DOCSLIB.ORG

2018 Annual Report CONTENTS

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
2018 Annual Report CONTENTS (Incorporated in the Cayman Islands with limited liability) Stock Code : 01610 2018 ANNUAL REPORT CONTENTS Corporate Information 2 Major Events in COFCO Meat in 2018 4 Financial Highlights 7 Chairman’s Statement 8 Management Discussion and Analysis 10 Biographies of Directors and Senior Management 21 Corporate Governance Report 29 Directors’ Report 42 Environmental, Social and Governance Report 60 Independent Auditor’s Report 73 Consolidated Statement of Profit or Loss and 76 Other Comprehensive Income Consolidated Statement of Financial Position 78 Consolidated Statement of Changes in Equity 80 Consolidated Statement of Cash Flows 82 Notes to the Consolidated Financial Statements 84 Financial Summary 161 Investors’ Calendar 162 Glossary 163 Corporate Information Legal Name of the Company Remuneration Committee COFCO Meat Holdings Limited Mr. Li Michael Hankin (Chairman) Mr. Lee Ted Tak Tai Place of Listing and Stock Code Mr. Jiang Guojin The shares of the Company were listed on the Main Board of the Stock Exchange on November 1, 2016 Food Safety Committee Mr. Xu Jianong (Chairman) Stock Code: 1610 Dr. Huang Juhui Ms. Yang Hong Company Website www.cofcomeat.com Auditor Deloitte Touche Tohmatsu Directors Chairman of the Board and Executive Director Legal Advisers Mr. Jiang Guojin As to Hong Kong law: Clifford Chance Executive Director Mr. Xu Jianong As to Cayman Islands law: Maples and Calder Non-executive Directors Ms. Yang Hong Principal Banks Mr. Wolhardt Julian Juul Agricultural Bank of China Limited Dr. Cui Guiyong Beijing Branch of Bank of Communications Co., Ltd. Mr. Zhou Qi Industrial and Commercial Bank of China Limited Mr. Zhang Lei Dr. Huang Juhui Authorised Representatives Mr. Xu Jianong Independent Non-executive Directors Ms. Chau Hing Ling Mr. Fu Tingmei Mr. Li Michael Hankin Share Registrar and Transfer Office Mr. Lee Ted Tak Tai Principal Dr. Ju Jiandong Maples Fund Services (Cayman) Limited PO Box 1093, Boundary Hall, Cricket Square Joint Company Secretaries Grand Cayman, KY1-1102 Dr. Zhang Nan Cayman Islands Ms. Chau Hing Ling Hong Kong Branch Audit Committee Tricor Investor Services Limited Mr. Lee Ted Tak Tai (Chairman) Level 22, Hopewell Centre Mr. Fu Tingmei 183 Queen’s Road East, Hong Kong Dr. Cui Guiyong Mr. Li Michael Hankin Registered Office P.O. Box 31119 Nomination Committee Grand Pavilion, Hibiscus Way Mr. Jiang Guojin (Chairman) 802 West Bay Road Mr. Fu Tingmei Grand Cayman, KY1-1205 Dr. Ju Jiandong Cayman Islands 2 COFCO Meat Holdings Limited Corporate Information Principal Place of Business in Hong Kong 33/F, COFCO Tower 262 Gloucester Road Causeway Bay Hong Kong Head Office in the PRC COFCO Fortune Plaza No.8, Chao Yang Men South St. Chao Yang District, Beijing, China Annual Report 2018 3 Major Events in COFCO Meat in 2018 February June COFCO Joycome (Jilin) Co., Ltd. entered into a cooperation The signing ceremony of the Million Hogs Slaughtering and agreement with the People’s Government of Changling County, Processing Project at the COFCO Meat Hubei Industrial Park Songyuan, Jilin Province to commence the hog production was held in Huanggang, Hubei. poverty alleviation project in Changling County so as to develop hog production business and meanwhile assist the poor in Changling County to get rid of poverty and achieve prosperity. April July COFCO Meat Investments Co., Ltd. entered into a tripartite COFCO Meat entered into a strategic cooperation agreement agreement with Jilin Branch of Agricultural Bank of China with PICC Property and Casualty Company Limited at COFCO Limited and Changling County People’s Government to provide Fortune Plaza. financial support to the hog production poverty alleviation project in Changling County. 