中能控股：2018年報.pdf

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1、Stock Code 股份代號:00228年報China Energy Development Holdings Limited 中國能源開發控股有限公司Annual Report 2O18 年報2Corporate Information公司資料4CEOs Statement and Management Discussion and Analysis行政總裁報告與管理層討論及分析19Biographical Details of Directors董事之履歷22Corporate Governance Report企業管治報告43Report of the Directors董事會報告53

2、Independent Auditors Report獨立核數師報告60Consolidated Statement of Comprehensive Income綜合全面收益表62Consolidated Statement of Financial Position綜合財務狀況表64Consolidated Statement of Changes in Equity綜合權益變動表65Consolidated Statement of Cash Flows綜合現金流量表67Notes to the Consolidated Financial Statements綜合財務報表附註200Fi

3、ve-Year Financial Summary五年財務概要China Energy Development Holdings Limited 中國能源開發控股有限公司Annual Report 年報 2018CONTENTS 02China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018Corporate Information公司資料Board of DirectorsExecutive DirectorsMr.Zhao Guoqiang(Chief Executive Officer and

4、alternate director to Dr.Gu Quan Rong)Non-executive DirectorsDr.Gu Quan RongMs.Ngan Mei Ying(Resigned on 31 October 2018)Independent Non-executive DirectorsMr.Zong KetaoMr.Cheng Chun YingMr.Lee Man TaiAudit CommitteeMr.Lee Man Tai(Chairman)Dr.Gu Quan RongMr.Zong KetaoMr.Cheng Chun YingMs.Ngan Mei Yi

5、ng(Resigned on 31 October 2018)Nomination CommitteeMr.Cheng Chun Ying(Chairman)Dr.Gu Quan RongMr.Zong KetaoMr.Lee Man TaiMs.Ngan Mei Ying(Resigned on 31 October 2018)Remuneration CommitteeMr.Cheng Chun Ying(Chairman)Dr.Gu Quan RongMr.Zong KetaoMr.Lee Man TaiMs.Ngan Mei Ying(Resigned on 31 October 20

6、18)Company SecretaryMr.Chan Chun KauCompanys Websitehttp:/.hk董事會執行董事趙國強先生（行政總裁及 顧全榮博士之替任董事）非執行董事顧全榮博士顏美瑩女士（於二零一八年十月三十一日辭任）獨立非執行董事宗科濤先生鄭振鷹先生李文泰先生審核委員會李文泰先生（主席）顧全榮博士宗科濤先生鄭振鷹先生顏美瑩女士（於二零一八年十月三十一日辭任）提名委員會鄭振鷹先生（主席）顧全榮博士宗科濤先生李文泰先生顏美瑩女士（於二零一八年十月三十一日辭任）薪酬委員會鄭振鷹先生（主席）顧全榮博士宗科濤先生李文泰先生顏美瑩女士（於二零一八年十月三十一日辭任）公司秘書陳振

7、球先生公司網址http:/.hk03China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018Corporate Information公司資料Registered OfficeCricket SquareHutchins DriveP.O.Box 2681Grand Cayman KY11111Cayman IslandsHead Office and Principal Place of BusinessUnits 561112,56th FloorThe Center99 Queens Road

8、 CentralCentralHong KongPrincipal Share Registrar and Transfer OfficeSMP Partners(Cayman)Limited Royal Bank House 3rd Floor 24 Shedden Road,P.O.Box 1586 Grand Cayman KY11110 Cayman IslandsHong Kong Branch Share Registrar and Transfer OfficeTricor Tengis LimitedLevel 22Hopewell Centre183 Queens Road

9、EastHong KongLegal Advisers to the CompanyAs to Hong Kong lawC.L.Chow&Macksion Chan,SolicitorsCheung&ChoyLawrence Chan&Co.As to Cayman Islands lawConyers Dill&Pearman,CaymanPriestleysAuditorBDO LimitedPrincipal BankersThe Hongkong and Shanghai Banking Corporation LimitedDBS Bank(HK)Limited註冊辦事處Crick

10、et SquareHutchins DriveP.O.Box 2681Grand Cayman KY11111Cayman Islands總辦事處及主要營業地點香港中環皇后大道中99號中環中心56樓561112室股份過戶登記總處SMP Partners(Cayman)Limited Royal Bank House 3rd Floor 24 Shedden Road,P.O.Box 1586 Grand Cayman KY11110 Cayman Islands香港股份過戶登記分處卓佳登捷時有限公司香港皇后大道東183號合和中心22樓本公司之法律顧問有關香港法律周卓立陳啓球陳一理律師事務所張世

11、文蔡敏律師事務所陳振球律師事務所有關開曼群島法律Conyers Dill&Pearman,CaymanPriestleys核數師香港立信德豪會計師事務所有限公司主要往來銀行香港上海滙豐銀行有限公司星展銀行（香港）有限公司04China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018CEOs Statement and Management Discussion and Analysis行政總裁報告與管理層討論及分析To Shareholders:On behalf of the board of di

12、rectors(the“Board”),I hereby present the results of China Energy Development Holdings Limited(the“Company”)and its subsidiaries(collectively the“Group”)for the year ended 31 December 2018.Operating ResultsDuring the year,the Group recorded a revenue in the amount of approximately HK$477,789,000(2017

13、:HK$13,039,000).The Groups revenue was principally derived from the exploration,production and distribution of natural gas segment of approximately HK$477,784,000(2017:HK$12,630,000).During the year,the money lending business segment only contributed revenue of approximately HK$5,000(2017:HK$409,000

14、).The sales of food and beverages segment did not contribute any revenue to the Group(2017:Nil).The Group recorded a profit attributable to the owners of the Company in the amount of approximately HK$27,544,000,compared to a loss of approximately HK$235,510,000 during last year.It was mainly due to

15、the revenue recognition of natural gas sales under the Groups Kashi Project during the year.Earnings per share attributable to the owners of the Company was 0.29 HK cents(2017:loss per share of 2.48 HK cents).Business ReviewExploration,Production and Distribution of Natural Gas SegmentThe Petroleum

16、ContractThe Companys indirectly wholly-owned subsidiary,China Era Energy Power Investment(Hong Kong)Limited(“China Era”)entered into a petroleum contract with China National Petroleum Corporation(“CNPC”)for the drilling,exploration,development and production of oil and/or natural gas within the spec

17、ified site located in North Kashi Block,Tarim Basin,Xinjiang,PRC(the“Petroleum Contract”).The Petroleum Contract is for a term of not exceed 30 consecutive contract years commencing 1 June 2009.致各位股東：本人謹代表董事會（董事會）提呈中國能源開發控股有限公司（本公司）及其附屬公司（統稱 本集團）截至二零一八年十二月三十一日止年度之業績。經營業績於本年度，本集團錄得收益約477,789,000港元（二零

18、一七年：13,039,000港元）。本集團主要來自天然氣勘探、生產及分銷分部之收益約為477,784,000港元（二零一七年：12,630,000港元）。年內放債業務分部僅貢獻收益約5,000港元（二零一七年：409,000港元）。銷售食品及飲料分部並無為本集團貢獻任何收益（二零一七年：無）。本 集 團 錄 得 本 公 司 擁 有 人 應 佔 溢 利 約27,544,000港 元，而 去 年 則 錄 得 虧 損 約235,510,000港元，主要是由於年內確認本集團喀什項目之天然氣銷售收益所致。本公司擁有人應佔每股盈利0.29港仙（二零一七年：每股虧損2.48港仙）。業務回顧天然氣勘探、生產及

19、分銷分部 石油合約本公司之間接全資附屬公司中國年代能源投資（香港）有限公司（中國年代）與中國石油天然氣集團公司（中國石油集團）訂立一份石油合約，以於中國新疆塔里木盆地喀什北區塊之指定地點鑽探、勘探、開發及生產石油及或天然氣（石油合約）。石油合約自二零零九年六月一日起最長不超過30個連續合同年。05China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018CEOs Statement and Management Discussion and Analysis行政總裁報告與管理層討論及分析Under t

20、he Petroleum Contract,China Era shall apply its appropriate and advanced technology and management expertise and assign its competent experts to perform exploration,development,and production of oil and/or natural gas within the site.In the event that any oil field and/or gas field is discovered wit

21、hin the site,the development costs shall be borne by CNPC and China Era in the proportion of 51%and 49%,respectively.According to the Petroleum Contract,the exploration period covers 6 years.The management has devoted much of its resources during the exploration period in exploration and research st

22、udies.In March 2015,China Era issued formal application to CNPC to apply for a two-year extension of the exploration period of Kashi Project beyond the original deadline of 31 May 2015.On 6 December 2017,China Era and CNPC entered into a supplemental and amendment contract(the“Supplemental Contract”

23、)to amend the Petroleum Contract by extending the First Phase exploration period to 5 December 2017(i.e.the day immediately preceding the date of the Supplemental Contract).The terms of the Supplemental Contract further provided that(inter alia):(1)China Era has satisfied the investment commitment i

24、n respect of the First Phase exploration period;(2)The Petroleum Contract shall proceed to the Second Phase exploration period on the effective date of the Supplemental Contract of 6 December 2017;and(3)the costs incurred by CNPC on Kashi Project between 1 June 2009 and 5 December 2017 shall be aggr

25、egated with the pre-contract costs incurred by CNPC on the project.The costs incurred between 1 June 2009 and 31 December 2015 was in the amount of approximately RMB651,653,000(mainly including three completed wells,reconstruction of natural gas processing plant and the operating costs incurred duri

26、ng the period),and the costs incurred by CNPC between 1 January 2016 and 5 December 2017 shall be confirmed by both parties within 12 months after the effective date of the Supplemental Contract.During the year,the cost incurred by CNPC between 1 January 2016 and 31 December 2017 in the amount of ap

27、proximately RMB94,042,000 was confirmed.All the costs incurred by CNPC shall be recovered in kind out of the crude oil/natural gas produced from any oil/gas field inside the cooperation site.Save as the changes expressly stated in the Supplemental Contract,the other terms and conditions of the Petro

28、leum Contract shall remain unchanged.No development and production activity were carried out under the Petroleum Contract,as the pilot production during the exploration stage is not regarded as production activities.根據石油合約，中國年代將採用適當及先進的技術及管理專才，並指派稱職的專家在該地點進行勘探、開發及生產石油及或天然氣。倘在該地點內發現任何油田及或氣田，中國石油集團及中國

29、年代將分別按51%及49%的比例承擔開發成本。根據石油合約，勘探期為6年。管理層於勘探期內在勘探和研究方面投入大量資源。於二零一五年三月，中國年代向中國石油集團提出正式申請，將喀什項目之勘探期限從原訂的二零一五年五月三十一日延長兩年。於二零一七年十二月六日，中國年代與中國石油集團訂立一份補充及修訂協議（補充協議），以修訂石油合約，將勘探期第一階段延長至二零一七年十二月五日（即緊接補充協議日期前一日）。補充協議的條款進一步規定（其中包括）：(1)中國年代已完成有關勘探期第一階段的投資承諾；(2)石油合約將於補充協議生效日期（即二零一七年十二月六日）進入勘探期第二階段；及(3)中國石油集團就喀什項

30、目於二零零九年六月一日至二零一七年十二月五日產生的費用合併計算並視為中國石油集團就該項目產生的前期合約費用。自二零零九年六月一日至二零一五年十 二 月 三 十 一 日 產 生 的 費 用 約 為 人 民 幣651,653,000元（主要包括三口完鑽井，天然氣處理站的改建以及期間產生的生產作業費），而中國石油集團自二零一六年一月一日至二零一七年十二月五日產生的費用將於補充協議生效日期後12個月內由雙方確認。年內，已確認中國石油集團自二零一六年一月一日至二零一七年十二月三十一日產生的費用約為人民幣94,042,000元。中國石油集團產生的所有費用應從合作地點內的任何油氣田生產的原油天然氣以實物形式

31、收回。除補充協議明確說明的變動外，石油合約的其他條款及條件將維持不變。概無根據石油合約進行開發及生產活動。試生產並不視作生產活動，因為仍處於勘探階段。06China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018CEOs Statement and Management Discussion and Analysis行政總裁報告與管理層討論及分析The Status of Overall Development ProgramIn December 2018,the Overall Developme

32、nt Program(“ODP”)was approved by CNPC internally and proceeded into the finalization stage.During the year,the Company and CNPC were given to understand that the approval requirement of the ODP by the National Development and Reform Commission(“NDRC”)formerly imposed on the Kashi Project(being an oi

33、l and gas sino-foreign cooperation)will be relaxed.The cancellation of ODP approval requirement was formally announced by the State Council of the PRC under its circular No.6 of 2019(國發20196號)on 27 February 2019.Before the announcement by the State Council,the development period of any oil/gas field

34、 will start from the date of the completion of the ODP,which comprises a formal development engineering plan,backed up by survey results and relevant studies,together with a full economic analysis and time schedule of the development operations.Under the new regime,the ODP approval is no longer requ

35、ired and will be replaced by a filing system.We are still waiting to see the implementation procedures regarding the new ODP filing system.The directors expect the progress of Kashi Project will be expedited by the new procedures,and the development period should start immediately after the ODP fina

36、lisation and filing.The Status of Gas Sales AgreementsAs at 31 December 2018,the directors are still negotiating the Gas Sales Agreements(“GSA”)with CNPC and expect that the negotiation will finalise and proceed to the signing of the formal GSA in the year 2019.The terms of the GSA include the quant

37、ity of volume commitments,gas quality,price terms,delivery obligations and delivery point,etc.As at the date of this annual report,most of the commercial terms of the GSA have reached the stage of in-principle consensus.Although the GSA has not been signed up to the date of this annual report,China

38、Era has reached in-principle consensus with CNPC on the volume and price of the natural gas pilot production since project commencement up to 31 December 2018.China Era recorded revenue of approximately HK$466,880,000 during the year ended 31 December 2018.Up to the date of this annual report,the Gr

39、oup has received settlement from CNPC in the amount of approximately HK$83,449,000 and the directors of the Company expect that CNPC will settle the remaining account receivables within the year of 2019.總體開發方案之情況於二零一八年十二月，總體開發方案（總體開發方案）已獲中國石油集團內部批準，並進入落實階段。年內，據本公司與中國石油集團了解，國家發展和改革委員會（發改委）原對喀什項目（即油氣中

