香港湾仔港湾道26号华润大厦4606-08室 Room 4606-08, China Resources Building, 26 Harbour Road, Wanchai, Hong Kong 网站 Website: www.crcement.com 公司通讯网站 Website for Corporate Communications: www.irasia.com/listco/hk/crcement/index.htm 二零一六年年报 Annual Report 2016 （ 於开曼群岛注册成立之有限公司） （ incorporated in the Cayman Islands with limited liability） 股份代号 Stock Code:1313 2016年报 Annual Report Transformation and 转型创新 Innovation 公司简介 CORPORATE PROFILE 华润水泥控股有限公司於二零零三年三月十三日根据开曼群岛公司法在开曼群岛注册成立为一 家获豁免的有限公司，并为华润集团所有水泥及混凝土业务的控股公司。 本公司曾於二零零三年七月二十九日以介绍形式在香港联合交易所有限公司主板上市。於二零零 六年，本公司被华润 （ 集团）有限公司私有化成为顺创投资有限公司 （ 现称华润集团 （ 水泥）有限公 司）的全资附属公司，并於二零零六年七月二十六日撤销其股份在联交所的上市地位。 本公司於二零零九年十月六日以全球发售形式重新於联交所主板上市。於本报告日期，本公司已 发行股份总数为6,532,937,817股，其中华润集团持有约73.35%的本公司已发行股份。 China Resources Cement Holdings Limited was incorporated on 13 March 2003 in the Cayman Islands as an exempted company with limited liability under The Companies Law of the Cayman Islands and is the holding company of all the cement and concrete operations of the China Resources Group. The Company was listed on the main board of The Stock Exchange of Hong Kong Limited on 29 July 2003 by way of introduction. In 2006, the Company was privatized as a wholly-owned subsidiary of Smooth Concept Investments Limited (currently known as CRH (Cement) Limited) by China Resources (Holdings) Company Limited and the listing of the Company’s shares on the Stock Exchange was withdrawn on 26 July 2006. The Company was re-listed on the main board of the Stock Exchange on 6 October 2009 by way of a global offering. As at the date of this report, the total number of issued shares of the Company was 6,532,937,817 shares, of which China Resources Group is holding approximately 73.35% of the issued shares of the Company. 公司简介 CORPORATE PROFILE 1 目录 CONTENTS 二零一六年年报 Annual Report 2016 页码 Page 公司资料 2 Corporate Information 释义 6 Definitions 业务概览 10 Business Overview 二零一六年以来的重要事件 14 Significant Events Since 2016 财务摘要 17 Financial Highlights 主席报告 18 Chairman’s Statement 总裁报告 26 Report from Chief Executive Officer 董事及高级管理人员履历 46 Biographical Details of Directors and Senior Management 董事局报告 58 Report of the Directors 企业管治报告 81 Corporate Governance Report 独立核数师报告 108 Independent Auditor’s Report 综合全面收益表 116 Consolidated Statement of Comprehensive Income 综合财务状况表 117 Consolidated Statement of Financial Position 综合权益变动表 119 Consolidated Statement of Changes in Equity 综合现金流量表 120 Consolidated Statement of Cash Flows 综合财务报表附注 123 Notes to the Consolidated Financial Statements 财务概要 220 Financial Summary 目录 CONTENTS 2 公司资料 CORPORATE INFORMATION 华润水泥控股有限公司 China Resources Cement Holdings Limited CHAIRMAN AND EXECUTIVE DIRECTOR ZHOU Longshan EXECUTIVE DIRECTOR AND CHIEF EXECUTIVE OFFICER JI Youhong (appointed with effect from 22 September 2016) PAN Yonghong (resigned with effect from 22 September 2016) EXECUTIVE DIRECTOR AND CHIEF FINANCIAL OFFICER LAU Chung Kwok Robert NON-EXECUTIVE DIRECTORS DU Wenmin WEI Bin CHEN Ying WA NG Yan INDEPENDENT NON-EXECUTIVE DIRECTORS IP Shu Kwan Stephen SHEK Lai Him Abraham ZENG Xuemin LAM Chi Yuen Nelson XU Yongmo (resigned with effect from 31 December 2016) COMPANY SECRETARY LO Chi Lik Peter 主席及执行董事 周龙山 执行董事及总裁 纪友红 （ 於二零一六年九月二十二日获委任） 潘永红 （ 於二零一六年九月二十二日辞任） 执行董事及首席财务官 刘忠国 非执行董事 杜文民 魏斌 陈鹰 王彦 独立非执行董事 叶澍�� 石礼谦 曾学敏 林智远 徐永模 （ 於二零一六年十二月三十一日辞任） 公司秘书 罗志力 公司资料 CORPORATE INFORMATION 二零一六年年报 3 Annual Report 2016 公司资料 CORPORATE INFORMATION 审核委员会 林智远 （ 主席） 叶澍�� 石礼谦 曾学敏 魏斌 （ 於二零一六年三月十一日获委任） 王彦 （ 於二零一六年三月十一日获委任） 徐永模 （ 於二零一六年十二月三十一日辞任） 薪酬委员会 石礼谦 （ 主席） 叶澍�� 林智远 曾学敏 （ 於二零一六年十二月三十一日获委任） 周龙山 刘忠国 杜文民 （ 於二零一六年三月十一日获委任） 徐永模 （ 於二零一六年三月十一日获委任及 於二零一六年十二月三十一日辞任） 提名委员会 叶澍�� （ 主席） 石礼谦 林智远 周龙山 杜文民 （ 於二零一六年三月十一日获委任） 企业管治委员会 叶澍�� （ 主席） 石礼谦 林智远 周龙山 刘忠国 执行委员会 周龙山 （ 主席） 纪友红 （ 於二零一六年九月二十二日获委任） 刘忠国 潘永红 （ 於二零一六年九月二十二日辞任） AUDIT COMMITTEE LAM Chi Yuen Nelson (Chairman) IP