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The BELT and ROAD BRINGING ENERGY to the WORLD Asia China Africa Europe Oceania South America ANNUAL REPORT 2017 The BELT AND ROAD BRINGING ENERGY TO THE WORLD (A joint stock company incorporated in the People’s Republic of China with limited liability) (Stock Code: 3996) Hydropower Fossil Fuel Power BRINGING ENERGY Nuclear Power New Energy Power Transmission & Transformation EVER-IMPROVING PROFESSIONAL COMPETENCE AND OPERATIONAL CAPACITY Architecture Shipping Road & Bridge Railway TO THE WORLD Municipal Works Equipment Manufacturing & Maintenance Cement & Industrial Explosive Production Real Estate & Diversified Investment TO ACHIEVE HARMONIOUS COLLABORATION AND SOLID DEVELOPMENT COMPANY PROFILE The Company, which was established on 19 December 2014, is a limited liability company co-sponsored by the China Energy Engineering Group Co., Ltd. (a central enterprise supervised and administered by State-owned Assets Supervision and Administration Commission of the State Council) and its wholly-owned subsidiary, Electric Power Planning Institute Co., Ltd.. On 10 December 2015, the initial public offering of H shares of the Company was listed on the main board of The Stock Exchange of Hong Kong Limited (Stock Code: 3996). The Company is a comprehensive service provider engaged in construction project planning and consultancy, survey and design, construction and contracting, equipment manufacturing and investment operations, and is one of the largest integrated solution providers in the industry both at home and abroad. The Company is determined to become a “scientific, managerial, international, and diversified” engineering company with international competitiveness. It has ranked among the world’s top 500 companies for four consecutive years and also climbs top to ENR150 of global engineering design companies, top 225 international engineering design companies, top 250 international contractors and top 250 global contractors, and has obtained internationally authoritative rating agencies such as Fitch and Moody’s A-(A3) credit rating. It has established 147 overseas branches in 80 countries and regions with business footprints extending all provinces and regions in China and more than 140 countries and regions and its contracted projects cover more than 60% of countries along the “Belt and Road". The Company is equipped with strong comprehensive technology capabilities and enjoys high industry leading position. As at the end of 2017, the Company owned 2 national enterprise technology centers, 3 academician and expert workstation, 8 postdoctoral research and development workstations, 43 provincial research institutions, 68 high-tech enterprises as well as 7,992 effective patents, whereas having prepared and revised nearly 1,000 national and industry standards. In addition, the Company was awarded almost 1,200 national and provincial Science and Technology Progress awards. From 2015 to 2017, it won 169 national quality awards, including 6 Luban Awards and 18 National Quality Engineering Gold Awards. It contributed to over 90% of the standards in survey and design for fossil-fuel power plants, conventional islands of nuclear plants and power grids in China. Also, the Company undertook over 65% of the Three Gorges’ hydropower engineering project, which attained the world’s highest technological standard in terms of architecture and construction. In addition, it designed and constructed “two AC and six DC” (兩交六直) UHV which represented the world’s highest technological standard, the world’s first “300” thermal power project, the world’s largest scenic energy storage and transmission project, the world’s first multi-terminal flexible DC transmission project, the world’s most complex plateau power transmission and distribution in the network engineering and smart grid and other projects. The Company is the largest supplier of auxiliary equipment of power plants, providing whole series of products and advanced technology, whereas possessing products with leading international technology, such as chain-hammer crushers with the maximum power output, coal grinding equipment and gigantic drum filters of nuclear plants. The Company focused on implementing a diversified development strategy. In 2017, its financing construction and industrial investment increased by 124.90% year-on-year, the investment in clean energy grew rapidly and the real estate, cement, and civil explosion businesses were steadily gaining momentum and environmental protection business was booming. The total mileage of highways increased by 850.82 kilometers year- on-year, and a number of overseas investment projects were steadily implemented. The Company, adhering to the concept of innovation, coordination, green, openness, and sharing new developments, will promote the development