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Equip China, Advance Towards the World Contents 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 2014 ANNUAL REPORT 2014 ANNUAL REPORT EQUIP CHINA, ADVANCE TOWARDS THE WORLD CONTENTS Corporate Information 2 Financial Highlights 4 Group Structure 5 Results Highlights 6 Chairman’s Statement 7 Management’s Discussion and Analysis 18 Directors, Supervisors and Senior Management 39 Report of the Board of Directors 55 Report of the Supervisory Committee 76 Corporate Governance Report 79 Social Responsibility Report 91 Independent Auditor’s Report 113 Consolidated Statement of Comprehensive Income 115 Balance Sheets 118 Consolidated Statement of Changes in Equity 121 Consolidated Statement of Cash Flows 123 Notes to the Consolidated Financial Statements 125 CHONGQING MACHINERY & ELECTRIC CO., LTD Corporate Information DIRECTORS Members of the Nomination Committee Executive Directors Mr. Wang Yuxiang (Chairman) Mr. Ren Xiaochang Mr. Jin Jingyu Mr. Wang Yuxiang (Chairman) Mr. Liu Wei Mr. Yu Gang Mr. Huang Yong Mr. Ren Yong Mr. Xiang Hu (appointed on 18 June 2014) Members of the Strategic Committee Non-executive Directors Mr. Wang Yuxiang (Chairman) Mr. Yu Gang Mr. Huang Yong Mr. Ren Yong Mr. Wang Jiyu Mr. Xiang Hu Mr. Yang Jingpu Mr. Huang Yong Mr. Deng Yong Mr. Ren Xiaochang Mr. Jin Jingyu Independent Non-executive Directors Mr. Liu Wei SUPERVISORS Mr. Lo Wah Wai Mr. Ren Xiaochang Mr. Yang Mingquan Mr. Jin Jingyu Mr. Wang Pengcheng Mr. Liu Wei Ms. Wu Yi (appointed on 29 September 2014) (appointed on 29 September 2014) Mr. Huang Hui COMMITTEES UNDER BOARD (appointed on 29 September 2014) OF DIRECTORS Mr. Chen Qing Mr. Zhao Zicheng Members of the Audit Committee LEGAL REPRESENTATIVE Mr. Lo Wah Wai (Chairman) Mr. Jin Jingyu Mr. Wang Yuxiang Mr. Liu Wei COMPANY SECRETARY Mr. Deng Yong Miss Chiu Hoi Shan (Practising Solicitor) Members of the Remuneration Committee (Appointed on 14 October 2014) Mr. Ren Xiaochang (Chairman) QUALIFIED ACCOUNTANT Mr. Lo Wah Wai Mr. Jin Jingyu Mr. Kam Chun Ying, Francis Mr. Wang Jiyu (Certified Public Accountant) 2 Annual Report 2014 Corporate Information (Continued) AUTHORIZED INTERNATIONAL AUDITOR REPRESENTATIVES AND CONTACT INFORMATION PricewaterhouseCoopers Mr. Xiang Hu LEGAL ADVISOR TO No. 60 Middle Section of THE COMPANY Huangshan Avenue, New North Zone, Chongqing City, the PRC S.H. Leung & Co. (As to Hong Kong Laws) Postal code: 401123 Tel.: (86) 023-63075688 PRINCIPAL PLACE OF BUSINESS IN HONG KONG Ms. Chiu Hoi Shan Room 502, 5th Floor, (Appointed on 14 October 2014) China Building, Room 502, 5th Floor, China Building, 29 Queen’s Road Central, Central, 29 Queen’s Road Central, Central, Hong Kong Hong Kong Tel.: 852-2166 9738 WEBSITE OF THE COMPANY ALTERNATE AUTHORIZED REPRESENTATIVE AND www.chinacqme.com CONTACT INFORMATION PRINCIPAL BANKER Mr. Lo Wah Wai 33rd Floor, Shui On Centre, China Merchants Bank No. 6-8 Harbour Road, Wanchai, Chongqing Shangqingsi Sub-branch Hong Kong 1st Floor, Zhong-an International Building Tel.: 852-2802 2191 No.162 Zhongshan Fourth Road Yuzhong District REGISTERED ADDRESS Chongqing City, the PRC No. 60 Middle Section of SHARE INFORMATION Huangshan Avenue, New North Zone, Chongqing City, the PRC Listing Place HONG