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2020 Annual Report 2020 VPower Group International Holdings Limited (根據開曼群島法例註冊成立之有限公司) 股份代號： 年度報告 ANNUAL REPORT 偉能集團國際控股有限公 202 0 2020 司 Annual Report 2020 CNCNTICT IC VVPOWERPOWE R CNTIC VPOWER 年度報 告 CONTENTS INTRODUCTION Company Profile 02 Awards and Recognition 03 Year at a Glance 04 Chairman’s Statement 06 MANAGEMENT Management Discussion and Analysis 10 Biography of Directors and Management Team 22 Corporate Governance Report 29 Directors’ Report 38 Risk Management 53 FINANCIALS Independent Auditor’s Report 57 Consolidated Statement of Profit or Loss 64 Consolidated Statement of Comprehensive Income 65 Consolidated Statement of Financial Position 66 Consolidated Statement of Changes in Equity 68 Consolidated Statement of Cash Flows 69 Notes to Financial Statements 71 Five Year Financial Summary 170 CONTACTS CNTIC VPOWER Corporate Information 172 COMPANY PROFILE VPower Group International Holdings Limited (the “Company”, or together with its subsidiaries, the “Group”) is one of the world’s leading large gen-set system integration providers and one of the leading gas-fired engine-based distributed power generation (“DPG”) station owners and operators in Asia, with more than 20 years of proven operational excellence in the energy market. We deliver much-in-demand electricity to keep industries running and power the regional economic growth through (1) designing, integrating and selling gen-sets and power generation systems that primarily run on natural gas or diesel; and (2) designing, investing in, building and operating DPG stations for off-takers. Together, they make up our two principal business segments: (1) System Integration (“SI”) business; and (2) Investment, Building and Operating (“IBO”) business. Our fast-track power solutions generate stable and reliable electricity in emerging markets to improve the living standards of people; as well as provide flexible and efficient electricity in developed markets to supplement the increasing use of renewable energy due to power reform. Our core strategy is to build on our successful IBO business in existing markets, and tap into new regions leveraging our multi- country platform and replicable business model; develop combined cooling, heat and power technology and power generation projects using new forms of fuel; develop a new generation of gen-sets that are more fuel efficient and establish joint ventures to enhance our technological leadership and grow our business. We seek to build on our proprietary system designs and integration capabilities and the market network developed over the past 20 years to effectively manage the risks and improve the efficiency of our IBO business’s expansion into new markets, and to continue to deliver efficient solutions and build long-term value for our shareholders, partners and customers. We power the world, and light up possibilities. VPower Group International Holdings Limited 02 Annual Report 2020 BOCHK Corporate Environmental Leadership Awards Our commitment and efforts in environmental protection brought us the honour of being awarded with the Bronze Award of Manufacturing Sector. AWARDS AND RECOGNITION 6th Investor Relations Awards Under the “Small Cap” category, we garnered six awards including the Best IR Company, the Best IRO (Investor Relations Officer) and the Best IR Team. ESG Leading Enterprise Awards 2020 We received the ESG Leading Enterprise Award from the Chinese Edition of Bloomberg Businessweek and Deloitte for the second year in a row. VPower Group International Holdings Limited Annual Report 2020 03 YEAR AT A GLANCE COVID-19 Precautionary Measures A comprehensive range of measures to safeguard the wellbeing of our employees and contractors were introduced immediately after the outbreak of COVID-19. Special work arrangements including work-from-home and flexible working hours were also implemented. Community Supports In fight of the COVID-19 pandemic and as part of our corporate social responsibility campaigns, we donated supplies including food and masks to the local communities and hospitals in regions where we operate. VPower Group International Holdings Limited 04 Annual Report 2020 YEAR AT A GLANCE Strong Project Operations throughout the Year Being responsive to the changes in supply chain and labour mobility, we managed to execute several power projects in different regions. Strengthened Business Partnership We strengthened the business relationship with our strategic partner, Rolls-Royce Power Systems AG, in developing the commercial marine sector in China. VPower Group International Holdings Limited Annual Report 2020 05 CHAIRMAN’S STATEMENT “As a responsible corporation, we are committed to playing our part in the fight against climate change with our expertise in offering highly-efficient decentralised