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Annual Report 2010

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Annual Report 2010 Annual Report 2010 Annual Report 2010 No. 2 East Fuxing Road, Shanghai 200010, P.R. China Tel : +86 21 6332 5858 Fax : +86 21 6332 5028 Room 808, ICBC Tower, 3 Garden Road, Central, Hong Kong Tel : +852 2509 3228 Fax : +852 2509 9028 31st Floor, No. 237 North Chaoyang Road, Chaoyang District, Beijing 100020, P.R. China Tel : +86 10 5915 2299 Fax : +86 10 5915 2177 Profit attributable to owners of the parent 4,227.1 RMB million CONTENTS 2 Financial Summary 3 Business Overview 6 Chairman’s Statement 12 Corporate Structure 13 Business Review 21 Financial Review 29 Five-Year Statistics 30 Corporate Governance Report 38 Biographical Details of Directors and Senior Management 47 Directors’ Report 56 Corporate Social Responsibility 60 Independent Auditors’ Report 62 Consolidated Income Statement 63 Consolidated Statement of Comprehensive Income 64 Consolidated Statement of Financial Position 66 Statement of Financial Position 67 Consolidated Statement of Changes in Equity 69 Consolidated Statement of Cash Flows 73 Notes to Financial Statements 194 Corporate Information 195 Glossary 2 FOSUN INTERNATIONAL LIMITED Annual Report 2010 FINANCIAL SUMMARY For the year ended 31 December In RMB million 2010 2009 Revenue 44,643.7 34,855.8 Pharmaceuticals and healthcare 4,459.3 3,775.9 Property 8,846.7 5,184.8 Steel 29,652.2 24,611.4 Mining 3,180.2 1,968.0 Elimination (1,494.7) (684.3) Profit attributable to owners of the parent 4,227.1 4,646.7 Pharmaceuticals and healthcare 302.5 1,185.6 Property 1,279.9 327.3 Steel 410.0 1,068.1 Mining 932.1 235.6 Retail, services and other investments 1,503.3 2,073.7 Unallocated expenses (174.8) (112.8) Elimination (25.9) (130.8) Earnings per share (in RMB) 0.66 0.72 Dividend per share (in HKD) 0.17 0.164 FOSUN INTERNATIONAL LIMITED Annual Report 2010 3 BUSINESS OVERVIEW The Group is a large conglomerate with operations in pharmaceuticals and healthcare, property, steel and mining. By means of investing, the Group also shares the rapid growth of industries benefiting from China’s growth momentum, such as retail, services and financial industries. PHARMACEUTICALS AND HEALTHCARE The Group’s main subsidiary in the pharmaceuticals and healthcare sector is Fosun Pharma (a company listed on the Shanghai Stock Exchange, 600196.SH). Fosun Pharma mainly operates in different business segments of the pharmaceuticals and healthcare industry, including research, development and manufacturing, distribution (by its associate, Sinopharm, a listed company on the Stock Exchange, 01099. HK), retailing etc. Fosun Pharma also engages in the development of China’s premium healthcare service industry by investing in Chindex International Inc. (“Chindex”) (a listed company on Nasdaq, CHDX.Nasdaq). PROPERTY The Group’s main subsidiaries in the property sector include Forte (a listed company on the Stock Exchange, 02337.HK) and Resource Property. Forte is a nationwide large property developer. It mainly engages in residential development in major cities including Shanghai, Beijing, Tianjin, Nanjing, Chongqin, Wuhan, Wuxi, Hangzhou, Xi’an, Changchun, Chengdu and Taiyuan. It also invests in Zendai (a listed company on the Stock Exchange, 00755.HK) to share its growth and strengthen mutual strategic collaborations. Resource Property is a Shanghai-centered integrated service provider of property circulation industry with nationwide presence. The core businesses of the company include sales agency and property consultation. STEEL The Group’s main subsidiary in the steel industry sector is Nanjing Iron & Steel (a listed company on the Shanghai Stock Exchange, 600282.SH). Located in East China, Nanjing Iron & Steel is an integrated steel company with a complete process of coking, sintering, iron smelting, steel smelting, steel casting and steel rolling. Its main products include mid-to-high-end medium and heavy plates, specialty bars and wire rods, as well as strips. As at the end of the Report Period, crude steel capacity of Nanjing Iron & Steel amounts to 8 million tonnes. The Group’s main investment in the steel sector is our associate Jianlong Group, a large privately owned steel group in China whose main production facilities locate in North China and Northeast China. Its main products consist of hot rolling medium wide strips, cold rolling medium wide strips, hot rolling narrow strips, hot rolling coil, bars and wire rods and sectional material. MINING The Group’s main subsidiary in the mining sector is Hainan Mining. Hainan Mining owns China’s largest open-pit iron-rich ore. Its core businesses include mining and sale of iron ore. By investing in new mining and processing projects in existing mines as well as investing in other mining companies, it aims to increase both its scale and industrial position faster. Via Nanjing Iron & Steel, the Group holds stake of Jin’an Mining and invests in coking coal enterprise Anhui Jinhuangzhuang Mining Co., Ltd. (“Jinhuangzhuang Mining”). In addition, the Group also has minority interests in both Huaxia Mining, a large mining group in Northern China, and Shanjiaowulin, a coking