DOCSLIB.ORG

Sustainability Report 2014

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Sustainability Report 2014 中 国 化 工 集 团 公 司 SUSTAINABILITY REPORT 年可持续发 展报告 2014 REPO SU S TAINABILITY R T 2014 ABOUT THE REPORT This is the fifth sustainability report published by China National Chemical Corporation (“ChemChina”). The report discloses information about the social responsibility commitments, practices and performance in 2014 of ChemChina on topics such as the business management, technical innovation, occupational safety, environmental performance, employee care and social harmony. Normative References The report is based on the Guideline on CSR Fulfillment by Central Enterprises issued by the State-owned Assets Supervision and Administration Commission of the State Council (SASAC), the Ten Principles of the United Nations Global Compact, the Sustainability Reporting Guidelines of the Global Reporting Initiative (GRI G3.1), the ISO 26000: Guidance on Social Responsibility (2010) issued by the International Organization for Standardization, and the CSR Reporting Guidelines for Chinese Companies (CASS-CSR 2.0) issued by the Chinese Academy of Social Sciences (CASS-CSR2.0). Scope of Report The report covers ChemChina’s activities from 1 January to 31 December 2014. In some instances content and information from outside the stated period may be included. The report covers ChemChina headquarters and its subordinate units. Data Sources All data used in this report comes from official documents and statistical reports of ChemChina. References to ChemChina Unless otherwise stated, all references to “ChemChina”, “Group”, “Company” or “We” refer to China National Chemical Corporation. Report Improvements Demonstrate green chemical progress to respond the revised Environmental Protection Law; Show key index to highlight good performance; Use charts, diagrams and tips, etc. to promote readability. Report Language The report is published in both Chinese and English. If any inconsistency or discrepancy exists between the two versions the Chinese version shall prevail. Obtain the Report To view or download the report, please visit the official website of ChemChina at www.chemchina.com.cn. The report is printed on recycled paper. CONTENTS CONTENTS MESSAGE FROM OUR CHAIRMAN / 02 CHEMICALS HELPS ACHIEVE THE CHINESE DREAM / 04 ABOUT US / 06 GOOD STRATEGY AND BUSINESS GOVERNANCE / 10 PERFORMANCE FOR THE CREATION OF DRIVING SOCIAL RESPONSIBILITY NEW VALUE NEW MANAGEMENT / 12 / 20 GROWTH THROUGH FOCUS / 16 TECHNICAL SETTING A NEW INNOVATION BENCHMARK FOR GREEN CHEMICAL INDUSTRY / 28 PRODUCTION – NEW OPPORTUNITY OF SAFETY / 38 LEADING THE DEVELOPMENT OF CHEMICAL INDUSTRY China National Chemical Corporation Sustainability Report 2014 GREEN AND ENVIRONMENTAL, EXPANDING THE NEW SPACE / 44 EMPLOYEE GROWTH, CREATING NEW BUSINESS OPPORTUNITIES / 48 SOCIAL PROSPECTS FOR THE HARMONIES FUTURE / 62 AND SHARING THE NEW ACHIEVEMENT EXPERT COMMENTS / 64 / 56 GRI INDEX / 66 FEEDBACK FORM / 71 01 MESSAGE FROM OUR CHAIRMAN Nowadays, social responsibility fulfillment has become an important means taken by an enterprise to address changes of complex internal and external environments, In 2014, on the basis maintain growth and stability and enhance the market competitiveness and risk- of conscientiously resistance capability. Integrating CSR into its development objectives and operating principles, ChemChina propels partners to fulfill responsibility, and devotes to implementing promoting sustainable development of the chemical industry on the basis of the decisions and achieving win-win results. deployments of the In 2014, global economy experienced sluggish growth with weaker-than-expected CPC Central Committee recovery, while China’s economy was featured by the three period superimposed (a and the State Council period with the growth slowing down, the structural adjustment progressing with difficulties and effects of early stimulus policies being digested gradually), increased and resolutions of the economic downward pressure, and overcapacity and scant demand of most SASAC, and adhering to chemical products. On the basis of conscientiously implementing the decisions and the general principle of deployments of the CPC Central Committee and the State Council and resolutions of the State-owned Assets Supervision and Administration Commission of the State seeking improvement in Council (SASAC), and adhering to