Annual Report 2015 1 CORPORATE INFORMATION
Total Page:16
File Type:pdf, Size:1020Kb
CONTENTS Corporate Information ........................................................................................................................................................ 2 Group's Shareholding Structure .......................................................................................................................................... 3 Financial Summary ............................................................................................................................................................. 4 Chairman's Statement ......................................................................................................................................................... 5 Management Discussion and Analysis ................................................................................................................................ 8 Report of the Board ........................................................................................................................................................... 13 Report of the Supervisory Committee .............................................................................................................................. 28 Corporate Governance Report .......................................................................................................................................... 29 Directors, Supervisors, General Manager and Deputy General Managers ....................................................................... 41 Independent Auditor's Report ........................................................................................................................................... 47 Consolidated Statement of Profit or Loss ......................................................................................................................... 48 Consolidated Statement of Comprehensive Income ......................................................................................................... 49 Consolidated Statement of Financial Position .................................................................................................................. 50 Consolidated Statement of Changes in Equity .................................................................................................................. 52 Consolidated Statement of Cash Flow .............................................................................................................................. 53 Notes to the Consolidated Financial Statements ............................................................................................................... 55 Annual Report 2015 1 CORPORATE INFORMATION Executive Directors Nomination Committee Zhu Minghui (Chairman) Zhu Minghui (Chairman) Lu Xiaozhong Chong Teck Sin William K Villalon Poon Chiu Kwok Wang Yang Jie Jing Zhang Yun Non-Executive Directors Wu Xiaohua Compliance Officer Danny Goh Yan Nan Zhu Minghui Wang Lin Authorised Representative Independent Non-Executive Directors Zhu Minghui Chong Teck Sin Lu Xiaozhong Poon Chiu Kwok Jie Jing Auditors Zhang Yun Ernst & Young 22nd Floor, CITIC Tower Supervisors 1 Tim Mei Avenue, Central, Hong Kong Zhu Ying (Chairman) Steven Ho Kok Keong Principal Bankers Zhang Tianming China Minsheng Bank Limited, Chongqing Branch Zhou Zhengli China Merchants Bank Limited, Chongqing Branch Deng Gang China Construction Bank Limited, Chongqing Branch General Manager H-shares Registrar and Transfer Office Wang Yang Computershare Hong Kong Investor Services Limited Rooms 1712-1716, 17th Floor, Hopewell Centre Deputy General Managers 183 Queen’s Road East, Hong Kong Li Xiwen Chen Zhigang Registered Office in the PRC Huang Ming Liangjing Village, Yuanyang Town Yubei District, Chongqing, the PRC Joint Company Secretaries Huang Xuesong Office and Address of Correspondence Joseph Au Yeung Wai Ki, CPA ACA No. 561 Hongjin Road, Yubei District, Chongqing, the PRC Zip Code: 401121 Audit Committee Zhang Yun (Chairman) Head Office in Hong Kong Chong Teck Sin 16/F, 144-151 Singga Commercial Centre Poon Chiu Kwok Connaught Road West, Hong Kong Jie Jing Stock Code Remuneration Committee 01292 Jie Jing (Chairman) Zhu Minghui Website Poon Chiu Kwok http://www.camsl.com Zhang Yun 2 Changan Minsheng APLL Logistics Co., Ltd. GROUP’S SHAREHOLDING STRUCTURE Chongqing Changan Industry Public Minsheng Industrial Company (Group) Limited APL Logistics Ltd. Shareholders (H (Group) Co., Ltd. (Note) Shares) 25.44% 20.74% 98.95% 33.94% 15.90% Ming Sung Industrial Co., (HK) Limited 3.98% Changan Minsheng APLL Logistics Co., Ltd. Hangzhou Changan Minsheng Logistics Chongqing Changan Minsheng Dingjie 100% 95% Co., Ltd. Logistics Co., Ltd. 100% CMAL Bo Yu