Shu Kwan Stephen SHEK Lai Him Abraham ZENG Xuemin WEI Bin (appointed with effect from 11 March 2016) WA NG Yan (appointed with effect from 11 March 2016) XU Yongmo (resigned with effect from 31 December 2016) REMUNERATION COMMITTEE SHEK Lai Him Abraham (Chairman) IP Shu Kwan Stephen LAM Chi Yuen Nelson ZENG Xuemin (appointed with effect from 31 December 2016) ZHOU Longshan LAU Chung Kwok Robert DU Wenmin (appointed with effect from 11 March 2016) XU Yongmo (appointed with effect from 11 March 2016 and resigned with effect from 31 December 2016) NOMINATION COMMITTEE IP Shu Kwan Stephen (Chairman) SHEK Lai Him Abraham LAM Chi Yuen Nelson ZHOU Longshan DU Wenmin (appointed with effect from 11 March 2016) CORPORATE GOVERNANCE COMMITTEE IP Shu Kwan Stephen (Chairman) SHEK Lai Him Abraham LAM Chi Yuen Nelson ZHOU Longshan LAU Chung Kwok Robert EXECUTIVE COMMITTEE ZHOU Longshan (Chairman) JI Youhong (appointed with effect from 22 September 2016) LAU Chung Kwok Robert PAN Yonghong (resigned with effect from 22 September 2016) 4 华润水泥控股有限公司 China Resources Cement Holdings Limited 公司资料 CORPORATE INFORMATION 独立核数师 德勤关黄陈方会计师行 主要往来银行 中国农业银行 美国银行香港分行 中国银行 中国银行 （ 香港）有限公司 中国建设银行 国家开发银行 招商银行 星展银行 德意志银行 恒生银行 中国工商银行 中国工商银行 （ 亚洲） ING Bank N.V.香港分行 瑞穗银行 华侨银行 三井住友银行 香港上海�蠓嵋�行 大华银行 股份过户登记处 卓佳证券登记有限公司 香港皇后大道东183号合和中心22楼 注册办事处 PO Box 309, Ugland House, Grand Cayman, KY 1-1104, Cayman Islands INDEPENDENT AUDITOR Deloitte Touche Tohmatsu PRINCIPAL BANKERS Agricultural Bank of China Bank of America, National Association, Hong Kong Branch Bank of China Limited Bank of China (Hong Kong) Limited China Construction Bank Corporation China Development Bank Corporation China Merchants Bank DBS Bank Ltd. Deutsche Bank AG Hang Seng Bank Limited Industrial and Commercial Bank of China Limited Industrial and Commercial Bank of China (Asia) Limited ING Bank N.V. Hong Kong Branch Mizuho Bank, Ltd Oversea-Chinese Banking Corporation Limited Sumitomo Mitsui Banking Corporation The Hongkong and Shanghai Banking Corporation Limited United Overseas Bank Limited SHARE REGISTRAR Tr icor Investor Services Limited Level 22, Hopewell Centre, 183 Queen’s Road East, Hong Kong REGISTERED OFFICE PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands 二零一六年年报 5 Annual Report 2016 公司资料 CORPORATE INFORMATION 香港总部及主要营业地点 香港湾仔港湾道26号 华润大厦4606-08室 电话 ： (852) 3118 6800 传真 ： (852) 3118 6830 电邮 ： crcement@crc.com.hk 於香港联合交易所有限公司的 股份代号 131（ 3 股份） 456（ 9 於二零一七年到期的信用增级优先债券） 本公司公司通讯的官方网站 www. irasia.com/listco/hk/crcement/index.htm 本公司网站 www. crcement.com 投资者关系顾问 皓天财经集团有限公司 HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS IN HONG KONG Room 4606-08, China Resources Building 26 Harbour Road, Wanchai, Hong Kong Te lephone : (852) 3118 6800 Fax : (852) 3118 6830 E-mail : crcement@crc.com.hk STOCK CODES ON THE STOCK EXCHANGE OF HONG KONG LIMITED 1313 (shares) 4569 (credit enhanced senior bonds due 2017) COMPANY’S OFFICIAL WEBSITE FOR CORPORATE COMMUNICATIONS www .irasia.com/listco/hk/crcement/index.htm COMPANY’S WEBSITE www .crcement.com INVESTOR RELATIONS CONSULTANT Wonderful Sky Financial Group Limited 6 释义 DEFINITIONS 华润水泥控股有限公司 China Resources Cement Holdings Limited In this annual report, the following expressions shall have the following meanings unless the context indicates otherwise: “AR” Autonomous Region, PRC “associated corporation” has the same meaning as provided in the SFO “Board” board of Directors “China Resources Group” CR Holdings and its subsidiaries “Chinese Mainland” PRC excluding Hong Kong and Macau SAR “CG Code” Corporate Governance Code set out in Appendix 14 of the Listing Rules “Company” China Resources Cement Holdings Limited “CR Holdings” China Resources (Holdings) Company Limited, a company incorporated in Hong Kong with limited liability, the Company’s intermediate