,479 401,031 1,124,510 (77,587) 77,587 (249,710) (249,710) 23(b) 2,500,000 2,500,000 2,500,000 191,998 191,998 (12,372) (12,372) 30 (61,907) (61,907) (61,907) 17,990 17,990 2014 12 31 8,560,000 1,536,270 413,839 10,510,109 4,301,924 14,812,033 III-6
B 23(b) 2015 1 1 8,560,000 1,536,270 413,839 10,510,109 4,301,924 14,812,033 822,278 822,278 362,916 1,185,194 (46,264) 46,264 (203,738) (203,738) 231,640 231,640 2015 9 30 8,560,000 2,312,284 460,103 11,332,387 4,692,742 16,025,129 2014 1 1 6,060,000 890,378 398,159 7,348,537 3,952,987 11,301,524 665,680 665,680 305,821 971,501 (41,228) 41,228 (225,987) (225,987) 51,786 51,786 (142) (142) 30 (61,907) (61,907) (61,907) 2014 9 30 6,060,000 1,514,830 377,480 7,952,310 4,084,465 12,036,775 III-7
B 12 31 9 30 2012 2013 2014 2014 2015 660,970 1,011,141 1,124,510 971,501 1,185,194 10 276,887 400,277 410,281 365,614 470,273 63,314 70,640 84,963 60,388 54,402 817,485 903,699 1,100,087 736,787 887,844 (488) (13,827) (47,985) 1,225 (22,435) (1,843) (3,014) (612) (78) 1,727 (27,722) 14 4,681 408 (471) 3,179 (3,863) (7,042) (650) 2,276 (410) (7) 5 14,083 2,446 10,655 1,452 (88) 5 (3,093) (32,253) (30,143) (15,845) 1,791 6 (113,915) (113,675) (142,103) (104,031) (111,054) 8 25,454 23,699 61,715 43,896 38,066 (350,463) 116,451 (458,831) (639,396) (600,414) 337,679 37,543 166,979 151,286 46,151 1,287,774 1,406,882 439,986 1,116,984 490,605 3,015,367 3,819,393 2,692,147 2,686,005 2,432,681 (405,511) (368,224) (554,104) (462,783) (529,650) 2,609,856 3,451,169 2,138,043 2,223,222 1,903,031 580 9,001 9,001 19,548 (1,502,192) 19,742 2,774 41,216 89 (20,400) (378,074) (17,000) (15,000) (38,411) 33,893 11,683 53,044 34,049 7,026 (3,416,586) (3,088,081) (1,545,420) (1,212,681) (1,097,984) 113,915 113,675 142,103 104,031 111,054 596,445 46,627 (899,153) (1,021,662) (1,101,449) (2,672,991) (2,912,742) (4,117,886) (2,104,173) (2,076,805) III-8
B 12 31 9 30 2012 2013 2014 2014 2015 532,703 13,005 2,500,000 659,598 315,076 191,998 51,786 231,640 (38,432) (65,361) (150,489) (222,023) (245,014) (177,079) (202,995) 486,586 521,036 572,504 509,153 94,248 (1,004,274) (473,940) (345,985) (133,104) (91,622) (23,016) (67,961) (100,670) (82,226) (52,086) 462,676 19,832 2,572,833 168,530 (20,815) 399,541 558,259 592,990 287,579 (194,589) 1 1 2,575,380 2,974,921 3,533,180 3,533,180 4,126,170 12 319 30 22 2,974,921 3,533,180 4,126,170 3,820,759 3,931,581 III-9
B 1 (a) B 2015 9 30 2015 1 1 34 2014 9 30 (b) (c) 3 (d) III-10
1(e) 31 (e) III-11
15 16 (f) (i) (ii) (g) 8-40 4-30 7-14 4-12 III-12
(h) (i) (j) III-13
(k) LPGCNG (l) 1(r) (iii) (m) (n) (o) III-14
(p) 12 (q) (r) (i) III-15
(ii) (iii) (iv) (v) (s) 27 (t) (i)(ii) (iii) (u) III-16
(v) (a) (i) (ii) (iii) (b) (i) (ii) (iii) (iv) (v) (vi) (a) (vii) (a)(i) (viii) (w) LPG CNG8 III-17
2 2.1 (a) (b) 20 (c) 24 25 III-18
2.2 2012 20132014 12 31 2015 9 307.40% 7.73% 7.17% 6.68% 2.3 201220132014 12 31 2015 9 30 3 (a) (b) III-19