the general principle of seeking improvement in stability, we achieved fast stability, we achieved fast growth in production and operation by deepening reforms, promoting structural adjustment, accelerating marketing changes and carrying out growth in production and all work well, while overcoming all difficulties in high spirits. operation by deepening reforms, promoting Giving advantages into full play, and developing diversified structural adjustment, services accelerating marketing We vigorously promoted marketing services, deepened application of modern marketing tools, and enhanced management over client information and product changes and carrying prices. We advanced construction of direct sales system, distribution system and out all work well, while e-commerce system, innovated models, broadened channels, updated means, overcoming all difficulties segmented customers, conducted pilot implementation of Chief Commercial Officer System, and held the marketing contest themed by “achieving good start by 100 days’ in high spirits. hard work”. We made breakthroughs in E-commerce service, launched more than 600 kinds of products and services, and achieved the E- sales of RMB17.5 billion, and an increase of 2,343 customers. 02 MESSAGE FROM OUR CHAIRMAN Adjusting structures and optimizing the safety checks, and rectified 21,090 items, with the rate of allocation of resources 95.7%. We carried out various safety publicity and education activities themed by family safety, organized employees’ We promoted transfer of quality resources to major businesses, family members to visit our factories, and held the “family optimization and reorganization of professional sectors, and affection meetings” to build the culture of family safety. We gradually gave up the businesses which are non-core and lack researched and developed green and environment-friendly competitiveness. We drove the diversification of property rights, products, and promoted low carbon development of the and attracted foreign investment of RMB14.6 billion. We won chemical industry. the “Best Organization Award” for central enterprises in equity transaction for 4 consecutive years. We optimized product Assuming civic responsibility and promoting structures, and vigorously developed hi-tech & high value- added products. We promoted the reform of collectively owned social harmony factories operated by state-owned enterprises, and “water We continuously improved the supplier management system, supply, power supply, heat supply and property management” enhanced suppliers’ ability to assume responsibility, and separation. We cleaned up 23 enterprises below level 3, and attentively cared for employees to enhance their happiness recovered the long-term equity investment of RMB120 million. sense. We actively promoted the communication between the Chinese and foreign employees, and the organic integration Optimizing management, digging potentials, of Chinese and Western cultures. We safeguarded the reducing costs and increasing efficiency openness and transparency of donations, and tried to create We consolidated financial basis, optimized capital management, a social atmosphere of mutual help. constantly improved quality and efficiency of final accounting, and were rated as the advanced unit of annual final accounts by 2015 is a critical year for deepening reforms the Ministry of Finance. Our report was audited to be standard comprehensively. We will center on improving quality and with unqualified opinion for 8 consecutive years. We carried out effectiveness, and focus on effective incentive constraint benchmarking activities, made up for management weakness, mechanism to promote the transformation and upgrading and vigorously promoted lean management mainly through of ChemChina to a new height. We will accelerate economic China National Chemical Corporation Sustainability Report 2014 continuous improvement/world-class manufacturing. We restructuring, and constantly improve the“3+1” business strengthened supplier management and centralized purchase portfolio that centers on material, life and environmental of coal, crude oil, calcium carbide, natural rubber and steel, sciences and basic chemical engineering. We will improve optimized logistics distribution, and continuously reduced level of internationalized business operation, strengthen procurement costs. By promoting the in-depth integration the cooperation between enterprises at