Pursuing Sustainable Opportunities 2016 中期報告
2 4 4 22 23 24 25 27 29 31 1 2016
2016 2 Graeme Jack Graeme Jack A-538 628
51 2 31 www.cscl.com.cn H H 3,751,000,000 H 1,000 H 183 17 86 (21) 6596 6105 02866 A A 7,932,125,000 A 100 601866 86 (21) 6596 6813 * 622China Shipping Container Lines Company Limited 3 2016
(%) 8,375,935,000 16,654,023,000-49.7% (735,906,000) 1,000,601,000-173.6% (834,572,000) 831,116,000-200.4% (0.07) 0.07-200.0% 6.09% 8.02% -24.10% 4.76 0.89 434.8% 1. 1 34 49% 2 100% 100%40% 13.67%17.53% 100% 100% 100%100% 100% 2016 4
100% 100% 13.67% 2. 1 2 115 842,000TEU 74 582,000TEU 16 350 TEU (i) (ii) (iii) (iv) 5 2016
1. 2016 2016 7 19 2016 3.1% 20173.4% GDP 6.7% 9.0% 3.3% 2. 2016 (BDI)(CCFI) Clarksons Research Services 8930 TEU0.5%7.7 3. 1 2016 2016 6
2016 Drewry Maritime Research 20153,761 TEU 47.5%TEU1,788 TEU 2015 3.8%3.5% 2 2016 6 30115 842,000TEU 74 582,000TEU 8 13,500TEU2018 4 64000DWT621,000TEU2 2201621,000TEU 2018 1354 4 1 11 7 2016
57,500DWT 4,000 Drewry Maritime Research 2015 10 TEU92.1%4 53.3%107100 TEU 2016 6 30350 TEU17%-19% 4. 1 2010 2015250 300 TEU 50% 2016 2015 2 600 90% 10% 5. 1 2016 8
2 4 3 3 15 6. 1 2016 IMF 3.1% 2025 2 A. B. C. a. 9 2016
b. c. 6+1 + 2016 10
8,375,935,00016,654,023,000 50%735,906,000 1,000,601,000 174%834,572,000 831,116,000 200%1-2 1. 1 3,235,222,000 13,598,797,000 76%39%1,059,103TEU 3,991,098TEU73% 1-2 2 4,124,859,000 13,310,989,000 69% 1-2 2. 1 4,151,288,000 1,898,409,000 119%50% 3 1,536,148,000 1,296,640,000 18% 1,413,455,0001,239,060,000 14% 21% 2,661,635 2,197,149122,693,000 57,580,000113% 2,615,140,000 601,769,000335%119 11 2016
2 3,231,326,0001,087,705,000197% 3. 1 475,663,000 848,195,00044%2016 5.4 TEU 6.1 TEU11% 2 403,708,000 878,770,00054% 4. 1 349,055,000 67,243,000 419%4% 2 82,541,000 6,832,0001,108% 2016 12
23,542,843,000 32,637,289,000 27.87%378,034,000 1,518,195,000124.90%0.14440.5681 1. 5,161,809,000 14,829,828,000 44,231,622,000 14,234,709,000 9,550,453,000 16,629,913,000 3,816,548,000 35,511,010,000 1,797,658,000 264,112,0001,751,377,000 13 2016
7,382,096,000 480,255,000 3,184,664,000 5,076,737,00033,664,861,000 2. 476% 89% 3. 49,945,000 235,255,000 4. 10,654,848,000 24,802,000 1,575,000,000 2016 14
25,000,000 7,223 5,105 856,211,400 (SMS) 15 2016
(%) (%) A 7,932,125,000 67.89 H 3,751,000,000 32.11 11,683,125,000 100.00 XVXV78 352 2016 16
XV23336 5% (%) (%) A 4,458,195,175(L) (1) 56.20 38.16 China COSCO Shipping Corporation Limited A 4,458,195,175(L) (1) 56.20 38.16 The Northern Trust Company (ALA) H 249,945,900(P) 6.66 2.14 (L)(P) 1. 4,458,195,175 XV2 3 336 17 2016
13.51B(1) 2016 18
19 2016
2016 20
21 2016
23 68 34 34 2410 34 2016 22