KONG SHARE The Stock Exchange of Hong Kong Limited REGISTRAR (the “Stock Exchange”) Computershare Hong Kong Investor STOCK CODE Services Limited 02722 Shops 1712-1716, 17th Floor, Hopewell Centre FINANCIAL YEAR END 183 Queen’s Road East Wanchai 31 December Hong Kong Annual Report 2014 3 CHONGQING MACHINERY & ELECTRIC CO., LTD Financial Highlights (RMB ‘000) 2010 2011 2012 2013 2014 (Restated) Revenue and profit Revenue 8,883,202 10,546,001 8,908,032 9,701,044 9,485,570 Profit before taxation 765,058 913,658 488,874 585,223 630,679 Taxation (66,298) (168,463) (30,525) (44,785) (66,906) Profit for the year 698,760 745,195 458,349 540,438 563,773 Attributable to Equity holders of the Company 687,732 737,277 443,446 506,829 511,943 Non-controlling Interests 11,028 7,918 14,903 33,609 51,830 Dividends – Proposed final dividends 294,771 221,078 128,962 184,232 169,493 Earnings per share attributable to equity holders of the Company – Basic (RMB) 0.19 0.20 0.12 0.14 0.14 Assets and liabilities Non-current assets 2,907,784 3,299,965 3,786,175 4,441,363 4,852,425 Current assets 7,264,453 8,460,007 8,457,330 8,408,940 8,782,188 Current liabilities 4,442,554 4,669,679 5,001,485 4,940,234 5,420,311 Net current assets 2,821,899 3,790,328 3,455,845 3,468,706 3,361,877 Total assets less current liabilities 5,729,683 7,090,293 7,242,020 7,910,069 8,214,302 Non-current liabilities 1,155,475 2,123,434 1,759,829 2,023,804 1,963,333 Net assets 4,574,208 4,966,859 5,482,191 5,886,265 6,250,969 Equity attributable to equity holders of the Company 4,509,996 4,924,901 5,143,392 5,518,845 5,844,478 Non-controlling interests 64,212 41,958 338,799 367,420 406,491 The financial information of 2010 and 2011 has not been restated with effect of the adoption of HKFRS 11 ‘Joint Arrangements’ and HKAS 19 ‘Employee Benefit’. 4 Annual Report 2014 Group Structure STRUCTURE OF CHONGQING MACHINERY & ELECTRIC CO., LTD. 40.83% Chongqing Qi-Chi High-New Founding Co., Ltd. 100% Chongqing Qi-Chi Automotive Part Co., Ltd. 5 100% Qijiang Qi-Chi Forging Co., Ltd. 100% Qijiang Gear Transmission Co., Ltd. 100% Qijiang Qi-Chi Xinxin Welfare Co., Ltd. 5% Shandong Xinhai Financing and Guarantee Co., Ltd. (1) （山東鑫海融資擔保有限公司） 34% Knorr-Bremse CAFF Systems for Commercial Vehicles (Chongqing) Ltd. 100% Chongqing CAFF Automotive Braking & Steering System Co., Ltd. 86.63% Jinan Fangda Zhongtan Automobile Suspension Co., Ltd. 44% Chongqing Hongyan Fangda Automobile Suspension Co., Ltd. Automobile Parts and Components Business 94.73% Chengdu Hongyan Fangda Automobile Suspension Co., Ltd. 50% Chongqing Cummins Engine Co., Ltd. 58.4% Shenzhen Chongfa Cummins Engine Co., Ltd. 27% Exedy Chongqing Driving System Co., Ltd. 40% Exedy (Guangzhou) Driving System Co., Ltd. respectively. ） 25% Chongqing Jien Smelting Co., Ltd. 司 100% Chongqing Huahao Smelting Co., Ltd. 公 41.5% Chongqing Youyan Smelting New Materials Co., Ltd. 限 100% Chongqing Water Turbine Works Co., Ltd. 有 100% Chongqing Pigeon Electric Porcelain Co., Ltd. 保 74% Chongqing Pigeon Electric Wires & Cables Co., Ltd. 擔 50% Chongqing Pigeon Electric Materials Co., Ltd. 資 融 65.69% Chongqing Power Transformer Co., Ltd. 37.8% Chongqing ABB Power Transformer Co., Ltd. 