招港B：2021年半年度报告（英文版）（更新后）.PDF
CHINA MERCHANTS PORT GROUP CO., LTD. INTERIM REPORT 2021 Date of Disclosure: 31 August 2021 China Merchants Port Group Co., Ltd. Interim Report 2021 1 Part I Important Notes, Table of Contents and Definitions The Board of Directors (or the “Board”), the Supervisory Committee as well as the directors, supervisors and senior managers of China Merchants Port Group Co., Ltd. (hereinafter referred to as the “Company”) hereby guarantee the factuality, accuracy and completeness of the contents of this Report and its summary, and shall be jointly and severally liable for any misrepresentations, misleading statements or material omissions therein. Wang Xiufeng, the Companys legal representative, Tu Xiaoping, the Companys Chief Financial Officer, and Sun Ligan, the person-in-charge of the accounting organ hereby guarantee that the financial statements carried in this Report are factual, accurate and complete. All the Companys directors have attended the Board meeting for the review of this Report and its summary. Any forward-looking statements such as future plans or development strategies mentioned herein shall not be considered as the Companys promises to investors. And investors are reminded to exercise caution when making investment decisions. Possible risks faced by the Company and countermeasures have been explained in “Part III Management Discussion and Analysis” herein, which investors are kindly reminded to pay attention to. Securities Times, Shanghai Securities News, Ta Kung Pao (HK) and have been designated by the Company for information disclosure. And all information about the Company shall be subject to whats disclosed on the aforesaid media. The Company is not subject to any industry-specific disclosure requirements. The Company has no interim dividend plan, either in the form of cash or stock. This Report and its summary have been prepared in both Chinese and English. Should there be any discrepancies or misunderstandings between the two versions, the Chinese versions shall prevail. China Merchants Port Group Co., Ltd. Interim Report 2021 2 Table of Contents Part I Important Notes, Table of Contents and Definitions . 1 Part II Corporate Information and Key Financial Information . 6 Part III Management Discussion and Analysis . 10 Part IV Corporate Governance . 37 Part V Environmental and Social Responsibility . 40 Part VI Significant Events . 47 Part VII Share Changes and Shareholder Information . 60 Part VIII Preference Shares . 66 Part IX Bonds . 67 Part X Financial Statements . 71 China Merchants Port Group Co., Ltd. Interim Report 2021 3 Documents Available for Reference I. Financial Statements carrying the signatures and stamps of the Company Principal, the Chief Financial Officer and the person in charge of accounting firm; II. Original copies of all documents and the announcements thereof disclosed in the reporting period on “Securities Times”, “Shanghai Securities News” and “Ta Kung Pao”. China Merchants Port Group Co., Ltd. Interim Report 2021 4 Definitions Term Definition The “Company”, “CMPort” or “we” China Merchants Port Group Co., Ltd., formerly known as “Shenzhen Chiwan Wharf Holdings Limited” CMG China Merchants Group Co., Limited CMPort Holdings China Merchants Port Holdings Company Limited (00144.HK) CSRC China Securities Regulation Commission Jifa Logistics Dalian Port Jifa Logistics Co., Ltd. DPCD Dalian Port Container Development Co., Ltd. Yingkou Port Group Yingkou Port Group Co., Ltd. DPN Dalian Port Logistics Network Co., Ltd. YPIT Yingkou Port Information Technology Co., Ltd. CMIT/ CMHIT China Merchants International Technology Co., Ltd., formerly known as China Merchants Holdings (International) Information Technology Co., Ltd. Dongguan Machong Dongguan Chiwan Port Service Co., Ltd. Shantou Port Shantou CMPort Group Co., Ltd. Zhanjiang Port Zhanjiang Port (Group) Co., Ltd. Shunde New Port Guangdong Yide Port Limited Zhangzhou Port Zhangzhou China Merchants Port Co., Ltd. CMICT Ningbo Daxie China Merchants International Container Terminal Co., Ltd. CICT Colombo International Container Terminals Ltd. HIPG Hambantota International Port Group LCT Lome Container Terminals Ltd. TCP TCP Participaes S.A CM ePort The wharf e-commerce platform, i.e. the unified customer service platform TEU Twenty Foot Equivalent Unit Haixing Harbor Shenzhen Haixing Harbor Development Co., Ltd. Yingkou Port Yingkou Port Co., Ltd. Liaoning Port/ Dalian Port Liaoning Port Co., Ltd., formerly known as Dalian Port (PDA) Company Limited SASAC of the State Council State-Owned Assets Supervision and Administration Commission of the State Council SIPG Shanghai International Port (Group) Co., Ltd. Tianjin Port Container Terminal Tianjin Port Container Terminal Co., Ltd. QQCTU Qingdao Qianwan United Container Terminal Co., Ltd. CMCS China Merchants Container Services Limited Modern Terminals Modern Terminals Limited Taiwan Kao Ming Container Kao Ming Container Terminal Corp. TL