PDF《Interim Report 2018 中期报告》

中期报告 Interim Report

2018 1 CONTENTS Chairman'

s Statement

2 董事长致辞 Company Profile

7 公司简介 Unaudited Interim Results

10 未经审计中期业绩 Key Operating and Financial Data

11 重要经营及财务数 Financial Highlights

12 财务摘要 Management Discussion and Analysis

13 管理层讨论及分析 Corporate Governance and Other Information

72 企业管治及其他资料 Report on Review of Interim Condensed ? Consolidated Financial Statements

84 中期简明合并财务报表的 审阅报告 Interim Condensed Consolidated Statement ? of Profit or Loss C Unaudited

86 中期简明合并损益表- 未经审计 Interim Condensed Consolidated Statement ? of Comprehensive Income C Unaudited

87 中期简明合并综合收益表- 未经审计 Interim Condensed Consolidated Statement ? of Financial Position C Unaudited

88 中期简明合并财务状况表- 未经审计 Interim Condensed Consolidated Statement ? of Changes in Equity C Unaudited

90 中期简明合并权益变动表- 未经审计 Interim Condensed Consolidated Statement ? of Cash Flow C Unaudited

92 中期简明合并现金流量表- 未经审计 Notes to the Unaudited Interim Condensed ? Consolidated Financial Statements

95 未经审计中期简明合并 财务报表附注 Definitions and Glossary of Technical Terms

167 定义及技术术语表 Corporate Information

173 公司资料 目录

2 尊敬的各位股东: 2018年上半年,全球经济延续了去年的 整体增长走势,国际贸易和大宗商品价格 均继续走高.

然而,外部环境变化明显, 整体市场正面临新挑战.欧元区经济增速 放缓和新兴市场经济动荡加剧,以致主要 经济体增长态势有所分化,世界经济增长 动能出现边际性减弱.上半年中国国内生 产总值为人民币418,961亿元,同比增长 6.8%,较去年同期小幅回落0.1%,走势稳 中向好. 2018年上半年, 「一带一路」的政策继续 为中国和周边地区带来利好因素和增长动 力.作为率先 「走出去」 的中国工程承包企 业,CMEC积极开拓海外市场业务,与 「一 带一路」 沿线国家级相关区域建立了多年深 厚的市场基础,很多国家和地区留下了标 志著友谊合作的优质工程,塑造了良好的 品牌形象与声誉. Dear Shareholders, In the first half of 2018, global economy had stayed on an upward trajectory as a whole since last year, and international trade and bulk commodity prices kept rising. However, the overall market is facing new challenges brought by significant changes in the external environment. Eurozone economy slowed down and emerging markets saw intensified fluctuations in economy. As a result, major economies diverged with each other in economic growth trend, and marginal growth momentum of world economy weakened. In the first half of 2018, China'

s gross domestic product (GDP) amounted to RMB41,896.1 billion, up by 6.8% on a year-on-year basis and slightly down by 0.1% as compared with the same period of last year, showing a rising trend amid stability. In the first half of 2018, the Belt and Road policy continued to provide positive factors and growth momentum for China and its surrounding regions. As a PRC engineering contracting company first going out, CMEC has been proactively expanding its overseas business and has established years of profound market foundation along the Belt and Road route and completed quality constructions marking friendship and cooperation with many countries and regions, building up a sound brand image and reputation.

3 BUSINESS REVIEW The warming world economy, continuous release of the policy dividend of the initiative and other positive factors, robust demand from markets along the route and strong business development momentum also provided more market opportunities for CMEC'

s expansion into overseas markets. Meanwhile, international environment still brought relevant risks and challenges to the industrial development, which was significantly affected by the complicated world economic and political landscapes, adjustment of international energy structure and increasingly intensified competition, etc. The Company captured the opportunity, confronted the challenges and worked together with its employees to secure its steady development as a whole. The Company recorded a revenue of RMB12,048.3 million, gross profit of RMB1,939.7 million and operating profit of RMB906.9 million in the first half of 2018. International Engineering Contracting Business is one of CMEC'

s traditional core businesses. As the world'

s leading international engineering contractor and service provider, the Group has a primary focus on EPC projects and particular expertise in the power sector. During the Period, the Group'

s revenue generated from the International Engineering Contracting Business was approximately RMB7,426.0 million, which accounted for 61.6% of the Group'

s total revenue, representing an increase of 10.0% as compared with the Corresponding Period in 2017, while the gross profit of the power sector accounted for about 80.1% of the total gross profit of the International Engineering Contracting Business, with the gross profit rate maintained at about 22.6%, holding a leading position in the industry. 业务回顾 世界经济逐渐回暖,倡议等不断释放红 利,沿线市场需求旺盛,业务发展势头强 劲,也为CMEC拓展海外业务提供了更多 的市场机遇.同时,国际局势仍给行业发 展带来相关的风险和挑战,受到世界经济 政治形势复杂、国际能源结构调整、竞争 不断加剧等因素的重大影响.公司抓住机 遇,迎接挑战,在共同努力下总体运营保 持稳健发展. 公司在2018年上半年实现收入人民币12,048.3百万元;

毛利人民币 1,939.7百万元;

经营溢利人民币906.9百 万元. 国际工程承包业务为CMEC传统核心业务 之一,作为国际领先的工程承包与服务 商,集团主要专注负责EPC项目,且重点 发展在电力能源行业,本期间内,集团国 际工程承包业务收入约为人民币7,426.0百 万元,占集团总收入的61.6%,较2017年 同期增加10.0%,而电力能源行业的毛利 则占国际工程承包业务总毛利约80.1%, 毛利率保持在约22.6%,处於行业领先水 平.

4 In the first half of 2018, the Company continued to proactively expand our overseas business. On April 6, the Company entered into an EPC contract regarding the Nikopol photovoltaic power station project in Ukraine, in which it was responsible for project design, equipment purchase, construction, installation, debugging and staff training. On May 26, the Company signed with Siddiqsons Energy Limited in Pakistan a contract regarding the Siddiqsons 1x330MW pithead coal fired power station project at Thar Block II in Sindh Province of Pakistan. On June 9, the Company signed with Sosian Menengai Geothermal Power Ltd (SMGP) a general EPC contract regarding the Menengai 35MW geothermal project in Kenya, which is the first geothermal power station project signed by the Company and is a milestone in development of the geothermal project market. In the first half of 2018, the Company implemented projects without major safety incidents. During the implementation of the projects, attention was paid to fulfilling social responsibilities, and the brand reputation and popularity of the brand continued to increase. CMEC promoted implementation of projects with good quality in time and in an orderly way. It was widely acclaimed and maintained excellent performance. Mr. Ruto, Kenya'

s deputy president, made an inspection on the site of Kenya RWC421 highway upgrading and maintenance project;

Abbasi, Pakistan'

s prime minister, attended the ceremony for grid-connected power generation of the first generating unit in NJ hydropower project. Deputy Director Kong Quan and committee........