holding company “CRC” China Resources Co., Limited, a company established in PRC with limited liability, an intermediate holding company of CR Holdings “Director(s)” director(s) of the Company 於本年报内，除文义另有所指外，下列词语具有 以下涵义： 「 自治区」 指 中国自治区 「 相联法团」 指 具有证券及期货条例所提 供的相同意思 「 董事局」 指 董事局 「 华润集团」 指 华润 （ 集团）及其附属公 司 「 中国内地」 指 中国，不包括香港及澳门 特别行政区 「 企业管治守则」 指 上市规则附录十四所载的 企业管治守则 「 本公司」 指 华润水泥控股有限公司 「 华润 （ 集团）」 指 华润 （ 集团）有限公司，一 家於香港注册成立的有限 公司，并为本公司的间接 控股公司 「 华润股份有限 公司」 指 华润股份有限公司，一家 於中国注册成立的有限公 司，并为华润 （ 集团）的间 接控股公司 「 董事」 指 本公司董事 释义 DEFINITIONS 二零一六年年报 7 Annual Report 2016 释义 DEFINITIONS 「 固定资产投资」 指 固定资产投资 「 福建」 指 中国福建省 「 国内生产总值」 指 国内生产总值 「 本集团」 指 本公司及其附属公司 「 广东」 指 中国广东省 「 广西」 指 广西壮族自治区 「 贵州」 指 中国贵州省 「 海南」 指 中国海南省 「 香港」 指 香港特别行政区 「 内蒙古」 指 内蒙古自治区 「 上市规则」 指 联交所证券上市规则 「 标准守则」 指 上市规则附录十所载的上 市发行人董事进行证券交 易的标准守则 「 中国」 指 中华人民共和国 「 特别行政区」 指 中国特别行政区 「 该计划」 指 本公司董事於二零零九年 九月二日采纳的股份奖励 计划，并经董事於二零一 零年十一月十七日修改为 一项现金奖励计划 “FAI” fixed asset investments “Fujian” Fujian Province, China “GDP” gross domestic products “Group” the Company and its subsidiaries “Guangdong” Guangdong Province, China “Guangxi” Guangxi Zhuang AR “Guizhou” Guizhou Province, China “Hainan” Hainan Province, China “Hong Kong” the Hong Kong SAR “Inner Mongolia” the Inner Mongolia AR “Listing Rules” the Rules Governing the Listing of Securities on the Stock Exchange “Model Code” Model Code for Securities Transactions by Directors of Listed Issuers set out in Appendix 10 of the Listing Rules “PRC” or “China” The People’s Republic of China “SAR” Special Administrative Region, PRC “Scheme” the share award scheme of the Company adopted by the Directors on 2 September 2009 and amended by the Directors as a cash award scheme on 17 November 2010 8 华润水泥控股有限公司 China Resources Cement Holdings Limited 释义 DEFINITIONS 「 证券及期货条 例」 指 香港法例第571章证券及 期货条例 「 山西」 指 中国山西省 「 股份」 指 本公司股本中每股面值 0.10港元的股份 「 中国华南」 指 包括广东、广西、福建及 海南 「 联交所」 指 香港联合交易所有限公司 「 云南」 指 中国云南省 「 港元」 指 港元，香港法定货币 「 人民币」 指 人民币元，中国法定货币 “SFO” Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) “Shanxi” Shanxi Province, China “Share(s)” share(s) of HK$0.10 each in the share capital of the Company “Southern China” encompasses Guangdong, Guangxi, Fujian and Hainan “Stock Exchange” The Stock Exchange of Hong Kong Limited “Yunnan” Yunnan Province, China “HK$” Hong Kong Dollars, the lawful currency of Hong Kong “RMB” Renminbi Yuan, the lawful currency of China 二零一六年年报 9 Annual Report 2016 释义 DEFINITIONS “US$” United States Dollars, the lawful currency of the United States of America “%” per cent “kcal” kilocalorie “kg” kilogram “km” kilometer “kwh” kilowatt-hour “m3” cubic meter “m2” square meter 「 美元」 指 美元，美国法定货币 「 %」 指 百分比 「 千卡」 指 千卡路里 「 公斤」 指 公斤 「 公里」 指 公里 「 千瓦时」 指 千瓦时 「 立方米」 指 立方米 「 平方米」 指 平方米 10 业务概览 BUSINESS OVERVIEW 华润水泥控股有限公司 China Resources Cement Holdings Limited China Resources Cement Holdings Limited is the largest cement and concrete producer in Southern China and is one of the large-scale cement producers supported by Chinese government authorities. We are currently the largest clinker and cement producer by production capacity and the largest concrete producer by sales volume in Southern China. Our operations range from the excavation of limestone to the production, sale and distribution of cement, clinker and concrete. Our products are primarily used in the construction of infrastructure projects such as hydroelectric power stations, dams, ports, bridges, airports and roads, as well as suburban development and high-rise buildings. Our products are mainly sold in Guangdong, Guangxi, Fujian, Hainan, Shanxi, Yunnan and Guizhou through our well-established waterway, railway and road logistics networks. As at 31 December 2016, we had ninety three cement grinding lines and forty four clinker production lines in operation, with annual production capacity of 81.3 