home and abroad, of business and information, and deepening application of enhance global resource allocation, and strive to become a collaborative office and ERP systems in the fields of production world-class enterprise with international competitiveness. and operation, human resources and financial management, We will promote the construction of science & technology we continuously enhanced management & operation efficiency. innovation platform, establish the innovative system of industry-university-research cooperation, and improve Strengthening platform construction and the supporting capacity of science and technology for the enhancing innovation capability “3+1” strategy. We will strengthen energy conservation and emission reduction, and quality energy management, and We strengthened
Load more

Recommended publications
  • China's Petrochemical Industry
    M5-851-16-003.qxd 20.02.2007 14:03 Uhr Seite 14 BASF-YPC Co. Ltd. is a 50–50 joint venture between BASF and SINOPEC with a total investment of $ 2.9 billion and was established at the end of 2000. Using state-of-the-art technology, the joint ven- ture operates a steamcracker (600,000 metric tons ethylene per year) and nine downstream plants on its 220-hectare site in Nanjing on the Yangtze River. Picture: BASF China, the fastest growing econ- ly in the petrochemical sector as omy in the world, is witnessing one of the basic industries. Es- massive investments in new pecially, growth in ethylene and projects and plant upgrades in coal conversion technologies almost all segments of the chem- will play important roles in fu- icalprocessindustries,especial- ture. Equipment, technology and know-how for the process industries will be highlighted at China’s AchemAsia. petrochemical industry China is now the 6th largest economy in the For foreign process-industry investors, such rap- world, boasting a Gross Domestic Product (GDP) id growth is even more enticing when China’s of $2.23 trillion in 2005. Measured on a pur- current appetite for petrochemicals is factored chasing power parity (PPP) basis, China would in. China has been a major importer of petro- Crankasthesecond-largesteconomyintheworld, chemical products for many years,importing $70 after the U.S.Likewise,China’s rising status is im- billion of chemicals in 2005, and having a $41- pressive in the context of its $264-billion chem- billion chemicals trade deficit, says ACC.And, in icals market.
    [Show full text]
  • El Futuro De La Alimentación Y La Agricultura En El Siglo XXI
    EL FUTURO DE LA ALIMENTACIÓN Y RETOS DE LA AGRICULTURA PARA EL SIGLO XXI: Debates sobre quién, cómo y con qué implicaciones sociales, económicas y ecológicas alimentará el mundo. THE FUTURE OF FOOD AND CHALLENGES FOR AGRICULTURE IN THE 21st CENTURY: Debates about who, how and with what social, economic and ecological implications we will feed the world. ELIKADURAREN ETORKIZUNA ETA NEKAZARITZAREN ERRONKAK XXI. MENDERAKO: Mundua nork, nola eta zer-nolako inplikazio sozial, ekonomiko eta ekologikorekin elikatuko duen izango da eztabaidagaia Bigger is not Always Better: Drives and Implications of the Recent Agribusiness Megamergers Jennifer Clapp Paper # 2 Apirila – Abril – April 24, 25, 26 2017 www.elikadura21.eus Bigger is not Always Better: Drives and Implications of the Recent Agribusiness Megamergers Acknowledgements I would like to thank Pat Mooney, Taarini Chopra, Gyorgy Scrinis and Simon Nicholson for helpful comments and feedback on earlier drafts. I would also like to thank Rachel McQuail for research support and editorial assistance, and Chelsie Hunt and Carley Hayes for research assistance. Financial support for this research was provided by the Social Sciences and Humanities Research Council of Canada, Canada Research Chair support from the Faculty of Environment at the University of Waterloo, and the Trudeau Foundation. Abstract The global agrifood industry is undergoing profound upheaval, with a spate of mergers, acquisitions and deals that are consolidating the sector. The mergers announced in 2015 and 2016, for example -- including Dow and Dupont, ChemChina and Syngenta, and Bayer and Monsanto -- are poised to change the face of the agricultural inputs sector. This paper examines the political and economic dynamics surrounding these large transnational agribusiness megamergers and reflects on the broader implications of these deals for global environmental and food politics.
