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(H Share) 1000 NON-AC CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED ANNUAL REPORT 2020 1 NON-AC CONTENTS Corporate Profile 2 Performance Highlights 3 Chairman’s Statement 7 Business Overview 10 Management’s Discussion and Analysis 33 Report of the Board of Directors 46 Report of the Supervisory Committee 81 Corporate Governance Report 85 Profile of Directors, Supervisors and Senior Management 96 Investor Relations 101 Independent Auditor’s Report 106 Consolidated Statement of Profit or Loss 110 Consolidated Statement of Comprehensive Income 111 Consolidated Statement of Financial Position 112 Consolidated Statement of Changes in Equity 114 Consolidated Statement of Cash Flows 116 Notes to Financial Statements 118 Terms & Glossaries 237 Corporate Information 239 CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED ANNUAL REPORT 2020 2 CORPORATE PROFILE The Company was incorporated on 8 October 2006 and was initiated and founded by CCCG (a state-owned enterprise under the SASAC) through restructuring as approved by the State Council. Its H shares were listed on the Main Board of the Hong Kong Stock Exchange with stock code of 01800.HK on 15 December 2006. It is the first ultra large state-owned infrastructure enterprise entering the overseas capital market. The Company’s A shares were listed on the Shanghai Stock Exchange with stock code of 601800.SH on 9 March 2012, representing a leap-and-bound advance taken by the Company in the course of its development. As a leading transportation infrastructure enterprise in the PRC, the Group is the industry leader in each of its core businesses, namely infrastructure construction, infrastructure design and dredging. Leveraging on its extensive operating experience, expertise and know-how accumulated from projects undertaken across a wide range of areas over the years, the Company is capable of providing integrated solutions throughout each stage of infrastructure projects for its customers. The Company is the world’s largest port, road and bridge design and construction company, and the world’s largest dredging company; it is also the largest international contractor and highway investor in China; and the Company also owns the largest engineering fleet in the world. The Company currently has 37 principal wholly-owned or controlled subsidiaries. The Company operates its businesses in all provinces, cities, and autonomous regions of China, including Hong Kong and Macau Special Administrative Regions, and has established its global presence in 139 countries and regions. As an important holding subsidiary of CCCG, the Company played a decisive role in the business performance of CCCG. CCCG has been rated as a Grade A enterprise in the Operating Results Assessment of State-owned Enterprises conducted by the SASAC for fifteen consecutive years, and it has been rated as a Grade A enterprise in the Party Building Accountability Assessment conducted by the SASAC in consecutive years. CCCG has ranked the first among Chinese enterprises in ENR’s Top International Contractors for fourteen consecutive years. Meanwhile, CCCG ranked the 78th in the Fortune Global 500. Through designing and constructing in state-level engineering construction projects, the Group has set many records recognised as the “first”, the “best” and the “most” in the history of port and bridge construction not only in the PRC but also the rest of Asia and around the world. Construction projects such as the Sutong Yangtze River Bridge, Shanghai Yangshan Deepwater Port, Yangtze River Mouth Deepwater Navigation Channel Regulation Project, Hainan Project, and the Hong Kong-Zhuhai- Macau Bridge reflected the state-of-the-art standard of China, and that of the world. The Group entered the railway market since the market opened and participated in the design and construction of over 130 national key railway projects, including Harbin-Dalian PDL, Beijing-Shanghai PDL, Lanzhou-Chongqing Railway, Lunan High Speed Railway, etc. Meanwhile, the Group proactively participated in the railway projects of “Going Global”, and the Mombasa-Nairobi Railway in Kenya and the Nairobi-Maraba Railway Phase I Project was designed and constructed by the Group on the basis of the construction standards of railway in China. A number of overseas projects of the Company have won the Luban Award, the National Quality Project Award and the ENR’s awards, and have established a number of landmark projects, quality projects, and people’s livelihood projects overseas. The Company places great emphasis on scientific research and development which would improve the Company’s competency and guidance in operation. Following the direction of “making innovations and leapfrog advances in key areas, supporting development and thus creating a better future”, the Company gradually perfects the three-level scientific innovation system, namely the decision-making level of the headquarters, the execution level of secondary enterprises and innovative platforms and the application level of tertiary enterprises and the project division. The Company