歲月長青 EVERGREEN 2019 年年報 Annual Report
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SIIC ENVIRONMENT HOLDINGS LTD. 上海實業環境控股有限公司 (Incorporated in the Republic of Singapore with limited liability) (於新加坡共和國註冊成立的有限公司) Stock Code 股份代號 : 807.HK/BHK.SG 歲月長青 EVERGREEN 2019 年年報 Annual Report CONTENTS 目錄 Corporate Mission 2 公司使命 Corporate Profile 3 公司簡介 Business Structure 4 業務架構 Project Location Map 5 項目分佈地圖 Chairman’s Statement 6 主席致辭 Financial Review 10 財務回顧 Management’s Discussion 13 管理層討論與分析 and Analysis Project Overview 18 項目一覽 Directors’ and Senior 36 董事及高級管理人員 Management’s Profile 簡介 Corporate Information 51 公司信息 Corporate Governance Report 55 企業管治報告 Directors’ Statement 114 董事報告 Independent Auditor’s Report 124 獨立核數師報告 Consolidated Statement of 130 綜合損益表 Profit or Loss Consolidated Statement of Profit or 131 綜合損益及其他全面 Loss and Other Comprehensive Income 收入表 Statements of Financial Position 132 財務狀況表 Statements of Changes in Equity 134 權益變動表 Consolidated Statement of 140 綜合現金流量表 Cash Flows Notes to Financial Statements 143 財務報表附註 Statistics of Shareholdings 273 持股統計數據 CORPORATE MISSION 公司使命 Backed by an established corporate track record, technological excellence and strong 上海實業環境控股有限公司擁有良好的經營業績、出 mergers and acquisitions capabilities, SIIC Environment Holdings Ltd. envisages itself as 眾的技術服務與強大的併購能力,致力於融產結合的 a leading investor and operator in the environment industry in the People’s Republic of 發展模式,是中華人民共和國環境產業運營與投資領 China by adhering to the development model of integrating industry and finance. In the 域的領軍者。在謀求企業發展的同時,我們也承擔著 pursuit of company growth, we remain committed to protecting the planet, conserving 維護地球、保護環境、珍惜自然資源的使命。 the environment and preserving natural resources. 2 SIIC ENVIRONMENT HOLDINGS LTD. 上海實業環境控股有限公司 CORPORATE PROFILE 公司簡介 SIIC Environment Holdings Ltd. (“SIIC Environment”, stock code: BHK.SG, 807.HK) is 上海實業環境控股有限公司(簡稱「上實環境」,股 a top-tier integrated player in China’s water and environmental markets. It is engaged 份代號:BHK.SG,807.HK)是一家在中國水務及環保市 in wastewater treatment, water supply, sludge treatment, solid waste incineration and 場具有領先地位的綜合性企業。主營業務涉及污水 other environment related businesses. Headquartered in Singapore and listed on the 處理、供水、污泥處理、固廢焚燒發電及其它環保 Mainboard of SGX-ST, the Company successfully launched on the Mainboard of SEHK 相關領域。本公司總部設立於新加坡並在新交所主 in 2018. The controlling shareholder of SIIC Environment, Shanghai Industrial Holdings 板上市,2018年成功登陸香港交易所主板市場。上實 Limited (“SIHL”, SEHK stock code:363.HK), was established in 1996, with infrastructure, 環境控股股東為上海實業控股有限公司(簡稱「上實 real estate and consumer products as the core businesses. The important strategic 控股」,香港交易所股份代號:363.HK),成立於1996 investor of the Company, China Energy Conservation and Environmental Protection 年,以基建設施、房地產和消費品為核心業務。本公 Group (“CECEP”), is a state-owned enterprise mainly engaged in energy conservation 司重要戰略投資者中國節能環保集團有限公司(簡稱 and environmental protection, which was reorganized and established in 2010 with the 「中節能」)是經國務院批准於2010年重組成立的以節 approval of PRC’s state council. SIIC Environment has shown tremendous growth and 能環保為主業的中央企業。上實環境業務高速發展, continued to increase its market share in China’s environmental sector. 規模增長迅速,在中國環保市場的佔有份額不斷提 高。 