COSCO International Holdings Limited
中遠國際控股有限公司
Interim Report 2016 中期報告
TranSCendIng
PrOgreSSIOn
wITH InnOvaTIOn
繼承開拓創新發展
Ship Trading Agency
Services
船舶貿易代理服務
Trading & Supply of Marine
Fuel & Related Products
船舶燃料及相關產品貿易
及供應
Marine Insurance Brokerage
Services
船舶保險顧問服務
Supply of Marine Equipment
& Spare Parts
船舶設備及備件供應
Production & Sale
of Coatings
塗料生產和銷售
Stock Code 股份代號
: 00517
目錄
CONTENTS
公司資料
管理層討論及分析
財務回顧
財務資源及流動資金
財務風險管理
僱員
股息
業務營運回顧
展望
財務資料
中期財務資料的審閱報告
簡明綜合收益表
簡明綜合全面收益表
簡明綜合財務狀況表
簡明綜合權益變動表
簡明綜合現金流量表
未經審計簡明綜合中期財務
資料附註
其他資料
董事的證券權益
主要股東
購買、出售或贖回上市證券
董事資料披露
企業管治
COMPANY INFORMATION 2
MANAGEMENT DISCUSSION AND ANALYSIS
Financial Review 5Financial Resources and Liquidity 7Financial Risk Management 8Employees 8Dividend 9Review of Business Operations 9Prospects 20
FINANCIAL INFORMATION
Report on Review of Interim Financial Information 23Condensed Consolidated Income Statement 25Condensed Consolidated Statement of Comprehensive Income 26Condensed Consolidated Statement of Financial Position 27Condensed Consolidated Statement of Changes in Equity 28Condensed Consolidated Statement of Cash Flows 30Notes to the Unaudited Condensed Consolidated Interim Financial 31
Information
OTHER INFORMATION
Directors』 Interests in Securities 62Substantial Shareholders 65Purchase, Sale or Redemption of Listed Securities 66Disclosure of Information on Directors 66Corporate Governance 67
董事
執行董事
葉偉龍先生（主席）
朱建輝先生（副主席）
劉祥浩先生（董事總經理）
非執行董事
王威先生
獨立非執行董事
徐耀華先生
蔣小明先生
韓武敦先生
公司秘書
招瑞雪女士
審核委員會
韓武敦先生（委員會主席）
徐耀華先生
蔣小明先生
薪酬委員會
蔣小明先生（委員會主席）
徐耀華先生
韓武敦先生
劉祥浩先生
提名委員會
徐耀華先生（委員會主席）
蔣小明先生
韓武敦先生
劉祥浩先生
企業管治委員會
劉祥浩先生（委員會主席）
徐耀華先生
蔣小明先生
韓武敦先生
DIRECTORS
Executive Directors
Mr. Ye Weilong (Chairman)
Mr. Zhu Jianhui (Vice Chairman)
Mr. Liu Xianghao (Managing Director)
Non-executive Director
Mr. Wang Wei
Independent Non-executive Directors
Mr. Tsui Yiu Wa, Alec
Mr. Jiang, Simon X.
Mr. Alexander Reid Hamilton
COMPANY SECRETARY
Ms. Chiu Shui Suet
AUDIT COMMITTEE
Mr. Alexander Reid Hamilton (committee chairman)
Mr. Tsui Yiu Wa, Alec
Mr. Jiang, Simon X.
REMUNERATION COMMITTEE
Mr. Jiang, Simon X. (committee chairman)
Mr. Tsui Yiu Wa, Alec
Mr. Alexander Reid Hamilton
Mr. Liu Xianghao
NOMINATION COMMITTEE
Mr. Tsui Yiu Wa, Alec (committee chairman)
Mr. Jiang, Simon X.
Mr. Alexander Reid Hamilton
Mr. Liu Xianghao
CORPORATE GOVERNANCE COMMITTEE
Mr. Liu Xianghao (committee chairman)
Mr. Tsui Yiu Wa, Alec
Mr. Jiang, Simon X.
Mr. Alexander Reid Hamilton
戰略發展委員會
朱建輝先生（委員會主席）
劉祥浩先生
王威先生
風險管理委員會
朱建輝先生（委員會主席）
劉祥浩先生
王威先生
獨立核數師
羅兵鹹永道會計師事務所
法律顧問
年利達律師事務所
薛馮鄺岑律師行
Conyers Dill & Pearman
主要往來銀行
中國銀行（香港）有限公司
廣發銀行股份有限公司
招商銀行股份有限公司
中國工商銀行（亞洲）有限公司
上海浦東發展銀行股份有限公司
主要股份過戶登記處
Codan Services Limited
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
股份過戶登記香港分處
卓佳雅柏勤有限公司
香港
皇后大道東183號
合和中心22樓
STRATEGIC DEVELOPMENT COMMITTEE
Mr. Zhu Jianhui (committee chairman)
Mr. Liu Xianghao
Mr. Wang Wei
RISK MANAGEMENT COMMITTEE
Mr. Zhu Jianhui (committee chairman)
Mr. Liu Xianghao
Mr. Wang Wei
INDEPENDENT AUDITOR
PricewaterhouseCoopers
LEGAL ADVISERS
Linklaters
Sit, Fung, Kwong & Shum
Conyers Dill & Pearman
PRINCIPAL BANKERS
Bank of China (Hong Kong) Limited
China Guangfa Bank Company Limited
China Merchants Bank Company Limited
Industrial and Commercial Bank of China (Asia) Limited
Shanghai Pudong Development Bank Company Limited
PRINCIPAL SHARE REGISTRAR AND
TRANSFER OFFICE
Codan Services Limited
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
HONG KONG BRANCH SHARE REGISTRAR AND
TRANSFER OFFICE
Tricor Abacus Limited
Level 22, Hopewell Centre
183 Queen’s Road East
Hong Kong
上市資料
香港聯合交易所有限公司
普通股（股份代號：
00517）
註冊辦事處
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
總辦事處及主要營業地點
香港
皇后大道中183號
中遠大廈47樓
投資者關係
電話：(852) 2809 7888
傳真：(852) 8169 0678
網址：www.coscointl.com
電郵：info@coscointl.com
財務日誌
二零一六年股東週年大會：
二零一六年五月三十一日
二零一六年中期業績公告：
二零一六年八月十八日
二零一六年全年業績公告：二零一七年*
* 待定
股息
二零一六年中期股息：每股4港仙
暫停辦理股份過戶登記手續：
二零一六年九月九日至十三日
二零一六年中期股息派付日期：
二零一六年九月三十日
LISTING INFORMATION
The Stock Exchange of Hong Kong Limited
Ordinary share (Stock code: 00517)
REGISTERED OFFICE
Clarendon House
2 Church Street
Hamilton HM 11
Bermuda
HEAD OFFICE AND PRINCIPAL PLACE
OF BUSINESS
47th Floor, COSCO Tower
183 Queen’s Road Central
Hong Kong
INVESTOR RELATIONS
Telephone: (852) 2809 7888
Facsimile : (852) 8169 0678
Website : www.coscointl.com
E-mail : info@coscointl.com
FINANCIAL CALENDAR
2016 Annual General Meeting:
31st May 2016
Announcement of 2016 Interim Results:
18th August 2016
Announcement of 2016 Annual Results: 2017*
* to be advised
DIVIDEND
2016 Interim Dividend: 4 HK cents per share
Closure of Register of Members:
9th to 13th September 2016
Payment Date for 2016 Interim Dividend:
30th September 2016
財務回顧
二零一六年上半年，國際航運業市場不景氣，
行業持續低迷，供過於求情況依然持續，船隊
結構調整，新造船市場成交持續放緩，船價
下行壓力持續；新造集裝箱需求明顯萎縮，
集裝箱塗料市場競爭激烈且價格受壓。面對嚴
峻的經營環境，
COSCO International Holdings
Limited（中遠國際控股有限公司
*）（「本公司」
或「中遠國際」）及其附屬公司（統稱「本集
團」）利用專業化和規模化的優勢，積極加大
營銷力度。期內本公司權益持有人應佔溢利為
144,803,000港元（二零一五年：
200,300,000
港元），較二零一五年同期下降28%。每股
基本盈利為9.45港仙（二零一五年：
13.07
港仙），較二零一五年同期下降28%。
收入
截至二零一六年六月三十日止六個月，
本集團的收入較二零一五年同期下降
16%至2,555,427,000港元（二零一五年：
3,028,483,000港元）。核心航運服務業的收
入下降17%至2,253,858,000港元（二零一五
年：2,712,212,000港元），佔本集團收入的
88%（二零一五年：
90%）。下降主要來自塗
料、船舶設備及備件、船舶燃料及其他產品，
以及船舶貿易代理的分部收入同比下跌。一
般貿易分部的收入下降5%至301,569,000港元
（二零一五年：
316,271,000港元），佔本集團
收入的12%（二零一五年：10%）。
毛利及毛利率
期內本集團的毛利下降33%至247,375,000
港元（二零一五年：
368,607,000港元），而
整體平均毛利率下降至10%（二零一五年：
12%）。整體毛利下降主要是由於集裝箱塗料
價量齊跌以及船舶貿易代理佣金收益減少。
FINANCIAL REVIEW
In the first half of 2016, there was a downturn in the market of
international shipping industry and the industry continued to wallow
in the doldrums. Also weighing on the market were the lingering
oversupply, adjustment of fleet structure and the continuous
slowdown of transactions of new build vessel market. Downward
pressure continued to drag down vessel prices and the demand
for new container shrank significantly, while the price of container
coatings was depressed under fierce market competition. Facing
such severe operation environment, COSCO International
Holdings Limited (the 「Company」 or 「COSCO International」)
and its subsidiaries (collectively the 「Group」) leveraged on its
advantages in terms of professionalism and scale and proactively
edged up its marketing effort. During the period, profit attributable
to equity holders of the Company was HK$144,803,000 (2015:
HK$200,300,000), representing a decrease of 28% as compared
to the same period of 2015. The basic earnings per share was 9.45
HK cents (2015: 13.07 HK cents), representing a decrease of 28%
as compared to the same period of 2015.
Revenue
For the six months ended 30th June 2016, the Group’s revenue
decreased by 16% to HK$2,555,427,000 (2015: HK$3,028,483,000)
as compared to the same period of 2015. Revenue from the core
shipping services business declined by 17% to HK$2,253,858,000
(2015: HK$2,712,212,000) and accounted for 88% (2015: 90%)
of the Group’s revenue. The decline was attributable to coatings,
marine equipment and spare parts, marine fuel and other products,
as well as the year-on-year decrease in segment revenues of ship
trading agency. Revenue of general trading segment decreased by
5% to HK$301,569,000 (2015: HK$316,271,000) and accounted
for 12% (2015: 10%) of the Group’s revenue.
Gross Profit and Gross Profit Margin
The Group’s gross profit for the period decreased by 33% to
HK$247,375,000 (2015: HK$368,607,000) while overall average
gross profit margin dropped to 10% (2015: 12%). The decrease in
overall gross profit was mainly attributable to the declines in price
and volume of container coatings as well as the decrease in revenue
from ship trading agency commission.
*僅供識別
其他收益及利得
期內其他收益及利得
14,626,000港元
（二零一五年：
49,894,000港元）主要包括撥
回貿易應收款減值撥備（扣除撥備）
197,000
港元以及匯兌利得淨額5,394,000港元。
二零一五年同期的其他收益及利得主要包括
撥回其他應收款減值撥備18,979,000港元以
及就上海市政府發放的一筆專項補助金而確
認的政府補貼收益23,330,000港元。該補助
金用作彌補中遠關西塗料化工（上海）有限
公司（「中遠關西（上海）」）因遷移廠房及安置
受影響員工的相關成本及費用。
銷售、行政及一般費用
期內，銷售、行政及一般費用減少
33%
至185,212,000港元（二零一五年：
275,447,000港元）。銷售費用減少主要是由
於塗料銷售量較去年同期大幅下跌，行政及
一般費用減少是由於本集團繼續加大力度控
製成本。
其他費用及虧損
本集團錄得其他費用及虧損3,760,000港元
（二零一五年：
8,144,000港元）。其他費用
及虧損主要包括存貨減值撥備（扣除撥回）
3,722,000港元（二零一五年：
2,524,000
港元）。二零一五年同期的其他費用及虧
損還包括貿易應收款減值撥備（扣除撥回）
4,878,000港元及匯兌虧損淨額695,000港元。
財務收益
財務收益（主要為本集團於銀行存款的利息
收益）下降
34%至44,591,000港元（二零一五
年：67,599,000港元）是由於現金存款利率較
二零一五年同期有所下降。
財務成本
財務成本（主要為銀行貸款利息費用及其他財
務支銷）增加
1%至2,124,000港元（二零一五
年：2,098,000港元）。
Other Income and Gains
Other income and gains of HK$14,626,000 (2015: HK$49,894,000)
for the period primarily included reversal of provision for impairment of
trade receivables (net of provision) of HK$197,000 and net exchange
gains of HK$5,394,000. Other income and gains for the same period
of 2015 primarily included reversal of provision for impairment of other
receivables of HK$18,979,000 and government subsidy income
of HK$23,330,000 recognised in respect of a specific subsidy
granted by the Shanghai Municipal Government. Such subsidy was
a compensation for the relevant costs and expenses incurred by
中遠關西塗料化工（上海）有限公司
(COSCO Kansai Paint &
Chemicals (Shanghai) Co., Ltd.*) (「COSCO Kansai (Shanghai)」) in
relocating the plant and settling the affected staff.
Selling, Administrative and General Expenses
During the period, selling, administrative and general expenses
decreased by 33% to HK$185,212,000 (2015: HK$275,447,000).
The decrease in selling expenses was mainly attributable to the
significant decline in the sales volume of coating as compared to the
same period of last year, while the decrease in administrative and
general expenses was attributable to the continuous and enhanced
effort on cost control imposed by the Group.
Other Expenses and Losses
The Group recorded other expenses and losses of HK$3,760,000
(2015: HK$8,144,000). Other expenses and losses primarily
included provision for impairment of inventories (net of reversal) of
HK$3,722,000 (2015: HK$2,524,000). Other expenses and losses
for the same period of 2015 also included provision for impairment
of trade receivables (net of reversal) of HK$4,878,000 and net
exchange losses of HK$695,000.
Finance Income
Finance income, which primarily represented interest income on
the Group’s bank deposits, decreased by 34% to HK$44,591,000
(2015: HK$67,599,000) as a result of the decrease in interest rate of
cash deposit as compared to the same period of 2015.
Finance Cost
Finance cost, which mainly represented interest expenses on bank
loans and other financial charges, increased by 1% to HK$2,124,000
(2015: HK$2,098,000).
* for identification purpose only
應佔合營企業的溢利
本集團應佔合營企業的溢利上升2%至
48,652,000港元（二零一五年：
47,746,000
港元）。該項目主要為應佔中遠佐敦船舶塗
料（香港）有限公司（「中遠佐敦」）的溢利
47,246,000港元（二零一五年：
48,345,000港
元），並已計入塗料分部內。
應佔聯營公司的溢利
本集團應佔聯營公司的溢利減少
32%至
3,816,000港元（二零一五年：
5,597,000港
元）。該項目主要包括應佔連悅有限公司
（「連悅公司」）的溢利
3,050,000港元（二零一五
年：4,739,000港元），有關金額已計入船舶
燃料及其他產品分部。
權益持有人應佔溢利
期內本公司權益持有人應佔溢利下降
28%至144,803,000港元（二零一五年：
200,300,000港元）。
財務資源及流動資金
於二零一六年六月三十日，本公司權益持有
人應佔股本及儲備減少0.1%至7,720,466,000
港元（二零一五年十二月三十一日：
7,729,155,000港元）。於二零一六年六月
三十日，本集團的現金及銀行存款總額（包
括非流動存款11,700,000港元及受限制銀行
存款1,726,000港元）為
6,156,187,000港元
（二零一五年十二月三十一日：
6,260,730,000
港元）。期內，本集團償還貸款淨額為
17,302,000港元（二零一五年：
6,671,000
港元）。於二零一六年六月三十日，本集團
可動用的銀行信貸總額為1,441,470,000港元
（二零一五年十二月三十一日：
1,462,791,000
港元），其中
326,447,000港元（二零一五年
十二月三十一日：
251,600,000港元）已動
用。負債比率（即借貸總額佔總資產比例）自
二零一五年年底下降至0.2%（二零一五年
十二月三十一日：
0.4%）。於二零一六年
六月三十日，本集團擁有淨現金
6,137,864,000
港元（二零一五年十二月三十一日：
6,224,668,000港元）。由於公司總部向營運
Share of Profits of Joint Ventures
The Group’s share of profits of joint ventures increased by 2%
to HK$48,652,000 (2015: HK$47,746,000). This item primarily
represented the share of profit of Jotun COSCO Marine Coatings
(HK) Limited (「Jotun COSCO」) of HK$47,246,000 (2015:
HK$48,345,000) which was included in the coatings segment.
Share of Profits of Associates
The Group’s share of profits of associates decreased by 32%
to HK$3,816,000 (2015: HK$5,597,000). This item primarily
comprised the share of profit of Double Rich Limited (「Double Rich」)
of HK$3,050,000 (2015: HK$4,739,000) which was included in the
marine fuel and other products segment.
Profit Attributable to Equity Holders
Profit attributable to equity holders of the Company during the period
decreased by 28% to HK$144,803,000 (2015: HK$200,300,000).
FINANCIAL RESOURCES AND LIQUIDITY
As at 30th June 2016, capital and reserves attributable to the
Company’s equity holders decreased by 0.1% to HK$7,720,466,000
(31st December 2015: HK$7,729,155,000). As at 30th June 2016,
total cash and bank balances (including non-current deposits of
HK$11,700,000 and restricted bank deposits of HK$1,726,000)
of the Group was HK$6,156,187,000 (31st December 2015:
HK$6,260,730,000). During the period, the Group has a net
repayment of loans in the amount of HK$17,302,000 (2015:
HK$6,671,000). As at 30th June 2016, total banking facilities
available to the Group amounted to HK$1,441,470,000 (31st
December 2015: HK$1,462,791,000), of which HK$326,447,000
(31st December 2015: HK$251,600,000) had been utilised. The
gearing ratio, which represented total borrowings over total assets,
fell to 0.2% (31st December 2015: 0.4%) since the end of 2015. As
at 30th June 2016, the Group had net cash of HK$6,137,864,000
(31st December 2015: HK$6,224,668,000). Due to the provision
of funds from the corporate headquarters to the operating units,
the use of more costly bank borrowings to support working capital
requirement was reduced. To enhance the Group’s finance income
and to ensure availability of cash at appropriate times to meet
the Group’s commitments and needs, the Group, on the basis of
單位提供資金，因而減少了為滿足營運資金
需要而動用成本較高的銀行借貸。本集團根
據風險、回報及流動性的適度平衡，投資於
多樣化的金融產品，當中包括隔夜存款、定
期存款及離岸定期存款，以提高本集團的財
務收益，並同時確保現金可適時用以應付本
集團的承擔及需要。期內現金回報率達到
1.44%，相對於二零一六年六月底三個月美
元倫敦銀行同業拆息高出81點子。於二零
一六年六月三十日，本集團的借貸為無抵押
債務，以人民幣計值，息率則參照中國人民
銀行公佈的基準利率計算，並需於一年內償
還。本集團沒有使用任何財務工具作利率對
沖用途。
財務風險管理
本集團主要在香港、新加坡及中國內地營
運，須承擔所持外幣（主要為美元及人民幣）
產生的外匯風險。外匯風險來自商業交易及
已確認的資產及負債。本集團通過定期評估
其營運的附屬公司所面對的外幣風險管理其
外匯風險，並將於需要時考慮使用遠期外匯
合約對沖風險。本集團的船舶燃料業務受油
價波動影響，本集團嚴格控制使用衍生財務
工具對沖船舶燃料及其他產品的價格風險。
此外，內地人民幣兌換為外幣受到中華人民
共和國（「中國」）政府所頒布的外匯管制規則
及規例所限制。
僱員
於二零一六年六月三十日，除合營企業及聯
營公司以外，本集團有
951名（二零一五年
十二月三十一日：
969名）僱員，其中
104名
（二零一五年十二月三十一日：
102名）為香
港僱員。期內，包括董事酬金及公積金的總
僱員福利費用為129,443,000港元（二零一五
年：154,764,000港元）。僱員薪酬乃根據其
表現及經驗而釐定。薪酬待遇包括參考市場
狀況和個別表現而釐定的薪金及酌情年終花
紅。期內，所有香港僱員均已參加強制性公
積金計劃或認可的職業退休計劃。現概無仍
在操作的購股權計劃及並無未獲行使的本公
司購股權。
balancing risk, return and liquidity, invested in a mixture of financial
products, including overnight deposits, term deposits and offshore
fixed deposits. Return of 1.44% on the Group’s cash was achieved
for the period, representing 81 basis points above 3-month US
Dollar London Interbank Offered Rate as at the end of June 2016. As
at 30th June 2016, borrowings of the Group were unsecured debt
denominated in Renminbi which carried interest at rates calculated
with reference to the base rates announced by the People’s Bank
of China and repayable within one year. The Group had no financial
instruments for interest rate hedging purposes.
FINANCIAL RISK MANAGEMENT
The Group principally operates in Hong Kong, Singapore and China
Mainland, and is exposed to foreign exchange risk arising from
foreign currencies held, mainly US dollars and Renminbi. Foreign
exchange risk arises from commercial transactions and recognised
assets and liabilities. The Group manages its foreign exchange
exposure by regularly reviewing the foreign currency exposure of
its operating subsidiaries and will consider hedging exposure by
foreign exchange forward contracts when the need arises. The
Group’s marine fuel business is subject to fluctuation in oil prices.