3 8,375,935 16,654,023 (7,866,192) (15,318,713) 509,743 1,335,310 (631,923) (641,619) 4 73,235 220,240 5 130,251 76,760 81,306 990,691 6 (686,916) (425,782) (135,784) 434,235 5,488 1,457 (735,906) 1,000,601 7 (80,806) (121,335) (816,712) 879,266 8 9,772 9,419 (806,940) 888,685 (834,572) 831,116 27,632 57,569 (806,940) 888,685 9 (0.07) 0.07 (0.07) 0.07 23 2016
(806,940) 888,685 (95,567) 66,473 (32,196) (521) (239,616) (10,190) 34,242 (1,927) (333,137) 53,835 (1,140,077) 942,520 (1,158,892) 883,826 18,815 58,694 (1,140,077) 942,520 2016 24
11 58,116,231 56,642,656 8,005 10,087 214,412 214,396 23,440 30,738 12 8,710,052 12,002,322 134,305 56,243 13 1,557,118 1,349,915 14 9,023,724 5,680,658 15 207,413 368,467 85,631 56,340 28,050 34,721 78,108,381 76,446,543 590,211 1,238,768 16 1,720,328 2,688,106 2,034,622 1,865,156 3,904 3,897 14 2,142,961 1,682,327 15 1,830,739 3,133,055 21,668 200,349 17 864,547 922,268 17 13,965,281 15,860,939 23,174,261 27,594,865 8 11,036 23,185,297 27,594,865 101,293,678 104,041,408 11,683,125 11,683,125 4,817 21,090 18 93,356 65,504 (97,032) 21,606,867 2,133,734 3,207,032 13,818,000 36,583,618 328,925 497,549 14,146,925 37,081,167 25 2016
19 41,779,529 25,349,767 20 1,506,225 3,449,494 21 8,951 8,900 27,044 691 248,178 280,968 22 701,370 405,129 44,271,297 29,494,949 2,291,539 4,041,654 1,176,093 1,723,336 19 29,344,629 26,818,843 20 2,042,810 245,617 141 21 7,821,837 4,482,658 6,345 147 100,268 127,896 25,000 25,000 42,808,521 37,465,292 8 66,935 42,875,456 37,465,292 87,146,753 66,960,241 101,293,678 104,041,408 (19,690,159) (9,870,427) 58,418,222 66,576,116 2016 26
19 11,683,125 19,030 17,206,241 (6,734,162) 22,174,234 63,096 22,237,330 2.2 2,060 65,504 4,400,626 9,941,194 14,409,384 434,453 14,843,837 11,683,125 21,090 65,504 21,606,867 3,207,032 36,583,618 497,549 37,081,167 (834,572) (834,572) 27,632 (806,940) (91,111) (91,111) (4,456) (95,567) (32,196) (32,196) (32,196) (235,255) (235,255) (4,361) (239,616) 34,242 34,242 34,242 (324,320) (834,572) (1,158,892) 18,815 (1,140,077) 2.2 (21,381,010) (21,381,010) (21,381,010) 23 (22,548) 1,431 22,548 1,431 (65,180) (63,749) (227,055) (227,055) (227,055) (122,190) (122,190) 27,852 (27,852) 77,897 (77,897) (71,622) 71,622 (92) (92) (69) (161) 11,683,125 4,817 93,356 (97,032) 2,133,734 13,818,000 328,925 14,146,925 27 2016
19 11,683,125 20,150 16,873,604 (3,784,442) 24,792,437 85,046 24,877,483 2.2 1,130 52,339 3,019,035 9,486,528 12,559,032 417,629 12,976,661 11,683,125 21,280 52,339 19,892,639 5,702,086 37,351,469 502,675 37,854,144 831,116 831,116 57,569 888,685 65,337 65,337 1,136 66,473 (521) (521) (521) (10,179) (10,179) (11) (10,190) (1,927) (1,927) (1,927) 52,710 831,116 883,826 58,694 942,520 23 (58,272) (397,216) (455,488) (455,488) 320,000 320,000 320,000 (67,050) (67,050) (67,050) (54,850) (54,850) 91,447 (91,447) (94,019) 94,019 (511) (511) 228 (283) 11,683,125 18,708 52,339 20,207,077 6,070,997 38,032,246 506,747 38,538,993 2016 28