    [Show full text]
  • The Case of Chinese State- Owned Enterprises and EU Merger Control Regime
    The Interactions of Competition Law and Investment Law: The Case of Chinese State- Owned Enterprises and EU Merger Control Regime Alexandr Svetlicinii Contents Introduction ....................................................................................... 2 Chinese SOE Acquisitions under the EU Merger Control Scrutiny ............................. 5 “Legitimate Interests” of the Member States in the EU Merger Control Regime . ............. 12 The EU FDI Screening Framework as a Regulatory Response to SOE Acquisitions . .... 15 Conclusion ........................................................................................ 20 Cross-References ................................................................................. 21 Abstract With the unveiling of the Belt and Road Initiative and the industrial policy “Made in China 2025,” the outward investments of the Chinese state-owned enterprises (SOEs) have been on the rise with the strong political backing and financial support from the state-owned banks. The acquisitions of the Chinese SOEs have been scrutinized under the EU merger control regime with the EU Commission attempting to forecast their effect on competition. The EU merger cases involving Chinese SOEs demonstrated significant challenges in assessing the corporate governance of these enterprises, exercise of state control, and possible coordination of commercial conduct among the SOEs. The competition authorities of the EU Member States have not managed to develop a coherent methodology for competitive assessment of the SOE acquisitions either. The difficulties of applying traditional competition law tests to the mergers and commercial conduct of SOEs have prompted numerous calls for the revision of the current merger control regime to allow for the establishment of the European “national champions.” In parallel, the EU has considered application of alternative regulatory means such as trade defense measures and foreign investment screening. The present chapter analyzes the challenges posed by the SOE acquisi- tions for the EU merger control.
    [Show full text]
  • Argus China Petroleum News and Analysis on Oil Markets, Policy and Infrastructure
    Argus China Petroleum News and analysis on oil markets, policy and infrastructure Volume XII, 1 | January 2018 Yuan for the road EDITORIAL: Regional gasoline The desire to avoid tax has been a far more significant factor underlying imports markets are so far unmoved by a of mixed aromatics than China’s octane deficit. potential fall in Chinese exports The government has announced plans to make it impossible to buy or sell owing to stricter tax enforcement gasoline without producing a complete invoice chain showing that consumption tax has been paid, from 1 March. And gasoline refining margins shot to nearly $20/bl, their highest since mid-2015. Of course, Beijing has tried to stamp out tax evasion in the gasoline market many times before. But, if successful, this poses Mixed aromatics imports 2017 an existential threat — to trading companies and the blending firms that use ’000 b/d Mideast mixed aromatics to produce gasoline outside the refining system, largely avoiding US Gulf 4.39 the Yn2,722/t ($51/bl) tax collected on gasoline produced by refineries. Around 22.59 300,000 b/d of gasoline is produced this way. And that has caused the surplus that forces state-owned firms to market their costlier fuel overseas. Europe But there is little panic outside south China, where most blending takes place. 77.69 The Singapore market is discounting any threat that a crackdown on tax avoidance might choke off Chinese exports — gasoline crack spreads fell this month. China’s prices are now above those in Singapore, yet its gasoline exports show no sign of letting up.
    [Show full text]
  • Chinese Refining Industry Under Crude Oil Import Right Liberalisation
    2015/11/2 IEEJ：November 2015, All Rights Reserved. CNPC Chinese Refining Industry Under Crude Oil Import Right Liberalisation CNPC Economics and Technology Research Institute 2015.11.3 Outlines 1.Status of Chinese Refining Industry 2.Challenges to Chinese Refining Industry 3.Prospects of Chinese Refining Industry Development CNPC ETRI | Page 2 61 1 2015/11/2 IEEJ：November 2015, All Rights Reserved. 1. China's refining capacity has been developing rapidly There are 220 refineries in China，and the total crude processing capacity up to 702 million tons/year. It accounts for 14.5% of the world by the end of September 2015. The average scale of the refinery is 3.2 million tons/year, compared with average 7.18 million tons/ year of the world, there are still a large gap. CNPC has 26 refineries which average scale is 7.46 million tons/year. Sinopec has 35 refineries which average scale is 7.71 million tons/year. Crude Processing Capacity of China Refining Capacity of Chinese Enterprise （100 million tons/ year） （10000 tons/year） 8 10-20million above 20 7.02 tons/year, 22 million 6.63 7 6.29 tons/year, 3 5.94 6 5.68 5.17 5 4.54 4.02 4 3.57 3.153.25 5-10million 2.81 2.9 3.04 below 2 3 tons/year, 50 million 2 tons/year, 98 The refining 1 capacity in the 2-5million graph refers to 0 tons/year, 47 single refinery CNPC ETRI | Page 3 Data Source: CNPC ETRI 2. China's oil refining industry participant is diversified Central State-owned enterprises: CNPC and Sinopec play the leading role.