40、外合作項目）實施的總體開發方案審批要求將會放寬。於二零一九年二月二十七日，中國國務院根據二零一九年第6號通知（國發20196號）正式宣佈取消總體開發方案審批要求。在國務院作出此項公佈前，任何油氣田的開發期將由總體開發方案完成之日起開始，該方案包括以調查結果和相關研究作依據的正式發展工程計劃，以及完整的經濟分析和開發工程的運作時間表。在新制度下，不再需要總體開發方案審批，其將被一個備案機制取代。我們尚在等待頒佈有關新總體開發方案備案機制之實施程序。董事預期新程序將有助加快喀什項目的進度，並將於完成總體開發方案並進行備案後立即進入開發階段。售氣協議之情況於二零一八年十二月三十一日，董事與中國石油天

41、然氣集團公司仍在就售氣協議（售氣協議）進行磋商，預期將於二零一九年完成磋商及進而簽訂正式售氣協議。售氣協議條款包括數量承諾、天然氣質素、價格條款、交付責任及交付點等。於本年報日期，大部份售氣協議之商業條款原則上已達成共識。儘管直至本年報日期尚未簽訂售氣協議，中國年代與中國石油集團已在原則上就自項目開始以來直至二零一八年十二月三十一日之天然氣試生產產量和價格達成共識。截至二零一八年十二月三十一日止年度內，中國年代錄得收益約466,880,000港元。截至本年報日期，本集團已收到中國石油集團結算約83,449,000港元，且本公司董事預期中國石油集團將在二零一九年內結清餘下應收賬款。07China

42、 Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018CEOs Statement and Management Discussion and Analysis行政總裁報告與管理層討論及分析Segment PerformanceDuring the year,this operation together with the natural gas distribution operation in Karamany,Xinjiang contributes revenue of approximately

43、HK$477,784,000(2017:HK$12,630,000)and the segment profit before income tax was approximately HK$163,523,000(2017:loss before income tax HK$216,136,000).Impairment losses on intangible assets and exploration and evaluation assets in the amounts of HK$95,000,000(2017:HK$162,000,000)and HK$36,000,000(2

44、017:HK$39,000,000)respectively were recognised during the current year,as the carrying amounts of the intangible assets and exploration and evaluation assets of the Kashi Project exceeds the recoverable amount which was determined with reference to the valuation report produced by APAC Asset Valuati

45、on and Consulting Limited(“APAC”),an independent valuer.The results of operations in exploration,production and distribution of natural gas segment and costs incurred for exploration and evaluation assets acquisition and exploration activities are shown as below:(a)Results of operations in explorati

46、on,production,and distribution of natural gas segment20182017二零一八年二零一七年HK$000HK$000千港元千港元Revenue收益477,78412,630Cost of inventories sold已售存貨成本(6,466)(6,793)Other income其他收入368147Selling and distribution expenses銷售及分銷開支(24,520)Operating expenses經營開支(28,737)(12,083)Depreciation折舊(3,532)(2,485)Impairmen

47、t of exploration and evaluation assets勘探及評估資產減值(36,000)(39,000)Impairment and amortisation of intangible assets無形資產減值及攤銷(212,727)(162,000)Impairment of goodwill商譽減值(1,151)(6,000)Finance cost融資成本(1,496)(552)Results of operations before income tax除所得稅前經營業績163,523(216,136)分部表現年內，本業務及新疆克拉瑪依天然氣分銷業務貢獻收益約4

48、77,784,000港元（二零一七年：12,630,000港元），而年內分部除所得稅前溢利約為163,523,000港元（二零一七年：除所得稅前虧損216,136,000港元）。由於無形資產及勘探及評估資產之賬面值超過其可收回金額，本年度已確認喀什項目的無形資產及勘探及評估資產減值虧損分別為95,000,000港元（二零一七年：162,000,000港元）及36,000,000港元（二零一七年：39,000,000港元），而可收回金額乃參考獨立估值師亞太資產評估及顧問有限公司（亞太）編製之估值報告釐定。天然氣勘探、生產及分銷分部之經營業績，以及勘探及評估資產收購及勘探活動產生之成本載列如下：(

49、a)天然氣勘探、生產及分銷分部之經營業績08China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018CEOs Statement and Management Discussion and Analysis行政總裁報告與管理層討論及分析(b)Costs incurred for exploration and evaluation assets acquisitions and exploration activities20182017二零一八年二零一七年HK$000HK$000千港元千港元Exp

50、loration cost勘探成本162,326 Information of Gross Contingent Resources on Oil and Gas FieldThe reserve evaluation was conducted in accordance with Petroleum Resources Management system,an internationally recognised reserve standards and guideline,the details of information were set out in the Appendix V

51、 of Competent Persons Report to the Companys circular dated 3 December 2010.There is no material change of assumption as compared with previous disclosed in the Competent Persons Report,except for the delay in the production schedules due to the delay in the ODP finalisation and the signing of the G

52、SA.The following table summarised the estimates of Groups 49%net entitlement interests of the gross contingent resources in the Petroleum Contract:OilNatural gas石油天然氣(Mbbl)(MMm3)（千桶）（百萬立方米）As at 31 December 2017 and 1 January 2018於二零一七年十二月三十一日及 二零一八年一月一日47.411,453Pilot-production activity during the

53、 year年內之試產活動(120)As at 31 December 2018於二零一八年十二月三十一日47.411,333 These contingent resources are quantities of oil and gas estimated,to be potentially recoverable from known accumulations by application of development projects,but which are not currently considered to be commercially recoverable due to

54、 one or more contingencies.The risks associated with these contingent resources included the following matters:(i)there being no definitive GSA;(ii)the ODP having yet to be filed;and(iii)the field being situated in a remote location.(b)勘探及評估資產收購及勘探活動產生之成本油氣田後備資源總量的資料 儲備評估乃根據石油資源管理系統（國際認可儲備標準及指引）作出，有

55、關資料詳情載於本公司日期為二零一零年十二月三日之通函附錄五的合資格人士之報告。相比先前於合資格人士之報告的披露，除生產時間表因落實總體開發方案及簽署售氣協議而延後外，假設方面概無重大改變。下表概述石油合約中本集團佔後備資源總量的49%淨所有權權益的估計數字：該等後備資源為預計基於進行開發項目在已知儲量的潛在開採量估計所得的石油及天然氣數量，但目前由於一項或以上的或然因素而不被視為可進行商業性開採。有關該等後備資源之風險包括以下事項：(i)缺乏具體售氣協議；(ii)尚未就總體開發方案作出備案；及(iii)油氣田位於偏遠地區。09China Energy Development Holdings

56、Limited 中國能源開發控股有限公司 Annual Report 年報 2018CEOs Statement and Management Discussion and Analysis行政總裁報告與管理層討論及分析Sales of Food and Beverages BusinessThe Group did not record any revenue from the sales of food and beverages business segment in 2018 and 2017.The segment loss before tax was approximately

57、HK$1,990,000(2017:HK$1,939,000).No revenue was recorded during the year,mainly due to the Groups intention to reduce reliance on sales of food and beverage.We will continue to keep track of the economic environment and review the future allocation of resource as and when required.Money Lending Busin

58、essDuring the year,the Group generated revenue from the money lending business operated by its indirect wholly owned subsidiary,Zhong Neng Finance Ltd.,a licensed money lender under the Money Lenders Ordinance(Cap.163,Laws of Hong Kong)of approximately HK$5,000(2017:HK$409,000).The segment loss befo

59、re tax was approximately HK$241,000(2017:profit before tax of HK$207,000).The Group continued to adopt a stringent credit policy to mitigate the credit risk arising from the money lending business,resulting in a decrease in the revenue when compared to last year.Financial ReviewLiquidity,Financial R

60、esources and Capital StructureAs at 31 December 2018,the Group had outstanding secured bank borrowings of approximately HK$65,931,000(2017:Nil).The cash and cash equivalents of the Group were approximately HK$68,084,000(2017:HK$171,926,000).The Groups current ratio(current assets to current liabilit

61、ies)was approximately 109.6%(2017:55.7%).The ratio of total liabilities to total assets of the Group was approximately 32.2%(2017:27.6%).As at 31 December 2018,the Company has outstanding convertible notes with the principal amount of HK$679,670,000.These convertible notes are due in 2041,does not c

62、arry any interest but carry the right to convert the principal amount into a maximum of 4,045,654,761 ordinary shares of the Company(assuming the exercise in full)at the conversion price of HK$0.168 per share(subject to adjustments).During the year,no convertible note was converted to ordinary share

63、s of the Company.銷售食品及飲料業務於二零一八年及二零一七年，本集團並無自銷售食品及飲料業務分部錄得任何收益。除稅前分部虧損約為1,990,000港元（二零一七年：1,939,000港元）。本年度內並無錄得收益，主要原因為本集團擬減少對銷售食品及飲料的依賴。本集團將繼續觀察經濟環境，並於必要時檢討未來的資源分配。放債業務於本年度，本集團透過其間接全資附屬公司中能財務有限公司所營運的放債業務產生收益約5,000港元（二零一七年：409,000港元），該公司為根據香港法例第163章 放債人條例 註冊之持牌放債人。除稅前分部虧損為約241,000港元（二零一七年：除稅前溢利207,0

64、00港元）。本集團繼續採納嚴格信貸政策以減輕放債業務產生的信貸風險，導致收益較上一年度減少。財務回顧流動資金、財務資源及資本架構於二零一八年十二月三十一日，本集團有尚未償還有抵押銀行借貸約65,931,000港元（二零一七年：無）。本集團之現金及等同現金約為68,084,000港元（二零一七年：171,926,000港元）。本集團之流動比率（流動資產比流動負債）約為109.6%（二零一七年：55.7%）。本集團總負債與總資產之比率約為32.2%（二零一七年：27.6%）。於二零一八年十二月三十一日，本公司有本金額為679,670,000港元之未償還可換股票據。該等可換股票據於二零四一年到期，為

65、不計息，惟附有權利可將本金額按兌換價每股0.168港元（可予調整）兌換為最多4,045,654,761股本公司普通股（假設獲悉數行使）。年內並無可換股票據兌換為本公司普通股。10China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018CEOs Statement and Management Discussion and Analysis行政總裁報告與管理層討論及分析In June 2015,the Group commenced legal actions against the holder(s

66、)of the convertible notes but in May 2018,a Consent Order was granted by the Cayman Court regarding the discontinuation of the litigation,as disclosed in the section headed“Litigation”in this annual report.Charge of AssetsAccount receivables in the amount of approximately HK$439,596,000 as at 31 Dec

67、ember 2018 were pledged as security for bank borrowings(2017:Nil).Exchange ExposureThe Group mainly operates in Hong Kong and PRC and the exposure in exchange rate risks mainly arises from fluctuations in the HK dollar and Renminbi exchange rates.Exchange rate fluctuations and market trends have alw

68、ays been the concern of the Group.The policy of the Group for its operating entities operates in their corresponding local currencies to minimise currency risks.The Group,after reviewing its exposure for the time being,did not enter into any derivative contracts aimed at minimising exchange rate ris

69、ks during the year.However,management will monitor foreign currency exposure and will consider hedging significant foreign currency exposure if necessary.Capital CommitmentsThe Group had capital commitments of approximately HK$104,834,000 and HK$118,650,000 as at 31 December 2018(2017:HK$141,254,000

70、 and HK$123,900,000)in respect of exploration and evaluation expenditure and capital contributions in a subsidiary respectively.Contingent LiabilitiesThe Group had no material contingent liabilities as at 31 December 2018 and 2017.Employee InformationAs at 31 December 2018,the Group had a total work

71、force of 41(2017:35).The Group remunerates its employees based on their work performance,working experiences,professional qualifications and the prevailing market practice.於二零一五年六月，本集團向可換股票據之持有人開展法律訴訟，惟於二零一八年五月，開曼法院已就終止訴訟發出同意令，詳情載於本年報 訴訟 一節。資產抵押於二零一八年十二月三十一日，約439,596,000港元的應收賬款已抵押為銀行借款之擔保（二零一七年：無）。外

72、匯風險本集團的主要營運地區為香港和中國，其面對的匯兌風險主要來自港元及人民幣匯率的波動。匯率波幅及市場動向一向深受本集團關注。本集團的一貫政策是讓經營實體以其相關地區貨幣經營業務，盡量降低貨幣風險。在檢討當前承受的風險水平後，本集團年內並無為降低匯兌風險而訂立任何衍生工具合約。然而，管理層將密切留意外幣風險，必要時會考慮對沖重大外幣風險。資本承擔於二零一八年十二月三十一日，本集團就勘探及評估開支以及對一間附屬公司之注資分別有資 本 承 擔 約104,834,000港 元 及118,650,000 港 元（二 零 一 七 年：141,254,000港 元 及123,900,000港元）?；蛉回搨?/p>

73、於二零一八年及二零一七年十二月三十一日，本集團並無任何重大或然負債。僱員資料於二零一八年十二月三十一日，本集團共有41名（二零一七年：35名）員工。本集團僱員之薪酬與彼等之工作表現、工作經驗、專業資格及現行市場慣例掛鈎。11China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018CEOs Statement and Management Discussion and Analysis行政總裁報告與管理層討論及分析ADDITIONAL DISCLOSURE REGARDING THE MODIFIED

74、 OPINION AND IMPAIRMENT TESTINGRevenue Recognition of Kashi ProjectThe revenue of HK$477,784,000 recorded for the year ended 31 December 2018 comprised:(a)the revenue from Kashi Project in the amount of approximately HK$466,880,000;and(b)the revenue from the Groups Karamay pipelined gas project in t

75、he amount of approximately HK$10,904,000.The revenue of HK$466,880,000 recognised in the Groups results for the year ended 31 December 2018 relates to the sales of natural gas by the Groups Kashi Project to CNPC during the period since 2009 up to the year ended 31 December 2018.During the year 2018,

76、the revenue of gas sales of Kashi Project was recognised by the Group because the volume and unit price of gas sales and the allocation of value-added tax(VAT),operating cost and profit sharing were agreed,signed and acknowledged by the Group and CNPC Tarim Oil Field Company by way of natural gas al

77、location tables(the“Natural Gas Allocation Tables”).Based on the legal advice obtained by the Company from its PRC legal advisers,these Natural Gas Allocation Tables,when read together with the records and minutes of various meetings held between the Group and CNPC during the year 2018,the Petroleum

78、 Contract dated 22 December 2008 and the 1st Supplemental Contract dated 6 December 2017,should have conferred legally-enforceable right to the Group regarding the profit sharing of Kashi Project under the Petroleum Contract between 2009 and 2018.For this reason,the Company formed the view that reve

79、nue on the project should now be recognised.Regarding the cash settlement by CNPC of the profit sharing entitlement of the Group,CNPC has already settled the entire preliminary profit sharing of 2018 gas sales either in cash or by offsetting of payables owed to CNPC.Regarding the cash settlement on