4 12 31 9 30 2012 2013 2014 2014 2015 LPG 35,545,749 33,853,288 29,802,374 23,456,628 15,462,668 9,102,794 12,619,855 16,362,115 11,504,513 11,436,366 CNG 3,407,759 4,479,410 5,339,610 3,936,321 3,377,259 1,553,299 1,931,872 2,055,807 1,271,130 1,483,056 430,856 520,023 619,892 441,945 413,409 50,040,457 53,404,448 54,179,798 40,610,537 32,172,758 10% 5 12 31 9 30 2012 2013 2014 2014 2015 3,093 32,253 30,143 15,845 (1,791) (14,083) (2,446) (10,655) (1,452) 88 115,503 91,275 110,664 58,372 110,031 8,880 6,010 47,357 3,948 18,606 113,393 127,092 177,509 76,713 126,934 6 12 31 9 30 2012 2013 2014 2014 2015 83,002 77,030 84,652 60,909 63,663 30,913 36,645 57,451 43,122 47,391 113,915 113,675 142,103 104,031 111,054 III-20
7 12 31 9 30 2012 2013 2014 2014 2015 1,419,376 1,692,994 2,011,790 1,436,124 1,376,791 202,609 256,352 285,283 211,293 231,470 1,621,985 1,949,346 2,297,073 1,647,417 1,608,261 8 12 31 9 30 2012 2013 2014 2014 2015 19,485 8,691 17,654 10,315 7,845 4,690 5,767 34,978 26,968 19,840 16,640 40,836 40,230 30,387 25,226 (15,361) (31,595) (31,147) (23,774) (14,845) 25,454 23,699 61,715 43,896 38,066 201220132014 12 3120142015 9 30 3.39% 3.60% 3.63% 3.63% 3.63% III-21
9 12 31 9 30 2012 2013 2014 2014 2015 71,430 77,629 91,074 51,436 67,842 7,148 8,904 8,468 5,140 5,562 45,215,397 47,850,296 48,209,911 36,029,017 27,429,502 746,055 826,070 1,009,013 685,351 820,002 274,467 314,412 305,984 204,199 181,375 4,681 10 12 31 9 30 2012 2013 2014 2014 2015 347,055 454,228 496,077 366,692 415,397 22,621 6,038 20,417 14,033 25,790 26 (92,789) (59,989) (106,213) (15,111) 29,086 276,887 400,277 410,281 365,614 470,273 25% 15% 12 31 9 30 2012 2013 2014 2014 2015 937,857 1,411,418 1,534,791 1,337,115 1,655,467 25% 234,464 352,855 383,698 334,279 413,867 (34,489) (24,920) (36,719) (26,462) (32,704) (122) (3,918) (12,750) (306) (5,762) 27,840 30,183 10,028 8,552 20,295 22,621 6,038 20,417 14,033 25,790 26,573 40,039 45,607 35,518 48,787 276,887 400,277 410,281 365,614 470,273 III-22
11 12 13 2012 1 1 915,621 8,159,688 905,883 167,360 1,806,376 11,954,928 9,345 11,964,273 82,765 179,700 71,252 20,799 2,872,155 3,226,671 286 3,226,957 (6,602) (84,740) (31,184) (18,939) (141,465) (5,222) (146,687) 92,721 1,652,418 129,730 26,707 (1,901,576) 1,812 (1,302) (510) 2012 12 31 1,086,317 9,905,764 1,075,681 195,417 2,776,955 15,040,134 4,409 15,044,543 2013 1 1 1,086,317 9,905,764 1,075,681 195,417 2,776,955 15,040,134 4,409 15,044,543 714 110,027 50,721 7,601 3,228,320 3,397,383 3,397,383 (2,102) (18,938) (18,813) (1,160) (41,013) (41,013) 424,573 2,437,093 49,563 33,402 (2,944,631) (38,418) 42,103 8,186 (11,871) 2013 12 31 1,471,084 12,476,049 1,165,338 223,389 3,060,644 18,396,504 4,409 18,400,913 2014 1 1 1,471,084 12,476,049 1,165,338 223,389 3,060,644 18,396,504 4,409 18,400,913 17,903 125,036 4,592 1,718,422 1,865,953 1,865,953 (514) (142,597) (17,652) (40,833) (201,596) (201,596) 61,356 1,944,873 26,760 32,568 (2,065,557) 7,460 (8,270) (31) 841 2014 12 31 1,557,289 14,395,091 1,174,415 220,557 2,713,509 20,060,861 4,409 20,065,270 2015 1 1 1,557,289 14,395,091 1,174,415 220,557 2,713,509 20,060,861 4,409 20,065,270 44,555 44,943 6,944 26 499,769 596,237 596,237 (17,627) (23,504) (871) (393) (42,395) (42,395) 1,648 613,617 5,441 6,351 (628,230) (1,173) 1,173 24 (24) 2015 9 30 1,585,865 15,030,171 1,185,929 226,517 2,585,048 20,613,530 5,582 20,619,112 2012 1 1 131,011 1,804,096 357,206 38,982 7,440 2,338,735 2,480 2,341,215 32,389 589,639 113,211 20,827 756,066 358 756,424 (4,151) (54,289) (9,339) (10,618) (78,397) (1,539) (79,936) 267 (198) (69) 5,095 5,095 5,095 2012 12 31 159,516 2,344,343 461,078 49,122 7,440 3,021,499 1,299 3,022,798 2013 1 1 159,516 2,344,343 461,078 49,122 7,440 3,021,499 1,299 3,022,798 52,334 639,884 111,424 22,685 826,327 140 826,467 (736) (15,439) (16,201) (1,043) (33,419) (33,419) (9,072) 8,713 3,455 (3,096) 2,589 2,092 4,681 4,681 2013 12 31 202,042 2,980,090 559,756 67,668 9,532 3,819,088 1,439 3,820,527 III-23
