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Interim Report 2020 TABLE of CONTENTS

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Interim Report 2020 TABLE of CONTENTS ai160031543513_CSSR IR20 full cover_output_18.4mm.pdf 1 17/9/2020 下午12:03 IMPORTANT NOTES I. The Board, the Supervisory Committee and the Directors, Supervisors and senior management of the Company confirm that information contained in this interim report is true, accurate, and complete without any false and misleading statements or material omissions, and severally and jointly accept legal responsibility for the above. II. Save as mentioned below, all Directors of the Company attended the meeting of the Board for approving this interim report. Absent Directors were: Position held by absent Director Name of absent Director Reasons for absence Name of proxy Director Chen Zhongqian Work Chen Ji Director Sheng Jigang Work Xiang Huiming Director Shi Jun Work Han Guangde III. The financial information contained in this interim report is unaudited. The Audit Committee of the Company has reviewed and approved the interim results and financial report of the Company for the period ended 30 June 2020. IV. Han Guangde, the person in charge of the Company, Hou Zengquan, the person in charge of accounting and Xie Weihong, the head of accounting department (accountant in charge), have declared that they guarantee the truthfulness, accuracy and completeness of the financial statements contained in this interim report. V. The Company will not make profit distribution or issue new bonus shares by conversion of capital reserve for the first half of 2020 (First half of 2019: Nil). VI. This interim report contains forward-looking statements that involve future plans and development strategies which do not constitute a commitment by the Company to its investors. Investors should be aware of the investment risks. VII. No controlling shareholder or related party of the Company has misappropriated funds of the Company. VIII. No guarantee has been provided by the Company in violation of the required decision-making procedures. IX. The relevant risks which might exist have been described in this report in details, please refer to Section IV Management’s Discussion and Analysis for the risks that the Company might face. X. As at the date of this interim report, the Board comprises eleven Directors, namely executive Directors Mr. Han Guangde, Mr. Chen Zhongqian, Mr. Chen Liping, Mr. Sheng Jigang, Mr. Xiang Huiming and Mr. Chen Ji, non-executive Director Mr. Shi Jun and independent non-executive Directors Mr. Wang Yichu, Mr. Min Weiguo, Mr. Liu Renhuai and Mr. Yu Shiyou. XI. This report is prepared in both Chinese and English. In case of any discrepancy, the Chinese version shall prevail. CSSC Offshore & Marine Engineering (Group) Company Limited 1 Interim Report 2020 TABLE OF CONTENTS SECTION I DEFINITIONS 3 SECTION II COMPANY PROFILE AND KEY FINANCIAL INDICATORS 4 SECTION III BUSINESS OVERVIEW OF THE COMPANY 8 SECTION IV MANAGEMENT’S DISCUSSION AND ANALYSIS 10 SECTION V SIGNIFICANT EVENTS 19 SECTION VI CHANGES IN ORDINARY SHARES AND SHAREHOLDERS 33 SECTION VII DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT 35 SECTION VIII FINANCIAL REPORT 36 CSSC Offshore & Marine Engineering (Group) Company Limited Interim Report 2020 2 SECTION I DEFINITIONS Unless otherwise stated in context, the following terms should have the following meanings in this report: Definitions of frequently used terms Board the board of Directors China or PRC The People’s Republic of China Company or COMEC CSSC Offshore & Marine Engineering (Group) Company Limited CSSC China State Shipbuilding Corporation Limited CSSC Chengxi CSSC Chengxi Shipbuilding Co., Ltd., a wholly-owned subsidiary of CSSC Holdings Chengxi Yangzhou CSSC Chengxi Yangzhou Shipbuilding Company Limited, directly and indirectly wholly-owned subsidiary of CSSC Holdings CSSC Holdings China CSSC Holdings Limited, a listed company controlled by CSSC Director(s) the director(s) of the Company DWT (deadweight tonnage) deadweight capacity with ton as unit Group CSSC Offshore & Marine Engineering (Group) Company Limited and its subsidiaries GSI Guangzhou Shipyard International Company Limited, in which the Company owns a 46.3018% equity interest Huangchuan Ocean Engineering Guangzhou Huangchuan Ocean Engineering Co., Ltd., a wholly-owned subsidiary of Huangpu Wenchong Huangpu Wenchong CSSC Huangpu Wenchong Shipbuilding Company Limited, a 54.5371%-owned subsidiary of the Company Listing Rules the Rules governing the Listing of Securities on the Stock Exchange SFO or Securities and the Securities and Futures Ordinance, Chapter 571 of the laws of Hong Kong Futures Ordinance SSE The Shanghai Stock Exchange Stock Exchange The Stock Exchange of Hong Kong Limited Wenchong Shipyard Guangzhou Wenchong Shipyard Co., Ltd., a wholly-owned subsidiary of Huangpu Wenchong WUYIGE WUYIGE Certified Public Accountants LLP CSSC Offshore & Marine Engineering (Group) Company Limited 3 Interim Report 2020 SECTION II COMPANY PROFILE AND KEY FINANCIAL INDICATORS I. INFORMATION OF THE COMPANY Chinese name of the Company 中船海洋與防務裝備股份有限公司 Chinese abbreviation 中船防務 English name