4 COFCO Meat Holdings Limited Major Events in COFCO Meat in 2018 August October COFCO Meat held the Signing and Endorsement Ceremony The Signing Ceremony of COFCO Corporation Service of “Made with Integrity, Serving the Best Quality: COFCO Provision to the first China International Import Expo was held Meat as a Partner of China Space” at COFCO Meat Industrial at the National Exhibition and Convention Centre (Shanghai), Chain Base in Dongtai, Jiangsu Province, where COFCO Meat when COFCO Joycome officially commenced its preparation officially became a partner of China Space. for serving the China International Import Expo. As the leading national meat brand in China, COFCO Meat aims to present the world with the branding philosophy of China-made quality products and contribute to the establishment of an international cooperation platform featuring joint-discussion, joint-contribution and benefits sharing. October November At the “Belt and Road” Conference of Ministers of Energy held COFCO Meat participated in the first China International in Suzhou, COFCO Joycome fresh pork products were unveiled Import Expo in Shanghai, at which COFCO Meat signed at the “Night in Suzhou” dinner party to welcome the guests the Beef and Lamb Procurement Memorandum with JBS from around the world. COFCO Joycome fresh pork products Food Company from Australia and Anzco Group from New successfully showcased the unparalleled charm of Chinese Zealand, with the transaction amount reaching RMB1.2 billion. brand and food with premium quality and strong capability at The signing of the memorandum not only strengthened the the international conference. long-term strategic cooperation partnership between COFCO Meat and large-scale international meat suppliers, but was also of great significance in terms of providing better service to consumers in China. Annual Report 2018 5 Major Events in COFCO Meat in 2018 December December The 2018 BOAO Forum for Entrepreneurs was held in Bo’ao, COFCO Joycome received the “2018 Social Responsibility Hainan Province, at which COFCO Meat was the designated Outstanding Enterprise Award” at the 2018 China Social refreshment supplier, serving Chinese entrepreneurs throughout Responsibility Public Welfare Ceremony & the 11th Corporate the summit while promoting its brand power and quality. Social Responsibility Summit held in Beijing. December COFCO Meat’s distributor representatives fully participated in the series of activities for “Passing on the Aerospace Spirit, Driving Force for Unity” held in Xichang, Sichuan Province, where they witnessed the beginning of mankind’s first ever exploration to the far side of the Moon with the launch of the Chang’e-4 probe. 6 COFCO Meat Holdings Limited Financial Highlights Key operating data 2018 2017 Change Hog production volume (unit: ’000 heads) 1 2,550 2,226 14.5% Fresh pork sales volume (unit: ’000 tons) 1 190 172 10.6% including: branded fresh pork sales volume (unit: ’000 tons) 1 43 33 32.2% Ratio of revenue from branded business 2 17.48% 15.58% 1.9 percentage points Key financial data 2018 2017 Before After Before After biological biological biological biological assets assets assets assets fair value fair value fair value fair value adjustments adjustments adjustments adjustments RMB’000 RMB’000 (unless otherwise stated) (unless otherwise stated) Revenue 3 7,168,488 7,168,488 6,960,567 6,960,567 Profit/loss for the period 4 -216,667 -646,649 496,725 444,807 Profit/loss attributable to the owners of the Company 5 -204,052 -627,667 503,547 451,629 Basic earnings/loss per share6 RMB-0.0523 RMB-0.1609 RMB0.1290 RMB0.1157 Notes: 1. The core businesses maintained a growth rate. The production volume of hog and sales volume of fresh pork increased by 14.5% and 10.6% year-on-year, respectively, among which sales volume of branded fresh pork increased significantly by 32.2% year-on-year. 2. The ratio of revenue from branded business means the revenue of branded fresh pork and processed meat products business divided by the revenue of the Company. The revenue of branded business increased by 15.5% and the ratio of revenue increased by 1.9 percentage points year-on-year, benefiting from brand promotion and channel development. 3. Revenue amounted to RMB7,168 million, representing a year-on-year increase of 3.0%. The rapid growth of sales volume has driven the increase in revenue. 