million tons of cement and 59.8 million tons of clinker respectively. We also operated fifty nine concrete batching plants with annual production capacity of 35.1 million m3 of concrete. The locations of our production facilities and their respective production capacities are as follows: 水泥 熟料 混凝土 Cement Clinker Concrete 省份�u自治区�u 特别行政区 Province/AR/ SAR 生产线数量 百万吨 生产线数量 百万吨 搅拌站数量 百万立方米 No. of lines million tons No. of lines million tons No. of plants million m3 广东 Guangdong 24 22.5 10 14.4 25 15.3 广西 Guangxi 35 31.2 17 25.0 22 13.0 福建 Fujian 14 10.1 6 7.0 �C �C 海南 Hainan 5 4.4 3 3.3 5 3.0 山西 Shanxi 6 6.0 3 4.6 1 0.6 云南 Yunnan 7 5.1 4 3.9 1 0.6 贵州 Guizhou 2 2.0 1 1.6 �C �C 浙江 Zhejiang �C �C �C �C 2 1.1 香港 Hong Kong �C �C �C �C 3 1.5 总计 Total 93 81.3 44 59.8 59 35.1 华润水泥控股有限公司为中国华南地区最大的水 泥及混凝土生产商，并为中国政府部门支持的大 型水泥生产商之一。我们现时在中国华南以产能 计为最大的熟料及水泥生产商，以销量计为最大 的混凝土生产商。 我们的业务涵盖石灰石开采，以及水泥、熟料及混 凝土的生产、销售及分销。我们的产品主要用於修 建基建工程如水电站、水坝、港口、桥梁、机场及 道路，以及市郊发展及高层建筑物。透过完善的水 路、铁路及公路物流网络，我们的产品主要在广 东、广西、福建、海南、山西、云南及贵州销售。 於二零一六年十二月三十一日，我们经营九十三 条水泥粉磨线及四十四条熟料生产线，水泥及熟 料的年产能分别为8,130万吨及5,980万吨。我们亦 经营五十九座混凝土搅拌站，其年产能为3,510万 立方米混凝土。该等生产设施的地点及其各自产 能如下： 业务概览 BUSINESS OVERVIEW 二零一六年年报 11 Annual Report 2016 业务概览 BUSINESS OVERVIEW 此外，透过拥有若干联营公司及合营公司的股权 权益，我们合共拥有八十五条水泥粉磨线、三十七 条熟料生产线及十五座混凝土搅拌站，总年产能 为水泥5,860万吨、熟料3,970万吨及混凝土740万 立方米。该等产能主要位於广东、福建、云南及内 蒙古。根据於该等联营公司及合营公司的股权权 益，本公司应占的相关年产能分别为水泥1,930万 吨、熟料1,310万吨及混凝土340万立方米。 我们非常重视企业社会责任，是中国少数将所有 熟料生产线配备去除氮氧化物的脱硝系统及余热 发电设备的水泥生产商之一，循环利用在熟料生 产过程中产生的热量，可令我们减少能耗、实现 较高生产效率、减少污染及提升产品质量。我们 策略性地将熟料生产基地设立於供应熟料生产所 需的石灰石矿山附近。 In addition, through our equity interests in certain associates and joint ventures, we owned a total of eighty five cement grinding lines, thirty seven clinker production lines and fifteen concrete batching plants with total annual production capacities of 58.6 million tons of cement, 39.7 million tons of clinker and 7.4 million m3 of concrete. These production capacities are mainly located in Guangdong, Fujian, Yunnan and Inner Mongolia. The respective annual production capacities attributable to the Company according to our equity interests in these associates and joint ventures were 19.3 million tons of cement, 13.1 million tons of clinker and 3.4 million m3 of concrete. We place strong emphasis on corporate social responsibility and are one of the few cement producers in China which equips all the clinker production lines with denitration systems for the removal of nitrogen oxides and residual heat recovery generators that reuse the exhaust heat generated during the clinker production process. This enables us to reduce energy consumption, achieve higher production efficiency, minimize pollution and improve product quality. Our clinker production plants are strategically located near our limestone quarries, which supply the limestone required for our clinker production. 12 华润水泥控股有限公司 China Resources Cement Holdings Limited 业务概览 BUSINESS OVERVIEW 我们的主要水泥粉磨线、熟料生产线及混凝土搅 拌站位於以下地点： Our principal cement grinding lines, clinker production lines and concrete batching plants are situated at the following locations: 20 21 13 7 1 7 5 2 1 9 12 13 11 16 18 19 20 14 6 8 10 17 22 24 25 26 15 7 11 10 9 8 1 2 3 12 13 21 23 27 3 4 6 4 5 3 2 5 6 4 14 15 16 17 18 19 22 10 9 8 11 12 7 6 4 3 2 1 5 海 南 广 东 福 建 广 西 云 南 贵州 山 西 内蒙古 Guangdong Fujian Guangxi Yunnan Guizhou Hainan Shanxi Inner Mongolia 二零一六年年报 13 Annual Report 2016 业务概览 BUSINESS OVERVIEW 运营中设有水泥粉磨线及熟料生产线的生产基地 The production plants with cement grinding lines and clinker production lines in operation 1 鹤庆 Heqing 2 弥渡 Midu 3 金沙 Jinsha 5 田阳 Tianyang 6 南宁 Nanning 7 上思 Shangsi 8 宾阳 Binyang 9 贵港 Guigang 10 武宣 Wuxuan 12 陆川 Luchuan 13 平南 Pingnan 14 富川 Fuchuan 15 昌江 Changjiang 16 廉江 Lianjiang 17 封开 Fengkai 18 罗定 Luoding 19 阳春 Yangchun 20 惠州 Huizhou 21 龙岩雁石 Longyan Yanshi 22 曹溪 Caoxi 23 永定 