The Group exercises stringent control over the use of derivative
financial instrument for hedging against the price risks of marine
fuel and other products. In addition, the conversion of Renminbi into
foreign currencies in Mainland is subject to the rules and regulations
of foreign exchange controls promulgated by the government of the
People’s Republic of China (the 「PRC」).
EMPLOYEES
As at 30th June 2016, excluding joint ventures and associates, the
Group had 951 (31st December 2015: 969) employees, of which 104
(31st December 2015: 102) were Hong Kong employees. During
the period, total employee benefit expenses, including directors』
emoluments and provident funds, were HK$129,443,000 (2015:
HK$154,764,000). Employees were remunerated on the basis of
their performance and experience. Remuneration packages include
salary and a year-end discretionary bonus, which are determined
with reference to market conditions and individual performance.
During the period, all of the Hong Kong employees had participated in
the Mandatory Provident Fund Scheme or recognised occupational
retirement scheme. No share option scheme is in operation and no
share options of the Company are outstanding.
股息
本公司董事會（「董事會」或「董事」）宣派
截至二零一六年六月三十日止六個月的中
期股息每股4港仙（二零一五年：
7港仙），
將於二零一六年九月三十日向於二零一六年
九月十三日名列本公司股東名冊（「股東名
冊」）上的本公司股東（「股東」）派付。
為確定股東獲派付中期股息的資格，將於
二零一六年九月九日至二零一六年九月十三
日（包括首尾兩天）暫停股東名冊登記，在
此期間將暫停辦理本公司的股份過戶登記手
續。為符合資格獲派付截至二零一六年六月
三十日止六個月的中期股息，所有過戶文件
連同有關股票必須於二零一六年九月八日下
午四時三十分前，送達本公司股份過戶登記
香港分處卓佳雅柏勤有限公司登記，地址為
香港皇后大道東183號合和中心22樓。
業務營運回顧
二零一六年上半年，全球政經局勢動盪，風
險事件頻發，主要經濟體的經濟增長並無亮
點，新興經濟體延續疲軟。中國經濟上半年
運行總體平穩，去產能、去庫存、去槓桿取
得新進展，但民間投資下滑，經濟下行壓力
依然較大。經貿環境並不支持航運業的復
蘇，繼續調整運力結構仍是市場的選擇，上
半年，航運市場繼續低谷運行，市場情緒更
加謹慎，本集團航運服務板塊面臨較為惡劣
的市場環境。
DIVIDEND
The board of directors of the Company (the 「Board」 or the
「Director(s)」) has declared an interim dividend of 4 HK cents
(2015: 7 HK cents) per share for the six months ended 30th
June 2016 which will be payable on 30th September 2016 to the
shareholders of the Company (the 「Shareholders」) whose name
appear on the register of members of the Company (the 「Register
of Members」) on 13th September 2016.
For the purpose of ascertaining shareholders』 entitlement to the
interim dividend, the Register of Members will be closed from
9th September 2016 to 13th September 2016, both days inclusive,
during which no transfer of shares of the Company will be registered.
In order to qualify for the interim dividend for the six months ended
30th June 2016, all transfer documents accompanied by the
relevant share certificate(s) must be lodged with the Company’s
branch share registrar and transfer office in Hong Kong, Tricor
Abacus Limited at Level 22, Hopewell Centre, 183 Queen’s Road
East, Hong Kong for registration not later than 4:30 p.m. on
8th September 2016.
REVIEW OF BUSINESS OPERATIONS
In the first half of 2016, the global political and economic turbulence
triggered threats frequently. There was no highlight in the economic
growth of major economies, while the emerging economies
remained weak. During the first half of the year, China’s economy
was generally stable with progress in addressing overcapacity,
reducing inventory and deleveraging. However, there was a decline
in private investment and downward pressure of economy remained
relatively high. Economic and trade environment was not in favour of
the recovery of shipping industry and continuously adjusting shipping
capacity was the only choice of the market. In the first half of the
year, the shipping market was still experiencing a downturn, leading
to an even more prudent market sentiment. The Group’s shipping
services segment faced a relatively adverse market environment.
期內，藉著中國遠洋海運集團有限公司
（「中遠海運」）業務重組的契機，本集團不斷
強化現有業務，加快「航運服務產業集群」建
設。面對複雜嚴峻的經營環境，本集團堅持
以發展為中心，進一步細化發展戰略，積極
應對市場變化，重點抓好營銷服務，強化精
益管理，不斷提高服務意識，推進公司轉型
升級，努力降低市場不景氣對業績所造成的
影響。
1. 核心業務－航運服務業
本集團航運服務業主要包括船舶貿易代
理服務、船舶保險顧問服務、船舶設備
及備件供應、塗料生產和銷售，以及船
舶燃料及相關產品貿易及供應業務。
期內，隨著部份船東推遲交船計劃，拆
船量較二零一五年同期回落，且新造船
舶減少更換船用設備及備件的需求，以
及中國新造集裝箱量在全球貿易需求疲
弱下明顯減少，引發供應商爭相壓價導
致集裝箱塗料銷量及價格下降。期內，
核心業務航運服務業各分部收入出現不
同程度的跌幅，來自本集團航運服務業
的收入為2,253,858,000港元（二零一五
年：2,712,212,000港元），較二零一五年
同期下降17%，航運服務業的所得稅前
溢利為144,867,000港元（二零一五年：
192,480,000港元），較二零一五年同期下
降25%，主要是由於來自塗料及船舶貿易
代理分部所得稅前溢利較二零一五年同期
顯著下降。
During the period, with the opportunity presented by the business
reorganisation of 中國遠洋海運集團有限公司 (China COSCO
Shipping Corporation Limited*) (「COSCO SHIPPING」), the Group
kept strengthening its existing businesses and accelerated the
establishment of 「shipping services industrial cluster」. Facing
the complicated and challenging operational environment, the
Group adhered to focusing on development and further refined
its development strategies. The Group actively coped with market
changes, focused on improving marketing services, strengthened
lean management, continuously enhanced service awareness, and
promoted transformation and upgrading of the Company so as to
minimise the impact on results due to the market downturn.
1. Core Business – Shipping Services
The Group’s shipping services mainly include ship trading
agency services, marine insurance brokerage services, supply
of marine equipment and spare parts, production and sale of
coatings, and trading and supply of marine fuel and related
products.
During the period, with the delay of vessel delivery schedule
by some shipowners, the vessel scrapping volume further
decreased as compared to the same period of 2015. In
addition, new build vessels reduced the need of replacement
of marine spare parts and equipment and the sales volume
and price of container coatings declined due to fierce price
competition among suppliers in view of the significant decrease
in the volume of new build containers in China amid sluggish
global trade demand. During the period, revenue from each
core shipping services segment recorded varying degree of
decline and revenue from the Group’s shipping services was
HK$2,253,858,000 (2015: HK$2,712,212,000), representing
a decrease of 17% as compared to the same period of
2015. Profit before income tax from shipping services was
HK$144,867,000 (2015: HK$192,480,000), representing a
decrease of 25% as compared to the same period of 2015,
mainly attributable to the marked decrease in profit before
income tax from coatings and ship trading agency segment as
compared to the same period of 2015.
* for identification purpose only
1.1
船舶貿易代理服務
本公司的全資附屬公司中遠國際船
舶貿易有限公司（「中遠船貿」）主
要從事為中遠海運及其附屬公司
（「中遠海運集團」）的船隊提供船
舶建造、買賣和租賃的代理服務。
中遠船貿同時也為中遠海運集團系
外的船東和航運企業提供同類服
務。中遠船貿的收入主要來源於代
理服務，其中新造船代理佣金由造
船廠按相關合約的工作進度支付，
二手船買賣佣金在賣方向買方交付
船舶後按合約支付給中遠船貿。
期內，航運市場不景氣，導致船
隊結構調整持續放緩。中遠船
貿代理的新造船交付量，累計
160,000載重噸（二零一五年：
1,050,000載重噸）。此外，中遠
船貿期內代理的新造船訂單共13
艘（二零一五年：
19艘），累計
4,108,000載重噸（二零一五年：
1,622,000載重噸）。二手船方面，
中遠船貿共代理二手船買賣19艘
（二零一五年：
35艘），累計
1,330,000載重噸（二零一五年：
1,807,000載重噸）。
於二零一六年六月三十日，中遠船
貿代理的手持未交付新造船訂單達
13,860,000載重噸，預期該等新造
船將於未來兩至三年陸續交付。
1.1 Ship Trading Agency Services
COSCO International Ship Trading Company Limited,
a wholly-owned subsidiary of the Company (「COSCO
Ship Trading」), is principally engaged in the provision of
agency services relating to ship building, ship trading
and chartering for the fleet of COSCO SHIPPING and its
subsidiaries (「COSCO SHIPPING Group」). COSCO Ship
Trading also provides similar services for shipowners
and shipping enterprises outside COSCO SHIPPING
Group. COSCO Ship Trading mainly derives its revenue
from agency services. In the case of new build vessels,
commissions are paid by shipbuilders according to the
work progress specified in the relevant contracts. For the
trading of second-hand vessels, commissions are paid to
COSCO Ship Trading according to the contracts after the
vendors have delivered the vessels to the buyers.
During the period, the pace of adjustment to the fleet
structure continued to slow down amid a depressed
shipping market. The delivery of new build vessels
ordered through COSCO Ship Trading was 160,000
dead weight tonnages in aggregate (2015: 1,050,000
dead weight tonnages). In addition, a total of 13 (2015:
19) new build vessels ordered through COSCO Ship
Trading were recorded during the period, aggregating
4,108,000 dead weight tonnages (2015: 1,622,000 dead
weight tonnages). For second-hand vessels, the sale and
purchase of a total of 19 (2015: 35) second-hand vessels
through COSCO Ship Trading were recorded, aggregating
1,330,000 dead weight tonnages (2015: 1,807,000 dead
weight tonnages).
As at 30th June 2016, the amount of new build vessels
ordered through COSCO Ship Trading and pending
delivery reached 13,860,000 dead weight tonnages,
which were scheduled for delivery in the coming two to
three years.
期內，來自船舶貿易代理分部的
收入較二零一五年同期減少29%
至31,023,000港元（二零一五年：
43,619,000港元）；分部所得稅前
溢利為17,134,000港元（二零一五
年：31,169,000港元），較二零一五
年同期減少45%。分部所得稅前溢
利減少主要是由於期內二手船佣金
及其他佣金收益均較二零一五年同
期減少。
1.2
船舶保險顧問服務
本公司的全資附屬公司中遠（香港）
保險顧問有限公司及本公司的非全
資附屬公司深圳中遠保險經紀有限
公司（統稱「中遠保險經紀」）主要
為國內外被保險人（包括其所屬各
類船舶）提供風險評估、擬定投保
方案、辦理投保手續、安全防損及
案件理賠等保險中介服務，並收取
服務佣金。
期內，中遠保險經紀創新服務產
品，開拓營銷模式，持續推進由系
內到系外、水險到非水險的拓展；
由團體到個人業務、綫下到綫上業
務的拓展。期內，完成船隊船殼險
及戰爭險續保，繼續拓展中遠海運
集團系內汽車保險及碼頭綜合保險
業務，在船舶修理人責任保險及船
舶建造保險業務方面取得良好成
效。此外，為提供更快捷、方便
的理賠服務，以及提升品牌形象，
中遠保險經紀加強信息化建設和開
創網絡營銷，綫上營銷也取得成
效，整體使船舶保險顧問服務佣金
收益保持平穩。
During the period, revenue from the ship trading agency
segment decreased by 29% to HK$31,023,000 (2015:
HK$43,619,000) as compared to the same period of 2015.
Segment profit before income tax was HK$17,134,000
(2015: HK$31,169,000), representing a decrease of 45%
as compared to the same period of 2015. The decrease
in segment profit before income tax was mainly due to the
decrease in second-hand vessel commission and other
commission income during the period as compared to the
same period of 2015.
1.2 Marine Insurance Brokerage Services
COSCO (Hong Kong) Insurance Brokers Limited, a
wholly-owned subsidiary of the Company, and 深圳中遠
保險經紀有限公司
(Shenzhen COSCO Insurance Brokers
Limited*), a non-wholly owned subsidiary of the Company
(collectively 「COSCO Insurance Brokers」), are primarily
engaged in the provision of insurance intermediary
services including risk assessment, designing insurance
programmes, placing insurance coverage, loss prevention
and claims handling for the insured (including their various
vessels) worldwide for service commissions.
During the period, COSCO Insurance Brokers innovated
new services and products, explored marketing model,
continued to pursue expansion from business within
COSCO SHIPPING Group to business outside COSCO
SHIPPING Group, and from marine insurance business to
non-marine insurance business, and promoted expansion
from corporate business to individual business, and from
offline business to online business. During the period,
COSCO Insurance Brokers completed the overall renewal
of the hull and machinery insurance and war risk insurance,
continuously explored the motor vehicle insurance and
terminals comprehensive insurance businesses within
COSCO SHIPPING Group, and achieved favourable
results in the ship repairer’s liability insurance and ship
builder’s risks insurance businesses. Furthermore,
COSCO Insurance Brokers strengthened their information
construction and commenced online marketing to provide
faster and more convenient claim settlement services
and enhance their brand image with satisfactory results,
thus achieving stable growth in commission income from
marine insurance brokerage services in general.
* for identification purpose only
期內，來自保險顧問分部的收入
為46,129,000港元（二零一五年：
46,050,000港元），與二零一五年
同期相若；分部所得稅前溢利為
33,013,000港元（二零一五年：
34,067,000港元），較二零一五年同
期減少3%。
1.3
船舶設備及備件供應
中遠遠通經營管理總部由本公司的
全資附屬公司遠通海運設備服務有
限公司及其附屬公司（包括新中鈴
株式會社、Xing Yuan (Singapore)
Pte. Ltd.（新遠（新加坡）有限公
司*）、Hanyuan Technical Service
Center GmbH（漢遠技術服務中心
有限公司*）、遠通海務貿易（上海）
有限公司、中遠（北京）海上電子設
備有限公司及Yuan Hua Technical &
Supply Corporation（遠華技術和供
應公司*）
））組成，主要從事現有及新
造船的船舶設備、備件和供海上、
離岸、岸站及陸地使用的無線通訊
系統、衛星通訊及導航系統設備的
銷售和安裝；船舶物料供應，以及
船舶航修業務。目前業務網絡覆蓋
香港、上海和北京等城市，以及
日本、新加坡、德國和美國等國家。
期內，航運市場不景氣，各航運公
司大力壓縮成本，加上新造船擁有
保修期，減少對船舶備件及維修的
需求，直接影響了中遠遠通經營管
理總部的銷售量。面對激烈的市場
競爭，中遠遠通經營管理總部繼續
深化營銷服務，主動拜訪客戶，與
客戶進一步加強溝通交流，加大力
度拓展優質客戶，成功新增系外客
戶四十多家，取得良好成效。此
外，根據市場變化和客戶需求，中
遠遠通經營管理總部積極開展船舶
修理、協助安全檢查及備件緊急訂
購等工作，確保航行安全。在增加
* 僅供識別
During the period, revenue from insurance brokerage
segment was HK$46,129,000 (2015: HK$46,050,000),
which remained stable with the same period of 2015.
Segment profit before income tax was HK$33,013,000
(2015: HK$34,067,000), representing a decrease of 3%
as compared to the same period of 2015.
1.3 Supply of Marine Equipment and Spare Parts
COSCO Yuantong Operation Headquarters, which are
composed of Yuantong Marine Service Co. Limited,
a wholly-owned subsidiary of the Company, and its
subsidiaries (including 新中鈴株式會社 (Shin Chung Lin
Corporation*), Xing Yuan (Singapore) Pte. Ltd., Hanyuan
Technical Service Center GmbH, 遠通海務貿易（上海）
有限公司
(Yuantong Marine Trade (Shanghai) Co., Ltd.*),
中遠（北京）海上電子設備有限公司
(COSCO (Beijing)
Marine Electronic Equipment Limited*) and Yuan Hua
Technical & Supply Corporation). It is principally engaged
in the sale and installation of marine equipment and
spare parts for existing and new build vessels, as well
as equipment of radio communication systems, satellite
communication and navigation systems for ships, offshore
facilities, coastal stations and land users; marine materials
supply and voyage repairs. Its existing business network
covers cities such as Hong Kong, Shanghai and Beijing,
etc. and countries such as Japan, Singapore, Germany
and the United States, etc..
During the period, each shipping company made
strenuous effort to save cost in a weak shipping market.
Coupled with the fact that new build vessels are covered
by warranties, which reduced the demand for marine
spare parts and maintenance, the sales volume of
COSCO Yuantong Operation Headquarters was directly
affected. Facing the fierce market competition, COSCO
Yuantong Operation Headquarters continued to enhance
its marketing services and achieved satisfactory results
by conducting proactive visits to customers, further
strengthening the communication with customers and
actively acquiring quality customers with over forty newly
added customers outside COSCO SHIPPING Group.
In addition, COSCO Yuantong Operation Headquarters
* for identification purpose only
客戶滿意度的同時，進一步提升了公
司品牌價值。在業務拓展方面，根
據區域定位及區域優勢，於新加坡
設立的船用物料配送中心已正式運
作，進一步強化物料供應業務。
期內，來自船舶設備及備件分部的收
入為
500,813,000港元（二零一五年：
539,840,000港元），較二零一五年
同期減少7%；分部所得稅前溢利
為32,432,000港元（二零一五年：
31,360,000港元），較二零一五年同
期增加3%，主要是由於期內繼續加
大力度控制成本。
1.4
塗料生產和銷售
本公司旗下塗料業務主要包括集裝
箱塗料、工業用重防腐塗料和船舶
塗料的生產和銷售。中遠關西塗料
化工（天津）有限公司（「中遠關西
（天津）」）、中遠關西塗料化
工（珠海）有限公司（「中遠
關西（珠海）」）、中遠關西塗
料（上海）有限公司（「中遠關
西塗料（上海）」）及中遠關西
（上海）均為本公司的非全資附屬公
司（統稱「中遠關西公司」），中遠
關西（天津）、中遠關西（珠海）及
中遠關西塗料（上海）主要經營集裝
箱塗料和工業用重防腐塗料的生產
和銷售，中遠關西（上海）主要經營
集裝箱塗料和工業用重防腐塗料的
銷售。本公司與國際塗料生產商挪
威佐敦集團各持有50%股權的合營
企業中遠佐敦主要從事船舶塗料的
生產和銷售。
actively launched additional services, such as ship repairs,
safety inspection assistance and express spare parts
ordering in response to market changes and customers』
needs to ensure navigation safety. These services not
only enhanced customers』 satisfaction but also further
increased corporate brand value. In terms of business
expansion, a distribution center of marine materials
established in Singapore had been officially put into
operation based on regional positioning and geographical
advantages to further strengthen the materials supply
business.
During the period, revenue from marine equipment and
spare parts segment was HK$500,813,000 (2015:
HK$539,840,000), representing a decrease of 7%
as compared to the same period of 2015. Segment
profit before income tax was HK$32,432,000 (2015:
HK$31,360,000), representing an increase of 3% as
compared to the same period of 2015, which was mainly
attributable to the continuous and enhanced effort on cost
control during the period.
1.4 Production and Sale of Coatings
The coating business of the Company primarily includes
the production and sale of container coatings, industrial
heavy-duty anti-corrosion coatings and marine coatings.
COSCO Kansai Paint & Chemicals (Tianjin) Co., Ltd.
(「COSCO Kansai (Tianjin)」), COSCO Kansai Paint &
Chemicals (Zhuhai) Co., Ltd. (「COSCO Kansai (Zhuhai)」),
中遠關西塗料（上海）有限公司
(COSCO Kansai Paint
(Shanghai) Co., Ltd.*) (「COSCO Kansai Paint (Shanghai)」)
and COSCO Kansai (Shanghai) are non-wholly owned
subsidiaries of the Company (collectively 「COSCO Kansai
Companies」). COSCO Kansai (Tianjin), COSCO Kansai
(Zhuhai) and COSCO Kansai Paint (Shanghai) are principally
engaged in the production and sale of container coatings
and industrial heavy-duty anti-corrosion coatings, while
COSCO Kansai (Shanghai) is primarily engaged in the
sale of container coatings and industrial heavy-duty anticorrosion
coatings. Jotun COSCO, a 50/50 joint venture
formed by the Company and Jotun A/S, Norway, an
international coating manufacturer, is principally engaged
in the production and sale of marine coatings.