4. Loss before biological assets fair value adjustments amounted to RMB217 million, representing a year-on-year decrease of 143.6%. The decline was mainly caused by the hog price, which decreased by 19.8% year-on-year. However, the Group focused on capacity expansion, cost management and control, customer development and brand promotion, and successfully expanded the sales volume and gained higher profit margin from branded business. The above-mentioned operation improving measures partially offset the effect brought by the decrease of hog price. 5. Loss attributable to the owners of the Company amounted to RMB628 million. The biological assets fair value was adjusted based on the hog price at the end of December 2018. The number of our live hogs increased by 21.9% as compared with that as at December 31, 2017, but the hog price decreased. 6. The basic earnings/loss per share means the profit/loss attributable to the owners of the Company divided by the weighted average number of ordinary shares for the year. The Board did not recommend the declaration of final dividend for the year ended December 31, 2018. Annual Report 2018 7 Chairman’s Statement Dear Shareholders, 2018 was a year of ups and downs. Despite various challenges such as slumping hog prices, spread of African swine fever and upgrading of environmental protection, the Company overcame difficulties and focused on improving its operation and management, thereby each of its businesses developed steadily: First, the core business operation was upgraded and its scale increased, with hog production and fresh pork sales increased by 14.5% and 10.6% respectively year-on-year. Second, we actively responded to the changes in the industry brought about by African swine fever, continued to improve entire industry value-chain performance, further optimized the matching between upstream and downstream processes, and enhanced the risk resilience.
Load more

Recommended publications
  • Annual Report 2020
    2020 ANNUAL REPORT JOY CITY PROPERTY LIMITED ANNUAL REPORT 2020 CConttribbutee quualitty greeen liviing sppaca e annd sservicees, leadd thhe treennd of a faashhionaabble liffessttylee, iin orddeer to beecoomee a leaadder aammong reeall esttate brands in thhe PPRC wiwith thhee greeata eest ssustainnabble ddevvelooppmment pootenntiaal. MMaximizee thee benefits off custtomerss, sharehooldeers and staff memberrs wwhoolehearrtedly. CONTENTS Company Profile 2 Corporate Governance Report 73 Major Business Structure 4 Directors’ Report 85 Major Events and Awards 6 Five Years Financial Summary 108 Financial Highlights 12 Independent Auditor’s Report 109 Chairman’s Statement 14 Financial Statements and Notes 113 Joy-Full Occasions 17 Definitions 248 Management Discussion and Analysis 25 Corporate Information 252 Profile of Directors and Senior Management 65 2 Joy City Property Limited Annual Report 2020 Company Profile Joy City Property Limited is a large-scale Kong-Macao Greater Bay Area, Chengdu-Chongqing and commercial property developer and operator, middle Yangtze River. Meanwhile, the Group successfully focusing on the development, operation, established its presence in 20 cities including Beijing, sales, leasing and management of complexes Shanghai, Tianjin, Shenyang, Yantai, Jinan, Hangzhou, and commercial properties in the PRC. Chengdu, Xi’an, Chongqing, Qingdao, Wuhan, Kunming, Sanya, Changsha, Suzhou, Xiamen, Nanchang, Wuxi and COFCO Corporation, the ultimate controlling shareholder Anshan in mainland China and Hong Kong. It possesses or of Joy City Property Limited, is one of the 49 major state- manages 23 Joy City urban complexes, 3 Joy Breeze projects owned enterprises under the administration of the Central and premium investment properties at prime locations in Government of China, and has been selected as one of the first-tier cities, including Beijing COFCO Plaza, Hong Kong Fortune Global 500 for more than 26 consecutive years COFCO Tower and Beijing COFCO • Landmark Tower, since 1995.