continues to optimize the structure and layout of innovative platforms and determines to establish a “three-level and three-type” innovative platform system with key laboratories, R&D centres and enterprise technology centres at national, provincial and group levels as the core, to achieve the objectives to establish three types of scientifically innovative platform by carry out fundamental research on application at key laboratories, engineering and industrial R&D at R&D centres, and supporting production and operation at enterprise technology centres. The Company has a total of 13 innovation platforms at national level, 78 innovation platforms at provincial level and 19 innovation platforms at group level, totaling 110 innovation platforms of all types and at all levels altogether. This basically forms a group of innovation platforms that covers each session within the innovation chain and assembles the characteristics of fundamental research on applications, technology research and development, achievement transformation, and industrialization. The Company owns 11 Post-Doctoral research centres and 3 academician research centres and has systematically nurtured a pool of scientific experts and a professional innovation team by leveraging on innovation platforms and the establishment of key scientific research projects and key engineering projects to create a nurturing model of a “three-in-one” professional team of scientific calibers with its resources on talents, teams and platforms. In 2020, a leading group for scientific and technology innovation and core technology breakthroughs, a high-end scientific and technology think tank and a special committee of young scientific and technology backbones were set up, which, together with the Company’s expert committee, form a sound “1+3” decision-making and consultation system for science and technology innovation of the Company. The Company has been accumulatively awarded with 40 National Science and Technology Advancement Awards, 5 Technological Invention Awards, 100 Luban Awards, 295 National Quality Project Awards (including 31 golden awards), 93 Zhan Tianyou Awards, 2 Chinese Golden Patent Awards and 24 Chinese Outstanding Patent Awards. The Company has accumulatively participated in the compilation of 111 national standards and 406 industry standards that have been promulgated, and had a total of 13,697 authorized patents. The Group owns a diverse range of specialised equipment, including modern dredging vessels, various equipment for marine and onshore engineering, as well as various state-of-the-art machinery and equipment for investigation, design and research, which gives the Group competitive advantages to win and perform contracts for challenging large-scale complex projects. By insisting on the vision of “making the world more expedite, making the city more habitable, making life more beautiful”, adhering to the corporate mission “fostering sustainable development with firm foundation and good morality”, and persisting on the corporate spirit of “communicating with the world and constructing without boundaries”, CCCC will spare no efforts to become a globally competitive world-class enterprise with technology, management and quality and start a new journey of high-quality development in the new era. CHINA COMMUNICATIONS CONSTRUCTION COMPANY LIMITED ANNUAL REPORT 2020 3 PERFORMANCE HIGHLIGHTS For the year ended 31 December RMB million (except per share data) 2020 2019 Change (%) Revenue 624,495 553,114 12.9 Gross Profit 80,036 69,297 15.5 Operating Profit 34,405 34,132 0.8 Profit attributable to owners of the Company 16,475 19,999 (17.6) Basic earnings per share (RMB)(Note 1) 0.92 1.16 (20.7) As at 31 December RMB million 2020 2019 Change (%) Total assets 1,304,169 1,123,414 16.1 Total liabilities 946,365 827,004 14.4 Total equity 357,804 296,410 20.7 Capital and reserves attributable to owners of the Company 245,071 229,916 6.6 For the year ended 31 December Value of New Contracts 2020 2019 RMB million Number of projects Value of Contracts Value of Contracts Change (%) Infrastructure Construction Business 2,166 950,883 851,924 11.6 －Port Construction 407 37,942 28,405 33.6 －Road and Bridge Construction 609 276,907 272,622 1.6 －Railway Construction 28 15,455 16,941 (8.8) －Urban Construction 859 418,912 346,172 21.0 －Overseas Projects 263 201,667 187,784 7.4 Infrastructure Design Business 5,105 47,730 47,509 0.5 Dredging Business 578 58,837 52,783 11.5 Other Businesses N/A 9,349 12,467 (25.0) Total N/A 1,066,799 964,683 10.6 As at 31 December Backlog 2020 2019 RMB million Number of projects Value of Contracts Number of projects Value of Contracts Infrastructure Construction Business 5,483 2,602,729 6,604 1,810,347 Infrastructure Design Business 16,229 129,743 10,849 85,062 Dredging Business 2,076 170,065 1,658 95,017 Other Businesses N/A 7,785 N/A 11,460 Total N/A 2,910,322 N/A 2,001,886 Notes: 1. In calculating the amount of basic earnings per share, the interests/dividends with an aggregate amount of RMB1,586 million shall be excluded from profits 2.
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