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The World Annual Report 2017 COSCO SHIPPING Ports Limited Connecting the World Annual Report 2017 COSCO SHIPPING Ports Limited (Incorporated in Bermuda with limited liability) 49th Floor, COSCO Tower 183 Queen’s Road Central, Hong Kong Telephone : +852 2809 8188 Facsimile : +852 2907 6088 Email : [email protected] Website: http://ports.coscoshipping.com Annual Report 2017 Stock Code: 1199 Cover Story The triangular ends of the PRISMA are the three core strategies of the Group – Globalization, Synergy and Control, the light dispersing from the PRISMA is every success we have achieved by adhering firmly to the strategies, the light is guiding us towards our Five-Year Target. Contents 2 Company Profile 125 Independent Auditor’s Report 6 Major Events 131 Consolidated Balance Sheet 8 Financial Highlights 133 Consolidated Income Statement 10 Chairman’s Statement 135 Consolidated Statement of Comprehensive Income 14 Vice Chairman’s Report 136 Consolidated Statement of Changes In Equity 18 Corporate Structure 138 Consolidated Cash Flow Statement 24 Operational Review 140 Notes to the Consolidated Financial Statements 42 Financial Review 239 Five-Year Financial Summary 50 Corporate Sustainable Development 240 Historical Statistics Summary 52 Investor Relations 244 Corporate Information 58 Abbreviations 60 Corporate Governance Report 94 Directors and Senior Management Profiles 104 Report of the Directors Company Profile COSCO SHIPPING Ports Limited (Stock Code: 1199), is a leading ports operator in the world, its terminals portfolio covers the five main port regions in Mainland China, Southeast Asia, Middle East, Europe and the Mediterranean. As at 31 December 2017, COSCO SHIPPING Ports operated and managed 269 berths at 35 ports worldwide, of which 179 were for containers, with a total annual handling capacity of approximately 103 million TEU. COSCO SHIPPING Ports has adopted “The Ports For ALL” as its mission and is working towards building a global terminal network with controlling stake that offers linkage effects on costs, services and synergies, a synergistic platform that offers mutual benefits to all in the shipping industry, connecting global routes and becoming truly “the ports for all people”. COSCO SHIPPING Ports’ controlling shareholder is COSCO SHIPPING Holdings Co., Ltd. (Stock Code: 1919), whose parent company, China COSCO Shipping Corporation Limited, is the largest integrated shipping enterprises in the world. 2 COSCO SHIPPING Ports Limited Company Profile Annual Report 2017 3 Three Core Strategies Following the reorganisation in 2016, COSCO SHIPPING Ports has established the "The Ports For ALL" development concept, which presents three strategic directions for terminal business development, namely to develop a global terminal network; to achieve synergies between its parent company, COSCO SHIPPING, and the OCEAN Alliance; and to strengthen the control and management of its ports and terminal business. GLOBAL- IZATION SYNERGY CONTROL Building a global terminal network with controlling Leveraging the synergies with COSCO SHIPPING Strengthening control and management of the stake that offers linkage effects on costs, services and the OCEAN Alliance, strengthen its service ports and terminals business – further integrating and synergies capability to serve shipping alliances to seize the our existing terminals portfolio and increasing business opportunities the value of these investments through building controlling stakes; increasing our influence in entire Establishing close partnerships and good ports through equity investments in port groups; relationships with port groups, terminal operators and adopting a unified management and operating and international liner companies to maximize system to integrate terminal operations synergies and value $ $$ StrengthensStrengthensStrengthensStrengthens our our our UNLOCKS Brings BringsBrings position UNLOCKSUNLOCKSUNLOCKS LEADINGLEADINGLEADINGLEADING position position position hidden enterprise BETTER BETTERBETTERBETTER RETURNS RETURNS RETURNSRETURNS hiddenhidden enterprisehidden enterprise enterprise value value value inin thethe worldin thein the world world value to shareholdersto totoshareholders shareholders Major Events FEB Ranked one of the ten companies with highest CGI scores in “2016 HKIoD Corporate Governance Score-Card” by HKIoD May January Completed subscription of non- circulating domestic shares in QPI and The Company and Qingdao Port disposal of equity interests in Qingdao International Co., Ltd (“QPI”) announced Qianwan Terminal to enter into a transaction agreement, under which COSCO SHIPPING Ports June would make a strategic investment and acquire approximately 16.82% stake The Group signed a sale and purchase in QPI. In addition, COSCO SHIPPING agreement