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2020 Annual Report Wison Engineering Builds a Better World 年報

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2020 Annual Report Wison Engineering Builds a Better World 年報 Annual Report 2020 Wison Engineering Builds a Better World 年報 ANNUAL REPORT Wison Engineering Services Co. Ltd. (Incorporated in the Cayman Islands with limited liability Stock Code: 2236) Wison Engineering Services Co. Ltd. Annual Report 2020 CONTENTS CHINA’S LEADING PROVIDER OF ENERGY & CHEMICAL EPC SERVICES AND TECHNOLOGY INTEGRATED SOLUTIONS Wison Engineering Services Co. Ltd. Annual Report 2020 CONTENTS 3 Corporate Information CHINA’S LEADING PROVIDER OF 6 Financial Summary ENERGY & CHEMICAL EPC SERVICES 9 Business Overview AND TECHNOLOGY INTEGRATED SOLUTIONS 29 Management Discussion and Analysis 41 Biographies of the Directors and Senior Management 49 Report of the Directors 68 Corporate Governance Report 80 Independent Auditor’s Report 86 Consolidated Statement of Profit or Loss 87 Consolidated Statement of Comprehensive Income 88 Consolidated Statement of Financial Position 90 Consolidated Statement of Changes in Equity 91 Consolidated Statement of Cash Flows 93 Notes to Financial Statements Wison Engineering Services Co. Ltd. Annual Report 2020 Corporate Information 2 Wison Engineering Services Co. Ltd. Annual Report 2020 Corporate Information BOARD OF DIRECTORS NOMINATION COMMITTEE Executive Directors Mr. Tang Shisheng (Chairman) Mr. Yan Shaochun* (Chief Executive Officer) Mr. Feng Guohua Mr. Zhou Hongliang Mr. Lawrence Lee Mr. Dong Hua Mr. Zheng Shifeng REMUNERATION COMMITTEE Non-executive Director Mr. Feng Guohua (Chairman) Mr. Liu Hongjun* (Chairman) Mr. Lawrence Lee Mr. Tang Shisheng Independent Non-executive Directors Mr. Lawrence Lee GLOBAL HEADQUARTERS, PRINCIPAL PLACE Mr. Tang Shisheng OF BUSINESS AND HEAD OFFICE IN THE PRC Mr. Feng Guohua 633 Zhongke Road AUDIT COMMITTEE Zhangjiang Hi-Tech Park Pudong New Area Mr. Lawrence Lee (Chairman) Shanghai 201210 Mr. Feng Guohua PRC Mr. Tang Shisheng PRINCIPAL SHARE REGISTRAR AND TRANSFER OFFICE Conyers Trust Company (Cayman) Limited * Mr. Yan Shaochun had been appointed as Executive Director and Chief Executive Officer on 5 February 2021. Cricket Square Hutchins Drive Mr. Liu Hongjun had been appointed as Chairman on 5 February 2021. P.O. Box 2681 Grand Cayman, KY1-1111 Cayman Islands 3 Wison Engineering Services Co. Ltd. Annual Report 2020 Corporate Information HONG KONG SHARE REGISTRAR REGISTERED OFFICE Computershare Hong Kong Investor Services Limited Cricket Square Shops 1712–1716, 17/F, Hopewell Centre Hutchins Drive 183 Queen’s Road East P.O. Box 2681 Wan Chai Grand Cayman, KY1-1111 Hong Kong Cayman Islands COMPANY SECRETARY PRINCIPAL PLACE OF BUSINESS IN HONG KONG Ms. Tsang Chi Ka* Room 5408 AUTHORISED REPRESENTATIVES* 54th Floor Central Plaza Mr. Yan Shaochun* 18 Harbour Road Ms. Tsang Chi Ka* Wan Chai Hong Kong AUDITORS COMPANY’S WEBSITE Ernst & Young www.wison-engineering.com PRINCIPAL BANKS STOCK CODE China CITIC Bank Corporation Limited Shanghai Pudong Development Bank Co., Ltd. 2236 Bank of China Limited China Merchants Bank Co., Ltd. Industrial and Commercial Bank of China Limited East West Bancorp, Inc * Mr. Yan Shaochun had been appointed as authorised representative on 5 February 2021. Ms. Tsang Chi Ka had been appointed as Company Secretary and authorised representative on 18 February 2021. 4 Wison Engineering Services Co. Ltd. Annual Report 2020 Financial Summary 5 Wison Engineering Services Co. Ltd. Annual Report 2020 Financial Summary For the year ended 31 December 2020 2019 2018 2017 2016 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 (Restated) Results Revenue 5,296,064 4,367,271 3,256,478 4,124,790 3,041,877 Gross profit 301,202 408,227 498,872 861,158 931,233 (Loss)/profit before tax (283,820) 89,775 72,739 229,124 121,217 Income tax credit/ (expenses) 12,309 (39,217) (12,786) (63,405) (98,822) (Loss)/profit for the year (271,511) 50,558 59,953 165,719 22,395 Attributable to: Owners of the parent (271,238) 50,609 56,301 138,306 15,179 Non-controlling interests (273) (51) 3,652 27,413 7,216 Earnings per share – Basic and diluted RMB(0.07) RMB0.01 RMB0.01 RMB0.03 RMB0.00 6 Wison Engineering Services Co. Ltd. Annual Report 2020 Financial Summary As at 31 December 2020 2019 2018 2017 2016 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 (Restated) Assets and liabilities Non-current assets 4,192,588 1,432,965 1,131,114 1,116,712 1,195,846 Current assets 4,665,778 4,287,999 4,618,231 6,496,159 6,524,839 Current liabilities 4,639,282 3,456,486 3,988,387 5,229,976 5,532,446 Net current assets 26,496 831,513 629,844 1,266,183 992,393 Total assets less current liabilities 4,219,084 2,264,478 1,760,958 2,382,895 2,188,239 Non-current liabilities 427,340 460,851 11,139 23,513 30,777 Net assets 3,791,744 1,803,627 1,749,819 2,359,382 2,157,462 Share capital 330,578 330,578 330,299 329,968 329,809 Reserves 3,461,490 1,473,100 1,419,520 1,853,056 