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Annual Report Are Prepared Under PRC Accounting Standards; 2 Contents 2 Financial Highlights 3 Chairman’s Report 5 Management Discussion and Analysis 13 Directors, Supervisors and Senior Management 24 Corporate Governance Report 40 Directors’ Report 59 Supervisory Committee’s Report 61 Auditors’ Report 66 Consolidated Statement of Financial Position 68 Consolidated Statement of Profit or Loss and Other Comprehensive Income 70 Consolidated Statement of Changes in Equity 71 Consolidated Statement of Cash Flows 73 Statement of Financial Position 75 Statement of Profit or Loss and Other Comprehensive Income 76 Statement of Changes in Equity 77 Statement of Cash Flows 79 Notes to the Financial Statements 258 Glossary 264 Basic Corporate Information Notes: 1. The financial data in this Annual Report are prepared under PRC Accounting Standards; 2. This Annual Report is prepared in Chinese and English. In the event of any inconsistency between the Chinese version and the English version, the Chinese version shall prevail. Financial Highlights Financial Highlights CONSOLIDATED STATEMENT OF PROFIT OR LOSS HIGHLIGHTS Year ended 31 December 2018 2017 2016 2015 2014 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue 15,657,900 15,143,709 14,657,820 14,800,035 12,676,197 Operating profit 2,942,893 2,816,361 2,971,620 3,270,376 2,485,808 Total profit 2,967,131 2,874,309 3,320,250 3,456,495 2,754,914 Net profit 2,650,535 2,562,210 2,902,686 2,978,237 2,392,009 Net profit attributable to Shareholders of the Parent 2,612,488 2,523,471 2,893,142 2,965,278 2,394,818 Non-controlling interests 38,047 38,739 9,544 12,959 (2,809) Basic earnings per share (RMB Yuan/share) RMB2.22 RMB2.15 RMB2.46 RMB2.52 RMB2.04 CONSOLIDATED STATEMENT OF FINANCIAL POSITION HIGHLIGHTS As at 31 December 2018 2017 2016 2015 2014 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Total assets 29,034,522 26,649,648 23,735,276 22,932,182 16,924,904 Total liabilities 8,911,008 8,593,083 7,664,369 8,914,713 5,754,138 Net assets 20,123,514 18,056,565 16,070,907 14,017,469 11,170,766 2 ZHUZHOU CRRC TIMES ELECTRIC CO., LTD. 2018 Annual Report Chairman’s Report Chairman’s Report Dear Shareholders, I am pleased to present the annual report of the Company for the year ended 31 December 2018. On behalf of the Board of Directors, I would like to express my sincere gratitude to all shareholders for your continual support and care. PERFORMANCE REVIEW The Group’s revenue in 2018 amounted to RMB15,657.9 million (2017: RMB15,143.7 million), representing an increase of 3.4% year-on-year. Net profit attributable to Shareholders of the Parent amounted to RMB2,612.5 million (2017: RMB2,523.5 million), representing an increase of 3.5% year-on-year. Basic earnings per share amounted to RMB2.22 (2017: RMB2.15), representing an increase of 3.3% year-on-year. The Board considered and approved the profit distribution plan for 2018 to distribute cash dividends of RMB529.0 million in total to all Shareholders, equivalent to the distribution of RMB0.45 per share (tax inclusive) based on the total number of 1,175,476,637 shares of the Company. The proposed dividend to be distributed is subject to the approval of the Shareholders at the general meeting. BUSINESS REVIEW AND OUTLOOK Business Review Railway development is the prerequisite of a country’s transport capability. In 2018, fixed-asset investment in China’s railway remained at the high level as evidenced by the commencement of operation of the Guangzhou-Shenzhen-Hong Kong High Speed Rail as well as the roll-out of the “Eight Vertical and Eight Horizontal” high speed railway network. The Group focused on its core strategic goal to launch the “Three-year Action Plan (2018-2020)” in full swing, thereby achieving progress amid stability. In respect of the traction systems for locomotives, the Company has secured its foothold in the market with power head EMUs delivered in batches and put into operation; and actively promoted new products such as big data and expert diagnosis systems, passing no-voltage sectors by electronic switching as well as automatic driving systems for locomotives. In respect of the traction systems for electric multiple units, the Company delivered China’s standard electric multiple units with a speed of 350km/h in batches and the prototype of China’s standard electric multiple units with a speed of 250km/h was loaded and achieved smooth running. In respect of the urban rail transit, newly secured orders throughout the year hit another record high with market share of traction system products topping the industry; and several batch orders were secured for the permanent magnet traction system. In respect of railway engineering machinery, the Company struck a balance among delivery of products, R&D of new products and marketing promotion and secured a batch order for rapid rail change cars and multi-platform railcars. The Company completed business integration and established a joint venture with CRRC Taiyuan. In respect of signal & communication products, transit signal system “went out of Hunan” for the first time and self-owned ATP was first installed and utilized in the China’s standard electric multiple units with a speed of 250km/h. In respect of parts and components, press pack IGBT and IGBT module for automobiles secured bulk sales and IGCT landed a batch order. In respect of new industries, products of Shanghai SMD were launched and domestic market was steadily expanded. The Company delivered electric drive system for EVs in batches and established a joint venture with German Hofer. 