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ANNUAL REPORT 2019 Content ai158580807944_cosl_ar19_cover_final(E).pdf 1 2/4/2020 下午2:14 2019 Annual Report Step Forward Strengthen Pursuit Designed and produced by : Equity Financial Press Limited www.equitygroup.com.hk Company Profile OUR PERFORMANCE In 2019, COSL provided clients INTRODUCTION with single, bundled, integrated and general contracting China Oilfield Services Limited (the business services in each phase “Company”, the “Group” or “COSL”), of exploration, development listed on Hong Kong Stock Exchange (HK and production of oil and gas stock code: 2883) and Shanghai Stock through business in four main Exchange (Shanghai stock code: 601808), segments (drilling services, well is one of the leading integrated oilfield services, marine support services services providers in the world. Its services and geophysical acquisition and cover each phase of oil and gas exploration, surveying services). Furthermore, development and production. the Company’s performance in some broaden operating aspects such as society and environment has also fulfilled its expectation (details please refer to Financial Statements and Sustainability Report). STRATEGIC TARGET PROSPECT COSL aims at becoming an international first-class oilfield services The Company has steady market share in provider. To achieve this, the Company insists on working in a the China market and actively expands sustainable operating model, targets on balancing the development of the overseas markets in the regions economic, society and environment endeavors to provide our clients including Asia Pacific, Middle East, with safe, high quality, effective and eco-friendly services, striving for America, Europe, Africa and the Far a win-win benefit with our shareholders, clients, staff and business East, which provides a sturdy platform for partners. continuous business development. Oilfield service industry has made us facing challenges and risks varies from place to place, including uncertain political and legal environment as well CORPORATE GOVERNANCE as the risks coming from deepwater and overseas operation. COSL has rich Corporate governance of COSL includes not experiences in oilfield services. With a only those set out in the Corporate Governance better understanding on China market, Code of Appendix 14 to the Rules Governing and strict risk management policy, we the Listing of Securities on The Stock believe that we will seize the opportunities Exchange of Hong Kong Limited, the Company and overcome the challenges. Law of PRC and the Articles of Association of the Company, but also stricter and self- established standards. i CHINA OILFIELD SERVICES LIMITED ANNUAL REPORT 2019 Content ai158580807944_cosl_ar19_cover_final(E).pdf 1 2/4/2020 下午2:14 1. Company Profile ............................. i 2. 2019 Performances ........................... 2 2019 3. Financial Highlights .......................... 3 Annual Report 4. Chairman’s Statement......................... 4 5. Chief Executive Officer’s Report................. 6 6. Management Discussion and Analysis ............ 8 Step Forward Strengthen Pursuit 7. Corporate Governance Report .................. 31 Designed and produced by : Equity Financial Press Limited www.equitygroup.com.hk 8. Summary of General Meetings .................. 42 9. Sustainability Report 2019 ..................... 45 10. Directors, Supervisors, Senior Management and Employees ............ 99 11. Report of the Directors ........................ 110 12. Supervisory Committee Report .................. 127 13. Significant Events ............................ 130 14. Independent Auditor’s Report and Financial Statements Prepared in accordance with Hong Kong Financial Reporting Standards ................ 133 15. Company Information ......................... 229 16. Documents for Inspection ...................... 230 17. Glossary .................................... 231 CHINA OILFIELD SERVICES LIMITED ANNUAL REPORT 2019 1 Business Overview COSL not only provides oilfield services of single operation for the customers, but also offers integrated project and one-stop solution services. INTERNATIONAL DOMESTIC In 2019, the Company achieved The Company maintains the leading position in China breakthroughs in exploring new businesses, oilfield services market and provides services in drilling, markets and customers on the basis of the well services, marine support and traditional international operation markets. geophysical acquisition and surveying. Asia Pacific region: Businesses involve geophysical services, drilling, logging, directional drilling, cementing, drilling & completion fluids, well completion, work- over services, stimulation, marine support services and product sales. Middle East region: Businesses involve drilling, logging, directional drilling, 