80、profit sharing between 2009 and 2017,the Company was given to understand that payment would be made upon the signing of a second supplemental and amendment contract to the Petroleum Contract(the“2nd Supplement Contract”)which is expected to take place in 2019.有關經修訂意見及減值測試之額外披露確認喀什項目之收益截至二零一八年十二月三十一日

81、止年度錄得之收益477,784,000港元包括：(a)來自喀什項目之收益約466,880,000港元；及(b)來自本集團克拉瑪依管道天然氣項目之收益約10,904,000港元。本集團截至二零一八年十二月三十一日止年度之業績內，已確認有關自二零零九年起至截至二零一八年十二月三十一日止年度期間本集團喀什項目對中國石油集團之天然氣銷售收益466,880,000港元。於二零一八年，本集團確認喀什項目之天然氣銷售收益，乃由於本集團及中國石油集團塔里木油田分公司透過天然氣分配表（天然氣分配表）同意、簽署及確認天然氣銷售數量及單位價格以及增值稅、經營成本及溢利分成之分配所致。根據本公司，向其中國法律顧問取得

82、的法律意見，該等天然氣分配表與本集團及中國石油集團於二零一八年舉行之各會議的記錄和紀要、日期為二零零八年十二月二十二日的石油合約及日期為二零一七年十二月六日的第一份補充合約一併閱讀時，將會賦予本集團就於二零零九年至二零一八年根據石油合約分佔喀什項目之溢利之合法強制執行權利?；洞死碛?，本公司認為應即時確認該項目之收益。就中國石油集團以現金結算本集團溢利分成的權利而言，中國石油集團已以現金或抵銷結欠中國石油集團之應付款項之方式結算二零一八年天然氣銷售之全部初步溢利分成。就以現金結算二零零九年至二零一七年的溢利分成而言，本公司了解到，將於簽訂石油合約的第二份補充及修訂協議（第二份補充協議）後（預期

83、於二零一九年內簽訂）作出付款。12China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018CEOs Statement and Management Discussion and Analysis行政總裁報告與管理層討論及分析During the audit,the auditors requested the Company to provide the properly executed agreements(i.e.the finalised and signed 2nd Supplement

84、al Contract and GSA)as audit evidence,which the Company cannot provide because they are still under negotiation and have yet to be signed.Based on the Companys understanding,because the Company cannot produce the finalised and signed 2nd Supplemental Contract and the GSA,we cannot satisfy the audito

85、rs beyond doubt that the gas sales and profit sharing figures are free from any subsequent adjustments.Although the management cannot provide evidence to address the auditors concern,we took the view that the risk of subsequent adjustment of gas sales and profit sharing figures is insignificant,prin

86、cipally due to the existence of the Natural Gas Allocation Tables and the actual cash payment of the 2018 profit sharing proceeds by CNPC.Impairment of Intangible Assets and Exploration and Evaluation AssetsDuring the audit,the recoverable amounts of the intangible assets and the exploration and eva

87、luation assets relating to Kashi Project(the“Kashi Project Assets”)were determined by the Directors based on value-in-use calculations,which involved the making of certain assumptions in preparing cash flows projections for the cash generating unit including,amongst other factors,(a)the submission o

88、f the ODP before 31 December 2019;(b)the commencement of the development stage and commercial production of the oil and natural gas field after the submission of the ODP;and(c)payment by CNPC of the sales of natural gas from 2009 to 2017 before 31 December 2019.As explained above,payment of the prof

89、it sharing of gas sales proceeds from 2009 to 2017 is expected to take place in 2019 when the 2nd Supplemental Contract is finalised and signed in due course.The ODP approval requirement was formally abolished pursuant to State Council of the PRC under its circular No.6 of 2019(國發20196號)issued in Fe

90、bruary 2019 and we are still waiting for the implementation procedures of the new filing system.That having said,the Company is of the view that these assumptions are reasonable due to the latest positive development,namely:(a)the actual cash payment by CNPC of the profit sharing of gas sales procee

91、ds from 2009 to 2017;and(b)while the implementation procedures of ODP filing is yet to be published,the Company has reviewed the wordings of State Council Circular No.6 of 2019 and it is clearly stated that the approval requirement is being relaxed and the filing power is delegated to lower-level au

92、thority,meaning that the new filing system is going to make the project faster and easier rather than the other way round.於核數過程中，核數師要求本公司提供正式簽訂合同（即已落實及簽署之第二份補充協議及售氣協議）作審核憑證，而由於該等協議尚在磋商中及尚未簽署，本公司無法提供該等協議。據本公司理解，由於本公司無法出具已落實及簽署的第二份補充協議及售氣協議，我們未能釋除核數師對天然氣銷售及溢利分成數據其後毋須作出任何調整的疑慮。儘管管理層無法提供憑證以釋除核數師之疑慮，我們認為

93、天然氣銷售及溢利分成數據作出其後調整的風險微乎其微，主要由於天然氣分配表的存在及從中國石油集團收取的二零一八年溢利分成所得款項之實際現金付款所致。無形資產以及勘探及評估資產減值於核數中，有關喀什項目之無形資產以及勘探及評估資產（喀什項目資產）的可收回金額乃由董事根據使用價值計算法釐定，當中涉及在編製現金產生單位之現金流量預測時作出若干假設，包括（其中包括）(a)於二零一九年十二月三十一日前提交總體開發方案；(b)石油及天然氣田於提交總體開發方案後開始開發階段及商業生產；及(c)中國石油集團於二零一九年十二月三十一日前支付二零零九年至二零一七年的天然氣銷售款項。誠如上文所闡述，二零零九年至二零一

94、七年天然氣銷售所得款項之溢利分成預期於落實及簽訂第二份補充協議時在二零一九年適時支付。根據中國國務院於二零一九年二月頒佈的二零一九年第6號通知（國發20196號），總體開發方案審批要求已獲正式廢除，而我們尚在等待新備案機制之實施程序。儘管如此，由於最近的正面發展，即：(a)中國石油集團就二零零九年至二零一七年天然氣銷售所得款項之溢利分成支付之實際現金款項；及(b)儘管總體開發方案備案之實施程序尚未頒佈，但本公司已審閱國務院二零一九年第6號通知之措辭，當中清楚列明審批要求會被放寬及備案權力將下放至下級機關，意味著新備案機制將使該項目審批更快更容易，而非更慢更難，因此本公司認為該等假設誠屬合理。1

95、3China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018CEOs Statement and Management Discussion and Analysis行政總裁報告與管理層討論及分析During the audit,the auditors requested the Company to provide the properly executed agreements(i.e.the finalised and signed 2nd Supplemental Contract and

96、GSA)and the details of new ODP filing procedures,which the Company cannot provide.Based on the Companys understanding,because the Company cannot produce the finalised and signed 2nd Supplemental Contract,the GSA and the details of new ODP filing procedures,we cannot satisfy the auditors beyond doubt

97、 that the estimated future selling price and estimated volume of gas to be extracted were reasonable and the ODP would be submitted to the relevant government authority before 31 December 2019,and the development stage and the commercial production of the project can start after the submission of th

98、e ODP.Although the management cannot provide evidence to address the auditors concern,we took the view that that the risk of the project ultimately being incapable of being put to commercial production is insignificant,principally due to the negotiation progress on the 2nd Supplemental Contract and

99、the GSA and the wordings of the State Council Circular No.6 of 2019.Further details regarding the impairment losses on Kashi Project AssetsThe impairment of the carrying value of Kashi Project Assets was principally due to the adjustment of gas sales price from RMB1.094 to RMB0.9856 per cubic meter(

100、being the latest gas unit price agreed with the Groups customer)and the adjustment in capital expenditure budget in the latest draft of ODP.The management made assumptions including the timing and development plan of the latest ODP(including the capital expenditure for additional wells and related f

101、acilities),commercial production and signing of GSA,future gas prices,productions costs(fixed and variable)and production volume forecast(based on the Groups previous estimation on the natural gas resources of the Kashi field).Except for the change in post-tax discount rate from 18%(equivalent to pr

102、e-tax discount rate of 23.1%)in 2017 to 16%(equivalent to pre-tax discount rate of 19.5%)in 2018,the adjustment of gas unit price from RMB1.094 to RMB0.9856 per cubic meter as explained above and the adjustment of capital expenditure budget from US$74.0 million to US$92.6 million as explained above,

103、there were no other significant changes in the value of the inputs and assumptions used in the valuation as compared to those previously adopted.The change in discount rate was mainly due to the decrease in firm specific risk factors from 10.67%to 7.67%resulting from the significant progress made by

104、 the Kashi Project during the year.於核數中，核數師要求本公司提供正式簽訂協議（即已落實及簽署之第二份補充協議及售氣協議）及新總體開發方案備案程序詳情，惟本公司無法提供。據本公司理解，由於本公司無法提供經已落實及簽署之第二份補充協議、售氣協議及新總體開發方案之詳細備案程序，我們未能釋除核數師對項目之未來銷售價格及天然氣提取數量之估算是否合理、總體開發方案能否在二零一九年十二月三十一日前提交予相關政府機關以及能否在提交總體開發方案後開始開發階段及商業生產的疑慮。儘管管理層無法提供憑證以釋除核數師之疑慮，我們認為該項目最終無法投入商業生產的風險微乎其微，主要是由於

105、第二份補充協議及售氣協議之磋商過程以及國務院二零一九年第6號通知之措辭所致。有關喀什項目資產減值虧損之進一步詳情喀什項目資產之賬面值減值乃主要由於售氣價格由每立方米人民幣1.094元調整至人民幣0.9856元（即與本集團客戶協定之最新天然氣單位價格）及於最新之總體開發方案草稿中調整資本開支預算所致。管理層對最新總體開發方案之時間及開發計劃（包括額外井口及相關設施之資本開支）、商業生產及簽署售氣協議、未來天然氣價格、生產成本（固定及可變）及生產量預測（根據本集團之前對喀什油田天然氣資源之估計計算）等作出假設。除稅後貼現率由二零一七年的18%（相等於除稅前貼現率23.1%）變動至二零一八年的16%

106、（相等於除稅前貼現率19.5%）、如上文所闡釋天然氣單位價格由每立方米人民幣1.094元調整至人民幣0.9856元及如上文所闡釋資本開支預算由74,000,000美元調整至92,600,000美元外，輸入數據的價值及於估值中使用之假設與之前所採納者相比並無其他重大變動。貼現率之變動乃主要由於因年內喀什項目取得重大進展，而企業特定風險因素由10.67%減少至7.67%所致。14China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018CEOs Statement and Management Discu

107、ssion and Analysis行政總裁報告與管理層討論及分析In arriving at the fair value,the valuer has considered three generally accepted approaches,namely,market approach,cost approach and income approach.Since market approach is not appropriate(as no similar transactions in the public market can be identified as comparab

108、le transaction)and cost approach is not appropriate(as it ignores the economic benefits of the ownership of the business),the valuer has adopted income approach discounted cash flow method to assess the fair value of the project.A discount on lack of marketability(DLOM)of 30%was applied in the fair

109、value assessment,which is in line with market practice.In compliance with HKAS 36 Impairment of Assets,during an impairment testing of assets(other than financial assets),the recoverable amount should be the greater of(i)the fair value less costs of disposal,and(ii)the value-in-use(VIU),which is bas

110、ed on the estimated future cash flows expected to be derived from the asset discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.Therefore,after assessing the fair value and VIU in the

111、valuation report,the Company has used the VIU,being the higher of the two figures,in determining the recoverable value of the Kashi Project Assets.Going Concern BasisThe Companys net current asset/liabilities position has greatly improved from net current liabilities of HK$258,872,000 as at 31 Decem

112、ber 2017 to net current asset of HK$52,830,000 as at 31 December 2018.The Company has therefore prepared its financial statements on a going concern basis on the assumptions that:(i)CNPC will make payment of the profit sharing proceeds between 2009 and 2017 before 31 December 2019;and(ii)the Group w

113、ill be able to successfully persuade its contractors not to insist on repayment of the construction cost payables before the Company receives the profit sharing proceeds from CNPC.於達致公平值時，估值師曾考慮三種公認方法，即市場法、成本法及收入法。由於市場法並不適合（由於在公開市場上並無可識別為可資比較交易之類似交易），而成本法亦不適合（因其忽略業務擁有權之經濟利益），故估值師已採納收入法 貼現現金流量法以評估該項目

114、之公平價值。於公平價值評估中應用之缺乏市場流通性貼現（DLOM）30%乃符合市場慣例。根據香港會計準則第36號資產減值，於資產（金融資產除外）減值測試時，可收回金額應為(i)公平價值減出售成本；及(ii)使用價值（VIU）（以較高者為準），而使用價值乃根據預期來自資產的估計未來現金流量，採用稅前貼現率（以反映貨幣時間價值及資產特定風險的當前市場評估），貼現至其現值。因此，於估值報告評估公平價值及使用價值後，本公司於釐定喀什項目資產之可收回價值時已使用使用價值（即兩個數據中之較高者）。持續經營基準本公司之淨流動資產負債狀況已自二零一七年十二月三十一日之流動負債淨額258,872,000港元大幅改

115、善至二零一八年十二月三十一日之流動資產淨值52,830,000港元。因此，本公司按持續經營基準編製其財務報表，當中假設：(i)中國石油集團將在二零一九年十二月三十一日前支付二零零九年至二零一七年期間的溢利分成所得款項；及(ii)本集團將能成功說服其承建商於本公司從中國石油集團接獲溢利分成所得款項前，不堅持要求償還應付建築費用。15China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018CEOs Statement and Management Discussion and Analysis行政總裁報

116、告與管理層討論及分析During the audit,the auditors requested the Company to provide the properly executed agreements(i.e.the finalised and signed 2nd Supplemental Contract and GSA)and written confirmations from contractors not to demand repayment of the construction cost payables before the Company receives th

117、e proceeds from CNPC,as audit evidence which the Company cannot provide.Based on the Companys understanding,because the Company cannot produce these requested evidence,we cannot satisfy the auditors beyond doubt that CNPC will make payment of the profit sharing proceeds between 2009 and 2017 before

118、31 December 2019 and the Group will be able to successfully persuade its contractors not to insist on repayment of the construction cost payables before the Company receives the profit sharing proceeds from CNPC.Although the management cannot provide evidence to address the auditors concern,we took

119、the view that CNPC will make the profit sharing proceeds in 2019 and the contractors will not to insist on repayment of the construction cost payables before the Company receives the profit sharing proceeds from CNPC principally due to the negotiation progress of the 2nd Supplemental Contract and th

