Inner Mongolia Coal Co.,Ltd
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年報 ANNUAL REPORT 2015 2015 INNER MONGOLIA INNER MONGOLIA YiTaiCOAL CO.,LTD. YiTaiCOAL CO.,LTD. 2015 ANNUAL RERORT 年報 IMPORTANT NOTICE I. The Board of Directors, and the Supervisory Committee of the Company and its Directors, supervisors and senior management warrant that the information herein contained is true, accurate and complete and there are no false representations, misleading statements contained in or material omissions from this report, and severally and jointly accept full legal responsibility. II. All of the Company’s Directors attended the Board meeting. III. Deloitte Touche Tohmatsu has issued its standard unmodified auditor’s report for the Company. IV. The Company’s Chairman, Mr. Zhang Donghai, Senior Management responsible for finance and accounting, Mr. Lv Guiliang, and Head of Financial Department (accounting chief), Mr. Lv Xudong, warrant the truthfulness, accuracy and completeness of the financial report. V. Preliminary Plans for Profit Distribution or Transfer of Public Reserve into Share Capital for the reporting period as reviewed by the Board of Directors for the year ended 31 December 2015, the net profit attributable to the owners of the Company amounted to RMB90,500,985.99 and RMB90,500,985.99 as set out in the audited consolidated statements of the year 2015 of the Company prepared in accordance with the PRC Accounting Standards for Business Enterprises and the International Financial Reporting Standards, respectively. To provide better rewards to our shareholders as well as improve corporate values, taking into consideration of our cash dividends policy and the cash dividends distribution record for the last three years, the Board of the Company recommended a cash dividend of RMB0.085 (including tax) for every 10 shares, calculated by total share capital of 3,254,007,000 shares, will be paid to all shareholders of the Company. The total dividends to be distributed is RMB27,659,059.50, representing over 30.56% of the net profit attributable to the owners of the Company of RMB90,500,985.99 as set out in the consolidated statements of the year 2015 of the Company. VI. Statement for the risks involved in the forward-looking statement: this annual report contains forwardlooking statements including future plans and development strategies, which do not constitute actual commitments of the Company to investors because of the existing uncertainty. Investors are advised to pay attention to the investment risks involved. VII. During the reporting period, there were no non-operational funds appropriated by controlling shareholders and its connected parties. VIII. During the reporting period, the Company did not provide external guarantees in violation of stipulated decision-making procedures. IX. Major Risk Notice The major risks faced by the Company include policy risks, risks of fluctuation in macroeconomy and risks of industry competition, security risks and risk of increasing cost. Relevant risks and countermeasures have been described in details in Item III “Discussion and Analysis on the Company’s Future Development” under the Section IV “REPORT OF DIRECTORS” in this report for your review. Inner Mongolia Yitai Coal Co., Ltd CONTENTS SECTION I DEFINITIONS 2 SECTION II CORPORATE PROFILE AND MAJOR FINANCIAL INDICATORS 3 SECTION III COMPANY BUSINESS PROFILE 9 SECTION IV REPORT OF DIRECTORS 11 SECTION V REPORT OF THE SUPERVISORY COMMITTEE 49 SECTION VI SIGNIFICANT EVENTS 52 SECTION VII CHANGES IN ORDINARY SHARES AND INFORMATION ON SHAREHOLDERS 66 SECTION VIII DIRECTORS, SUPERVISORS, SENIOR MANAGEMENT AND EMPLOYEES 76 SECTION IX CORPORATE GOVERNANCE 93 SECTION X RELEVANT INFORMATION ON CORPORATE BONDS 113 SECTION XI INDEPENDENT AUDITOR’S REPORT 118 SECTION XII APPENDIX 211 2015 Annual Report 1 DEFINITIONS I. DEFINITIONS Unless otherwise stated, the following terms shall have the following meanings in this report: Definitions of frequently-used terms Company or the Company Inner Mongolia Yitai Coal Co., Ltd. (內蒙古伊泰煤炭股份有限公司) Yitai Group Inner Mongolia Yitai Group Co., Ltd. (內蒙古伊泰集團有限公司) Yitai HK Yitai Group (Hong Kong) Co., Ltd. (伊泰(集團)香港有限公司) Yitai Chemical Company Inner Mongolia Yitai Chemical Co., Ltd. (內蒙古伊泰化工有限責任公司) Coal-to-oil Company Inner Mongolia Yitai Coal-to-oil Co., Ltd. (內蒙古伊泰煤製油有限責任公司) Zhundong Railway Company Inner Mongolia Yitai Zhundong Railway Co., Ltd. (內蒙古伊泰准東鐵路有限責任公司) Huzhun Railway Company Inner Mongolia Yitai Huzhun Railway Co., Ltd. (內蒙古伊泰呼准鐵路有限公司) Suancigou Mine Inner Mongolia Yitai Jingyue Suancigou Mining Co., Ltd. (內蒙古伊泰京粵酸刺溝礦業有限責任公司) Yili Energy Company Yitai Yili Energy Co., Ltd. (伊泰伊犁能源有限公司) Yitai Xinjiang Yitai Xinjiang Energy Co., Ltd. (伊泰新疆能源有限公司) 2 Inner Mongolia Yitai Coal Co., Ltd CORPORATE PROFILE AND MAJOR FINANCIAL