Dida Inc. — Interim / Quarterly Report 2017

Apr 28, 2017

Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.

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COSCO SHIPPING ENERGY TRANSPORTATION CO., LTD.* 中遠海運能源運輸股份有限公司

(a joint stock limited company incorporated in the People’s Republic of China with limited liability)

(Stock Code: 1138)

First Quarterly Report of 2017

Summary

This Report for the three months ended 31 March 2017 of the Group has been prepared in accordance with the regulations on Disclosure of Information in Quarterly Reports for Listed Companies issued by the China Securities Regulatory Commission. This Report is published simultaneously in Shanghai and Hong Kong. All financial information set out in this Report is unaudited and prepared in accordance with the PRC GAAP.

This announcement is made pursuant to Rule 13.10B of The Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

1. IMPORTANT

• 1.1 This first quarterly report (the “ Report ”) for the three months ended 31 March 2017 (the “ Reporting Period ”) of COSCO SHIPPING Energy Transportation Co., Ltd. (the “ Company ”, together with its subsidiaries, the “ Group ”) has been prepared in accordance with the regulations on Disclosure of Information in Quarterly Reports for Listed Companies issued by the China Securities Regulatory Commission. The Report is published simultaneously in Shanghai of the People’s Republic of China (the “ PRC ”) and the Hong Kong Special Administrative Region. All financial information set out in the Report is unaudited and prepared in accordance with the accounting principles generally accepted in the PRC (the “ PRC GAAP ”).

— 1 —

• 1.2 The Company implemented significant asset restructuring in the first half of 2016 and acquired 100% equity interests in Dalian Ocean Shipping Company Limited (hereinafter referred to “Dalian Tanker”) from China Ocean Shipping (Group) Company and disposed of 100% equity interests in China Shipping Bulk Carrier Co., Limited (hereinafter referred to “CS Bulk”) held by the Company to China COSCO Bulk Shipping (Group) Co., Ltd.

Since Dalian Tanker acquired by the Company is a company under ultimate control by the same party, pursuant to Article 32 of the “Accounting Standards for Business Enterprises No. 33 - Consolidated Financial Statements,” the Company made a retrospective adjustment to the relevant item for the first quarter of 2016 accordingly.

As a whole, the operating results (before adjusted) of the Group for the first quarter of 2016 included the oil and gas transportation business of former China Shipping Development Co., Ltd. and the dry bulk cargo transportation business of CS Bulk, while the operating results (after adjusted) included the oil and gas transportation business of Dalian Tanker and former China Shipping Development Co., Ltd. and the dry bulk cargo transportation business of CS Bulk. The operating results of the Group for the first quarter of 2017 included the oil and gas transportation business of Dalian Tanker and former China Shipping Development Co., Ltd.

— 2 —

2. PARTICULARS OF THE COMPANY

Principal financial data and statistics highlights

																									Increase/	Increase/	Increase/
										As at				As at 31 December 2016											Decrease
		Item				**31 March **					2017	After adjusted						**Before **				adjusted			(%)
		Total		assets (RMB) 59,266,540,085.63 58,021,823,220.44														58,021,823,220.44							2.15
		Net assets
		attributable				to
		shareholders of
		the		Company
		(RMB)				27,938,927,668.48 27,413,089,453.28												27,413,089,453.28							1.92
							For the three																		Increase/
						months ended 31						**For the three **						**months **			ended				Decrease
							**March **				2017					**31 **	March 2016								(%)
		Net cash flow				from
		operating
		activities (RMB) 779,242,880.68 1,570,530,575.82																1,030,537,001.04							-50.38
							For the three																		Increase/
						months ended 31						**For the three **						**months **			ended				Decrease
							**March **				2017					**31 **	March 2016								(%)
		Revenue from
		operation (RMB) 2,664,732,283.50 4,350,887,663.96																3,150,062,762.21							-38.75
		Net profit
		attributable				to
		shareholders of
		the		Company
		(RMB)				563,114,677.62						546,348,783.92							154,679,652.49						3.07
		Net profit
		attributable				to
		shareholders of
		the		Company
		after exceptional
		items (RMB) 560,444,641.67										540,584,083.43							149,186,452.00						3.67
																								Increase by
		Rate		of returns on																					0.32
		net		assets (%)																				percentage
		(weighted)									2.03					1.71							0.6		points
		Basic earnings per
		share (RMB)							0.1397					0.1355								0.0384			3.07
		Diluted earnings
		per share (RMB)							0.1397					0.1355								0.0384			3.07

