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Annual Report 2016 WISON ENGINEERING SERVICES CO

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Annual Report 2016 WISON ENGINEERING SERVICES CO CONTENTS 2 Corporate Information 4 Financial Summary 6 Business Overview 15 Management Discussion and Analysis 22 Biographies of the Directors and Senior Management 30 Report of the Directors 44 Corporate Governance Report 52 Independent Auditor’s Report 58 Consolidated Statement of Profit or Loss 59 Consolidated Statement of Comprehensive Income 60 Consolidated Statement of Financial Position 62 Consolidated Statement of Changes in Equity 63 Consolidated Statement of Cash Flows 65 Notes to Financial Statements Corporate Information BOARD OF DIRECTORS REMUNERATION COMMITTEE Executive Directors Mr. Feng Guohua (Chairman) Mr. Liu Haijun (Chief Executive Officer) Mr. Lawrence Lee Mr. Zhou Hongliang Mr. Tang Shisheng Mr. Li Zhiyong Mr. Dong Hua GLOBAL HEADQUARTERS, PRINCIPAL PLACE OF BUSINESS AND HEAD OFFICE IN THE PRC Non-executive Director Mr. Cui Ying 699 Zhongke Road Zhangjiang Hi-Tech Park Independent Non-executive Directors Pudong New Area Mr. Lawrence Lee Shanghai 201210 Mr. Tang Shisheng PRC Mr. Feng Guohua PRINCIPAL SHARE REGISTRAR AND AUDIT COMMITTEE TRANSFER OFFICE Mr. Lawrence Lee (Chairman) Estera Trust (Cayman) Ltd. Mr. Feng Guohua P.O. Box 1350 Mr. Tang Shisheng Clifton House 75 Fort Street NOMINATION COMMITTEE Grand Cayman KY1-1108 Cayman Islands Mr. Tang Shisheng (Chairman) Mr. Feng Guohua Mr. Lawrence Lee Annual Report 2016 WISON ENGINEERING SERVICES CO. LTD. 03 Corporate Information HONG KONG SHARE REGISTRAR REGISTERED OFFICE Computershare Hong Kong Investor Services Limited P.O. Box 1350 Shops 1712–1716, 17/F, Hopewell Centre Clifton House 183 Queen’s Road East 75 Fort Street Wan Chai Grand Cayman KY1-1108 Hong Kong Cayman Islands COMPANY SECRETARY PRINCIPAL PLACE OF BUSINESS IN HONG KONG Ms. Luk Wai Mei Room 24A AUTHORISED REPRESENTATIVES 24th Floor Tai Yau Building Mr. Cui Ying 181 Johnston Road Ms. Luk Wai Mei Wan Chai Hong Kong AUDITORS COMPANY’S WEBSITE Ernst & Young 22/F, CITIC Tower www.wison-engineering.com 1 Tim Mei Avenue Central, Hong Kong STOCK CODE PRINCIPAL BANKS 2236 China CITIC Bank Corporation Limited Bank of Communications Co., Ltd. Bank of China Limited China Minsheng Banking Corp., Ltd. Wison Engineering Services Co. Ltd. Financial Summary For the year ended 31 December 2016 2015 2014 2013 2012 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Results Revenue 3,041,877 5,413,531 6,992,113 3,674,518 4,891,908 Gross profit 931,233 816,880 792,188 142,810 1,139,631 Profit/(Loss) before tax 153,621 311,007 267,430 (546,291) 699,929 Income tax (100,251) (72,491) (56,736) 32,619 (165,606) Profit/(Loss) for the year 53,370 238,516 210,694 (513,672) 534,323 Attributable to: Owners of the parent 42,914 205,106 179,038 (471,301) 466,812 Non-controlling interests 10,456 33,410 31,656 (42,371) 67,511 Earnings/(loss) per share – Basic and diluted RMB0.01 RMB0.05 RMB0.04 RMB(0.12) RMB0.13 Annual Report 2016 WISON ENGINEERING SERVICES CO. LTD. 05 Financial Summary As at 31 December 2016 2015 2014 2013 2012 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Assets and liabilities Non-current assets 1,195,846 1,361,318 1,816,312 1,506,863 1,058,375 Current assets 6,598,816 7,805,594 6,923,468 5,439,034 6,610,645 Current liabilities 5,532,446 7,014,353 6,928,877 5,419,531 5,266,080 Net current assets/(liabilities) 1,066,370 791,241 (5,409) 19,503 1,344,565 Total assets less current liabilities 2,262,216 2,152,559 1,810,903 1,526,366 2,402,940 Non-current liabilities 34,039 29,559 25,548 23,187 350,750 Net assets 2,228,177 2,123,000 1,785,355 1,503,179 2,052,190 Share capital 329,809 329,803 329,803 329,803 324,560 Reserves 1,695,878 1,601,163 1,336,928 1,086,408 1,576,376 Non-controlling interests 202,490 192,034 118,624 86,968 151,254 Total equity 2,228,177 2,123,000 1,785,355 1,503,179 2,052,190 06 Annual Report 2016 WISON ENGINEERING SERVICES CO. LTD. Business Overview Business Overview OVERALL REVIEW on cooperations with renowned technology patent owners and research institutes from within the country In spite of the rebound in global oil prices at the end of and overseas on the research and development (“R&D”) 2016 brought by the reaching of a deal to cut production and market promotion of technologies. These efforts output by the Organization of the Petroleum Exporting have laid the ground for the realization of a new round of Countries (OPEC) and its subsequent implementation, sustained and healthy growth. At the same time, overseas domestic and overseas energy and chemical markets in business expansion in the Middle East, the general have still remained at a low point with tightened Commonwealth of Independent States (“CIS”) and the capital controls and cautious investments with no clear Americas achieved milestone