1,632,560 Non-controlling interests (324) (51) – 176,358 195,093 Total equity 3,791,744 1,803,627 1,749,819 2,359,382 2,157,462 7 Wison Engineering Services Co. Ltd. Annual Report 2020 Business Overview 8 Wison Engineering Services Co. Ltd. Annual Report 2020 Business Overview REVIEW OF 2020 ANNUAL RESULTS AND For the twelve months ended 31 December 2020 (the OUTLOOK “Period under Review”), the global economy was affected by the outbreak of the novel coronavirus (I) BUSINESS OVERVIEW (“COVID-19”) pandemic and the tense global trade relations, resulting in weak demand for crude oil and In 2020, the Group continued to uphold the strategy chemical market at home and abroad. During the of “improving people’s livelihood with innovative Period under Review, total new contract secured by technology”. Taking full advantage of the rapid and the Group amounted to approximately RMB10,657.2 flexible operating mechanism of a private enterprise, million (net of estimated value added tax), the Group proactively responded to the challenges representing a year-on-year decrease of 16.6%. As and changes in the market and the industry. at 31 December 2020, the Group’s total backlog Meanwhile, the Group continued to optimize the value was approximately RMB27,172.9 million (net of organization structure, refined project management, estimated value added tax), representing an increase increased the value creation of digitalization and of 24.3% compared to that as at 31 December 2019. modularization, and boosted the strategic During the period, the main reason for the decrease investment in technology R&D and industry chain in total new contract value was the global rampage extension. The Group forged ahead overcoming of COVID-19, which caused uncertainties for difficulties, actively explored new opportunities, and macroeconomy and the industry and therefore earnestly implemented the philosophy of delayed the planning and contract progress for some “technology-oriented development”, striving to potential projects. In addition, the planning and become a leading and renowned energy and progress of certain projects have been affected due chemical technology engineering solutions provider to the adjustments to the environmental policy in in the domestic and international markets. places where the projects were located. 9 Wison Engineering Services Co. Ltd. Annual Report 2020 Business Overview Market Environment second quarter, coupled with economic stimulus Global crude oil prices fluctuated in 2020. The crude policies issued by the central and local governments, oil market saw a historic plunge and a sluggish boosting the domestic energy and chemical markets recovery in the first half of the year and gradually and thus enabling the Asia Pacific region to be the regained its confidence in the second half of the main driving force for the recovery of the global oil year. At the end of February, crude oil demand market. Following the stepping up efforts of various showed a steep decline due to the travel restrictions countries in launching fiscal relief measures in the imposed by governments following the global second half of the year in tandem with the outbreak of COVID-19. On the other hand, the anticipation of availability of effective vaccines, the Organization of the Petroleum Exporting Countries market has gradually regain confidence in recovery. and its allies (“OPEC+”) failed to agree on the terms Brent crude oil prices climbed slowly and returned to of output cut of crude oil in March and led to a the level of over US$50 per barrel at the end of the freefall in oil price. The price of WTI crude oil futures year. contract for May delivery, traded on New York Mercantile Exchange, hit historic low at US$-37.63 During the Period under Review, benefitting from per barrel since its listing. During the period, major low oil price, as well as low cost and their economies in Europe and America were still greatly competitive advantage arising from economies of affected by the epidemic and economic activities scale and refinery-petrochemical integration, were significantly disrupted. Facing unprecedented refinery-petrochemical enterprises in China achieved pressure on the operations, most energy and speedy turnaround in profit in the second quarter chemical enterprises around the world significantly amid fluctuations in the crude oil market. Driven by announced to scale-down their investment and the demand for medical protective supplies and budget, and cancelled or postponed a number of packaging, the olefin industry recorded highest profit projects. However, with the conclusion of a record for these two years amid the downward cycle. In the deal by OPEC+ to cut production by 9.7 million coming years, propped up by the macroeconomy of barrels per day in early May, oil prices were well the development of Midwestern China and the supported and the international crude oil market promotion of “Domestic and International Dual rebounded.
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