SIIC Environment is an active investor and operator in the environmental protection 上實環境是環保行業積極活躍的投資者與運營者,在 industry, with an operating history of more than 15 years in China. Currently, it boasts 中國已有超過十五年的經營歷史。目前,公司在中國 an overall portfolio of more than 200 water treatment and supply projects, 8 waste 擁有超過200個污水處理及供水項目,8個固廢焚燒發 incineration projects and 10 sludge treatment projects across 19 municipalities and 電項目,以及10個污泥處理項目,業務覆蓋中國19個 provinces in China, namely Shandong, Guangdong, Hubei, Hunan, Jiangsu, Shanghai, 省及直轄市,即山東、廣東、湖北、湖南、江蘇、上 Zhejiang, Jiangxi, Anhui, Fujian, Guangxi, Ningxia, Henan, Liaoning, Inner Mongolia, 海、浙江、江西、安徽、福建、廣西、寧夏、河南、 Shanxi, Sichuan, Jilin and Heilongjiang. 遼寧、內蒙古、山西、四川、吉林和黑龍江。 Leveraging on the Group’s distinctive strategic positioning and business model, SIIC 上實環境憑藉本集團獨特的戰略定位與商業模式,將 Environment will continue to expand its business in water and solid waste treatment 繼續壯大水務及固廢業務,並積極尋求其它環保領域 and explore opportunities in other environmental-related markets such as industrial 的市場機會,如工業廢水處理、海水淡化、污泥處理 wastewater treatment, seawater desalination, sludge treatment and disposal, soil 處置、土壤修復,再生能源,水處理技術及污染防治 remediation, renewable energy, water treatment technology and pollution prevention. The 等領域。集團致力於不斷拓展市場份額,提升規模及 Group is committed to expanding its market share, increasing its scale and efficiency, 效益,鞏固其在中國水務及環保產業第一梯隊的領先 and consolidating its leading position in China’s water and environmental protection 位置。 industry. Annual Report 2019年年報 3 BUSINESS STRUCTURE 業務架構 Water Treatment and Supply 水務處理 Central (Wuhan Business Unit) 華中 (武漢分部) South (Nanfang Business Unit) 華南 (南方分部) North (Weifang Business Unit) 華北 (濰坊分部) Northeast (Longjiang Business Unit) 東北 (龍江分部) East (Fudan Business Unit) 華東 (復旦分部) Waste Incineration 固廢發電 4 SIIC ENVIRONMENT HOLDINGS LTD. 上海實業環境控股有限公司 project location map 項目分佈地圖 Heilongjiang 黑龍江 Jilin Northeast BU 吉林 東北分部 Liaoning 遼寧 Inner Mongolia 內蒙古 Shanxi 山西 Ningxia Shandong 寧夏 山東 North BU 華北分部 Jiangsu Henan 江蘇 河南 Anhui 安徽 East BU Shanghai 上海 Hubei 華東分部 湖北 Sichuan Central BU Zhejiang 四川 華中分部 浙江 Jiangxi Hunan 江西 湖南 Fujian 福建 South BU 華南分部 Guangdong 廣東 Guangxi 廣西 Waste Incineration projects 固廢發電項目 Annual Report 2019年年報 5 CHAIRMAN’S STATEMENT 主席致辭 Dear Valued Shareholders, 各位尊敬的股東: On behalf of the Board of Directors, I am pleased to inform you that SIIC Environment Holdings Ltd. (“SIIC Environment” or the “Company”, together with its subsidiaries, collectively the “Group”) recorded a healthy improvement in results while maintaining a sound asset position and sufficient liquidity for the 12 months ended 31 December 2019 (“FY2019”), attributable to strict adherence and efficient implementation of correct development strategies. 我謹代表董事會,欣然向各位宣佈上海實業環境控股有限 公司(簡稱「上實環境」或「本公司」或連同其附屬公司, 連稱「本集團」)選擇並堅持正確的發展策略,以本集團 高效的執行力,於截至2019年12月31日之12個 月 (「 2019財 年」)業績錄得穩健增長,集團資產狀況良好,資金充足。 6 SIIC ENVIRONMENT HOLDINGS LTD. 上海實業環境控股有限公司 In 2019, China’s rapid economic development and progress in urbanization had certain 2019年中國高速的經濟發展和城市化建設釋放一定量 positive effects on the environmental protection industry. Since the issuance of the 級的環保紅利,政府自2018年出臺《打贏藍天保衛戰 <Three-Year Action Plan for Winning the Battle for a Blue Sky> by the government 三年行動計劃》,環保政策的實施落地超於預期,治 in 2018, the progress made in implementing environmental protection policies has 理「水土固廢氣」的大監管格局已經形成,環保產業 exceeded expectations. The regulatory environment on the control of “water, soil, solid 已經從政策播種時代全面進入了政策深耕時代。