* for identification purpose only
集裝箱塗料方面，期內受航運市場
持續低迷的影響，新造集裝箱市場
需求萎縮，新造集裝箱及租箱價格
下跌，箱東下單意願不大。面對此
情況，中遠關西公司在進一步鞏固
核心客戶的同時成功開發新客戶，
因應不同市場及客戶需求，提供差
異化服務，在中國集裝箱塗料市
場擁有領先地位；船舶塗料方面，
中遠佐敦加大力度做好市場營銷和
客戶維護工作，使中遠佐敦繼續在
中國船舶塗料市場上保持領先地位。
期內，來自塗料分部的收入為
286,743,000港元（二零一五年：
671,085,000港元），較二零一五年
同期大幅減少57%，減少主要是由
於集裝箱塗料銷售量及價格較二零
一五年同期下降。分部所得稅前溢
利為56,965,000港元（二零一五年：
87,784,000港元），較二零一五年同
期減少35%。
1.4.1 集裝箱塗料及工業用重防腐
塗料
中遠關西（天津）、中遠關西
（珠海）及中遠關西塗料（上海）
分別於天津、珠海及上海設立
塗料廠，塗料廠分別位於環渤
海、珠江和長江三角洲等三個
中國經濟最發達的地區。
面對嚴峻的市場形勢，期內
中遠關西公司細分目標客戶，
加強溝通交流，提高營銷服務
水平，積極爭取每一筆訂單；
鞏固與造箱集團的戰略合作關
係；積極開拓特種箱市場，為
重點箱廠、箱東提供優質服
務，爭取關鍵客戶的支持及信
For container coatings, as a result of the continued
sluggish shipping market during the period, the market
demand for new build container shrank, the prices of
new build containers and container leasing dropped and
container owners』 willingness to place order was low.
Facing such circumstances, COSCO Kansai Companies
further consolidated the core customers while successfully
developing new customers. COSCO Kansai Companies
tailored to the needs of different markets and customers
and provided differential services so as to capture the
leading position in China’s container coating market. For
marine coatings, Jotun COSCO put greater effort into
marketing and customer care, which helped to maintain
its leading position in China’s marine coating market.
During the period, revenue from coatings segment was
HK$286,743,000 (2015: HK$671,085,000), representing
a significant decrease of 57% as compared to the same
period of 2015. The decrease was mainly due to the
decline in sales volume and price of container coatings
as compared to the same period of 2015. Segment
profit before income tax was HK$56,965,000 (2015:
HK$87,784,000), representing a decrease of 35% as
compared to the same period of 2015.
1.4.1
Container Coatings and Industrial Heavy-duty
Anti-corrosion Coatings
COSCO Kansai (Tianjin), COSCO Kansai (Zhuhai)
and COSCO Kansai Paint (Shanghai) have coating
plants in Tianjin, Zhuhai and Shanghai respectively.
These coating plants are respectively located in the
Pan-Bohai Rim, the Pearl River Delta and the Yangtze
River Delta, the three most economically developed
regions of China.
Facing the tough market conditions, COSCO Kansai
Companies, during the period, actively strived for
every order by segmenting their target customers,
enhancing communication and improving their
marketing services as well as consolidating their
strategic cooperation relationship with container
manufacturing enterprises. COSCO Kansai
Companies also actively expanded into the special
任。但主要因中國集裝箱造箱
量較二零一五年同期大幅下跌
緣故，期內集裝箱塗料銷售量
為6,091噸，與二零一五年同期
的25,944噸比較減少77%。
此外，中遠關西公司繼續大力
發展工業用重防腐塗料業務，
積極制定各業務板塊的市場及
營銷策略，設立區域化的銷售
網絡，優化組織架構，重點關
注重大客戶、重點項目，加大
市場的開拓力度，在穩固市場
領域佔有率的前提下，努力開
發新的領域，在綜合工業和工
程機械板塊的開發取得了成
效。期內，工業用重防腐塗料
含車間底漆銷售量為7,702噸
（二零一五年：
7,425噸），與
二零一五年同期比較增加4%。
1.4.2船舶塗料
中遠佐敦主要經營中國地區
（包括中國內地、香港和澳門特
別行政區）船舶塗料的生產和
銷售。
期內，面對新造船項目延期，
中遠佐敦加強客戶拜訪，積
極維護和鞏固與國內大船廠和
主要船東的客戶關係，並根據
市場形勢和營銷服務的需求，
細分市場和目標客戶，逐步建
立產品、服務和營銷差異化的
服務體系。此外，通過選擇
性開拓市場，爭取優質新造
container market and offered quality services to major
container manufacturers and container owners,
thereby gaining the support and trust from key
customers. However, the sales volume of container
coatings decreased by 77% from 25,944 tonnes in
the same period of 2015 to 6,091 tonnes during the
period, mainly due to the significant decrease in the
volume of new build containers in China as compared
to the same period of 2015.
In addition, COSCO Kansai Companies continued
to vigorously develop the business of industrial
heavy-duty anti-corrosion coatings, actively
formulated sales and marketing strategies for
each business sector, established a regional sales
network, optimised organisational structure, focused
on key customers and key projects, and increased
market development effort. While consolidating the
market share of existing businesses, COSCO Kansai
Companies also strived to develop new areas of
business and have made achievement in developing
the integrated industrial and construction machinery
sector. During the period, the sales volume of
industrial heavy-duty anti-corrosion coatings together
with workshop primer amounted to 7,702 tonnes
(2015: 7,425 tonnes), representing an increase of 4%
as compared to the same period of 2015.
1.4.2 Marine Coatings
Jotun COSCO is principally engaged in the production
and sale of marine coatings in the region of China
including China Mainland, Hong Kong and Macau
Special Administrative Regions.
During the period, facing the delay of new build vessel
projects, Jotun COSCO increased customer visits so
as to proactively maintain and reinforce the customer
relationship with major domestic shipyards and
shipowners and segmented the market and its target
customers based on the market trend and demand
of marketing services in order to gradually establish
a service system with differentiated products,
services and marketing. In addition, it strived to
船塗料訂單和努力提高維修保
養塗料業務，保持市場佔有
率。同時，中遠佐敦致力升級
產品，促進船舶節能減排，
著力於船體性能解決方案HPS
(Hull Performance Solution)，
以及船舶保養概念結合保養
漆產品的推廣，結合客戶的
業務需求，為客戶提供解決
方案，使中遠佐敦在中國船
舶塗料市場繼續保持領先地
位。期內，中遠佐敦新造船
塗料銷售量為
28,003,000
升，較二零一五年同期減少
8%；維修保養塗料銷售量為
7,666,000升，較二零一五年
同期減少17%。中遠佐敦船
舶塗料銷售量為35,669,000
升（約相等於
48,153噸）
（二零一五年：
39,762,000
升（約相等於
53,679噸）），
較二零一五年同期減少10%。
期內，本集團應佔中遠佐敦
的溢利為47,246,000港元
（二零一五年：
48,345,000港
元），較二零一五年同期下跌
2%。
此外，於二零一六年六月三十
日，中遠佐敦手持新造船塗料
供貨合同訂單量為39,600,000
載重噸，預期將於未來兩年內
供貨，為中遠佐敦未來業務的
穩定發展提供保障。
obtain coating orders with better terms for new build
vessels through selective market development and
spared no effort to strengthen coatings for repair
and maintenance business in order to maintain its
market share. Meanwhile, Jotun COSCO strived for
product enhancement, facilitated energy saving and
emission reduction of vessels while focusing on the
promotion of HPS (Hull Performance Solution) as well
as the combination of vessel maintenance concept
with maintenance coating products. Jotun COSCO
also offered solutions to its customers according
to their business need so as to maintain its leading
position in China’s marine coating market. During
the period, sales volume of Jotun COSCO’s coatings
for new build vessels amounted to 28,003,000 litres,
representing a decrease of 8% as compared to
the same period of 2015. Sales volume of coatings
for repair and maintenance was 7,666,000 litres,
representing a decrease of 17% as compared to
the same period of 2015. The sales volume of Jotun
COSCO’s marine coatings amounted to 35,669,000
litres (equivalent to approximately 48,153 tonnes)
(2015: 39,762,000 litres (equivalent to approximately
53,679 tonnes)), representing a decrease of 10% as
compared to the same period of 2015. During the
period, the Group’s share of profit from Jotun COSCO
was HK$47,246,000 (2015: HK$48,345,000),
representing a decrease of 2% as compared to the
same period of 2015.
In addition, as at 30th June 2016, Jotun COSCO
had coating contracts on hand for new build vessels
amounting to 39,600,000 dead weight tonnages
pending delivery. The coatings were scheduled to be
delivered in the coming two years, which guaranteed
steady development of Jotun COSCO’s future
business.
1.5
船舶燃料及相關產品貿易及供應
本公司的全資附屬公司Sinfeng
Marine Services Pte. Ltd.（新峰航
運服務有限公司*）（「新峰公司」）主
要從事船舶燃料供應、船舶燃料及
相關產品的貿易和經紀服務，目
前其業務網絡主要覆蓋新加坡和
馬來西亞等主要加油港口。期內，
針對複雜的市場環境，新峰公司
採取穩健的經營策略，選擇信譽
良好的客戶開展業務，建立穩定
長期的合作關係。期內，船舶燃
料產品總銷售量為616,532噸，較
二零一五年同期的499,948噸增加
23%。
來自船舶燃料及其他產品分部的
收入為1,389,150,000港元，較
二零一五年同期的
1,411,618,000
港元下跌2%，主要由於期內油價較
二零一五年同期下跌所致。
本集團持有18%股權的連悅公司，
主要在香港從事燃油及石油產品貿
易，以及船舶燃料供應服務，同時
從事採購輕柴油及燃油等產品。其
主要客戶為船東及船舶營運商。期
內，本集團應佔連悅公司的溢利
為3,050,000港元（二零一五年：
4,739,000港元），較二零一五年同
期下降36%，主要是由於期內投資
收益下降所致。
船舶燃料及其他產品分部所得稅前
溢利為
5,323,000港元（二零一五
年：8,100,000港元），較二零一五
年同期減少34%，主要是由於分佔
聯營公司溢利下降所致。
*僅供識別
1.5 Trading and Supply of Marine Fuel and Related Products
Sinfeng Marine Services Pte. Ltd., a wholly-owned
subsidiary of the Company (「Sinfeng」), is primarily
engaged in the supply of marine fuel, trading and
brokerage services of marine fuel and related products.
Currently, its business network primarily covers major
oil ports such as Singapore and Malaysia. During the
period, Sinfeng adopted prudent business strategies by
conducting business with reputable customers in order
to establish stable and long-term business cooperation
in response to the complex market environment. During
the period, total sales volume of marine fuel products was
616,532 tonnes, increased by 23% as compared with
499,948 tonnes in the same period of 2015.
Revenue from the marine fuel and other products segment
was HK$1,389,150,000, down by 2% as compared with
HK$1,411,618,000 in the same period of 2015, which
was mainly attributable to the decline of oil price during
the period as compared to the same period of 2015.
Double Rich, in which the Group owns 18% equity interest,
is principally engaged in the trading of fuel and oil products
and marine fuel supply services in Hong Kong and also in
sourcing products such as light diesels and fuel oil. Its
major customers are shipowners and ship operators.
During the period, the Group’s share of profit from Double
Rich was HK$3,050,000 (2015: HK$4,739,000), down by
36% as compared to the same period of 2015, which was
mainly due to the decline in investment gain during the
period.
Profit before income tax from marine fuel and other products
segment was HK$5,323,000 (2015: HK$8,100,000),
representing a decrease of 34% as compared to the
same period of 2015, which was mainly attributable to the
decrease in share of profit of associate.
2. 一般貿易2. General Trading
本公司的全資附屬公司中遠國際貿易有中遠國際貿易有限公司
(COSCO International Trading
限公司（「中遠國貿」）主要從事瀝青貿易Company Limited*), a wholly-owned subsidiary of the Company
及其他綜合性貿易。(「CITC」), is principally engaged in the trading of asphalt and
other comprehensive trading.
期內，面對日趨激烈競爭的市場環境，During the period, CITC proactively responded to intensifying
中遠國貿積極應對和及時調整經營策market competition and had adjusted its business strategies
略，一是繼續聚焦區域市場，鞏固高速in a timely manner. Firstly, it continued to focus on regional
公路瀝青供應業務；二是在確保風險可markets by consolidating the asphalt supply business for
控前提下逐步介入市政工程及瀝青零售highway. Secondly, whilst enhancing risk control, CITC
等領域，擴大業務範圍，尋找新的利潤gradually participated in urban infrastructure and asphalt retail
增長點，成功開拓華東區域市場零售業areas so as to expand business scope and seek new profit
務，取得顯著成效。期內，中遠國貿瀝drivers. By leveraging such strategies, CITC had achieved
青銷售量為79,727噸，較二零一五年同remarkable success in exploring retail business in the Eastern
期的52,363噸增加52%。China region market. During the period, the sales volume of
asphalt of CITC amounted to 79,727 tonnes, representing an
increase of 52% as compared to 52,363 tonnes in the same
period of 2015.
期內，來自一般貿易分部的收入為
During the period, revenue from general trading segment was
301,569,000港元（二零一五年：
HK$301,569,000 (2015: HK$316,271,000), down by 5% as
316,271,000港元），較二零一五年同compared to the same period of 2015, which was mainly due to
期減少5%，主要是由於瀝青售價下跌lower selling prices of asphalt which offset the increase of sales
抵銷了銷售量的增幅。分部所得稅前volume. Segment profit before income tax was HK$3,704,000
溢利為3,704,000港元（二零一五年：
(2015: HK$29,790,000), representing a significant decrease of
29,790,000港元），較二零一五年同期大88% as compared to the same period of 2015. It was mainly
幅下降88%。主要是由於二零一五年成attributable to the reversal of provision for impairment of other
功收回拖欠其他應收款而撥回其他應收receivables of HK$18,979,000 due to successful collection of
款減值撥備18,979,000港元。
other receivables in default in 2015.
* for identification purpose only
展望
二零一六年下半年，全球經濟復蘇步伐將繼
續放緩，貨幣政策以及政治風險催生不確定
性。但平穩運行的中國經濟仍有巨大潛力，
新型工業化、信息化、城鎮化及農業現代化
進程處於深入推進階段，蘊含著擴大內需的
強勁需求。供給側結構性改革不斷釋放的改
革紅利成為經濟可持續增長的重要動力源
泉。中遠國際將在中遠海運集團的大力支持
下，統籌謀劃，通篇佈局，加速「航運服務產
業集群」建設，追求專業化、集聚化道路，進
一步擴展規模效應，提升業內話語權。
一方面本集團將按照中遠海運的發展戰略，
以「航運服務產業集群」建設為己任，最大
化地發揮自身優勢，進一步細化航運服務的
業務範圍，完善航運服務邊界和內涵；利用
中遠海運集團業務資產整合契機，對系內船
舶設備及備件供應，貿易等業務進行重組整
合，並將整合併購系內其他航運服務相關資
產，促進產品與服務的延伸和發展，拓展航
運服務新業務板塊，同時努力拓展系外業
務，適時注入系外以及與現有業務相關的潛
在項目，擴大本集團的業務版圖。
另一方面中遠國際各所屬單元將積極應對市
場變化，結合自身情況，努力拓展業務鏈
條，全力提升各板塊的盈利能力。在船舶貿
易代理方面，面對全球經濟形勢疲弱，船舶
市場下行的局面，中遠船貿將協調好船廠與
船東的關係，確保新造船順利交接。同時，
把握市場機遇，積極開拓新業務，為中遠船
貿未來發展打好基礎；船舶保險顧問服務方
面，面對困難的經營環境，中遠保險經紀將
PROSPECTS
In the second half of 2016, the pace of recovery of global economy
will continue to slow down while monetary policies and political
risks induce uncertainties. However, China’s steadily developing
economy still possesses immense potential. The progress of
new types of industrialisation, informatisation, urbanisation and
modernisation of agricultural industry are at the advanced stage,
which create strong demand for expansion of domestic demand.
The supply-side structural reforms, which have become a crucial
driving force for the sustainable growth of the economy, continue
to bring about considerable benefits. With the substantial support
from COSCO SHIPPING Group, COSCO International will organise
and carry out overall plan so as to accelerate the establishing of
「shipping services industrial cluster」, pursue professionalism and
integration, in order to further expand our economy of scale and
enhance bargaining power in the industry.
On the one hand, the Group will be committed to establishing a
「shipping services industrial cluster」 in line with the development
strategy of COSCO SHIPPING. The Group will fully capitalise on
its own strength, further refine the business coverage of shipping
services and optimise its service boundary and scope. It will also
make use of the assets consolidation opportunity of COSCO
SHIPPING Group to reorganise and consolidate the businesses such
as supply and trading of marine equipment and spare parts. In the
meantime, the Group will facilitate the expansion and development
of the products and services and the exploration of new business
sector of shipping services by integrating and acquiring assets
related to other shipping services under COSCO SHIPPING Group,
while making effort to expand business outside the group and inject
potential projects, which are outside COSCO SHIPPING Group and
are relevant to the existing business, in due course, so as to expand
the business footprint of the Group.
On the other hand, all the business units of COSCO International will
proactively respond to market changes while being committed to
expanding business chains according to their own circumstances,
so as to improve the profitability of each segment. For the ship
trading agency, COSCO Ship Trading will endeavour to co-ordinate
with the shipyards and shipowners to ensure smooth delivery
of new build vessels amidst sluggish global economy and the
downtrend of ship building market. Meanwhile, it will seize market
opportunities and develop new business actively to lay a solid
繼續加大第三方業務的開拓力度，進一步
擴大業務渠道和範圍；在船舶設備及備件
供應方面，面對航運公司持續控制成本開
支，以及陸續交付的新造船擁有保修期，將
減少對船舶設備及備件的需求，中遠遠通
經營管理總部將深入開展營銷服務，主動
拜訪大客戶，組織供應商與客戶的技術交
流活動，提升技術服務能力建設，並進一步
深化供應商管理、優化業務流程、降低整體
的採購成本、提高整體效益，逐步形成核心
競爭能力；集裝箱塗料方面，預期需求將維
持疲弱態勢，中遠關西公司將做好客戶維護
工作，保持與造箱集團和箱東的緊密聯繫，
並推進水性塗料及環保型塗料產品的應用與
升級，提高市場佔比。同時加大開發冷箱及
特箱市場的力度，提高市場佔有率；工業用
重防腐塗料方面，預計行業仍將保持緩慢溫
和增長，中遠關西公司將圍繞中國的若干經
濟帶，拓展基礎設施，包括地標、石化和電
力維修等新行業及新客戶，加強重點客戶、
項目的開發跟進工作，爭取項目成功率；船
舶塗料方面，面對日趨激烈的市場競爭，中
遠佐敦將做好市場及競爭對手的分析，強化
市場營銷工作和客戶的維護，選擇性開拓市
場，實現穩健經營。繼續致力於船體性能解
決方案
HPS (Hull Performance Solution)，以
及船舶保養概念結合保養塗料產品等的推廣。
foundation for the future development of COSCO Ship Trading.
For the marine insurance brokerage services, given the challenging
business environment, COSCO Insurance Brokers will put more
effort in developing third-party business and further expand its
business channels and scope. For the supply of marine equipment
and spare parts, demand for marine equipment and spare parts will
decrease due to the continuing cost control of shipping companies
and the fact that new build vessels scheduled for delivery are
covered by warranties. COSCO Yuantong Operation Headquarters
will enhance its marketing services by conducting proactive visits to
major customers, organising technical communication activities for
suppliers and customers, and enhancing the building of technical
services capacity. It will further consummate the management
of suppliers, optimise the operation process, reduce overall
procurement costs and boost the overall effectiveness, with a view
to gradually developing its core competitiveness. For container
coatings, demand is expected to remain subdued. COSCO Kansai
Companies will actively maintain their existing customers, consolidate
their close relationship with container manufacturing enterprises
and container owners and promote the application and upgrading
of the products of water-based coatings and environmentallyfriendly
coatings in order to increase their market share. Meanwhile,
COSCO Kansai Companies will also increase their effort in exploring
the reefer container and special container market to increase market
share. For industrial heavy-duty anti-corrosion coatings, growth in
the industry is expected to remain slow and moderate. COSCO
Kansai Companies will focus on certain economic belts in China to
expand new industries such as infrastructure (including landmarks,
petrochemical and electrical maintenance etc.) and new customers.
Moreover, they will put more effort in the development and followup
works of key customers and projects in order to increase the
success rate of projects. For marine coatings, facing intensifying
market competition, Jotun COSCO will conduct proper market and
competitor analysis, strengthen its marketing and customer care
effort, and selectively expand markets to realise sturdy operation.
It will continue to focus on the promotion of HPS (Hull Performance
Solution) and maintenance coating products that deliver the vessel
maintenance concept. For the trading and supply of marine fuel
船舶燃料及相關產品貿易及供應方面，針對
航運企業面臨的經營壓力及風險，新峰公司
將繼續防控風險及採取審慎的經營策略，在
維護現有優質客戶的同時，穩妥謹慎地開
發新客戶，在嚴控風險的前提下努力開拓
業務。一般貿易方面，中遠國貿將做好現
有已中標項目的工作，同時跟進重點區域
二零一六年下半年的重點項目，繼續加大營
銷網點的建設力度，爭取項目訂單。
展望未來，本集團將充分把握中遠海運業務
重組的契機，以中國最強、世界一流的航運
服務公司為目標，將「航運服務產業集群」打
造成為既能為船舶運輸提供有力服務保障，
又具備獨立利潤增長點的產業集群。
and related products, in response to the operating pressure and
risks faced by shipping enterprises, Sinfeng will continue to control
risk, adopt prudent business strategy, and solicit business from new
customers prudently and cautiously while retaining its existing quality
customers, and strived to expand its business under the premise of
strict risk control. For general trading, CITC will endeavour to fulfill
the tasks in respect of the successfully tendered projects, while
keeping on track with key projects in the second half of 2016 in
key regions. It will continue to strengthen the establishment of the
marketing network in order to secure project orders.
Looking forward, the Group will fully seize the opportunity presented
by the business reorganisation of COSCO SHIPPING, and develop
the 「shipping services industrial cluster」 which can offer strong
supporting services for shipping with independent profit drivers,
aiming to become a world class and the best shipping services
company in China.