— 3 —

		For the three m onths	For the three m onths	For the three m onths
		ended 31 March 2017
Items			Amount (RMB)
Profit and Loss on disposal of non-current assets			-23,795.67
Government grants included in gains or losses for the current period,
excluding those closely related to the Company’s ordinary business
and granted on an on-going basis in fixed amount or volume
according to certain standards and adhering to		certain principles
under national policies			216,315.65
Other profits or losses within the definition of extraordinary profit or
loss			3,375,715.22
Minority interests effect (after tax)			-6,140.45
Income tax effect			-892,058.80
Total			2,670,035.95

• 2.2 Total number of shareholders as at the end of the Reporting Period, the shareholding of the top 10 shareholders and shareholding of the top 10 shareholders without any selling restrictions of the Company

	Total number of shareholders	Total number of shareholders	Total number of shareholders	Total number of shareholders									131,893	131,893
	Top 10 shareholders
									Number of			Number of
										shares		shares
	Name of									with		subject to
	shareholders (Full			Number of			Shareholding			selling		pledge or	Type of
	Name)			shares			(%)		restrictions			lock up	shareholders
	China Shipping
	(Group) Company(1)
	(中國海運(集團)總												Stated-owned
	公司)		1,536,924,595				38.12			0		Nil	entity
	HKSCC NOMINEES												Offshore
	LIMITED(2)		1,284,634,996				31.86			0		Unknown	entity
	Central Huijin Assets
	Management Company
	Ltd (中央匯金資產管												Stated-owned
	理有限責任公司)			92,709,700			2.30			0		Nil	entity
	China Securities
	Finance Co., Ltd. (中
	國證券金融股份有限												Stated-owned
	公司)			27,849,641			0.69			0		Nil	entity

— 4 —

		Total number of shareholders	Total number of shareholders	Total number of shareholders								131,893
		**Top **	10 shareholders
								Number of Number of
									shares shares
		Name of							with subject to
		shareholders (Full		Number of		Shareholding			selling pledge or			Type of
		Name)		shares		(%)		restrictions lock up			shareholders
		Harvest Fund —
		Agricultural Bank of
		China — Harvest CSI
		Financial Asset
		Management Plan (嘉
		實基金— 農業銀行
		— 嘉實中證金融資產
		管理計劃)		24,879,500		0.62			0 Nil			Others
		GF Fund —
		Agricultural Bank of
		China — GF CSI
		Financial Asset
		Management Plan (廣
		發基金— 農業銀行
		— 廣發中證金融資產
		管理計劃)		24,879,500		0.62			0 Nil			Others
		Zhongou Fund —
		Agricultural Bank of
		China — Zhongou
		CSI	Financial Asset
		Management Plan (中
		歐基金— 農業銀行
		— 中歐中證金融資產
		管理計劃)		24,879,500		0.62			0 Nil			Others
		Li Zhengyi(黎正義) 16,818,214				0.42			0 Nil			Domestic
											nature person
		Southern Fund —
		Agricultural Bank of
		China — Southern
		CSI	Financial Asset
		Management Plan (南
		方基金— 農業銀行
		— 南方中證金融資產
		管理計劃)		12,596,453		0.31			0 Nil			Others
		Huang Peiling										Domestic
		(黃佩玲)		12,596,324		0.31			0		nature person