2014 1 1 202,042 2,980,090 559,756 67,668 9,532 3,819,088 1,439 3,820,527 51,035 820,972 118,250 24,795 1,015,052 139 1,015,191 (269) (112,310) (15,292) (39,463) (167,334) (167,334) 1,135 (1,343) (6) 214 2014 12 31 253,943 3,687,409 662,708 53,214 9,532 4,666,806 1,578 4,668,384 2015 1 1 253,943 3,687,409 662,708 53,214 9,532 4,666,806 1,578 4,668,384 39,564 658,494 87,979 33,835 819,872 130 820,002 (16,564) (17,799) (819) (382) (35,564) (35,564) (282) 3 (3) (282) 282 2015 9 30 276,661 4,328,107 749,868 86,664 9,532 5,450,832 1,990 5,452,822 2015 9 30 1,309,204 10,702,064 436,061 139,853 2,575,516 15,162,698 3,592 15,166,290 2014 12 31 1,303,346 10,707,682 511,707 167,343 2,703,977 15,394,055 2,831 15,396,886 2013 12 31 1,269,042 9,495,959 605,582 155,721 3,051,112 14,577,416 2,970 14,580,386 2012 12 31 926,801 7,561,421 614,603 146,295 2,769,515 12,018,635 3,110 12,021,745 2013 12 31 10,000258,485 20122014 12 31 2015 9 30 14 12 31 2015 2012 2013 2014 9 30 10 50 562,856 697,961 750,335 757,058 50 31,180 30,705 30,230 29,873 594,036 728,666 780,565 786,931 1 1 484,536 594,036 728,666 780,565 132,240 166,087 100,388 25,283 (4,636) (23,312) (18,104) (31,457) (25,177) (18,917) 12 319 30 594,036 728,666 780,565 786,931 2013 12 31 3,0002523,989 20122014 12 31 2015 9 30 III-24
15 12 31 2015 2012 2013 2014 9 30 80,479 468,057 483,437 504,747 (3,800) (3,800) (3,800) (3,800) 76,679 464,257 479,637 500,947 12 31 2015 2012 2013 2014 9 30 61,648 435,980 405,818 420,714 4,800 20.00% 3,250 27.00% 3,750 21.00% 2013 III-25
12 31 2015 2013 2014 9 30 264,596 75,470 124,245 1,932,076 1,740,902 1,688,210 326,123 174,426 462,685 1,330,039 972,635 705,595 540,510 669,311 644,175 540,510 669,311 644,175 20% 20% 20% 108,102 133,862 128,835 12 31 2015 2013 2014 9 30 1,444,166 1,586,510 1,471,579 48,134 155,205 53,275 5,281 15,682 12 31 2015 2013 2014 9 30 315,506 448,961 339,738 946,319 922,072 946,339 247,733 172,318 162,962 713,933 890,000 783,221 300,159 308,715 339,894 300,159 308,715 339,894 27% 27% 27% 81,043 83,353 91,771 III-26
12 31 2015 2013 2014 9 30 368,299 597,451 748,042 2,169 8,556 31,179 12 31 2015 2013 2014 9 30 219,795 215,385 203,919 989,856 1,128,588 1,051,508 170,451 379,821 342,035 678,000 587,000 542,000 361,200 377,152 371,392 361,200 377,152 371,392 21% 21% 21% 75,852 79,202 77,992 12 31 2015 2013 2014 9 30 697,176 1,102,528 884,788 (16,243) 15,952 (5,760) 12 31 2015 2012 2013 2014 9 30 76,679 199,260 183,220 202,349 488 7,026 11,284 4,571 III-27
16 12 31 2015 2012 2013 2014 9 30 40,254 40,867 38,056 12 31 2015 2012 2013 2014 9 30 38,411 38,411 38,411 2013 12 31 2015 2012 2013 2014 9 30 40,254 40,867 38,056 1,843 3,014 612 17 12 31 2015 2012 2013 2014 9 30 3,922,490 5,715,515 5,946,421 6,225,648 31 III-28
