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China Merchants Port Group Co., Ltd. Annual Report 2019

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CHINA MERCHANTS PORT GROUP CO., LTD. ANNUAL REPORT 2019 Date of disclosure: 16 April 2020 China Merchants Port Group Co., Ltd. Annual Report 2019 Chairman’s Statement Dear shareholders, I hereby present to you the annual report of China Merchants Port Group Co., Ltd. and its subsidiaries (the “Company”) for the year ended 31 December 2019. On behalf of the Board, I would like to express my sincere gratitude to all of you for your long-term support to the Company. The Company is a crucial vehicle for CMG to implement the “Belt and Road” Initiative promoted by China and the “Guangdong-Hong Kong-Macao Greater Bay Area” strategy. The Company is also the headquarters of CMG’s port sector and the operating and management platform for the port assets and tier one capital of CMG which plays a key role in the consolidation and synergistic development of CMG’s port assets, and has become the world’s leading port investor, developer and operator. Looking ahead, the Company will take actions and strive to be a world-class comprehensive port service provider. While expanding the port ecosystem with a focus on core port businesses and promoting the construction of “Intelligent Port” under the guidance of technology innovation; it will proactively take part in international port investment, development and operation, so as to optimize the port network system on a continuous basis and achieve balanced development on a regional level. By offering professional top-notch solutions, it will become customers’ partner of choice for cooperation, which will create greater value for the Company, enhance return for shareholders and contribute to the healthy development of the port industry and the continuous growth of the global trade. Review for the year In 2019, the global economy sustained a slow growth in general with weakened momentum in the manufacturing industry and global trade, and unilateralism and trade protectionism continued to bring uncertainties to the global trade, posing challenges to the daily operation of enterprises. Confronted with the complex and turbulent external environment, the Company firmly adhered to the strategic principle of “leveraging on its long-term strategy, tapping the current edges, driving through technology and embracing changes”. The Company also pursued various tasks in a steady manner with a focus on the governance of the listed company, the construction of homebase port, merger and acquisitions, comprehensive development, operation management and business innovation, successfully accomplishing its strategic goals and various operational objectives of the year. In terms of port operation, changes in global trade situation have affected the port industry, but the overall operating performance of the Company was satisfactory. In 2019, the container port business delivered a container throughput totaled 112.93 million TEUs, up 2.9% year-on-year. Looking into the regional performance, container throughput handled by the Company’s ports in Mainland China totaled 84.88 million TEUs, up 4.3% year-on-year. Ports in Hong Kong and Taiwan handled a combined container throughput of 7.21 million TEUs, down 6.1% year-on-year, while overseas operations handled a total bulk cargo volume of 20.84 million TEUs, up 0.9% year-on-year. Bulk cargo volume handled by the Company’s ports decreased by 8.9% year-on-year to 490 million tonnes, among which the Company’s ports in Mainland China handled a total bulk cargo volume of 480 million tonnes, representing a decrease of 9.3% year-on-year, which was mainly affected by factors such as the international trade friction, the African Swine Fever and the adjustment of the supply structure of certain enterprises, while that of overseas port projects increased by 26.1% to 6.29 million tonnes, which was mainly benefited from the business growth in PDSA in Djibouti and HIPG in Sri 2 China Merchants Port Group Co., Ltd. Annual Report 2019 Lanka. Among the major ports, container throughput handled in West Shenzhen Port Zone in China was 11.42 million TEUs, up 0.7% year-on-year. SIPG handled a container throughput of 43.30 million TEUs, representing a year-on-year increase of 3.1%. For overseas projects, CICT in Sri Lanka delivered a year-on-year growth of 7.4% by handling a container throughput of 2.88 million TEUs. LCT in Togo handled a container throughput of 1.13 million TEUs, representing a growth of 7.7% year-on-year. Kumport in Turkey handled a container throughput of 1.28 million TEUs, representing a growth of 1.9% year-on-year. Terminal Link SAS (TL) handled a container throughput of 13.25 million TEUs in the year, down 2.8% year-on-year. TCP in Brazil handled an annual container throughput of 0.92 million TEUs, up 32.0% as