— 5 —

	**Top ten holders of shares in circulation without any selling **	**Top ten holders of shares in circulation without any selling **	**Top ten holders of shares in circulation without any selling **	**Top ten holders of shares in circulation without any selling **	**Top ten holders of shares in circulation without any selling **	restrictions(3)
					Number of
					shares in
					circulation
				without any
					selling
				restrictions as at
				**the **	end of the
	Name of Shareholders (full name)			reporting period		Type of shares
	China Shipping (Group) Company(1)			1,536,924,595		RMB ordinary shares
	HKSCC NOMINEES LIMITED(2)			1,284,634,996		Offshore listed H shares
	Central Huijin Assets Management Company Ltd				92,709,700	RMB ordinary shares
	China Securities Finance Co., Ltd.				27,849,641	RMB ordinary shares
	Harvest Fund - Agricultural Bank of China -
	Harvest CSI Financial Asset Management Plan				24,879,500	RMB ordinary shares
	GF Fund - Agricultural Bank of		China	- GF CSI
	Financial Asset Management Plan				24,879,500	RMB ordinary shares
	Zhongou Fund - Agricultural Bank of China -
	Zhongou CSI Financial Asset Management Plan				24,879,500	RMB ordinary shares
	Agricultural	Bank of China Company Limited -
	Wells Fargo CSI State-owned		Enterprises
	Reform Index Classification Securities
	Investment Fund				16,818,214	RMB ordinary shares
	Li Zhengyi				12,596,453	RMB ordinary shares
	Southern Fund - Agricultural Bank of China -
	Southern CSI Financial Asset Management Plan				12,596,324	RMB ordinary shares
	Huang Peiling			1,536,924,595		RMB ordinary shares

Notes:

• (1) As at the end of the Reporting Period, China Shipping (Group) Company (“China Shipping”) and its subsidiaries held 7,000,000 A Shares of the Company through CICC-CCB-Zhongjin Ruihe collective asset management schemes (中金公司 — 建設銀行 — 中金瑞和集合資產管理計劃) , held 2,065,494 A Shares of the Company through Guotai Junan securities asset management-Industrial Bank — Guotai Junan Junxiang Xinli No.6 collective asset management schemes (國泰君安證券資管 — 興業銀行 — 國泰君安君享新利六號集合資產管理計劃) and held 8,641,504 A Shares of the Company through AEGON-INDUSTRIAL Fund-Bank of Shanghai-China Shipping (Group) Company (興業全球基金 — 上海銀行 — 中國海運 (集團) 總公司). Therefore, China Shipping and its subsidiaries aggregately held 1,554,631,593 A Shares of the Company as at the end of the Reporting Period, representing 38.56% of the total number of shares of the Company.

• (2) HKSCC NOMINEES LIMITED (香港中央結算 (代理人) 有限公司) holds H shares of the Company on behalf of customers of all securities firms in Hong Kong and other CCASS participants.

• (3) The Company has no shareholder of restricted shares, therefore the top 10 shareholders are the same as the top 10 shareholders of unrestricted shares. No connected relationship exists between the 1st shareholder and the 2nd to 10th shareholders, but it is unknown whether connected relationship or concerted action relationship exist among the 2nd to 10th shareholders.

— 6 —

3. SIGNIFICANT EVENTS

• 3.1 Significant changes in the principal items and highlights in the financial statements of the Company during the Reporting Period and the reasons

Unit: RMB

										Reason
										for
	Balance Sheet									Significant
	Item			2017.03.31		2016.12.31 Change(%)				Changes
	Prepayments		495,103,278.88 426,873,115.89 15.98							Notes (1)
	Other current
	assets			95,607,329.04 137,152,021.21 -30.29						Notes (2)
	Staff	remuneration
	payable		123,489,162.13 178,394,824.18 -30.78							Notes (3)
	Interest payable 156,007,624.29 101,782,383.36 53.28									Notes (4)

Notes:

• (1) Prepayments increased by 15.98% compared to that at the beginning of the period, which was mainly attributed to pre-paid port cost of the Group.

• (2) Other current assets decreased by 30.29% compared to that at the beginning of the period, which was mainly attributed to a reduction in the amount of VAT not deducted of the Group.

• (3) Staff remuneration payable decreased by 30.78% compared to that at the beginning of the period, which was mainly attributed to the remuneration accrued at the end of 2016 was paid in early 2017 by the Group.

• (4) Interest payable increased by 53.28% compared to that at the beginning of the period, which was mainly attributed to the fact that the payment date of interest accrued on the bonds of the Group was not due.