12 31 2015 2012 2013 2014 9 30 49% 49% 49% 49% 349,253 398,480 546,302 551,433 630,884 921,352 1,125,590 1,570,942 454,458 718,736 876,204 844,165 31,397 19,676 17,980 52,731 494,282 581,420 777,708 1,225,479 278,651 350,366 456,656 676,903 2015 12 31 9 30 2012 2013 2014 632,875 898,705 1,152,060 750,452 7,320 26,941 44,692 13,029 1,663 9,762 19,655 1,725 3,652 5,589 11,284 14,692 139,733 162,869 115,175 10,976 (181,681) (214,056) (223,122) (197,801) 58,834 52,987 209,201 111,261 12 31 2015 2012 2013 2014 9 30 50% 50% 50% 50% 697,714 873,829 1,034,268 1,037,113 1,871,984 2,186,723 2,062,341 1,945,216 1,134,409 1,585,811 1,643,036 1,518,922 404,812 383,735 338,213 330,150 1,030,477 1,091,006 1,115,360 1,133,257 447,245 496,937 521,847 552,840 2015 12 31 9 30 2012 2013 2014 1,715,389 2,532,084 3,192,582 2,259,304 59,298 58,322 98,842 88,834 29,444 29,305 48,925 66,462 9,539 18,480 25,313 35,429 348,713 741,393 478,452 163,435 (204,330) (336,249) (214,177) (60,336) (88,013) (51,680) (89,384) (71,483) III-29
12 31 2015 2012 2013 2014 9 30 49% 49% 49% 49% 258,690 496,410 667,180 765,635 1,288,019 1,211,770 1,277,711 1,221,861 774,913 898,053 1,076,556 955,183 169,369 107,487 82,064 68,546 602,427 702,640 786,271 963,767 295,209 344,285 385,252 472,209 2015 12 31 9 30 2012 2013 2014 1,080,972 1,232,805 1,299,246 1,001,737 63,405 136,263 163,982 177,496 31,045 66,740 80,339 86,957 17,665 39,372 225,501 253,348 298,846 148,587 (317,360) 36,462 (115,404) 637 (67,855) (76,271) (20,395) (56,887) 18 12 31 2015 2012 2013 2014 9 30 (i) 315,386 273,741 232,565 201,301 248,805 174,979 150,612 175,215 61,075 70,299 84,640 116,387 625,266 519,019 467,817 492,903 (i) 12 31 2015 2012 2013 2014 9 30 1 1 356,356 315,386 273,741 232,565 1,023 785 902 238 (41,993) (42,430) (42,078) (31,502) 12 31 9 30 315,386 273,741 232,565 201,301 III-30
19 12 31 2015 2012 2013 2014 9 30 149,543 170,149 167,321 192,271 453,938 395,783 231,631 160,475 603,481 565,932 398,952 352,746 (6,036) (5,559) (8,737) (1,640) 597,445 560,373 390,215 351,106 20 12 31 2015 2012 2013 2014 9 30 633,862 686,889 777,669 1,224,704 39,133 79,454 86,987 102,855 3,723 20,872 56,718 57,057 8,467 9,899 23,464 56,063 685,185 797,114 944,838 1,440,679 (2,848) (4,774) (2,978) (2,978) 682,337 792,340 941,860 1,437,701 LPG 730 30 201220132014 12 31 2015 9 30 48,475105,451164,191212,997 2.1(b) III-31
21 12 31 2015 2012 2013 2014 9 30 312,014 158,556 385,951 360,970 2,007,287 1,960,660 2,859,813 3,961,262 122,106 134,561 194,096 206,930 313,688 189,902 159,007 179,318 2,755,095 2,443,679 3,598,867 4,708,480 (5,540) (5,890) (1,080) (1,080) 2,749,555 2,437,789 3,597,787 4,707,400 227,700 265,600 267,303 232,775 139,095 122,220 181,250 256,572 3,116,350 2,825,609 4,046,340 5,196,747 201220132014 12 31 2015 9 302,007,2871,960,6602,859,813 3,961,262 110% 22 2015 12 31 9 30 2012 2013 2014 319 86 33 81 2,974,602 3,533,094 4,126,137 3,931,500 2,974,921 3,533,180 4,126,170 3,931,581 III-32
23 (a) 2012 1 1 6,060,000 (154,322) 5,905,678 310,714 310,714 (56,929) 56,929 2012 12 31 6,060,000 99,463 56,929 6,216,392 2013 1 1 6,060,000 99,463 56,929 6,216,392 413,020 413,020 (73,377) 73,377 2013 12 31 6,060,000 439,106 130,306 6,629,412 2014 1 1 6,060,000 439,106 130,306 6,629,412 249,659 249,659 (51,542) 51,542 23(b) 2,500,000 2,500,000 2014 12 31 8,560,000 637,223 181,848 9,379,071 2015 1 1 8,560,000 637,223 181,848 9,379,071 594,513 594,513 (23,432) 23,432 2015 9 30 8,560,000 1,208,304 205,280 9,973,584 2014 1 1 6,060,000 439,106 130,306 6,629,412 431,116 431,116 (18,758) 18,758 2014 9 30 6,060,000 851,464 149,064 7,060,528 III-33