致中遠國際控股有限公司董事會
（於百慕達註冊成立的有限公司）
引言
本核數師（以下簡稱「我們」）已審閱列載於第
25至61頁的中期財務資料，此中期財務資料
包括中遠國際控股有限公司（「貴公司」）及其
子公司（合稱「貴集團」）於二零一六年六月三
十日的簡明綜合財務狀況表與截至該日止六
個月期間的相關簡明綜合收益表、簡明綜合
全面收益表、簡明綜合權益變動表及簡明綜
合現金流量表，以及主要會計政策概要和其
他附註解釋。香港聯合交易所有限公司證券
上市規則規定，就中期財務資料編製的報告
必須符合以上規則的有關條文以及香港會計
師公會頒佈的香港會計準則第34號「中期財
務報告」。 貴公司董事須負責根據香港會計
準則第
34號「中期財務報告」編製及列報該等
中期財務資料。我們的責任是根據我們的審
閱對該等中期財務資料作出結論，並按照委
聘之條款僅向整體董事會報告，除此之外本
報告別無其他目的。我們不會就本報告的內
容向任何其他人士負上或承擔任何責任。
TO THE BOARD OF DIRECTORS OF
COSCO INTERNATIONAL HOLDINGS LIMITED
(Incorporated in Bermuda with limited liability)
INTRODUCTION
We have reviewed the interim financial information set out on pages
25 to 61, which comprises the condensed consolidated statement
of financial position of COSCO International Holdings Limited (the
「Company」) and its subsidiaries (together, the 「Group」) as at
30th June 2016 and the related condensed consolidated income
statement, statement of comprehensive income, changes in equity
and cash flows for the six-month period then ended, and a summary
of significant accounting policies and other explanatory notes. The
Rules Governing the Listing of Securities on The Stock Exchange
of Hong Kong Limited require the preparation of a report on interim
financial information to be in compliance with the relevant provisions
thereof and Hong Kong Accounting Standard 34 「Interim Financial
Reporting」 issued by the Hong Kong Institute of Certified Public
Accountants. The directors of the Company are responsible for the
preparation and presentation of this interim financial information
in accordance with Hong Kong Accounting Standard 34 「Interim
Financial Reporting」. Our responsibility is to express a conclusion
on this interim financial information based on our review and to
report our conclusion solely to you, as a body, in accordance with
our agreed terms of engagement and for no other purpose. We do
not assume responsibility towards or accept liability to any other
person for the contents of this report.
審閱範圍
我們已根據香港會計師公會頒佈的香港審閱
準則第2410號「由實體的獨立核數師執行中
期財務資料審閱」進行審閱。審閱中期財務
資料包括主要向負責財務和會計事務的人員
作出查詢，及應用分析性和其他審閱程序。
審閱的範圍遠較根據香港審計準則進行審核
的範圍為小，故不能令我們可保證我們將知
悉在審核中可能被發現的所有重大事項。因
此，我們不會發表審核意見。
結論
按照我們的審閱，我們並無發現任何事項，
令我們相信中期財務資料在各重大方面未有
根據香港會計準則第
34號「中期財務報告」編
製。
羅兵鹹永道會計師事務所
執業會計師
香港，二零一六年八月十八日
SCOPE OF REVIEW
We conducted our review in accordance with Hong Kong Standard
on Review Engagements 2410, 「Review of Interim Financial
Information Performed by the Independent Auditor of the Entity」
issued by the Hong Kong Institute of Certified Public Accountants.
A review of interim financial information consists of making inquiries,
primarily of persons responsible for financial and accounting matters,
and applying analytical and other review procedures. A review is
substantially less in scope than an audit conducted in accordance
with Hong Kong Standards on Auditing and consequently does not
enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit. Accordingly,
we do not express an audit opinion.
CONCLUSION
Based on our review, nothing has come to our attention that causes
us to believe that the interim financial information is not prepared,
in all material respects, in accordance with Hong Kong Accounting
Standard 34 「Interim Financial Reporting」.
PricewaterhouseCoopers
Certified Public Accountants
Hong Kong, 18th August 2016
Unaudited
未經審計
Six months ended 30th June
截至六月三十日止六個月
2016 2015
二零一六年二零一五年
Note HK$』000 HK$』000
附註千港元千港元
收入
Revenue 5 2,555,427 3,028,483
銷售成本
Cost of sales (2,308,052) (2,659,876)
毛利
Gross profit 247,375 368,607
其他收益及利得
Other income and gains 6 14,626 49,894
銷售、行政及一般費用
Selling, administrative and general expenses (185,212) (275,447)
其他費用及虧損
Other expenses and losses 7 (3,760) (8,144)
經營溢利
Operating profit 8 73,029 134,910
財務收益
Finance income 9
財務成本
Finance costs 9
財務收益－淨額
Finance income – net 9 42,467 65,501
應佔合營企業溢利
Share of profits of joint ventures 48,652 47,746
應佔聯營公司溢利
Share of profits of associates 3,816 5,597
44,591 67,599(2,124) (2,098)
所得稅前溢利
Profit before income tax 167,964 253,754
所得稅費用
Income tax expenses 10 (18,817) (40,206)
期內溢利
Profit for the period 149,147 213,548
應佔溢利：
Profit attributable to:
本公司權益持有人
Equity holders of the Company 144,803 200,300
非控制性權益
Non-controlling interests 4,344 13,248
149,147 213,548
期內本公司權益持有人Earnings per share attributable to
應佔每股盈利
equity holders of the Company
during the period－基本，港仙
– basic, HK cents 11(a) 9.45 13.07－攤薄，港仙
– diluted, HK cents 11(b) 9.45 12.95
第31頁至61頁的附註乃本未經審計簡明綜合The notes on pages 31 to 61 form an integral part of this unaudited
中期財務資料的組成部分。condensed consolidated interim financial information.
Unaudited
未經審計
Six months ended 30th June
截至六月三十日止六個月
2016 2015
二零一六年二零一五年
HK$』000 HK$』000
千港元千港元
期內溢利
Profit for the period 149,147 213,548
其他全面收益╱（虧損）
可能於其後重新分類
至損益的項目：
貨幣換算差異
應佔一家合營企業
貨幣換算差異
應佔一家聯營公司現金流量
對沖，扣除稅項
可供出售財務資產公平值
利得淨額
Other comprehensive income/(losses)
Items that may be reclassified
subsequently to profit or loss:
Currency translation differences (25,781) (1,335)
Share of currency translation differences of
a joint venture (4,529) 91Share of cash flow hedges of an associate,
net of tax 6,002 28,321Fair value gains on available-for-sale
financial assets, net 1,397 6,939
期內其他全面（虧損）╱收益
Other comprehensive (losses)/income for
the period (22,911) 34,016
期內總全面收益
Total comprehensive income for the period 126,236 247,564
應佔總全面收益╱（虧損）：
Total comprehensive income/(losses)
attributable to:
本公司權益持有人
Equity holders of the Company 129,277 234,137
非控制性權益
Non-controlling interests (3,041) 13,427
126,236 247,564
第31頁至61頁的附註乃本未經審計簡明綜合The notes on pages 31 to 61 form an integral part of this unaudited
中期財務資料的組成部分。condensed consolidated interim financial information.
Unaudited Audited
未經審計經審計
30th June 31st December
2016 2015
二零一六年二零一五年
六月三十日十二月三十一日
Note HK$』000 HK$』000
附註千港元千港元
資產
ASSETS
非流動資產
Non-current assets
無形資產
物業、機器及設備
預付土地租賃費用
投資物業
於合營企業的投資
於聯營公司的投資
可供出售財務資產
遞延所得稅資產
非流動存款
Intangible assets
Property, plant and equipment
Prepaid premium for land leases
Investment properties
Investments in joint ventures
Investments in associates
Available-for-sale financial assets
Deferred income tax assets
Non-current deposits
13
13
13
13
14
15
102,428
367,080
31,886
49,447
567,516
117,324
55,449
46,014
11,700
103,185392,51632,87649,416525,343107,61558,75449,24535,805
1,348,844 1,354,755
流動資產
Current assets
存貨
貿易及其他應收款
可供出售財務資產
按公平值透過損益記賬
財務資產
可收回當期所得稅
受限制銀行存款
流動存款以及現金及現
金等價物
Inventories
Trade and other receivables
Available-for-sale financial assets
Financial assets at fair value through
profit or loss
Current income tax recoverable
Restricted bank deposits
Current deposits and cash and cash
equivalents
16
14
311,203
1,533,650
30,157
924
8,770
1,726
6,142,761
347,2411,509,99525,4559094,0355976,224,328
8,029,191 8,112,560
總資產
Total assets 9,378,035 9,467,315
權益
EQUITY
本公司權益持有人應佔股Capital and reserves attributable to
本及儲備
the Company’s equity holders
股本
Share capital 17 153,296 153,296
儲備
Reserves 7,567,170 7,575,859
7,720,466 7,729,155
非控制性權益
Non-controlling interests 367,428 370,469
總權益
Total equity 8,087,894 8,099,624
負債
LIABILITIES
非流動負債
Non-current liability
遞延所得稅負債
Deferred income tax liabilities 44,778 44,655
流動負債
Current liabilities
貿易及其他應付款
當期所得稅負債
短期借貸
Trade and other payables
Current income tax liabilities
Short-term borrowings
18
19
1,210,694
16,346
18,323
1,278,2798,69536,062
1,245,363 1,323,036
總負債
Total liabilities 1,290,141 1,367,691
總權益及負債
Total equity and liabilities 9,378,035 9,467,315
第31頁至61頁的附註乃本未經審計簡明綜合The notes on pages 31 to 61 form an integral part of this unaudited
中期財務資料的組成部分。condensed consolidated interim financial information.
Unaudited
未經審計
Noncontrolling
Total
Attributable to equity holders of the Company interests equity
非控制性
本公司權益持有人應佔權益總權益
Share Other Retained
capital reserves profits Total
股本其他儲備保留溢利總計
HK$』000 HK$』000 HK$』000 HK$』000 HK$』000 HK$』000
千港元千港元千港元千港元千港元千港元
於二零一六年一月一日結餘
Balance at 1st January 2016 153,296 1,075,002 6,500,857 7,729,155 370,469 8,099,624
期內溢利
Profit for the period – – 144,803 144,803 4,344 149,147
其他全面收益╱（虧損）
Other comprehensive income/(losses)
貨幣換算差異
Currency translation differences – (18,396) – (18,396) (7,385) (25,781)
應佔一家合營企業貨幣換Share of currency translation differences of
算差異
a joint venture – (4,529) – (4,529) – (4,529)
應佔一家聯營公司現金流量Share of cash flow hedges of an associate,
對沖，扣除稅項
net of tax – 6,002 – 6,002 – 6,002
可供出售財務資產公平值Fair value gains on available-for-sale
利得淨額
financial assets, net – 1,397 – 1,397 – 1,397
截至二零一六年六月三十日Total comprehensive (losses)/income
止期內總全面for the period ended 30th June 2016
（虧損）╱收益
– (15,526) 144,803 129,277 (3,041) 126,236
與擁有人的交易
Transactions with owners
儲備間轉撥
Transfer between reserves – 463 (463) – – –
已付股息
Dividend paid – – (137,966) (137,966) – (137,966)
與擁有人的交易總額
Total transactions with owners – 463 (138,429) (137,966) – (137,966)
於二零一六年Balance at 30th June 2016
六月三十日結餘
153,296 1,059,939 6,507,231 7,720,466 367,428 8,087,894
Unaudited
未經審計
Noncontrolling
Total
Attributable to equity holders of the Company interests equity
非控制性
本公司權益持有人應佔權益總權益
Share Other Retained
capital reserves profits Total
股本其他儲備保留溢利總計
HK$』000 HK$』000 HK$』000 HK$』000 HK$』000 HK$』000
千港元千港元千港元千港元千港元千港元
於二零一五年一月一日結餘
Balance at 1st January 2015 153,181 1,198,923 6,386,933 7,739,037 369,451 8,108,488
期內溢利
Profit for the period – – 200,300 200,300 13,248 213,548
其他全面收益╱（虧損）
Other comprehensive income/(losses)
貨幣換算差異
Currency translation differences – (1,514) – (1,514) 179 (1,335)
應佔一家合營企業貨幣換Share of currency translation differences of
算差異
a joint venture – 91 – 91 – 91
應佔一家聯營公司現金流量Share of cash flow hedges of an associate,
對沖，扣除稅項
net of tax – 28,321 – 28,321 – 28,321
可供出售財務資產公平值Fair value gains on available-for-sale financial
利得淨額
assets, net – 6,939 – 6,939 – 6,939
截至二零一五年六月三十日Total comprehensive income for the period
止期內總全面收益
ended 30th June 2015 – 33,837 200,300 234,137 13,427 247,564
與擁有人的交易
Transactions with owners
行使購股權後發行股份
Shares issued upon exercise of share options 115 1,276 – 1,391 – 1,391
儲備間轉撥（附註）
Transfer between reserves (note) – (45,003) 45,003 – – –
已付股息
Dividend paid – – (153,296) (153,296) – (153,296)
與擁有人的交易總額
Total transactions with owners 115 (43,727) (108,293) (151,905) – (151,905)
於二零一五年Balance at 30th June 2015
六月三十日結餘
153,296 1,189,033 6,478,940 7,821,269 382,878 8,204,147
附註：
該轉撥包括因購股權於截至二零一五年六月三十日
止期間失效時以股份支付僱員報酬儲備轉撥至保留
溢利的45,073,000港元。
第31頁至61頁的附註乃本未經審計簡明綜合
中期財務資料的組成部分。
Note:
Such transfer included HK$45,073,000 in relation to the transfer from
employee share-based compensation reserve to retained profits upon the
lapse of share option during the period ended 30th June 2015.
The notes on pages 31 to 61 form an integral part of this unaudited
condensed consolidated interim financial information.
Unaudited
未經審計
Six months ended 30th June
截至六月三十日止六個月
2016 2015
二零一六年二零一五年
HK$』000 HK$』000
千港元千港元
源自經營活動的現金流量
Cash flows from operating activities
營運所產生的現金
Cash generated from operations
已付所得稅
Income tax paid
經營活動所產生的淨現金
Net cash generated from operating activities
源自投資活動的現金流量
Cash flows from investing activities
到期日超過三個月的現金投
資減少
Decrease in cash investments with maturity
over three months
受限制銀行存款（增加）
╱
減少
(Increase)/decrease in restricted bank
deposits
已收利息
Interest received
自投資收取的股息
Dividends received from investments
自一家合營企業收取的股息
Dividend received from a joint venture
出售物業、機器及設備所得
款淨額
Net proceeds from sale of property,
plant and equipment
購入無形資產
Purchases of intangible assets
購入物業、機器及設備
Purchases of property, plant and equipment
購入租賃土地
Purchase of leasehold land
投資活動所產生的淨現金
Net cash generated from investing activities
源自融資活動的現金流量
Cash flows from financing activities
提取銀行貸款
Drawdown of bank loans
償還銀行貸款
Repayment of bank loans
行使購股權後發行股份的所
得款項
Proceeds from shares issued upon exercise
of share options
已付財務成本
Finance costs paid
向本公司權益持有人支付股息
Dividend paid to the Company’s equity holders
融資活動所用的淨現金
Net cash used in financing activities
現金及現金等價物（減少）╱
增加淨額
Net (decrease)/increase in cash and
cash equivalents
期初現金及現金等價物
Cash and cash equivalents at the beginning
of the period
現金及現金等價物匯兌虧損
Exchange losses on cash and cash
equivalents
期末現金及現金等價物
Cash and cash equivalents at the end of
the period
現金及現金等價物分析
Analysis of cash and cash equivalents
總存款以及現金及現金等價物
Total deposits and cash and cash equivalents
減：受限制銀行存款
Less: restricted bank deposits
到期日自存款日期起計
超過三個月的現金投資
cash investments with maturity more
than three months from date
of placement
32,013
(12,873)
19,140
6,756
(1,159)
38,514
2,249
1,606
198
(265)
(3,069)
–
44,830
18,614
(35,916)
–
(2,124)
(137,966)
(157,392)
(93,422)
1,115,152
(4,122)
1,017,608
6,156,187
1,726
5,136,853
46,768(25,658)
21,110150,51013,45067,5992,60462,0042,707(826)
(44,723)
(908)
252,41719,382(26,053)
1,391(2,098)
(153,296)
(160,674)
112,8531,164,713(325)
1,277,2416,080,2636484,802,374
期末現金及現金等價物
Cash and cash equivalents at the end of
the period 1,017,608 1,277,241
第31頁至61頁的附註乃本未經審計簡明綜合The notes on pages 31 to 61 form an integral part of this unaudited
中期財務資料的組成部分。condensed consolidated interim financial information.
一般資料1 GENERAL INFORMATION
中遠國際控股有限公司（「本公司」）及其
附屬公司（統稱「本集團」）主要從事提供
航運服務及一般貿易。
COSCO International Holdings Limited (the 「Company」) and its
subsidiaries (together, the 「Group」) are principally engaged in
the provision of shipping services and general trading.
本公司為於百慕達註冊成立的有限責任
公司，其股份於香港聯合交易所有限公
司（「聯交所」）上巿。本公司的主要營業
地點為香港皇后大道中
183號中遠大廈
47樓。
The Company is a limited liability company incorporated in
Bermuda and its shares are listed on The Stock Exchange of
Hong Kong Limited (「Stock Exchange」). The address of its
principal place of business is 47th Floor, COSCO Tower, 183
Queen’s Road Central, Hong Kong.
本公司的最終控股公司為於中華人民共
和國（「中國」）成立的國有企業中國遠
洋運輸（集團）總公司（「中遠（集團）總
公司」）。於二零一六年五月四日，國務
院國有資產監督管理委員會（「國資委」）
將其持有的中遠（集團）總公司全部權
益轉給國資委於中國全資擁有的國有企
業中國遠洋海運集團有限公司（「中遠海
運」）。此後，中遠海運為本公司的最終
控股公司。
The ultimate holding company of the Company is China
Ocean Shipping (Group) Company (「COSCO」), a state-owned
enterprise established in the People’s Republic of China (the
「PRC」). On 4th May 2016, the State-owned Assets Supervision
and Administration Commission of the State Council (「SASAC」)
transferred its entire equity interests in COSCO to China
COSCO Shipping Corporation Limited (「COSCO SHIPPING」),
a state-owned enterprise wholly-owned by SASAC in the PRC,
thereafter, COSCO SHIPPING becomes the ultimate holding
company of the Company.
除另有所指，截至二零一六年六月三十日
止六個月的本未經審計簡明綜合中期財
務資料（「未經審計簡明綜合中期財務資
料」）以港元呈列。
This unaudited condensed consolidated interim financial
information for the six months ended 30th June 2016 (the
「Unaudited Condensed Consolidated Interim Financial
Information」) is presented in Hong Kong dollars, unless
otherwise stated.
本未經審計簡明綜合中期財務資料已於
二零一六年八月十八日獲董事會批准刊
發。
This Unaudited Condensed Consolidated Interim Financial
Information was approved by the board of directors for issue
on 18th August 2016.
2 編製基準及會計政策2 BASIS OF PREPARATION AND ACCOUNTING
POLICIES
本未經審計簡明綜合中期財務資料已依
據香港會計師公會（「香港會計師公會」）
頒佈的香港會計準則第34號「中期財務
報告」及聯交所證券上市規則（「上市規
則」）的披露規定而編製。
This Unaudited Condensed Consolidated Interim Financial
Information has been prepared in accordance with Hong Kong
Accounting Standard 34 「Interim Financial Reporting」 issued
by the Hong Kong Institute of Certified Public Accountants
(the 「HKICPA」) and the disclosure requirements of the Rules
Governing the Listing of Securities on Stock Exchange (the
「Listing Rules」).
編製基準及會計政策（續）
本未經審計簡明綜合中期財務資料應與
按照香港會計師公會頒佈的香港財務報
告準則（「香港財務報告準則」）編製的截
至二零一五年十二月三十一日止年度的
年度財務報表一併閱讀。
除本集團已採納以下由香港會計師公會
頒佈，且與其業務相關並於二零一六年
一月一日或之後開始的會計期間生效的
已頒佈準則的修訂及詮釋外，編製未經
審計簡明綜合中期財務資料所採用的會
計政策及方法與截至二零一五年十二月
三十一日止年度的年度財務報表所載述
者一致。
2
BASIS OF PREPARATION AND ACCOUNTING
POLICIES (Continued)
This Unaudited Condensed Consolidated Interim Financial
Information should be read in conjunction with the annual
financial statements for the year ended 31st December 2015,
which were prepared in accordance with Hong Kong Financial
Reporting Standards (「HKFRSs」) issued by the HKICPA.
The accounting policies and methods used in the preparation
of the Unaudited Condensed Consolidated Interim Financial
Information are consistent with those set out in the annual
financial statements for the year ended 31st December 2015
except that the Group has adopted the following amendments
to published standards and interpretation issued by the
HKICPA, which are relevant to its operations and are effective
for accounting periods beginning on or after 1st January 2016.