Yongding 24 龙岩 Longyan 25 漳平 Zhangping 26 柳林 Liulin 27 长治 Changzhi 在建中设有水泥粉磨线及熟料生产线的生产基地 The production plants with cement grinding lines and clinker production lines under construction 4 安顺 Anshun 11 合浦 Hepu 运营中的水泥粉磨线 The cement grinding lines in operation 1 防城港 Fangchenggang 2 五指山 Wuzhishan 3 湛江 Zhanjiang 4 东莞 Dongguan 5 汕头 Shantou 6 泉州 Quanzhou 7 连江 Lianjiang 运营中的混凝土搅拌站 The concrete batching plants in operation 联营公司及合营公司拥有运营中设有熟料生产线的生产基地 The production plants with clinker production lines in operation owned by associates and joint ventures 1 迪庆 Diqing 2 怒江 Nujiang 3 保山 Baoshan 4 德宏 Dehong 5 大理 Dali 6 临沧 Lincang 7 普洱 Pu’er 8 玉溪 Yuxi 9 昆明 Kunming 10 昭通 Zhaotong 11 曲靖 Qujing 12 红河 Honghe 13 广州 Guangzhou 14 顺昌 shunchang 15 永安 Yongan 16 德化 Dehua 17 乌海 Wuhai 18 棋盘井 Qipanjing 19 清水河 Qingshuihe 20 海拉尔 Hailaer 21 牙克石 Yakeshi 22 阿荣旗 Arongqi 联营公司及合营公司拥有运营中的水泥粉磨线 The cement grinding lines in operation owned by associates and joint ventures 1 德宏梁河 Dehong Lianghe 2 大理巍山 Dali Weishan 3 楚雄 Chuxiong 4 漳州 Zhangzhou 5 福州 Fuzhou 6 宁德 Ningde 7 榆林 Yulin 8 双岭 Shuangling 9 东胜 Dongsheng 10 包头 Baotou 11 满洲里 Manzhouli 12 大庆 Daqing 13 齐齐哈尔 Qiqihar 联营公司及合营公司拥有运营中的混凝土搅拌站 The concrete batching plants in operation owned by associates and joint ventures 14 二零一六年以来的重要事件 SIGNIFICANT EVENTS SINCE 2016 华润水泥控股有限公司 China Resources Cement Holdings Limited DATE EVENT 15 June 2016 Submitted an application to the National Association of Financial Market Institutional Investors of PRC for the purpose of issuance of medium-term notes in an aggregate amount of not more than RMB9.0 billion and commercial paper in an aggregate amount of not more than RMB9.0 billion (which was revised to RMB4.5 billion on 27 July 2016) in PRC. On 5 September 2016, the Company completed the issuance of the first tranche of the medium-term notes in the amount of RMB3.0 billion at the coupon rate of 3.5% per annum for a term of five years and the first tranche of the commercial paper in the amount of RMB500.0 million at the coupon rate of 2.96% per annum for a term of 365 days. 日期 事件 二零一六年 六月十五日 已向中国银行间��场交易 商 协 会 提 交 申 请，於 中 国 发 行 总 额 不 超 过 人 民 币 9,000,000,000元的中期票 据 及 总 额 不 超 过 人 民 币 9,000,000,000元（ 於二零 一六年七月二十七日修订为 人民币4,500,000,000元）的 短期融资券。於二零一六年 九月五日，本公司完成发行 金额为人民币3,000,000,000 元、票面利率为每年3.5% 及期限为五年的首批中期 票 据 以 及 金 额 为 人 民 币 500,000,000元、票面利率为 每年2.96%及期限为365日的 首批短期融资券。 二零一六年以来的重要事件 SIGNIFICANT EVENTS SINCE 2016 二零一六年年报 15 Annual Report 2016 二零一六年以来的重要事件 SIGNIFICANT EVENTS SINCE 2016 日期 事件 二零一六年 六月十六日 与安徽海螺水泥股份有限公 司订立战略合作协议。根据 该协议，安徽海螺水泥股份 有限公司将协助本公司的生 产线建设和技术改造。双方 将建立沟通机制，定期进行 生产、技术、经营管理方面的 经验交流。双方并同意共同 推动中国水泥行业持续健康 发展，以及探讨於中国境内 外合作的可能性。 二零一六年 六月二十八日 位於广东封开县的第六条 熟料生产线（ 年产能约为 1,600,000吨）投产。 二零一六年 七月二十八日 位於广东廉江市的熟料生产 线 （ 年产能约为1,900,000吨） 投产。 DATE EVENT 16 June 2016 Entered into a strategic co-operation agreement with Anhui Conch Cement Company Limited. According to the agreement, Anhui Conch Cement Company Limited shall assist the Company in the construction and the technological upgrade of production plants. Both parties shall establish a communications mechanism for experience sharing in production, technology and business management on a regular basis. Both parties also agreed to jointly promote the sustainable and healthy development of the cement industry in China and explore the possibilities of co-operation in China and overseas. 28 June 2016 Commencement of operation of the sixth clinker production line with annual production capacity of approximately 1.6 million tons in Fengkai County, Guangdong. 28 July 2016 Commencement of operation of the clinker production line with annual production capacity of approximately 1.9 million tons in Lianjiang City, Guangdong. 