120、e GSA and the relationship between the contractors and CNPC.The Audit Committees viewDuring the audit process,the audit committee discussed with the management during which the management presented the financial highlights and conveyed the key audit matters expressed by the auditors including the au

121、dit modifications.After considering the circumstances surrounding the audit modification and the managements presentation,the audit committee concurred with the managements judgments regarding revenue recognition of Kashi Project,the valuation of the Kashi Project Assets and the going concern basis

122、of the financial statements.Action plan to remove audit modificationIn 2019,the Directors will continue to make efforts to follow up with the signing of the 2nd Supplemental Contract and the GSA,the ODP filing and the settlement of the profit sharing proceeds on the project from 2009 to 2017,and to

123、continue to negotiate with banks and other financiers,financial institutions and potentially interested investors with the view to obtaining new funding whether by way of equity or debt financing.Once the ODP is filed for record as required,the 2nd Supplemental Contract and the GSA signed and the 20

124、09 to 2017 profit sharing proceeds from CNPC are received within 2019 as expected by management,the Company expects that any perceived uncertainties on the audit modifications could be addressed by the end of year 2019.於核數中，核數師已要求本公司提供正式簽訂協議（即已落實及簽署之第二份補充協議及售氣協議）以及承建商不要求於本公司從中國石油集團接獲所得款項前償還應付建築費用之書面

125、確認作為審核憑證，惟本公司無法提供。據本公司理解，由於本公司無法出具該等所要求之憑證，因此吾等無法釋除核數師對中國石油集團會否在二零一九年十二月三十一日前支付二零零九年至二零一七年之溢利分成所得款項及本集團能否成功說服其承建商於本公司從中國石油集團接獲溢利分成所得款項前，不堅持要求償還應付建築費用之疑慮。儘管管理層無法提供憑證以釋除核數師之疑慮，吾等認為中國石油集團會在二零一九年支付溢利分成所得款項及於本公司從中國石油集團接獲溢利分成所得款項前，承建商不會堅持要求償還應付建築費用，主要乃由於第二份補充協議及售氣協議之磋商過程以及承建商與中國石油集團之關係所致。審核委員會之意見於核數過程中，審核

126、委員會與管理層已進行討論，期間管理層已呈列財務摘要及傳達核數師所提出之關鍵審核事項，包括審核修訂。經考慮審核修訂之情況及管理層呈列之資料後，審核委員會同意管理層對有關喀什項目收益確認、喀什項目資產之估值及財務報表之持續經營基準之判斷。移除審核修訂之行動計劃於二零一九年，董事將繼續努力跟進有關簽訂第二份補充協議及售氣協議、總體開發方案備案及結算二零零九年至二零一七年的項目溢利分成所得款項之工作，及將繼續與銀行及其他金融界人士、金融機構及潛在有意投資者進行磋商，以透過股權融資或債務融資獲取新資金。一旦就總體開發方案按要求作出備案記錄、簽訂第二份補充協議及售氣協議，以及如管理層預期般於二零一九年內自

127、中國石油集團收取二零零九年至二零一七年之溢利分成所得款項，則本公司預期將可於二零一九年年底前移除任何被視為審核修訂不確定性之因素。16China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018CEOs Statement and Management Discussion and Analysis行政總裁報告與管理層討論及分析EVENTS AFTER THE REPORTING PERIODOn 20 March 2019,the Group entered into a loan agreement

128、(the“Loan Agreement”)with the controller of a substantial shareholder of the Company(the“Lender”)regarding the continual provision of a loan facility of up to HK$45 million by the Lender to the Company a 5%per annum,3-year loan facility.Under the Loan Agreement,interest shall start to accrue with ef

129、fect from 1 January 2019,and the Lender reserves the overriding right to demand early repayment.The Lender,being the controller of a substantial shareholder of the Company,is a connected person of the Company as defined under the Rules Governing the Listing of Securities(the“Listing Rules”)on The St

130、ock Exchange of Hong Kong Limited(the“Stock Exchange”).The Directors(including the independent non-executive Directors)noted that the terms of the Loan Agreement were determined after arms length negotiations between the Company and the Lender and are of the view that the terms of the Loan Agreement

131、 are normal commercial terms or better from the Companys perspective,are fair and reasonable and in the interests of the Group and substantial shareholder as a whole.Accordingly,the Loan Agreement is fully exempt from all disclosure,annual review,circular and shareholders approval requirements under

132、 Rule 14A.90 of the Listing Rules.PROSPECTSExploration,Production and Distribution of Natural GasSubsequent to the signing of the Supplemental Contract to extend the exploration period and the settlement of the Litigation with the vendors of Kashi Project,significant progresses were made on Kashi Pr

133、oject during the first half of 2018,including the obtaining of a new RMB100 million banking facilities secured by the account receivable under the Petroleum Contract,the final preparation of the ODP filing and the final negotiation of GSA.Further details of the business update on the Kashi Project a

134、re disclosed in the Companys announcement dated 23 August 2018.In December 2018,the ODP was approved by CNPC internally.報告期後事項於二零一九年三月二十日，本集團與本公司一名主要股東的控制人（貸款方）就貸款方向本公司持續提供一筆上限為45,000,000港元的貸款融資訂立貸款協議（貸款協議），該貸款融資為年利率5%的3年期貸款融資。根據貸款協議，自二零一九年一月一日起開始計息，而貸款方保留凌駕性權利可要求提早還款。貸款方（即本公司一名主要股東的控制人）為本公司之關連人士（定義

135、見香港聯合交易所有限公司（聯交所）證券上市規則（上市規則）。董事（包括獨立非執行董事）注意到貸款協議之條款乃經本公司及貸款方公平磋商後釐定，並認為就本公司而言，貸款協議之條款乃按一般商業條款或更佳的條款訂立，屬公平合理且符合本集團及主要股東的整體利益。因此，貸款協議獲全面豁免遵守上市規則第14A.90條項下的所有披露、年度審閱、通函及股東批準規定。展望天然氣勘探、生產及分銷隨著簽署補充協議以延長勘探期及與喀什項目賣方就訴訟達成和解後，喀什項目於二零一八年上半年取得重大進展，包括以石油合約項下的應收賬款作抵押獲銀行新授予金額為人民幣100,000,000元的融資、總體開發方案備案已進行至最後預備

136、階段及售氣協議進行到最終談判階段。有關喀什項目業務更新的進一步詳情，已於本公司日期為二零一八年八月二十三日的公佈中披露。於二零一八年十二月，總體開發方案已獲中國石油集團內部批準。17China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018CEOs Statement and Management Discussion and Analysis行政總裁報告與管理層討論及分析The project details and key milestones for the Kashi Project were

137、 disclosed in the Companys circular dated 3 December 2010.In essence,the Petroleum Contract covers an exploration period of up to six years(which was already extended by CNPC pursuant to the Supplemental Contract),a development period and a production period.The development period shall commence on

138、the date of ODP filing/approval and end on the date of the completion of the development operations required by the ODP to be completed during the development period.The end of the development period also signifies the commencement of the commercial production of the project and the commencement of

139、the production period,which runs for fifteen years for an oil field and twenty years for a gas field(subject to extension with the approval of the government).Further announcement(s)will be made by the Company regarding the implementation timetable of such development operations as and when the ODP

140、is submitted for filing and when there is any significant progress of the Kashi Project.The Companys management will continue to follow up with CNPC with the view to expediting the ODP filing and GSA finalisation and signing thereby accelerating the commencement of commercial production of Kashi Pro

141、ject,and will continue to follow up with potential lenders and investors with the view to secure additional debt and/or equity funding to finance the further development of the project.Sales of Food and Beverages BusinessThe management has taken a cautious approach to manage the operations of the fo

142、od and beverages segment.The Group will assess the value and performance of this segment from time to time,and continue to keep track of the economic environment and review the future allocation of resources as and when required.Money Lending BusinessThe Group established this new segment in the sec

143、ond half of 2015.The management will continue to look for high quality borrowers in order to minimise the risk of default.The management has taken a cautious approach in money lending business in view of the Groups current financial position.喀什項目的詳情和主要里程碑已於本公司日期為二零一零年十二月三日的通函中披露。概括來說，石油合約涵蓋最多六年的勘探期（

144、已根據補充協議經中國石油集團延長），以及開發期和生產期。開發期由總體開發方案備案批準當日起開始，直至總體發展方案中所規定須於開發期內完成的開發工程的完工當日結束。開發期結束亦標誌著該項目商業生產和生產期的開始，油田的生產期為十五年，氣田的生產期則為二十年，兩者皆可由政府批準延長。本公司將於總體開發方案提交備案後及喀什項目取得重大進展時就該開發業務的實施時間表另行發出公佈。本公司管理層將繼續與中國石油集團跟進，尋求加快總體開發方案備案進程和售氣協議的最終落實及簽訂，藉此加快喀什項目開始商業生產，同時亦將繼續與潛在貸款方及投資者跟進，尋求獲得額外債務及或股本融資以撥資該項目之進一步發展。銷售食品及

145、飲料業務管理層已採取審慎態度管理食品及飲料分部的營運。本集團會不時評估該分部的價值及業績，繼續觀察經濟環境並於必要時檢討未來的資源分配。放債業務本集團於二零一五年下半年建立此新分部。管理層將繼續尋覓高質素的借款方，以減少拖欠還款的風險。鑒於本集團目前的財務狀況，管理層已就放債業務採取審慎態度。18China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018CEOs Statement and Management Discussion and Analysis行政總裁報告與管理層討論及分析Appreci

146、ationLooking forward,we will continue our proven strategy of fostering opportunity for sustainable growth with the aim of enhancing return for our shareholders.Finally,on behalf of the Board,I would like to take this opportunity to express my sincere gratitude to a team of devoted staff for their ou

147、tstanding service and to our shareholders for your continued support.Zhao GuoqiangChief Executive Officer&Executive DirectorHong Kong,29 March 2019致謝展望未來，本集團將繼續施行能促進可持續發展業務機會之既定策略，務求提升股東之回報。最後，本人謹此代表董事會，對熱誠投入為本集團服務之出色員工及股東之不斷支持致以衷心感謝。趙國強行政總裁兼執行董事香港，二零一九年三月二十九日19China Energy Development Holdings Limi

148、ted 中國能源開發控股有限公司 Annual Report 年報 2018Biographical Details of Directors董事之履歷Executive DirectorsMr.Zhao Guoqiang,aged 61,joined the Company as an executive director in December 2009 and was elected as the chief executive officer on 29 December 2009.He graduated from his study for Physics at Qufu Norm

149、al University.He has nearly 35 years of working experience in exploration and exploitation of petroleum industry.He acted as senior engineer in Sinopec Shengli Oilfield Company(the“Shengli Oilfield”)and was awarded the Top-notch talent from China Petroleum&Chemical Shengli Oilfield.Mr.Zhao was appoi

150、nted as an alternative director to Dr.Gu Quan Rong on 29 June 2015.Non-Executive DirectorsDr.Gu Quan Rong,aged 54,joined the Company as a non-executive director in September 2014.He obtained a bachelor degree and a post-doctoral degree in Organic Chemistry from Nanjing University in 1987 and 1996,re

151、spectively,and a doctorate degree in mineral processing from China University of Mining&Technology,Beijing in 1993.He is an expert in chemistry,energy,biodiesel and oil and gas.Between 1996 and now,he held the positions of Associate Professor,Professor and Vice Dean for Scientific Research in Nanjin

152、g University,and had been a Visiting Scholar in Wayne State University,United States and University of Regina,Canada and a Senior Research Fellow in University of Alberta,Canada.He had worked with leading oilfields in China such as Daqing Oilfield,Shengli Oilfield and Dagang Oilfield,and been the Ch

153、ief Scientist of energy companies in North America.Ms.Ngan Mei Ying,aged 37,joined the Company as a non-executive director in April 2017.She graduated from Lingnan University,Hong Kong in 2003 with a bachelors degree in accountancy.She is a fellow member of the Association of Chartered Certified Acc

154、ountants and has over 10 years of professional experience of auditing in international audit firms and accounting experience in public listed companies.Ms.Ngan resigned as a non-executive director on 31 October 2018.執行董事趙國強先生，現年61歲，於二零零九年十二月加入本公司出任執行董事，並於二零零九年十二月二十九日獲選任為行政總裁。彼畢業於曲阜師範大學物理專業，在石油開採及勘探行

155、業有近35年的工作經驗。彼曾在中國石化勝利油田公司（勝利油田）擔任高級工程師，並榮獲中國石化勝利油田技術拔尖人才稱號。於二零一五年六月二十九日，趙先生獲委任為顧全榮博士之替任董事。非執行董事顧全榮博士，54歲，於二零一四年九月加入本公司出任非執行董事。彼先後於一九八七年及一九九六年取得南京大學有機化學專業學士學位及博士後學位，並於一九九三年獲中國礦業大學（北京）頒授礦物加工博士學位。顧博士為化 學、能 源、生 物 柴 油 及 油 氣 專 家。自一九九六年至今，顧博士先後出任南京大學副教授、教授及科研處副院長，並為美國韋恩州立大學及加拿大里賈納大學客席學者以及加拿大阿爾伯塔大學高級研究員。彼曾於

156、大慶油田、勝利油田及大港油田等中國領先油田工作，歷任北美多家能源公司之首席科學家。顏美瑩女士，37歲，於二零一七年四月加入本公司為非執行董事。彼於二零零三年畢業於香港嶺南大學，獲頒會計學學士學位。彼為英國特許公認會計師公會資深會員，於國際會計師行累積逾十年專業審計經驗及於上市公司累積會計經驗。顏女士於二零一八年十月三十一日辭任非執行董事。20China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018Biographical Details of Directors董事之履歷Independent No

157、n-executive DirectorsMr.Zong Ketao,aged 52,joined the Company as an independent non-executive director in July 2015.He is a lawyer qualified to practice law in the Peoples Republic of China(the“PRC”).He holds a master degree in law from University of International Business and Economics,China and a

158、bachelor degree in law from Lanzhou University,China.He has extensive experience in litigation and arbitration,company law and laws relating to investment,finance,energy,mining and capital market.From 1989 to 2000,he joined Sinopec Shengli Oilfield Company Limited,an associate of China Petroleum&Che

159、mical Corporation(“Sinopec”),as a member of their in-house legal department.From 2003 to 2004,he was appointed as the senior legal supervisor of another group company of Sinopec.Since 2005,he started his own private legal practice and joined various law firms in the PRC as a partner.Mr.Cheng Chun Yi