    [Show full text]
  • U.S. Investors Are Funding Malign PRC Companies on Major Indices
    U.S. DEPARTMENT OF STATE Office of the Spokesperson For Immediate Release FACT SHEET December 8, 2020 U.S. Investors Are Funding Malign PRC Companies on Major Indices “Under Xi Jinping, the CCP has prioritized something called ‘military-civil fusion.’ … Chinese companies and researchers must… under penalty of law – share technology with the Chinese military. The goal is to ensure that the People’s Liberation Army has military dominance. And the PLA’s core mission is to sustain the Chinese Communist Party’s grip on power.” – Secretary of State Michael R. Pompeo, January 13, 2020 The Chinese Communist Party’s (CCP) threat to American national security extends into our financial markets and impacts American investors. Many major stock and bond indices developed by index providers like MSCI and FTSE include malign People’s Republic of China (PRC) companies that are listed on the Department of Commerce’s Entity List and/or the Department of Defense’s List of “Communist Chinese military companies” (CCMCs). The money flowing into these index funds – often passively, from U.S. retail investors – supports Chinese companies involved in both civilian and military production. Some of these companies produce technologies for the surveillance of civilians and repression of human rights, as is the case with Uyghurs and other Muslim minority groups in Xinjiang, China, as well as in other repressive regimes, such as Iran and Venezuela. As of December 2020, at least 24 of the 35 parent-level CCMCs had affiliates’ securities included on a major securities index. This includes at least 71 distinct affiliate-level securities issuers.
    [Show full text]
  • Changes in the Syngenta Board of Directors Chemchina And
    Syngenta International AG Syngenta Media contact: Syngenta Analyst/Investor contact: Media Office Leandro Conti Jennifer Gough Schwarzwaldallee 215 Switzerland +41 61 323 2323 Switzerland +41 61 323 5059 CH-4002 Basel [email protected] USA +1 202 737 6521 Switzerland Telephone: +41 61 323 23 23 Fax: +41 61 323 24 24 www.syngenta.com ChemChina ChemChina Media contact: 62 Beisihuan Xilu Ren Kan, +86 13810977565 Haidian District [email protected] Beijing 100080, PRC. www.chemchina.com Joint media release Basel, Switzerland, April 26, 2017 Changes in the Syngenta Board of Directors ChemChina and Syngenta today announced changes relating to the new Board of Directors of Syngenta following the closing of the ChemChina transaction. Four of Syngenta’s existing Board members will become Independent Directors with effect from the change of control, which will take place on 18 May subject to acceptance of the ChemChina offer by at least 67 percent of all Syngenta shares. The Independent Directors are: Michel Demaré, Vice Chairman and Lead Independent Director (Swiss/ Belgian) Jürg Witmer (Swiss) Eveline Saupper (Swiss) Gunnar Brock (Swedish) The Independent Directors will be proposed for re-election at the Annual General Meeting to be held on 26 June. At the same time four Directors will be proposed for election upon nomination by ChemChina: Ren Jianxin, Chairman (Chinese) Chen Hongbo (Chinese) Olivier T. de Clermont-Tonnerre (French) Dieter A. Gericke (Swiss) As specified in the Offer Prospectus, the Independent Directors have no affiliation with ChemChina or its affiliates. Certain matters, such as any reduction in Syngenta’s R&D budget below a specified level and any change in the location of its headquarters, require the affirmative vote of at least two Independent Directors.