我們 waste and air” has formed, indicating that the policies for environmental protection 預期2020年基建環保產業的融資環境將適度放寬,本 industry have shifted from the stage of sowing to refining. We expect the financing 集團將繼續抓住利好的政策和融資環境,重啟本集團 environment for the environmental infrastructure industry to moderately loosen in 2020. 的市場整合行動。 The Group will continue to leverage the favorable polices and the financing environment to resume the Group’s plan in integrating the market. Besides, we will continue to follow the national strategic approach of China and 我們也將繼續緊隨中國國家戰略方針,與地方政府密 collaborate closely with local governments. In addition, we will expand our business 切合作。此外,拓展在亞太地區環保行業的發展,抓 of the environmental protection industry in the Asia-Pacific region and seize the 住機遇期和黃金期,致力於提供更多現代化的環保服 opportunities during the critical period to provide more cutting-edge environmental 務。 protection services. Strive Forward Over Stiff Windheads 滄海橫流 穩健續航 In 2019, the Group focused on the development of expansion and upgrading of 2019年,本集團精准把握環保政策和市場週期,重點 wastewater treatment plants, acquired several large-scale exquisite waste incineration 發展污水處理廠提標擴建項目;積極獲取具一定規模 projects, intensified its deployment in waste incineration power generation sector and 的高品質固廢焚燒發電項目,加強在固廢焚燒發電處 continuously enhanced the industrial wastewater treatment and sludge disposal business 理領域的佈局;不斷夯實工業污水處理和污泥處理業 in view of the environmental policies and market cycle. The Group realized a steady 務,連續九年實現穩定增長,各項盈利指標穩步上 growth during nine consecutive years and saw a solid upswing in each profit indicator. 揚。雖滄海橫流,我們穩健續航。 Despite twists and turns, we strapped our boots and strived forward. During the 12 months ended 31 December 2019, the Group’s revenue increased by 截至2019年12月31日止12個月,本集團收入增長12.2% 12.2% to RMB5.96 billion, primarily due to higher water treatment and water supply 至人民幣59.6億元,收入增長的主要原因為較高污水 sales volume and rising wastewater treatment tariff. The water business grew steadily and 處理量和供水銷售量,以及較高的污水處理水價。 remained the largest contributor to the Group’s revenue. Revenue from water supply and 水務項目依舊挑起本集團收入大樑,穩健上升,供 wastewater treatment amounted to RMB5.53 billion, increasing by 11.1% over last year. 水及污水業務合計收入達人民幣55.3億元,同比增長 Besides, during the year, the Group captured the business opportunity in a timely manner 11.1%。另外,本集團在年內及時把握商業契機,與 to enter into cooperation with the leading companies in the industry to solidify market 行業巨頭積極展開項目合作,固廢焚燒發電業務取得 positioning in waste incineration sector, which was proved to be effective and recorded 長足發展,收入同比增長42.3%至人民幣1.54億元。毛 a revenue of RMB154 million, increasing by 42.3% over last year. Gross profit also 利亦增長22%至人民幣19.3億元,主要歸功於營運收 increased by 22% to RMB1.93 billion, primarily due to the increase in operating income. 入的增加。歸屬公司持有人利潤增長11.1%至人民幣6 Profit attributable to owners of the Company increased by 11.1% to RMB600 million. 億元。 In terms of finance, the Group keeps a strict control over financial risks and actively 財務方面,本集團始終嚴格管控金融風險,主動追求 seeks for a healthy financial structure. During the year, the Group’s cash and cash 健康的財務結構。年內,本集團現金及現金等價物