160、ng,aged 50,joined the Company as an independent non-executive director in January 2016.He is an associate member of the Hong Kong Institute of Certified Public Accountants and an associate member of the Certified Practicing Accountants Australia.He holds a masters degree in business law from Monash

161、University,Australia and a bachelors degree in commerce accounting from The Curtin University of Technology,Australia.He has extensive experience in finance and accounting,and has worked as financial controller in various private and public listed companies in Hong Kong,Singapore and the United Stat

162、es.獨立非執行董事宗科濤先生，52歲，於二零一五年七月加入本公司出任獨立非執行董事。彼為中華人民共和國（中國）之認可執業律師。彼持有中國對外經濟貿易大學法律碩士學位及中國蘭州大學法律學士學位。彼於訴訟與仲裁、公司法以及有關投資、金融、能源、礦業及資本市場之法律方面具備豐富經驗。於一九八九年至二零零零年，彼加入中國石油化工股份有限公司（中國石化）之聯營公司中國石化勝利油田有限公司，擔任其內部法律部門人員。自二零零三年至二零零四年，彼獲委任為中國石化另一集團公司之高級法務主管。自二零零五年起，彼展開其私人法律執業業務，與中國多間律師事務所結成夥伴。鄭振鷹先生，50歲，於二零一六年一月加入本公司出

163、任獨立非執行董事。彼為香港會計師公會會員及澳洲註冊執業會計師公會會員。彼持有澳洲蒙納許大學(Monash University)商業法碩士學位及澳洲科廷大學(The Curtin University of Technology)商務會計學士學位。彼於金融及會計方面擁有豐富經驗，曾於香港、新加坡及美國多間私人及公眾上市公司出任財務總監。21China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018Biographical Details of Directors董事之履歷Mr.Lee Man Tai,

164、aged 42,joined the Company as an independent non-executive director in January 2016.He graduated from Lingnan University,Hong Kong in 2000 with a bachelors degree in business administration and obtained a masters degree in business administration in financial services from The Hong Kong Polytechnic

165、University in 2010.He is a fellow member of the Hong Kong Institute of Certified Public Accountants and a fellow member of the Association of Chartered Certified Accountants in the United Kingdom.He has over 17 years of professional experience in accounting and auditing.He worked in audit firms betw

166、een 2000 and 2006,and has occupied the positions of chief financial officer,financial controller and company secretary of several listed companies in Hong Kong between 2006 and 2016.He is an independent non-executive director of Progressive Path Group Holdings Limited(Stock code:1581)which is listed

167、 on the Stock Exchange.He is also a representative for type 1 and 6 regulated activities under the Securities and Futures Ordinance(Chapter 571 of the Laws of Hong Kong).李文泰先生，42歲，於二零一六年一月加入本公司出任獨立非執行董事。彼於二零零零年畢業於香港嶺南大學並取得工商管理學士學位，及於二零一零年取得香港理工大學工商管理（金融服務）碩士學位。彼為香港會計師公會資深會員及英國特許公認會計師公會資深會員。彼於會計及審計方面

168、擁有逾17年專業經驗。彼於二零零零年至二零零六年間在多間審計師事務所任職，並於二零零六年至二零一六年在香港多間上市公司出任首席財務官、財務總監及公司秘書。彼為進昇集團控股有限公司（股份代號：1581）的獨立非執行董事，該公司於聯交所上市。根據香港法例第571章證券及期貨條例，彼亦為第1類及第6類受規管活動的代表。22China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018Corporate Governance Report企業管治報告OverviewThe Company is committed

169、 to maintain good corporate governance standard and procedures.The Board recognizes the importance of and benefit from good corporate governance practices.We believe that improvement in corporate governance not only assists the Company in effective supervision and control on its business operation,b

170、ut also attracts investment from international institutional investors,thereby creating and enhancing shareholder value.1.Corporate Governance PracticesThe Stock Exchange has promulgated the code provisions on Corporate Governance Code and Corporate Governance Report contained in Appendix 14 to the

171、Listing Rules(the“CG Code”).Throughout the year ended 31 December 2018,the Group has complied itself with all CG Code except for the following:(a)In relation to A.2.1 of the CG Code,the roles of chairman and Chief Executive Officer(the“CEO”)should be separate and should not be performed by the same

172、individual and the division of responsibilities between the chairman and CEO should be clearly established and set out in writing.During the year,Mr.Zhao Guoqiang is the CEO of the Company.During the year,the position of chairman is vacated and the Board intends to identify satisfiable candidate to

173、fill the vacancy.(b)In relation to E.1.2 of the CG Code,the chairman of the Board should attend the the annual general meeting(the“AGM”)to answer questions raised up in the meeting.During the year,the position of chairman is vacated,but other Directors and members of the audit committee were present

174、 at the AGM to answer questions from Shareholders.概覽本公司致力維持良好之企業管治水平及程序。董事會確認良好企業管治守則之重要性及成效。我們相信提高企業管治不單有助本公司有效監督及控制其業務運作，亦可吸引國際機構投資者，為股東締造更大價值。1.企業管治常規聯交所已公佈上市規則附錄十四所載 企業管治守則及企業管治報告（企業管治守則）的守則條文。於截至二零一八年十二月三十一日止年度，本集團一直遵守全部企業管治守則，惟下列各項除外：(a)根據企業管治守則第A.2.1條，主席及行政總裁（行政總裁）之角色應予以區分並不應由同一人擔任，以及主席及行政總裁之

175、職責應以書面清楚界定。年內，趙國強先生擔任本公司行政總裁。年內，主席一職懸空，董事會有意物色合適的人選以填補空缺。(b)根據企業管治守則第E.1.2條，董事會主席應出席股東週年大會（股東週年大會）以於會上回答提問。於年內，主席一職懸空，惟其他董事及審核委員會成員已出席股東週年大會，以回答股東提問。23China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018Corporate Governance Report企業管治報告(c)In relation to A.4.1 and A.4.2 of the

176、 CG Code,non-executive directors should be appointed for a specific term,subject to re-election while all directors should be subject to retirement by rotation at least once every three years.For the year under review,all independent non-executive directors of the Company have not been appointed for

177、 a specific term but they are subject to retirement by rotation in accordance with the Companys articles of association.2.Risk Management and Internal ControlThe Board acknowledges its responsibility in maintaining sound and effective risk management and internal control systems for the Group to saf

178、eguard investments of the shareholders and assets of the Company at all times.Such systems aim to help achieving the Groups business objectives,safeguarding assets and maintaining proper accounting records for provision of reliable financial information.However,the design of the systems is to provid

179、e reasonable,but not absolute,assurance against material misstatement in the financial statements or loss of assets and to manage rather than eliminate risks of failure when business objectives are being sought.Management has conducted regular reviews during the year on the effectiveness of the risk

180、 management and internal control systems covering all material controls in area of financial,operational and compliance controls,various functions for risks management as well as physical and information systems security.The chief financial officer(the“CFO”)has reported to the audit committee from t

181、ime to time during the year,in conjunction with key findings identified by the external auditors,findings and actions or measures taken in addressing those internal controls.The audit committee in turn reports any material issues to the Board.The Board,through the audit committee,also sets targets f

182、or and reviews plan and progress on continuous improvement work of the Companys internal control system with the CFO on a periodic basis.(c)根據企業管治守則第A.4.1及A.4.2條，非執行董事須按指定任期委任，並須膺選連任，而全體董事須至少每三年輪值告退一次。於回顧年度，本公司所有獨立非執行董事均非按指定任期委任，惟須按照本公司組織章程細則之規定輪值告退。2.風險管理及內部監控董事會知悉其職責乃維持行之有效之本集團風險管理及內部監控制度，全面保障股東之投

183、資及本公司資產。該等制度旨在協助本集團達成其業務目標，保障資產，以及妥為存置提供可靠財務資料之會計記錄。然而，該等制度之設置乃就防止於財務報表中作出重大錯誤聲明或資產損失提供合理（而非絕對）之保證，以及管理（而非減低）無法尋求業務目標之風險。管理層於年內已定期審閱風險管理及內部監控制度之成效，包括財務、營運及遵守監控、不同風險管理功能以及實際及資料系統保安等各個重大監控領域。財務總監（財務總監）於年內不時向審核委員會匯報外部核數師提出之重大發現，以及在進行內部監控時之發現、行動或措施。審核委員會則向董事會報告任何重大事宜。董事會亦透過審核委員會與財務總監定期制訂本公司內監控制度之目標、檢討有關

184、計劃，以及對有關制度進行持續改善工作。24China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018Corporate Governance Report企業管治報告3.Board of directors(a)Up to the date of this annual report,the Board comprises a total of five members including one executive director,one non-executive directors and t

185、hree independent non-executive directors.Members of the Board have different professional and relevant industry experiences and background so as to bring in valuable contributions and advices for the development of the Groups business.Up to the date of this annual report,the Company has three indepe

186、ndent non-executive directors representing not less than one-third of the Board,and two of them are qualified accountants.(b)The Company has received written annual confirmation from each incumbent independent non-executive director of their independence to the Group.The Group considered that all in

187、dependent non-executive directors meets the independence guidelines set out in Rule 3.13 of the Listing Rules and are independent in accordance with the terms of the guidelines.The names of the directors and their respective biographies are set out on pages 19 to 21 of this annual report.3.董事會(a)截至本

188、年報日期，董事會由合共五名成員組成，包括一名執行董事、一名非執行董事及三名獨立非執行董事。董事會成員具備不同專業及相關行業經驗及背景，可為本集團之業務發展提供寶貴貢獻及意見。截至本年報日期，本公司有三名獨立非執行董事，佔董事會不少於三分之一，其中兩人為合資格會計師。(b)本公司已接獲各現任獨立非執行董事就彼等之獨立性而向本集團發出之年度確認書。本集團認為全體獨立非執行董事符合上市規則第3.13條之獨立指引，且根據該指引彼等為獨立人士。董事姓名及彼等各自之履歷載於本年報第19至21頁。25China Energy Development Holdings Limited 中國能源開發控股有限公司

189、 Annual Report 年報 2018Corporate Governance Report企業管治報告(c)The Board meets periodically with the management to discuss the Groups strategies development and to review the business operation.The Board also monitors and controls financial performance in pursuit of the Groups strategic objectives.The na

190、mes of the directors during the financial year and their individual attendance of are set out below:Attendance/number of meetings entitle to attend出席次數有權出席之會議數目NameBoardAuditCommitteeRemunerationCommitteeNominationCommitteeAnnual/ExtraordinaryGeneralMeeting姓名董事會審核委員會薪酬委員會提名委員會股東週年特別大會Mr.Zhao Guoqian

191、g(CEO)趙國強先生（行政總裁）8/8N/A不適用N/A不適用N/A不適用0/1Dr.Gu Quan Rong顧全榮博士8/82/21/11/10/1Ms.Ngan Mei Ying(resigned on 31 October 2018)顏美瑩女士（於二零一八年十月 三十一日辭任）6/72/21/11/11/1Mr.Zong Ketao宗科濤先生8/82/21/11/10/1Mr.Cheng Chun Ying鄭振鷹先生8/82/21/11/11/1Mr.Lee Man Tai李文泰先生8/82/21/11/10/1(d)The Board members have no financia

192、l,business,family or other material/relevant relationships with each other.Each of the independent non-executive directors have confirmed in writing their independence from the Company in accordance with the guidelines on director independence of the Listing Rules.On this basis,the Company considers

193、 all such directors to be independent.(e)The Board oversees the Groups strategic development and determines the objectives,strategies and policies of the Group.(c)董事會定期與管理層會面，討論本集團之策略發展及檢討業務運作。董事會亦監察及監控本集團在達致策略性目標時之財務表現。本財政年度之董事姓名及其個別之會議出席率如下：(d)董事會成員之間並無財務、業務、家族或其他重大相關關係。各獨立非執行董事已根據上市規則董事獨立性指引向本公司發

194、出書面獨立性確認函。據此，本公司認為所有董事誠屬獨立。(e)董事會監督本集團之策略性發展，並決定本集團之目標、策略及政策。26China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018Corporate Governance Report企業管治報告(f)The major issues which were brought before the Board for their decisions during the year include:(i)proposals related to pote

195、ntial acquisition,investments,or any significant capital expenditures;and(ii)formulation of operational strategies and review of its financial performance and results and the internal control system.(g)The Board has the overall responsibility to ensure that the Company maintains sound and effective

196、internal controls to safeguard the shareholders investments and the Companys assets.(h)The Company has set up three Board committees,namely,the audit committee,the remuneration committee and the nomination committee,to oversee particular aspect of the Groups affairs,details of which are set out in t

197、he relevant sections below.(i)The Board has delegated the day-to-day management and operations of the Groups businesses to management of the Group.Major corporate matters that are specifically delegated by the Board to the management include the preparation of financial statements for Board approval

198、 before publishing,execution of business strategies and initiatives adopted by the Board,implementation of adequate systems of internal controls and risk management procedures,and compliance with relevant statutory requirements and rules and regulations.(j)When the Board delegates aspects of its man

199、agement and administration functions to management,it has given clear directions as to the powers of management,in particular,with respect to the circumstance where management shall report back and obtain prior approval from the Board before making decisions or entering into any commitments on behal

200、f of the Company.(k)In relation to A.6.5 of the CG Code,all directors have participated their own professional training by attending seminar/programme/reading relevant materials in relation to the business on directors duties.(f)年內提呈董事會決議之主要事項包括：(i)有關潛在收購、投資或任何重大資本開支之建議；及(ii)制定經營策略及審閱其財務表現、業績以及內部監控制

201、度。(g)董事會之整體責任為確保本公司維持行之有效的內部監控，以保障股東之投資及本公司資產。(h)本公司已成立三個董事委員會，即審核委員會、薪酬委員會及提名委員會，以監督本集團特定範圍之事務，詳情於下文相關部份載列。(i)董事會已指派本集團之管理層處理本集團之日常業務管理及運作。董事會特別指派管理層處理之主要企業事宜包括：編製財務報表供董事會於刊發前審批、履行董事會採納之業務策略及目標、推行適當之內部監控及風險管理程序制度，以及遵守相關法定規定、規則及規例。(j)倘董事會向管理層授出其管理及行政職能，董事會已就管理層之權力發出清晰指引，其中有關管理層須向董事會作出匯報，以及管理層在代表本公司作

202、出決定或訂立任何承諾前須取得董事會事先批準之情況。(k)根據企業管治守則第A.6.5條，所有董事已藉出席研討會課程閱讀有關董事的業務職責相關資料，參與其自身的專業訓練。27China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018Corporate Governance Report企業管治報告(l)The Company has attached much importance to the risk management about directors liabilities and has ar

