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ANNUAL REPORT 2013 3 Overview of Business Data

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ANNUAL REPORT 2013 3 Overview of Business Data CHINA COAL ENERGY COMPANY LIMITED CHINA COAL ENERGY COMPANY (A joint stock limited company incorporated in the People's Republic of China with limited liability) Stock Code : 01898 2013 Annual Report 2013 Annual Report ADD : 1, HUANGSI DAJIE, CHAOYANG DISTRICT, BEIJING, CHINA POST CODE : 100120 TEL : (010) 82236028 FAX : (010) 82256484 www.chinacoalenergy.com Contents 2 Overview of Key Financial Data 4 Overview of Business Data 6 Organisation Chart of the Company 8 Chairman’s Statement 12 Management Discussion and Analysis of Financial Conditions and Operating Results 32 Business Performance 44 Capital Expenditure 52 Technological Innovation 55 Investor Relations 57 Safety, Health, Environmental Protection and Social Responsibility 60 Directors, Supervisors and Senior Management 69 Directors’ Report 89 Supervisory Committee’s Report 92 Corporate Governance Report 107 Human Resources Report 111 Independent Auditor’s Report 242 Financial Summary for Recent Five Years 243 Company Profile 246 Definitions Note: In this report, unless otherwise indicated, all financial indicators are presented in RMB. Overview of Key Financial Data Summary of Consolidated Balance Sheet Unit: RMB100 million As at As at Notes to 31 December 31 December Percentage financial Items 2013 2012 change statements (Restated) (%) Assets 2,165.20 1,856.99 16.6 Of which: Property, plant and equipment 1,100.15 855.10 28.7 Note 7 Mining and exploration rights 325.67 324.79 0.3 Note 9 Investment in associates 95.60 84.84 12.7 Note 11 Inventories 68.06 66.97 1.6 Note 18 Trade and notes receivables 128.95 113.94 13.2 Note 19 Term deposits with initial terms of over 3 months 82.05 94.71 –13.4 Note 21 Cash and cash equivalents 112.33 132.23 –15.0 Note 21 Equity 1,030.93 1,014.31 1.6 Of which: Equity attributable to the equity holders of the Company 878.11 867.37 1.2 Non-controlling interests 152.82 146.94 4.0 Liabilities 1,134.27 842.68 34.6 Of which: Long-term borrowings 297.75 201.71 47.6 Note 24 Long-term bonds 298.68 199.06 50.0 Note 25 Provision for close down, restoration and environmental costs 11.74 11.74 – Note 29 Trade and notes payable 226.31 161.02 40.5 Note 27 Taxes payable 17.85 21.85 -18.3 Note: The Group acquired the 100% equity interests in Guangdong China Coal Import and Export Company Limited from China Coal Southern Energy Resources Company Limited, a subsidiary of China Coal Group in September 2013. The opening balance and the relevant data for the comparative period have been restated (same as below). Summary of consolidated income statement Unit: RMB100 million For the For the Notes year ended year ended to 31 December 31 December Percentage financial Items 2013 2012 change statements (Restated) (%) Revenue 823.16 872.92 –5.7 Note 6 Cost of sales 709.20 699.89 1.3 Gross profit 113.96 173.03 –34.1 Profit from operations 68.79 128.07 –46.3 Profit before income tax 64.01 127.89 –49.9 Profit for the year 46.20 95.75 –51.7 Profit attributable to the equity holders of the Company 38.05 88.42 –57.0 Basic earnings per share attributable to equity holders of the Company (RMB/Share) 0.29 0.67 –56.7 Note 35 2 CHINA COAL ENERGY COMPANY LIMITED Summary of the operating results of the segments (for the year ended 31 December 2013 and as at 31 December 2013) Unit: RMB100 million Coal Coal mining Non- Coal chemicals equipment Other operating Items operations operations operations operations segments Elimination Total Revenue 689.61 40.52 74.47 36.94 – –18.38 823.16 Of which: Revenue from external sales 686.10 40.52 68.35 28.19 – – 823.16 Profit from operations 70.88 0.09 3.12 –0.76 –4.50 –0.04 68.79 Profit before income tax 65.57 –0.46 3.11 –1.17 –3.00 –0.04 64.01 Assets 1,235.05 402.49 157.17 86.97 322.82 –39.30 2,165.20 Liabilities 307.03 221.76 53.96 44.51 540.18 –33.17 1,134.27 Summary of consolidated cash flow statement Unit: RMB100 million For the For the year ended year ended 31 December 31 December Items 2013 2012 (Restated) Net cash generated from operating activities 67.88 108.87 Net cash used in investing activities -292.47 -318.89 Net cash generated from financing activities 204.74 133.11 Net decrease in cash and cash equivalents -19.85 -76.91 Cash and cash equivalents at the beginning of the period 132.23 209.08 Net foreign exchange (losses)/gains -0.05 0.06 Cash and cash equivalents at the end of the period 112.33 132.23 Reconciliation of profit before tax to net cash generated from operations Unit: RMB100 million For the For