Effective for
accounting periods
beginning on or
after
自下列日期或之後
開始的會計期間生效
HKFRSs (Amendment) Annual Improvements to HKFRSs 2012-2014 Cycle 1st January 2016
香港財務報告準則（修訂）二零一二年至二零一四年週期二零一六年一月一日
香港財務報告準則年度改進
Amendment to HKFRS 11 Accounting for Acquisition of Interests in 1st January 2016Joint Operations
香港財務報告準則第11號的修訂收購共同經營權益的會計處理二零一六年一月一日
Amendments to HKAS 1 Disclosure Initiative 1st January 2016
香港會計準則第1號的修訂披露計劃二零一六年一月一日
Amendment to HKAS 27 Equity method in separate financial statements 1st January 2016
香港會計準則第27號的修訂單獨財務報表的權益法二零一六年一月一日
Amendments to HKAS 16 Clarification of Acceptable Methods of 1st January 2016and HKAS 38 Depreciation and Amortisation
香港會計準則第
16號及折舊及攤銷的可接受方法的澄清二零一六年一月一日
香港會計準則第38號的修訂
採納上述修訂及詮釋並無導致本集團的The adoption of the above amendments and interpretation did
會計政策出現任何重大變動，且並無對not result in any substantial changes to the Group’s accounting
未經審計簡明綜合中期財務資料造成重policies and had no material financial impact on the Unaudited
大財務影響。
Condensed Consolidated Interim Financial Information.
2 編製基準及會計政策（續）2 BASIS OF PREPARATION AND ACCOUNTING
POLICIES (Continued)
以下新訂準則及現有準則的修訂已經由The following new standards and amendments to existing
香港會計師公會頒佈，並與本集團業務standards have been published by the HKICPA and are
相關，惟於二零一六年一月一日開始的relevant to the Group’s operations. They are not yet effective
會計期間尚未生效，亦未經由本集團提for accounting periods beginning on 1st January 2016 and
早採納。have not been early adopted by the Group.
Effective for
accounting periods
beginning on or after
自下列日期或之後
開始的會計期間生效
HKFRS 9 (2014) Financial Instruments 1st January 2018
香港財務報告準則第
9號金融工具二零一八年一月一日
（二零一四年）
HKFRS 15 Revenue from Contracts with Customers 1st January 2018
香港財務報告準則第15號來自客戶合約的收入二零一八年一月一日
HKFRS 16 Leases 1st January 2019
香港財務報告準則第16號租賃二零一九年一月一日
Amendments to HKFRS 10 Sale or contribution of assets between an investor To be determinedand HKAS 28 and its associate or joint venture
香港財務報告準則第10號投資者及其聯營公司或合營企業間的資產出售或注入待定
及香港會計準則第28號的修訂
本集團已開始評估採納上述新訂準則及The Group has already commenced an assessment of the
已頒佈準則的修訂的相關影響，但目前related impact of adopting the above new standards and
尚未能夠指出該等準則及修訂會否對其amendments to published standards, but it is not yet in a
經營業績及財務狀況造成重大影響。
position to state whether they will have a significant impact on
its result of operations and financial position.
3 財務風險管理
3 FINANCIAL RISK MANAGEMENT
(a) 財務風險因素
(a) Financial risk factors
本集團的業務使其面對各種財務風The Group’s activities expose it to a variety of financial
險：市場風險（包括外幣風險、利risks: market risk (including foreign currency risk, interest
率風險及價格風險）、信貸風險及流rate risk and price risk), credit risk and liquidity risk.
動性風險。
未經審計簡明綜合中期財務資料並The Unaudited Condensed Consolidated Interim Financial
不包括年度財務報表所需的一切財Information does not include all financial risk management
務風險管理資料及披露，且應與本information and disclosures required in the annual financial
集團截至二零一五年十二月三十一日statements, and should be read in conjunction with the
止年度的年度財務報表一併閱讀。Group’s annual financial statements for the year ended
31st December 2015.
自年底開始，風險管理人員或任何There have been no material changes in the risk
風險管理政策概無出現任何重大變management personnel or in any risk management
動。
policies since the year end.
(b) 流動性風險
(b) Liquidity risk
與年底相比，財務負債的合約性未
Compared to the year end, there was no material change
貼現現金流出量並無出現重大變動。
in the contractual undiscounted cash outflows for financial
liabilities.
(c) 公平值估計
(c) Fair value estimation
下表按估值法分析按公平值列賬的
The table below analyses financial instruments carried at
財務工具。不同級別的定義如下：
fair value, by valuation method. The different levels have
been defined as follows:
.
相同資產或負債於活躍市場的. Quoted prices (unadjusted) in active markets for
報價（未經調整）（第一級）。
identical assets or liabilities (Level 1).
.
除第一級所包括的報價以外，. Inputs other than quoted prices included within Level
有關資產或負債的輸入值為直1 that are observable for the asset or liability, either
接（即按價格）或間接（即從價directly (that is, as prices) or indirectly (that is, derived
格中引伸）的可觀察輸入值（第from prices) (Level 2).
二級）。
.
有關資產或負債的輸入值並非. Inputs for the asset or liability that are not based on
依據可觀察市場數據（即不可observable market data (that is, unobservable inputs)
觀察輸入值）（第三級）。
(Level 3).
3 財務風險管理（續）
(c) 公平值估計（續）
下表呈列本集團於二零一六年六月
三十日以公平值計量的財務資產。
3 FINANCIAL RISK MANAGEMENT (Continued)
(c) Fair value estimation (Continued)
The following table presents the Group’s financial assets
that are measured at fair value at 30th June 2016.
Level 1
第一級
HK$』000
千港元
Level 2
第二級
HK$』000
千港元
Level 3
第三級
HK$』000
千港元
Total
合共
HK$』000
千港元
資產
Assets
可供出售財務資產
Available-for-sale financial assets－股本證券
– equity securities 83,847 – 1,759 85,606
按公平值透過損益Financial assets at fair value
記賬財務資產
through profit or loss－交易證券
– trading securities 924 – –924
總資產
Total assets 84,771 – 1,759 86,530
下表呈列本集團於二零一五年十二The following table presents the Group’s financial assets
月三十一日以公平值計量的財務資that are measured at fair value at 31st December 2015.
產。
Level 1 Level 2 Level 3 Total
第一級第二級第三級合共
HK$』000 HK$』000 HK$』000 HK$』000
千港元千港元千港元千港元
資產
Assets
可供出售財務資產
Available-for-sale financial assets－股本證券
– equity securities 82,450 – 1,759 84,209
按公平值透過損益Financial assets at fair value
記賬財務資產
through profit or loss－交易證券
– trading securities 909 – – 909
總資產
Total assets 83,359 – 1,759 85,118
期內第一級、第二級與第三級之間There were no transfers among Levels 1, 2 and 3 during
並無轉撥。the period.
期內估值方法並無變動。
There were no changes in valuation techniques during the
period.
3 財務風險管理（續）
3
FINANCIAL RISK MANAGEMENT (Continued)
(d)
用以產生第二級公平值的估值方法(d) Valuation techniques used to derive Level 2 fair
values
第二級包括並非計入公平值等級第Level 2 comprises other observable inputs which are
一級的其他可觀察輸入值或根據可not included within Level 1 of the fair value hierarchy or
觀察市場數據或可觀察市場數據支market-corroborated inputs based on or supported by
持的市場證實輸入值。observable market data.
於二零一六年六月三十日及二零一There were no Level 2 financial assets as at 30th June
五年十二月三十一日並無第二級財2016 and 31st December 2015.
務資產。
(e)
使用重要的不可觀察輸入值的公平(e) Fair value measurements using significant
值計量（第三級）unobservable inputs (Level 3)
倘一項或以上重要輸入值並非以可If one or more of the significant inputs is not based on
觀察的市場數據為基礎，則該工具observable market data, the instrument is included in
計入第三級。管理層已參考投資的Level 3. Management has taken reference to the net asset
資產淨值，以釐定其於二零一六年value of the investment to determine its fair value as at
六月三十日的公平值。
30th June 2016.
(f) 估值程序(f)
Valuation process
本集團財務部門管理就財務匯報目The Group’s finance department manages the valuations
的所需的財務資產及財務負債估值of financial assets and financial liabilities required for
（包括第三級公平值），並每半年呈financial reporting purposes, including Level 3 fair values
列估值結果予管理層以供審閱及批and presents the results of valuations to the management
準。財務部門於適當時分析第二級for review and approval on half-yearly basis. Changes in
及第三級公平值變動，並連同公平Levels 2 and 3 fair values are analysed when appropriate
值變動原因報告予管理層。
and reported with reasons for the fair value movements to
the management.
(g)
按攤銷成本計量的財務資產及財務(g) Fair values of financial assets and financial
負債的公平值liabilities measured at amortised cost
下列財務資產及財務負債的公平值The fair values of the following financial assets and financial
與其賬面值相若：
liabilities approximate their carrying amounts:
.非流動存款
.
Non-current deposits
.貿易及其他應收款
.
Trade and other receivables
.受限制銀行存款
.
Restricted bank deposits
.
流動存款以及現金及現金等價. Current deposits and cash and cash equivalents
物
.貿易及其他應付款
.
Trade and other payables
.短期借貸
.
Short-term borrowings
4 關鍵會計估計及判斷4 CRITICAL ACCOUNTING ESTIMATES AND
JUDGEMENTS
管理層編製中期財務報表時須對影響會
計政策的應用以及資產及負債、收益及
費用所呈報的金額作出判斷、估計及假
設。實際結果可能與該等估計不同。
The preparation of interim financial information requires
management to make judgements, estimates and assumptions
that affect the application of accounting policies and the
reported amounts of assets and liabilities, income and expense.
Actual results may differ from these estimates.
編製未經審計簡明綜合中期財務資料
時，管理層對應用本集團會計政策及不
明確估計的主要來源作出的重要判斷，
與截至二零一五年十二月三十一日止年
度的年度財務報表所應用的一致。
In preparing the Unaudited Condensed Consolidated Interim
Financial Information, the significant judgements made by
management in applying the Group’s accounting policies and
the key sources of estimation uncertainty were consistent with
those that applied to the annual financial statements for the
year ended 31st December 2015.
5 收入及分部資料5 REVENUE AND SEGMENT INFORMATION
期內確認的營業額（即收入）如下：
Turnover, representing revenue, recognised during the period
is as follows:
Six months ended 30th June
截至六月三十日止六個月
2016 2015
二零一六年二零一五年
HK$』000 HK$』000
千港元千港元
塗料銷售
Sale of coatings 286,743 671,085
船舶設備及備件銷售
Sale of marine equipment and spare parts 500,813 539,840
船舶貿易代理佣金收益
Commission income from ship trading agency 31,023 43,619
保險顧問佣金收益
Commission income from insurance brokerage 46,129 46,050
船舶燃料及其他產品銷售
Sale of marine fuel and other products 1,389,150 1,411,618
瀝青及其他產品銷售
Sale of asphalt and other products 301,569 316,271
2,555,427 3,028,483
5 收入及分部資料（續）5 REVENUE AND SEGMENT INFORMATION
(Continued)
首席經營決策者被視為執行董事。執行The chief operating decision-maker has been identified as
董事審閱本集團的內部報告，以就將分the executive directors. The executive directors review the
配至分部的資源作出決定以及評估其表Group’s internal reports in order to make decisions about
現。管理層從產品角度審視業務，並已resources to be allocated to the segment and assess its
按該等報告基準識別下列可報告分部：performance. Management considers the business from a
product perspective and has identified the following reportable
segments on the basis of these reports:
Reportable segments Business activities
可報告分部業務活動
Coatings Production and sale of coatings, and holding of investment
in a joint venture, Jotun COSCO Marine Coatings (HK)
Limited (「Jotun COSCO」)
塗料生產及銷售塗料，以及持有於一家合營企業中遠佐敦船舶塗
料（香港）有限公司（「中遠佐敦」）的投資
Marine equipment and spare parts Trading of marine equipment and spare parts, and holding
of investments in joint ventures
船舶設備及備件船舶設備及備件貿易，以及持有於合營企業的投資
Ship trading agency Provision of agency services relating to shipbuilding, ship
trading and bareboat charter business, and holding of
investments in a joint venture and an associate
船舶貿易代理提供有關船舶建造、船舶買賣及光租船業務的代理服務，以
及持有於一家合營企業及一家聯營公司的投資
Insurance brokerage Provision of insurance brokerage services
保險顧問提供保險顧問服務
Marine fuel and other products Trading of marine fuel and other related products, and
holding of investment in an associate, Double Rich Limited
(「Double Rich」)
船舶燃料及其他產品船舶燃料及其他相關產品貿易，以及持有於一家聯營公司連
悅有限公司（「連悅公司」）的投資
General trading Trading of asphalt and other products, and holding of
investments in associates
一般貿易瀝青及其他產品貿易，以及持有於聯營公司的投資
所有其他分部主要包括本集團的上市可All other segments mainly comprise the Group’s listed
供出售財務資產及按公平值透過損益記available-for-sale financial assets and financial assets at fair
賬財務資產。value through profit or loss.
管理層以所得稅前溢利的計量作為基礎The management assesses the performance of the operating
來評估營運分部的表現。
segments based on a measure of profit before income tax.
5 收入及分部資料（續）
5 REVENUE AND SEGMENT INFORMATION
(Continued)
Shipping services
航運服務
General
trading
一般貿易
Inter-
All other segment
segments elimination
所有分部間
其他分部對銷
Total
總計
Marine Marine
equipment Ship fuel and
and spare trading Insurance other
Coatings parts
船舶設備
agency
船舶貿易
brokerage products
船舶燃料
Total
塗料及備件代理保險顧問及其他產品總計
HK$』000 HK$』000 HK$』000 HK$』000 HK$』000 HK$』000 HK$』000 HK$』000 HK$』000 HK$』000
千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元
Six months ended and as at 30th June 2016
截至二零一六年六月三十日止六個月及於該日
損益項目：
Profit and loss items:
分部收入
分部間收入
Segment revenue
Inter-segment revenue
286,743
–
500,832
(19)
31,023
–
46,313
(184)
1,422,254
(33,104)
2,287,165
(33,307)
317,609
(16,040)
–
–
(49,347)
49,347
2,555,427–
外部客戶收入
Revenue from external customers 286,743 500,813 31,023 46,129 1,389,150 2,253,858 301,569 – – 2,555,427
分部經營溢利
Segment operating profit 6,682 32,628 12,940 32,495 2,045 86,790 6,019 2,264 – 95,073
財務收益
Finance income 3,227 419 3,064 606 270 7,586 307 – (2,074) 5,819
財務成本
Finance costs (190) (940) (9) (88) (42) (1,269) (3,330) – 2,074 (2,525)
應佔合營企業溢利
Share of profits of joint ventures 47,246 325 1,081 – – 48,652 – – – 48,652
應佔聯營公司溢利
Share of profits of associates – – 58 – 3,050 3,108 708 – – 3,816
分部所得稅前溢利
Segment profit before income tax 56,965 32,432 17,134 33,013 5,323 144,867 3,704 2,264 – 150,835
所得稅費用
Income tax expenses (3,734) (5,169) (2,846) (5,750) (386) (17,885) (595) – – (18,480)
分部所得稅後溢利
Segment profit after income tax 53,231 27,263 14,288 27,263 4,937 126,982 3,109 2,264 – 132,355
資產負債表項目：
Balance sheet items:
總分部資產
總分部資產包括：
－合營企業
Total segment assets
Total segment assets include:
– Joint ventures
1,798,389
550,404
1,025,981
12,360
343,769
4,752
304,891
–
487,612
–
3,960,642
567,516
820,447
–
84,771
–
(368,862)
–
4,496,998567,516－聯營公司
– Associates – – 2,051 – 107,452 109,503 7,821 – – 117,324
總分部負債
Total segment liabilities 293,058 434,203 90,367 168,028 315,479 1,301,135 594,324 – (368,862) 1,526,597
其他項目：
Other items:
折舊及攤銷（扣除
已資本化金額）
存貨減值撥備淨額
Depreciation and amortisation, net of
amount capitalised
Net provision for impairment of
10,151 1,696 118 103 – 12,068 623 – – 12,691inventories 3,722 – – – – 3,722 – – – 3,722
貿易應收款減值Net provision/(reversal of provision) for
撥備淨額╱impairment of trade receivables
（撥備撥回）
非流動資產的添置Additions to non-current assets (other
3,551 (1,008) – – – 2,543 (2,740) – – (197)
（可供出售財務
資產及遞延所得稅
than available-for-sale financial
assets and deferred income tax
資產除外）
assets) 1,912 1,028 – 21 – 2,961 301 – – 3,262
Year ended and as at 31st December 2015
截至二零一五年十二月三十一日止年度及於該日
總分部資產
Total segment assets 1,954,085 1,041,329 339,761 174,873 511,991 4,022,039 790,319 83,358 (349,875) 4,545,841
總分部資產包括：
Total segment assets include:
－合營企業
– Joint ventures 507,688 12,281 5,374 – – 525,343 – – – 525,343－聯營公司
– Associates – – 2,034 – 98,315 100,349 7,266 – – 107,615
總分部負債
Total segment liabilities 478,102 476,912 95,151 62,750 296,631 1,409,546 562,786 – (349,875) 1,622,457
非流動資產的添置Additions to non-current assets (other
（可供出售財務
資產及遞延所得
than available-for-sale financial
assets and deferred income tax
稅資產除外）
assets) 148,688 24,802 54 620 – 174,164 138 – – 174,302
5 收入及分部資料（續）
5 REVENUE AND SEGMENT INFORMATION
(Continued)
Inter-
General All other segment
Shipping services trading segments elimination Total
所有分部間
航運服務一般貿易其他分部對銷總計
Marine Marine
equipment Ship fuel and
and spare trading Insurance other
Coatings parts agency brokerage products Total
船舶設備船舶貿易船舶燃料
塗料及備件代理保險顧問及其他產品總計
HK$』000 HK$』000 HK$』000 HK$』000 HK$』000 HK$』000 HK$』000 HK$』000 HK$』000 HK$』000
千港元千港元千港元千港元千港元千港元千港元千港元千港元千港元
Six months ended and as at 30th June 2015
截至二零一五年六月三十日止六個月及於該日
損益項目：
Profit and loss items:
分部收入
Segment revenue 671,085 539,844 43,619 46,241 1,490,849 2,791,638 316,390 – (79,545) 3,028,483
分部間收入
Inter-segment revenue – (4) – (191) (79,231) (79,426) (119) – 79,545 –
外部客戶收入
Revenue from external customers 671,085 539,840 43,619 46,050 1,411,618 2,712,212 316,271 – – 3,028,483
分部經營溢利
Segment operating profit 35,466 32,763 26,978 33,502 5,921 134,630 32,802 2,712 – 170,144
財務收益
Finance income 4,108 379 3,984 646 75 9,192 630 – – 9,822
財務成本
Finance costs (135) (1,004) (9) (81) (2,635) (3,864) (4,463) – – (8,327)
應佔合營企業Share of profits/(losses) of joint
溢利╱（虧損）
ventures 48,345 (778) 179 – – 47,746 – – – 47,746
應佔聯營公司溢利
Share of profits of associates – – 37 – 4,739 4,776 821 – – 5,597
分部所得稅前溢利
Segment profit before income tax 87,784 31,360 31,169 34,067 8,100 192,480 29,790 2,712 – 224,982
所得稅費用
Income tax expenses (10,552) (5,799) (7,985) (5,953) (571) (30,860) (7,242) – – (38,102)
分部所得稅後溢利
Segment profit after income tax 77,232 25,561 23,184 28,114 7,529 161,620 22,548 2,712 – 186,880
資產負債表項目：
Balance sheet items:
總分部資產
Total segment assets 2,025,362 951,380 345,244 287,755 535,458 4,145,199 915,049 105,867 (225,809) 4,940,306
總分部資產包括：
Total segment assets include:
－合營企業
– Joint ventures 463,668 11,851 3,418 – – 478,937 – – – 478,937－聯營公司
– Associates – – 2,128 – 106,413 108,541 7,868 – – 116,409
總分部負債
Total segment liabilities 563,528 559,371 42,668 152,612 310,976 1,629,155 667,835 – (225,809) 2,071,181
其他項目：
Other items:
折舊及攤銷（扣除Depreciation and amortisation, net of
已資本化金額）
amount capitalised 6,167 1,186 135 28 – 7,516 620 – – 8,136
存貨減值撥備淨額
Net provision for impairment of
inventories 2,524 – – – – 2,524 – – – 2,524
貿易應收款減值Net provision for impairment of trade
撥備淨額
receivables 4,878 – – – – 4,878 – – – 4,878
撥回其他應收款Reversal of provision for impairment
減值撥備
of other receivables – – – – – – (18,979) – – (18,979)
政府補貼收益
Government subsidy income (23,330) – – – – (23,330) – – – (23,330)
非流動資產的添置Additions to non-current assets (other
（可供出售財務than available-for-sale financial
資產及遞延所得稅assets and deferred income tax
資產除外）
assets) 45,389 864 14 – – 46,267 78 – – 46,345
5 收入及分部資料（續）5 REVENUE AND SEGMENT INFORMATION
(Continued)
下列為可報告分部所得稅前溢利的總計A reconciliation of the total of the reportable segments』 profit
與本集團所得稅後溢利的對賬表：
before income tax to the Group’s profit after income tax is as
follows:
Six months ended 30th June
截至六月三十日止六個月
2016 2015
二零一六年二零一五年
HK$』000 HK$』000
千港元千港元
可報告分部所得稅前溢利
Profit before income tax for reportable
segments 148,571 222,270
所有其他分部所得稅前溢利
Profit before income tax for all other
segments 2,264 2,712
所有分部所得稅前溢利
Profit before income tax for all segments 150,835 224,982
源自公司總部的Elimination of segment income from
分部收益對銷
corporate headquarters (96) (68)
分部予公司總部的Elimination of segment finance costs to
財務成本對銷
corporate headquarters 408 6,241
公司財務收益
Corporate finance income 38,772 57,777
公司財務成本
Corporate finance costs (7) (12)
公司費用（扣除收益）
Corporate expenses, net of income (21,948) (35,166)
本集團所得稅前溢利
Profit before income tax for the Group 167,964 253,754
所有分部所得稅費用
Income tax expenses for all segments (18,480) (38,102)
公司所得稅費用
Corporate income tax expenses (337) (2,104)
本集團所得稅後溢利
Profit after income tax for the Group 149,147 213,548
5 收入及分部資料（續）5 REVENUE AND SEGMENT INFORMATION
(Continued)
下列為可報告分部的總資產與本集團總A reconciliation of the total of the reportable segments』 assets
資產的對賬表：to the Group’s total assets is as follows:
31st
30th June December 30th June
2016 2015 2015
二零一五年
二零一六年十二月二零一五年
六月三十日三十一日六月三十日
HK$』000 HK$』000 HK$』000
千港元千港元千港元
可報告分部總資產
Total assets for reportable segments 4,781,089 4,812,358 5,060,248
所有其他分部總資產
Total assets for all other segments 84,771 83,358 105,867
分部間應收款對銷
Elimination of inter-segment receivables (368,862) (349,875) (225,809)
4,496,998 4,545,841 4,940,306
公司資產（主要為存款以Corporate assets (mainly deposits and
及現金及現金等價物）
cash and cash equivalents) 5,157,913 5,223,410 5,373,575
公司總部應收Elimination of corporate headquarters』
分部款對銷
receivables from segments (276,876) (301,936) (666,427)
本集團總資產
Total assets for the Group 9,378,035 9,467,315 9,647,454
下列為可報告分部的總負債與本集團總A reconciliation of the total of the reportable segments』 liabilities
負債的對賬表：
to the Group’s total liabilities is as follows:
31st
30th June December 30th June
2016 2015 2015
二零一五年
二零一六年十二月二零一五年
六月三十日三十一日六月三十日
HK$』000 HK$』000 HK$』000
千港元千港元千港元
可報告分部總負債
Total liabilities for reportable segments 1,895,459 1,972,332 2,296,990
分部間應付款對銷
Elimination of inter-segment payables (368,862) (349,875) (225,809)
1,526,597 1,622,457 2,071,181
公司負債
Corporate liabilities 40,420 47,170 38,553
分部應付公司Elimination of segment payables to
總部款對銷
corporate headquarters (276,876) (301,936) (666,427)
本集團總負債
Total liabilities for the Group 1,290,141 1,367,691 1,443,307
6 其他收益及利得
6 OTHER INCOME AND GAINS
Six months ended 30th June
截至六月三十日止六個月
2016 2015
二零一六年二零一五年
HK$』000 HK$』000
千港元千港元
出售物業、機器及設備利得
Gain on disposal of property, plant and
equipment 159 156
租金收益
Rental income 806 912
撥回貿易應收款減值Reversal of provision for impairment of
撥備（扣除撥備）
trade receivables, net of provision 197 –
撥回其他應收款減值撥備
Reversal of provision for impairment of
other receivables – 18,979
上市投資股息收益
Dividend income from listed investments 2,249 2,604
按公平值透過損益記賬財務Fair value gains on financial assets at fair
資產公平值利得
value through profit or loss 15 108
匯兌利得淨額
Net exchange gains 5,394 –
政府補貼收益# Government subsidy income# – 23,330
其他
Others 5,806 3,805
14,626 49,894
#於截至二零一五年六月三十日止期間就# Government subsidy income of HK$23,330,000 was recognised
上海市政府所發放的一筆專項補助金during the period ended 30th June 2015 in respect of a special
而確認的政府補貼收益為23,330,000subsidy granted by the Shanghai Municipal Government. Such
港元。該補助金用作彌補中遠關西塗料subsidy was to compensate for the relevant costs and expenses
化工（上海）有限公司遷移廠房及安置incurred by COSCO Kansai Paint & Chemicals (Shanghai) Co.,
受影響員工的相關成本及費用。
Ltd. in relocating the production plant and settling the impacted
staff.
