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Annual Report 2018 CHONGQING MACHINERY & ELECTRIC CO., LTD. CHONGQING MACHINERY (a joint stock limited company incorporated in the People’s Republic of China with limited liability) Stock Code: 02722 ANNUAL REPORT 2018 ANNUAL REPORT 2018 ANNUAL REPORT CONTENTS Corporate Information 2 Financial Highlights 4 Group Structure 5 Results Highlights 6 Chairman’s Statement 7 Management’s Discussion and Analysis 20 Directors, Supervisors and Senior Management 39 Report of the Board of Directors 54 Report of the Supervisory Committee 80 Corporate Governance Report 83 Risk and Internal Control and Governance Report 102 Environmental, Social and Governance Report 110 Independent Auditor’s Report 134 Consolidated Balance Sheet 149 Balance Sheet of the Company 153 Consolidated Income Statement 156 Income Statement of the Company 159 Consolidated Statement of Changes in Equity 161 Statement of Changes in Equity of the Company 167 Consolidated Statement of Cash Flows 171 Cash Flows Statement of the Company 174 Notes to the Consolidated Financial Statements 176 Supplementary Information to Consolidated Financial Statements 475 Corporate Information DIRECTORS COMMITTEES UNDER BOARD OF DIRECTORS Executive Directors Members of the Audit and Risk Management Mr. Wang Yuxiang (Chairman) Committee Ms. Chen Ping Mr. Yang Quan Mr. Lo Wah Wai (Chairman) Mr. Jin Jingyu Non-executive Directors Mr. Liu Wei CHONGQING MACHINERY LTD & ELECTRIC CO., Mr. Huang Yong Members of the Remuneration Committee Mr. Dou Bo Mr. Wang Pengcheng Mr. Ren Xiaochang (Chairman) Mr. Lo Wah Wai Independent Non-executive Directors Mr. Jin Jingyu Mr. Huang Yong Mr. Lo Wah Wai Mr. Ren Xiaochang Members of the Nomination Committee Mr. Jin Jingyu Mr. Liu Wei Mr. Wang Yuxiang (Chairman) Mr. Ren Xiaochang SUPERVISORS Mr. Jin Jingyu Mr. Liu Wei Mr. Sun Wenguang (Chairman) Annual Report 2018 Ms. Wu Yi Members of the Strategic Committee Mr. Huang Hui Mr. Zhang Mingzhi Mr. Wang Yuxiang (Chairman) Mr. Xia Hua Ms. Chen Ping Mr. Yang Quan Mr. Huang Yong Mr. Ren Xiaochang Mr. Jin Jingyu Mr. Liu Wei 2 Corporate Information (Continued) LEGAL REPRESENTATIVE AUDITORS Mr. Wang Yuxiang ShineWing Certified Public Accountants (Special General Partnership) COMPANY SECRETARY 9th Floor, Block A, Fuhua Mansion, No. 8 Chaoyangmen Beidajie, Ms. Chiu Hoi Shan (Practising Solicitor) Dongcheng District, Beijing, PRC QUALIFIED ACCOUNTANT LEGAL ADVISOR Mr. Kam Chun Ying, Francis (Certified Public Chiu & Co. (趙凱珊律師行) Accountant) (As to Hong Kong Laws) Beijing ZhongLun (Chongqing) Law Firm AUTHORIZED (As to Chinese Law) REPRESENTATIVES AND CHONGQING MACHINERY LTD & ELECTRIC CO., CONTACT INFORMATION PRINCIPAL PLACE OF BUSINESS IN HONG KONG Mr. Yang Quan No. 60 Middle Section of Huangshan Room 1204-06, 12th Floor, Avenue, New North Zone, The Chinese Bank Building, Chongqing City, the PRC 61 Des Voeux Road Central, Postal code: 401123 Central, Hong Kong Tel.: (86) 023-6307 5687 WEBSITE OF THE COMPANY Ms. Chiu Hoi Shan Room 1204-06, 12th Floor, The Chinese www.chinacqme.com Bank Building, 61 Des Voeux Road Central, Central, PRINCIPAL BANKER Hong Kong Tel.: 852-2155 4820 China Merchants Bank Chongqing Shangqingsi Sub-branch ALTERNATE AUTHORIZED 1st Floor, Zhong-an International Building REPRESENTATIVE AND No.162 Zhongshan Third Road, Yuzhong CONTACT INFORMATION District, Chongqing City, the PRC Annual Report 2018 Mr. Lo Wah Wai SHARE