Transportation Co., Ltd. Nanjing CMSC Logistics Co., Ltd. 67% Chongqing Future Supply Chain Wuhan Zhuoer Shengde Automobile 100% 67% Management Logistics Co., Ltd. Logitcs Co; Ltd. Chongqing Changan Minsheng Fuyong Chongqing Changan Minsheng Dongli 100% 55% Logistics Co., Ltd. Packaging Co., Ltd. Hangzhou Changan Minsheng Anji 100% 50% Chongqing Fulu Bonded Logistics Co., Ltd. Logistics Co., Ltd. Changan Minsheng (Shanghai) Supply Chongqing Terui Transportation 100% 45% Chain Co., Ltd. Service Co., Ltd. Wuhan Changan Minfutong Logistics 31% Company Limited Note: Chongqing Changan Industry Company (Group) Limited (“Changan Industry Company”) and China Changan Automobile Group Co., Ltd. (“China Changan”) have completed revelent registration of transfer procedures on 9 March 2016. Please refer to the announcement of the Company dated on 9 March 2016 for further details. Annual Report 2015 3 FINANCIAL SUMMARY Results Set out below is the summary of the consolidated results of Changan Minsheng APLL Logistics Co., Ltd. (the “Company”) and its subsidiaries (the “Group”) for the five years ended 31 December 2015 (as extracted from the Group’s audited consolidated statement of comprehensive income, which are prepared in accordance with the Hong Kong Financial Reporting Standards): As at 31 December 2015 2014 2013 2012 2011 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue 6,056,284 5,344,351 4,646,330 3,631,719 3,275,136 Profit before taxation 336,731 304,409 269,302 273,494 358,198 Income tax expense 72,473 61,365 50,567 50,044 71,614 Profit for the year 264,258 243,044 218,735 223,450 286,584 Profit attributable to the following parties: Non-controlling interest 26,300 21,080 11,128 19,173 36,456 Equity holders of the Company 237,958 221,964 207,607 204,277 250,128 RMB yuan RMB yuan RMB yuan RMB yuan RMB yuan Earnings per share (Note 1) 1.47 1.37 1.28 1.26 1.54 Dividends per share Nil 0.27 0.25 0.30 0.16 (including tax) (including tax) (including tax) (including tax) (including tax) (Note 2) Note 1: Earnings per share is calculated by dividing the profit attributable to the equity holders of the Company for the years ended 31 December 2011, 2012, 2013, 2014 and 2015 by the weighted average number of shares in issue for the respective years ended 31 December 2011, 2012, 2013, 2014 and 2015, respectively, being 162,064,000, 162,064,000, 162,064,000, 162,064,000 and 162,064,000 shares. Note 2: The Board of the Company do not recommend the payment of final dividend for the year ended 31 December 2015. Assets and Liabilities Set out below is the summary of the Group’s balance sheet for the five years ended 31 December 2015 (as extracted from the Group’s audited balance sheet, which are prepared in accordance with the Hong Kong Financial Reporting Standards): As at 31 December 2015 2014 2013 2012 2011 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Non-current assets 843,002 706,941 495,268 451,361 452,421 Current assets 3,337,623 2,828,438 2,457,174 1,904,096 1,341,718 Total assets 4,180,625 3,535,379 2,952,442 2,355,457 1,794,139 Non-current liabilities 6,422 3,388 2,096 2,333 4,652 Current liabilities 2,349,492 1,922,538 1,545,911 1,110,225 670,375 Total liabilities 2,355,914 1,925,926 1,548,007 1,112,558 675,027 Non-controlling interest 106,867 85,810 62,240 59,692 106,009 Equity attributable to owners of the parent 1,717,844 1,523,643 1,342,195 1,183,207 1,013,103 Total equity 1,824,711 1,609,453 1,404,435 1,242,899 1,119,112 4 Changan Minsheng APLL Logistics Co., Ltd. CHAIRMAN'S STATEMENT On behalf of the board of directors (“the Board”) of the Company, I am pleased to present the annual report of the Group for the year ended 31 December 2015 to all shareholders of the Company. Annual Results The year of 2015 was unusual, with lots of challenges and difficulties: the recovery of the world economy was zigzag, slow and complicated; and the domestic economy faced great pressure of downward adjustments. Faced with such complicated and strained situation during the year of 2015, Chinese government took into full consideration both the domestic and the international situation as well, adhering to the general keynote of seeking improvement in stability, guiding new practice with renewed philosophy, striving for new development with fresh strategy and were committed to innovating in the microeconomic control system, further deepening structural reform, fostering mass innovation and the popularity of entrepreneurship, therefore, the national economy presented new norm. In 2015, the GDP growth rate was 7.0% both in the first quarter and second quarter, and 6.9% and 6.8% respectively in the third and four quarter, finally with the annual GDP growth of 6.9% which was regarded as moderate and reasonable growth range, and achieved the forecast target of approximately 7.0% as