Terminal Link S.A.S. Kumport Kumport Liman Hizmetleri ve Lojistik Sanayi ve Ticaret Anonim Sirketi PDSA Port de Djibouti S.A. TICT Tin-Can Island Container Terminal Ltd. QQTU Qingdao Qianwan United Terminal Co., Ltd. Qingdao Dongjiakou Qingdao Port Dongjiakou Ore Terminal Co., Ltd. Laizhou Port China Shipping Port (Laizhou) Co., Ltd. Xiamen Port Zhangzhou China Merchants Xiamen Port Affairs Co., Ltd. Ningbo Port Ningbo Zhoushan Port Company Limited The cninfo website COD Chemical Oxygen Demand China Merchants Port Group Co., Ltd. Interim Report 2021 5 RTG Rubber Tyre Gantry VOC Volatile Organic Compounds PCR Polymerase Chain Reaction Pk23 Pk23 Community, Djibouti City SZSE Shenzhen Stock Exchange The “Articles of Association” The Articles of Association of China Merchants Port Group Co., Ltd. RMB RMB0,000 RMB00,000,000 Expressed in the Chinese currency of Renminbi Expressed in tens of thousands of Renminbi Expressed in hundreds of millions of Renminbi (unless otherwise specified) China Merchants Port Group Co., Ltd. Interim Report 2021 6 Part II Corporate Information and Key Financial Information I Corporate Information Stock name CM Port Group/ CM Port Group B Stock code 001872/201872 Stock exchange for stock listing Shenzhen Stock Exchange Company name in Chinese 招商局港口集团股份有限公司 Abbr. (if any) 招商港口 Company name in English (if any) China Merchants Port Group Co., Ltd. Abbr. (if any) CMPort Legal representative Wang Xiufeng II Contact Information Board Secretary Securities Representative Name Li Yubin Hu Jingjing Address 24/F, China Merchants Port Plaza, 1 Gongye 3rd Road, Zhaoshang Street, Nanshan, Shenzhen, PRC 24/F, China Merchants Port Plaza, 1 Gongye 3rd Road, Zhaoshang Street, Nanshan, Shenzhen, PRC Tel. +86 755 26828888 +86 755 26828888 Fax +86 755 26886666 +86 755 26886666 Email address C C III Other Information 1. Contact Information of the Company Indicate by tick mark whether any change occurred to the registered address, office address and their zip codes, website address and email address of the Company in the Reporting Period. Applicable Not applicable No change occurred to the said information in the Reporting Period, which can be found in the 2020 Annual Report. 2. Media for Information Disclosure and Place where this Report is Lodged Indicate by tick mark whether any change occurred to the information disclosure media and the place for lodging the Companys periodic reports in the Reporting Period. Applicable Not applicable China Merchants Port Group Co., Ltd. Interim Report 2021 7 The newspapers designated by the Company for information disclosure, the website designated by the CSRC for disclosing the Companys periodic reports and the place for lodging such reports did not change in the Reporting Period. The said information can be found in the 2020 Annual Report. 3. Other Relevant Information Indicate by tick mark whether any change occurred to the other relevant information in the Reporting Period. Applicable Not applicable IV Key Financial Information Indicate by tick mark whether there is any retrospectively restated datum in the table below. Yes No Reason: Business combination under common control On 18 December 2020, the Company signed the Equity Subscription and Capital Increase Agreement for CMHIT with the Companys subsidiaries, CMPort Holdings and CMHIT, Jifa Logistics, DPCD, and Yingkou Port Group. According to the Equity Subscription and Capital Increase Agreement, Jifa Logistics and DPCD would increase the capital of CMHIT with 29.40% and 49.63% of their respective shares in DPN, and Yingkou Port Group would increase the capital of CMHIT with 100% of its equity in YPIT. Before and after the merger, CMHIT, DPN and YPIT are all subject to the final control of CMG, the actual controller of the Company, and such control is not temporary. The above capital increase was completed on 9 February 2021. Upon completion of the capital increase, CMHIT changed its name to CMIT. The Company, CMPort Holdings, Jifa Logistics, DPCD and Yingkou Port Group will hold 13.18%, 43.74%, 13.26%, 22.38% and 7.44% equity in CMIT, respectively. CMIT remains a majority-owned subsidiary of the Company. CMIT holds 79.03% equity in DPN and 100% equity in YPIT respectively, and is able to exercise control over the latter two companies. Therefore, since 9 February 2021, the Company will follow the accounting China Merchants Port Group Co., Ltd. Interim Report 2021 8 processing method for enterprise merger under the same control and include DPN and YPIT in the consolidated scope of the Companys consolidated financial statements from the beginning of the comparative financial statement period. H1 2021 H1 2020 Change (%) Original Restated Restated Operating revenue (RMB) 7,339,942,862.26 5,922,497,158.48 5,962,497,716.96 23.10% Net profit attributable to the listed companys shareholders (RMB) 1,677,035,346.17 632,798,585.83 632,292,086.16 165.23% Net profit attributable to the listed companys shareholders