of high quality throughout the entire workflow. Upholding the strategic vision of “world-class, industrial top leader” and the corporate objective of “lean creates value, quality leads the future”, and bearing the organisational mission of “World Energy, China Energy", the Company will capitalize on new opportunities brought by the “Belt and Road” initiative and constantly enhance the Company’s development vitality, control, influence, international competitiveness, and risk resistance capabilities. Besides, it will seek new development under the new era and strives to contribute world-class quality projects to China and the world, thus creating value for customers, shareholders, employees and the society. CONTENTS Company Information 3 Financial Summary 5 Chairman’s Statement 6 Business Overview 12 Management Discussion and Analysis 42 Profile of Directors, Supervisors and Senior Management 58 Report of the Board 76 Report of the Supervisory Committee 99 Corporate Governance Report 103 Environmental, Social and Governance Report 123 Independent Auditor’s Report 164 Financial Statements 172 Consolidated Statement of Profit or Loss and 172 Other Comprehensive Income Consolidated Statement of Financial Position 174 Consolidated Statement of Changes in Equity 176 Consolidated Statement of Cash Flows 177 Notes to the Consolidated Financial Statements 179 Glossary of Vocabulary and Technical Terms 308 CHINA ENERGY ENGINEERING CORPORATION LIMITED 2017 ANNUAL REPORT 03 COMPANY INFORMATION COMPANY INFORMATION INDEPENDENT NON-EXECUTIVE DIRECTORS Chinese Name: 中國能源建設股份有限公司 Mr. Ding Yuanchen English Name: China Energy Engineering Mr. Wang Bin Corporation Limited Mr. Zheng Qiyu Registered Office: Building 106, Lize Zhongyuan, Mr. Cheung Yuk Ming Chaoyang District, Beijing, the PRC SUPERVISORS Head Office Building 1, No. 26 West Mr. Wang Zengyong (Chairman) in the PRC: Dawang Road, Chaoyang Mr. Lian Yongjiu District, Beijing, the PRC Mr. Kan Zhen Principal Place of 36/F, Tower Two, Times Square, Mr. Fu Dexiang Business in 1 Matheson Street, Mr. Wei Zhongxin Hong Kong: Causeway Bay, Hong Kong AUTHORIZED REPRESENTATIVES Company’s Website: www.ceec.net.cn Tel.: +86 (10) 59098818 Mr. Wang Jianping Fax: +86 (10) 59098711 Mr. Duan Qiurong E-mail: [email protected] STRATEGY COMMITTEE STOCK INFORMATION OF THE COMPANY Mr. Wang Jianping (Chairman) Stock Category: H Share Mr. Ding Yanzhang Stock Exchange: The Stock Exchange of Hong Kong Mr. Ma Chuanjing Limited Mr. Si Xinbo Stock Name: CHINA ENERGY ENG (appointed on 28 December 2017) Stock Code: 3996 NOMINATION COMMITTEE EXECUTIVE DIRECTORS Mr. Wang Jianping (Chairman) Mr. Wang Jianping (Chairman) Mr. Wang Bin Mr. Ding Yanzhang (Vice Chairman) Mr. Cheung Yuk Ming Mr. Zhang Xianchong NON-EXECUTIVE DIRECTORS Mr. Ma Chuanjing Mr. Liu Xueshi (appointed on 28 December 2017) Mr. Si Xinbo (appointed on 28 December 2017) 04 COMPANY INFORMATION REMUNERATION AND ASSESSMENT INTERNATIONAL AUDITOR COMMITTEE Deloitte Touche Tohmatsu Mr. Zheng Qiyu (Chairman) 35/F, One Pacific Place, 88 Queensway, Hong Kong Mr. Wang Bin (Resigned in June 2017) Mr. Cheung Yuk Ming Mr. Liu Xueshi KPMG (appointed on 28 December 2017) 8/F, Prince’s Building, 10 Chater Road, Central, Hong Kong AUDIT COMMITTEE (appointed in June 2017) Mr. Ding Yuanchen (Chairman) Mr. Ma Chuanjing LEGAL ADVISERS Mr. Cheung Yuk Ming As to Hong Kong and U.S. Laws: Clifford Chance 27/F, Jardine House, One Connaught Place, Central, JOINT COMPANY SECRETARIES Hong Kong Mr. Duan Qiurong Ms. Mok Ming Wai As to PRC Law: Jia Yuan Law Offices Room F407, Ocean Plaza, 158 Fuxing Men Nei Avenue, H SHARE REGISTRAR Beijing, the PRC Computershare Hong Kong Investor Services Limited PRINCIPAL BANKERS Shops 1712-1716, 17/F, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong China Construction Bank Beijing Jin’an Sub-branch Bank of China Beijing Beichen West Road Sub-branch China Everbright Bank Beijing Fengtai Sub-branch CHINA ENERGY ENGINEERING CORPORATION LIMITED 2017 ANNUAL REPORT 05 FINANCIAL SUMMARY 1 SUMMARY OF CONSOLIDATED STATEMENT OF PROFIT OR LOSS For the year ended 31 December Changes of 2017 2016 2015 2014 2013 2017 over 2016 (RMB in million) (RMB in million) (RMB in million) (RMB in million) (RMB in million) (%) Revenue: Survey, design and consulting 13,282.6 12,972.6 12,454.7 12,432.2 12,293.5 2.39 Construction and contracting 168,751.7 161,058.2 153,172.8 142,436.6 119,245.2 4.78 Equipment manufacturing 10,247.4 10,471.1 9,698.0 8,897.4 8,919.9 (2.14) Civil explosives and cement production 9,711.5 8,328.5 7,880.3 8,117.7 7,209.1 16.61 Investment and other businesses 43,813.3 37,498.1 29,074.7 16,446.4 10,982.8 16.84 Inter-segment elimination and adjustment (11,436.4) (8,157.5) (6,587.6) (4,506.3) (5,015.1) – Total 234,370.1 222,171.0 205,692.9 183,824.0 153,635.4
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