7 其他費用及虧損
7 OTHER ExPENSES AND LOSSES
Six months ended 30th June
截至六月三十日止六個月
2016 2015
二零一六年二零一五年
HK$』000 HK$』000
千港元千港元
產生租金收益的直接經營費用
Direct operating expenses for generating
rental income 38 47
存貨減值撥備（扣除撥回）
Provision for impairment of inventories,
net of reversal 3,722 2,524
貿易應收款減值撥備Provision for impairment of trade
（扣除撥回）
receivables, net of reversal – 4,878
匯兌虧損淨額
Net exchange losses – 695
3,760 8,144
8 經營溢利8 OPERATING PROFIT
經營溢利已扣除下列項目：
Operating profit is stated after charging the following:
Six months ended 30th June
截至六月三十日止六個月
2016 2015
二零一六年二零一五年
HK$』000 HK$』000
千港元千港元
折舊及攤銷，已扣除在存貨Depreciation and amortisation, net of
資本化的金額共1,659,000amount capitalised in inventories totalling
港元（二零一五年：
HK$1,659,000 (2015: HK$914,000)
914,000港元）
12,946 8,325
9 財務收益－淨額
9 FINANCE INCOME – NET
Six months ended 30th June
截至六月三十日止六個月
2016 2015
二零一六年二零一五年
HK$』000 HK$』000
千港元千港元
利息收益源自：
Interest income from:
－一家同系附屬公司
– a fellow subsidiary 4,876 8,649－銀行存款
– bank deposits 39,715 58,950
財務收益總額
Total finance income 44,591 67,599
須於五年內悉數償還的Interest expenses on bank loans wholly
銀行貸款的利息費用
repayable within five years (620) (980)
其他財務支銷
Other finance charges (1,504) (1,118)
財務成本總額
Total finance costs (2,124) (2,098)
財務收益－淨額
Finance income – net 42,467 65,501
10 所得稅費用10 INCOME TAx ExPENSES
香港利得稅已按期內估計應課稅溢利按
稅率16.5%（二零一五年：
16.5%）計提
撥備。
Hong Kong profits tax has been provided at the rate of 16.5%
(2015: 16.5%) on the estimated assessable profit for the period.
中國所得稅已按照期內本集團在中國經
營業務產生的估計應課稅溢利按25%
（二零一五年：
25%）計算，惟根據獲相
關稅務機關批准的當地不同所得稅優惠
政策，一家附屬公司按經扣減稅率
15%
（二零一五年：15%）繳稅。
The PRC income tax has been calculated on the estimated
assessable profit derived from the Group’s operations in the
PRC for the period at 25% (2015: 25%) except for a subsidiary,
which was taxed at a reduced rate of 15% (2015: 15%) based
on different local preferential policies on income tax and
approval by relevant tax authorities.
其他海外稅項已按期內估計應課稅溢
利按本集團經營所在國家的現行稅率
計算。期內，該等稅率由
17%至43%
（二零一五年：17%至43%）不等。
Other overseas taxation has been calculated on the estimated
assessable profit for the period at the rates of taxation prevailing
in the countries in which the Group operates. These rates range
from 17% to 43% (2015: 17% to 43%) during the period.
遞延所得稅乃根據負債法就暫時差異採
用於結算日已頒佈或實際頒佈的稅率全
數計算。
Deferred income tax is calculated in full on temporary
differences under the liability method using tax rates enacted
or substantively enacted by the balance sheet date.
10 所得稅費用（續）10 INCOME TAx ExPENSES (Continued)
期內在簡明綜合收益表扣除的所得稅金The amount of income tax charged for the period to the
額如下：
condensed consolidated income statement is as follows:
Six months ended 30th June
截至六月三十日止六個月
2016 2015
二零一六年二零一五年
HK$』000 HK$』000
千港元千港元
當期所得稅
Current income tax－香港利得稅
– Hong Kong profits tax 10,043 7,952－中國企業所得稅
– the PRC enterprise income tax 4,297 18,624－其他海外稅項
– other overseas taxation 1,287 2,834－過往期間（超額撥備）– (over)/under-provision in prior period
╱撥備不足
(3) 875
遞延所得稅支銷－淨額
Deferred income tax charge, net 3,193 9,921
所得稅費用
Income tax expenses 18,817 40,206
11 每股盈利
11 EARNINGS PER SHARE
(a) 每股基本盈利按本公司權益持有人(a) Basic earnings per share is calculated by dividing the
應佔溢利除以期內已發行普通股加profit attributable to equity holders of the Company by
權平均數計算。
the weighted average number of ordinary shares in issue
during the period.
Six months ended 30th June
截至六月三十日止六個月
2016 2015
二零一六年二零一五年
本公司權益持有人應佔溢利
Profit attributable to equity holders of
the Company HK$144,803,000港元
HK$200,300,000港元
已發行普通股加權平均數
Weighted average number of
ordinary shares in issue 1,532,955,429 1,532,027,528
每股基本盈利
Basic earnings per share 9.45 HK cents港仙
13.07 HK cents港仙
11 每股盈利（續）
11 EARNINGS PER SHARE (Continued)
(b) 於二零一五年，每股攤薄盈利按未(b) Diluted earnings per share is calculated based on the
行使購股權的潛在攤薄影響調整後weighted average number of ordinary shares in issue
的已發行普通股加權平均數計算。after adjusting for the potential dilutive effect in respect of
於二零一六年，並沒有尚未行使的outstanding share options in 2015. There is no outstanding
購股權。
share options in 2016.
Six months ended 30th June
截至六月三十日止六個月
2016 2015
二零一六年二零一五年
本公司權益持有人Profit attributable to equity holders of
應佔溢利
the Company HK$144,803,000港元
HK$200,300,000港元
經調整已發行普通股Adjusted weighted average number of
加權平均數
ordinary shares in issue 1,532,955,429 1,546,326,810
每股攤薄盈利
Diluted earnings per share 9.45 HK cents港仙
12.95 HK cents港仙
12 股息12 DIVIDEND
Six months ended 30th June
截至六月三十日止六個月
2016 2015
二零一六年二零一五年
HK$』000 HK$』000
千港元千港元
已宣派中期股息每股普通Interim dividend, declared, of HK$0.04
股0.04港元（二零一五(2015: HK$0.07) per ordinary share
年：0.07港元）
61,318 107,307
於二零一六年八月十八日舉行的董事會
會議上，本公司董事宣派截至二零一六
年六月三十日止六個月的中期股息每
股普通股0.04港元。該股息尚未在未經
審計簡明綜合中期財務資料內確認為
負債，惟將在截至二零一六年十二月
三十一日止年度的股東權益內確認。
關於截至二零一五年十二月三十一日止
年度的股息
137,966,000港元（二零一四
年：153,296,000港元）已於二零一六年
六月支付。
At the board meeting held on 18th August 2016, the directors
of the Company declared an interim dividend of HK$0.04 per
ordinary share for the six months ended 30th June 2016. This
dividend has not been recognised as a liability in the Unaudited
Condensed Consolidated Interim Financial Information, but will
be recognised in shareholders』 equity in the year ending 31st
December 2016.
A dividend of HK$137,966,000 relating to the year ended 31st
December 2015 (2014: HK$153,296,000) was paid in June
2016.
13 資本開支13 CAPITAL ExPENDITURE
Prepaid
Property, premium
Intangible plant and for land Investment
assets equipment leases properties Total
物業、機器預付土地
無形資產及設備租賃費用投資物業總計
HK$』000 HK$』000 HK$』000 HK$』000 HK$』000
千港元千港元千港元千港元千港元
於二零一六年一月一日Opening net book value as at
的期初賬面淨值
1st January 2016 103,185 392,516 32,876 49,416 577,993
添置
Additions 265 3,069 – – 3,334
貨幣換算差異
Currency translation differences (131) (3,634) (641) 31 (4,375)
折舊及攤銷
Depreciation and amortisation (891) (13,365) (349) – (14,605)
出售
Disposals – (39) – – (39)
於建設完成時的Cost adjustment upon construction
成本調整
completion – (11,467) – – (11,467)
於二零一六年六月三十日Closing net book value as at
的期末賬面淨值
30th June 2016 102,428 367,080 31,886 49,447 550,841
於二零一五年一月一日Opening net book value as at
的期初賬面淨值
1st January 2015 105,478 262,181 35,100 44,847 447,606
添置
Additions 826 44,723 908 – 46,457
貨幣換算差異
Currency translation differences (457) (315) 15 (11) (768)
折舊及攤銷
Depreciation and amortisation (976) (7,713) (550) – (9,239)
出售
Disposals – (2,551) – – (2,551)
於二零一五年六月三十日Closing net book value as at
的期末賬面淨值
30th June 2015 104,871 296,325 35,473 44,836 481,505
本集團按公平值計量其投資物業。於
二零一五年十二月三十一日的投資物業
由獨立合資格估值師戴德梁行重新估
值，該公司持有獲認可的相關專業資
格。投資物業於二零一六年六月三十日
及二零一五年十二月三十一日的賬面值
與其公平值相若。
估值方法
使用重要的不可觀察輸入值的公平值
計量
投資物業的公平值一般以直接比較法取
得。該估值方法乃基於將要估值之物業
與最近曾有交易之其他可資比較物業作
直接比較。然而，由於房地產物業之異
質性，通常需要對可能影響所考慮物業
可達致的價格的任何質素方面的差異作
出適當調整。
The Group measures its investment properties at fair value. The
investment properties at 31st December 2015 were revalued
by DTZ Cushman & Wakefield, an independent qualified valuer,
who holds a recognised relevant professional qualification. The
carrying amounts of the investment properties at 30th June
2016 and 31st December 2015 approximate their fair values.
Valuation techniques
Fair value measurements using significant unobservable inputs
Fair values of investment properties are generally derived
using the direct comparison method. This valuation method
is based on comparing the property to be valued directly with
other comparable properties, which have recently transacted.
However, given the heterogeneous nature of real estate
properties, appropriate adjustments are usually required to
allow for any qualitative differences that may affect the price
likely to be achieved by the property under consideration.
14 可供出售財務資產14 AVAILABLE-FOR-SALE FINANCIAL ASSETS
HK$』000
千港元
於二零一六年一月一日
At 1st January 2016 84,209
於其他全面收益內確認的Fair value gains recognised in other
公平值利得（淨額）
comprehensive income, net 1,397
於二零一六年六月三十日
At 30th June 2016 85,606
減：流動部分
Less: current portion 30,157
非流動部分
Non-current portion 55,449
可供出售財務資產包括下列各項：
Available-for-sale financial assets include the following:
30th June 31st December
2016 2015
二零一六年二零一五年
六月三十日十二月三十一日
HK$』000 HK$』000
千港元千港元
非上市證券
Unlisted securities 1,759 1,759
於香港上市的股本證券Market value of listed equity securities in
的市值
Hong Kong 83,847 82,450
85,606 84,209
15 非流動存款15 NON-CURRENT DEPOSITS
此等存款為於一家同系附屬公司（一家中
國財務機構）的存款，以人民幣計值及以
現行市場利率計息。
These deposits, which were denominated in Renminbi and
interest-bearing at prevailing market rates, were placed with
a fellow subsidiary, which is a financial institution in the PRC.
16 貿易及其他應收款16 TRADE AND OTHER RECEIVABLES
30th June 31st December
2016 2015
二零一六年二零一五年
六月三十日十二月三十一日
HK$』000 HK$』000
千港元千港元
貿易應收款（扣除減值撥備）
Trade receivables, net of provision for
impairment 851,079 769,366
應收票據、預付款、按金、Bills receivables, prepayments, deposits,
其他應收款及應收關連other receivables and amounts due
人士款（扣除減值撥備）
from related parties, net of provision for
impairment 682,571 740,629
1,533,650 1,509,995
按發票日及作出減值撥備後的貿易應收The ageing analysis of trade receivables (including amounts
款（包括為貿易性質的應收關連人士款）due from related parties which are trading in nature) based on
的賬齡分析如下：invoice date and after provision for impairment is as follows:
30th June 31st December
2016 2015
二零一六年二零一五年
六月三十日十二月三十一日
HK$』000 HK$』000
千港元千港元
當期－90天
Current – 90 days 474,805 483,415
91－180天
91 – 180 days 177,177 161,643
超過180天
Over 180 days 199,097 124,308
851,079 769,366
在塗料、船舶設備及備件、船舶燃料、For sale of coatings, marine equipment and spare parts, marine
瀝青及其他產品銷售方面，大部份銷售fuel, asphalt and other products, the majority of sales are on
的賒賬期為30天至90天。除獲授賒賬期credit terms from 30 days to 90 days. Other than those with
的發票外，所有發票均須於提呈時付款。
credit terms, all invoices are payable upon presentation.
17 股本17 SHARE CAPITAL
30th June 2016 31st December 2015
二零一六年六月三十日二零一五年十二月三十一日
Number Number
of shares HK$』000 of shares HK$』000
股份數目千港元股份數目千港元
已發行及繳足：
Issued and fully paid:
於期╱年初
At the beginning of the
period/year 1,532,955,429 153,296 1,531,805,429 153,181
行使購股權後發行Shares issued upon exercise
股份
of share options – – 1,150,000 115
於期╱年末
At the end of the period/year 1,532,955,429 153,296 1,532,955,429 153,296
購股權
於二零零二年五月十七日，本公司於股
東週年大會批准購股權計劃，據此，本
公司董事可酌情邀請包括但不限於本集
團董事和僱員及中遠（集團）總公司、其
附屬公司及聯營公司（除本集團外）（統
稱「中遠集團」）的僱員認購本公司的股
份。
於二零零五年五月十日，本集團僱員獲
授2,400,000份購股權，行使價為每股
1.21港元。此等購股權於授出日期時已
全部歸屬，並可於二零零五年六月六日
至二零一五年六月五日期間隨時行使。
950,000份購股權及200,000份購股權已
於二零一五年五月及六月行使。
於二零零七年三月九日，本公司授出購
股權，可以行使價每股
3.666港元認購
43,850,000股本公司股份。此等購股權
可於二零零九年三月九日至二零一五年
三月八日期間隨時按既定比例行使，即
(i)
自二零零七年三月九日起計首兩年內不
得行使購股權；
(ii)自二零零九年三月九
日起可行使不多於
30%購股權；
(iii)自二
零一零年三月九日起可行使不多於70%
購股權；及
(iv)自二零一一年三月九日起
可行使全部購股權。於二零一五年並無
購股權獲行使，而所有餘下的購股權已
於二零一五年獲註銷或失效。
於二零一六年六月三十日及二零一五年
十二月三十一日，概無本公司的購股權
未獲行使。
Share options
On 17th May 2002, a share option scheme was approved at
the annual general meeting of the Company under which the
directors of the Company may, at their discretion, invite, but
not limited to, the directors and employees of the Group, and
employees of COSCO, its subsidiaries and associates (other
than the Group) (collectively 「COSCO Group」) to subscribe for
shares of the Company.
On 10th May 2005, the employees of the Group were granted
2,400,000 share options at an exercise price of HK$1.21 per
share. These share options were all vested upon the date of
grant and are exercisable at any time from 6th June 2005 to
5th June 2015. 950,000 share options and 200,000 share
options were exercised in May and June 2015.
On 9th March 2007, the Company granted share options
to subscribe for 43,850,000 shares of the Company at an
exercise price of HK$3.666 per share. These share options
are exercisable at any time from 9th March 2009 to 8th March
2015 in the stipulated proportion namely: (i) no share options
shall be exercisable within the first two years from 9th March
2007; (ii) up to a maximum of 30% of the share options can be
exercised from 9th March 2009 onwards; (iii) up to a maximum
of 70% of the share options can be exercised from 9th March
2010 onwards and (iv) all share options can be exercised from
9th March 2011 onwards. No share options were exercised in
2015 and all remaining share options were cancelled or lapsed
in 2015.
At 30th June 2016 and 31st December 2015, no share options
of the Company were outstanding.
18 貿易及其他應付款18 TRADE AND OTHER PAYABLES
30th June 31st December
2016 2015
二零一六年二零一五年
六月三十日十二月三十一日
HK$』000 HK$』000
千港元千港元
貿易應付款
Trade payables 282,953 291,744
應付票據、預收客戶款、Bills payables, advances from customers,
應計負債、其他應付款、accrued liabilities, other payables,
應付關連人士款及amounts due to related parties and
應付非控制性權益股息
dividend payable to non-controlling
interests 927,741 986,535
1,210,694 1,278,279
按發票日的貿易應付款（包括為貿易性質
The ageing analysis of trade payables (including amounts due
的應付關連人士款）的賬齡分析如下：
to related parties which are trading in nature) based on invoice
date is as follows:
30th June 31st December
2016 2015
二零一六年二零一五年
六月三十日十二月三十一日
HK$』000 HK$』000
千港元千港元
當期－90天
Current – 90 days 232,723 253,298
91－180天
91 – 180 days 43,761 32,842
超過180天
Over 180 days 6,469 5,604
282,953 291,744
19 短期借貸
19 SHORT-TERM BORROWINGS
30th June 31st December
2016 2015
二零一六年二零一五年
六月三十日十二月三十一日
HK$』000 HK$』000
千港元千港元
須於一年內償還的Unsecured bank loans, repayable within
無抵押銀行貸款
one year 18,323 36,062
20 財務擔保合約20 FINANCIAL GUARANTEE CONTRACTS
於二零一六年六月三十日，本集團就作
為授予一家聯營公司及一家合營企業的
一般銀行授信的抵押，向銀行出具財務
擔保，及就作為授予一家合營企業的一
般銀行授信的反擔保，向該合營企業的
股東出具財務擔保。
As at 30th June 2016, the Group had financial guarantees
issued in favour of banks as security for general banking
facilities granted to an associate and a joint venture, and
financial guarantee issued in favour of the shareholder of a joint
venture as counter guarantee in relation to general banking
facilities granted to the joint venture.