with TPIH Iberia, S.L.U. to Ports would sell its 20% equity interest acquire 51% equity interest in NPH in (Qingdao Qianwan Terminal to QPI. Group. NPH Group is principally engaged Upon completion of the transaction in the businesses of the operation of two in May, COSCO SHIPPING Ports holds container terminals (NCTV and NCTB) and approximately 18.41% interest in QPI two facilitative rail terminals (Conte-Rail, S.A. and Noatum Rail Terminal Zaragoza, February S.L.) The Hong Kong Institute of Directors Awarded “Best Investor Relations (“HKIoD”) announced the results of the Company” for the sixth consecutive year “2016 HKIoD Corporate Governance by Corporate Governance Asia magazine Score-card”. COSCO SHIPPING Ports was honored as one of the ten companies July with the highest CGI scores The Group signed an equity transfer agreement with Jiangsu Changjiangkou Development Group Co., Ltd and Nantong Integrated Bonded Zone Development Co., Ltd to acquire a 51% equity interest in Nantong Tonghai Globalization Terminal Received the “Outstanding China Enterprise Award” from Capital magazine Building a global terminal network with controlling for the sixth consecutive year stake that offers linkage effects on costs, services and synergies 6 COSCO SHIPPING Ports Limited 6 COSCO SHIPPING Ports Limited Major Events FEB Ranked one of the ten companies with highest CGI scores in “2016 HKIoD Corporate Governance Score-Card” by HKIoD May January Completed subscription of non- circulating domestic shares in QPI and The Company and Qingdao Port disposal of equity interests in Qingdao International Co., Ltd (“QPI”) announced Qianwan Terminal to enter into a transaction agreement, under which COSCO SHIPPING Ports June would make a strategic investment and acquire approximately 16.82% stake The Group signed a sale and purchase in QPI. In addition, COSCO SHIPPING agreement with TPIH Iberia, S.L.U. to Ports would sell its 20% equity interest acquire 51% equity interest in NPH in (Qingdao Qianwan Terminal to QPI. Group. NPH Group is principally engaged Upon completion of the transaction in the businesses of the operation of two in May, COSCO SHIPPING Ports holds container terminals (NCTV and NCTB) and approximately 18.41% interest in QPI two facilitative rail terminals (Conte-Rail, S.A. and Noatum Rail Terminal Zaragoza, February S.L.) The Hong Kong Institute of Directors Awarded “Best Investor Relations (“HKIoD”) announced the results of the Company” for the sixth consecutive year “2016 HKIoD Corporate Governance by Corporate Governance Asia magazine Score-card”. COSCO SHIPPING Ports was honored as one of the ten companies July with the highest CGI scores The Group signed an equity transfer agreement with Jiangsu Changjiangkou Development Group Co., Ltd and Nantong Integrated Bonded Zone Development Co., Ltd to acquire a 51% equity interest in Nantong Tonghai Globalization Terminal Received the “Outstanding China Enterprise Award” from Capital magazine Building a global terminal network with controlling for the sixth consecutive year stake that offers linkage effects on costs, services and synergies 6 COSCO SHIPPING Ports Limited 6 COSCO SHIPPING Ports Limited Major Events DEC Awarded “Gold Award in Environmental, Social Responsibility and Corporate Governance” by The Asset Magazine NOV Awarded “Gold award in September the H-share Companies and other Mainland Enterprises The Group entered into a memorandum Category” by Hong Kong Institute of Certified Public of understanding with APM Terminals B.V. Accountants to acquire remaining approximately 76% of the issued share capital of Zeebrugge Terminal Won the “Shipping In-House Team of COSCO SHIPPING Ports signed a the Year Award” by Asian Legal Business, memorandum of cooperation with PSA a renowned magazine for the legal Corporation Limited (“PSA”) in relation profession for the sixth consecutive year to the addition of berths for COSCO-PSA Terminal in Boao, Hainan October Entered into a leasing agreement with Completion of acquisition in NPH Group Abu Dhabi Ports Company PJSC in relation to the leasing and development The 2016 Annual Report was recognised of a 270,000m2 container freight station with “Traditional Annual Report Bronze outside the Terminal December Award” and “Cover Design Honors” in the Marine Transportation category at the Awarded a “Gold award in the H-share The Group acquired a 70% equity interest 2017 ARC Awards Companies and Other Mainland in Wuhan Yangluo Terminal, a subsidiary of Enterprises Category” in the 2017 Best Wuhan Iron and Steel Group Logistics Co., November Corporate Governance Awards by the Ltd., for the operation of Wuhan Yangluo Hong Kong Institute of Certified Public Terminal and a multi-modal transportation The acquisition of remaining Accountants center
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