CITIC : Half-Year Report 2019

CITIC Stock code:

LIMITED 00267

2019

HALF-YEAR REPORT

Our Company

CITIC Limited (SEHK: 00267) is one of China's largest conglomerates and a constituent of the Hang Seng Index. Tracing our roots to the beginning of China's opening and reform, CITIC has grown in step with the country's rise and modernisation. We have built a remarkable portfolio of businesses with a focus on financial services, resources and energy, manufacturing, engineering contracting and real estate.

We are driven today by the same values on which we were founded: a pioneering spirit, a commitment to innovation and a focus on the long term. We embrace world-class technologies and aim for international best practices. We are guided by a strategy that is consumer-centric,commercially-driven, and far-sighted in the allocation of capital and resources.

Our platform is unique in its diversity and scale, allowing CITIC to capture emerging opportunities in China and around the world. Guiding us as we grow is our fundamental commitment to create long-term value for all of our shareholders.

Our Businesses

Financial Services

CITIC Bank  (65.97%)

CITIC Trust  (100%)

CITIC-Prudential Life  (50%)

CITIC Securities  (16.50%)

Manufacturing

CITIC Pacific Special Steel  (90%)

CITIC Dicastal  (100%)

CITIC Heavy Industries  (67.27%)

Real Estate

CITIC Pacific Properties  (100%)

CITIC Urban Development &

  Operation  (100%)

Resources & Energy

CITIC Resources  (59.50%)

CITIC Mining International  (100%)

CITIC Metal Group  (100%)

Sunburst Energy  (100%)

Engineering Contracting

CITIC Construction  (100%)

CITIC Engineering  (100%)

Others

CITIC Telecom International  (58.30%)

Dah Chong Hong  (56.97%)

CITIC Industrial Investment  (100%)

CITIC Environment  (100%)

As at 30 June 2019

Contents

2 Highlights

4 Chairman's Letter to Shareholders 8 Financial Review

21 Risk Management

27 Human Resources

28 Past Performance and Forward Looking Statements

Financial Statements

29 Consolidated Income Statement

31 Consolidated Statement of Comprehensive Income 32 Consolidated Balance Sheet

34 Consolidated Statement of Changes in Equity 36 Consolidated Cash Flow Statement

39 Notes to the Consolidated Financial Statements 130 Report on Review of Interim Financial Information

Statutory Disclosure

131 Interim Dividend and Closure of Register of Members 131 Share Option Plan Adopted by CITIC Limited

131 Share Option Plan Adopted by Subsidiaries of CITIC Limited 137 Directors' Interests in Securities

138 Interests of Substantial Shareholders

139 Purchase, Sale or Redemption of Listed Securities 139 Corporate Governance

143 Review of Half-Year Report

143 Compliance with the Model Code for Securities Transactions by Directors

143 Update on Directors' Information

144Corporate Information

CITIC Limited Half-Year Report 2019

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Highlights

				Half-year ended 30 June	Increase/
HK$ million	2019	2018	(Decrease)
Revenue		277,176	258,323	18,853
Profit before taxation		57,194	56,597	597
Net profit attributable to ordinary shareholders		33,518	30,668	2,850
Basic earnings per share (HK$)		1.15	1.05	0.10
Diluted earnings per share (HK$)		1.15	1.05	0.10
Dividend per share (HK$)		0.18	0.15	0.03
Net cash generated from operating activities		11,770	11,427	343
Capital expenditure		10,026	17,349	(7,323)
				30 June	31 December	Increase/
HK$ million	2019	2018	(Decrease)
Total assets		8,006,388	7,660,713	345,675
Total liabilities		7,167,580	6,850,053	317,527
Total ordinary shareholders' funds		580,723	558,545	22,178

Business

HK$ million

FINANCIAL SERVICES

RESOURCES AND ENERGY

MANUFACTURING

ENGINEERING CONTRACTING

REAL ESTATE

OTHERS

		Revenue from	Profit attributable to
Business assets	External customer	ordinary shareholders
	Increase/	Half-year		Half-year
	(Decrease)	ended	Increase/	ended	Increase/
30 June 2019	(Note)	30 June 2019	(Decrease)	30 June 2019	(Decrease)
7,410,031	342,466	111,903	8,835	25,515	1,259
133,267	1,425	47,858	12,864	2,093	814
133,974	(908)	59,607	(1,518)	3,514	1,108
58,494	3,062	7,907	3,892	703	(1)
157,921	3,290	1,892	(3,378)	3,540	(1,207)
162,172	11,101	47,969	(1,853)	1,093	(1,405)

Note: As compared with total balances as at 31 December 2018.

2	CITIC Limited Half-Year Report 2019

Business assets

Financial services	Non-nancial businesses	HK$ billion

			7,410
	7,068
	628		645
As at 31 December 2018	As at 30 June 2019
Assets of non-financial businesses
Resources and energy Manufacturing Engineering contracting	Real estate Others	HK$ billion

	132		133
	135		134
		58
	55
	155		158
		162
	151
As at 31 December 2018	As at 30 June 2019

Net profit attributable to ordinary shareholders

Net prot attributable to ordinary shareholders

HK$ million

50,239

41,812 43,146 43,902

30,668 33,518

2015	2016	2017	2018	First half year	First half year
	(Restated)			of 2018	of 2019

CITIC Limited Half-Year Report 2019

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