203、ranged appropriate liability insurance for Directors and senior management of the Company.The insurance coverage is reviewed on an annual basis.(m)The Company has adopted the Model Code for Securities Transactions by Directors of Listed Issuers(the“Model Code”)as set out in Appendix 10 to the Listin

204、g Rules as its own Code of conduct regarding securities transactions by the directors of the Company.All incumbent Directors have confirmed following specific enquiry by the Company that they have complied with the required standard set out in the Model Code through the year.4.Board diversity policy

205、On 27 August 2013,the Company adopted the Board diversity policy(the“Board Diversity Policy”)in accordance with the requirement set out in the CG Code.On 31 March 2016,the Company revised the Board Diversity Policy.The Company recognizes that the Board diversity is an essential element contributing

206、to the sustainable development of the Company.In designing the Boards composition,the Board diversity has been considered from a number of aspects,including but not limited to the skills,knowledge,gender,age,cultural and educational background or professional experience.All Board appointments are ba

207、sed on merits and considered against a variety of objective criteria,having due regard for the benefits of diversity on the Board.(l)本公司十分重視涉及董事責任的風險管理，並已為本公司董事及高級管理人員投購合適的責任保險。保險保障範圍會按年進行檢討。(m)本公司已採納上市規則附錄10所載上市發行人董事進行證券交易之標準守則（標準守則），作為其本身對於本公司董事進行證券交易之行為守則。經本公司作出特定查詢後，全體現任董事已確認彼等於年內一直遵守標準守則所載之規定標準

208、。4.董事會成員多元化政策於二零一三年八月二十七日，本公司根據企業管治守則所載之規定，採納董事會成員多元化政策（董事會成員多元化政策）。於二零一六年三月三十一日，本公司對董事會成員多元化政策作出修訂。本公司視董事會成員多元化為支持其維持可持續發展的關鍵元素。於設計董事會組成時，本公司從多方面考慮董事會成員多元化，包括但不限於技能、知識、性別、年齡、文化及教育背景或專業經驗。董事會所有委任以用人唯才為原則，並在考慮人選時在充分顧及董事會成員多元化的裨益的前提下考慮多個客觀條件。28China Energy Development Holdings Limited 中國能源開發控股有限公司 Ann

209、ual Report 年報 2018Corporate Governance Report企業管治報告5.Chairman and Chief Executive Officer(a)As at the date of this annual report,the Chairman of the Board is vacated.Mr.Zhao Guoqiang was elected as the CEO on 29 December 2009.(b)The CEO provides leadership and is responsible for the effective functi

210、oning of the Board in accordance with good corporate governance practice.With the support of the senior management,the CEO is also responsible for ensuring that the directors receive adequate,complete and reliable information in a timely manner and appropriate briefing on issues arising at Board mee

211、ting.(c)The directors focus on implementing objectives,policies and strategies approved and delegated by the Board.Directors are in charge of the Companys day-to-day management and operations.The directors are also responsible for assisting the CEO in developing strategic plans and formulating the c

212、ompany practices and procedures,business objectives,and risk assessment for the Boards approval.6.Non-executive DirectorsAll non-executive directors,including independent non-executive directors,of the Company,have not been appointed for a specific term,but are subject to retirement by rotation and

213、eligible for re-election in the AGM in accordance with the articles of association of the Company.5.主席及行政總裁(a)截至本年報日期，董事會主席職位懸空。趙國強先生於二零零九年十二月二十九日被選任為行政總裁。(b)行政總裁為本集團領導，須就董事會按照良好企業管治守則有效運作負責。在高級管理層之支持下，行政總裁亦負責確保董事及時獲得足夠、完整及可靠資料，並就董事會會議提呈之事宜獲得適當簡報。(c)董事專注於推行董事會批準及指派之目標、政策及策略。董事負責本公司之日常管理及營運。董事亦負責協助行政

214、總裁發展策略性計劃，制訂本公司常規及程序、業務目標以及風險評估以供董事會批準。6.非執行董事本公司所有非執行董事（包括獨立非執行董事）均非按指定任期委任，惟須按照本公司組織章程細則之規定於股東週年大會上輪值告退及膺選連任。29China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018Corporate Governance Report企業管治報告7.Remuneration of Directors(a)The Company has established a remuneration commi

215、ttee since 23 September 2005 with written terms of reference and revised on 27 March 2012 as disclosed on the Companys website.The primary duties of the remuneration committee include the following:i.to make recommendations to the Board on the Companys policy and structure for all remuneration of di

216、rectors and senior management and on the establishment of a formal and transparent procedure for developing policy on such remuneration;ii.to have the delegated responsibility to determine the specific remuneration packages of all executive directors and senior management,including benefits in kind,

217、pension rights and compensation payment,including any compensation payable for loss or termination of their office or appointment,and make recommendations to the Board of the remuneration of non-executive directors.The Committee should consider factors such as salaries paid by comparable companies,t

218、ime commitment and responsibilities of the directors,employment conditions elsewhere in the group and desirability of performance-based remuneration;iii.to review and approve performance-based remuneration by reference to corporate goals and objectives resolved by the Board from time to time;iv.to r

219、eview and approve the compensation payable to executive directors and senior management in connection with any loss or termination of their office or appointment to ensure that such compensation is determined in accordance with relevant contractual terms and that such compensation is otherwise fair

220、and not excessive for the Company;7.董事薪酬(a)本公司已於二零零五年九月二十三日成立薪酬委員會，具有書面職權範圍，並於二零一二年三月二十七日修訂，且已於本公司網站披露。薪酬委員會之主要職責包括下列各項：i.就本公司董事及高級管理人員的全體薪酬政策及架構，及就設立正規而具透明度的程序制訂此等薪酬政策，向董事會提出建議；ii.獲指派釐訂全體執行董事及高級管理人員的特定薪酬待遇的職責，包括非金錢利益、退休權利及賠償金額（包括喪失或終止職務或委任的賠償），並就非執行董事的薪酬向董事會提出建議。委員會應考慮的因素包括同類公司支付的薪酬、董事須付出的時間及董事職責、集

221、團內其他職位的僱用條件及是否應按表現釐訂薪酬等；iii.透過參照董事會不時通過的公司目標，檢討及批準按表現而釐定的薪酬；iv.檢討及批準向喪失或終止職務或委任的執行董事及高級管理人員支付賠償，以確保該等賠償按有關合約條款釐定；若未能按有關合約條款釐定，賠償亦須公平合理，不會對本公司造成過重負擔；30China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018Corporate Governance Report企業管治報告v.to review and approve compensation arra

222、ngements relating to dismissal or removal of directors for misconduct to ensure that such arrangements are determined in accordance with relevant contractual terms and that any compensation payment is otherwise reasonable and appropriate;andvi.to ensure that no director or any of his associates is i

223、nvolved in deciding his own remuneration.(b)Up to the date of this annual report,the members of the remuneration committee comprised Mr.Cheng Chun Ying who acts as the chairman of the remuneration committee,Dr.Gu Quan Rong,Mr.Zong Ketao and Mr.Lee Man Tai.The majority of members of the remuneration

224、committee is comprised of independent non-executive directors of the Company.(c)The number of remuneration committee meeting held during the year and record of individual attendance of members,on a named basis,at meetings held during was set out in section headed“Corporate Governance Report”on page

225、25 of this annual report.The remuneration committee had reviewed and approved the managements remuneration proposals with reference to the Boards corporate goals and objectives.(d)The emolument policy of the employees of the Group was set up by the remuneration committee on the basis of their merit,

226、qualification and competence.(e)The emolument of the directors of the Company is determined by the remuneration committee,having regard to the Groups operating results,individual performance and comparable market statistics.(f)The Groups share option scheme as described on page 47 of this annual rep

227、ort is adopted as the Groups long-term incentive scheme.v.檢討及批準因董事行為失當而解僱或罷免有關董事所涉及的賠償安排，以確保該等安排按有關合約條款釐定；若未能按有關合約條款釐定，有關賠償亦須合理適當；及vi.確保任何董事或其任何聯繫人不得自行釐訂薪酬。(b)直至本年報日期，薪酬委員會之成員包括鄭振鷹先生（薪酬委員會主席）、顧全榮博士、宗科濤先生及李文泰先生。薪酬委員會大部分成員為本公司之獨立非執行董事。(c)薪酬委員會於年內舉行之會議次數及以記名方式記錄之個別成員會議出席率，載於本年報第25頁 企業管治報告一節。薪酬委員會經參考董事會

228、的企業目標後，檢討及批準管理層的薪酬建議。(d)本集團僱員之酬金政策由薪酬委員會根據彼等之長處、資格及競爭力而制定。(e)本公司董事之酬金由薪酬委員會參考本集團之經營業績、個別表現及比較市場統計數字而釐定。(f)本集團採納本年報第47頁所述之購股權計劃作為其長期獎勵計劃。31China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018Corporate Governance Report企業管治報告8.Nomination of DirectorsThe Company has established

229、a nomination committee since 27 March 2012 with written terms of reference and amended on 27 August 2013 as disclosed on the Companys website.The primary functions of the nomination committee include the following:i.to review the structure,size and composition(including but not limited to the skills

230、,knowledge,gender,age,cultural and educational background or professional experience)of the Board at least annually and make recommendations on any proposed changes to the Board to complement the Companys corporate strategy;ii.to identify individuals suitably qualified to become the members of the B

231、oard and select or make recommendations to the Board on the selection of individuals nominated for directorships on merits and against objective criteria,with due regard on the benefits of diversity on the Board,especially to ensure that the independent non-executive Directors comprise at least one-

232、third of the Board;iii.to assess the independence of independent non-executive Directors;iv.to make recommendations to the Board on the appointment or re-appointment of Directors and succession planning for directors,in particular the chairman of the Board and the CEO,taking into account the Company

233、s corporate strategy and the mix of skills,knowledge,diversity and experience in the future;and8.董事提名本公司已自二零一二年三月二十七日成立提名委員會。提名委員會的書面職權範圍及於二零一三年八月二十七日之修改已於本公司網站披露。提名委員會的主要職能包括下列各項：i.至少每年檢討董事會的架構、人數及組成（包括但不限於技能、知識、性別、年齡、文化及教育背景或專業經驗），並就任何為補充本公司的企業策略而擬對董事會作出的變動提出建議；ii.物色具備合適資格可擔任董事的人士，以用人唯才為原則，並在充分顧及董

234、事會成員多元化的裨益的前提下考慮客觀條件，挑選提名有關人士出任董事或就此向董事會提供意見，特別是以確保獨立非執行董事必須佔董事會成員人數至少三分之一；iii.評核獨立非執行董事的獨立性；iv.就董事委任或重新委任以及董事（尤其是董事會主席及行政總裁）繼任計劃向董事會提出建議，當中考慮本公司企業策略及日後董事會之技能、知識、多元化及經驗組合；及32China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018Corporate Governance Report企業管治報告v.to review the B

235、oard Diversity Policy,as appropriate,and to review the measurable objectives that the Board has set for implementing the Board Diversity Policy,and the progress on achieving the objectives;and make disclosure of its review results in the Corporate Governance Report annually.The Company has a nominat

236、ion policy of having a board of directors with a diversity of skills and experience.The selection and proposed appointment of the Directors are submitted to the nomination committee of the Company for consideration prior to Board approval,and the re-election of Directors is conducted in accordance w

237、ith the Articles.The criteria of assessing a candidate include his/her ability to devote sufficient time and attention to participate in the affairs of the Company including the attendance of Board meetings and serving on committees,to bring business experience to the Board and to contribute to the

238、Board diversity.If the candidate is proposed to be appointed as an independent non-executive Director,his/her independence shall be assessed in accordance with the requirements under the Listing Rules.The totality of the candidates education,qualifications and experience shall be evaluated in assess

239、ing his/her suitability.Up to the date of this annual report,the members of the nomination committee comprised Mr.Cheng Chun Ying who acts as the chairman of the nomination committee,Dr.Gu Quan Rong,Mr.Zong Ketao and Mr.Lee Man Tai.The majority of members of the nomination committee is comprised of

240、independent non-executive directors of the Company.The number of nomination committee meeting held during the year and record of individual attendance of members,on a named basis,at meetings held during was set out in section headed“Corporate Governance Report”on page 25 of this annual report.The no

241、mination committee had reviewed the structure,size and composition of the Board,made recommendations on the changes to the Board to complement the Companys corporate strategy and assessed the independence of independent non-executive directors.v.審閱董事會成員多元化政策，（倘適合）及審閱董事會就執行董事會成員多元化政策制定之可計量目標，及達成目標之進度

242、；及每年於企業管治報告披露審閱結果。本公司設有提名政策，以成立具備多元化技能及經驗之董事會。甄選及建議委任董事在提交予董事會批準前，須先提交予本公司提名委員會審議，而重選董事須按照章程細則進行。候選人之評估標準包括其能否投放足夠時間及注意力參與本公司事務（包括出席董事會會議及擔任委員會成員）、為董事會帶來業務經驗及對董事會多元化作出貢獻。倘候選人獲建議委任為獨立非執行董事，其獨立性須按照上市規則項下的規定作出評估。在評估候選人是否合適時，須評估其教育程度、資格及經驗等整體情況。直至本年報日期，提名委員會之成員包括鄭振鷹先生（提名委員會主席）、顧全榮博士、宗科濤先生及李文泰先生。提名委員會大部分

243、成員為本公司之獨立非執行董事。提名委員會於年內舉行會議的次數及以記名方式記錄各成員的出席率載於年報第25頁 企業管治守則 一節。提名委員會已檢討董事會之結構、規模及組成；就董事會的變動提出建議，以配合本公司的企業策略，以及審核獨立非執行董事的獨立性。33China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018Corporate Governance Report企業管治報告9.Auditors remunerationFor the financial year,BDO Limited,the au

244、ditor of the Company,received HK$925,000 in respect of audit service provided to the Group.The auditors remuneration has been duly approved by the audit committee and there was no disagreement between the Board and the audit committee on the selection and appointment of auditor.10.Audit Committee(a)

245、The audit committee of the Company was established on 30 January 2002.The written terms of reference of the audit committee were revised on 27 March 2012 and 31 March 2016 as disclosed on the Companys website.As at the date of this annual report,the audit committee comprises one non-executive direct

246、or and three independent non-executive directors,namely Mr.Lee Man Tai(chairman of the audit committee),Dr.Gu Quan Rong,Mr.Zong Ketao and Mr.Cheng Chun Ying.Mr.Lee Man Tai and Mr.Cheng Chun Ying are certified public accountants for many years.In the opinion of the Board,the members of the audit comm

