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Creating Value Pursuing Excellence Chairman’S Message

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Creating Value Pursuing Excellence Chairman’S Message CREATING VALUE PURSUING EXCELLENCE CHAIRMAN’S MESSAGE ........ 02 CONTENTS PRESIDENT’S MESSAGE ........ 04 ABOUT SINOCHEM .............. 06 MANAGEMENT REPORT ........ 08 BUSINESS OVERVIEW ........... 12 CORPORATE CITIZENSHIP ..... 46 KEY EVENTS ....................... 52 FINANCIAL STATEMENTS ....... 56 DIRECTORY ........................ 64 CHAIRMAN’S MESSAGE With the interpenetration and profound integration of internet and traditional industries, such new ways of thinking and new models as internet plus, big data, and industry 4.0 are emerging one after another. While these new developments are impacting the traditional mindset and shaking up the industrial pattern, they are also creating broader space and powerful traction for economic and social progress. In the ever changing times, only by the persistence in its corporate philosophy of “Creating Value, Pursuing Excellence”, and the determination in reform and innovation, can Sinochem leverage the megatrend and win the future. Facing with the economic “New Normal and new business trend, in recent years we have been focusing on our major business sectors and made great efforts in the industrial transformation. By so doing, Sinochem has maintained a steady growth momentum, with our core competitiveness, industry position, and overall strength further enhanced. In particular, the 12 million MT/a refining project of Sinochem Quanzhou Petrochemical Base—the groundbreaking project in our “Third Long March” period—was finally completed and put into production in 2014 after a decade of preparation with tremendous hardship, which has consolidated Sinochem’s industrial strength and sustainability, and also solidified our confidence and determination for industrial transformation. Every progress made by Sinochem on the way to pursue our dream cannot be realized without the cooperation and support from the friends all around the world. Hereby, I would like to express my sincere gratitude to them. Sinochem’s transformation is still at a critical stage, and Sinochem people are fighting for things that have never been done in the Sinochem history. Keeping in mind the philosophy of maintaining a “proactive, steady, sustainable, and healthy” development, we will be “humble but fearless, peaceful but persistent”, and make firm stride toward the vision to build a great company.W e would like to join hands with friends from all walks of life around the globe to create an even better future. Liu Deshu Chairman 02 2014 ANNUAL REPORT 03 PRESIDENT’S MESSAGE While the world economy is undergoing deep restructuring after the global financial crisis, the Chinese economy has stepped into a New Normal of restructuring, transforming, and upgrading. The new trend is testing the Chinese companies and entrepreneurs, and expecting them to make choices and answers. In 2014, facing with the severe external business environment, we were making progress in a steady manner, trying our best to enhance business operation, corporate management, risk control and industrial transformation. We have successfully fulfilled our development targets, keep our business in a steady and healthy fashion, and also witnessed breakthroughs made in our strategic transformation. Hereby, I would like to offer my heartfelt thanks to all the friends in China and from overseas for their substantial support to Sinochem. 2015 is the critical year for Sinochem’s strategic transformation. Although the prospect for the external environment is still not sanguine, Sinochem has the solid foundation to resist risks after years of strategic transformation and management reform. Years of harsh market test has built a team that possesses huge strength to overcome hardship. We will take it as our goal to grow stronger and better, stick to market- orientation, internationalization and industrialization, and take quality and efficiency enhancement as the core, in a bid to be adapted to the Economic New Normal and new challenges, seize new opportunities, write a new chapter for development, and ultimately propel Sinochem’s business to weather the storm ahead and stride forward steadily. “When it is at high tide, between the two sides the river is wider. With the wind this fair, the boat is sailing at ease on the water.” We would like to join hands with friends from all over the world to bring more benefits for the well-being for the nation, the society, and the general public. Cai Xiyou President 04 2014 ANNUAL REPORT 05 ABOUT SINOCHEM One of China’s four state oil China’s leading chemical companies service company China’s biggest agricultural input (fertilizer, China’s earliest entrant in seed and agrochemicals) company Fortune Global 500 Sinochem Group was