5,167,994 1,136,164 (6,185) (84,673) 5,161,809 1,051,491 44,392 79,658 15,356 64,030 312 954 44,252 58,581 961 (5,879,447) (5,816,165) 745,064 107,739 (320,000) (125,000) (700,329) (624,374) (110,215) (225,000) 23 (349,884) (8,005) 3,954,920 54,602 216,345 406,253 200,008 290,218 (1,989,126) (5,885,648) 29 2016
(759,141) (489,958) 320,000 (21,350,801) 95,046,616 43,567,815 (77,598,733) (41,673,316) (188,815) (175,243) (141) (166,470) (227,138) (67,050) (137,492) (46,935) (5,215,645) 1,268,843 (2,042,962) (3,565,314) (2,042,962) (3,565,314) 15,860,939 14,314,872 147,304 11,010 17 13,965,281 10,760,568 2016 30
1. A-538 2015 12 11 (i) (ii) 100% 100% 100% 100% 100% 100% 100% 40% 65% 31 2016
1. 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 60% 91% 50% 49% 45% 20.07% 2016 32
2.1 34 16 RMB19,690,159,000 2.2 33 2016
2.2 1 21,350,801,000 2.3. 2016 34
2.3 35 2016
2.3 (a)(b) 2016 36
2.3 37 2016
2.4 10 12 28 11 1 16 38 16 41 27 2015 12 31 2.5 2016 1 1 420280 1215 8301,344560896 76,500,000 2016 38
3. (a) (b) (c) (d) (e) (f) (g) 39 2016
3. 3,235,222 4,151,288 349,055 475,663 148,941 15,766 8,375,935 13,598,797 1,898,409 67,243 848,195 214,644 26,735 16,654,023 1,924,030 195,666 27,120 2,146,816 2,143,450 1,016,788 4,622 3,164,860 3,235,222 6,075,318 349,055 671,329 176,061 15,766 10,522,751 13,598,797 4,041,859 67,243 1,864,983 219,266 26,735 19,818,883 (940,341) 120,430 213,099 (17,728) 94,763 (91,544) (6,623) (627,944) 251,366 474,155 45,678 45,899 120,997 495,883 1,311 1,435,289 87,836 (181,798) (195,798) (252,890) (735,906) 1,000,601 (318,001) (1,209,925) (401) (30,213) (1,143) (868) (1,560,551) (703,117) (692,323) (42) (34,127) (1,850) (9) (1,431,468) 3,382 13,964 (21,059) 2,269 37,523 36,079 (5,930) (890) (7,028) (1,345) 4,487 (10,706) (74,218) (567,851) (44,847) (686,916) (280,370) (119,719) (25,693) (425,782) 12,076 12,076 64,541 64,541 (135,784) (135,784) 434,235 434,235 5,488 5,488 1,457 1,457 2016 40
3. 2,416,355 123,775,159 9,049,886 5,309,392 14,034,889 10,633,385 45,101 165,264,167 50,890,055 30,453,337 5,034,998 4,702,115 10,395,887 9,774,953 59,303 111,310,648 (63,970,489) (7,269,240) 101,293,678 104,041,408 (3,503,996) (78,294,128) (7,439,390) (3,244,150) (13,501,419) (8,724,473) (18,874) (114,726,430) (32,498,330) (14,496,335) (3,589,440) (3,636,083) (9,785,930) (8,573,518) (27,397) (72,607,033) 27,579,677 5,646,792 (87,146,753) (66,960,241) 41 2016
4. 34,823 65,622 21,790 1,974 112 79,219 11,962 64,326 114 215 4,434 8,884 73,235 220,240 5. 10,915 99,052 17,571 42,613 38,391 30,887 1,302 3,388 745 515 (49,945) 4,712 7,998 (1,133) 130,251 76,760 2016 42
