Gas Supply Security and Business Achievements
Margins Analysis
ENN 新奥
During the Year, the overall gross profit margin and net profit margin declined compared with 2010.
Gross profit margin
25.9% (2010: 26.9%)
Net profit margin
11.1% (2010: 12.5%)
Reasons for change
Gross profit margin:
1.
2.
The continuous improvement in the Group's revenue structure due to increasing share of long-
term gas sales compared with the share of one-off connection fee of higher profit margin
Increased wellhead price of natural gas of over 10% since June 2010
Net profit margin:
1.
One-off expense of RMB95 million arising from the early redemption of the USD200 million
7-year high-yield bond issued in 2005
2.
Finance cost of RMB 187 million from the issuance of USD750 million 10-year bond during the
Year
3.
Arrangement fee of the bridging loan facility for acquisition, which was RMB57 million
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