16 华润水泥控股有限公司 China Resources Cement Holdings Limited 二零一六年以来的重要事件 SIGNIFICANT EVENTS SINCE 2016 DATE EVENT 16 December 2016 Increase of financial assistance to Yunnan Cement & Building Materials Group Co., Ltd. to provide (i) guarantees in respect of bank loans in the total amount of RMB1,403.75 million (equivalent to approximately HK$1,572.2 million) and (ii) shareholder’s loan amounting to RMB200.0 million (equivalent to approximately HK$224.0 million). 19 December 2016 Entered into a strategic co-operation agreement with BBMG Corporation. According to the agreement, the Company and BBMG Corporation shall jointly explore the Chinese and overseas markets, further promote the advancement of the technology as well as the transformation and upgrade of the cement industry, and establish a market communications mechanism to strengthen the sharing of market information and experience in production, technology and business management on a regular basis, which would allow the parties to learn from each other’s strengths for mutual benefits, achieve improvement on management, jointly explore paths on transformation development towards environmental protection and promote the advancement of the cement industry in China. 日期 事件 二零一六年 十二月十六日 提高向云南水泥建材集团有 限公司的财务资助，提供(i)总 额为人民币1,403,750,000元 （ 相等於约1,572,200,000港 元）的银行贷款担保，以及(ii) 人民币200,000,000元 （ 相等 於约224,000,000港元）的股 东贷款。 二零一六年 十二月十九日 与北京金隅股份有限公司订 立战略合作协议。根据该协 议，本公司与北京金隅股份 有限公司将携手开拓国内外 ��场，进一步促进水泥行业 技术进步、产业转型升级，并 建立��场沟通机制，加强�� 场信息共享，并定期进行生 产、技术、经营管理方面的经 验交流，相互取长补短，实现 管理提升，共谋环保转型发 展之路，推动中国水泥行业 进步。 17 财务摘要 FINANCIAL HIGHLIGHTS 二零一六年年报 Annual Report 2016 二零一六年 二零一五年 二零一四年 2016 2015 2014 营业额 （ 百万港元） Turnover (HK$ million) 25,647.5 26,778.7 32,668.9 未计利息、税项、折旧及 摊销前盈利 （ 百万港元） EBITDA (HK$ million) 4 ,881.7 3,837.6 8,285.2 年度盈利 （ 百万港元） Profit for the year (HK$ million) 1,261.6 936.9 4,123.3 本公司拥有人应占盈利 （ 百万港元） Profit attributable to owners of the Company (HK$ million) 1,325.9 1,015.0 4,206.4 每股基本盈利 （ 港元） Basic earnings per share (HK$) 0.203 0.155 0.644 於二零一六年 於二零一五年 於二零一四年 十二月三十一日 十二月三十一日 十二月三十一日 As at As at As at 31/12/2016 31/12/2015 31/12/2014 资产总值 （ 百万港元） Total assets (HK$ million) 52,156.5 54,216.8 57,537.1 本公司拥有人应占权益 （ 百万港元） Equity attributable to owners of the Company (HK$ million) 26,006.8 26,556.9 28,179.9 非控股权益 （ 百万港元） Non-controlling interests (HK$ million) 245.1 428.8 535.3 借款净额 （ 百万港元）（ 注1） Net borrowings (HK$ million)(note 1) 14,667.7 16,945.3 16,112.7 借贷率 （ 注2） Gearing ratio(note 2) 68.7% 71.3% 72.0% 净借贷率 （ 注3） Net gearing ratio(note 3) 56.4% 63.8% 57.2% 每股资产净值－账面 （ 港元） （ 注4） Net assets per share �C book (HK$) (note 4) 3.98 4.07 4.31 notes: 1. Net borrowings equal to total bank borrowings, unsecured bonds, commercial paper and medium term notes less cash and bank balances and pledged bank deposits. 2. Gearing ratio is calculated by dividing the total bank borrowings, unsecured bonds, commercial paper and medium term notes by equity attributable to owners of the Company. 3. Net gearing ratio is calculated by dividing net borrowings by equity attributable to owners of the Company. 4. Net assets per share �C book is calculated by dividing equity attributable to owners of the Company by the number of issued shares at the end of the year. 注： 1. 借款净额等於银行借款、无抵押债券、短期融资券及中 期票据总额减现金及银行结余以及已质押银行存款。 2. 借贷率乃以银行借款、无抵押债券、短期融资券及中 期票据总额除以本公司拥有人应占权益计算。 3. 净借贷率乃以借款净额除以本公司拥有人应占权益计 算。 4. 每股资产净值－账面乃以本公司拥有人应占权益除以 年末时的已发行股份数目计算。 