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Annual Report CHINA STATE CONSTRUCTION ANNUAL REPORT 2019 China Construction Fortune International Center, Building 3, Courtyard 5, Anding Road, Chaoyang District, Beijing, China Tel: 86 10 8649 8888 E-mail: [email protected] http://www.cscec.com ANNUAL REPORT Stock Code: 601668.SH Stock Code: 601668.SH Back Cover Photo: Shenzhen World Exhibition & Convention Center Cover Photo: Tianjin Chow Tai Fook Financial Center CHINA SECURITIES REGULATORY COMMISSION SHANGHAI STOCK EXCHANGE The Company prepared its 2019 Annual Report in accordance with relevant regulations and guidelines set forth by the China Securities Regulatory Commission and the Shanghai Stock Exchange, including the Publicly Listed Company Information Disclosure Content and Format Guideline No. 2 – Content and Format of the Annual Report, the Shanghai Stock Exchange Listing Rules and other relevant regulations and guidelines. This is a free translation into English of a report issued in China and is provided solely for the convenience of English-speaking readers. This report should be read in conjunction with, and is construed in accordance with, China law and professional auditing standards applicable in China. Should there be any inconsistency between the Chinese version and the English version, the Chinese version shall prevail. Investors can access the Company’s 2019 Annual Report on the website of the Shanghai Stock Exchange (www.sse.com.cn). Stock Code: 601668 Abbreviation: CSCEC China State Construction Engineering Corporation Limited Annual Report 2019 April 24, 2020 CHAIRMAN’S STATEMENT Dear shareholders and investors, On behalf of the Board of Directors of CSCEC, I would like Guangdong-Hong Kong-Macao Greater Bay Area, giving to present to you the Annual Report 2019 of the Company, full play to the advantages of the whole industrial chain and to express my sincere gratitude to all stakeholders and national layout, concentrating advantageous resources who have long been supporting and interested in the on key projects to make breakthroughs, promoting the reform and development of the Company! implementation of a number of major projects and having seized the development opportunities brought about In 2019, confronted with complex situations in which by such national strategies. Secondly, we were deeply domestic and foreign risks and challenges are mounting, committed to the Belt and Road Initiative (“BRI”). The CSCEC adhered to the guidance of Xi Jinping’s thought Company effectively implemented the guiding principle on socialism with Chinese characteristics for the new era, of “prioritizing overseas markets”, fully demonstrated the resolutely implemented all major policies and plans made strength of “Chinese Construction”, and increased the by the Party Central Committee and the State Council, number of countries where we operate to 77; the value of calmly responded to the profound changes in the external new contracts signed and revenue from overseas business environment, and actively took practical actions to work increased by 13.9% and 15.2% on a year-on-year basis, diligently, achieved improvements on quality through respectively. Thirdly, the quality of development continued steady progress, and obtained new and outstanding to enhance. The Company’s advantages in the construction results in terms of enterprise reform and development. business have been further consolidated, the real estate The value of new contracts for the whole year was business layout has been continuously optimized, and new RMB2.87 trillion, representing a year-on-year increase of businesses such as the industrialization of construction 9.2%; the revenue was RMB1.42 trillion, representing a have been vigorously expanded while the industrial year-on-year increase of 18.4%; the net profit attributable structure having been increasingly balanced; a number of to shareholders of the Company was RMB41.88 billion, measures were adopted to improve the quality of assets, representing a year-on-year increase of 9.5%, and progress was made in reducing leverage and liabilities, basic earnings per share was RMB0.97, representing and the turnover rate of total assets increased on a a year-on-year increase of 11.5%. For the second year year-on-year basis. The asset-liability ratio decreased in a row, CSCEC was the only company in the global by 1.6 percentage points to 75.3% on a year-on-year construction industry with both its value of new contracts basis at the year end. Fourthly, the reform and innovation and revenue above RMB1 trillion. The Company ranked were going deeper. The Company promoted the creation 21st on the Fortune Global 500 list in 2019, 3rd on the list of a world-class enterprise and deepened the reform of Fortune China 500, and 1st on ENR’s Top 250 Global of a state-owned enterprise in an integrated manner, Contractors rankings, continuing to maintain the highest continuously expanded the coverage of equity incentives credit ratings among the global industry peers. and carried out the second pilot programs for professional managers; the Company has won another first prize of In 2019, the Company’s business management delivered national scientific and technological progress after four a number of breakthroughs and achievements, which years, and has achieved a number of scientific research are mainly reflected in the following five aspects: results with international leading level. Fifthly, as a socially firstly, resolute and powerful integration into the responsible company, we continued to help win the national strategies. The Company was fully committed “Three Critical Battles”. The three paired counties with the to implementing the national and regional strategies Company are about to be lifted out of poverty soon. The for coordinated development such as the coordinated Company recruited 19,000 fresh graduates of the year, development of the Beijing-Tianjin-Hebei Region creating about 1.7 million jobs, and making important (Xiong’an New District), the development of the Yangtze contribution to ensuring employment. River Economic Belt as well as the construction of the The year 2019 marked the 10th anniversary of the development of “stabilizing land prices, housing prices Company’s listing. Over the last decade, with the aid of and expectations” create new opportunities. As a result, capital market platforms, the Company has facilitated the the Company is still in the important period of opportunities modernization of the central enterprise governance system for reform and development as well as transformation and and governance capacity, and achieved a leapfrogging upgrading. Given that the global COVID-19 outbreak has growth in business performance from No. 1 nationally to posed unprecedented and extremely unusual and severe No. 1 globally in the construction industry and a great jump challenges to economic and social development at home from No. 292 to No. 21 in the Fortune Global 500 rankings. and abroad, the Company must take the initiative to adapt Over the past decade, the Company has kept a fast and to the new situation, bravely tackle new challenges and steady growth with its revenue and net profit attributable seize new opportunities with no efforts spared. to ordinary shareholders of the Company growing at a compound annual growth rate (CAGR) of 18.5% and We will seek strategies for development and reform and 22.0%, respectively, and return on net assets at a high fulfill our responsibilities as a state-owned enterprise. level of more than 15%. The accumulative cash dividends Guided by Xi Jinping’s thought on socialism with Chinese paid to ordinary shareholders were over RMB43.6 billion. characteristics for the new era, CSCEC will always bear in Such results could not be achieved without the strong mind the overall strategy of the great rejuvenation of the support from our shareholders and investors, and on behalf Chinese nation as well as the profound changes unseen of our Board of Directors and senior management, I would in the world in a century, thereby maintaining strategic like to extend my sincerest gratitude to our shareholders focus and remaining committed to development. The and investors! Company will focus on the goal of “one creation and five aspects of strength” in 2020 and beyond, that is, guiding In early 2020, in response to the sudden outbreak of by the principle of creating a world leading enterprise, COVID-19, the Company conscientiously implemented the Company is committed to building itself into a world instructions made by General Secretary Xi Jinping in an leading company with strong value creativity, international important speech on advancing the work on coordinating competitiveness, industry leadership, brand influence the prevention and control of the COVID-19 pandemic and cultural soft power. In 2020, the Company will and economic and social development. The Company further coordinate pandemic prevention and control with took on responsibilities and accomplished the mission. production and operation, carry out the arrangements on It participated in the construction of 100 emergency “six stabilities” and “six protections” of the Party Central engineering projects as represented by the two makeshift Committee, complete the task of “three stabilities, four hospitals in Wuhan – Huoshenshan Hospital and protections and one strengthening” of the State-owned Leishenshan Hospital, showcasing China’s speed and Assets Supervision and Administration Commission of the strength, making new contributions to the country and the State Council (SASAC), adhere to
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