海 鑫 Power Equipment Business 東 100% Xilinhot Chenfei Wind Power Equipment Co., Ltd. 91.18% Jilin Chongtong Chengfei New Material Co., Ltd. 山 （ 100% Chongqing General Industry (Group) Co., Ltd. 100% Chongqing Shunchang General Electric Equipment Co., Ltd. 100% Chongqing General Group Bingyang Air-Conditioner Equipment Installation Co., Ltd. Chongqing Machinery & Electric Co., Ltd. 100% Chongqing Pump Industry Co., Ltd. 45% Chongqing Midea General Refrigeration Equipment Co., Ltd 100% Chongqing Jiangbei Machinery Co., Ltd. 100% Chongqing General Industry (Group) Tong Kang Water Affairs Co., Ltd. 100% Chongqing Gas Compressor Factory Co., Ltd. 20% Chongqing Gas Engineering Co., Ltd General Machinery Business 70% Chongqing Yuzhu Tai-Xin Plating Co., Ltd. 100% Chongqing Tool Factory Co., Ltd. 55% Chongqing Huijiang Machine Tools Founding Co., Ltd. 100% Chongqing No. 2 Machine Tools Factory Co., Ltd. 100% Chongqing Shenjian Automotive Drive Part Co., Ltd. 100% Chongqing Machine Tools (Group) Co., Ltd. 100% Chongqing Yinhe Forging & Founding Co., Ltd. 100% Chongqing Shenggong Machinery Manufacture Co., Ltd. 100% Holroyd Precision Ltd. 100%Precision Technologies Group (PTG) Limited 100% Precision Components Ltd. CNC Machine Tools Business 100% PTG Heavy Industries Ltd. 100% Milnrow Investments Ltd. 100% PTG Advanced Developments Ltd. 100% PTG Deutschland GmbH Chongqing Machinery & Electric Co., Ltd., Qijiang Gear Transmission Co., Ltd and Chongqing Machine Tools (Group) Co., Ltd. while respectively, Ltd. Co., Microcredit Electronic and Machinery Zone North New Chongqing of interests equity 10% held Chongqing Pump Industry Co., Ltd., Chongqing General Industry (Group) Co., Ltd. and Chongqing Water Turbine Works Co., Ltd. held 5% equity interests of Chongqing New North Zone Machinery and Electronic Microcredit Co., Ltd. respectively. 100% Chongqing Shengpu Materials Co., Ltd. Qijiang Gear Transmission Co., Ltd. and Chongqing Hongyan Fangda Automobile Suspension Co., Ltd. held 3% and 2% equity interests of Shandong Xinhai Financing and Guarantee Co., Ltd. 100% PTG Investment Development Company Ltd. 51% Chongqing Machinery and Electronics Holding (Group) Finance Co., Ltd. 45% Chongqing New North Zone Machinery and Electronic Microcredit Co., Ltd. (2) (1) (2) Trade and Financial services Annual Report 2014 CHONGQING MACHINERY & ELECTRIC 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 2014 amounted to approximately RMB9,485.6 million, representing a decrease of approximately 2.2% as compared with approximately RMB9,701.0 million for 2013. Profit attributable to the shareholders of the Company for the year ended 31 December 2014 was approximately RMB511.9 million, representing an increase of approximately 1.0% as compared with approximately RMB506.8 million for 2013. Basic earnings per share for the year ended 31 December 2014 amounted to approximately RMB0.14 (2013: approximately RMB0.14). The board of directors (the “Board”) proposed to declare a final dividend of RMB0.046 per share for the year ended 31 December 2014 (2013: RMB0.05). 6 Annual Report 2014 Chairman’s Statement Dear Shareholders, On behalf of the Board, I am pleased to announce the annual results of the Group for the year ended 31 December 2014 (the “Period” or the “Year”).
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