compared to that of March to December in 2018. In terms of key priorities, firstly, the development of the governance system of the listed company has been pushed forward in an orderly manner. In order to continually optimize the governance system of the listed company and consolidate the anchor role of standardized operation, we capitalized on the ancillary financing opportunity to introduce two strategic investors, namely, China- Africa Development Fund and Shenzhen Infrastructure Investment Fund, and thus effectively improved such system and contributing to increasingly improving corporate governance system. Secondly, the construction of domestic and overseas homebase ports has been steadily pushed forward. In order to step up the efforts in promoting the construction of a world-class domestic homebase port, we promoted the steady improvement in the competitiveness of West Shenzhen Port Zone through channels dredging, the integration of operations and the optimization of the customs clearance procedures in West Shenzhen Port Zone. In addition, we worked aggressively on promoting overseas homebase ports construction and leading regional port construction in South Asia by accelerating the output of management experience and improving the comprehensive service capabilities of both CICT and HIPG. Thirdly, the consolidation of domestic ports has achieved remarkable progress. In line with the national strategy, we not only capitalized on the restructure and consolidation of domestic and overseas ports to obtain effective control over Zhanjiang Port upon completion of capital injection, but also facilitated the robust progression of management tasks entrusted by Liaoning Port Group and thus built a north-south port connection system. Fourthly, substantial progress has been achieved in terms of overseas expansion. Adhering to the “Belt and Road” initiative promoted by China, we kept abreast of new changes in international trade landscape, capitalized on opportunities presented by the restructuring of competitive landscape in global port and shipping industry and devoted great efforts to facilitate the merger and acquisition of overseas projects with a view to optimizing our global layout. Furthermore, we entered into formal agreements with CMA CGM for the acquisition of equity interests in up to 10 quality terminals under CMA CGM through TL and successfully introduced two strategic investors for TCP in Brazil. Fifthly, the comprehensive development has been pushed forward steadily. With dedication to explore innovation, the Company deepened the development of the comprehensive development model of “Port-Park- City”, and hence realized preliminary progress in Djibouti International Free Trade Zone and HIPG and other comprehensive development projects. Sixthly, fruitful results have been achieved in innovative development. The Company actively implemented the “digitalisation strategy” and constantly promoted the establishment of “CM ePort” platform. Mawan Intelligent Port project and the automatic loading and unloading project at large bulk and general cargo terminal in Zhanjiang Port were well underway. Blockchain electronic invoices have been successfully promoted and applied. The “5G intelligent port innovation laboratory” was established with concerted efforts of leading enterprises such as China Mobile, Huawei and others. The Company officially established the “Development and Research Center of CMPort”, which marked the completion of the industry development platform empowered by technology. The industrial fund, which focuses on investments in innovative development of ports, will be launched in the near term. Outlook 3 China Merchants Port Group Co., Ltd. Annual Report 2019 Looking forward into 2020, factors such as trade friction and geopolitical disputes, coupled with the spread of COVID-19 epidemic, will cast uncertainties to global economic and trade prospects. The momentum of global economic recovery remains weak and global economic growth will face the pressure of slowdown in general. The developed economies will continue to experience a slowdown of economic growth. Emerging economies are expected to see a rebound in economic growth in 2020, despite the increasing uncertainties arising from the global pandemic. China’s economy will face pressure in the short run due to the COVID-19 epidemic. Nonetheless, as the epidemic is being effectively controlled and enterprises have been successively resuming operations and production in an orderly manner, the impact on China’s economy will be limited in the mid-to-long term and China’s economy is projected to maintain growth momentum at a reasonable pace in 2020. Driving factors such as the globalization of the financial market, opening-up of the service sector, and the upgrading of consumption will bring opportunities
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