coal mine with over 800 million tonnes of coking coal reserve. Other significant investment of the Group includes its minority interests in Zhaojin Mining (a listed company on the Stock Exchange, 01818.HK), a China-based gold manufacturer. RETAIL, SERVICES AND OTHER INVESTMENTS The Group’s important investment in the retail business is the Group’s main associate, Yuyuan (a listed company on the Shanghai Stock Exchange, 600655.SH), a well-known Shanghai Company with main operations in tourism and the sales of gold and jewellery. Principal investments of the Group in the service industry include its investments in Focus Media (a listed company on Nasdaq, FMCN.Nasdaq), China’s largest outdoor media advertisement company; Club Med (a listed company on the Euronext Paris, CU.EPA), a renowned global resort and Yong’an Insurance, a property and casualty insurance company headquartered in Xi’an with nationwide presence. Besides, through sets of independent platforms, the Group also engages in a series of activities in both the public and private markets and invests in companies benefiting from China’s growth momentum. Business portfolio of such investees mainly includes industries such as consumer products, financial services, manufacture, etc. GLOBAL CAPACITY BUILDING Signing ceremony of memorandum of understanding on business cooperation and investment between the Group and Club Med in June 2010 Signing ceremony of memorandum of understanding on strategic relationship between the Group and The Carlyle Group in February 2010 Signing ceremony of memorandum of understanding on strategic cooperation between the Group and Prudential in January 2011 6 FOSUN INTERNATIONAL LIMITED Annual Report 2010 CHAIRMAN’S STATEMENT Dear shareholders, As at the end of the Reporting Period, net assets attributable to owners of the parent of the Group reached RMB29,873.1 million, representing an increase of 22.0% over the same period last year, 77.5% of which were shares of listed companies owned by the Group, worth RMB35,225.6 million by attributable market capitalisation. The Board proposed to declare and distribute a final dividend of HKD0.17 per ordinary share for the year ended 31 December 2010. 2010 REVIEW Industrial operations performed well, bringing another prosperous year for investment returns In 2010, the Group delivered sound performance in its overall operation, realising a profit of RMB4,227.1 million, attributable to owners of the parent. The slight decrease in net profit over the same period last year was mainly because net profit of 2009 included a profit contribution of RMB957.6 million from the gain on deemed disposal of equity interest in Sinopharm as a result of its initial public offering (“IPO”) of shares on the Stock Exchange. During the Reporting Period, operating profit of the Group grew by 21.5% year on year. The mining and property segments had an outstanding performance and their operating profit contribution grew Mr. Guo Guangchang by 174.5% and 92.2%, respectively. On the investing front, Chairman following the profit contribution of RMB3,413.1 million from investment gain in 2009, the Group booked another profit contribution of RMB2,423.0 million for the Reporting Period. During the Reporting Period, the Group successfully helped list six investment projects both domestically and overseas, increasing the equity value of shareholder of the Company by RMB2,353.6 million. The principal portfolio companies of the Group operate in industries including pharmaceuticals and healthcare, property, steel and mining. As an active shareholder, we engage professional teams to operate professional companies while providing them with adequate support and effective incentive schemes. In 2010, led by their respective management teams, overall value of these companies continued to increase. FOSUN INTERNATIONAL LIMITED Annual Report 2010 7 CHAIRMAN’S STATEMENT Another important task of ours was to actively capture investment opportunities benefiting from China’s growth momentum. During the Reporting Period, with the enhancement of the Group’s investment capacity, the scale of investments also expanded rapidly, recording historic highs both in terms of investment amount and project number. In terms of sector selection, the Group invested in those with high positive correlation with the growth of China’s domestic demand such as pharmaceuticals and healthcare, property and finance. The Group also invested in the resources companies benefiting from the industrialisation process of China. In terms of project selection, the Group focused on those that had strong synergies with our existing sectors. One such example would be the cooperation between Fosun Pharma and Chindex. The Group also actively captured value investment opportunities and increased investment in the real estate business during the Reporting Period. In addition, the Group tried to increase the proportion of asset portfolio allocated to service and finance gradually, and invested a total of RMB2,278.6 million in private equity (“PE”) projects, and pushed forward the successful listing of six projects and two more projects were granted listing permission.
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