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Midas Holdings Limited ANNUAL REPORT 2014 REPORT ANNUAL DIVERSIFICATION EXPANSION 麥達斯控股有限公司 (於新加坡註冊成立的有限公司) (新加坡股份代號:5EN) (香港股份代號:1021) 2014 ANNUAL REPORT ANNUAL REPORT MIDAS HOLDINGS LIMITED (Hong Kong Stock Code: 1021) Code: Stock Kong (Hong (Singapore Stock Code: 5EN) Code: Stock (Singapore (incorporated in Singapore with limited liability) limited with Singapore in (incorporated Midas Holdings Limited Holdings Midas 多元化拓展 二零一四年年報 FINANCIAL CONTENTS FINANCIAL 17 FINANCIAL HIGHLIGHTS HIGHLIGHTS FINANCIAL 15 CORPORATE INFORMATION INFORMATION CORPORATE 13 EXECUTIVE OFFICERS OFFICERS EXECUTIVE 12 BOARD OF DIRECTORS DIRECTORS OF BOARD 10 MESSAGE FROM THE CHIEF EXECUTIVE OFFICER OFFICER EXECUTIVE CHIEF THE FROM MESSAGE 08 MESSAGE FROM THE EXECUTIVE CHAIRMAN CHAIRMAN EXECUTIVE THE FROM MESSAGE 06 CORPORATE PROFILE PROFILE CORPORATE 02 CORPORATE STRUCTURE STRUCTURE CORPORATE 01 CONTENTS TABLE OF OF TABLE 目錄 01 公司架構 02 公司概覽 06 執行主席致辭 08 行政總裁致辭 10 董事會 12 高級行政人員 13 公司資料 15 財務概要 17 財務目錄 MIDAS HOLDINGS LIMITED ANNUAL REPORT 2014 01 CORPORATE STRUCTURE CORPORATE OFFICE Chen Wei Ping, Executive Chairman Chew Hwa Kwang, Patrick, Chief Executive Officer Wang Jiaxin, Deputy Chief Executive Officer Chan Chee Kin, Chief Financial Officer Jilin Midas Aluminium Industries Co., Ltd Wang Jiaxin, General Manager Shanxi Wanshida Engineering Plastics Co., Ltd Ma Mingzhang, General Manager Luoyang Midas Aluminium Industries Co., Ltd Sun Qixiang, General Manager Jilin Midas Light Alloy Co., Ltd Hou Tiemin, General Manager MIDAS HOLDINGS LIMITED 02 ANNUAL REPORT 2014 CORPORATE PROFILE Incorporated on 17 November 2000 Besides our core business, we have a 32.5% stake in a metro train as an investment holding company, manufacturing company in the PRC, Nanjing SR Puzhen Rail Transport Co., Ltd. listed on 23 February 2004 on (“NPRT”) Singapore Exchange Securities Trading Limited (“SGX-ST”) and ALUMINIUM ALLOY EXTRUDED PRODUCTS DIVISION on 6 October 2010 on The Stock Our Aluminium Alloy Extruded Products Division consists of two wholly-owned Exchange of Hong Kong Limited subsidiaries, namely, Jilin Midas Aluminium Industries Co., Ltd (“Jilin Midas”) (“SEHK”), Midas Holdings Limited and Luoyang Midas Aluminium Industries Co., Ltd (“Luoyang Midas”). This (the “Company” or “Midas”, together division is a leading manufacturer of aluminium alloy extrusion products for with its subsidiaries, referred to the passenger rail transportation sector in the PRC. It is our principal business the “Group”) has grown over the division and accounted for 98.2% of our total revenue for the financial year years to gain recognition as a ended 31 December 2014 (“FY2014”). We are also one of the first and leading manufacturer of aluminium amongst the few in the PRC aluminium alloy extrusion industry to possess alloy extrusion products for the rail capabilities for the downstream fabrication of passenger train car body transportation sector in the People’s components. We have an established track record of supplying aluminium alloy Republic of China (“PRC”). extrusion products to many metro and high speed train projects in the PRC since 2003, representing a majority of the aluminium metro and high speed Under the Group are three business train projects in the PRC during this period. divisions, namely: Our customer base consists of major domestic train manufacturers including (a) the Aluminium Alloy Extruded CNR Changchun Railway Vehicles Co., Ltd, CNR Tangshan Railway Vehicles Products Division, Co., Ltd, NPRT, CSR Zhuzhou Electric Locomotive Co., Ltd., Bombardier Sifang (b) the Polyethylene Pipe ("PE Pipe") (Qingdao) Transportation Ltd, and the top three global train manufacturers, Division, and namely, Alstom Transport (“Alstom”), Siemens AG (“Siemens“) and Bombardier (c) the Aluminium Alloy Plates and Inc. (“Bombardier”). Sheets Division. Our large section aluminium alloy extrusion products are used in a variety of These three divisions are strategically industries. They are utilised in the rail transportation industry to manufacture located in the PRC to take on the body frames of high-speed trains and metro trains. In addition, our aluminium opportunities as well as to capitalise alloy products are also used in power stations for power transmission on the potential benefits of the vast purposes, electrical energy distribution, transmission cables as well as developments that are taking place in the production of mechanical parts for industrial equipment. infrastructure and rail transport sectors. MIDAS HOLDINGS LIMITED ANNUAL REPORT 2014 03 CORPORATE PROFILE Jilin Midas currently has five production lines, with annual production capacity • Beijing to Tianjin High Speed Train of up to 50,000 tonnes and three downstream fabrication lines that are able to Project process train car