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Half-Year Report 2020 Tower, G Kong Ic.Com Avenue, Hon Oor, CITIC .Cit 852 2820 2111 852 2877 2771 Al, Fl

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Half-Year Report 2020 Tower, G Kong Ic.Com Avenue, Hon Oor, CITIC .Cit 852 2820 2111 852 2877 2771 Al, Fl CITIC CITIC LIMITED Stock code: 00267 LI M IT ED H alf-Ye a r Re por t t 2020 Half-Year Report 2020 CITIC Limited Registered Oce 32nd Floor, CITIC Tower, 1 Tim Mei Avenue, Central, Hong Kong Tel +852 2820 2111 Fax +852 2877 2771 www.citic.com Our Company CITIC Limited (SEHK: 00267) is one of China’s largest conglomerates and a constituent of the Hang Seng Index. Tracing our roots to the beginning of China’s opening and reform, CITIC has grown in step with the country’s rise and modernisation. We have built a remarkable portfolio of businesses with a focus on financial services, resources and energy, manufacturing, engineering contracting and real estate. We are driven today by the same values on which we were founded: a pioneering spirit, a commitment to innovation and a focus on the long term. We embrace world-class technologies and aim for international best practices. We are guided by a strategy that is consumer-centric, commercially-driven, and far-sighted in the allocation of capital and resources. Our platform is unique in its diversity and scale, allowing CITIC to capture emerging opportunities in China and around the world. Guiding us as we grow is our fundamental commitment to create long-term value for all of our shareholders. Our Businesses Financial Services Resources and Energy CITIC Bank (65.97%) CITIC Resources (59.50%) CITIC Trust (100%) CITIC Mining International (100%) CITIC-Prudential Life (50%) CITIC Metal Group (100%) CITIC Securities (15.47%) CITIC Pacific Energy Investment (100%) Manufacturing Engineering Contracting CITIC Pacific Special Steel (83.85%) CITIC Construction (100%) CITIC Dicastal (42.11%) CITIC Engineering (100%) CITIC Heavy Industries (67.27%) Real Estate Others CITIC Pacific Properties (100%) CITIC Telecom International (58.11%) CITIC Urban Development & Dah Chong Hong (100%) Operation (100%) CITIC Industrial Investment (100%) CITIC Environment (100%) CITIC Press (73.50%) As at 30 June 2020 Contents 2 Highlights 4 Chairman’s Letter to Shareholders 8 Financial Review 22 Risk Management 29 Human Resources 30 Past Performance and Forward Looking Statements Financial Statements 31 Consolidated Income Statement 33 Consolidated Statement of Comprehensive Income 34 Consolidated Balance Sheet 36 Consolidated Statement of Changes in Equity 38 Consolidated Cash Flow Statement 40 Notes to the Consolidated Financial Statements 128 Report on Review of Interim Financial Information Statutory Disclosure 129 Interim Dividend and Closure of Register of Members 130 Share Option Plan Adopted by CITIC Limited 130 Share Option Plan Adopted by Subsidiaries of CITIC Limited 132 Directors’ Interests in Securities 133 Interests of Substantial Shareholders 134 Purchase, Sale or Redemption of Listed Securities 134 Corporate Governance 138 Review of Half-Year Report 138 Compliance with the Model Code for Securities Transactions by Directors 139 Update on Directors’ Information 140 Corporate Information CITIC Limited Half-Year Report 2020 1 Highlights Half-year ended 30 June Increase/ HK$ million 2020 2019 (Decrease) % Revenue 255,802 277,176 (7.7%) Profit before taxation 46,544 57,194 (19%) Profit attributable to ordinary shareholders 27,014 33,518 (19%) Basic earnings per share (HK$) 0.93 1.15 (19%) Diluted earnings per share (HK$) 0.93 1.15 (19%) Dividend per share (HK$) 0.10 0.18 (44%) Net cash generated from operating activities 73,458 11,770 524% Capital expenditure 10,683 10,026 6.6% 30 June 31 December Increase/ HK$ million 2020 2019 (Decrease) % Total assets 8,477,252 8,289,924 2.3% Total liabilities 7,582,696 7,395,433 2.5% Total ordinary shareholders’ funds 596,963 591,526 0.9% Revenue from Profit attributable to Business assets external customers ordinary shareholders Increase/ Increase/ Increase/ (Decrease) (Decrease) (Decrease) excluding excluding excluding the effect Half-year the effect Half-year the effect As at Increase/ of currency ended Increase/ of currency ended Increase/ of currency Business 30 June (Decrease) translation 30 June (Decrease) translation 30 June (Decrease) translation HK$ million 2020 % (Note) % (Note) 2020 % % 2020 % % FINANCIAL SERVICES 7,900,819 2.6% 4.5% 116,984 4.5% 9.9% 21,948 (14%) (9.8%) RESOURCES AND ENERGY 135,226 0.7% 0.7% 46,340 (3.2%) (3.2%) 706 (66%) (66%) MANUFACTURING 110,528 (5.7%) (5.3%) 42,548 (29%) (28%) 2,809 (20%) (19%) ENGINEERING CONTRACTING 56,716 (3.9%) (2.0%) 7,736 (2.2%) 2.6% 380 (46%) (43%) REAL ESTATE 172,681 3.8% 4.4% 2,934 55% 57% 3,528 (0.3%) (0.4%) OTHERS 139,128 (15%) (14%) 39,234 (18%) (18%) 2,355 115% 118% Note: As compared with total balances as at 31 December 2019. 