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Annual Report Annual 2020

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Annual Report Annual 2020 Stock Code: 1133 2020 ANNUAL REPORT 2020 ANNUAL REPORT CONTENTS OVERVIEW OF THE COMPANY 2 FINANCIAL HIGHLIGHTS 4 CHAIRMAN’S STATEMENT 6 MANAGEMENT DISCUSSION AND ANALYSIS 8 DIRECTORS, SUPERVISORS AND SENIOR 16 MANAGEMENT DIRECTORS' REPORT 25 REPORT OF THE BOARD OF SUPERVISORS 42 CORPORATE GOVERNANCE REPORT 44 INDEPENDENT AUDITORS’ REPORT 61 CONSOLIDATION BALANCE SHEET 67 BALANCE SHEET 72 CONSOLIDATION INCOME STATEMENTS 77 INCOME STATEMENTS 80 CONSOLIDATION CASH FLOW STATEMENT 83 CASH FLOW STATEMENT 86 CONSOLIDATION STATEMENTS OF CHANGES 89 IN EQUITY STATEMENTS OF CHANGES IN EQUITY 91 NOTES TO 2020 FINANCIAL STATEMENTS 93 DISCLOSURE OF SIGNIFICANT EVENTS 295 INFORMATION ON THE COMPANY 298 DOCUMENTS AVAILABLE FOR INSPECTION 300 OVERVIEW OF THE COMPANY Harbin Electric Company Limited (the “Company”), was formed through the restructuring of relevant entitles including former Harbin Electrical Machinery Works, Harbin Boiler Workers and Harbin Turbine Works (the “three major power factories”). Located in Harbin, China, the Company was incorporated on 6 October 1994 and listed on the Stock Exchange of Hong Kong Limited on 16 December 1994 with its stock code of “01133”. As at 31 December 2020, the total share capital of the Company comprised of 1,706,523,000 shares of which 675,571,000 were H shares traded on the HKSE. The Company and its subsidiaries are one of the largest manufacturers of power plant equipment in China, with a power plant equipment of production capacity of 30,000 MW per annum. The Group’s principal activities and products include: • thermal power main equipment: boilers, steam turbines and steam turbine generators with single unit capacity up to 1,000 MW class, accounting for over 30% of the installed capacity of thermal power in China; • Hydro power main equipment: hydro power generators units with single unit capacity up to 1,000 MW, accounting for 50% of the installed capacity of hydro power in China; • Nuclear power main equipment: nuclear island and conventional islands equipment for nuclear power plants with single unit capacity up to 1,400 MW class; • Complete set of steam power equipment: 9F/9H class gas turbine and combined gas and steam cycle set; • Clean energy: R&D and production of products such as solar energy, tidal power and desalination; • Other products: ancillary equipment for power stations, industry boilers, industrial steam turbines, control devices, AC/ DC motors, valves for power stations, pressure vessels and axial compressor, etc.; 2 HARBIN ELECTRIC COMPANY LIMITED OVERVIEW OF THE COMPANY (CONTINUED) • Turnkey construction of power station projects; • Service for complete sets of thermal and hydro power equipment; • Import and export of equipment for power stations; • After-sales service for power station equipment products; • R&D of engineering technology for complete sets of power equipment; • R&D of power equipment and its ancillary products; • Environmental protection engineering services, such as desulfurization, denitrification and dust removal. Based on the domestic market, the Company actively adopts an “outbound” strategy, exporting its main equipment and ancillary equipment products for thermal power, hydro power and nuclear power etc. to more than 40 countries and regions such as India and Brazil. At the same time, it is engaged in the turnkey construction of thermal power stations, wind farms, hydro power station equipment and power transportation and transformation projects both in China and overseas, as well as BOT and BOO businesses. The Company brings together a pool of top talents in scientific research, technology and management, as well as a comprehensive system for quality assurance and quality control with a range of advanced production and research facilities. Its capabilities in research and development, production and manufacturing and power station construction rank the top in the power equipment manufacturing industry in China. Annual Report 2020 3 FINANCIAL HIGHLIGHTS SUMMARY OF RESULTS, ASSETS AND LIABILITIES OF THE PAST FIVE YEARS Year ended 31 December Unit 2020 2019 2018 2017 2016 Operating Income RMB’000 23,760,400 22,515,591 25,879,461 31,540,324 30,929,421 Total Profits RMB’000 76,958 217,143 156,854 343,366 657,169 Net profits attributable to owners of parent RMB’000 -7,281 106,173 71,317 194,227 413,283 Total assets RMB’000 57,961,256 55,082,667 56,541,983 64,838,093 65,867,508 Total liabilities RMB’000 41,761,206 39,226,502 40,232,952 48,695,941 51,225,093 Minority interests RMB’000 522,836 276,526 1,282,749 1,271,401 1,209,321 Interests attributable to owners of parent RMB’000 15,677,215 15,579,639 15,026,282 14,870,751 13,433,093 Net assets per share RMB 9.187 9.129 8.805 8.714 9.757 