— 7 —

											Reason
											for
	Income Statement			January to		January to Change				Significant
	Items			March 2017		March 2016 (%)					Changes
	Operating revenue 2,664,732,283.50 4,350,887,663.96 -38.75										Note 5
	Operating cost 1,828,938,055.30 3,322,788,823.94 -44.96
	Administrative 96,421,782.78 167,036,883.32 -42.28
	expenses
	Finance expenses 156,893,185.69 290,194,528.60 -45.94
	Investment income 95,934,787.80 62,826,587.53 52.7

Notes:

• (5) Operating turnover, operating costs, administrative expenses and financial expenses decreased significantly over the same period last year and investment gains increased significantly over the same period last year, which was mainly attributed to the fact that the Group was still operating the dry bulk cargo business in the same period last year, and the business scale is larger than this year, and the performance of the joint venture company is weaker than this year.

									Reason
									for
	Cash Flow			January	January				Significant
		Statement Items		toMarch 2017	**toMarch **	**2016 **	Change(%)		Changes
	Net cash flow
		from Operating		779,242,880.68	1,570,530,575.82		-50.38		Note (6)
		activities
	Net cash flow
		from Investing		-958,997,261.06	876,059,168.80		-209.47		Note (7)
		activities
	Net cash flow
		from Financing		204,218,405.00	-1,315,554,232.98		115.52		Note (8)
		activities

Notes:

• (6) Net cash flow generated from operating activities declined by 50.38% over the same period last year, which was mainly attributed to the fact that the Group was still operating the dry bulk cargo business in the same period last year and the scale of business operated was larger than this year.

• (7) Net cash flow generated from investing activities declined by 209.47% over the same period last year, which was mainly attributed to the fact that the Company recovered a large amount of loans granted to joint ventures in the previous period.

• (8) Net cash flow generated from financing activities increased by 115.52% over the same period last year, which was mainly attributed to the repayment of a large amount of loans by the Group in the same period last year.

— 8 —

• 3.2 Progress of significant events and effects thereof and analysis on solutions

Not applicable

• 3.3 Overdue and outstanding undertakings during the reporting period

Not applicable

• 3.4 Warning on any potential loss in accumulated net profit for the period from the beginning of the year to the end of the next reporting period or any aterial change from the corresponding period last year and the reason thereof

Not applicable

4 Appendix

Consolidated Balance Sheet

				**31 **	March 2017	31 December 2016	31 December 2016
	Items				RMB		RMB
	Current assets
	Cash and cash equivalents			6,398,361,925.00		6,388,717,618.66
	Notes receivable			78,030,910.73		74,076,177.86
	Accounts receivable			1,271,437,419.06		1,132,382,089.98
	Prepayments			495,103,278.88		426,873,115.89
	Interests receivable				2,201,097.94	1,883,436.94
	Dividends receivable				1,225,556.33	1,225,556.33
	Other receivables			421,994,472.26		341,850,059.85
	Inventory			539,622,978.13		451,401,830.11
	Non-current assets maturing withinccone year			18,779,378.27		18,899,240.36
	Other current assets			95,607,329.04		137,152,021.21
	**Total **	current assets		9,322,364,345.64		8,974,461,147.19
	Non-current liabilities
	Financial assets available for sale 295,604,996.77					279,761,297.31
	Long-term receivables			1,663,028,266.43		1,453,585,051.23
	Long-term equity investment			4,393,217,275.88		4,164,349,905.73
	Investment properties			1,103,959,949.41		1,104,907,492.36
	Fixed assets			34,325,124,881.17		32,928,541,240.64
	Construction in progress			7,967,102,530.57		8,917,825,126.78
	Intangible assets			84,481,845.87		86,610,076.87
	Goodwill			58,168,418.21		58,168,418.21
	Long-term deferred expenses				1,199,617.01	1,355,949.47