INDICATORS I. CORPORATE INFORMATION Chinese name of the Company 內蒙古伊泰煤炭股份有限公司 Chinese abbreviation 伊泰煤炭 English name of the Company INNER MONGOLIA YITAI COAL CO., LTD. English abbreviation of the name of the Company IMYCC/Yitai Coal Legal representative Zhang Donghai Members of the Board Executive Directors: Zhang Donghai (Chairman) Liu Chunlin Ge Yaoyong Zhang Dongsheng Zhang Jingquan Song Zhanyou Lv Guiliang Independent Non-executive Directors: Yu Youguang Qi Yongxing Zhang Zhiming Tam Kwok Ming, Banny Members of the Strategic Planning Committee Zhang Donghai (Chairman) Liu Chunlin Ge Yaoyong Zhang Dongsheng Song Zhanyou Zhang Jingquan Lv Guiliang Zhang Zhiming Yu Youguang Qi Yongxing Tam Kwok Ming, Banny Members of the Audit Committee Yu Youguang (Chairman) Zhang Zhiming Qi Yongxing Tam Kwok Ming, Banny 2015 Annual Report 3 CORPORATE PROFILE AND MAJOR FINANCIAL INDICATORS (Continued) Members of the Nomination Committee Zhang Zhiming (Chairman) Zhang Donghai Liu Chunlin Zhang Jingquan Yu Youguang Qi Yongxing Tam Kwok Ming, Banny Members of the Remuneration and Assessment Committee Qi Yongxing (Chairman) Zhang Donghai Liu Chunlin Zhang Jingquan Zhang Zhiming Yu Youguang Tam Kwok Ming, Banny Members of Production Committee Zhang Donghai (Chairman) Ge Yauyong Zhang Jingquan Qi Yongxing Yu Youguang Members of the Supervisory Committee Li Wenshan Jia Xiaolan Wang Xiaodong Ji Zhifu Han Zhanchun Wang Yongliang Wu Qu Authorized Representatives Liu Chunlin Zhao Xin Alternative Authorized Representative Wong Wai Ling II. CONTACT PERSONS AND CONTACT METHODS Board Secretary/Joint Company Secretary Name Zhao Xin Address Yitai Building, North Tianjiao Road, Dongsheng District, Ordos, Inner Mongolia Telephone 0477-8565731 Facsimile 0477-8565415 E-mail [email protected] 4 Inner Mongolia Yitai Coal Co., Ltd CORPORATE PROFILE AND MAJOR FINANCIAL INDICATORS (Continued) III. BASIC INFORMATION OF THE COMPANY Registered address North Tianjiao Road, Dongsheng District, Ordos, Inner Mongolia Postal code of the registered address 017000 Office address Yitai Building, North Tianjiao Road, Dongsheng District, Ordos, Inner Mongolia Postal code of the office address 017000 Principal place of business in Hong Kong 18/F, Tesbury Centre, 28 Queen’s Road East, Wanchai, Hong Kong Website http://www.yitaicoal.com E-mail [email protected] IV. INFORMATION DISCLOSURE AND PLACE FOR INSPECTION Media selected by the Company for Shanghai Securities News, information disclosure Hong Kong Commercial Daily Websites designed by the China Securities Website designated by CSRC for publishing Regulatory Commission (“CSRC”) for the B share annual report: publishing the annual report http://www.sse.com.cn Website designated by The Stock Exchange of Hong Kong Limited (“Hong Kong Stock Exchange”) for publishing the H share annual report: http://www.hkexnews.hk Place for inspection for the Company’s Investor relations department of the Company and annual report principal place of business in Hong Kong V. BASIC INFORMATION ON THE COMPANY’S SHARES Basic information on the company’s shares Class of Stock Stock abbreviation shares Stock exchange abbreviation Stock Code before change B shares Shanghai Stock Exchange Yitai B Share 900948 Yi Coal B share (伊煤B股) H shares Hong Kong Stock Exchange Yitai Coal 03948 / 2015 Annual Report 5 CORPORATE PROFILE AND MAJOR FINANCIAL INDICATORS (Continued) VI. OTHER RELEVANT INFORMATION B shares/Domestic H shares/Overseas Auditor Name Da Hua Certified Public Deloitte Touche Tohmatsu Accountants (Special General Partnership) Address 12th Floor, Building No. 7, Block 35th Floor, One Pacific Place, 88 No. 16, Xi Si Huan Zhong Road Queensway, Hong Kong (西四環中路), Haidian District, Beijing Legal Advisor Name Jingtian & Gongcheng Clifford Chance Address 34th Floor, Tower 3, China 28th Floor, Jardine House, One Central Place, 77 Jianguo Connaught Place, Central, Hong Road, Beijing Kong Share Name China Securities Depository and Computershare Hong Kong Investor Registrar Clearing Corporation Limited Services Limited Shanghai Branch Address 36th Floor, China Insurance Rooms 1712-1716, 17th Floor, Building, 166 Lujiazui Road Hopewell Centre, 183 Queen’s East, Pudong New Area, Road East, Wanchai, Hong Kong Shanghai VII. MAJOR ACCOUNTING DATA AND FINANCIAL INDICATORS OF THE COMPANY (1) Key Business Data Unit: million tonnes unit: RMB Increase/ Major Accounting Data 2015 2014 Decrease (%) Coal production 34.34 43.21 -20.53 Coal sales volume 59.82 66.03 -9.40 Of which: Local sales at mines 8.75 18.29 -52.16 Local sales at loading facilities 6.68 2.12 215.09 Sales via direct rail access 9.83 7.37 33.38 Sales at ports 34.56 38.24 -9.62 Railway transport volume: 83.52 90.31 -7.52 Huzhun Railway Line 55.19 36.61 50.75 Zhundong Railway Line 28.33 53.69 -47.23 Coal-related chemical production