    [Show full text]
  • THE NEGLECTED RISK Why Deforestation Risk Should Matter to Chinese Financial Institutions
    DISCLOSURE INSIGHT ACTION THE NEGLECTED RISK Why deforestation risk should matter to Chinese financial institutions May 2019 CONTENTS 5 Key Findings 39 Asset owners and asset managers 6 Executive Summary 40 Chapter 4. Conclusions and recommendations 8 Chapter 1. Introduction 41 Conclusions 9 Global trends in ESG investment 42 Recommendations 10 An overlooked investment risk 45 Appendix I 12 Why should financial institutions address Research scope and methodology deforestation in their value chains? 45 Research scope 15 Chapter 2. Key findings 45 Company selection methodology 16 The current state of financial institutions’ environment management 46 Financial flow analysis methodology 18 The current state of corporates’ deforestation risk management 48 Methodology of estimating soy-related capital across sector 24 Financial institutions active in the soy sector 50 Research limitations 28 Institutional Investors 51 Appendix II Bond and share underwriters 30 Distribution of capital and exposure to deforestation risks across sectors 52 Appendix III Top 20 investors 32 Chapter 3. International policies, initiatives and good practice 53 Appendix IV Qualitative relationships 33 International policies and initiatives 54 Appendix V 34 Banks CDP responses 38 Institutional Investors Important Notice The contents of this report may be used by anyone providing acknowledgment is given to CDP Worldwide (CDP). This does not represent a license to repackage or resell any of the data reported to CDP or the contributing authors and presented in this report. If you intend to repackage or resell any of the contents of this report, you need to obtain express permission from CDP before doing so. CDP has prepared the data and analysis in this report based on responses to the CDP information request.
    [Show full text]
  • COFCO Meat Holdings 1610.HK, 1610 HK the Pen Is Full
    Completed 04 Dec 2016 03:54 PM HKT Disseminated 05 Dec 2016 12:15 AM HKT Asia Pacific Equity Research 05 December 2016 Initiation Neutral COFCO Meat Holdings 1610.HK, 1610 HK The pen is full. Initiate coverage at Neutral Price: HK$1.64 Price Target: HK$1.90 We initiate coverage of COFCO Meat with a Neutral rating and a Dec-17 China price target of HK$1.90. A subsidiary of COFCO Group, COFCO Meat operates Consumer a vertically integrated value chain including feed & hog production, slaughtering, AC production and sale of fresh pork and processed meat products. Near-term Ebru Sener Kurumlu earnings benefits from high hog prices and benign input costs (we expect COFCO (852) 2800-8521 Meat to post a profit in FY16E vs a loss in FY15), and ongoing market-share [email protected] Bloomberg JPMA KURUMLU <GO> gains given the fragmented market should sustain strong volumes. But the company is likely to face some earnings volatility over the next two years as George Hsu profits are very sensitive to hog prices, which peaked in 1H16. Although we see (852) 2800-8559 [email protected] 15% potential upside to our price target, we are concerned about downside risks to Shen Li, CFA estimates should hog prices soften beyond our base estimates. (852) 2800 8523 Investment positives: (1) Near-term earnings benefits from cyclically high [email protected] hog prices and benign input costs: i) China hog prices were in an upcycle Daisy Lu since mid-2015, reaching a cyclically high level in 1H16; ii) input costs are (852) 2800-8593 benign, with corn prices down and the hog-to-corn ratio at a cyclically high [email protected] level in 2016.