    [Show full text]
  • CO., LTD. (A Joint Stock Company Incorporated in the People’S Republic of China with Limited Liability) (Stock Code: 02601)
    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 中國太平洋保險（集團）股份有限公司 CHINA PACIFIC INSURANCE (GROUP) CO., LTD. (A joint stock company incorporated in the People’s Republic of China with limited liability) (Stock Code: 02601) OVERSEAS REGULATORY ANNOUNCEMENT This overseas regulatory announcement is made pursuant to Rule 13.09 and Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”) and the Inside Information Provisions (as defined in the Listing Rules) under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong). The announcement is attached hereof for information purpose only. By Order of the Board China Pacific Insurance (Group) Co., Ltd. KONG Qingwei Chairman Shanghai, the PRC, 28 April 2018 As at the date of this announcement, the Executive Directors of the Company are Mr. KONG Qingwei and Mr. HE Qing; the Non-executive Directors of the Company are Mr. WANG Jian, Mr. WANG Tayu, Mr. KONG Xiangqing, Mr. ZHU Kebing, Ms. SUN Xiaoning, Mr. WU Junhao and Mr. CHEN Xuanmin; and the Independent Non-executive Directors of the Company are Mr. BAI Wei, Mr. LEE Ka Sze, Carmelo, Mr. LAM Chi Kuen, Mr. ZHOU Zhonghui and Mr. GAO Shanwen.
    [Show full text]
  • Credit Analysis of Issuers in the Chemical Industry
    Credit Analysis of Issuers in the Chemical Industry October 22, 2020 ANALYSTS Key Takeaways Lei Wang Beijing ― Among a sample of chemical producers, we view ChemChina, Bluestar, Sinochem +86-10-6516 6038 International and Wanhua Chemical as being in a leading position in terms of their lei. [email protected] indicative issuer credit quality, due to their outstanding competitive positions or potential government support. Xiao Zhang Beijing ― In our opinion, Hengli Group and Rongsheng have stronger competitive positions than +86-10-6516 6036 other privately-owned enterprises (POEs), due to their large-scale refining projects and xiao. [email protected] integration in upstream and downstream sectors. However, they have higher financial Di Jiao leverage. Beijing +86-10-6516 6039 ― We typically view chemicals as a relatively high risk industry, because of its highly di.jiao @ spgchinaratings.cn competitive and cyclical nature. Most players in the sector are small in scale. Yunxin Jia Beijing +86-10-6516 6041 Overview yunxin. [email protected] By applying our corporate ratings methodology to public information, we have carried out a desktop analysis of 25 companies in the chemical sector, arriving at an initial overview of the relative ranking of each company’s credit quality, or their “indicative issuer credit quality”. The scope of the 25 companies in the sample covers most of the current sub-sectors within the industry. Please refer to the appendix for the full and abbreviated names of firms in the sample. Credit Analysis of Issuers in the Chemical Industry October 22, 2020 Chart 1 Ranking of Sampled Companies' Indicative Issuer Credit Quality ChemChina Bluestar Sinochem Intl.