财务摘要 FINANCIAL HIGHLIGHTS 18 主席报告 CHAIRMAN’S STATEMENT 华润水泥控股有限公司 China Resources Cement Holdings Limited FINAL RESULTS The consolidated turnover for the year ended 31 December 2016 amounted to HK$25,647.5 million, representing a decrease of 4.2% from that of last year. The consolidated profit attributable to owners of the Company for the year ended 31 December 2016 amounted to HK$1,325.9 million, representing an increase of 30.6% from that of last year. Basic earnings per share for the year was HK$0.203. DIVIDENDS The Board recommends the payment of a final dividend of HK$0.075 per Share in cash for the year ended 31 December 2016 (2015: HK$0.02 per Share). Subject to approval by shareholders of the Company at the forthcoming annual general meeting, the final dividend will be distributed on or about Wednesday, 31 May 2017 to shareholders of the Company whose names appear on the register of members of the Company on Thursday, 18 May 2017. Such final dividend will not be subject to any withholding tax in Hong Kong. The Board declared an interim dividend of HK$0.015 per Share in cash for 2016 (2015: HK$0.06 per Share) and the total distribution for the year ended 31 December 2016 will be HK$0.09 per Share (2015: HK$0.08 per Share). 年度业绩 截至二零一六年十二月三十一日止年度的综合营 业额为25,647,500,000港元，较去年减少4.2%。截 至二零一六年十二月三十一日止年度，本公司拥 有人应占综合盈利为1,325,900,000港元，较去年增 加30.6%。年度每股基本盈利为0.203港元。 股息 董事局建议以现金方式派付截至二零一六年十二 月三十一日止年度的末期股息每股0.075港元 （ 二 零一五年：每股0.02港元）。待本公司股东於应届 股东周年大会上批准後，末期股息将於二零一七 年五月三十一日 （ 星期三）或前後分派予於二零 一七年五月十八日 （ 星期四）名列本公司股东名册 的本公司股东。有关末期股息将毋须缴纳任何香 港预扣税。 董事局已宣布以现金方式派付二零一六年的中 期股息每股0.015港元 （ 二零一五年：每股0.06港 元），而截至二零一六年十二月三十一日止年度的 分派股息总额将为每股0.09港元 （ 二零一五年：每 股0.08港元）。 主席报告 CHAIRMAN’S STATEMENT 二零一六年年报 19 Annual Report 2016 主席报告 CHAIRMAN’S STATEMENT 营商环境 二零一六年，面对经济下行压力，中国政府积极推 进供给侧结构性改革，以基础设施建设为支撑， 保持经济平稳发展。根据中国国家统计局资料，全 年国内生产总值较去年增长6.7%，至人民币74.4 万亿元。 二零一六年，中国政府加快基础设施建设投资， 并在交通运输、水利、重大市政工程等基建投资项 目推动政府和社会资本合作模式。国家投资带动 私人投资，对稳定经济增长具有重要作用。全年全 国固定资产投资 （ 不含农户）较去年增长8.1%，至 人民币59.7万亿元；其中，全国基础设施投资 （ 不 含电力、热力、燃气及水生产和供应）较去年增长 17.4%，至人民币11.9万亿元。 年内，中国政府进一步推进人民币汇率改革，人 民币首次被国际货币基金纳入特别提款权货币篮 子。然而，美国加息预期持续升温令人民币汇率 波动增大，为金融系统风险控制带来压力，亦为 中国企业的资产负债管理带来挑战。 根据中国国家统计局公布的数据，在本集团有运营 的区域－广东、广西、福建、海南、山西、云南及贵 州，二零一六年国内生产总值分别达人民币8.0万 亿元、人民币1.8万亿元、人民币2.9万亿元、人民币 4,045亿元、人民币1.3万亿元、人民币1.5万亿元及 人民币1.2万亿元，增长分别为7.5%、7.3%、8.4%、 7.5%、4.5%、8.7%及10.5%。同时，上述省份固定 资产投资 （ 不含农户）分别增加10.0%、12.8%、 9.3%、11.7%、0.8%、19.8%及21.1%至人民币3.3万 亿元、人民币1.8万亿元、人民币2.3万亿元、人民 币3,747亿元、人民币1.4万亿元、人民币1.6万亿元 及人民币1.3万亿元。 BUSINESS ENVIRONMENT In 2016, facing the downward pressure on economy, the Chinese government actively promoted supply-side structural reform backed by infrastructure construction so as to maintain steady economic growth. According to the information of the National Bureau of Statistics of China, China’s GDP grew by 6.7% to RMB74.4 trillion over last year. In 2016, the Chinese government accelerated its investments in infrastructure construction and fostered public-private-partnership in infrastructure projects such as transportation, hydraulic engineering and major municipal projects. Government investments played a crucial role in stabilizing the economic growth by stimulating private investments. During the year, national FAI (excluding rural households) increased by 8.1% over last year to RMB59.7 trillion; among which, national infrastructure investments (excluding the production and supply of electricity, heat, gas and water) reached RMB11.9 trillion, representing an increase of 17.4% over last year. During the year, the Chinese government further reformed the RMB exchange rate, and it was the first time RMB was included by the International Monetary Fund in the basket of currencies with the Special Drawing Rights. However, the persistently rising expectation on interest rate hike in the United States of America increases the volatility of RMB exchange rate, which adds pressure on financial systemic risk management and brings challenges to asset and liability management by Chinese enterprises. According to the statistics published by the National Bureau of Statistics of China, in 2016, the GDPs of Guangdong, Guangxi, Fujian, Hainan, Shanxi, Yunnan and Guizhou, at which the Group has operations, reached RMB8.0 trillion, RMB1.8 trillion, RMB2.9 trillion, RMB404.5 billion, RMB1.3 trillion, RMB1.5 trillion and RMB1.2 trillion, representing increases of 7.5%, 7.3%, 8.4%, 7.5%, 4.5%, 8.7% and 10.5% respectively, while the FAI (excluding rural households) of these provinces increased by 10.0%, 12.8%, 9.3%, 11.7%, 0.8%, 19.8% and 21.1% to RMB3.3 trillion, RMB1.8 trillion, RMB2.3 trillion, RMB374.7 billion, RMB1.4 trillion, RMB1.6 trillion and RMB1.3 trillion respectively. 