    [Show full text]
  • Cofco International Limited
    The Stock Exchange of Hong Kong Limited takes no responsibility for the contents of this announcement, makes no representation as to its accuracy or completeness and expressly disclaims any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. This announcement appears for information only and does not constitute an invitation or offer to acquire, purchase or subscribe for the shares of China Agri-Industries Limited described below. In particular, this announcement is not an offer of securities for sale in Hong Kong, the United States or elsewhere. Securities may not be offered or sold in the United States absent registration or an exemption from registration. COFCO INTERNATIONAL LIMITED (Incorporated in Bermuda with limited liability) (Stock Code: 506) ANNOUNCEMENT PROPOSED MAJOR AND CONNECTED TRANSACTION INVOLVING ACQUISITION AND DISPOSAL OF ASSETS PROPOSED SPIN-OFF AND SEPARATE LISTING OF CHINA AGRI- INDUSTRIES LIMITED ON THE MAIN BOARD OF THE STOCK EXCHANGE OF HONG KONG LIMITED CONTINUING CONNECTED TRANSACTIONS SPECIAL DIVIDEND ADOPTION OF THE NEW SHARE OPTION SCHEME AND ADJUSTMENT OF THE EXISTING SHARE OPTION SCHEME ADOPTION OF THE CHINA AGRI-INDUSTRIES LIMITED SHARE OPTION SCHEME CHANGE OF COMPANY NAME INCREASE OF AUTHORISED SHARE CAPITAL OF THE COMPANY APPOINTMENT OF NEW EXECUTIVE DIRECTOR Page 1 SUMMARY • On 8 October 2006, the Company entered into the Master Sale and Purchase Agreement with COFCO, COFCO (HK) and China Agri, pursuant to which the Group agreed to acquire from COFCO (HK) the entire issued share capital and shareholders’ loans of each of Jumbo Team and Full Extent, respectively, subject to certain conditions.
    [Show full text]
  • Joy City Property
    Deutsche Bank Markets Research Rating Company Date 20 May 2015 Buy Joy City Property Initiation of Coverage Asia Hong Kong Reuters Bloomberg Exchange Ticker Price at 19 May 2015 (HKD) 2.08 Property 0207.HK 0207 HK HKG 0207 Price target - 12mth (HKD) 4.50 Property 52-week range (HKD) 2.09 - 1.33 HANG SENG INDEX 27,591 Strong recurrent income, upsides Tony Tsang Jason Ching, CFA from SOE reform; initiating with Buy Research Analyst Research Analyst (+852) 2203 6256 (+852) 2203 6205 A fast-growing state-owned landlord; TP HK$4.50; implied upside 116% [email protected] [email protected] Joy City is a 66.8%-owned property flagship of COFCO. Our positive call on Joy City is based on its quality recurrent income base, strong state-owned background (well below-peer interest cost), strong balance sheet, strong Price/price relative organic growth (we expect core net profit growth of 39-66% p.a. in 2015-17 on 5.0 strong revenue growth with improving margins), and strong additional NAV 4.0 and earnings upsides from expected further asset injections from COFCO. 3.0 High-quality IP portfolio providing solid recurrent income with solid growth 2.0 In contrast to most listed Chinese developers (which focus on property sales), 1.0 Joy City focuses primarily on prime-location investment properties that 5/13 11/13 5/14 11/14 generate recurrent income, which in our view should command higher Joy City Property valuation multiples. We see the following unique characteristics: 1) recurrent HANG SENG INDEX (Rebased) income makes up a high % of Joy City’s total revenue; 2) the IPs of Joy City Performance (%) 1m 3m 12m are all located in Tier-1 and major Tier-2 cities, where consumption power is relatively strong, consumers are more mature and oversupply of new Absolute 33.3 41.5 9.5 properties is less serious; and 3) it has a clear IP focus and positioning – Joy HANG SENG INDEX -0.2 11.1 21.5 City Shopping Malls makes up the bulk of Joy City’s IP portfolio (ex hotels).
