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CITIC Group Corporation Annual Report 2013 the Annual Report Is Printed on Environmentally Friendly Paper

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CITIC Group Corporation Annual Report 2013 the Annual Report Is Printed on Environmentally Friendly Paper CITIC Group Corporation Annual Report 2013 The Annual Report is printed on environmentally friendly paper. The Annual Report is printed on environmentally THE CITIC SPIRIT Law-abiding Upright & Honest Practical & Realistic Innovative Modest & Prudent Working as a Team Industrious & Vigorous & Efficient Self-motivated in Implementation Contents 02 FINANCIAL SUMMARY 46 INVESTOR RELATIONS 04 ORGANISATION CHART 48 CORPORATE GOVERNANCE 08 CHAIRMAN’S LETTER 52 RISK MANAGEMENT 12 BUSINESS HIGHLIGHTS 56 AUDITOR’S REPORT AND FINANCIAL STATEMENTS 14 MANAGEMENT REPORT 138 CONTACT US 28 CORPORATE SOCIAL RESPONSIBILITY 31 BOARD OF DIRECTORS, BOARD OF SUPERVISORS AND SENIOR MANAGEMENT OF CITIC GROUP CORPORATION AND CITIC LIMITED FINANCIAL SUMMARY Distribution of Operating Income Changes of Operating income Growth in Operating Income （Millons of RMB） (Millions of RMB) 320,000 400,000 375,088 29 349,756 .4 269,203 % 6 259,353 4 2 % 280,000 318,976 5 6 . % .9 0 9 7 7 % .9 240,000 300,000 2 263,894 7 200,000 209,065 160,000 200,000 112,446 120,000 95,953 80,000 100,000 2012 40,000 2013 0 0 2012 2013 2009 2010 2011 2012 2013 Distribution of Operating Profit Changes in Operating Profit Growth in Operating Profit (Millions of RMB) (Millions of RMB) 1 70,000 800,000 9. 71,506 49 71,256 % % 1 18 60,000 57,871 5 .5 . % 3 0 7 % 8 57,243 .4 600,000 56,346 1 50,000 46.433 8 40,000 39,300 400,000 30,000 20,000 14,008 200,000 10.561 2012 10,000 2013 0 0 2012 2013 2009 2010 2011 2012 2013 Financial Services Non-financial Services 2013 2012 Results for the year (In millions of RMB) %Changes Operating Income 375,088 349,756 7.2% - of Financial Services 112,446 95,953 17.2% - of Non-Financial Services 269,203 259,353 3.8% - Real Estate and Infrastructure 31,034 16,851 84.2% - Engineering Contracting 18,473 16,453 12.3% - Resources and Energy 101,484 108,220 -6.2% - Manufacturing 56,693 55,762 1.7% - Others 57,250 58,438 -2.0% - Unallocated 4,269 3,629 17.6% - Elimination -6,560 -5,550 18.2% Operating Profit 71,256 56,346 26.5% - of Financial Services 57,871 46,433 24.6% - of Non-Financial Services 14,008 10,561 32.6% - Real Estate and Infrastructure 7,986 5,387 48.3% - Engineering Contracting 2,480 2,866 -13.5% - Resources and Energy -168 -175 3.4% - Manufacturing 2,149 1,313 63.6% - Others 1,992 1,714 16.2% - Unallocated -431 -544 20.9% - Elimination -623 -648 -3.8% Net Profit Attributable to Shareholders of the Company 37,839 30,155 25.5% 2 2013 2012 At the Balance sheet date (In millions of RMB) %Changes Total Assets 4,299,678 3,565,572 20.6% - of Financial Services 3,691,575 2,996,499 23.2% - of Non-Financial Services 718,583 667,514 7.7% - Real Estate and Infrastructure 211,842 189,537 11.8% - Engineering Contracting 38,214 38,173 0.1% - Resources and Energy 168,482 161,915 4.1% - Manufacturing 85,602 82,908 3.2% - Others 85,839 72,104 19.0% - Unallocated 128,605 122,877 4.7% - Elimination -110,480 -98,441 12.2% Total Liabilities 3,871,701 3,185,084 21.6% Total Equity Attributable to Shareholders of the Company 271,910 235,412 15.5% Financial Ratios % % +/(-)% Net Profit Growth 25.48% -17.42% 42.90% Return on Total Assets1 0.96% 0.88% 0.08% Return on Equity2 14.92% 13.69% 1.23% 1 Calculated by dividing net profit by the average of total assets as at the beginning and the end of the year. 2 Calculated by dividing net profit attributable to shareholders of the company by the average of total equity attributable to shareholders of the company as at the beginning and end of the year. Distribution of Total Assets Changes in Total Assets (Millions of RMB) 16 4,000,000 3,691,575 % .2 1 9% .7 1 3,600,000 3 8. 8 % 22 8 % 3,200,000 2,996,499 .7 1 8 2,800,000 2,400,000 2,000,000 1,600,000 1,200,000 718,583 800,000 667,514 2012 400,000 2013 0 2012 2013 Financial Services Non-financial Services Growth in Total Assets Growth in Equity Attributable to Shareholders of the Company (Millions of RMB) (Millions of RMB) 5,000,000 300,000 271,910 4,500,000 4,299,678 250,000 235,412 4,000,000 3,565,572 205,108 3,500,000 3,277,053 200,000 173,556 3,000,000 2,538,266 2,500,000 2,151,727 150,000 137,436 2,000,000 100,000 1,500,000 1,000,000 50,000 500,000 0 0 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 3 ORGANISATION CHART CITIC Group Corporation 99.9% CITIC Limited 100% Beijing CITIC Enterprise Management Co., Ltd. 0.1% 100% CITIC Guoan Group 100% CITIC Asset Management Corporation Ltd. 100% CITIC Networks Co., Ltd. 