founded in 1950. Its predecessor was China Franshion Properties (HK, 00817), and is the largest shareholder National Chemicals Import and Export Corporation, which was of Far East Horizon (HK, 03360). In June 2009, Sinochem Group China’s largest trading firm. Sinochem Group is the key state- established Sinochem Corporation as the vehicle for potential owned enterprise under the supervision of State owned Assets group IPO. Supervision and Administration Commission of the State Council (SASAC). Sinochem’s headquarter is located in Beijing. Sinochem Group is China’s earliest entrant in Fortune Global 500 and has entered the list for 24 times, ranking 107th in 2013. Sinochem’s core businesses span over energy, agriculture, Through years of strategic transformation and management chemicals, real estate and financial service. It is one of China’s four overhaul, Sinochem has maintained a sustainable, healthy and state oil companies, China’s biggest agricultural input company rapid development. Sinochem has been rated by SASAC as “top A (fertilizer, seed and agrochemicals), China’s leading chemical corporate performance” for 10 years in a row and it has been listed service company. It also exerts strong influence in real estate and in “World’s Most Admired Companies” by Fortune for 2 consecutive non-banking financial service sector. As a global conglomerate years, both ranking the first inT rading Industry List. with market orientation, Sinochem’s quality product and service is relevant to many aspects of mass economy and people’s well Sinochem’s vision is to become a respectable company with global being. Its brand enjoys high reputation and acknowledgement influence, making fortune to all the stakeholders and the society. around the world. Our 50,000 employees will follow the doctrine of “Creating Value, Sinochem currently owns more than 300 subsidiaries inside and Pursuing Excellence”, shoulder social responsibility as corporate outside China. It controls several listed companies including citizen, and adopt scientific development approach to realize Sinochem International (SH, 600500), Sinofert (HK, 00297) and sustainable business potency. 06 2014 ANNUAL REPORT 07 MANAGEMENT REPORT Sinochem’S VISION To become a respectable company with global status Sinochem’S MISSION To become the industry model featuring advanced technology,resources reservation and environmental friendliness To become an important driving force safeguarding China’s energy security, agricultural security and promoting chemical industrial upgrading To become a respectable company with global status and great social responsibility SINOCHEM’S DEVELOPMENT STRATEGY One Ability: the ability to develop in a sustainable way Two Fundamentals: internal management and external expansion Three Links: resources, technology and market Four Pathways: innovation, integration, M&A, and collaboration Five Key Areas: energy, agriculture, chemical, real estate, and financial service 08 2014 ANNUAL REPORT 09 In 2014, the world economy experienced slow recovery and the downbeat pressure for the Chinese economy had increased. MANAGEMENT FUrtHER ENHANCED Under this circumstance, Sinochem’s business encountered the harshest test since 2008. Facing with the impact from general economic condition, we stick to the “active, steady, sustained, and healthy” development philosophy, focused on We stick to the lean management philosophy, and leverage the tier and third-tier branches and subsidiaries. In terms of safety our main business sectors, pressed ahead with our strategic transformation, optimized the resource allocation, consolidated management enhancement project as the opportunity, and management, the company maintained safety control throughout our internal resource, and strengthened the lean management, all of which helped us to maintain a steady and positive focus on resolving the acute problems in corporate management our production links by strict monitoring. As for financial development momentum with new progress achieved in our work. to advance our management innovation. By doing so, we management, we made full use of the centralized operation system were entitled as “the Excellent Company in SOE Management of foreign exchange implemented by multinational companies to Enhancement Project” by SASAC. reduce financial cost. In 2014, Fitch, Moody, and S&P all raised the BUSINESS PERFORMANCE REALIZED STEADY INCREASE rating on Sinochem from BBB+ to A-, which further enhanced the In terms of technology management, we made the overall plan company’s image in the capital market. We also strengthened the for technology reform and actively promoted the implementation In 2014, the company maintain the steady and positive development momentum, application of the Leadership Capability Model, cultivated talents Total Sales Revenue of such measures as“Product-oriented
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