power solutions.” Mr. Samson Lam Executive Chairman Dear Shareholders, 2020 was one of the most extraordinary years in living memory. While the COVID-19 pandemic has presented severe disruptions to the global supply chain and labour mobility, we remain deeply committed to the continued delivery of safe and reliable electricity to our customers. The remarkable efforts of our people, our operational flexibility and robust response system enabled us to promptly adapt to the changes and maintain normal operations during the challenging year. Facing the unprecedented COVID-19 crisis, our business continued to demonstrate resilience and deliver a solid growth. We recorded a revenue of HK$3,386.9 million, representing a year-on-year growth of 21.2%. Our gross profit increased 10.0% to HK$811.1 million with an overall gross profit margin of 23.9%. Our EBITDA grew 32.7% to HK$1,131.9 million; and our profit attributable to owners of the Company jumped 82.1% to HK$516.3 million. The world appears to be recovering in 2021 with the rollout of vaccine and enactment of economic stimulus measures by different governments. However, prospects for the global economy remain uncertain due to constraints in vaccine procurement and distribution, and the reintroduced restrictive measures resulted from the continuous spreading of COVID-19 around the world. Against this backdrop, business sustainability has been brought into sharp focus. VPower Group International Holdings Limited 06 Annual Report 2020 CHAIRMAN’S STATEMENT UNLOCKING OPPORTUNITIES EMERGED FROM WORLDWIDE CARBON NEUTRALITY TARGETS More and more countries are adopting net-zero emissions targets and seeking to create lower-carbon energy eco-systems. Together with China’s carbon-neutral target by 2060 announced last year, nearly 50% of the world’s gross domestic product, and about 50% of global carbon dioxide emissions, are now covered by net-zero commitments. Natural gas, liquefied natural gas (“LNG”), renewables, and enhancement of energy efficiency would all inevitably have a central role to play in delivering to the world a net-zero eco-system for bringing power from its generation to the end-users. While the world is moving faster towards intermittent renewable sources for power generation, grids are facing increasing volatility. The adoption of decentralised energy becomes more important to stabilise the grid because of its flexible nature. In support of global energy transition to low carbon and net-zero eventually, and leveraging on our experience and network in Southeast Asia, China, the United Kingdom and the Middle East, we will continue to invest in decentralisation as an investor and operator of distributed power stations in these regions. In addition to the diversified project portfolio we have built over the years that uses a wide range of fuels from natural gas, biogas, diesel and biodiesel, we have expanded into LNG-to-power projects through the joint venture with China National Technical Import & Export Corporation (“CNTIC”). Independent of existing pipeline infrastructure, LNG enables the provision of clean, reliable and cost-efficient electricity to every corner of the world. The joint venture embraces the whole value chain in bringing LNG-to-power to the ultimate power off-takers from procurement, logistics, storage, regasification and power generation. Its successful project execution and operation have brought us new technical and integration capabilities and an additional distributed power solution offering which would in turn open up a huge market for us. We continue to have a positive view on our business prospects in the LNG-to-power market and the peripheral business prospects associated with its vertical supply chain in Southeast Asia. VPower Group International Holdings Limited Annual Report 2020 07 CHAIRMAN’S STATEMENT The ongoing investment in decentralisation and expansion into LNG-to-power are in line with our decarbonisation commitment and strategy. As a responsible energy provider, we will also enhance our investment in clean technologies of which their adoption for use would reduce the overall carbon footprint, such as combined cooling, heat and power generation, hybrid power, battery and storage, and renewables. We believe that supported by our track record in decentralised LNG has a key role to play in a decarbonising power and newly developed capabilities in clean world. While natural gas is the cleanest fossil fuel, technologies, we are well prepared to offer cost- liquefaction makes it possible to transport to effective integrated energy solutions to our every corner of the world safely and economically. It is regarded as a reliable partner to renewable customers. power and provides flexibility to meet seasonal heating demand. MAINTAINING BUSINESS
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