(b) 12 31 2015 2012 2013 2014 9 30 6,060,000 6,060,000 8,560,000 8,560,000 2014 122,500,000 (c) 10% 50% (d) 2015 12 102015 9 30 24 12 31 2015 2012 2013 2014 9 30 (i) 1,137,185 1,361,956 1,316,885 1,185,622 (ii) 3,182,399 4,156,337 4,707,276 5,200,152 39,093 51,496 226,931 402,987 44,495 61,007 65,703 66,446 24,546 11,879 4,071 4,896 2,205,758 2,598,351 2,754,740 2,218,063 8,485 2,117,111 7,664 6,996 644,011 449,831 480,389 664,649 7,285,972 10,807,968 9,563,659 9,749,811 (i) 12 31 2015 2012 2013 2014 9 30 977,087 1,045,466 1,042,421 809,335 21,869 144,595 69,522 135,569 138,229 171,895 204,942 240,718 1,137,185 1,361,956 1,316,885 1,185,622 III-34
(ii) 201220132014 12 31 2015 9 30 1,325,8791,691,4071,853,928 2,533,299 25 12 31 2015 2012 2013 2014 9 30 90,000 93,000 35,000 4,800 5,000 65,000 87,000 21,000 21,166 19,652 73,798 176,716 21,847 470,272 569,982 292,516 141,013 589,924 730,780 118,708 162,060 207,841 199,766 718,766 687,056 835,651 861,143 (21,000) (21,166) (19,652) (73,798) (176,716) (21,847) (470,272) (569,982) 639,758 806,103 553,568 417,129 932,274 947,116 1,143,492 1,147,909 201220132014 12 312015 9 30 12 31 2015 2012 2013 2014 9 30 292,516 141,013 589,924 730,780 89,586 367,226 254,035 234,103 498,589 393,397 288,662 135,479 51,583 45,480 10,871 47,547 932,274 947,116 1,143,492 1,147,909 III-35
26 12 31 2015 2012 2013 2014 9 30 1 1 125,143 217,932 277,921 384,134 10 92,789 59,989 106,213 (29,086) 12 319 30 217,932 277,921 384,134 355,048 343,229 389,009 481,322 451,490 (125,297) (111,088) (97,188) (96,442) 217,932 277,921 384,134 355,048 2012 1 1 (139,602) 162,538 86,307 15,900 125,143 14,305 (49,353) 24,720 103,117 92,789 2012 12 31 (125,297) 113,185 111,027 119,017 217,932 2013 1 1 (125,297) 113,185 111,027 119,017 217,932 14,209 5,285 37,945 2,550 59,989 2013 12 31 (111,088) 118,470 148,972 121,567 277,921 2014 1 1 (111,088) 118,470 148,972 121,567 277,921 13,900 (1,113) 51,738 41,688 106,213 2014 12 31 (97,188) 117,357 200,710 163,255 384,134 2015 1 1 (97,188) 117,357 200,710 163,255 384,134 746 (1,454) (25,776) (2,602) (29,086) 2015 9 30 (96,442) 115,903 174,934 160,653 355,048 1(q) 201220132014 12 31 2015 9 30 213,750 357,168528,012676,057 III-36
27 12 31 2015 2012 2013 2014 9 30 (i) 475,420 625,258 822,287 710,349 332,957 372,010 444,177 442,929 808,377 997,268 1,266,464 1,153,278 (i) 28 (a) 201220132014 12 31 2015 9 30 12 31 2015 2012 2013 2014 9 30 58,111 92,951 129,259 100,440 118,723 168,786 251,008 233,959 14,718 105,027 154,787 171,827 191,552 366,764 535,054 506,226 (b) 12 31 2015 2012 2013 2014 9 30 1,135,103 1,439,112 1,500,658 1,202,400 29 III-37
(a) 15 16 30 2015 12 31 9 30 2012 2013 2014 1,381,429 2,867,515 3,215,609 823,807 29,717,964 34,069,795 32,511,887 18,880,472 12,674 4,101 14,153 14,742 183,118 650,584 275,669 99,116 83,002 77,030 84,652 63,663 21,330 46,603 75,208 45,066 (62,116) (46,627) 899,153 1,101,449 192,545 116,335 176,380 (2,000) 201220132014 12 31 2015 9 30 12 31 2015 2012 2013 2014 9 30 7,745 35,393 37,801 31,892 2,343,947 2,206,857 3,342,193 4,431,554 983,791 3,162,293 1,112,515 984,471 585,975 702,310 878,690 876,690 162,493 205,775 282,278 282,278 III-38