20 华润水泥控股有限公司 China Resources Cement Holdings Limited 主席报告 CHAIRMAN’S STATEMENT 二零一六年，交通运输基础设施建设为区域和城 乡协调发展及经济稳定增长提供保障。根据中国 交通运输部，年内，全国铁路行业固定资产投资为 人民币8,015亿元，较去年下降2.7%；公路建设投 资为人民币1.8万亿元，较去年增长7.7%；水路建 设投资为人民币1,894亿元，较去年下降约1.0%。 交通运输基础设施的投资为水泥需求提供稳健有 力的支持。 房地产方面，二零一六年，中国政府针对不同城市 的房地产市场情况制定相应的措施，以维持房地 产市场平稳健康发展。年内房屋需求上升，根据中 国国家统计局，全年全国商品房销售面积15.7亿平 方米，较去年增长22.5%；销售额增长34.8%至人 民币11.8万亿元。房屋销售的增长，带动了房地产 投资及新开工项目回升。全国完成房地产开发投 资人民币10.3万亿元，较去年增长6.9%，增速较去 年加快5.9个百分点；房屋新开工面积16.7亿平方 米，增长8.1%，而去年降幅为14.0%；房屋竣工面 积10.6亿平方米，增长6.1%，而去年为下降6.9%。 房地产投资回升对水泥需求具稳定作用。 行业 二零一六年，随着水泥需求回升，行业竞争环境显 着改善，水泥产量平稳增长，水泥价格自三月起 从低位反弹。根据中国国家统计局，全年中国水 泥产量为24.0亿吨，较去年增长2.5%，而二零一五 年为下降4.9%。其中，广东、广西、福建、海南、 山西、云南及贵州的水泥产量分别为1.5亿吨、1.2 亿吨、8,090万吨、2,230万吨、3,600万吨、1.1亿吨 及1.1亿吨，分别较去年增长4.1%、8.2%、4.5%、 0.1%、0.9%、17.8%及8.5%。 In 2016, the infrastructure construction for transportation secured the coordinated development of various regions, urban and rural areas and stable economic growth. According to the Ministry of Transport of China, during the year, FAI on national railways decreased by 2.7% from last year to RMB801.5 billion. FAI on highways amounted to RMB1.8 trillion, representing an increase of 7.7% over last year. FAI on waterways reached RMB189.4 billion, representing a decrease of approximately 1.0% from last year. The infrastructure investments in transportation have provided a stable and strong support to the demand for cement. In respect of real estate, in 2016, the Chinese government introduced various appropriate measures having regard to different circumstances of the local property markets of different cities so as to maintain steady and healthy development of the property market. Housing demand increased during the year. According to the National Bureau of Statistics of China, the contracted gross floor area of commodity housing sold in China during the year increased by 22.5% over last year to 1,570 million m2 and the sales amount increased by 34.8% to RMB11.8 trillion. The increase in property sales propelled the recovery of real estate investments and newly commenced construction. Investments in real estate development in China reached RMB10.3 trillion, representing an increase of 6.9% over last year, which was higher than that of last year by 5.9 percentage points. The floor area of properties that commenced construction was 1 ,670 million m2, representing an increase of 8.1% as compared with a decrease of 14.0% last year. The floor area of completed properties was 1 ,060 million m2, representing an increase of 6.1% as compared with a decrease of 6.9% last year. The recovery of real estate investments has stabilized the demand for cement. THE INDUSTRY In 2016, upon recovery of the demand for cement and the significant improvement of the competition environment of the industry, cement production increased steadily and cement price had rebounded strongly from its low since March. According to the National Bureau of Statistics of China, in 2016, total cement production in China was 2.4 billion tons, representing an increase of 2.5% over last year, as compared with a decrease of 4.9% in 2015. Among which, total cement production in Guangdong, Guangxi, Fujian, Hainan, Shanxi, Yunnan and Guizhou were 150.0 million tons, 120.0 million tons, 80.9 million tons, 22.3 million tons, 36.0 million tons, 110.0 million tons and 110.0 million tons, representing increases of 4.1%, 8.2%, 4.5%, 0.1%, 0.9%, 17.8% and 8.5% respectively. ……