100% CITIC Machinery Manufacturing Inc., Ltd. 100% CITIC Bohai Aluminium Industries Holding Company Ltd. 100% CITIC Medical & Health Group Co., Ltd. 100% CITIC Ningbo Group 100% CITIC Heavy Machinery Co., Ltd. 100% CITIC International Cooperation Co., Ltd. 100% CITIC International Co., Ltd. 81.71% CITIC Mining Technology Development Co., Ltd. 4 5 ORGANISATION CHART CITIC Limited 70.32% CITIC International Financial Holdings Limited 100% CITIC Holdings 100% CITIC Securities (Zhejiang) Co., Ltd. 66.95% China CITIC Bank Corporation Limited 100% CITIC Wantong Securities Co., Ltd. 20.88% CITIC Securities Co., Ltd. 100% CITIC Securities International Co., Ltd. 62.2% China Asset Management Co., Ltd. 100% CITIC Trust Co., Ltd. 100% CITIC Pacific Special Steel Holdings 50% CITIC-Prudential Life Insurance Co., Ltd. 100% CITIC Pacific Mining Management Pty Ltd. 100% CITIC Pacific China Holding Limited 100% CITIC Finance Company Limited 100% Sunburst Energy Development Co., Ltd. 57.51% CITIC Pacific Ltd. 100% CITIC Port Investment Co., Ltd. 80% CITIC Infrastructure Investment Co., Ltd. 88.37% CITIC Real Estate Co., Ltd. 100% CITIC Industrial Investment Ningbo Co., Ltd. 100% CITIC Heye Investment (Beijing) Co., Ltd. 100% CITIC International Contracting Co., Ltd. Central and Southern China Municipal Engineering 100% Design & Research Institute Co., Ltd. 100% CITIC Land Co., Ltd. CITIC General Institute of Architectural Design 100% and Research Co., Ltd. 100% CITIC Industrial Investment Group Corp., Ltd. 47.31% Joint Stock Company KARAZHANBASMUNAI 100% CITIC Construction Co., Ltd. 90% Tianshi Energy Co., Ltd. 100% CITIC Resources Australia Pty. Ltd. 100% CITIC Engineering Design & Construction Co., Ltd. 49.26% CITIC Dameng Mining Industries Ltd. 59.41% CITIC Resources Holdings Limited 82.82% CITIC Jinzhou Metal Co. Ltd. 52% China Platinum Company 100% CITIC United Asia Investment Ltd. 100% CITIC Metal Hong Kong Investment Limited 100% CITIC Metal Co., Ltd. 37.6% Tianjin Precious Metals Exchange Co., Ltd. 6 CITIC Limited 100% CITIC Australia Pty. Ltd. 100% CITIC Kazakhstan Limited Liability Partnership 71.04% CITIC Heavy Industries Co., Ltd. 100% CITIC Investment Holdings Ltd. 65.3% CITIC Dicastal Co., Ltd. 37.59% Asia Satellite Telecommunications Holding Co., Ltd. 41.42% CITIC Telecom International Holdings Limited 99% Companhia de Telecomunicações de Macau S.A.R.L 100% CITIC Press Group 100% CITIC Tianjin Investment Holding Co., Ltd. 51.03% CITIC Zhonghaizhi Corporation 42.18% China Offshore Helicopter Co., Ltd. 100% CITIC Tourism Group Co., Ltd. 100% CITIC Automobile Co., Ltd. 100% CITIC USA Holding Inc. 100% CITIC Capital Mansion Co., Ltd. 100% CITIC Building Management Co., Ltd. 100% China International Economic Consultants Co., Ltd. 100% Beijing Guoan Football Club Co., Ltd. 7 CHAIRMAN’S LETTER 8 CHAIRMAN’S LETTER To our shareholders, partners and customers: As the world economy came back softly in 2013, three concurrent processes were taking place in China: the growth gears were shifting; the economy was adapting to and weathering painful restructur- ing; the earlier policy stimuli were being assimilated. At CITIC Group, we tapped on our advantage of being both a financial and industrial player, and stayed committed to prudent operation and innovation. This has enabled us to achieve stable and quality growth. We also scored record highs in key business indicators, as operating income increased by 7.2% from prior year to RMB 375.1 billion, and net profit by 25% to RMB 37.8 billion. On the Fortune Global 500 rankings, we climbed 22 spots from last year’s to claim the 172nd place. Reform and innovation continued to be the Group’s drivers for sustainable growth. Many of our busi- nesses responded to changes in market dynamics and regulatory policies by re-crafting strategies to transform themselves, and by searching and re-charting new paths into the future. CITIC Bank focused on developing modern services, consumer finance and internet finance, and has since made good headway. Early signs of success are already showing. CITIC Securities buffered its lead in the tradition- al business, at the same time pursued innovative business ideas such as capital intermediary service to create new profit engines. CITIC Trust continued to surpass its industry peers as it introduced the country’s first land-transfer trust product and explored the potential of high-end wealth management services, including family trust. For our non-financial businesses, CITIC Heavy Machinery leveraged its strengths in technological inno- vation to transform itself, switching from mere equipment manufacturing to providing high-end, green and integrated industrial solutions.
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