(b) 2015 12 31 9 30 2012 2013 2014 3,111 4,059 4,949 1,852 214 254 307 227 3,325 4,313 5,256 2,079 (c) (i) (ii) (iii)(iv) 30 20132014 12 31 2013 2,128 1,440 2014112 62 1(d) 31 2015 9 30 1,000,000.00 100% i 1,000,000.00 51% ii 700,551.10 50% III-39
561,790.00 51% iii 500,000.00 40% 300,000.00 60% 300,000.00 51% 149,254.00 76.55% 120,000.00 51% 119,760.00 99.33% 91,080.00 51% 60,000.00 51% 50,000.00 80% 10,000.00 51% III-40
(i) 2015 4 140010 306 (ii) (iii) 32 B 12 31 2015 2012 2013 2014 9 30 1,082,722 1,665,296 1,801,148 1,715,509 54,574 80,029 124,482 122,784 15 61,648 435,980 405,818 420,714 16 38,411 38,411 38,411 17 3,922,490 5,715,515 5,946,421 6,225,648 18,707 13,984 8,784 9,301 30,146 36,131 83,271 79,808 5,170,287 7,985,346 8,408,335 8,612,175 282,064 271,724 67,007 74,686 148,999 187,262 457,510 666,190 3,352,136 3,685,173 4,656,836 5,549,540 10,291 14,037 18,252 44,235 3,793,490 4,158,196 5,199,605 6,334,651 8,963,777 12,143,542 13,607,940 14,946,826 23(b) 6,060,000 6,060,000 8,560,000 8,560,000 99,463 439,106 637,223 1,208,304 23(c) 56,929 130,306 181,848 205,280 6,216,392 6,629,412 9,379,071 9,973,584 III-41
B 12 31 2015 2012 2013 2014 9 30 1,487,770 4,046,316 2,053,681 2,207,803 49 49 49 49 25,437 26,666 26,535 27,102 1,012,621 1,191,117 1,813,461 2,407,383 2,525,877 5,264,148 3,893,726 4,642,337 33,625 15 187,883 249,967 335,143 330,905 221,508 249,982 335,143 330,905 2,747,385 5,514,130 4,228,869 4,973,242 8,963,777 12,143,542 13,607,940 14,946,826 1,267,613 (1,105,952) 1,305,879 1,692,314 6,437,900 6,879,394 9,714,214 10,304,489 33 2015 9 30 34 20122014 10 28 11 1 16 38 15 9 2016 1 1 2016 1 1 2016 1 1 2016 1 1 2016 1 1 2018 1 1 2018 1 1 III-42
35 2012 12 31 (i) 2012 12 31 2013 12 31 (ii) 2014 12 31 2012 12 31 2012 12 31 2012 12 31 2013 12 31 2014 12 31 III-43
III-44 2012 12 31 2014 12 31 2012 12 31 2013 12 31 2012 12 31 2013 12 31 2014 12 31 2012 12 31 2012 12 31 2013 12 31 2012 12 31
2013 12 31 2014 12 31 2012 12 31 2013 12 31 2014 12 31 2012 12 31 2013 12 31 (i) 2013 6 (ii) 2015 7KPMG Huazhen (Special General Partnership) KPMG Huazhen LLP 36 2015 12102015 9 30 III-45
C 2015 9 30 III-46
A. 10 8 2016 1 23 2015 6 302014 12 31 2016 1 23 B B 2015 6 30 2014 12 31 2015 6 302014 1 1 2015 6 30 2015 6 30 2014 12 31 4.29 7 7 IV-1
1 4.29(7) 3420 4.29 7 2015 6 302014 1 1 IV-2
(a) (b) (c) 4.29(1) IV-3
B. 2015 6 30 2014 1 1 4.29 2014 12 31 2015 6 30 2014 12 312015 9 30 (i) (ii) 2015 6 30 2014 12 31 IV-4
2015 6 30 2015 9 30 2015 9 30 1 2 3 4 5 6 9 86,551 15,166 19,154 105,705 3,348 787 994 4,342 17,998 (17,998) 4,671 501 633 5,304 1,569 38 48 1,617 85 85 1,451 493 623 2,074 793 452 571 1,364 98,468 17,437 22,023 17,998 (17,998) 120,491 1,630 351 443 2,073 2,208 1,438 1,816 4,024 4,470 5,196 6,562 11,032 15,700 3,932 4,966 (17,998) (13) (1,214) 1,441 24,008 10,917 13,787 (17,998) (13) (1,214) 18,570 122,476 28,354 35,810 (13) (17,998) (1,214) 139,061 81 8,560 10,811 (10,811) 81 27,998 2,312 2,920 (13) (1,214) 29,691 25,079 460 581 (7,187) 18,473 53,158 11,332 14,312 (13) (17,998) (1,214) 48,245 21,945 4,693 5,927 27,872 75,103 16,025 20,239 (13) (17,998) (1,214) 76,117 13,194 9,750 12,314 25,508 488 110 139 627 189 71 90 279 9,492 731 923 10,415 249 249 23,612 10,662 13,466 37,078 21,091 417 527 21,618 1,397 97 122 1,519 666 666 607 1,153 1,456 2,063 23,761 1,667 2,105 25,866 47,373 12,329 15,571 62,944 122,476 28,354 35,810 (13) (17,998) (1,214) 139,061 396 255 321 (17,998) (13) (1,214) (18,508) 98,864 17,692 22,344 (13) (17,998) (1,214) 101,983 IV-5
