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中 國 航空科 技 工 業股份 有限公 司 中 國 航空科 技 工 業股份 有限公 司 ( 在中華人民共和國註冊成立的股份有限公司) (A joint stock limited company incorporated in the People’s Republic of China with limited liability) (股票代碼:2357) (Stock Code : 2357) ANNUAL REPORT 2019 ANNUAL REPORT 年報 2019年報年報 A2019nnual Report Contents 2 Company Profile 4 Financial Highlights 7 Chairman’s Statement 10 Management Discussion and Analysis 22 Directors, Supervisors and Senior Management 29 Report of the Board 50 Report of the Supervisory Committee 51 Corporate Governance Report 72 Environmental, Social & Governance Report 100 Independent Auditor’s Report 107 Consolidated Statement of Profit or Loss 108 Consol idated Statement of Profit or Loss and Other Comprehensive Income 109 Consolidated Statement of Financial Position 112 Consolidated Statement of Changes in Equity 114 Consolidated Statement of Cash Flows 117 Notes to the Consolidated Financial Statements 245 Definitions 250 Corporate Information 2017 Annual Report 1 Company Profile The Company is a joint stock limited company established in the PRC on 30 April 2003. The Company’s H Shares have been listed on the Hong Kong Stock Exchange since 30 October 2003 (stock code: 2357). As at the date of this report, the shareholders of the Company mainly include AVIC and Airbus Group (空中客車集團). The Company principally operates through its subsidiaries. The Group is mainly engaged in: • the development, manufacture, sales and upgrade of defense products and civil aviation products such as provision of helicopters, trainer aircraft, general-purpose aircraft and regional jets for domestic and overseas customers; and • the co-development and manufacture of aviation products with foreign aviation products manufacturers. 2 AviChina Industry & Technology Company Limited Company Profile PRINCIPAL PRODUCTS OF THE GROUP The Z-8, Z-9, Z-11 helicopters series (including AC series); L15, K8 and CJ6 (PT6) trainers series; Y-12 multi-purpose aeroplanes series and the N-5 agricultural aeroplanes series; EC-120 helicopters jointly produced by the Group and Airbus Helicopters; CA109 helicopters jointly produced by the Group and Agusta S.p.A; aviation parts and components, avionics products and its accessories; aviation engineering services, such as planning, design and consultation services, etc. CORPORATE STRUCTURE OF THE GROUP (As at 31 December 2019) AviChina 39.78% 43.21% 43.77% 100% 100% 100% 100% 100% JONHON Hongdu Harbin Optronic AVIC Avionics Aviation Aviation Tianjin AVIC CAPDI AviChina AviChina Capital (SZ002179) (SH600372) (SH600316) Group Aviation Hong Kong 6.56% 28.21% 31.75% AviChina Intelligent Jingdezhen AVICOPTER Surveying & Helicopter R&D (SH600038) Mapping Branch Electric Keeven Avionics Oriental Precision Electrical Instrument Instrument Xiangtong Changfeng AVIC Lanfei AVIC Kaitian AVIC Forstar Photoelectric Hafei Aviation Optoelectronic Shaanxi Huayan Taixing Aviation Helicopter Tianjin Lanzhou Aviation Changhe Aviation Qianshan Avionics Huiyang Company Shenyang Xinghua Shanghai Aviation Taiyuan Instrument AVIC Optoelectronics 2019 Annual Report 3 Financial Highlights CONSOLIDATED PROFIT AND LOSS (Prepared under International Financial Reporting Standards) (RMB million, other than basic and diluted earnings per share) For the year ended 31 December 2019 2018 Changes (restated) Revenue 42,119 35,756 17.80% Profit before income tax 3,234 2,898 11.59% Profit attributable to the equity holders of the Company 1,377 1,286 7.08% Gross profit margin 21.40% 21.80% -0.40% Earnings per share for profit attributable to the equity holders of the Company (RMB) – Basic 0.220 0.215 2.33% – Diluted 0.220 0.215 2.33% CONSOLIDATED ASSETS AND LIABILITIES (Prepared under International Financial Reporting Standards) (RMB million) As at 31 December 2019 2018 Changes (restated) Total assets 90,744 87,949 3.18% Total liabilities 52,194 51,751 0.86% Non-controlling interests 20,069 18,857 6.43% Owner’s equity (other than non-controlling interests) 18,481 17,340 6.58% 4 AviChina Industry & Technology Company Limited Financial Highlights Financial information on the Group’s comprehensive business in the recent five years starting from 1 January 2015 is summarized as follows: (Prepared under International Financial Reporting Standards) (RMB million, other than basic and diluted earnings per share) As at 31 December/For the year ended 31 December 2019 2018 2017 2016 2015 (restated) Total assets 90,744 87,949 78,933 71,628 67,112 Total liabilities 52,194 51,751 47,773 42,665 40,692 Non-controlling interests 20,069 18,857 16,451 15,161 13,760 Owner’equity (other than non-controlling interests) 18,481 17,340 14,709 13,802 12,660 Revenue 42,119 35,756 32,597 36,834 34,424 Profit before income tax 3,234 2,898 2,758 2,652 2,646 Profit attributable to the equity holders of the Company 1,377 1,286 1,222 1,160 1,143 Gross profit margin 21.40% 21.80% 22.84% 19.11% 19.43% Earnings per share for profit attributable to the equity holders of the Company (RMB) – Basic 0.220 0.215 0.205 