— 9 —

			**31 March **	2017	31 December 2016
	Items			RMB	RMB
	Deferred income tax asset 52,287,958.67				52,257,514.65
	Total non-current assets 49,944,175,739.99				49,047,362,073.25
	Total asset		59,266,540,085.63		58,021,823,220.44
	Current liabilities
	Short-term borrowings		1,778,856,365.01		1,872,990,050.99
	Accounts payable		1,306,170,413.17		1,349,983,852.11
	Receipts in advance		206,089,834.69		218,889,646.39
	Staff remuneration payable 123,489,162.13				178,394,824.18
	Taxes payable		121,754,171.09		155,866,402.25
	Interests payable		156,007,624.29		101,782,383.36
	Dividends payable		241,979.02		241,979.02
	Other payables		606,576,693.47		630,607,856.84
	Non-current liabilities to be mature within one year 2,736,387,409.26				2,753,894,652.31
	Total current liabilities 7,035,573,652.13				7,262,651,647.45
	Non-current liabilities
	Long-term borrowings		17,749,382,113.64		16,881,808,990.99
	Bonds payable		3,982,953,609.44		3,982,045,490.54
	Long-term payables		1,106,525,424.99		1,049,819,591.86
	Long-term Staff remuneration payable 151,794,818.17				156,165,181.83
	Estimated liabilities		492,645,604.73		495,337,579.16
	Deferred income		631.84		7,298.51
	Deferred income tax liabilities 298,734,671.82				295,917,042.29
	Other non-current liabilities 493,172,817.91				474,988,203.50
	Total non-current liabilities 24,275,209,692.54				23,336,089,378.68
	Total liabilities		31,310,783,344.67		30,598,741,026.13
	Shareholders’ equity
	Share capital		4,032,032,861.00		4,032,032,861.00
	Capital reserve		7,595,204,953.51		7,595,204,953.51
	Other comprehensive income 313,545,147.92				363,172,472.04
	Specific reserve		59,996,171.08		47,645,309.38
	Surplus reserve		2,877,436,346.44		2,877,436,346.44
	Undistributed profit		13,060,712,188.53		12,497,597,510.91
	Total equity attributable to owners of the parent company 27,938,927,668.48				27,413,089,453.28
	Minority interests		16,829,072.48		9,992,741.03
	Total shareholders’ equity 27,955,756,740.96				27,423,082,194.31
	Total liabilities and shareholders’ equity 59,266,540,085.63				58,021,823,220.44

— 10 —

Balance Sheet of the Company

			31 March 2017	31 March 2017	31 December 2016
	Items			RMB	RMB
	**Current **	assets
	Cash and cash equivalents		2,492,131,659.90		2,648,015,576.70
	Prepayments		38,394.90		38,394.90
	Interests receivable		104,538,264.09		57,985,525.11
	Other receivables		2,677,946,854.87		2,654,296,293.95
	Other current assets		12,030,525.86		12,030,525.86
	Total current assets		5,286,685,699.62		5,372,366,316.52
	Non-current liabilities
	Held-to-maturity investments 7,000,000,000.00				7,000,000,000.00
	Long-term equity investment 16,759,116,003.74				16,591,945,762.49
	Investment properties		1,227,748,666.00		1,227,748,666.00
	Fixed assets		63,153,782.49		63,736,180.49
	Intangible assets		1,911,702.83		2,548,937.11
	Total non-current assets		25,051,930,155.06		24,885,979,546.09
	Total asset		30,338,615,854.68		30,258,345,862.61
	**Current **	liabilities
	Staff remuneration payable		12,527,757.24		26,807,380.62
	Taxes payable		2,110,232.89		10,996,660.72
	Interests	payable	101,404,382.81		53,104,383.56
	Other payables		2,520,060,567.13		2,527,010,034.85
	Total current liabilities		2,636,102,940.07		2,617,918,459.75
	Non-current liabilities
	Bonds	payable	3,982,953,609.44		3,982,045,490.54
	Deferred income tax liabilities 173,476,028.10				173,476,028.10
	Total non-current liabilities		4,156,429,637.54		4,155,521,518.64
	Total liabilities		6,792,532,577.61		6,773,439,978.39
	Shareholders’ equity
	Share capital		4,032,032,861.00		4,032,032,861.00
	Capital reserve		7,844,457,084.62		7,844,457,084.62
	Other comprehensive income 271,137,193.06				271,137,193.06
	Surplus reserve		2,877,436,346.44		2,877,436,346.44
	Undistributed profit		8,521,019,791.95		8,459,842,399.10
	Total shareholders’ equity		23,546,083,277.07		23,484,905,884.22
	Total liabilities and shareholders’ equity 30,338,615,854.68				30,258,345,862.61