2014 12 31 2014 12 31 2014 12 31 1 2 3 5 7 48,044 54,180 69,120 (24) 117,140 837 177 226 1,063 217 142 181 398 (26,354) (48,358) (61,693) 24 (88,023) (2,368) (2,297) (2,930) (5,298) (5,392) (1,100) (1,403) (6,795) (2,777) (1,113) (1,420) (13) (4,210) (737) (85) (108) (845) (486) (62) (79) (565) 716 48 61 777 256 3 4 260 11,956 1,535 1,959 (13) 13,902 (3,080) (410) (523) (3,603) 8,876 1,125 1,436 (13) 10,299 (1,283) (1,283) (572) (572) (9) (9) (29) (29) (1,893) (1,893) 6,983 1,125 1,436 (13) 8,406 5,610 724 924 (13) 6,521 3,266 401 512 3,778 8,876 1,125 1,436 (13) 10,299 4,307 724 924 (13) 5,218 2,676 401 512 3,188 6,983 1,125 1,436 (13) 8,406 IV-6
2014 12 31 2014 12 31 2014 12 31 1 2 3 4 5 8 9 8,876 1,125 1,436 (13) 10,299 3,080 410 523 3,603 737 85 108 845 5,392 1,100 1,403 6,795 (716) (48) (61) (777) (256) (3) (4) (260) (28) (36) (36) 2 2 3 4 4 6 6 16 10 13 29 123 (30) (38) 85 (217) (142) (181) (398) 486 62 79 565 13 13 (818) (459) (586) (1,404) (7) 167 213 206 174 440 561 735 16,878 2,692 3,434 20,312 (3,180) (554) (707) (3,887) 13,698 2,138 2,727 16,425 1,041 9 11 1,052 401 401 (1,502) (1,916) (17,998) (19,914) 41 52 52 (84) (378) (482) (566) (38) (48) (48) 158 53 68 226 (9,553) (1,546) (1,972) (11,525) 210 142 181 391 13 13 (33) (33) 246 246 (899) (1,147) 1,147 (1,147) (1,147) (13) (13) (7,601) (4,118) (5,253) (17,998) (13) (30,865) IV-7
2014 12 31 2014 12 31 2014 12 31 1 2 3 4 5 8 9 2,500 3,189 3,189 789 192 245 1,034 (1,857) (1,857) (1,214) (1,214) (3,865) (245) (313) (4,178) 32 32 9,193 573 731 9,924 (15,402) (346) (441) (15,843) (1,486) (101) (129) (1,615) 861 861 (40) (40) (1) (1) (13) (13) 631 631 1,009 1,009 (10,149) 2,573 3,282 (1,214) (8,081) (4,052) 593 756 (17,998) (13) (1,214) (22,521) 1 1 14,897 3,533 4,507 19,404 (116) (116) 12 31 10,729 4,126 5,263 (17,998) (13) (1,214) (3,233) IV-8
1. 2015 6 30 2014 12 31 2. 2015 9 302014 12 31 3. 2014 12 31 11.27582014 12 31 2015 9 30 11.2629 2015 6 30 4. 17,99814,827,093,900 11.2139 2015 6 30 2014 1 1 (i) (ii) IV-9
5. 13 6. 5 7. 2014 12 31 8. 9. 2015 12 27 1,21410 11.2139 17,99814,827,093,9001 1.2139 10. 2015 6 302015 9 30 2014 12 31 IV-10
2015 1435 V-1
... V-3... V-4... V-6.... V-6... V-11.... V-11... V-12... V-12... V-12... V-15... V-19... V-22... V-23... V-24.... V-25... V-25 V-2
V-3
2015 9 30 V-4
2,835,375.20 1,232,862.30 1,602,512.90 1,133,238.70 1,508,781.20497,324.20 1,011,457.00 1,582,709.39 571,252.39 56.48% 1,582,709.39 2015 09 30 V-5
2015 09 30 1. 118 39 Clarendon House, 2 Church Street, Hamilton HM11, Bermuda 00135.HK 807,239.03 V-6
LNG LNG 2. 9 601857 18,302,100.00 (i)(ii) (iii) (iv) V-7
1. 2. 68 3. 4. 856,000 5. 6. (i)cng LPG (ii) (iii)(iv) (v) 7. 2008 8 2008 9 10300,000 (2008) 7 306,000 V-8
2010 3 18300,000 (2010) 5 606,000 2010 11 15250,000 856,000 % 856,000 100 V-9
8. 34 9. 2,835,375.20 1,232,862.30 V-10
1,602,512.90 1,133,238.70 20145,432,993.70 67,284.80 1,508,781.20 497,324.20 1,011,457.00 2014 3,056,365.9026,955.90 100% V-11