2 CITIC Limited Half-Year Report 2020 Business assets Financial services Non-financial businesses HK$ billion 7,901 7,704 640 614 As at 31 December 2019 As at 30 June 2020 Assets of non-financial businesses Resources and energy Manufacturing Engineering contracting Real estate Others HK$ billion 134 135 117 111 59 57 166 173 163 139 As at 31 December 2019 As at 30 June 2020 Profit attributable to ordinary shareholders Net profit attributable to ordinary shareholders HK$ million 53,903 50,239 43,146 43,902 33,518 27,014 2016 2017 2018 2019 First half year First half year (Restated) of 2019 of 2020 CITIC Limited Half-Year Report 2020 3 Chairman’s Letter to Shareholders challenges we are facing across our operations. For the first six months of the year, CITIC Limited’s profit attributable to ordinary shareholders was HK$27 billion, including HK$2.4 billion from the sale of our 22% stake in the McDonald’s business in mainland China and Hong Kong. The profit was down 19% against the same period in 2019. Excluding the Renminbi to HK Dollar conversion effect, profit fell 16%. At the end of June, CITIC Limited had HK$38 billion in cash and available facilities. The board recommends an interim dividend payment of HK$0.10 per share, which is HK$0.08 less than the same period last year. The reduction in dividend reflects the lower profit for the period and the challenging outlook for the remainder of 2020. BUSINESS PERFORMANCE The financial services segment recorded HK$21.9 billion in profit contribution, 14% less than the corresponding period in 2019. Higher provisions made at CITIC Bank and CITIC Trust were a key factor in the profit decline, reflecting Dear Shareholders, the impact of the pandemic and slower economic growth. Profits at CITIC Bank and The last half year has been extraordinary. The CITIC Trust were RMB25.5 billion and RMB1.1 worldwide outbreak of COVID-19 triggered one billion, a respective decrease of 9.8% and 35% of the greatest economic shocks in decades. year-on-year. Consumer and business activity has been brought to a halt, and six months later, many Operationally, CITIC Bank’s net interest income countries remain in the grip of the pandemic. The grew 5.6% as total assets increased during the scale and nature of the disruption confronting period. However, net interest margin narrowed us and others in so many industries is simply as the bank transitioned to a loan prime rate that unprecedented. reflects lower prevailing market rates. The bank also lowered lending rates to provide support to As I discussed earlier this year, we anticipated corporate customers impacted by the pandemic a very tough 2020 and our results reflect the and the overall macroeconomic environment. 4 CITIC Limited Half-Year Report 2020 Conversely, non-interest income increased by 18% affected by a loss from its casting business, mainly due to higher gain on investments. CITIC- mainly as a result of temporary production Prudential Life achieved a profit growth of 67% suspensions at the KSM facility in Germany during to RMB777 million, driven by a rise in premium the COVID-19 outbreak. income as well as higher investment income. CITIC Securities’ profit rose 38% to RMB8.9 billion. At CITIC Heavy Industries, profit increased by 77% to RMB169 million driven by the solid In the non-financial segment, profit contribution performance of the heavy machinery and its from the manufacturing business was HK$2.8 related services businesses. The company’s special billion. The 20% decline from a year ago is robotics business also contributed to the bottom largely attributable to CITIC Limited’s reduced line. shareholdings in CITIC Pacific Special Steel and CITIC Dicastal. Operationally, unanticipated The resources and energy business contributed supply chain disruptions negatively impacted this HK$706 million, a decrease of 66%. This was segment, particularly CITIC Dicastal. However, mainly due to a HK$431 million loss recorded CITIC Pacific Special Steel delivered a stable at CITIC Resources resulting from the sharp performance and CITIC Heavy Industries recorded decline in the price of crude oil. CITIC Metal’s a profit increase. operational performance was also impacted by lower commodity prices, particularly copper and CITIC Pacific Special Steel was able to achieve a ferroniobium; profit, however, increased by 18% profit of RMB2.75 billion, on par with the same to HK$695 million as a result of higher investment period last year, despite the rising cost of raw income. Our Australian magnetite iron ore mine materials, particularly iron ore and coke, as well maintained its profitability for the reporting as reduced demand from overseas markets and period due to a buoyant iron ore price, consistent lower product prices. The business increased sales production and ongoing efforts to reduce by successfully cultivating new customers in the operating costs. Securing timely and necessary domestic market, rapidly adjusting the product life-of-mine approvals remains a priority and mix to reduce reliance on underperforming is critical to the long-term sustainability of the industries and executing ground-level controls to project.
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