the year ended year ended 31 December 31 December Items 2013 2012 (Restated) Profit before tax 64.01 127.89 Adjustments for Depreciation and amortisation 52.06 46.97 Net (gains)/losses from disposal of property, plant and equipment -0.24 0.13 Provision for impairment of available for sale financial assets, receivables, inventories and property, plant and equipment 2.37 2.34 Share of profits of associated and jointly controlled entities -1.52 -2.36 Foreign exchange gains, net -1.42 -0.71 Losses on disposal of investments 0.13 0.37 Interest and dividend income -6.10 -8.12 Interest expense 13.64 11.19 Changes in working capital 1.12 -20.73 Decrease in provision for employee benefits -0.97 -0.31 (Decrease)/Increase in provision for close down, restoration and environmental costs -0.40 0.22 Net cash generated from operating activities 122.68 156.88 ANNUAL REPORT 2013 3 Overview of Business Data Items 2013 2012 Change (%) (1) Coal operations (10 thousand tonnes) Production volume of commercial coal 11,868 11,440 3.7 Sales volume of commercial coal 16,101 14,954 7.7 Of which: Sales volume of self-produced commercial coal 11,531 11,112 3.8 (2) Coal Chemical Operations (10 thousand tonnes) Production volume of coke 191 170 12.4 Sales volume of coke 243 229 6.1 Of which: Sales volume of self-produced coke 193 177 9.0 Production volume of methanol 12.4 13.4 –7.5 Sales volume of methanol 17.9 19.1 –6.3 Production volume of urea 16.2 ☆ – Sales volume of urea 12.2 ☆ – (3) Coal mining equipment operations Production value of coal mining equipment (RMB100 million) 64.8 85.0 –23.8 Sales volume of coal mining equipment (10 thousand tonnes) 34.3 39.2 –12.5 Notes: 1. The Company is concurrently responsible for the sales of all methanol products produced by Heilongjiang Coal Chemical Group, a subsidiary of China Coal Group. 2. The Company’s coke oven gas produced chemical fertiliser project in Lingshi of Shanxi came officially on stream in June 2013. The sales volume of urea for the reporting period only comprises the data since June. 3. ☆:N/A for the period (same as below). Production volume of Production volume of raw coal commercial coal (10 2013 2012 Change Unit: 10 thousand tonnes thousand tonnes) (%) 14,537 15,660 Pingshuo Company 9,134 8,967 1.9 Shanghai Energy Company 783 766 2.2 China Coal Huajin Company 555 192 189.1 Dongpo Company 653 792 –17.6 Nanliang Company 204 210 –2.9 Tang Shan Gou Company 137 150 –8.7 2012 2013 Shuozhong Company 522 617 –15.4 Dazhong Company 318 370 –14.1 Shaanxi Company 154 60 156.7 Total 11,868 11,440 3.7 Notes: 1. 5.92 million tonnes raw coal produced by Dongpo Company and washed by Shuozhong Company were eliminated from the total commercial coal production volume in 2013, while 6.84 million tonnes were eliminated in 2012. 2. As the Hecaogou Coal Mine of Shaanxi Company has not been consolidated into the Company, the commercial coal production volume of Shaanxi Company was calculated based on management statistics. 4 CHINA COAL ENERGY COMPANY LIMITED Sales volume of commercial coal 2013 2012 Change Production value of coal mining 2013 2012 Change (10 thousand tonnes) (%) equipment (RMB100 million) (%) (1) Domestic sales of self-produced coal 11,488 11,048 4.0 Conveyor equipment 25.8 33.3 –22.5 By region: North China 4,596 4,662 –1.4 Support equipment 19.1 27.1 –29.5 Road header 6.8 7.5 –9.3 East China 4,633 4,552 1.8 Shearer 6.9 7.6 –9.2 South China 1,270 1,547 –17.9 Electric mining motor 6.2 9.5 –34.7 Others 989 287 244.6 Total 64.8 85.0 –23.8 By coal type: Thermal coal 11,030 10,945 0.8 Coking coal 458 103 344.7 Sales volume of coke 2013 2012 Change By contract: Long-term (10 thousand tonnes) (%) contract 6,911 5,211 32.6 Self-produced 193 177 9.0 Spot trading 4,577 5,837 –21.6 Of which: Metallurgical coke 193 144 34.0 By transportation: Seaborne 8,521 7,814 9.0 Foundry coke ☆ 33 –100.0 Direct arrival 1,580 1,419 11.3 Proprietary and Local sales 1,387 1,815 –23.6 agency 50 52 –3.8 (2) Self-produced coal export 43 64 –32.8 Total 243 229 6.1 By region: Taiwan, China 43 48 –10.4 Coal resource reserve As of the Percentage Korea ☆ 5 –100.0 (100 million tonnes) end of 2013 (%) Japan ☆ 11 –100.0 By base: By coal type: Thermal coal 43 64 –32.8 Shanxi 82.2 42.2 By contract: Long-term Inner Mongolia-Shaanxi 96.3 49.5 contract 43 64 –32.8 Jiangsu 8.1 4.1 (3) Proprietary trading 4,119 3,364 22.4 Xinjiang 6.2 3.2 Of which: Domestic resale 3,995 2,941 35.8 Heilongjiang 1.8 0.9 Import trading 94 415 –77.3 By coal type: Transshipment Thermal coal 163.1 83.8 trading 27 5 440.0 Coking coal 31.5 16.2 Self-operated Total 194.6 100 exports 3 3 – Notes: 1.
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