2015 INTERIM REPORT China International Marine Containers (Group) Co., Ltd
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2015 INTERIM REPORT China International Marine Containers (Group) Co., Ltd. Important Notice The Board of Directors of the Company, the Supervisory The Company proposes not to distribute any cash Committee and the Directors, Supervisors and senior dividend, issue bonus shares or convert shares from management of the Company warrant that there are reserves into share capital for the six months ended 30 no material omissions from, or misrepresentation June 2015 (the same period of 2014: Nil). or misleading statements contained in this interim report (this “Report”), and jointly and severally accept Mr. Li Jianhong, Chairman of the Board, Mr. Mai Boliang, full responsibility for the truthfulness, accuracy and President of the Company and Mr. Jin Jianlong, person-in- completeness of the information contained in this Report. charge of accounting affairs and head of the accounting department (the financial controller), hereby warrant the This Report has been reviewed and approved at the 13th truthfulness, accuracy and completeness of the Interim meeting of the seventh session of the Board in 2015. All Financial Report contained in this Report. of the eight Directors of the Company have attended the Meeting. This Report contains certain forward-looking statements made on the basis of subjective assumptions and The financial statements of the Group have been judgments on future policy and economy, which are prepared in accordance with China Accounting Standards subject to risks, uncertainties and assumptions. The actual for Business Enterprises (“CASBE”). The interim financial outcome may differ materially from such forwardlooking statements and notes (the “Interim Financial Report”) statements. Investors should be aware that undue of the Group for the six months ended 30 June 2015 reliance on or use of such information may lead to risks prepared in accordance with CASBE have not been of investment. audited. This Report has been prepared in both Chinese and Neither any controlling shareholder (including its English. In the event of any inconsistency between the subsidiaries) nor substantial shareholder (including two versions, the Chinese version shall prevail. its subsidiaries) of the Company has utilised the non- operating funds of the Company. 02 Interim Report 2015 CONTENTS Definitions 02 Glossary 05 Chapter I Corporate Profile 06 Chapter II Summary of 09 Accounting Data and Financial Indicators Chapter III Report of the Board 12 Chapter IV Management 36 Discussion and Analysis Chapter V Significant Events 41 Chapter VI Changes in Share 58 Capital and Information on Substantial Shareholders Chapter VII Information on 65 Directors, Supervisors and Senior Management Chapter VIII Interim Financial 68 Report (Unaudited) Chapter IX Documents Available 276 for Inspection 01 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 ordinary share(s) issued by the Company in the PRC with a nominal value of “RMB-denominated RMB1.00 each, which are listed on the Shenzhen Stock Exchange and traded in Ordinary Share(s))” Renminbi; “A Share(s) Share Option share option incentive scheme of China International Marine Containers (Group) Incentive Scheme” Co., Ltd. considered and approved at the Extraordinary General Meeting of the Company on 17 September 2010; “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 Accounting Standards for Business Enterprises and other related regulations subsequently issued; “CFSE” China Fire Safety Enterprise Group Limited, a company listed on the main board of the Hong Kong Stock Exchange (stock code: 445) and an associated company of the Company; “CIMC” or “Company” 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 in the PRC with limited liability, the A Shares of which are listed on the Shenzhen Stock Exchange and the H shares of which are listed on the Hong Kong 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 with limited liability on 9 February 2010 and a subsidiary of the Company; “CIMC Financial Leasing CIMC Financial Leasing Co., Ltd., a company incorporated in the PRC with limited Company” liability 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 with limited liability on 30 July 1992 and a wholly-owned subsidiary of the Company; “CIMC Raffles” CIMC Raffles Offshore (Singapore) Limited, a company incorporated in Singapore with limited liability on 7 March 1994 and a 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 with limited liability on 18 July 1992 and a subsidiary of the Company; 02 Interim Report 2015 Definitions “CIMC Vehicle” CIMC Vehicle (Group) Co., Ltd. (中集車輛(集團)有限公司), a company incorporated in the PRC with limited liability on 29 August 1996 and a subsidiary of the Company; “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 with limited liability on 12 March 2009 and a subsidiary of the Company; “Director(s)” the director(s) of the Company; “Group”, “we”, “our” and “us” the Company and its subsidiaries; “H Share(s)” (or overseas-listed foreign share(s) issued by the Company with a nominal value of Overseas-listed RMB1.00 each, which are listed on the Hong Kong Stock Exchange and traded in Foreign Share(s)) 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 Hong Kong Stock Exchange; “Hong Kong Stock Exchange” The Stock Exchange of Hong Kong Limited; “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 Limited, 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 six months started from 1 January 2015 and ended on 30 June 2015; “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; 03 China International Marine Containers (Group) Co., Ltd. Definitions “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; “US$, or U.S. dollars” United States dollars, the lawful currency of the United States of America;and “Ziegler” Albert Ziegler GmbH, a company incorporated in Germany with limited liability and a subsidiary of the Company. 04 Interim Report 2015 Glossary This glossary contains certain definitions of technical terms used in this Report in connection with the Group. Some of these definitions may not correspond to standard industry definitions or usage. Items Definitions CNG Compressed Natural Gas; GSE Ground Support Equipment, refers to airport equipment used to ensure flight safety. To meet the requirements for aircraft maintenance and flights, airports are equipped with a variety of modern ground support equipment, including but not limited to mechanical, electric, hydraulic and special gas equipment; IBC Intermediate Bulk Container and specialised logistic equipment; Jack-up Drilling Platform A jack-up drilling platform is a mobile oil rig commonly used for shallow water operation. Most jack-up rigs operate in water depths ranging from 250 to 400 feet. This oil drilling equipment is generally used for mounting machinery, power supply, equipment and accommodation facilities for drilling and certain liftable spud legs on a platform floating on the water; LNG Liquefied Natural Gas; Modular Building the building that manufactured in a factory environment and transported to a prepared project site to install; ONE Model Optimization Never Ending, the lean management system of CIMC; Semi-submersible A semi-submersible drilling platform is a mobile oil rig, the upper part of the hull Drilling Platform structure is the working deck and the lower part comprises two lower hulls, with the parts connected by support columns. When in operation, the lower hulls are submerged into the water. A semi-submersible platform is generally used in deep seas with water depths ranging from 600-3,600m. The platform typically uses a dynamic