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2018 Annual Report 2018 ANNUAL REPORT 2018 年報 Contents 中 國 航空科 技 工 業股份 有限公 司 中 國 航空科 技 工 業股份 有限公 司 ( 在中華人民共和國註冊成立的股份有限公司) (A joint stock limited company incorporated in the People’s Republic of China with limited liability) (股票代碼:2357) (Stock Code : 2357) 年報 2018 Annual Report 2018 ANNUAL REPORT 2018 ANNUAL REPORT 年報 Contents 2 Company Profile 4 Financial Highlights 7 Chairman’s Statement 10 Management Discussion and Analysis 23 Directors, Supervisors and Senior Management 29 Report of the Board 50 Report of the Supervisory Committee 51 Corporate Governance Report 71 Environmental, Social & Governance Report 97 Independent Auditor’s Report 104 Consolidated Statement of Profit or Loss 105 Consolidated Statement of Profit or Loss and Other Comprehensive Income 106 Consolidated Statement of Financial Position 109 Consolidated Statement of Changes in Equity 111 Consolidated Statement of Cash Flows 115 Notes to the Consolidated Financial Statements 245 Definitions 250 Corporate Information Company Profile The Company is a joint stock limited company established in the PRC on 30 April 2003. The Company’s H Shares have been listed on the Hong Kong Stock Exchange since 30 October 2003 (stock code: 2357). As at the date of this report, the shareholders of the Company mainly include AVIC, Airbus Group (空中客車集團), AVIC Airborne Systems, China Hua Rong Asset Management Corporation, China Cinda Asset Management Corporation and China Orient Asset Management Corporation. The Company principally operates through its subsidiaries. The Group is mainly engaged in: • the development, manufacture, sales and upgrade of defense products and civil aviation products such as provision of helicopters, trainer aircraft, general-purpose aircraft and regional jets for domestic and overseas customers; and • the co-development and manufacture of aviation products with foreign aviation products manufacturers. To download this report: 2 AviChina Industry & Technology Company Limited Company Profile PRINCIPAL PRODUCTS OF THE GROUP The Z-8, Z-9, Z-11 helicopters series (including AC series); L15, K8 and CJ-6 (PT-6) trainers series; Y-12 multi-purpose aeroplanes series and the N-5 agricultural aeroplanes series; EC-120 helicopters jointly produced by the Group and Airbus Helicopters; CA109 helicopters jointly produced by the Group and Agusta S.p.A; aviation parts and components, avionics products and its accessories; aviation engineering services, such as planning, design and consultation services, etc. CORPORATE STRUCTURE OF THE GROUP (As at 31 December 2018) AviChina 41.39% 43.22% 43.77% 100% 100% 100% 100% 100% JONHON AVIC Avionics Hongdu Aviation Harbin Aviation AviChina Optronic Tianjin Aviation AVIC CAPDI AviChina Capital (SH600372) (SH600316) Group Hong Kong (SZ002179) 6.56% 28.21% 31.75% AVICOPTER AVICOPTER AviChina Intelligent Jingdezhen (SH600038) Surveying & Helicopter R&D (SH600038) Mapping Branch t s g n n ua ji an en n tion tion c tio gh ri g e s n t ng n n r c vionic Tia via rumen uay c och ri Xi on io io fe C gh fei t ri ntal nic t t A sta H t o r n n A VI ter ter ia ia ai ng oelec an ngt an xi Inst ng lec A AVIC AVIC vi Hafei ou ou Avia L lec Kaitian Fo ng Company ng E Keeven Orie Av Av A gh ya nxi nxi Ba an Ch E Xia hot cop Instrument Instrument Cha nsha P iya a yu eli Shaan Lanzh H Shan Qi Shaa Hu Shen Tai 2018 Annual Report 3 Financial Highlights CONSOLIDATED PROFIT AND LOSS (Prepared under International Financial Reporting Standards) (RMB million, other than basic and diluted earnings per share) For the year ended 31 December 2018 2017 Changes Revenue 35,153 32,597 7.84% Profit before income tax 2,903 2,758 5.26% Profit attributable to equity holders of the Company 1,288 1,222 5.40% Gross profit margin 22.12% 22.84% -0.72% Earnings per share for profit attributable to equity holders of the Company (RMB) – Basic 0.215 0.205 4.88% luted 0.215 0.205 4.88% – Di CONSOLIDATED ASSETS AND LIABILITIES (Prepared under International Financial Reporting Standards) (RMB million) As at 31 December 2018 2017 Changes Total assets 86,720 78,933 9.87% Total liabilities 51,748 47,773 8.32% Non-controlling interests 18,168 16,451 10.44% Owner’s equity (other than non-controlling interests) 16,804 14,709 14.24% 4 AviChina Industry & Technology Company Limited Financial Highlights Financial information on the Group’s comprehensive business in the recent five years starting from 1 January 2014 is summarized as follows: (Prepared under International Financial Reporting Standards) (RMB million, other than basic and diluted earnings per share) As at 31 December/For the year ended 31 December 2018 2017 2016 2015 2014 Total assets 86,720 78,933 71,628 67,112 54,722 Total liabilities 51,748 47,773 42,665 40,692 31,421 Non-controlling interests 18,168 16,451 15,161 13,760 12,486 Owner’s equity (other than non-controlling interests) 16,804 14,709 13,802 