2018 Annual Report ZHUZHOU CRRC TIMES ELECTRIC CO., LTD. 3 Chairman’s Report In the past year, the Company optimised its corporate operation management system through the IPD system and comprehensive budget management. Therefore, it can be more focused on realising its strategic objectives, responsibilities of various processes have been more clearly defined, and our management mode has become more refined and detailed. Outlook In 2019, China Railway Corporation will continue to deepen its reform and focus on bolstering the nation’s weakness in railway infrastructure. Thus, we expect a steady increase in railway investment. The Group will further implement the “three-year action plan”, build a management system that adapts to the current competition situation, adhere to the development strategy of concentric diversification, seek robust growth in the rail transit business and general competition businesses, and make a breakthrough in the top five incremental industries, thereby building a more stable development structure. In respect of traction systems for locomotives and electric multiple units: the Company is fully committed to guaranteeing the batch delivery of power head EMUs and the China’s standard electric multiple unit products with a speed of 250km/h. It will aggressively explore the inter-city market, new railway markets and overseas market. In respect of urban rail transit, the Company will adhere to the philosophy of “operating cities” and develop tailored strategies based on the characteristics of different cities. It aims to lead the development in this industry and market through permanent magnet technology and facilitate breakthrough in relevant industries. In respect of railway engineering machinery, the Company will concentrate on technology innovation, market exploration and quality control, with a view to enhancing efforts in promotion and bulk supply capacity of new products. In respect of signal & communication products, the Company will focus on developing CBTC systems for urban rail transit in major cities and strengthen its market presence. It will continue to seek expansion in the national railway market and consolidate the position of LKJ and ATP in the market. In respect of parts and components, the Company will strive to increase the market share of its IGBT products and promote batch application of the SiC module. In respect of new industries, the Company will strive to boost the marine engineering business by coordinating resources at home and abroad and make greater efforts to expand in the domestic market. It aims to complete the construction of independent factories for electric drive systems for EVs and enhance its delivery capacity. Looking forward, the Group has confidence that it can consolidate its position in the industries it operates in by leveraging advantages, and will strive to grow businesses, thereby creating greater value for the Shareholders. Li Donglin Chairman of the Board Zhuzhou, Hunan, the PRC 26 March 2019 4 ZHUZHOU CRRC TIMES ELECTRIC CO., LTD. 2018 Annual Report Management Discussion and Analysis Management Discussion and Analysis The following discussion and analysis should be read in conjunction with the Group’s audited financial statements and their notes as set out in this Annual Report. REVENUE 2018 2017 (RMB million) (RMB million) Locomotives 2,397.3 2,692.1 Electric Multiple Units 3,715.7 3,438.0 Metropolitan rail transportation equipment 3,149.5 2,579.4 Railway maintenance machineries related products 3,176.7 3,041.1 Signal & communication products 788.7 652.6 Key electric system and component products 1,690.6 1,763.8 Marine engineering products and others 739.4 976.7 Total revenue 15,657.9 15,143.7 The Group’s revenue increased by RMB514.2 million or 3.4% from RMB15,143.7 million for the year ended 31 December 2017 to RMB15,657.9 million for the year ended 31 December 2018. In 2018, the Group’s revenue was mainly derived from metropolitan rail transportation equipment and Electric Multiple Units. Of which, metropolitan rail transportation equipment recorded higher growth than other products, representing an increase of RMB570.1 million as compared to last year, which was mainly due to the delivery of Wuhan Metro Line 7, Zhengzhou Metro Line 5 and other products.
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