2019 PERFORMANCES cementing, drilling & completion fluids, well completion, work-over services, stimulation, geophysical services and product sales. Total revenue for the year: RMB31,075.8 million America region: Businesses involve drilling, cementing, drilling & completion fluids, Profit from operations: logging, geophysical services and marine support services. RMB3,895.2 million Europe region: Businesses involve drilling Profit for the year: services and related services. RMB2,528.0 million Africa region: Businesses involve drilling services and geophysical services. Basic earnings per share: RMB52.44 cents/share The Far East region: Businesses involve drilling services and related services. Total assets: RMB76,101.8 million Total equity: RMB36,910.3 million 2 CHINA OILFIELD SERVICES LIMITED ANNUAL REPORT 2019 Financial Highlights Unit: RMB million 2019 2018 Change % Revenue Domestic revenue 24,159.9 16,225.5 48.9 International revenue 6,915.9 5,661.1 22.2 Total 31,075.8 21,886.6 42.0 Operating expenses (27,532.7) (21,527.2) 27.9 Profit from operations 3,895.2 643.5 505.3 Profit before tax 3,472.2 706.3 391.6 Income tax expense (944.2) (617.7) 52.9 Profit for the year 2,528.0 88.7 2,750.1 Basic earnings per share (cent/share) 52.44 1.48 3,443.2 Net assets per share (RMB/share) 7.7 7.3 5.5 Ratio Return on equity (%) 7.1 0.3 Return on asset (%) 3.4 0.1 Gearing ratio (%) 47.7 49.8 Price/Earnings ratio 20.9 398.4 Dividend yield (%) 1.5 1.2 Dividend payout ratio (%) 30.5 471.8 Notes: 1. Return on equity = Net profit for the year/(total equity in the beginning of the period + total equity at the end of the period)/2 2. Return on asset = Net profit for the year/Average total assets 3. Gearing ratio = Net debt at the end of the period/(total capital at the end of the period + net debt at the end of the period) 4. Price/Earnings ratio = Closing share price of H shares on the last trading day of the year/Earnings per share 5. Dividend yield = Dividends per share/Closing share price of H shares on the last trading day of the year 6. Dividend payout ratio = Dividends/Earnings attributable to ordinary equity holders of the Company during the year FIVE-YEAR FINANCIAL POSITION REVIEW Unit: RMB million Change over the same period Major financial data and indicators 2019 2018 last year 2017 2016 2015 (%) Revenue 31,075.8 21,886.6 42.0 17,458.6 15,085.5 23,174.2 Profit/(loss) from operations 3,895.2 643.5 505.3 1,468.0 (11,367.7) 1,631.5 Profit/(loss) for the year 2,528.0 88.7 2,750.1 80.9 (11,459.5) 1,108.7 Basic earnings/(loss) per share (cent/share) 52.44 1.48 3,443.2 0.90 (240.09) 22.51 Change over the end of the As at the As at the same period As at the As at the As at the end of 2019 end of 2018 last year end of 2017 end of 2016 end of 2015 (%) Total equity 36,910.3 34,677.4 6.4 34,687.5 35,296.4 46,828.7 Total assets 76,101.8 74,687.0 1.9 73,941.3 80,544.1 93,525.1 CHINA OILFIELD SERVICES LIMITED ANNUAL REPORT 2019 3 Chairman’s Statement 1. IMPROVING CORPORATE GOVERNANCE AND UPGRADING RISK CONTROL In 2019, the Company adapted to changed regulations, was attentive to the compliance performance of directors, and encouraged directors to fulfill their duties. The Board improved the overseas risk assessment matrix and reinforced the frontline business’ risk control and management in order to avoid operating risks. It also executed various organisational reforms and enhanced lean management. In 2019, due to the expiry of terms of office for directors and supervisors, our directors were re-elected and supervisors were changed. The Company’s current Board composition is in line with the principle of director diversity, and our directors possess sufficient experience in the industrial, financial and legal sectors to give due consideration when decision-making on significant matters. The Board operates at a highly efficient pitch. Three independent directors serve as chairmen of several professional committees, which ensures effective corporate governance and makes an important contribution to the Board’s compliance operation. Qi Meisheng 2. SUSTAINABLE DEVELOPMENT Chairman AND FULFILLING SOCIAL RESPONSIBILITIES The Company has always pursued sustainable development, Dear Shareholders, and to this end, it continues to make health, safety and environmental improvements in compliance with all relevant In 2019, expenditure invested in upstream exploration regulations as well as the 10 Principles of the United Nations’ development around the world was continuously increased Global Compact. In 2019, the Company was named “Excellent and exploration in China intensified, driving a continuous Enterprise of Sustainable Development of the Year” by Sina recovery in the oilfield service market. The Company grasped Finance, and was included as a constituent
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