247、ittee have sufficient financial management expertise to discharge their duties.(b)The number of audit committee meetings held during the year and record of individual attendance of members,on a named basis,at meetings held was set out in section headed“Corporate Governance Report”on page 25 of this

248、annual report.(c)The audit committee is delegated by the Board to assess matters related to the financial statements of accounts and to provide recommendations and advices,including but not limited to the followings:i.to consider,and to make recommendation to the Board on the appointment,reappointme

249、nt and removal of the external auditor,and to approve the audit fee and other terms of engagement of the external auditor,and any questions of resignation or dismissal of the external auditor;9.核數師薪酬於本財政年度，本公司核數師香港立信德豪會計師事務所有限公司已就向本集團提供之核數服務收取925,000港元。核數師酬金已經審核委員會正式批準，而董事會與審核委員會在甄選及委任核數師上並無分歧。10.審核

250、委員會(a)本公司於二零零二年一月三十日成立審核委員會，具有書面職權範圍，並於二零一二年三月二十七日及二零一六年三月三十一日修訂，且已於本公司網站披露。直至本年報日期，審核委員會由一名非執行董事及三名獨立非執行董事組成，即李文泰先生（審核委員會主席）、顧全榮博士、宗科濤先生及鄭振鷹先生。李文泰先生及鄭振鷹先生為富多年經驗之執業會計師。董事會認為，審核委員會成員具備足夠之財務管理專長履行其職責。(b)審核委員會於年內舉行之會議次數及以記名方式記錄之個別成員會議出席率，載於本年報第25頁 企業管治報告 一節。(c)審核委員會獲董事會指派處理有關賬目財務報表之事宜，並就包括但不限於下列各項提供建議及

251、意見：i.就外聘核數師的委任、重新委任及罷免作出考慮及向董事會提供建議，批準外聘核數師的核數費用及聘用條款、辭職或罷免的問題；34China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018Corporate Governance Report企業管治報告ii.to review and monitor the external auditors independence and objectively and the effectiveness of the audit process in acco

252、rdance with applicable standard;iii.to discuss with the external auditors before the audit commences,the nature and scope of the audit and reporting obligations and ensure co-ordination where more than one audit firm is involved;iv.to develop and implement policy on the engagement of an external aud

253、itor to supply non-audit services.For this purpose,external auditor shall include any entity that is under common control,ownership or management with the audit firm or any entity that a reasonable and informed third party having knowledge of all relevant information would reasonably conclude as par

254、t of the audit firm nationally or internationally.The Committee should report to the Board,identifying any matters in respect of which it considers that action or improvement needed and making recommendations as to the steps to be taken;v.to monitor integrity of the Companys financial statements and

255、 annual report and accounts,half-year report and,if prepared for publication,quarterly reports,and to review significant financial reporting judgments contained in them;vi.in reviewing,the Companys annual report and accounts,half-year report and,if prepared for publication,quarterly reports before s

256、ubmission to the Board,the Committee should focus particularly on:a.any changes in accounting policies and practice;b.major judgmental areas;c.significant adjustments resulting from the audit;ii.按適用的標準檢討及監察外聘核數師是否獨立客觀及核數程序是否有效；iii.在外聘核數師開始核數工作以前，與其討論工作性質、範疇以及匯報責任；如多於一間外聘核數師參與核數工作時，確實它們的互相配合；iv.就外聘核數

257、師提供非核數服務制定政策，並予以執行。就此規定而言，外聘核數師包括與負責核數的公司處於同一控制權、所有權或管理權之下的任何實體，或一個合理知悉所有有關資料的第三方，在合理情況下會斷定該實體屬於該負責核數的公司的本土或國際業務的一部分的任何實體。委員會應就其認為必須採取的行動或改善的事項向董事會報告，並建議有哪些可採取的步驟；v.監察本公司的財務報表及年度報告及賬目、半年度報告及（若擬刊發）季度報告的完整性，並審閱報表及報告所載有關財務申報的重大意見；vi.委員會向董事會提交本公司的年度報告及賬目、半年度報告及（若擬刊發）季度報告之前，應特別針對下列事項加以審閱：a.任何會計政策及處理方法的改變

258、；b.涉 及 重 大 判 斷 性 的 領域；c.因 核 數 出 現 的 重 大 調整；35China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018Corporate Governance Report企業管治報告d.the going concern assumption and any qualifications;pliance with accounting standards;pliance with the Listing Rules and other legal requirement

259、s in relation to financial reporting;g.the fairness and reasonableness of any connected transaction and the impact of such transaction on the profitability of the Group;h.whether all relevant items have been adequately disclosed in the Groups financial statements and whether the disclosures give a f

260、air view of the Groups financial conditions;i.any significant or unusual items that are,or may need to be,reflected in such reports and accounts;andj.the cashflow position of the Group.and to provide advice and comments thereon to the Board;vii.in regard to vi.above:a.members of the Committee must l

261、iaise with the Board and senior management.The Committee must meet,at least twice a year,with the Companys auditors;andb.the Committee should consider any significant or unusual items that are,or may need to be,reflected in such reports and accounts and must give due consideration to any matters tha

262、t have been raised by the Companys accountant,compliance officer or auditors.d.持續經營的假設及任何保留意見；e.是否遵守會計準則；f.是否遵守上市規則及其他適用法律對於財務報告的要求；g.任何關連交易安排是否公平合理及該交易對本集團盈利的影響；h.本集團財務報表有否充分披露所有相關事項及該等披露有否公平反映本集團的財務狀況；i.該等報告及賬目中所反映或需反映的任何重大或不尋常項目；及j.本集團現金流量的狀況。並就此向董事會提供建議及意見；vii.就上述vi項而言：a.委員會成員須與董事會及高層管理人員聯絡。委員會須

263、至少每年與本公 司 的 核 數 師 開 會 兩次；及b.委員會應考慮於該等報告及賬目中所反映或需反映的任何重大或不尋常事項，並須適當考慮任 何 由 本 公 司 的 會 計師、監察主任或核數師提出的事項。36China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018Corporate Governance Report企業管治報告viii.to discuss problems and reservations arising from the interim and final audits,and

264、any matters the auditors may wish to discuss(in the absence of management where necessary);ix.to discuss with the management the risk managements and internal control systems and ensure the management has discharged its duty to have effective risk management and internal control systems and to revie

265、w the Companys statements on risk management and internal control systems(which are included in the annual report)prior to endorsement by the Board;x.to consider any findings of major investigations on risk management and internal control matters as delegated by the Board or on its own initiative an

266、d managements response;xi.(where an internal audit function exists)to review the internal audit programme,ensure co-ordination between the internal and external auditors,and ensure that the internal audit function is adequately resourced and has appropriate standing within the Company and to review

267、monitor,the effectiveness of the internal audit function;xii.to conduct exit interviews with any director,manager,financial controller or internal audit control manager upon their resignation in order to ascertain the reasons for his departure;xiii.to prepare work reports for presentation to the Boa

268、rd and to prepare summary of work reports for inclusion in the Groups interim and annual reports;viii.與核數師討論中期及年度審核所遇上的問題及保留意見，及核數師認為應當討論的任何事項（管理層可能按情況而須避席此等討論）；ix.與管理層討論風險管理及內部監控系統及確保管理層已履行職責建立有效的風險管理及內部監控系統及（已載入年報）在董事會確認前，審核本公司風險管理及內部監控系統的聲明；x.應董事會的委派或主動，就有關風險管理及內部監控事宜的重要調查結果及管理層的回應進行研究；xi.（如果設有內部

269、核數功能）評審集團內部核數程序、確保內部核數師與外聘核數師工作得到協調及確保公司內部核數部門有足夠資源運作，並且有相當的地位；以及檢討及監察內部核數功能是否有效；xii.於董事、經理、財務總監或內部核數部門經理離職時，接見有關人員並瞭解其離職原因；xiii.就期內的工作草擬報告及概要報告；前者交董事會審閱，後者刊於本集團的中期及年度報告；37China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018Corporate Governance Report企業管治報告xiv.to consider the

270、 appointment of any person to be a Committee member,a company secretary,auditors and accounting staff(including internal control department)either to fill a casual vacancy or as an additional Committee member,company secretary,auditors and accounting staff or dismissal of any of them;xv.to consider

271、the major findings of internal investigations and managements response;xvi.to review the external auditors management letter,any material queries raised by the auditor to management in respect of the accounting records,financial accounts or systems of control and managements response;xvii.to ensure

272、that the Board will provide a timely response to the issues raised in the external auditors management letter;xviii.to report to the Board on the matters set out in the code provisions contained in the Code on Corporate Governance Practices set out in(and as amended from time to time)Appendix 14 to

273、the Listing Rules;andxix.to consider other matters,as defined or assigned by the Board from time to time.(d)In addition to the above tasks regarding to the Companys financial statement,the audit committee should also to consider any other matters,as defined by the Board from time to time;and to cond

274、uct interviews with any director,manager,financial controller upon their resignation in order to ascertain the reasons for his departure.xiv.考慮委任、增加、更換及罷免委員會成員、公司秘書、核數師及會計（包括內部監控部門）工作人員的建議；xv.考慮內部調查報告之重大發現及管理層回應；xvi.檢查外聘核數師給予管理層的審核情況說明函件、核數師就會計紀錄、財務賬目或監控系統向管理層提出的任何重大疑問及管理層作出的回應；xvii.確保董事會及時回應於外聘核數師給

275、予管理層的 審核情況說明函件 中提出的事宜；xviii.就於上市規則附錄十四內列明（及不時修定）的 企業管治常規守則 內載有的守則條文所載的事宜向本董事會滙報；及xix.不時考慮董事會界定或委派的其他事項。(d)除上述有關本公司財務報表之事項外，審核委員會亦須考慮董事會不時界定之其他事宜；及在任何董事、經理或財務總監辭任時與彼等進行諮詢，確切了解彼等離任之原因。38China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018Corporate Governance Report企業管治報告(e)審核委員

276、會知悉其職責乃維持本集團行之有效之內部監控制度，以全面保障股東之投資及本公司資產。(f)本集團截至二零一八年六月三十日止六個月及截至二零一八年十二月三十一日止年度之財務報表已由審核委員會審閱。11.公司秘書陳振球先生自二零一四年六月起擔任本公司的公司秘書。陳先生為香港執業律師。彼須向董事會負責，以確保董事會程序及所有適用法律、規則及規例均獲得遵守。於本年度，陳先生已進行超過15小時的專業培訓，以提升其技術及知識。12.股東權利股東之權利及於股東大會上就決議案進行投票表決之要求載於本公司之組織章程細則。有關要求投票表決之權利及投票表決之程序詳情載於在截至二零一八年十二月三十一日止財政年度刊發致股

277、東之各通函內，並將於大會議程中闡述。根據上市規則第13.39(4)條規定，股東於股東大會之任何表決均須以投票方式進行。因此，於應屆本公司股東週年大會通告中所載的所有決議案將以投票方式進行表決，而投票表決之結果將於股東大會後之營業日或之前於本公司網站及聯交所網站登載。本公司之股東大會提供股東與董事會溝通之平臺。董事會主席及審核委員會、薪酬委員會及提名委員會之主席（若彼等缺席，則為各委員會之其他成員）將可回答於股東大會上之提問。各重大事宜（包括推選個別董事）以獨立決議案形式於股東大會上提呈。於本年度，憲法文件並無重大變動。(e)The audit committee acknowledges it

278、s responsibility in maintaining sound and effective internal control system of the Group to safeguard investments of the shareholders and assets of the Company at all times.(f)The Groups financial statements for the six months ended 30 June 2018 and the year ended 31 December 2018 have been reviewed

279、 by the audit committee.11.Company SecretaryMr.Chan Chun Kau has been the Company Secretary of the Company since June 2014.Mr.Chan is a solicitor in Hong Kong.He is responsible to the Board for ensuring the Board procedures and all applicable law,rules and regulations are followed.During the year,Mr

280、.Chan undertook over 15 hours of professional training to update his skills and knowledge.12.Shareholder RightsThe rights of shareholders and the procedures for demanding a poll on resolutions at shareholders meetings are contained in the Companys articles of association.Details of such rights to de

281、mand a poll and the poll procedures are included in all circulars to shareholders issued during the financial year ended 31 December 2018,and will be explained during the proceedings of meetings.Pursuant to Rule 13.39(4)of the Listing Rules,any vote of shareholders at a general meeting must be taken

282、 by poll.As such,all the resolutions set out in the notice of the forthcoming AGM of the Company will be voted by poll,and the poll results will be published on the websites of the Company and the Stock Exchange on or before the business day following the shareholders meeting.The general meetings of

283、 the Company provide a forum for communication between the shareholders and the Board.The chairman of the Board as well as the chairmen of the audit committee,the remuneration committee and the nomination committee,or in their absence,other members of the respective committees,is available to answer

284、 questions at the shareholders meetings.Separate resolutions are proposed at shareholders meetings on each substantial issue,including the election of individual directors.During the year,there was no significant change in the constitutional documents.39China Energy Development Holdings Limited 中國能源

285、開發控股有限公司 Annual Report 年報 2018Corporate Governance Report企業管治報告Extraordinary general meeting may be convened by the Board on requisition of shareholders holding not less than one-tenth of the paid up capital of the Company or by such shareholders who made the written requisition(the“Requisitionists”

286、)to the Board or the Secretary of the Company(as the case may be)pursuant to Article 58 of the Articles of Association.Such Requisition must state the object of business to be transacted at the meeting and must be signed by the Requisitionists and deposited at the registered office of the Company or

287、 the Companys principal place of business in Hong Kong.Shareholders should follow the requirements and procedures as set out in such Article for convening an extraordinary general meeting.Shareholders may put forward proposals at general meeting of the Company by sending the same to the Company at t

288、he principal office of the Company in Hong Kong.The meeting shall be held within two months after the deposit of the requisition.If within 21 days of the deposit of the requisition the Directors fail to proceed to convene the EGM,the Requisitionists may do so in the same manner,and all reasonable ex

289、penses incurred by the Requisitionists as a result of the failure of the Directors shall be reimbursed to the Requisitionists by the Company.股東特別大會可由董事會按持有不少於本公司實繳股本十分之一之股東，或根據組織章程細則第58條向董事會或本公司秘書（視情況而定）提出書面呈請之股東（呈請人）之呈請予以召開。有關呈請須列明大會上將處理之事務，由呈請人簽署，並交回本公司註冊辦事處或本公司香港主要營業地點。股東須按照有關章程細則所載召開股東特別大會之規定及程序