body components for approximately 1,000 train cars. • Regional Line EMU Phase 1 Project In order to meet the increasing demand from our PRC passenger rail • CRH3-380 Project transportation customers, we are in the process of setting up a new • CRH3-300 Project production plant in Luoyang City, Henan Province. This is in line with our • CRH5 EMU Project strategy to expand our aluminium extrusion capacity in a new geographic • CRH1 EMU Project location beyond north-eastern PRC to be in closer proximity to our customers. • Pearl River Delta Inter-City Train The new plant is expected to commence commercial production in the second Project (Dongguan – Shenzhen quarter of 2015 and we have entered into a master supply agreement with Section) Luoyang CSR Mass Transit Vehicle Co., Ltd (洛陽南車城市軌道車輛有限公司) • Dongguan – Huizhou Inter-City (“Luoyang CSR”). Under the terms of the agreement, Luoyang CSR has Train Project agreed to procure 100% of its requirements for aluminium alloy extrusion • Nanjing – Gaochun Intercity Rail products and fabricated parts from Luoyang plant on a “preferred supplier Project basis”. We are a certified supplier for the Since 2004, we have successfully exported/secured contracts to supply large section aluminium alloy extruded profiles to manufacture body frames for world’s top three renowned train metro train/high speed train projects in various countries, including Belgium, manufacturers, which is a testimony Singapore, Russia, Iran, Saudi Arabia, South Korea, Malaysia, Turkey, Brazil, and endorsement of the quality of our Switzerland, Norway, United States, etc. aluminium alloy extrusion products. This recognition given by Alstom, Moving forward, we aim to expand our international presence by capitalising Siemens and Changchun Bombardier on opportunities emanating from the overseas market. Railway Vehicles Co., Ltd (“CBRC”) has provided us the platform to We have participated in many metro train projects in the PRC since 2003 in expand our business both in the PRC cities including Changchun, Guangzhou, Hangzhou, Kunming, Nanjing, Ningbo, and the international export markets. Shanghai, Shenzhen, Tianjin and Zhengzhou. CBRC is a joint venture between Bombardier, the world leader in We are currently the market leader in supplying large section aluminium alloy rail cars manufacturing, and PRC’s extruded profiles for the railway industry in the PRC. Significantly, we were leading train manufacturer, CNR appointed the supplier for some major high speed and inter-city train projects Changchun Railway Vehicles Co., Ltd. in the PRC, including: MIDAS HOLDINGS LIMITED 04 ANNUAL REPORT 2014 CORPORATE PROFILE In addition, Jilin Midas has entered Broadly categorised into two types of PE pipes, namely the Gas PE Pipes and into a Master Agreement with the Water PE Pipes which are manufactured through the extrusion process. Siemens Aktiengesellschaft, Berlin We manufacture the various parts required in a piping network, including und München, Sector lnfrastructure pipes, joints and fittings. & Cities, Division Rail Systems. Under this agreement, Siemens Our PE Pipe Division accounted for 1.8% of our total revenue for FY2014. As will engage Jilin Midas as a long we consider our PE Pipe Division to be a non-core business, representing a term high technology supplier of relatively small portion of our Group’s revenue, we currently do not have plans aluminium alloy extrusion products in to further expand our PE Pipe business. the context of long term partnership- based cooperation on a global basis. ALUMINIUM ALLOY PLATES AND SHEETS DIVISION Our Aluminium Alloy Plates and Sheets Division will focus on manufacturing The recognition for our manufacturing high precision, high specification aluminium alloy plates, sheets, strips capability of aluminium alloy and foils to further diversify our products. We will target a broader scope extrusion products positions us of transportation related industries, such as aviation, railway, automobile for greater growth in the PRC and and shipbuilding. Testing and trial production is expected to commence in international markets. the second half of 2015 with a planned annual production capacity of up to PE PIPE DIVISION 200,000 tonnes. Our PE Pipe Division manufactures PE pipes for use in gas piping ASSOCIATE networks and water distribution We have a 32.5% equity stake in a Sino-foreign joint venture, NPRT, which networks. started commercial production in 2007. Many PRC cities have plans to build metro lines to facilitate urban transportation; we believe that NPRT will be a Made of high density polyethylene, direct beneficiary of the high growth metro train industry in the PRC given the PE pipes are relatively light-weight limited number of players in the market. and chemically inert. Considered
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