INFORMATION 33rd Floor, Shui On Centre, No. 6-8 Harbour Road, Wanchai, Hong Kong Listing Place Tel.: 852-2802 2191 The Stock Exchange of Hong Kong Limited REGISTERED ADDRESS (the “Stock Exchange”) No. 60 Middle Section of Stock Code Huangshan Avenue, New North Zone, Chongqing City, 02722 the PRC FINANCIAL YEAR END HONG KONG SHARE REGISTRAR 31 December Computershare Hong Kong Investor Services Limited Shops 1712-1716, 17th Floor Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong 3 Financial Highlights (RMB’000) 2014 2015 2016 2017 2018 (Restated) (note) Revenue and profit Revenue 9,485,570 9,010,422 9,255,032 9,292,602 5,284,318 Profit before income tax 630,679 523,896 529,854 468,472 555,672 Income tax expense (66,906) (57,311) (27,182) (102,453) (60,500) Profit for the year 563,773 466,585 502,672 366,019 495,172 CHONGQING MACHINERY LTD & ELECTRIC CO., Attributable to Owners of the Company 511,943 417,634 440,834 316,645 444,061 Non-controlling interests 51,830 48,951 61,838 49,374 51,111 Dividends – Proposed final dividends 169,493 92,116 128,963 110,539 147,386 Earnings per share attributable to owners of the Company – Basic (RMB) 0.14 0.11 0.12 0.09 0.12 Assets and liabilities Non-current assets 4,852,425 5,627,580 6,137,920 5,745,841 5,747,618 Current assets 8,782,188 9,139,491 9,429,046 10,544,832 10,530,066 Current liabilities 5,420,311 6,869,058 6,135,937 7,083,411 6,736,277 Annual Report 2018 Net current assets 3,361,877 2,270,433 3,293,109 3,461,421 3,793,789 Total assets less current liabilities 8,214,302 7,898,013 9,431,029 9,207,262 9,541,407 Non-current liabilities 1,963,333 1,343,211 2,272,819 2,029,276 2,311,745 Net assets 6,250,969 6,554,802 7,158,210 7,177,987 7,229,662 Equity attributable to owners of the Company 5,844,478 6,106,407 6,577,614 6,777,724 6,808,900 Non-controlling interests 406,491 448,395 580,596 400,263 420,762 Note: expressed in accordance with the China Accounting Standards for Business Enterprises issued by the Ministry of Finance of the PRC. 4 Group Structure CHONGQING MACHINERY & ELECTRIC CO., LTD Annual Report 2018 5 49% Water Gen Power S.r.l 70% Chongqing Machinery and Electronics Holding (Group) Finance Co., Ltd. 100% Chongqing Shengpu Materials Co., Ltd. 100% Chongqing Machinery & Electronic Equipment Technology Research Academy Co., Ltd. Industrial Service 7.26% GRIPM Advanced Materials Co.,Ltd. 70% Exedy Beijing Co., Ltd. (愛思帝（北京）汽車配件有限公司) 27% Exedy Chongqing Driving System Co., Ltd. 56 Subsidiaries of Chongqing Machinery & Electric Co., Ltd in Total 40% Exedy (Guangzhou) Driving System Co., Ltd. 20 second-tier subsidiaries, including 9 wholly-owned subsidiaries, 3 subsidiaries with controlling interest, 8 subsidiaries with non-controlling interest 29 third-tier subsidiaries, including 14 wholly-owned subsidiaries, 7 subsidiaries with controlling interest, 8 subsidiaries with non-controlling interest 6 fourth-tier subsidiaries, including 5 wholly-owned subsidiaries, 1 subsidiary with controlling interest 2% Shandong Xinhai Financing and Guarantee Co., Ltd. 1 fifth-tier subsidiary, including 1 wholly-owned subsidiary 44% Chongqing Hongyan Fangda Automobile Suspension Co., Ltd. 94.73% Chengdu Hongyan Fangda Automobile Suspension Co., Ltd. 86.63% Jinan Fangda Zhongtan Automobile Suspension Co., Ltd. 45% Chongqing Holroyd Precision Screw Manufacturing Co., Ltd. 34% Knorr-Bremse Systems for Commercial Vehicles 100% Precision Technologies Group (US) Limited 100% Precision Technologies Group INC. 100% Holroyd Precision Rotors INC. 100% Chongqing CAFF Automotive Braking & Steering System Co., Ltd. 100% PTG Investment Development Company Ltd. (PTG香港) 100% Precision Technologies Group (PTG) Limited 100% PTG Deutschland GmbH (PTG德國) （精密技術集團） 100% Milnrow Investments Ltd. (米羅威投資) 100% PTG Heavy Industries Ltd. (PTG重工) 100% Precision Components Ltd. (精密零部件) 100% Holroyd Precision Ltd. (霍洛伊德) High-End Smart Equipment 35% Chongqing Shenjian Automotive Drive Part Co., Ltd. 40% Chongqing Sino-Germany Samart Factory Solutions Co., Ltd. 55% Chongqing Holroyd Precision Screw Manufacturing Co., Ltd. Chongqing Machinery & Electric Co., Ltd. 100% Chongqing Machine Tools (Group) Co., Ltd. 100% Chongqing Shengong Machinery Manufacture Co., Ltd. 51% Fu Baotian Cotton Picking Services Co.,Ltd. 100% Chongqing Yinhe Forging & Founding Co., Ltd. 100% Chongqing No. 2 Machine Tools Factory Co., Ltd. 100% Chongqing Tool Factory Co., Ltd. 100% Chongqing Machinery & Electronic Intelligent Manufacturing Co., Ltd. 66.26% Chongqing Mengxun Electronic & Technology Co., Ltd. 41% Chongqing Jiangbei Machinery Co., Ltd. 37.8% Chongqing ABB Power Transformer Co., Ltd. 50% Chongqing Cummins Engine Co., Ltd. 58.4% Shenzhen Chongfa Cummins Engine Co., Ltd. 64.21% Chongqing Gas Compressor Factory Co., Ltd. (35.79% Agricultural Industry Development Fund) 20% Chongqing Yongtong Gas Co., Ltd. 100% Chongqing Pump Industry Co., Ltd 100% Chongqing Water Turbine Works Co., Ltd. Clean Energy Equipment 74% Chongqing Pigeon Electric Wires & Cables 50% Chongqing Pigeon Electric Materials Co., Ltd. Co., Ltd 100% Chongqing Pigeon Electric Porcelain Co., Ltd. 42% Chongqing Chongtong Wide Wisdom Air Conditioning Equipment Co., Ltd. 100% Gansu Chongtong Chengfei New Material Co., Ltd. 40% Chongqing Chongtong Turbine Technology Co., Ltd. 100% Chongqing General Industry (Group) Co., Ltd. 100% Chongtong Chengfei Wind Power Equipment Jiangsu Co., Ltd. 91.18% Jilin Chong Tong Chengfei New Material Co., Ltd. 100% Gansu Chongtong Chengfei New Material Co., Ltd. 100% Chongqing General Industry (Group) Tong Kang Water Affairs Co., Ltd. 100% Xilinhaote Chenfei Wind-Power Equipment Co., Ltd. 100% Chongqing Shunchang General Electric Equipment Co., Ltd. Results Highlights Results highlights of Chongqing Machinery & Electric Co., Ltd. (the “Company” or “Chongqing Machinery & Electric”) and its subsidiaries (collectively the “Group”). The revenue of the Group for the year ended 31 December 2018 amounted to approximately RMB5,284.3 million, representing a decrease of approximately RMB4,008.3 million or approximately 43.1% as compared with approximately RMB9,262.6 million CHONGQING MACHINERY LTD & ELECTRIC CO., for the same period of 2017. Profit attributable to the shareholders of the Company for the year ended 31 December 2018 was approximately RMB444.1 million, representing an increase of approximately RMB127.5 million or approximately 40.3% as compared with approximately RMB316.6 million for the same period of 2017. Basic earnings per share for the year ended 31 December 2018 amounted to approximately RMB0.12 (2017: Annual Report 2018 approximately RMB0.09). The board of directors (the “Board”) of the Company proposed to declare a final dividend of RMB0.04 per share (tax inclusive) for the year ended 31 December 2018 (2017: RMB0.03 (tax inclusive)).
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