6. 693,946 428,298 1,632 693,946 429,930 (7,030) (4,148) 686,916 425,782 7. 25% 10% 5% 16.5%16.5% 94,087 76,285 1,974 2,357 2,222 9,440 14,916 19,761 (32,393) 13,492 80,806 121,335 43 2016
8. 1 1 411,138 1,726,664 (395,364) (1,685,037) (12,399) (39,644) 1,303 18,864 6,489 (7,337) (3) (161) 11,164 13,349 (1,392) (3,930) 9,772 9,419 208,887 52,758 6,627 (38,072) (28,821) 3,030 564 173,845 31,128 : 0.0006 0.0001 2016 44
8. 1 1,485 94 9,457 11,036 (61,504) (5,431) (66,935) (55,899) 45 2016
9. (841,489) 830,460 6,917 656 (834,572) 831,116 11,683,125 11,683,125 10. 2016 46
11. 38,336,165 2.2 18,306,491 56,642,656 2,651,171 (318,820) 23 (165,061) (1,559,611) (6,183) (36,735) 908,814 58,116,231 36,369,808 2.2 15,032,093 51,401,901 4,760,221 (81,203) 23 (3,307) (1,418,954) (38,147) 54,620,511 47 2016
12. 8,488,321 11,739,288 221,731 263,034 8,710,052 12,002,322 22.77 3.98 16 49 20% 2016 48
12. 44,976,531 43,530,325 109,819,069 134,160,910 11,370,091 5,319,500 404,746 69,823,386 63,232,846 182,753,538 156,016,861 26,643,446 12,995,896 7,940,687 80,446,229 71,268,295 268,793,922 267,237,005 33,084,557 16,760,961 617,468 25,644,350 26,508,276 23,719,934 22,884,525 4,928,980 1,554,435 7,286,300 1,981,143 2,033,043 6,728,195 6,953,557 58,751 56,241 441,665 34,353,688 35,494,876 23,778,685 22,940,766 4,928,980 1,554,435 7,727,965 22.77% 22.77% 3.975% 3.975% 16% 16% 49% 5,837,855 6,035,618 942,867 909,660 788,637 248,710 3,570,287 810,583 810,661 221,731 221,731 25,452 6,648,438 6,846,279 1,164,598 1,131,391 788,637 248,710 3,595,739 49 2016
12. 23,542,843 32,637,289 4,894,081 6,034,584 11,132,437 130,320 88,609 193,831 (378,034) 1,518,195 1,622,761 1,770,291 (726,228) (31,804) 17,229 135,596 274,766 (51,516) (12,486) 29,287 (139,227) (47,495) (10,046) 33,453 (103,268) 1,466,679 1,610,275 1,799,578 (865,455) (79,299) 7,183 169,049 654,822 833,030 774,866 767,487 13,840 8,836 639 371 14,479 9,207 108,379 180,203 2016 50
13. 607,311 686,666 650,000 295,000 137,026 205,468 162,781 162,781 1,557,118 1,349,915 95,567,000 66,473,000. 14. 2.6363%-23.1% 2016-2017 2,167,891 3.21% to 23.1% 2016 1,687,513 2.6363%-23.1% 2017-2026 9,082,783 3.21% to 23.1% 2017 to 2026 5,730,373 11,250,674 7,417,886 (83,989) (54,901) 11,166,685 7,362,985 51 2016
14. 2,807,317 2,157,114 2,167,891 1,687,513 8,596,497 5,755,729 7,224,478 4,856,576 2,153,980 1,042,080 1,858,305 873,797 13,557,794 8,954,923 11,250,674 7,417,886 (2,307,120) (1,537,037) (83,989) (54,901) 11,166,685 7,362,985 (2,142,961) (1,682,327) 9,023,724 5,680,658 : 2.2 54,901 24,111 54,901 24,111 29,087 7,730 1 66 83,989 31,907 2016 52
15. 1,830,739 3,133,055 207,413 368,467 2,038,152 3,501,522 2,090,412 3,591,305 (52,260) (89,783) 2,038,152 3,501,522 2.2 89,783 115,861 89,783 115,861 18,694 17,550 (56,217) (22,037) 52,260 111,374 53 2016