    [Show full text]
  • June 2021 Trade Bulletin
    June 21, 2021 Highlights of This Month’s Edition • U.S.-China Trade: In April 2021, U.S. goods exports to China were up 36.7 percent year-on-year, continuing a marked recovery from the pandemic in spite of ongoing bilateral trade tensions. • New EO Redefines and Expands Investment Restrictions: The Biden Administration has revised and expanded prohibitions on U.S. investment in Chinese companies which act contrary to U.S. national security; the list of companies subject to restrictions has grown from 44 to 59, with 18 companies removed and 33 added.* • Multilateral and Bilateral Developments: G7 joint statement highlights shared concerns about Chinese economic and human rights policies; APEC communiqué expresses common desire to improve vaccine access for Asia-Pacific economies; U.S. economic trade officials hold calls with their Chinese counterparts. • Commodity Prices Surge: China’s National Development and Reform Commission published a five-year action plan on pricing reform while regulators attempt to address spiking commodities prices. • In Focus – Wealth Management: Wall Street seizes on China’s $18.9 trillion asset management market as the Chinese government accelerates regulatory approvals to attract foreign capital and expertise. Contents U.S.-China Goods Trade Continues to Show Strong Recovery .................................................................................2 U.S. Ban on Investment in Chinese Military Companies Expands ............................................................................2 On China, Biden Administration Rallies Partners and Initiates Bilateral Dialog .......................................................5 CCP Seeks to Strengthen Commodity Price Controls ................................................................................................6 In Focus: Wall Street Seizes on China’s Burgeoning Wealth Management Sector ...................................................7 * Correction: An earlier version of the June 2021 Economics and Trade Bulletin said 17 companies were removed and 32 added.
    [Show full text]
  • Chemchina / Syngenta Merger
    EUROPEAN COMMISSION DG Competition CASE M.7962 – CHEMCHINA / SYNGENTA (Only the English text is authentic) MERGER PROCEDURE REGULATION (EC) 139/2004 Article 8(2) Regulation (EC) 139/2004 Date: 5.4.2017 This text is made available for information purposes only. A summary of this decision is published in all EU languages in the Official Journal of the European Union. Parts of this text have been edited to ensure that confidential information is not disclosed; those parts are enclosed in square brackets. EUROPEAN COMMISSION Brussels, 5.4.2017 C(2017) 2167 final Public version COMMISSION DECISION of 5.4.2017 declaring a concentration to be compatible with the internal market and the EEA Agreement (Case M.7962 - ChemChina/Syngenta) (Only the English text is authentic) EN EN TABLE OF CONTENTS 1. THE PARTIES ........................................................................................................... 10 2. THE CONCENTRATION ......................................................................................... 11 3. UNION DIMENSION ............................................................................................... 11 4. THE PROCEDURE ................................................................................................... 11 5. FRAMEWORK OF THE ASSESSMENT ................................................................ 12 6. OVERVIEW OF THE CROP PROTECTION INDUSTRY ..................................... 13 6.1. Regulatory framework ..............................................................................................
    [Show full text]
  • Sinopec Engineering Group Momentum Gathered for New Upturn
    Equity Research February 7, 2018 Sinopec Engineering Group Momentum gathered for new upturn Initial Coverage Initiate with BUY Investment positives Ticker 02386.HK We initiate coverage of Sinopec Engineering Group with a BUY rating CICC investment rating * BUY and a target price of HK$9.70, equivalent to 4.0x 2019e EV/EBITDA or Last close HK$7.87 10x 2019e P/E and offering 23% upside. CICC target HK$9.70 Why a BUY rating? 52wk price range HK$8.80~6.10 Market cap (bn) HK$35 ► Order momentum building. We believe SEG’s order backlog Daily value (mn) HK$91.58 bottomed at end-2016. Order flow improved in 2017 and should Shares outstanding (mn) 4,428 Free float (%) 33 gather momentum in 2018, particularly with a new Daily volume (mn sh) 11.21 management incentive scheme taking effect at end-2017. We Business sector Oil & Gas expect Sinopec’s Rmb200bn capex plan to bring high-margin EPC contracts to SEG, driving up its margins and earnings. 02386.HK HSCEI 148 ► To rebound from 2017 troughs. SEG’s backlog trough at 136 end-2016 suggests a new low in revenue in 2017—but we see 124 more meaningful indicators in 2017 and 2018 orders, expecting them to boost SEG’s earnings by 41% this year and 13% in 2019. 112 Relative Value (%) Value Relative 100 ► Strong cash flow to support higher dividend payout, rerating. 88 Feb-2017 May-2017 Aug-2017 Nov-2017 Feb-2018 We expect strengthening free cash flow and SEG’s net cash position to allow the firm to increase its dividend payout to more than 45%, particularly given the new incentive scheme.
    [Show full text]