— 11 —

Consolidated Income Statement

						January-March 2016
				January-March 2017		(Restated)
	Items			RMB		RMB
	1.	Total operating revenue		2,664,732,283.50		4,350,887,663.96
		Including: Operating revenue		2,664,732,283.50		4,350,887,663.96
	2.	Total cost of sales		2,105,988,234.56		3,808,492,107.83
		Including: Operating cost		1,828,938,055.30		3,322,788,823.94
		Business taxes and other surcharges		12,914,837.71		5,341,749.60
		Sales expenses		10,842,527.69		23,130,122.37
		Administrative expenses		96,421,782.78		167,036,883.32
		Financial expenses		156,893,185.69		290,194,528.60
		Loss on impairment of assets		-22,154.61
		Add: Investment income (“-” for investment loss)		95,934,787.80		62,826,587.53
		Including: investment
		income from associates and		95,934,787.80		106,955,862.73
		joint ventures
	3.	Operating profit (“-” for operating loss)		654,678,836.74		605,222,143.66
		Add: Non-operating revenue		3,669,505.01		16,676,934.50
		Less: Non-operating expenditure		101,269.81		1,304,271.50
		Including: Loss arising from
		disposal of non-current		23,795.67
		assets
	4.	Gross profit (“-” for gross loss)		658,247,071.94		620,594,806.66
		Less: Income tax		63,333,160.08		72,074,901.46
	5.	Net profit (“-” for net loss)		594,913,911.86		548,519,905.20
		Net profit attributable to owners of parent company		563,114,677.62		546,348,783.92
		Net profit attributable to minority shareholders		31,799,234.24		2,171,121.28
	6.	Other comprehensive net income after tax		-74,590,226.91		-288,760,083.58
		Other comprehensive net
		income after tax attributable		-49,627,324.12		-141,443,972.09
		to owners of parent company

— 12 —

							January-March 2016
					January-March 2017		(Restated)
	Items				RMB		RMB
			Other comprehensive income
			to be re-classified	to profit	-49,627,324.12		-141,443,972.09
			or loss
			Including:
			(1) Share of other
			comprehensive income
			to be re-classified to		263,671.47		-6,948,000.00
			profit or loss in an
			investee in accordance
			with equity method
			(2) Gain or loss from
			changes in the fair
			values of		6,065,199.25
			available-for-sale
			financial assets
			(3) effective parts of profit
			or loss on cash flow		-7,748,703.41		-102,753,292.99
			hedges
			(4) The difference between
			the translation of foreign currency		-48,207,491.43		-31,742,679.10
			financial statements
			Other comprehensive net
			income after tax attributable		-24,962,902.79		-147,316,111.49
			to minority shareholders
	7.		Total comprehensive	income	520,323,684.95		259,759,821.62
			Total comprehensive	income
			attributable to owners of		513,487,353.50		404,904,811.83
			parent company
			Total of comprehensive
			income attributable to		6,836,331.45		-145,144,990.21
			minority shareholders
	8.		Earnings per share
			(1) Basic earnings per share (RMB per share)		0.1397		0.1355
			(2) Diluted earnings per share (RMB per share)		0.1397		0.1355

— 13 —

Income Statement of the Company

							January-March 2016	January-March 2016
				January-March 2017			(Restated)
	Items					RMB	RMB
	1.	Total operating revenue				8,951,533.69	4,849,476.92
		Less: Business taxes and other surcharges				73,019.81	274,612.92
		Sales expenses				10,842,527.69
		Administrative expenses				6,796,614.82	7,307,764.05
		Financial	expenses			21,733,979.12	100,659,804.31
		Add: Investment income (“-” for investment loss)				91,672,000.60	147,944,090.34
		Including: investmentincome
		from associates and joint				14,975,425.25	9,976,984.83
		ventures
	2.	Operating profit (“-” for operating loss)				61,177,392.85	44,551,385.98
		Add: Non-operating revenue					40,000.00
		Less: Non-operating expenditure					8,181.87
		Including: Loss arising from
		disposal of non-current					2,926.87
		assets
	3.	Gross profit (“-” for gross loss)				61,177,392.85	44,583,204.11
	4.	Net profit (“-” for net loss)				61,177,392.85	44,583,204.11
	5.	Total comprehensive income				61,177,392.85	44,583,204.11
	6.	Earnings	per share
		(1) Basic earnings per share (RMB per share)				0.0152	0.0111
		(2) Diluted earnings per share (RMB per share)				0.0152	0.0111