    [Show full text]
  • Annual Report CORPORATE INFORMATION
    ABOUT SUNAC 融創中國控股有限公司 SUNAC China Holdings Limited (the “Company” or “our Company” and together with its subsidiaries, collectively referred to as the “Group”) is specialised in the integrated development of residential and commercial properties and is one of the leading real estate developers in the PRC. In line with its regional focus and high-end positioning strategy, the Company has developed or is developing many high-quality property projects ranging from high-rise residences, townhouses, retail properties and offices in tier 1 cities, tier 2 cities and surrounding cities of tier 1 cities in the PRC. The Company focuses on high-end property development and management business. Guided by its brand positioning of “Passion for Perfection”, the Company has long been providing high-end products to customers. With the aim of becoming the leader of the real estate industry in China, the Company’s pursuit of high-quality products and services never ends. It is always committed to providing a desirable, elegant life experience to its customers through quality products and services. With its accurate judgment of market trends, keen in-sights into consumer demands and emphasis on high product quality, the Company is ready to adopt cutting-edge concepts at the right time to design and develop its projects, and has created an advanced quality control and supervisory system. 融創中國控股有限公司（「本公司」，連同其附屬公司統稱為「本集團」）為中國的領先房地產發展商之一，專業從事住宅及商 業地產綜合開發。本公司堅持區域聚焦和高端精品發展戰略，在中國的一線、二線及環一線城市已發展或正發展眾多優質物業項 目，項目涵蓋高層住宅、聯排別墅、零售物業、寫字樓等多種物業類型。 本公司專注於高端物業的開發和管理，以「至臻，致遠」為品牌方向，持之以恆的為客戶專注打造高端精品物業，立志成為對高
    [Show full text]
  • 102894 Public Disclosure Authorized Public Disclosure Authorized
    102894 Public Disclosure Authorized Public Disclosure Authorized Attracting Capital for Railway Development in China Public Disclosure Authorized Public Disclosure Authorized Acknowledgements: This report was prepared by a team from the World Bank, led by Martha Lawrence and co led by Gerald Ollivier, in collaboration with Beijing Jiaotong University. Team members include Mengke Chen, Xiaoming He, Joanna Moody, Dominic Patella, Jipeng Qi, Siddhartha Raja, Wenting Wei, Lei Wu and Qiusheng Zhang. The team would like to thank the following people for reviewing and commenting on the report: Daniel Alberto Benitez, Peter Bishop, Jordan Cartier, Vickram Cutaree, Andrei Evdokimov, Patrick B. Loftus, Dongbin Lu, Jin Murakami, Milena Pacia, Shuanguang Qi, Rajendra Singh, Serge Salat, Jukka-Pekka Strand, Hiroaki Suzuki, and John Winner. All errors are the responsibility of the authors. The team is grateful to Yuxiang Gao, Michel Kerf, Run Li, Yujie Wang, Dan Zhao for their guidance and support in preparing this report. Pictures on the cover were provided by Gerald Ollivier. The team would also like to acknowledge the excellent discussions with Staff from China Railway Corporation that deepened the analysis and informed the report. Any findings, interpretations, and conclusions expressed herein are those of the author and do not necessarily reflect the views of the World Bank. Neither the World Bank nor the author guarantee the accuracy of any data or other information contained in this document and accept no responsibility whatsoever for any consequence of their use. All rights reserved Rights and Permissions The material in this publication is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law.