所擔保負債的年期及面值如下：Terms and face values of the liabilities guaranteed were as
follows:
Year of maturity
到期年份
30th June 31st December
2016 2015
二零一六年
六月三十日
二零一五年
十二月三十一日
HK$』000 HK$』000
千港元千港元
以下公司的General banking facilities of:
一般銀行授信：
－一家合營企業
– a joint venture二零一七年 2017 38,794 38,750－一家聯營公司
– an associate二零一七年 2017 205,608 205,377
反擔保
Counter guarantee二零一七年 2017 22,500 22,475
266,902 266,602
於二零一六年六月三十日，關於上述財As at 30th June 2016, the credit risk and liquidity risk exposure
務擔保合約的信貸風險及流動性風險被relating to the above financial guarantee contracts are
視為低。considered as low.
該等擔保合約的公平值並不重大，且並The fair value of these guarantee contracts is not material and
無於財務報表確認。
has not been recognised in the financial statements.
21 資本承諾
21 CAPITAL COMMITMENTS
(a) 本集團就資本開支的資本承諾如(a) The Group had capital commitments for capital
下：
expenditure as follows:
30th June 31st December
2016 2015
二零一六年二零一五年
六月三十日十二月三十一日
HK$』000 HK$』000
千港元千港元
已訂約惟未提撥
Contracted but not provided for 3,560 3,312
(b) 本集團應佔一家合營企業有關固定
資產投資的資本承諾如下：
(b) The Group’s share of capital commitments of a joint
venture in respect of fixed assets investment is as follows:
30th June 31st December
2016 2015
二零一六年
六月三十日
二零一五年
十二月三十一日
HK$』000 HK$』000
千港元千港元
已訂約惟未提撥
Contracted but not provided for 2,803 11,132
22 經營租賃承諾22 OPERATING LEASE COMMITMENTS
根據不可撤銷的土地及樓宇經營租賃，The aggregate future minimum lease payments under non未
來最低租金支出總數如下：
cancellable operating leases in respect of land and buildings
are as follows:
30th June 31st December
2016 2015
二零一六年二零一五年
六月三十日十二月三十一日
HK$』000 HK$』000
千港元千港元
一年內
Within one year 21,896 29,845
第二年至第五年In the second to fifth years inclusive
（包括首尾兩年）
10,894 18,892
超過五年
Over five years 852 1,093
33,642 49,830
23 重大關連人士交易23 MATERIAL RELATED PARTY TRANSACTIONS
本集團由於香港註冊成立的中遠（香港）The Group is controlled by COSCO (Hong Kong) Group
集團有限公司（「中遠香港」）控制，而中Limited (「COSCO Hong Kong」), a company incorporated in
遠香港於二零一六年六月三十日擁有本Hong Kong, which owns 64.25% of the Company’s shares as
公司64.25%股份。本公司餘下
35.75%at 30th June 2016. The remaining 35.75% of the Company’s
股份則由多名其他人士持有。中遠香港shares is widely held. The ultimate holding company of COSCO
的最終控股公司為中遠海運。Hong Kong is COSCO SHIPPING.
中遠海運為一家國有企業，由擁有中COSCO SHIPPING itself is a state-owned enterprise
國大部分生產資產的中國政府成立及established and controlled by the PRC government, which
控制。根據香港會計準則第
24號（經修also owns a significant portion of the productive assets in the
訂），中國政府直接或間接控制、共同控PRC. In accordance with HKAS 24 (Revised), government制
或對其有重大影響的政府相關實體及related entities and their subsidiaries, directly or indirectly
其附屬公司被界定為本集團關連人士。controlled, jointly controlled or significantly influenced by the
據此，關連人士包括中遠海運、其附屬PRC government are defined as related parties of the Group.
公司（除本集團外）及聯營公司、由中國On that basis, related parties include COSCO SHIPPING,
政府直接或間接控制的其他國有企業及its subsidiaries (other than the Group) and associates, other
其附屬公司，以及本公司有權控制或行state-owned enterprises and their subsidiaries directly or
使重大影響力的其他實體及企業及本公indirectly controlled by the PRC government, and other entities
司及中遠海運的主要管理人員及其緊密and corporations in which the Company is able to control or
的家庭成員。exercise significant influence and key management personnel
of the Company and COSCO SHIPPING as well as their close
family members.
就關聯方交易披露的目的而言，董事認For the purpose of the related party transaction disclosures,
為考慮到財務報表使用者的權益，應披the Directors believe that it is meaningful to disclose the related
露與最終控股公司之集團公司之關聯方party transactions with group companies of the ultimate holding
交易，雖然若干該等交易個別或共同不company for the interests of financial statements』 users,
屬重大，且在採納香港會計準則第
24號although certain of those transactions which are individually or
（經修訂）免於披露。董事相信關聯方交collectively not significant, and are exempted from disclosure
易之資料已於綜合財務資料中作出充分upon adoption of HKAS 24 (Revised). The Directors believe
披露。that the information of related party transactions has been
adequately disclosed in the consolidated financial statements.
除了上述與政府相關實體的交易及於未Apart from the above-mentioned transactions with the
經審計簡明綜合中期財務資料另行載列government-related entities and the related party information
的關連人士資料外，以下為期內本集團shown elsewhere in the Unaudited Condensed Consolidated
在正常業務運作中曾進行重大關連人士Interim Financial Information, the following is a summary of the
交易之概要：
significant related party transactions carried out in the normal
course of the Group’s business during the period:
23 重大關連人士交易（續）
23 MATERIAL RELATED PARTY TRANSACTIONS
(Continued)
(a) 向同系附屬公司、最終控股公司的(a) Sale of goods and provision of services to fellow
相關公司及其他關連人士銷售貨品subsidiaries, related companies of ultimate holding
及提供服務
company and other related parties
Six months ended 30th June
截至六月三十日止六個月
2016 2015
二零一六年二零一五年
Note HK$』000 HK$』000
附註千港元千港元
銷售塗料予：
Sale of coatings to: (i)
－同系附屬公司
– fellow subsidiaries 17,139 9,381－最終控股公司– related companies of
的相關公司
ultimate holding company 56,249 257,824－非控制性權益
– non-controlling interests 830 2,047
銷售船舶設備及備件予：
Sale of marine equipment and (ii)
spare parts to:
－同系附屬公司
– fellow subsidiaries 357,828 434,696－最終控股公司– related companies of
的相關公司
ultimate holding company 739 1,293－控股公司
– holding companies 628 –
－合營企業
– joint ventures 2,184 559
向以下公司提供船舶貿易Commission income in relation (iii)
代理服務的佣金收益：
to the provision of ship trading
agency services to:
－同系附屬公司
– fellow subsidiaries 27,119 28,031－一家合營企業
– a joint venture 4,154 16,276
向以下公司提供保險顧問Commission income in relation (iv)
服務的佣金收益：
to the provision of insurance
brokerage services to:
－同系附屬公司
– fellow subsidiaries 32,761 29,021－最終控股公司– related companies of
的相關公司
ultimate holding company 946 289－控股公司
– holding companies 556 161－一家合營企業
– a joint venture 12 6－一家聯營公司
– an associate – 8
銷售船舶燃料予：
Sale of marine fuel to: (v)
－同系附屬公司
– fellow subsidiaries 3,573 33,679
銷售船舶供應物Sale of ship supplies and other (vi)
及其他產品予：
products to:
－同系附屬公司
– fellow subsidiaries 57 42
源自一家同系附屬公司Interest income from a fellow (vii)
的利息收益
subsidiary 4,876 8,649
23
重大關連人士交易（續）
(a)
向同系附屬公司、最終控股公司的
相關公司及其他關連人士銷售貨品
及提供服務（續）
附註：
(i)
向同系附屬公司、最終控股公司的
相關公司及非控制性權益銷售塗
料，均根據規管此等交易的協議所
載的條款進行。
(ii)
向同系附屬公司、最終控股公司的
相關公司及合營企業銷售船舶設備
及備件，均根據規管此等交易的協
議所載的條款進行。
(iii)
本公司之若干附屬公司出任最終控
股公司及其附屬公司就(a)買賣新
船及二手船隻，
(b)光租船業務及
(c)新造船項目的船舶設備買賣之代
理人。根據有關之聘用
╱佣金協
議的條款，本集團就上述交易向賣
家、船東及設備生產商收取佣金收
益。佣金按照規管此等交易的協議
所載的條款計算。
(iv)
向同系附屬公司、最終控股公司的
相關公司、控股公司及一家合營企
業提供保險顧問服務之佣金收益，
均按照規管此等交易的協議所載的
條款計算。
(v)
向同系附屬公司銷售船舶燃料，均
按規管此等交易的協議所載的條款
進行。
(vi)
向同系附屬公司銷售船舶供應物及
其他產品，均按規管此等交易的協
議所載的條款進行。
(vii)
利息收益源自存放於一家同系附屬
公司的現金存款及以現行市場利率
計算。
23
MATERIAL RELATED PARTY TRANSACTIONS
(Continued)
(a)
Sale of goods and provision of services to fellow
subsidiaries, related companies of ultimate holding
company and other related parties (Continued)
Notes:
(i)
Sale of coatings to fellow subsidiaries, related companies
of ultimate holding company and non-controlling interests
was conducted on terms as set out in the agreements
governing these transactions.
(ii)
Sale of marine equipment and spare parts to fellow
subsidiaries, related companies of ultimate holding
company and joint ventures was conducted on terms as
set out in the agreements governing these transactions.
(iii)
Certain subsidiaries of the Company acted as agent of
ultimate holding company and its subsidiaries relating to
(a) sale and purchase of new and second hand vessels, (b)
bareboat charter businesses, and (c) sale and purchase of
marine equipment for new shipbuilding projects. According
to the terms of the relevant engagement/commission
agreements, the Group received commission income from
vendors, ship-owners and equipment makers with respect
to the transactions mentioned above. The commissions
were charged based on terms as set out in the agreements
governing these transactions.
(iv)
Commission income in relation to the provision of insurance
brokerage services to fellow subsidiaries, related companies
of ultimate holding company, holding companies and
a joint venture was calculated on terms as set out in the
agreements governing these transactions.
(v)
Sale of marine fuel to fellow subsidiaries was conducted
on terms as set out in the agreements governing these
transactions.
(vi)
Sale of ship supplies and other products to fellow
subsidiaries and was conducted on terms as set out in the
agreements governing these transactions.
(vii)
Interest income was received from cash deposits placed
with a fellow subsidiary and was calculated at prevailing
market rates.
23 重大關連人士交易（續）
23 MATERIAL RELATED PARTY TRANSACTIONS
(Continued)
(b) 向同系附屬公司、最終控股公司的(b) Purchase of goods and services from fellow subsidiaries,
相關公司及其他關連人士購買貨品related companies of ultimate holding company and other
及服務
related parties
Six months ended 30th June
截至六月三十日止六個月
2016 2015
二零一六年二零一五年
Note HK$』000 HK$』000
附註千港元千港元
向同系附屬公司支付Rental expenses paid to fellow (i)
租金費用
subsidiaries
就銷售塗料支付佣金Commission expenses in relation to (ii)
費用予：
the sale of coatings paid to:
－同系附屬公司
– fellow subsidiaries
－最終控股公司的– related companies of
相關公司
ultimate holding company
－非控制性權益
– non-controlling interests
就提供船舶貿易代理服務Commission expenses in relation (iii)
支付佣金費用予：
to the provision of ship trading
agency services paid to:
－一家合營企業
– a joint venture
－一家聯營公司
– an associate
就銷售船舶設備支付佣金費Commission expenses in relation to (iv)
用予一家最終控股公司的the sale of marine equipment paid
相關公司
to a related company of ultimate
holding company
自一家最終控股公司的相關Purchase of marine equipment from (iv)
公司購買船舶設備
a related company of ultimate
holding company
自非控制性權益購買原材料
Purchase of raw materials from (v)
non-controlling interests
向一家同系附屬公司支付Transportation costs paid to a (vi)
運輸費用
fellow subsidiary
向下列公司購買船舶燃料：
Purchase of marine fuel from: (vii)
－同系附屬公司
– fellow subsidiaries
－一家聯營公司
– an associate
向非控制性權益支付技術Technology usage fee paid to non(
viii)
使用費
controlling interests
向一家控股公司及同系附屬Management service fees paid to (ix)
公司支付管理服務費
a holding company and fellow
subsidiaries
12,804
546
2,108
105
264
–
748
10,259
965
19,933
4,891
165
993
5,862
12,640
1,272
519379
31685
1,019
11,3381,86628,02124,512
23,6892,586
6,021
23
重大關連人士交易（續）
(b)
向同系附屬公司、最終控股公司的
相關公司及其他關連人士購買貨品
及服務（續）
附註：
(i)
期內，本集團以平均月租
1,577,000
港元向中遠香港的全資附屬公司租
用若干香港辦公室。本集團亦根據
規管此等交易的協議所載的條款向
同系附屬公司租用於中國及其他海
外國家其他物業。
(ii)
佣金支出乃按照規管此等交易的協
議所載的條款所規定銷售額的若干
百分比計算。
(iii)
向同系附屬公司、一家合營企業及
一家聯營公司支付佣金費用乃按照
規管此等交易的協議所載的條款進
行。
(iv)
一家最終控股公司的相關公司已獲
委任為代理人，就有關在中國銷售
船舶設備提供代理服務，以及向供
應商購買船舶設備。佣金支出乃按
照該最終控股公司的相關公司採購
的銷售額若干百分比計算。
(v)
向非控制性權益購買原材料，乃按
照規管此等交易的協議所載的條款
進行。
(vi)
向一家同系附屬公司支付運輸費
用，乃按照規管此等交易的協議所
載的條款進行。
(vii)
向同系附屬公司、最終控股公司的
相關公司及一家聯營公司購買船舶
燃料，乃按照規管此等交易的協議
所載的條款進行。
(viii)
向非控制性權益支付技術使用費，
乃按照規管此等交易的協議所載的
條款所規定銷售淨額的若干百分比
計算。
(ix)
向中遠香港及同系附屬公司支付的
管理服務費，乃與其向本集團提供
行政服務、人力資源、技術支援及
其他補助支援及與本集團分享辦公
室有關，並按照規管此等交易的協
議所載的條款進行。
23
MATERIAL RELATED PARTY TRANSACTIONS
(Continued)
(b)
Purchase of goods and services from fellow subsidiaries,
related companies of ultimate holding company and other
related parties (Continued)
Notes:
(i)
During the period, the Group leased certain office premises in
Hong Kong from the wholly-owned subsidiaries of COSCO
Hong Kong at an average monthly rent of HK$1,577,000.
The Group also leased other properties in the PRC and
other overseas countries from fellow subsidiaries on terms
as set out in the agreements governing these transactions.
(ii)
Commission paid was based on a certain percentage of
sales amounts in accordance with terms as set out in the
agreements governing these transactions.
(iii)
Commission expenses paid to fellow subsidiaries, a joint
venture and an associate were based on terms as set out
in the agreements governing these transactions.
(iv)
A related company of ultimate holding company was
appointed as agent to provide agency services in relation to
the sale of marine equipment in the PRC and to purchase
marine equipment from suppliers. Commission paid was
based on a certain percentage of sales procured by the
related company of ultimate holding company.
(v)
Purchase of raw materials from non-controlling interests
was conducted on terms as set out in the agreements
governing these transactions.
(vi)
Transportation costs paid to a fellow subsidiary was based
on terms as set out in the agreements governing these
transactions.
(vii)
Purchase of marine fuel from fellow subsidiaries, related
companies of ultimate holding company and an associate
was conducted on terms as set out in the agreements
governing these transactions.
(viii)
Technology usage fee paid to non-controlling interests
was made based on a certain percentage of the net
sales amount in accordance with terms as set out in the
agreements governing these transactions.
(ix)
Management service fees were paid to COSCO Hong
Kong and fellow subsidiaries in relation to their provision
of administrative services, manpower resources, technical
support and other ancillary support to the Group and
sharing of office premises by the Group and were conducted
on terms as set out in the agreements governing these
transactions.
23 重大關連人士交易（續）
23 MATERIAL RELATED PARTY TRANSACTIONS
(Continued)
(c) 主要管理人員酬金
(c) Key management personnel compensation
Six months ended 30th June
截至六月三十日止六個月
2016 2015
二零一六年二零一五年
HK$』000 HK$』000
千港元千港元
薪金及其他短期福利
Salaries and other short-term benefits 9,350 8,428
(d) 因銷售及購買貨品與服務以及其他(d) Outstanding balances with fellow subsidiaries, related
活動所產生與同系附屬公司、中遠companies of COSCO SHIPPING and other related parties
海運的相關公司及其他關連人士的arising from sale and purchase of goods and services,
未償付結餘and other activities
30th June 31st December
2016 2015
二零一六年二零一五年
六月三十日十二月三十一日
HK$』000 HK$』000
千港元千港元
應收同系附屬公司款
Receivables from fellow subsidiaries 175,763 127,278
應收最終控股公司的Receivables from related companies of
相關公司款
ultimate holding company 65,727 108,486
應收合營企業款
Receivables from joint ventures 8,348 7,004
應收聯營公司款
Receivables from associates 120 –
應收非控制性權益款
Receivables from non-controlling
interests 294 603
應付同系附屬公司款
Payables to fellow subsidiaries (230,687) (214,563)
應付最終控股公司的Payables to related companies of ultimate
相關公司款
holding company (1,259) (35,274)
應付合營企業款
Payables to joint ventures (1,145) (2,047)
應付聯營公司款
Payables to associates (234) –
應付一家控股公司款
Payables to a holding company (426) (813)
應付非控制性權益款
Payables to non-controlling interests (1,108) (2,724)
應付非控制性權益股息
Dividend payable to non-controlling
interests (31,765) (32,300)
上述與關連人士的結餘為無抵押、免息The above balances with related parties were unsecured,
及無固定還款期，惟根據各自信貸條款interest-free and had no fixed terms of repayment except for
而償還的相關貿易結餘及應收
╱應付票trade related balances and bills receivables/payables which
據除外。
were repayable according to the respective credit terms.
23 重大關連人士交易（續）
23 MATERIAL RELATED PARTY TRANSACTIONS
(Continued)
(e) 存放於一家同系附屬公司存款(e) Deposits placed with a fellow subsidiary
30th June 31st December
2016 2015
二零一六年二零一五年
六月三十日十二月三十一日
HK$』000 HK$』000
千港元千港元
非流動
Non-current 11,700 35,805
流動
Current 663,953 679,777
存放於一家同系附屬公司（於中國的金融Deposits placed with a fellow subsidiary, which is a financial
機構）的存款以現行市場利率計息。
institution in the PRC, bear interest at prevailing market rates.
(f)
於二零零九年六月二十九日，本(f) On 29th June 2009, the Group executed corporate
集團與一家銀行訂立5,000,000美guarantee of US$5,000,000 (equivalent to approximately
元（約相等於
38,794,000港元）的HK$38,794,000) in favour of a bank as security for
公司擔保，作為該銀行向中遠佐general banking facilities of US$5,000,000 (equivalent
敦授出
5,000,000美元（約相等於
to approximately HK$38,794,000) granted by the bank
38,794,000港元）一般銀行授信的to Jotun COSCO. This guarantee was subsequently
抵押。該擔保其後於二零一三年三amended on 22nd March 2013 and remains effective as
月二十二日修訂，且於二零一六年at 30th June 2016.
六月三十日仍然有效。
(g)
於二零一一年十月二十日，本集(g) On 20th October 2011, the Group executed corporate
團與中遠佐敦的股東佐敦集團guarantee of US$2,900,000 (equivalent to approximately
訂立2,900,000美元（約相等於
HK$22,500,000) in favour of Jotun A/S, the shareholder
22,500,000港元）的公司擔保，作of Jotun COSCO, as counter guarantee in relation to
為授予中遠佐敦一般銀行授信的反general banking facilities granted to Jotun COSCO. This
擔保。該擔保於二零一六年六月三guarantee remains effective as at 30th June 2016.
十日仍然有效。
(h)
於二零一二年四月三十日，本集團(h) On 30th April 2012, the Group executed corporate
與兩家銀行分別訂立21,500,000guarantees of US$21,500,000 (equivalent to
美元（約相等於
166,814,000港approximately HK$166,814,000) and US$5,000,000
元）及
5,000,000美元（約相等於
(equivalent to approximately HK$38,794,000) respectively
38,794,000港元）的公司擔保，in favour of two banks as security for general banking
作為該等銀行分別向連悅公司授facilities of US$108,000,000 (equivalent to approximately
出的108,000,000美元（約相等於
HK$837,949,000) and US$41,000,000 (equivalent to
837,949,000港元）及
41,000,000美approximately HK$318,110,000) respectively granted
元（約相等於
318,110,000港元）一by the banks to Double Rich. These guarantees remain
般銀行授信的抵押。該等擔保於二effective as at 30th June 2016.
