China International Marine Containers (Group) Co., Ltd
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China International Marine Containers (Group) Co., Ltd. (a joint stock company incorporated in the People's Republic of China with limited liability) A Share Stock Code: 000039 H Share Stock Code: 2039 2014 Annual Report Significant Risk Warning This Report contains certain forward-looking statements with respect to the financial position, operational results and business of the Group. These forward-looking statements are, by their nature, subject to significant risk and uncertainties because they relate to events and depend on circumstances which may occur in the future and are beyond our control. The forward-looking statements reflect the Group’s current views with respect of future events and are not a guarantee of future performance. Actual results may differ from the information contained in such forward-looking statements. CONTENTS Definitions 3 Glossary 6 Chapter 1 Corporate Profile 7 Chapter 2 Summary of Accounting Data and Financial Indicators 10 Chapter 3 Chairman’s Statement 15 Chapter 4 Report of the Board 22 Chapter 5 Management Discussion and Analysis 68 Chapter 6 Report of the Supervisory Committee 76 Chapter 7 Significant Events 78 Chapter 8 Changes in Share Capital and Information on Shareholders 96 Chapter 9 Information on Directors, Supervisor, Senior Management and Employees 106 Chapter 10 Corporate Governance and Corporate Governance Report 123 Chapter 11 Internal Control 148 Chapter 12 Auditors’ Report 157 Chapter 13 Financial Statements Prepared in Accordance with CASBE 159 Chapter 14 Confirmation from the Directors and Senior Management 395 Chapter 15 Documents Available for Inspection 396 China International Marine Containers (Group) Co., Ltd. Annual Report 2014 Important Notice The Board of Directors (the “Board”), the Supervisory Company, and Mr. Jin Jianlong, general manager of the Committee and the Directors, Supervisors and senior financial department of the Company, person-in-charge of management of the Company warrant that this annual accounting affairs and head of the accounting department report is true, accurate and complete and does not (the financial controller), hereby warrant the truthfulness, contain any false records, misleading statements or accuracy and completeness of the financial statements material omission and jointly and severally take full legal contained in this Report. responsibility. No substantial shareholder of the Company has utilized The 2014 annual report (this “Report”) has been reviewed the funds of the Company for non-operating purposes. and approved at the fourth meeting of the 7th session of the Board in 2015. All Directors have attended the Board The financial statements of the Company and its meeting to review and approve this Report. subsidiaries (the “Group”) have been prepared in accordance with the Accounting Standards for Business The proposed profit distribution plan of the Company Enterprises (“CASBE”). The financial statements of the as considered and approved by the Board is based on Group for 2014 prepared in accordance with CASBE have the total share capital of the Company as at the date of been audited by PricewaterhouseCoopers Zhong Tian LLP, dividend payment record for 2014, a cash dividend of who has issued an audit report with unqualified opinions RMB3.10 (tax inclusive) per 10 shares will be distributed to on the financial statements. all shareholders, no bonus shares will be issued, and no share will be converted from reserves into share capital. This Report contains forward-looking statements in The proposed dividend is expected to be payable on or relation to subjects such as future plans, which do not around 22 July 2015. The annual dividend-distribution constitute any specific undertakings to investors by the plan for 2014 shall be submitted to the Company’s annual Company. Investors should be aware of investment risks. general meeting for consideration and approval. This Report has been published in both Chinese and Mr. Li Jianhong, person-in-charge of the Company and English. In the event of any inconsistency between the Chairman of the Board, Mr. Mai Boliang, president of the two versions, the Chinese version shall prevail. 