12,660 10,815 Revenue 35,153 32,597 36,834 34,424 25,710 Profit before income tax 2,903 2,758 2,652 2,646 2,003 Profit attributable to equity holders of the Company 1,288 1,222 1,160 1,143 781 Gross profit margin 22.12% 22.84% 19.11% 19.43% 19.05% Earnings per share for profit attributable to equity holders of the Company (RMB) – Basic 0.215 0.205 0.194 0.192 0.143 – Diluted 0.215 0.205 0.194 0.192 0.143 2018 Annual Report 5 Financial Highlights TOTAL ASSETS REVENUE (RMB million) (RMB million) 90,000 40,000 80,000 70,000 32,000 60,000 24,000 50,000 40,000 16,000 30,000 20,000 8,000 10,000 0 0 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 PROFIT ATTRIBUTABLE TO EQUITY BASIC EARNINGS PER SHARE FOR HOLDERS OF THE COMPANY PROFIT ATTRIBUTABLE TO EQUITY (RMB million) HOLDERS OF THE COMPANY (RMB) 1,500 0.25 1,200 0.20 900 0.15 600 0.10 300 0.05 0 0.00 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 6 AviChina Industry & Technology Company Limited Chairman’s Statement To all shareholders: On behalf of the Board of the Company, I am pleased to present the annual results for the year of 2018. “Sunny spring spreads beneficence and all the living things grow brilliance.” The year 2018 marks the 40th anniversary of China’s reform and opening up. During the 40-year’s long journey of China’s reform and opening up, AVIC has achieved a rapid growth and made significant contributions to the economic and social development of China by remaining true to its original aspiration of carrying forward patriotic spirit for aviation industry, practicing the mission of making China a strong aviation country and implementing the government’s reform and opening up strategies. Meanwhile, the year 2018 is also the 15th anniversary of the listing of AviChina in Hong Kong. Since its listing, AviChina has continuously advanced the development of the aviation manufacturing industry, endeavored to advance and marched forward, with impressive results achieved in all aspects including the constantly improved industry chain, continually expanded business scope, steady growth in results indicators, and increasingly stronger international influence. ANNUAL RUSULTS For the year ended 31 December 2018, the Group recorded a revenue of RMB35,153 million and the profit attributable to equity holders of the Company amounted to RMB1,288 million, achieving a stable growth in results. BUSINESS REVIEW In 2018, China’s economy faced downward pressures given the complexity and challenges in the external environment. In face of such challenges and pressures, as an enterprise operating in China’s high-tech strategic industry, AVIC, the controlling shareholder of the Company, has insisted on deepening the reform and made sincere contributions in aviation weapons research and manufacturing, civil aviation industry development, management enhancement, etc.. Impressive results were delivered once again in the aviation weapons research and manufacturing and new breakthroughs were achieved in self-independent innovation and military-civilian integration. AVIC received the congratulations from President Xi Jinping for the completion of the maiden overwater flight of AG600 large scale amphibious aircraft for the purpose of firefighting and water rescue and completed the 100 international deliveries of “Pterosaur (翼龍)” serial unmanned aerial vehicles (“UAVs”). Excellent flight show of AVIC series civil and military aircraft at China International Aviation & Aerospace Exhibition in Zhuhai showed the capability and confidence of China aviation defence. It actively practiced the government’s innovation-driven strategies and military-civilian integration strategies with the innumerable great achievements in “the Belt and Road” and multidirectional extension of the “Aerial Silk Road”. It has been approved as the only military industry group included in the list of pilot enterprises of state-owned capital investment companies. Against the backdrop of the development of Chinese aviation industry, the Company has been positively driving the development of aviation industry. The Company established AVIC Rongfu as a platform for management of military- civilian integration projects in aviation industry, so as to build a new centered and coordinated mode for the military- civilian integration of the aviation industry. The Company actively optimised its capital structure and was approved to be a pilot company of the H share full circulation project as the first central government-owned listed company, and so completed the conversion of all domestic shares, and successfully completed the H Share placement with enhanced shareholder background and industry investment capabilities. It launched the restructuring project of the acquisition 2018 Annual Report 7 Chairman’s Statement of 100% equity interest of AVIC Helicopter, and initiated for the asset swap of Hongdu Aviation.
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