2,835,375.20 1,232,862.30 1,602,512.90 1,133,238.70 1,508,781.20497,324.20 1,011,457.00 2015 09 30 00135.HK 1. 2013 12 28 2. 2005 10 27 V-12
3. 2007 8 30 4. 2004 8 28 5. 2007 3 16 6. 2008 10 28 7. 33 8. 50 9. 1. 2004 20 2. 2004 20 3. 2003 18 4. 2007 189 5. 2007 189 6. 2007 189 7. 2010 214 8. 2011 227 V-13
9. 2012 248 10. 2011 230 11. 2011 230 1. 2. 3. 4. 5. 1. 2. 3. 4. 1. 2. 3. wind 4. V-14
3 V-15
V-16
(EV) EV/EBITDA= EV/EBITDA (EV/EBITDA) EBITDA 1. 2. 3. V-17
4. (EV/EBITDA) (EV) EV/EBITDA= (EV/EBITDA) EV/EBITDA 2014 EV/EBITDA 12.3 9.0 12.4 8.0 8.51 V-18
5. = ++ 2015 10 82015 12 10 2015 9 20 1. 2. 3. 3.1 V-19
3.2 2015 10 082015 11 30 1. 1.1 1.2 1.3 V-20
1.4 1.5 2. 2.1 2.2 2.3 2.4 2.5 2.6 2.7 V-21
1. 2. 3. 4. 5. 6. V-22
7. 8. 9. 2,835,375.20 1,232,862.30 1,602,512.90 1,133,238.70 1,508,781.20497,324.20 1,011,457.00 1,582,709.39 571,252.39 56.48% 1,582,709.39 V-23
10 V-24
2015 12 20 V-25
1. 2. XV(a) XV7 8 (b) 352 (c) 2.1 0.01 15,336,000 0.190% 7,772,000 0.096% 1,000,000 0.012% VI-1
2.2 2015 1 1 2015 6 30 2015 6 30 2015 6 30 2015 6 30 26/03/10 26/6/10-25/3/15 10.320 2,400 (2,400) 18/03/11 18/6/11-17/3/16 11.730 2,400 2,400 17/05/12 17/8/12-16/5/17 12.632 2,200 2,200 26/03/10 26/6/10-25/3/15 10.320 1,500 (1,500) 18/03/11 18/6/11-17/3/16 11.730 1,500 1,500 17/05/12 17/8/12-16/5/17 12.632 2,000 2,000 26/03/10 26/6/10-25/3/15 10.320 400 (400) 26/03/10 26/6/10-25/3/15 10.320 400 (400) 26/03/10 26/6/10-25/3/15 10.320 400 (400) 13,200 (5,100) 8,100 26/03/10 26/6/10-25/3/15 10.320 6,000 (6,000) 18/03/11 18/6/11-17/3/16 11.730 6,000 6,000 17/05/12 17/8/12-16/5/17 12.632 11,500 11,500 23,500 (6,000) 17,500 36,700 (11,100) 25,600 VI-2
XV (a)xv7 8 (b) 352 (c) 2015 8 6 2.3 8.10 2.4 2015 8 6 VI-3
3. 336 5% Sun World Limited (1) 4,708,302,133 58.33% PetroChina Hong Kong (BVI) Ltd. PetroChina (BVI) (1) 4,708,302,133 58.33% PetroChina Hong Kong Ltd. PetroChina Hong Kong (1) 4,708,302,133 58.33% (1) 4,708,302,133 58.33% CNODC (2) 277,432,000 3.43% CNPC International Ltd. CNPCI (2) 277,432,000 3.43% Fairy King Investments Ltd 277,432,000 3.43% (1) (2) 4,985,734,133 61.76% (1) Sun World PetroChina (BVI) PetroChina (BVI)PetroChina Hong Kong PetroChina Hong Kong 86.47%Sun World 4,708,302,133 XVSun World (2) Fairy King Investments Ltd. CNPCI CNPCI CNODC CNODCFairy King Investments Ltd. 277,432,000 XV2 3 VI-4
10% 4. 5. % 2020 5510 2015 5 13 500 5 2.875 2025 5511 2015 5 13 500 10 3.750 2015 45 2015 11 25 2015 11 25 VI-5
6. 7. 2016 1 20 2015 6 30 8. ING Bank N.V. 1 46 2014 12 31 VI-6
9. (a) (b) Clarendon House, 2 Church Street, Hamilton HM11, Bermuda (c) (d) (e) 10. 2016 2 5 118 39 (a) (b) Citigroup Global Markets Inc. Morgan Stanley & Co. International plccitigroup Global Markets Inc. Morgan Stanley & Co. International plc Credit Suisse Securities (Europe) Limited 2015 5 6 2020 500,000,000 2.8752025 500,000,000 3.750 (c) The Bank of New York Mellon (d) 2015 11 25 (e) (f) VI-7
(g) (h) (i) (j) (k) (l) 2012 12 31 (m) 2013 12 31 (n) 2014 12 31 (o) 2015 6 30 (p) (q) 2014 11 7 (r) 2014 11 11 (s) 2015 4 28 (t) 2015 5 7 (u) (v) (w) (x) VI-8
00135.HK 2016 2 18 280 38 2016 1 23 1. (a) (b) 2. (a) (b) (c) (a) (d) (e) VII3 2017 12 31 (a) (d) (e) (a) (d) (e) 2017 12 31 (a) (d) (e) 2016 1 23 SGM-1
1. 2016 2 16 2016 2 17 2016 2 15 183 22 2. 3. 48 118 39 4. 1 2 5. SGM-2