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MCC Group Convenes 2017 Semi-annual Report Work Arrangement Video Meeting
CopyFrom: Date:14 July 2017
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  On the morning of June 29th, the MCC Group convened the 2017 Semi-annual Report Work Arrangement Video Meeting. It was attended by Group Company Party Standing Committee Member and Joint-Stock Company Party Standing Committee Member, Vice President & Chief Accountant Zou Hongying and Group Company Deputy Chief Accountant & Financial Planning Department Director Fan Wanzhu. It was presided over by Group Company Financial Planning Department Deputy Director Zhang Yin.

  Zou Hongying first reviewed the implementation of the key financial capital work in the first half year. First, the fund companies, capital department and subsidiaries overcame difficulties, spared no efforts to promote PPP projects to secure financing, clarified the persons in charge and concentrated on key breakthroughs. To expand financing channels, it paid intensive official calls to nearly 30 nationwide financial institutions and 20 regional or featured financial institutions with remarkable effects. Second, under the circumstance of a rise in the main center of the market interest rate, through intensifying interest rate control, the Group’s average financing interest rate declined on a year-on-year basis at the end of May, and its interest expense declined on a year-on-year basis from January to May. Third, it is necessary to thoroughly carry out the overall planning of tax administration and achieve remarkable effects in tax saving and tax reduction. Fourth, the Group and its shares were completely promoted to a BBB rating by three international credit rating agencies; the Group issued advanced debts with lower costs of USD 0.5 billion overseas, realized oversubscription 8.2 times and also successfully issued two renewable corporate bonds within the borders. Fifth, in terms of promoting project responsibility cost management, it issued administrative rules for construction costs in engineering projects, further confirmed and standardized the flow process and key points of cost control, and promoted the quality promotion and effect increase of project control. Sixth, it promoted the authentic right of receivables, increased legal means and the degree of specially clearing up defaults, promoted the recycling of receivables and strictly reduced ‘two funds’. Seventh, it tamped down the financial fund management foundations and practically prevented and controlled financial risks. Eighth, it promoted the construction of a financial sharing center, confirmed the top-level design schemes, selected 12 subsidiaries as pilots and gained stage development.

  Zou Hongying analyzed the current financial situation and put forward clear and definite requirements for the key work of semi-annual reports and financial assets in the next half year.

  First, it is necessary to overcome difficulties and spare no efforts to ensure the realization of the annual budget targets. Each subsidiary should make plans for their own shortages ahead of time and mobilize all positive factors to increase the transformation degree of contracting and ensure the completion of annual tasks.

  Second, it is necessary to promote the control and quicken the construction of the financial sharing center in an orderly manner. It is necessary to implement President Guo Wenqing’s requirements to strengthen project control, closely combine the construction of the financial sharing center with project control, quicken the construction of the financial sharing center and promote flat management. All subsidiaries must vigorously deepen industrial and financial integration, highlight the key points in management and promote the efficiency of control.

  Third, it is necessary to centralize the key elements of management and control, and highlight the financial management and control of projects. As the base of building enterprises, engineering projects are the ‘source of an enterprise’s benefits and the foundation of its development’. The core of financial management and control in any project is cost control. It is necessary to highlight the project management of key cost elements; the key is to firmly grasp the two key elements of ‘material cost’ and ‘subcontracting cost’. It is necessary to continuously reinforce the promotion of integrated purchasing and strictly control purchase price; it is necessary to standardize onsite project management, implement clear responsibilities for each employee and reduce the consumption of resources; and it is necessary to comprehensively implement President Guo’s requirements. The subsidiaries must become the platforms of project control, realize the control of key cost elements and practically promote projects revenue.

  Fourth, it is necessary to intensify assessments and strictly clear up defaults and guarantee so as to complete the strict control task of ‘two funds’. In the second half year, the Group will intensify assessments, continue to ‘strictly’ clear up defaults, increase the degree of clearing up defaults lawfully and in special projects, and increase the intensity of supervision & handling and supervision & examinations. The subsidiaries must insist on combining pressure drop stock with controlled increments, combining source control with clearing up defaults and urging collections, and positively adopting all possible methods to quicken the recovery of capital in receivables.

  Fifth, it is necessary to make effective arrangements, create value and effectively promote financial performance. It is necessary to thoroughly promote tax administration plans, reinforce the tax planning of key projects and take full advantage of tax preference and bonuses in tax reform; it is necessary to intensify financial planning and safeguarding, expand financing channels and realize the optimization of fund and capital structure.

  Sixth, it is necessary to gain a deeper understanding of audit inspection tour problems and promptly respond to them with practical rectification and reform measures. Each subsidiary must pay close attention to problems found in audits and examinations, especially problems involving financial funds, and the chief accountants and principals of finance departments shall practically undertake the responsibilities of rectification and reform, immediately rectify, reform and perfect the systems, regulate the flow and implement responsibilities.

  Next, Fan Wanzhu reported on the MCC Group’s main financial index conditions from January to May, and pointed out that the Group’s newly signed contract amount, operating receipts and total profits showed steady-state growth from January to May with a continuous declination of the asset-liability ratio; however, ‘two-funds’ experienced a difficult pressure drop and liability with interest, and the cash flow index showed some differences from the budgeting. He made concrete deployments for semi-year reports from two aspects including work organization and compilation requirements. It is required for various units to focus on trading behaviors, non-principal industry businesses, trade acceptance management, petty cash management, exceptionally poor and unprofitable enterprise management, compressed management level and other Group’s key control matters as key points. Meanwhile, all the units are required to guarantee semi-year reports have true, accurate and complete data.

  The Financial Planning Department also explained the internal current account and transaction account checking system. The video meeting was attended by over 1,000 people including chief (deputy chief) accountants, financial administrators and statement preparers of the Group’s relevant functional departments and the subsidiaries.


MCC

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