16. 1,719,099 2,583,188 66,093 202,293 1,785,192 2,785,481 (64,864) (97,375) 1,720,328 2,688,106 53,531 67,848 2.2 43,844 25,627 97,375 93,475 18,877 10,511 (46,520) (3,048) (54) (2,084) (5,852) 1,038 (751) 64,864 98,103 2016 54
17. 14,829,828 16,783,207 a (670,985) (624,391) (120,020) (182,066) (16,920) (60,000) (1,410) (56,622) (54,401) (864,547) (922,268) 13,965,281 15,860,939 (a) 18. [2012]20 1.5% 5 55 2016
19. 11,913,789 7,144,984 2,320,920 4,870,200 10,609,920 10,533,659 4,500,000 4,270,000 29,344,629 26,818,843 29,996,913 23,775,727 9,482,616 324,680 2,300,000 1,249,360 41,779,529 25,349,767 71,124,158 52,168,610 2016 56
20. 2,042,810 245,617 1,506,225 3,449,494 3,549,035 3,695,111 1,800,000,000A 4.51% A1,797,658,000 1,796,432,000 (SPV) DFCF(SPV) 200,000,000 20133.96% 99.1001049%2013 9 25DFCF(SPV) 2013 10 2015 10 25 DFCF(SPV)2015 10 252018 10 24102%2018 10 25 100% 2013840,949,000 1,012,753,000 (SPV)II DFCFII(SPV) 2014 (a) 35,000,000 A-1 A-1 (b) 124,000,000 A-2 A-2 57 2016
20. A-1 1.95% 99.99017% A-2 3.55% 99.89347% 2014 12 4DFCFII(SPV)A-1A-2 2016 12 4 DFCFII(SPV)100% 2014910,428,000 885,926,000 21. 7,132,076 4,482,658 689,761 7,821,837 4,482,658 8,951 8,900 7,830,788 4,491,558 22. 2016 58
23. (a) 1 164,594 2,028 4,145 1,018 18,087 2,726,445 585,237 1,130,988 (416,954) (64) (335) (2,555,611) (776,900) (8,208) (63,341) 811,129 1,431 10,064 822,624 800,481 22,143 822,624 (1,131,574) 801,067 (330,507) 59 2016
23. (b) 25% 467 331 3,464 911 19,377 (1,209) (16,569) (1,839) 4,933 1,851 6,784 6,784 (19,377) 2016 60
23. (c) 2015 1 1 100% 3,307 429,686 18,812 8,005 (4,322) 455,488 (58,272) (397,216) (8,005) 61 2016
24. 1,575,000 24,802 19,954 10,654,848 10,528,286 69,325 69,325 12,323,975 10,617,565 2016 62
25. 16,791 133,657 35,437 11,908 55,820 10,677 13,904 766,425 543,197 276 2,073,633 1,601 200,662 684,453 5,481 2,695 36,059 51,340 1,768 804 3,837 4,184 71,251 29,370 2,677 2,287 9,788 33,270 66,007 292,420 16,696 49,852 17,403 10,463 3,135 1,216 161,647 650,772 3,877 9,036 8,021 18,847 360,884 367,711 143 522,997 36,566 823,476 3,732 3,248 11,330 18,006 3,670 9,235 63 2016
26. 21,668 200,349 13,965,281 15,860,939 864,547 922,268 1,720,328 2,688,106 724,192 1,521,211 11,166,685 7,362,985 2,038,152 3,501,522 30,479,185 31,857,031 1,557,118 1,349,915 2016 64
26. 33,389 838 2,291,539 4,041,654 940,029 1,351,986 71,124,158 52,168,610 3,549,035 3,695,111 141 7,830,788 4,491,558 701,370 405,129 86,436,919 66,154,189 65 2016
27. 9,023,724 5,680,658 9,110,646 5,766,412 41,779,529 25,349,767 41,693,197 25,144,797 1,506,225 3,449,494 1,428,359 3,336,457 701,370 405,129 686,788 395,494 53,010,848 34,885,048 52,918,990 34,643,160 2016 66
27. 21,668 21,668 744,337 744,337 766,005 766,005 200,349 200,349 892,134 892,134 1,092,483 1,092,483 33,389 33,389 838 838 1 2 3 67 2016
28. 29. 2.2 2016 68