2 Annual Report 2014 China International Marine Containers (Group) Co., Ltd. Definitions For the purpose of this Report, unless the context otherwise requires, the following terms shall have the meanings set out below: Items Definitions “A share(s) (or RMB-denominated ordinary share(s) issued by the Company in the PRC with a nominal value of ordinary share(s))” RMB1.00 each, which are listed on the Shenzhen Stock Exchange and traded in Renminbi; “Articles of Association” “The Articles of China International Marine Containers (Group) Co., Ltd.”; “Board” the Board of the Company; “CASBE” Accounting Standards for Business Enterprises – Basic Standard and 38 Specific Accounting Standards issued by the Ministry of Finance of the People’s Republic of China on 15 February 2006, and application guidance and interpretations to CASBE and other related regulations subsequently issued; “Company” or “CIMC” China International Marine Containers (Group) Co., Ltd. (中國國際海運集裝箱 (集團)股份有限公司), a joint stock company incorporated under the laws of the PRC with limited liability, the H shares of which are listed on the main board of the Hong Kong Stock Exchange and the A shares of which are listed on the Shenzhen Stock Exchange; “CIMC Enric” CIMC Enric Holdings Limited (中集安瑞科控股有限公司), a company incorporated in the Cayman Islands with limited liability on 28 September 2004 and listed on the Main Board of the Hong Kong Stock Exchange (Hong Kong stock code: 3899) on 20 July 2006 and a subsidiary of the Company; “CIMC Finance Company” CIMC Finance Co., Ltd., a company incorporated in the PRC on 9 February 2010 and a subsidiary of the Company; “CIMC Financial Leasing Company” CIMC Financial Leasing Co., Ltd., a company incorporated in the PRC on 30 July 2007 and a subsidiary of the Company; “CIMC Hong Kong” China International Marine Containers (Hong Kong) Limited (中國國際海運 集裝箱(香港)有限公司), a company incorporated in Hong Kong on 30 July 1992 with limited liability and a wholly-owned subsidiary of the Company; “CIMC Modern Logistics” CIMC Modern Logistics Co., Ltd. (中集現代物流發展有限公司), a company incorporated in the PRC on 12 March 2014 and a subsidiary of the Company; “CIMC Raffles” CIMC Raffles Offshore (Singapore) Limited, a company incorporated in Singapore on 7 March 1994 with limited liability and a wholly-owned subsidiary of the Company; “CIMC Tianda” Shenzhen CIMC-Tianda Airport Support Co., Ltd. (深圳中集天達空港設備有限 公司), a company incorporated in the PRC on 18 July 1992 and a subsidiary of the Company; “CIMC Vehicle” CIMC Vehicle (Group) Co., Ltd. (中集車輛(集團)有限公司), a company incorporated in the PRC on 29 August 1996 and a subsidiary of the Company; 3 China International Marine Containers (Group) Co., Ltd. Annual Report 2014 Definitions “Corporate Governance Code” the Corporate Governance Code contained in Appendix 14 of the Hong Kong Listing Rules; “CSRC” China Securities Regulatory Commission; “C&C Trucks” C&C Trucks Co., Ltd. (集瑞聯合重工有限公司), a company incorporated in the PRC on 12 March 2009 and a subsidiary of the Company; “Director(s)” the director(s) of the Company; “H share(s) (or overseas-listed overseas-listed foreign share(s) issued by the Company with a nominal value foreign share(s))” of RMB1.00 each, which are listed on the Hong Kong Stock Exchange and traded in Hong Kong dollars; “Hong Kong” The Hong Kong Special Administrative Region of the PRC; “Hong Kong Listing Rules” Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited; “Hong Kong Stock Exchange” The Stock Exchange of Hong Kong Limited; “Latest Practicable Date” 15 April 2015, i.e. the last transaction date of the shares of the Company before printing this Report; “Model Code” the Model Code for Securities Transactions by Directors of Listed Issuers contained in Appendix 10 of the Hong Kong Listing Rules; “PRC or China” the People’s Republic of China; “Pteris” Pteris Global Ltd, a company incorporated in 1979, listed on the Main Board of Singapore Stock Exchange in 1991, and then listed on Catalist in 2014 (stock code: UD3), and a subsidiary of the Company; “Reporting Period” the twelve months started from 1 January 2014 and ended on 31 December 2014; “RMB” Renminbi, the lawful currency of the PRC; “SFO” the Securities and Futures Ordinance, Chapter 571 of the Laws of Hong Kong; “Shareholder(s)” the shareholder(s) of the Company; “Shenzhen Listing Rules” Rules Governing the Listing of Securities on the Shenzhen Stock Exchange; “Shenzhen Stock Exchange” the Shenzhen Stock Exchange; “Supervisor(s)” the member(s) of the Supervisory Committee of the Company; “Supervisory Committee” the Supervisory Committee of the Company; “The Group, we, our and us” the Company and its subsidiaries; 4 Annual Report 2014 China International Marine Containers (Group) Co., Ltd. Definitions “Tianyi Investment” Shenzhen Tianyi Investment Co., Ltd., a company incorporated in the PRC on 20 September 2011 and a subsidiary of the Company; “US$, or U.S. dollars” United States dollars, the lawful currency of the United States of America; “Zhenhua Logistics” Zhenhua Logistics Group Co., Ltd. (振華物流集團有限公司), a company incorporated in the PRC on 13 September 1993 and a subsidiary of the Company; and “Ziegler” Albert Ziegler GmbH, a company incorporated in Germany and a subsidiary of the Company. 5 China International Marine Containers (Group) Co., Ltd. Annual Report 2014 Glossary This glossary