before exceptional gains and losses (RMB) 1,644,696,060.97 544,591,914.54 544,085,414.87 202.29% Net cash generated from/used in operating activities (RMB) 2,934,960,407.96 2,071,426,144.92 2,057,741,203.08 42.63% Basic earnings per share (RMB/share) 0.87 0.33 0.33 163.64% Diluted earnings per share (RMB/share) 0.87 0.33 0.33 163.64% Weighted average return on equity (%) 4.43% 1.77% 1.76% 2.67% 30 June 2021 31 December 2020 Change (%) Original Restated Restated Total assets (RMB) 168,701,333,012.06 168,543,611,777.21 168,728,326,345.77 -0.02% Equity attributable to the listed companys shareholders (RMB) 38,143,327,362.51 37,117,806,052.18 37,165,277,744.78 2.63% The total share capital at the end of the last trading session before the disclosure of this Report: Total share capital at the end of the last trading session before the disclosure of this Report (share) 1,922,365,124 Fully diluted earnings per share based on the latest total share capital above: Fully diluted earnings per share based on the latest total share capital above (RMB/share) 0.87 V Accounting Data Differences under Chinas Accounting Standards for Business Enterprises (CAS) and International Financial Reporting Standards (IFRS) and Foreign Accounting Standards 1. Net Profit and Equity under CAS and IFRS Applicable Not applicable No difference for the Reporting Period. 2. Net Profit and Equity under CAS and Foreign Accounting Standards Applicable Not applicable No difference for the Reporting Period. China Merchants Port Group Co., Ltd. Interim Report 2021 9 3. Reasons for Accounting Data Differences between Domestics and Foreign Accounting Principle Applicable Not applicable VI Exceptional Gains and Losses Unit: RMB Item Amount Note Gain or loss on disposal of non-current assets (inclusive of impairment allowance write-offs) 4,731,273.76 - Government subsidies charged to current profit or loss (exclusive of government subsidies given in the Companys ordinary course of business at fixed quotas or amounts as per the governments uniform standards) 292,333,022.53 - Capital occupation charges on non-financial enterprises that are charged to current profit or loss 118,821,999.88 - Current profit or loss on subsidiaries obtained in business combinations involving enterprises under common control from the period-beginning to combination dates, net -3,255,790.50 - Gain or loss on fair-value changes in held-for-trading and derivative financial assets and liabilities & income from disposal of held-for-trading and derivative financial assets and liabilities and other investments in debt obligations (exclusive of the effective portion of hedges that arise in the Companys ordinary course of business) -488,532,866.45 - Reversed portions of impairment allowances for accounts receivable and contract assets which are tested individually for impairment 94,099.17 - Custodian fees earned from entrusted operation 471,698.11 - Non-operating income and expense other than the above 19,007,039.27 - Less: Income tax effects -74,697,555.98 - Non-controlling interests effects (net of tax) -13,971,253.45 - Total 32,339,285.20 - Explanation of why the Company reclassifies recurrent gain/loss as an exceptional gain/loss item defined or listed in the Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the PublicExceptional Gain/Loss Items: Applicable Not applicable No such cases for the Reporting Period. China Merchants Port Group Co., Ltd. Interim Report 2021 10 Part III Management Discussion and Analysis I Principal Activity of the Company in the Reporting Period 1. Main business scope and business models The Company is principally engaged in the handling, warehousing and transportation of containers and bulk cargoes, as well as the provision of other ancillary services. It principally operates 27 container berths and 17 bulk cargo berths in the ports in West Shenzhen and Dongguan Machong, 9 container berths, 2 bulk cargo berths, 10 general cargo berths, and 1 coal-handling specific berth in Shantou Port, 2 container berths and 33 bulk cargo berths in Zhanjiang Port, 4 multi-purpose berths in Shunde Port, 2 container berths and 6 bulk cargo berths in Zhangzhou Port, 4 container berths in Ningbo Daxie, 4 container berths in CICT, Sri Lanka, 4 multi-purpose berths, 2 oil berths and 4 container berths in HIPG, Sri Lanka, 3 container berths in LCT, Togo, and 4 container berths in TCP, Brazil. Moreover, the Company invests in container hubs in Shanghai, Ningbo and Tianjin and expands its layout to ports in Asia, Africa, Europe, Oceania, South America and North America. The major business segments of China Merchants Port Group Co., Ltd. are as follows: Business Segments Applications Cargo handling and warehousing Container handling and warehousing: the Company provides ship berthing, loading and discharging services to ship companies, offers container storage service to ship companies and cargo owners and provides overhead box services to tractor companies. The Company a