0.194 0.192 – Diluted 0.220 0.215 0.205 0.194 0.192 2019 Annual Report 5 Financial Highlights TOTAL ASSEST REVENUE (RMB million) (RMB million) 100,000 48,000 90,000 40,000 80,000 70,000 32,000 60,000 50,000 24,000 40,000 16,000 30,000 20,000 8,000 10,000 0 0 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 PROFIT ATTRIBUTABLE TO EQUITY BASIC EARNINGS PER SHARE FOR PROFIT HOLDERS OF THE COMPANY ATTRIBUTABLE TO EQUITY HOLDERS (RMB million) OF THE COMPANY (RMB) 1,500 0.25 1,200 0.20 900 0.15 600 0.10 300 0.05 0 0.00 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 6 AviChina Industry & Technology Company Limited Chairman’s Statement To all shareholders: On behalf of the Board of the Company, I am pleased to present the consolidated annual results of the Group for the year of 2019. ANNUAL RUSULTS For the year ended 31 December 2019, the Group recorded a revenue of RMB42,119 million and the profit attributable to equity holders of the Company amounted to RMB1,377 million, achieving growths in both revenue and profit. BUSINESS REVIEW During 2019, the global economic growth rate dropped to the trough for the past decade, the risks and challenges both domestically and internationally increased dramatically, mounting more downward pressure on the Chinese economy. Facing the sophisticated external environment, AVIC continued to deepen its reforms and strived for high-quality development by adhering to the development strategy in the new era. At the same time, AVIC further fulfilled its social responsibilities and pushed forward steady development of its various businesses. In the grand celebration with a military parade for the 70th anniversary of the founding of the People’s Republic of China, multiple types of aircraft products researched, developed and produced by AVIC were showcased in the blue sky, which demonstrated the achievements made in the development of AVIC. AVIC has successfully convened the event of “Aviation Day (通航日)”, aiming to explore the general aviation market through innovative measures. By establishing an Aerial Silk Road Alliance, AVIC has further implemented the “Aerial Silk Road” plan and opened new markets along the “Belt and Road”. Following the spirit and belief of “Chasing dreams in the blue sky with loyalty and dedication”, AVIC has achieved hard-earned prominent results, and has been listed in the 2019 Fortune Global 500 for eleven consecutive years and ranked the 151st in the list. As a listed company in Hong Kong engaging in the aviation manufacturing business, the Company has been serving as an important platform for AVIC. The Company has set its strategic goal of becoming a flagship company to provide high-tech aviation products and services universally applied for military and civil purposes, and has been promoting the development of the aviation industry persistently. During 2019, the Company increased the speed and efficiency for access to and transfer of capital, and pushed forward the acquisition of 100% equity interests in AVIC Helicopter to optimize the helicopter industrial chain so as to enhance the overall competitiveness of its helicopter products. It has completed the asset swap of Hongdu Aviation, thereby optimizing its resources allocation and improving its quality as a listed company. By enhancing its capabilities in terms of aviation product development and system protection generally, the Group has expanded its defense product business. It has also paid constant attention to the development of core products and enhancement of core capabilities in respect of aviation parts and components, and it has strengthened its research and development capabilities. Meanwhile, it has optimized its investments in high-tech aviation industry, improved industry layout for its unmanned aerial vehicle business, and fully participated in the construction of 5G platforms. Besides, the Company has been dedicated to improving its corporate governance and investor relations by proactively performing its social responsibilities and promoting brand building. In the list of “Top 100 HK Stocks (港股100強)” for 2018 among Hong Kong listed companies issued by Top 100 Hong Kong Listed Companies Research Centre, the Company ranked 33rd in terms of overall competitiveness and ranked 11th in terms of companies with most investment value. Moreover, the Company has received a number of major awards, including the “New Fortune HK Listed Company with the Best IR in 2018”, the “China’s (Global) Top 100 Listed Companies Award” and the “Golden Bauhinia Award of China Securities – Best Listed Company”. 2019 Annual Report 7 Chairman’s Statement All the past experiences comprise a prologue to tomorrow. The Board will tackle the problems by proactively conducting review and drawing conclusion. We are well aware that the civil aviation market and international cooperation are yet to be further developed by the Group, and the operation quality and synergistic development within the Group still have much room for improvement.
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