of the Company CSSC OFFSHORE & MARINE ENGINEERING (GROUP) COMPANY LIMITED English abbreviation COMEC Legal representative of the Company Han Guangde II. CONTACT PERSONS AND CONTACT METHODS Secretary to the Board Authorised Securities Representative Name Li Zhidong Yu Wenbo Contact address 15th Floor, Marine Tower, No. 137 Gexin Road, 15th Floor, Marine Tower, No. 137 Gexin Road, Haizhu District, Guangzhou, China Haizhu District, Guangzhou, China Telephone 020-81636688 020-81636688 Fax 020-81896411 020-81896411 E-mail [email protected] [email protected] III. CHANGES OF GENERAL INFORMATION Registered address of the Company 15th Floor, Marine Tower, No. 137 Gexin Road, Haizhu District, Guangzhou, China Postal code 510250 Office address of the Company 15th Floor, Marine Tower, No. 137 Gexin Road, Haizhu District, Guangzhou, China Postal code 510250 Website comec.cssc.net.cn E-mail [email protected] Index to searches of changes during For details, please refer to the Company’s Announcement on Completion of Change the Reporting Period of Registered Address and Re-issue Business License by COMEC on the SSE website (www.sse.com.cn), the Stock Exchange website (www.hkexnews.hk) and the Company website (comec.cssc.net.cn) on 6 April 2020 IV. INFORMATION DISCLOSURE AND PLACE FOR INSPECTION Names of newspapers designated for information disclosure China Securities Journal, Securities Times and Securities Daily Website designated by the CSRC for publishing interim reports www.sse.com.cn Website of the Stock Exchange www.hkexnews.hk Place for inspection of interim reports of the Company Office of the Board Index to searches of changes during the Reporting Period – V. BASIC INFORMATION OF THE SHARES OF THE COMPANY Stock exchange on Stock Stock Stock abbreviation Type of shares which the shares are listed abbreviation code before change A Shares The Shanghai Stock Exchange COMEC 600685 GSI H Shares The Stock Exchange of Hong Kong Limited COMEC 00317 Guangzhou Ship CSSC Offshore & Marine Engineering (Group) Company Limited Interim Report 2020 4 SECTION II COMPANY PROFILE AND KEY FINANCIAL INDICATORS VI. MAJOR ACCOUNTING DATA AND FINANCIAL INDICATORS OF THE COMPANY (i) Key accounting figures Unit: Yuan Currency: RMB Reporting Period Corresponding period Key accounting information (From January to June) of last year Change (%) Operating income 4,293,181,183.56 7,816,085,319.68 -45.07 Net profit attributable to shareholders of the Company 3,102,837,570.74 390,750,329.92 694.07 Net profit attributable to shareholders of the Company after deduction of non-recurring gains and losses -298,961,032.30 -421,908,383.84 Not applicable Net cash flows from operating activities -2,737,517,979.55 -3,200,477,314.96 Not applicable As at the end of the Reporting Period As at the end of last year Change (%) Net assets attributable to shareholders of the Company 13,403,584,460.53 10,148,256,838.77 32.08 Total assets 37,238,825,773.31 52,304,069,154.98 -28.80 (ii) Key financial indicators Reporting Period Corresponding period Key financial indicators (From January to June) of last year Change (%) Basic earnings per share (RMB/share) 2.1951 0.2764 694.18 Diluted earnings per share (RMB/share) 2.1951 0.2764 694.18 Basic earnings per share after deduction of -0.2115 -0.2985 Not applicable non-recurring gains and losses (RMB/share) Weighted average return on equity (%) 27.37 3.93 Increase of 23.44 percentage points Weighted average return on equity after deduction -2.64 -4.25 Increase of of non-recurring gains and losses (%) 1.61 percentage point CSSC Offshore & Marine Engineering (Group) Company Limited 5 Interim Report 2020 SECTION II COMPANY PROFILE AND KEY FINANCIAL INDICATORS Explanation on the major accounting data and financial indicators of the Company 1. During the reporting period, upon the completion of disposal of 27.4214% of the equity in GSI, the Company will only hold 46.3018% of the equity interests in GSI and due to loss of its control over GSI, GSI will no longer be included in the consolidation scope of the Company since 1 March 2020. The Company’s closing balance of balance sheet does not consolidate the data of GSI, and the amount for the period on income statement and cash flow statement only consolidated the data of GSI from January to February. (1) Changes in the scope of consolidation have varying degrees of impact on certain items of the balance sheet, income statement and cash flow statement of the Company; (2) Due to loss of its control over the subsidiary, it is subject to adjustments in accordance with relevant requirements on accounting treatment for loss of control over an investee as a result of partial disposal of equity investment under the Accounting Standards for Enterprises No.33-Consolidated Financial Statements. The Company recognised the investment income of RMB3.390 billion during the Reporting Period, of which: RMB1.04 billion is recognized for gain on disposal of equity, the remaining equity is re-measured at the fair value to recognise the investment income of RMB1.76 billion and the other equity changes of RMB590 million are carried forward to the profit or loss for the period.
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