290、。股東可於本公司股東大會上提呈動議，有關動議須送交本公司之香港主要辦事處。大會應於遞呈該要求後兩個月內舉行。倘遞呈該要求後21日內董事未有召開股東特別大會，則呈請人可以相同方式召開會議，而呈請人因董事未有召開大會而合理產生之所有開支應由本公司向呈請人作出償付。40China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018Corporate Governance Report企業管治報告The Articles of the Company provides that no person other t

291、han a Director retiring at the meeting shall,unless recommended by the Directors for election,be eligible for election as Director at any general meeting unless a notice signed by a member(other than the person to be proposed)duly qualified to attend and vote at the meeting for which such notice is

292、given of his intention to propose that person for election and also a notice by that person to be proposed of his willingness to be elected shall have been lodged at the registered office or principal place of business in Hong Kong at least seven clear days before the date of the general meeting.Acc

293、ordingly,if a Shareholder wishes to nominate a person to stand for election as a Director at the AGM,the following documents must be validly served at the Company within the period specified in the Articles,namely:(1)his/her notice of intention to propose a resolution to elect a nominated candidate

294、as a Director at the AGM;(2)a notice signed by the nominated candidate of the candidates willingness to be elected;(3)the nominated candidates information as required to be disclosed under rule 13.51(2)of the Listing Rules;and(4)the nominated candidates written consent to the publication of his/her

295、personal data.本公司之章程細則規定，除獲董事推薦參選之人士外，概無任何人士（將於該大會上退任之董事除外）有資格於任何股東大會上參選董事，除非於股東大會日期至少七個完整日前向註冊辦事處或香港主要營業地點遞交由正式合資格出席大會並於會上投票之股東（參選人士除外）簽署並表明有意提名該人士參選的通告，以及該獲提名人士表明願意參選之署名通知。因此，如股東欲提名他人於股東週年大會上參選董事，則必須於章程細則規定之限期內將下列文件有效送達本公司：(1)該股東表明有意於股東週年大會上提呈決議案推選獲提名候選人為董事之通知；(2)獲提名候選人表明願意參選之署名通知；(3)根據上市規則第13.51(

296、2)條須予披露之獲提名候選人之資料；及(4)獲提名候選人就刊發其個人資料之書面同意。41China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018Corporate Governance Report企業管治報告13.Investor RelationsFor putting forward any enquiries to the Board,shareholders may send written enquiries to the Company.Shareholders may send th

297、eir enquiries or requests in respect of their rights to the Companys principal place of business in Hong Kong.The Company continues to enhance communications and relationships with its investors.Designated senior managementmaintains regular dialogue with investors and analysts to keep them abreast o

298、f the Companys developments.Enquiries frominvestors are dealt with in an informative and timely manner.14.Dividend PolicyThe Company adopts a dividend policy,taking into consideration all circumstances including the following factors before declaring or recommending dividends:(i)the current and proj

299、ected financial performance of the Company;(ii)the growth and investment opportunities;(iii)other macro and micro economic factors;and(iv)other factors or events that the Board may consider relevant or appropriate from time to time.The payment of dividend is also subject to any restrictions under th

300、e applicable laws and the Articles.15.Directors Responsibility for Preparing Financial StatementsThe Board acknowledges that it is responsible for the preparation of the financial statements of the Group and for ensuring that the financial statements are prepared in accordance with statutory require

301、ments and applicable accounting standards.The Board also ensures the timely publication of the financial statements of the Group.13.投資者關係股東可將彼等向董事會提出之任何查詢以書面形式郵寄至本公司。股東可將有關其權利之查詢或要求郵寄至本公司之香港主要營業地點。本公司不斷加強與投資者的溝通及關係。獲委派之高級管理層定期與投資者及分析師進行對話，以確保彼等了解本公司發展的最新情況。投資者提出的疑問均會以詳盡的方式獲適時處理。14.股息政策本公司採納一項股息政策，在宣

302、派或建議宣派股息前，會先考慮所有情況（包括下列因素）：(i)本公司現時及預測財務表現；(ii)增長及投資機會；(iii)其他宏觀及微觀經濟因素；及(iv)其他董事會不時可能認為相關或合適的因素或事項。派付股息亦須受適用法律及章程細則下的任何限制所規限。15.董事對編製財務報表之責任董事會知悉其須負責編製本集團的財務報表，並確保財務報表按法定規定及適用會計準則編製。董事會亦確保本集團財務報表適時刊發。42China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018Corporate Governance

303、Report企業管治報告The appropriateness of the preparation of the Companys consolidated financial statements on a going concern basis largely depends upon the outcome of the underlying assumptions as detailed in Note 3(b)(ii)to the consolidated financial statements,which in particular include:(i)CNPC paying

304、 the proceeds from sales of natural gas related to prior years(the“Proceeds”)before 31 December 2019;and(ii)the Group being able to successfully persuade the contractors not to insist on repayment of the construction cost payables before the Company receives the Proceeds from CNPC.However,the Compan

305、y has not obtained any written confirmation that CNPC will pay the Proceeds before 31 December 2019 and the contractors will not insist on payment of the construction cost payables until the Company receives the Proceeds from CNPC.These conditions indicate the existence of material uncertainty that

306、may cast significant doubts about the Groups ability to continue as a going concern.Save as disclosed above,the Directors are not aware of any other events or conditions that may cast significant doubt upon the Companys ability to continue as a going concern.Notwithstanding the foregoing,the Directo

307、rs have prepared the consolidated financial statements on a going concern basis,taking into consideration the various factors set out in the section headed“Additional disclosure regarding the modified opinion and impairment testing”on pages 11 to 15 of this annual report.By the order of the BoardZha

308、o GuoqiangChief Executive Officer&Executive DirectorHong Kong,29 March 2019按持續經營基準編製本公司之綜合財務報表是否適當，主要取決於相關假設之結果，誠如綜合財務報表附註3(b)(ii)所詳述，其中特別包括(i)中國石油集團會否於二零一九年十二月三十一日前支付有關過往年度的天然氣銷售之所得款項（所得款項）；及(ii)本集團能否成功說服承建商在本公司從中國石油集團接獲所得款項前，不堅持要求償還應付建築費用。然而，本公司尚未取得任何書面確認，表示中國石油集團將於二零一九年十二月三十一日前支付所得款項及承建商在本公司從中國石油

309、集團接獲所得款項前將不會堅持要求支付應付建築費用。該等情況反映存在重大不確定性，或會對本集團持續經營的能力產生重大疑問。除上文所披露者外，董事概不知悉任何或會對本公司持續經營的能力產生重大疑問的其他事件或情況。儘管上文所述，經考慮本年報第11頁至第15頁 有關經修訂意見及減值測試之額外披露 一節所載之各項因素後，董事已按持續經營基準編製綜合財務報表。承董事會命趙國強行政總裁兼執行董事香港，二零一九年三月二十九日43China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018Report of the D

310、irectors董事會報告The directors present herewith the annual report and the audited financial statements of the Group for the year ended 31 December 2018.Principal Activity and Business ReviewThe principal activity of the Company is investment holding.The principal activities of the Companys principal sub

311、sidiaries include sales of food and beverages and money lending business in Hong Kong,and exploration,production and distribution of natural gas in PRC,the details of which are set out in Note 6 to the consolidated financial statements.Further discussion and analysis of these activities as required

312、by Schedule 5 to the Companies Ordinance(Cap.622 of the Laws of Hong Kong)(the“Company Ordinance”),including a fair review of the business and a discussion of the principal risks and uncertainties facing the Group,particulars of important events affecting the Group that have occurred since the end o

313、f the financial year 2018,and an indication of likely future development in the Groups business,can be found in the section headed“CEOs Statement and Management Discussion and Analysis”of this annual report.The above section forms part of this report of the Directors.Financial Statements and Dividen

314、dsThe results of the Group for the year are set out in the Consolidated Statement of Comprehensive Income on pages 60 to 61.The state of the Groups affairs as at 31 December 2018 is set out in the Consolidated Statement of Financial Position on pages 62 to 63.The directors do not recommend the payme

315、nt of final dividend in respect of the year ended 31 December 2018.Five-Year Financial SummaryA summary of the consolidated financial results and consolidated assets and liabilities of the Group for the past five financial years is set out on page 200.Property,Plant and EquipmentMovements in propert

316、y,plant and equipment during the year are set out in Note 15 to the consolidated financial statements.董事謹此提呈本年度報告及截至二零一八年十二月三十一日止年度本集團之經審核財務報表。主要業務及業務回顧本公司之主要業務為投資控股，而本公司主要附屬公司之主要業務包括於香港銷售食品及飲料及借貸業務及於中國勘探、生產及分銷天然氣。有關詳情載於綜合財務報表附註6。公司條例附表5（香港法例第622章）（公司條例）規定關於該等活動之進一步討論及分析，包括業務回顧及本集團面臨的主要風險和不確定因素的討論、自

317、二零一八年財政年度結束起已發生且對本集團有影響的重要事件詳情，和集團業務的可能未來發展的指示，可參閱本年報 行政總裁報告與管理層討論及分析 一節。上一節內容是本董事會報告的一部分。財務報表及股息本集團於年內之業績載於第60至61頁之綜合全面收益表。截至二零一八年十二月三十一日，本集團之財務狀況分別載於第62至63頁之綜合財務狀況表。董事並不建議派發截至二零一八年十二月三十一日止年度之末期股息。五年財務概要本集團過去五個財政年度各年之綜合財務業績以及綜合資產及負債概要，列載於第200頁。物業、廠房及設備於本年度之物業、廠房及設備之變動詳情載於綜合財務報表附註15。44China Energy D

318、evelopment Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018Report of the Directors董事會報告Investment PropertiesMovements in investment properties during the year are set out in Note 16 to the consolidated financial statements.SubsidiariesDetails of the Companys principal subsidiaries as at 31 Decemb

319、er 2018 are set out in Note 20 to the consolidated financial statements.Share Capital and Share OptionsMovements in share capital of the Company during the year,together with reasons thereof,and of the Companys share options,are set out in Note 29 and Note 30 to the consolidated financial statements

320、 respectively.Pre-emptive RightsThere are no provisions for pre-emptive rights under the Companys articles of association or the Laws of the Cayman Islands,being the jurisdiction in which the Company was incorporated,which would oblige the Company to offer new shares on a pro rata basis to existing

321、shareholders.ReservesMovements in the reserves of the Group and the Company during the year are set out in the consolidated statement of changes in equity on page 64 and Note 32 to the consolidated financial statements respectively.Distributable ReservesDistributable reserves of the Company at 31 De

322、cember 2018 are set out in Note 32 to the consolidated financial statements.投資物業年內投資物業變動載於綜合財務報表附註16。附屬公司截至二零一八年十二月三十一日，本公司主要附屬公司之詳情載於綜合財務報表附註20。股本及購股權本公司於本年度股本之變動詳情及變動原因，連同有關本公司購股權之詳情分別載於綜合財務報表附註29及附註30。優先購股權根據本公司之組織章程細則或開曼群島（本公司註冊成立之司法權區）之法例並無有關本公司須按比例向現有股東發售新股之優先購股權之規定。儲備本集團及本公司於本年度之儲備變動詳情分別載於第64

323、頁之綜合權益變動表及綜合財務報表附註32?？煞峙蓛浔竟眷抖阋话四晔氯蝗罩煞峙蓛?，載列於綜合財務報表附註32內。45China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018Report of the Directors董事會報告Major Customers and SuppliersThe information in respect of the Groups sales and purchases attributable to the major customers and

324、suppliers respectively during the financial year is as follows:Percentage of theGroups total佔本集團之總額百分比SalesPurchases銷售額採購額The largest customer最大客戶98%Five largest customers in aggregate五大客戶總計100%The largest supplier最大供應商100%Five largest suppliers in aggregate五大供應商總計100%At no time during the year have

325、 the directors,their associates or any shareholder of the Company(which to the knowledge of the directors own more than 5%of the Companys share capital)had any interest in these major customers and suppliers.Composition of the BoardThe directors who held office during the year and up to the date of

326、this annual report as follows:Executive DirectorsMr.Zhao Guoqiang(Chief Executive Officer and alternate director to Dr.Gu Quan Rong)Non-executive DirectorDr.Gu Quan RongMs.Ngan Mei Ying(Resigned on 31 October 2018)Independent Non-executive DirectorsMr.Zong KetaoMr.Cheng Chun YingMr.Lee Man Tai主要客戶及供

327、應商於財政年度內，主要客戶及供應商分別佔本集團之銷售額及採購額如下：於年內任何時間，本公司概無任何董事或彼等之聯繫人士或任何股東（據董事所知擁有本公司已發行股本5%以上）持有本集團主要客戶及供應商之任何權益。董事會組成於本年度及截至本年報日期之在任董事名列如下：執行董事趙國強先生（行政總裁及顧全榮博士 之替任董事）非執行董事顧全榮博士顏美瑩女士（於二零一八年十月三十一日辭任）獨立非執行董事宗科濤先生鄭振鷹先生李文泰先生46China Energy Development Holdings Limited 中國能源開發控股有限公司 Annual Report 年報 2018Report of t

328、he Directors董事會報告Pursuant to the articles of association of the Company,Directors retiring at the upcoming AGM will be eligible for re-election.Further details of the Directors re-election will be set out in a circular of the Company dispatched together with the notice of the AGM.Directors Biographi

329、esBiographical details of the directors of the Company are set out on pages 19 to 21 of this annual report.Directors Service ContractsNo director proposed for re-election at the forthcoming AGM has a service contract with the Company which was not determinable by the Company within one year without

330、payment of compensation other than statutory compensation.Management ContractsNo contracts concerning the management and administration of the whole or any substantial part of the business of the Group were entered into or existed during the year.Directors Interests in ContractsNo other contracts of

331、 significance in relation to the Groups business to which the Company,or any of its subsidiaries was a party and in which a director of the Company had a material interest,whether directly or indirectly,subsisted at the end of the year or at any time during the year.Directors Interest and Short Posi

332、tion in SharesAs at 31 December 2018,none of the directors or chief executives of the Company had any interests or short positions in the shares,underlying shares and debentures of the Company or any of its associated corporations(within the meaning of Part XV of the SFO)which would have to be notif

333、ied to the Company and the Stock Exchange pursuant to Divisions 7 and 8 of Part XV of the SFO(including interests or short positions which they were taken or deemed to have under such provisions of the SFO),or which were recorded in the register required to be kept by the Company under Section 352 of the SFO,or which were required to be notified to the Company and the Stock Exchange pursuant to th