progresses, while the signs of recovery over the past year. The oil & gas Group’s major projects under execution in domestic and engineering industry is still faced with fierce market overseas markets advanced smoothly under assured competition, which is impacting, to varying degrees, on quality and safety. In face of the widely recognized the result performances of engineering companies difficult market conditions, Wison continued to leverage including Wison Engineering Services Co. Ltd. (the on its industry know-how and capability advantages “Company”, together with its subsidiaries, the “Group”). gained over years of experience, and combining with notions of innovation and openness, it endeavors to While the difficult times for the industry persisted, the return to its path to growth and lay the cornerstone to Group achieved significant breakthroughs in new realize the vision of becoming a first-class engineering business areas such as liquefied natural gas (“LNG”), company in the world. waste water treatment and new energy, and embarked Annual Report 2016 WISON ENGINEERING SERVICES CO. LTD. 07 Business Overview FINANCIAL HIGHLIGHTS During the Year under Review, the new contract value (net of estimated value added tax, same hereinafter), For the year ended 31 December 2016 (the “Year under secured by the Group amounted to approximately Review”), revenue of the Group amounted to RMB2,152.5 million (2015: RMB1,486.1 million), of which approximately RMB3,041.9 million (2015: approximately petrochemicals business and coal-to-chemicals business RMB5,413.5 million). The decrease in revenue as accounted for 43.9% and 43.3%, respectively. 46 compared with the previous year was mainly due to engineering, consulting and technical services and engineering, procurement and construction (“EPC”) domestic and foreign macroeconomic factors which had contracts were newly signed in aggregate. As at the end significant impact on the Group’s results. In addition, new of the Year under Review, backlog value (net of estimated orders obtained in 2016 were yet to enter the principal value added tax, same hereinafter) was approximately construction phase while projects from previous years RMB10,705.5 million (as at the end of 2015: were approaching completion, leading to a significant approximately RMB11,985.1 million). year-on-year drop in revenue recognized in 2016. Gross profit amounted to approximately RMB931.2 million BUSINESS AND OPERATIONS REVIEW (2015: approximately RMB816.9 million). Profit attributable to owners of the parent amounted to 1. Breakthroughs in new business development, approximately RMB42.9 million (2015: approximately continuing to devote to areas with traditional RMB205.1 million). The decrease in profit attributable to advantages owners of the parent was mainly attributable to impairment provision made for amounts due from In recent years the Group has been committing contract customers in respect of the projects in previous itself to business diversification. While years. During the Year under Review, the Group disposed strengthening the business areas where it already has a competitive edge in, the Group kept itself of its land and property located in Mainland China. abreast of the development trends of national Excluding the effects of one-off provisions and the industries and global energy landscape and exerted disposal of the land and property described above, profit efforts to tap into new fields of business with attributable to owners of the parent amounted to sustainable development prospects in order to approximately RMB431.0 million. ensure the Company’s long-term growth potential. During the Year under Review, breakthroughs were achieved one after another: 08 Annual Report 2016 WISON ENGINEERING SERVICES CO. LTD. Business Overview • LNG Business: The Group was awarded its • Inorganic Chemicals: The Group obtained an first ever EPC contract for a natural gas engineering design contract for a 200kta liquefaction project during the Year under titanium dioxide (TiO2) by sulfuric acid Review. Pursuant to the contract, Wison production plant. New process technology Engineering Ltd. (“Wison Engineering”), an will be adopted to substitute for the original indirect non-wholly owned subsidiary of the chlorination process which causes serious Company, will provide Astana Trans Oil LLP environmental pollution and entails high with turn-key services ranging from front-end production costs. The Group will continue to engineering design (“FEED”), engineering dedicate efforts to provide clients in energy design, procurement, construction to start-up and chemical industries with alternative commissioning and staff training for the first process technologies and engineering onshore natural gas liquefaction project in services that target environmental protection, Kazakhstan (the “Kazakhstan LNG Project”).
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