Earnings per share RMB -0.004 0.062 0.042 0.141 0.300 4 HARBIN ELECTRIC COMPANY LIMITED FINANCIAL HIGHLIGHTS (CONTINUED) Year ended 31 December 2020 Year ended 31 December 2019 Contribution to Contribution to Income operating profit Income operating profit RMB‘000 RMB‘000 RMB‘000 RMB‘000 Main thermal power equipment 8,710,410 1,284,811 8,348,147 1,480,651 Main hydro power equipment 2,454,051 412,062 2,682,222 413,668 Nuclear power 1,467,610 374,936 1,289,081 305,283 Engineering services for power stations 6,405,089 -198,466 5,453,118 94,917 Power equipment accessories and parts 931,422 101,645 1,188,633 162,399 A.C./D.C.motors and other products and services 3,791,818 728,502 3,554,390 867,361 Total 23,760,400 2,703,491 22,515,591 3,324,279 Expenses not allocated to major products -2,626,533 -3,107,137 Total Profits 76,958 217,143 Annual Report 2020 5 CHAIRMAN’S STATEMENT Dear shareholders, On behalf of the Board, I hereby present the 2020 annual report of Harbin Electric Company Limited (the "Company") and its subsidiaries. In 2020, in the face of severe and complicated domestic and international situation, especially the severe impact of the COVID-19 epidemic, the Company always aimed to build a world-class equipment manufacturing enterprise with global competitiveness, made every effort to coordinate the work of epidemic prevention and control as well as production and operation, and achieved remarkable results in promoting the high-quality development of enterprises. During the Reporting Period, operating income and product output increased by 5.53% and 62.69% year on year, respectively. During the 13th Five- Year Plan period, the accumulated operating income was approximately RMB134,625 million and the total profit was nearly RMB1,451 million, and achieved 11.9% of the labor productivity of all employees and 7.6% of compound annual growth rate of average wage, realizing improvement in both employee income and enterprise efficiency and making significant contribution to ensuring the safe, stable and effective supply of electricity and the economic and social development of the country. During the reporting period, the Company made every effort to promote various key tasks such as deepening reform, industrial transformation and technological innovation, and strived to achieve high-quality development. The Company unswervingly promoted deepening reform, accelerated the modernization construction of the governance system and governance capability, and constantly removed the institutional and structural obstacles which restricted high-quality development. The Company has made key breakthroughs in industrial transformation and actively entered into new fields and industries through joint ventures, acquisitions and mergers, consolidation and reorganization, scientific research and cooperation, etc., and made positive progress in the fields of fuel cells, hydrogen energy, medium and small gas turbines, etc.. The Company has taken a new step in technological innovation, and strengthened its innovation capability construction, made positive progress in the research and development of “neck-jamming” technology, and carried out extensive cooperation with domestic and foreign research institutes, universities and enterprises. The scientific and technical talent team building has been continuously strengthened, the incentive mechanism for technological innovation has been further improved, and the pace of innovation has been accelerated. The leading role of capital operation has become more effective. The layout of industry development has been continuously optimized, and the newly formed finance leasing company has officially operated. The Company has continuously made new breakthroughs in its investment business. At present, with the rapid adjustment of the global energy structure, China’s energy supply and demand generally continues to grow steadily. With the Chinese government’s targets of CO2 Emission Peak and Carbon Neutrality, clean energy has become the dominant trend of the future energy development. In 2021, there are both serious risk challenges and significant strategic opportunities. The impact of the new round of technological revolution has gradually deepened, and the advanced manufacturing industry has become the main battlefield for manufacturing enterprises. In the establishment of “3060” new development pattern, new energy development will see greater development opportunities, clean, green and low carbon will become the dominant trend in the future energy development, the transformation direction of power industry will become clearer, and equipment manufacturing enterprises will transform into more focused areas. In the next five years, the Company’s industrial transformation is expected to usher in a window period and a period of rapid development.
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