零一六年六月三十日仍然有效。
董事的證券權益
於二零一六年六月三十日，各董事及本公
司最高行政人員於本公司或其任何相聯法
團（定義見證券及期貨條例（「證券及期貨
條例」））的股份、相關股份及債券中，擁
有(a)根據證券及期貨條例第XV部第7及8
分部須知會本公司及香港聯合交易所有限
公司（「聯交所」）的權益及淡倉（包括根據
證券及期貨條例的有關條文董事被當作或
視作擁有的權益及淡倉）；或(b)根據證券及
期貨條例第352條須登記於該條所指登記冊
的權益及淡倉；或
(c)根據聯交所證券上市
規則（「上市規則」）附錄十所載之上市發行人
董事進行證券交易的標準守則（「標準守則」）
須知會本公司及聯交所的權益及淡倉如下：
1.
於相聯法團股份的好倉
Name of associated
Name of Director corporation
董事姓名相聯法團名稱
DIRECTORS』 INTERESTS IN SECURITIES
As at 30th June 2016, the interests and short positions of each
Director and chief executive of the Company in the shares,
underlying shares and debentures of the Company or any of its
associated corporations (within the meaning of the Securities and
Futures Ordinance (「SFO」)) which (a) were required to be notified
to the Company and The Stock Exchange of Hong Kong Limited
(the 「Stock Exchange」) pursuant to Divisions 7 and 8 of Part XV of
the SFO (including interests and short positions which the Director
was taken or deemed to have under such provisions of the SFO); or
(b) were required, pursuant to section 352 of the SFO, to be entered
in the register referred to therein; or (c) were required, pursuant
to the Model Code for Securities Transactions by Directors of
Listed Issuers (the 「Model Code」) contained in Appendix 10 to the
Rules Governing the Listing of Securities on the Stock Exchange
(the 「Listing Rules」) to be notified to the Company and the Stock
Exchange were as follows:
1.
Long positions in the shares of associated corporation
Approximate
Total number percentage of
of ordinary total number
shares of of issued
associated shares of
Nature of corporation associated
Capacity interest held corporation
佔相聯法團
所持已發行股份
相聯法團總數的概約
身份權益性質普通股總數百分比
Mr. Wu Shuxiong~ COSCO Pacific Limited@
吳樹雄先生~中遠
太平洋有限公司@
~吳樹雄先生於二零一六年八月十六日辭
任非執行董事。
@「中遠
太平洋有限公司」的公司名稱已
更改為「中遠海運港口有限公司」，由
二零一六年七月二十二日起生效。
Beneficial owner Personal 6,000 0.0002%
實益擁有人個人
~
Mr. Wu Shuxiong resigned as Non-executive Director on
16th August 2016.
@
The company name of 「COSCO Pacific Limited」 was changed
to 「COSCO SHIPPING Ports Limited」 with effect from 22nd July
2016.
2. 於相聯法團股本衍生工具相關股份的好倉2.
股票增值權
Exercise Outstanding
Name of Name of associated price as at 1st
Director corporation (HK$) January 2016
於
二零一六年
行使價一月一日
董事姓名相聯法團名稱（港元）尚未行使
Long positions in the underlying shares of equity
derivatives of associated corporation
Share appreciation rights
Approximate
percentage
of total
number of
Units Units Units issued H
granted exercised lapsed Outstanding shares of
during the during the during the as at 30th associated
period period period June 2016 corporation Notes
於佔相聯法團
二零一六年已發行H股
期內期內期內六月三十日股份總數的
授出單位行使單位失效單位尚未行使概約百分比附註
Mr. Ye Weilong*
葉偉龍先生*
China COSCO Holdings
Company Limited
9.540 480,000 – – – 480,000 0.019% (2), (3)
(「China COSCO」)
中國遠洋控股股份有限公司
（「中國遠洋」）
Mr. Zhang Liang+
張良先生+
China COSCO
中國遠洋
9.540 580,000 – – – 580,000 0.022% (2), (3)
Mr. Wu Shuxiong~
吳樹雄先生~
China COSCO
中國遠洋
3.588
9.540
500,000
480,000
–
–
–
–
–
–
500,000
480,000
0.019%
0.019%
(1), (3)
(2), (3)
Mr. Feng Jinhua@
豐金華先生@
China COSCO
中國遠洋
3.588
9.540
90,000
85,000
–
–
–
–
–
–
90,000
85,000
0.003%
0.003%
(1), (3)
(2), (3)
Mr. Wang Wei
王威先生
China COSCO
中國遠洋
3.588
9.540
65,000
60,000
–
–
–
–
–
–
65,000
60,000
0.003%
0.002%
(1), (3)
(2), (3)
Ex-Directors
前任董事
Mr. Sun Jiakang^
孫家康先生^
China COSCO
中國遠洋
3.588 500,000 – – – N/A
不適用
N/A
不適用
(1), (3)
9.540 480,000 – – – N/A
不適用
N/A
不適用
(2), (3)
Mr. Xu Zhengjun#China COSCO3.588 280,000 – – – N/AN/A(1), (3)
徐政軍先生# 中國遠洋
不適用
不適用
9.540 260,000 – – – N/AN/A(2), (3)
不適用
不適用
*
葉偉龍先生於二零一六年三月十八日獲委任* Mr. Ye Weilong was appointed as Executive Director and Chairman on
為執行董事兼主席。於獲委任時，彼已持有18th March 2016. At the time of his appointment, he already held such
該等股票增值權。
share appreciation rights.
+張良先生於二零一六年八月十六日辭任執行+ Mr. Zhang Liang resigned as Executive Director and Vice Chairman on
董事兼副主席。
16th August 2016.
~吳樹雄先生於二零一六年八月十六日辭任~ Mr. Wu Shuxiong resigned as Non-executive Director on 16th August
非執行董事。
2016.
@豐金華先生於二零一六年八月十六日辭任@ Mr. Feng Jinhua resigned as Executive Director on 16th August 2016.
執行董事。
^
孫家康先生於二零一六年三月十八日辭任
執行董事兼主席。於二零一六年三月十八
日，彼持有
500,000份及480,000份中國遠洋
股票增值權，行使價分別為每單位
3.588港元
及每單位9.540港元。
#徐政軍先生於二零一六年三月十八日辭任執
行董事兼董事總經理。於二零一六年三月
十八日，彼持有
280,000份及260,000份
中國遠洋股票增值權，行使價分別為每單位
3.588港元及每單位9.540港元。
附註：
(1)
於二零零六年十月五日，該等股票增值權
（「股票增值權」）由中國遠洋根據中國遠洋採
納的股票增值權計劃（「該計劃」）按每單位代
表一股中國遠洋H股授出。根據該計劃，將不
會發行任何股份。該等股票增值權可根據其
條款於二零零八年十月五日至二零一六年十
月四日期間，按每單位3.588港元行使。
(2)
於二零零七年六月四日，該等股票增值權乃
根據該計劃按每單位代表一股中國遠洋H股
授出。根據該計劃，將不會發行任何股份。
該等股票增值權可根據其條款於二零零九年
六月四日至二零一七年六月三日期間，按每單
位9.540港元行使。
(3)
該等股票增值權指有關參與人士以實益擁有
人身份持有之個人權益。該等股票增值權之
實益擁有人有權享有中國遠洋已發行股份價
格與股票增值權行使價之間的溢價。
除上文披露者外，於二零一六年六月三十
日，概無董事及本公司最高行政人員於本
公司或其任何相聯法團（定義見證券及期貨
條例）的股份、相關股份及債券中，擁有
(a)根據證券及期貨條例第XV部第7及8分部
須知會本公司及聯交所的權益及淡倉（包括根
據證券及期貨條例的有關條文董事被當作或
視作擁有的權益及淡倉）；或(b)根據證券及期
貨條例第352條須登記於該條所指登記冊的權
益及淡倉；或
(c)根據標準守則須知會本公司及
聯交所的權益及淡倉。
^
Mr. Sun Jiakang resigned as Executive Director and Chairman on
18th March 2016. As at 18th March 2016, he had 500,000 and
480,000 share appreciation rights of China COSCO at exercise price
of HK$3.588 per unit and HK$9.540 per unit respectively.
#
Mr. Xu Zhengjun resigned as Executive Director and Managing Director
on 18th March 2016. As at 18th March 2016, he had 280,000 and
260,000 share appreciation rights of China COSCO at exercise price
of HK$3.588 per unit and HK$9.540 per unit respectively.
Notes:
(1)
These share appreciation rights (「Share Appreciation Rights」) were
granted by China COSCO in units with each unit representing one
H share of China COSCO on 5th October 2006 pursuant to the share
appreciation rights plan adopted by China COSCO (the 「Plan」). Under
the Plan, no share will be issued. These Share Appreciation Rights can
be exercised at HK$3.588 per unit according to its terms between 5th
October 2008 and 4th October 2016.
(2)
These Share Appreciation Rights were granted in units with each unit
representing one H share of China COSCO on 4th June 2007 pursuant
to the Plan. Under the Plan, no share will be issued. These Share
Appreciation Rights can be exercised at HK$9.540 per unit according
to its terms between 4th June 2009 and 3rd June 2017.
(3)
These Share Appreciation Rights represent personal interest held by
the relevant participants as beneficial owner. The beneficial owners
of these Share Appreciation Rights are entitled to the premium of the
price of the issued shares of China COSCO over the exercise price of
the Share Appreciation Rights.
Save as disclosed above, none of the Directors and chief executives
of the Company had interests and short positions in the shares,
underlying shares and debentures of the Company or any of its
associated corporations (within the meaning of the SFO) which
(a) were required to be notified to the Company and the Stock
Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO
(including interests and short positions which the Director was taken
or deemed to have under such provisions of the SFO); or (b) were
required, pursuant to section 352 of the SFO, to be entered in the
register referred to therein; or (c) were required, pursuant to the
Model Code to be notified to the Company and the Stock Exchange
as at 30th June 2016.
主要股東SUBSTANTIAL SHAREHOLDERS
於二零一六年六月三十日，根據證券及期貨As at 30th June 2016, the following persons and entities, other than
條例第336條規定須存置的登記冊所記錄，除Directors or chief executives of the Company, had interests or short
董事或本公司最高行政人員外，下列人士及positions in the shares and underlying shares of the Company as
實體在本公司股份及相關股份中擁有的權益recorded in the register required to be kept under Section 336 of
或淡倉。
the SFO.
Total number Approximate
of ordinary percentage of
shares of the total number of
Company held issued shares of
Name of Shareholder Capacity Nature of interest (long positions) the Company
佔本公司
所持本公司已發行股份
普通股總數總數的概約
股東名稱身份權益性質（好倉）百分比
COSCO SHIPPINGInterest of controlled Corporate interest984,944,286 64.25%
中遠海運
corporation 公司權益
受控制公司權益
China Ocean Shipping (Group) Interest of controlled Corporate interest984,944,286 64.25%
Company* (「COSCO」) corporation 公司權益
中國遠洋運輸（集團）總公司受控制公司權益
（「中遠（集團）總公司」）
COSCO (Hong Kong) Group Limited Interest of controlled Corporate interest984,944,286 64.25%
(「COSCO Hong Kong」) corporation 公司權益
中遠（香港）集團有限公司受控制公司權益
（「中遠香港」）
True Smart International Limited Beneficial Owner Beneficial interest 984,944,286 64.25%
(「True Smart」) 實益擁有人實益權益
附註：
True Smart於984,944,286股本公司股份Note: True Smart has beneficial interest in 984,944,286 shares of the
中擁有實益權益。由於
True Smart為中遠Company. Since True Smart is a wholly-owned subsidiary of COSCO
香港的全資附屬公司，中遠香港則為中遠Hong Kong which is a wholly-owned subsidiary of COSCO which in
（集團）總公司的全資附屬公司，而中遠turn is a wholly-owned subsidiary of COSCO SHIPPING, the interests
（集團）總公司則為中遠海運的全資附屬公of True Smart are deemed to be the interests of COSCO Hong Kong
司。根據證券及期貨條例，True Smart的權and in turn the interests of COSCO Hong Kong are deemed to be the
益被視作中遠香港的權益，中遠香港的權interests of COSCO and in turn the interests of COSCO which are
益被視作中遠（集團）總公司的權益，而中deemed to be the interests of COSCO SHIPPING under the SFO.
遠（集團）總公司的權益則被視作中遠海運
的權益。
除上文披露者外，於二零一六年六月三十Save as disclosed above, as at 30th June 2016, the Company has
日，本公司並無接獲任何人士或實體通知彼not been notified by any person or entity who had interests and
等擁有記錄於根據證券及期貨條例第336條規short positions in the shares and underlying shares of the Company
定須存置的登記冊的本公司股份及相關股份as recorded in the register required to be kept under Section 336
的權益及淡倉。
of the SFO.
* for identification purpose only
購買、出售或贖回上市證券
截至二零一六年六月三十日止六個月內，本
公司或其任何附屬公司概無購買、出售或贖
回本公司任何上市證券。
董事資料披露
根據上市規則第13.51B(1)條，須予披露的董
事資料變更如下：
執行董事兼主席葉偉龍先生及執行董事兼副
主席朱建輝先生於二零一六年八月各自獲委
任為比雷埃夫斯港務局（於雅典證券交易所
上市）的非執行董事。獨立非執行董事徐耀
華先生於二零一六年六月辭任華高和昇財務
顧問有限公司的主席及董事。獨立非執行董
事蔣小明先生於二零一六年六月退任Nokia
Corporation（於赫爾辛基納斯達克及紐約證
券交易所上市）的獨立非執行董事。獨立非
執行董事韓武敦先生於二零一六年七月退任
JPMorgan China Region Fund, Inc.（於紐約
證券交易所掛牌之美國登記封閉式基金）的
獨立非執行董事。執行董事兼董事總經理
劉祥浩先生已獲委任為本公司多家附屬公司
的董事。非執行董事王威先生於二零一六年
八月獲委任為本公司戰略發展委員會及風險
管理委員會成員。
股東於二零一六年五月三十一日舉行的本公
司股東週年大會授權董事會釐定董事酬金。
獨立非執行董事徐耀華先生、蔣小明先生及
韓武敦先生各自於二零一六年的董事酬金為
董事袍金280,000港元。
非執行董事王威先生於二零一六年五月
三十一日與本公司訂立委任聘書，任期由
二零一六年五月三十一日開始至本公司
二零一八年股東週年大會結束為止。獨立非
執行董事徐耀華先生、蔣小明先生及韓武敦
先生各自於二零一六年五月三十一日與本公
PURCHASE, SALE OR REDEMPTION OF LISTED
SECURITIES
Neither the Company nor any of its subsidiaries has purchased, sold
or redeemed any of the Company’s listed securities during the six
months ended 30th June 2016.
DISCLOSURE OF INFORMATION ON DIRECTORS
Changes in the Directors』 information required to be disclosed
pursuant to Rule 13.51B(1) of the Listing Rules are set out below:
Each of Mr. Ye Weilong, the Executive Director and Chairman, and
Mr. Zhu Jianhui, the Executive Director and Vice Chairman, was
respectively appointed as non-executive director of Piraeus Port
Authority S.A. (listed on Athens Stock Exchange) in August 2016.
Mr. Tsui Yiu Wa, Alec, the Independent Non-executive Director,
resigned as chairman and director of WAG Worldsec Corporate
Finance Limited in June 2016. Mr. Jiang, Simon X., the Independent
Non-executive Director, retired as independent non-executive
director of Nokia Corporation (listed on Nasdaq Helsinki and New
York Stock Exchange) in June 2016. Mr. Alexander Reid Hamilton,
the Independent Non-executive Director, retired as independent
non-executive director of JPMorgan China Region Fund, Inc. (a
USA registered closed end fund quoted on the New York Stock
Exchange) in July 2016. Mr. Liu Xianghao, the Executive Director
and Managing Director, was appointed as director of various
subsidiaries of the Company. Mr. Wang Wei, the Non-executive
Director, was appointed as member of Strategic Development
Committee and Risk Management Committee of the Company in
August 2016.
The Shareholders authorised the Board to determine the Directors』
remuneration at the annual general meeting of the Company
held on 31st May 2016. The Director’s emoluments for the year
2016 for each of Mr. Tsui Yiu Wa, Alec, Mr. Jiang, Simon X. and
Mr. Alexander Reid Hamilton, being the Independent Non-executive
Director, would be the director’s fee of HK$280,000.
Mr. Wang Wei, the Non-executive Director, entered into a letter
of appointment with the Company on 31st May 2016 for a term
commencing from 31st May 2016 to the conclusion of the 2018
annual general meeting of the Company. Each of Mr. Tsui Yiu
Wa, Alec, Mr. Jiang, Simon X. and Mr. Alexander Reid Hamilton,
being the Independent Non-executive Director, entered into a letter
司訂立委任聘書，任期由二零一六年五月
三十一日開始至本公司二零一八年股東週年
大會結束為止。上述各委任聘書可於任何一
方給予一個月事先書面通知或雙方同意的較
短通知期終止。
企業管治
維持高水平企業管治一直為本公司的首要任
務之一。董事會透過有效適時披露資料，及
積極推行投資者關係計劃，將有助實現此目
標。本公司將繼續實行多項措施，進一步加
強企業管治及整體風險管理。
董事會相信，本公司於截至二零一六年六月
三十日止六個月內一直遵守上市規則附錄
十四所載企業管治守則（「企業管治守則」）的
守則條文，惟當時的非執行董事吳樹雄先生
因其他安排而未能出席本公司於二零一六年
五月三十一日舉行的股東週年大會，與企業
管治守則的守則條文A.6.7所規定獨立非執行
董事及其他非執行董事應出席公司股東大會
有所偏離。
本公司審核委員會（「審核委員會」）由三名獨
立非執行董事組成，主席一職由一名會計師
擔任。審核委員會的主要職責包括審閱會計
政策及本公司的財務申報；監察內部及外聘
核數師的工作表現；檢討及評核財務申報、
風險管理及內部監控系統的成效；確保遵守
適用法定會計及申報規定。審核委員會已與
本公司管理層討論有關內部監控及財務申報
的事宜。審核委員會及獨立外聘核數師已審
閱本集團截至二零一六年六月三十日止六個
月的未經審計簡明綜合中期財務資料。本公
司之二零一六年中期報告已由審核委員會審
閱。
of appointment with the Company on 31st May 2016 for a term
commencing from 31st May 2016 to the conclusion of the 2018
annual general meeting of the Company. Each of the above letters
of appointment is subject to termination by either party giving one
month’s prior notice in writing or such other shorter notice period as
may be agreed by both parties.
CORPORATE GOVERNANCE
Maintaining high standards of corporate governance has always
been one of the Company’s priorities. This is achieved through
an effective, timely disclosure of information by the Board and a
proactive investor relations programme. The Company will continue
to implement measures in order to further strengthen its corporate
governance and overall risk management.
The Board believed that the Company has complied with the
code provisions of Corporate Governance Code (the 「CG Code」)
contained in Appendix 14 to the Listing Rules during the six months
ended 30th June 2016 except that Mr. Wu Shuxiong, the then Nonexecutive
Director, was unable to attend the annual general meeting
of the Company held on 31st May 2016 due to other engagement,
a deviation from the code provision A.6.7 of the CG Code which
provides that independent non-executive directors and other nonexecutive
directors should attend general meetings of the company.
The audit committee of the Company (the 「Audit Committee」)
consists of three Independent Non-executive Directors and the
chairman of which is a certified public accountant. The main duties
of Audit Committee include reviewing the accounting policies and
the Company’s financial reporting; monitoring the performance of
both the internal and external auditors; reviewing and examining
the effectiveness of the financial reporting, the risk management
and internal control systems; ensuring compliance with applicable
statutory accounting and reporting requirements. The Audit
Committee has discussed the internal controls and financial reporting
matters with management of the Company. The Audit Committee
and the independent external auditor have reviewed the Unaudited
Condensed Consolidated Interim Financial Information of the Group
for the six months ended 30th June 2016. The interim report 2016
of the Company has been reviewed by the Audit Committee.
本公司已採納有關董事及僱員進行證券交易
的守則（「證券守則」），其條款不會較標準
守則所載規定準則寬鬆。為確保董事於買賣
本公司證券時遵守標準守則及證券守則，本
公司已成立委員會以處理有關交易，目前成
員包括主席、副主席、董事總經理及一名董
事。本公司已向全體董事就截至二零一六年
六月三十日止六個月內是否有任何未曾遵守
標準守則及證券守則的情況作出具體查詢，
全體董事確認期內已遵守標準守則及證券守
則所載規定準則。
代表董事會
董事總經理
劉祥浩
香港，二零一六年八月十八日
The Company has adopted a code of conduct regarding securities
transactions of Directors and employees (the 「Securities Code」)
no less exacting than the required standard set out in the Model
Code. In order to ensure the Directors』 dealings in the securities of
the Company are conducted in accordance with the Model Code
and the Securities Code, a committee currently comprising the
Chairman, the Vice Chairman, the Managing Director and a Director
was set up to deal with such transactions. The Company has made
specific enquiry of all Directors regarding any non-compliance with
the Model Code and the Securities Code during the six months
ended 30th June 2016, all Directors confirmed that they had
complied with the required standards set out in the Model Code
and the Securities Code during the period.
On behalf of the Board
Liu xianghao
Managing Director
Hong Kong, 18th August 2016
COSCO International Holdings Limited
中遠國際控股有限公司
47th Floor, COSCO Tower, 183 Queen's Road Central, Hong Kong
香港皇后大道中
183號中遠大廈
47樓
電話
Telephone : (852) 2809 7888
傳真
Facsimile : (852) 8169 0678
電郵
: info@coscointl.com
網址
Website : www.coscointl.com
中財網