    [Show full text]
  • China Foods Limited 中國食品有限公司
    ANNUAL REPORT 年 報 China Foods Limited 中國食品有限公司 (Incorporated in Bermuda with limited liability) （於百慕達註冊成立之有限公司） Stock Code 股份代號 : 506 Corporate Profi le 公司概況 China Foods Limited (“China Foods” or the “Company”) is a 中國食品有限公司（「中國食品」或「本公司」）為 subsidiary of COFCO Corporation (“COFCO”) and listed on the 中糧集團有限公司（「中糧集團」）的附屬公司，並 main board of The Stock Exchange of Hong Kong Limited (Stock 在香港聯合交易所有限公司主板上市（股票代碼： Code: 506). The primary business of the Company includes 506）。本公司主要業務包括飲料、酒類、廚房食品廚房食品 beverage, wine, kitchen food and confectionery. The Company 及休閒食品。本公司致力於為消費者提供營養、健消費者提供營養、健 is committed to providing consumers with nutritious, healthy, 康、美味的優質食品。本公司現時的產品組合包括品 本公司現時的產品組合包括 delicious and quality food. Currently, the Company’s product 眾多知名品牌，例如「長城」葡萄酒、「福臨門」包名品牌，例 如「長城」葡萄酒、「福臨門」包 portfolio includes a number of well-known brands, such as 裝食裝食用油、「金帝」巧克力及「黃中皇」紹興酒等。用油、「金帝」巧克力及「黃中皇」紹興酒等。 “Greatwall” wine, “福臨門” consumer-pack edible oil, “LLee coconténté” 作為作為可口可樂公司在中國的戰略夥伴，本公司也可口可樂公司在中國的戰略夥伴，本公司也 chocolate and “黃中皇” Shaoxing rice wiwine.ne. As a strategic 有裝有裝瓶和銷售可口可樂系列飲料。瓶和銷售可口可樂系列飲料。 partner of The Coca-Cola Companypany iinn China, the Company also bottles and distributeses CoCoca-Colaca-Cola beverages. Contents 目錄 Contents 目錄 2 Financial Highlights 101 Independent Auditors’ Report 財務摘要 獨立核數師報告 3 Major Events of China Foods in 2014 103 Consolidated Statement of 中國食品2014年大事記 Profit or Loss 綜合損益報表 6 Chairman’s Statement 主席函件 104 Consolidated Statement of Comprehensive Income 8 Statement from Managing Director 綜合全面收入報表 董事總經理函件 105 Consolidated
    [Show full text]
  • Annual Report 2019 3 Major Events in COFCO Meat in 2019
    (Incorporated in the Cayman Islands with limited liability) Stock Code : 01610 Annual 2019 Report CONTENTS Corporate Information 2 Major Events in COFCO Meat in 2019 4 Financial Highlights 7 Chairman’s Statement 8 Management Discussion and Analysis 10 Biographies of Directors and Senior Management 21 Corporate Governance Report 29 Directors’ Report 42 Environmental, Social and Governance Report 61 Independent Auditor’s Report 77 Consolidated Statement of Profit or Loss and 80 Other Comprehensive Income Consolidated Statement of Financial Position 81 Consolidated Statement of Changes in Equity 83 Consolidated Statement of Cash Flows 84 Notes to the Consolidated Financial Statements 86 Financial Summary 169 Investors’ Calendar 170 Glossary 171 Corporate Information Legal Name of the Company Remuneration Committee COFCO Meat Holdings Limited Mr. Li Michael Hankin (Chairman) Mr. Lee Ted Tak Tai Place of Listing and Stock Code Mr. Jiang Guojin The shares of the Company were listed on the Main Board of the Stock Exchange on November 1, 2016 Food Safety Committee Mr. Xu Jianong (Chairman) Stock Code: 1610 Dr. Huang Juhui Ms. Yang Hong Company Website www.cofcomeat.com Auditor Deloitte Touche Tohmatsu Directors Chairman of the Board and Executive Director Legal Advisers Mr. Jiang Guojin Clifford Chance (as to Hong Kong law) Executive Director Principal Banks Mr. Xu Jianong Agricultural Bank of China Limited Beijing Branch of Bank of Communications Co., Ltd. Non-executive Directors Industrial and Commercial Bank of China Limited Ms. Yang Hong Mr. Wolhardt Julian Juul Authorised Representatives Dr. Cui Guiyong Mr. Xu Jianong Mr. Zhou Qi Ms. Chau Hing Ling Mr. Zhang Lei Dr.
    [Show full text]