— 14 —

Consolidated Cash Flow Statement

						January-March 2016
				January-March 2017		(Restated)
	Items			RMB		RMB
	1.	Cash flows from operating
		activities
		Cash received from sales of
		goods and provision	of	2,531,620,160.27		4,414,134,674.67
		services
		Cash received from tax rebates		39,402,157.51		113,028,717.52
		Cash received from other related operating activities		307,973,668.23		378,643,321.09
		Subtotal of cash inflow from operating activities		2,878,995,986.01		4,905,806,713.28
		Cash paid for goods and services		1,176,957,052.72		2,141,334,004.84
		Cash paid to or on behalf of employees		282,220,533.24		553,738,785.59
		Taxes paid		132,364,761.02		184,821,896.88
		Other cash paid relating to operating activities		508,210,758.35		455,381,450.15
		Subtotal of cash outflow from operating activities		2,099,753,105.33		3,335,276,137.46
		Net cash flows from operating activities		779,242,880.68		1,570,530,575.82
	2.	Cash flows from investing
		activities
		Cash received from disposal of investments		3,789,381.33		1,133,903,261.73
		Cash received from gains in investments				385,928,615.53
		Net cash inflow from disposal
		of fixed, intangible and other				5,030.00
		long-term assets
		Subtotal of cash inflow from investing activities		3,789,381.33		1,519,836,907.26
		Cash paid for purchase of
		fixed, intangible and	other	574,891,199.88		500,818,548.12
		long-term assets
		Cash paid for investment		235,700,626.51		144,641,615.56

— 15 —

						January-March 2016
					January-March 2017	(Restated)
		Items			RMB	RMB
			Net cash paid for	acquisition
			of subsidiaries and other		152,194,816.00
			operating entities
			Other cash paid relating to investment activities			-1,682,425.22
			Subtotal of cash outflow from investing activities		962,786,642.39	643,777,738.46
			Net cash flows from investing activities		-958,997,261.06	876,059,168.80
		3.	Cash flows from financing
			activities
			Cash received from borrowings		1,162,542,306.68	1,042,612,409.57
			Cash received relating to other financing activities		18,823,207.83
			Subtotal of cash inflow from financing activities		1,181,365,514.51	1,042,612,409.57
			Cash paid for payment of debts		865,925,341.79	2,140,922,367.68
			Cash paid for distribution of
			dividends or profits and for		59,343,745.52	210,942,020.71
			interest expenses
			Cash paid for other related financing activities		51,878,022.20	6,302,254.16
			Subtotal of cash outflow from financing activities		977,147,109.51	2,358,166,642.55
			Net cash flows from financing activities		204,218,405.00	-1,315,554,232.98
		4.	Effect on cash and cash
			**equivalents from **	change of	-14,819,718.28	-27,361,717.24
			exchange rates
		5.	Net increase in cash and cash equivalents		9,644,306.34	1,103,673,794.40
			Add: Balance of cash and cash
			equivalents at the beginning		6,388,717,618.66	4,863,246,552.68
			of the Reporting Period
		6.	Balance of cash and cash
			equivalents at the end of the		6,398,361,925.00	5,966,920,347.08
			Reporting Period

— 16 —

Cash Flow Statement of the Company

						January-March 2016
				January-March 2017		(Restated)
	Items			RMB		RMB
	1.	Cash flows from operating
		activities
		Cash received from other related operating activities		134,620,572.27		12,410,781.36
		Subtotal of cash inflow from operating activities		134,620,572.27		12,410,781.36
		Cash paid for goods and services		313,206.26		32,010.44
		Cash paid to or on behalf of employees		33,587,623.26		3,467,136.56
		Taxes paid		9,008,380.51		389,970.57
		Other cash paid relating to operating activities		123,432,531.12		112,941,522.86
		Subtotal of cash outflow from operating activities		166,341,741.15		116,830,640.43
		Net cash flows from activities	operating	-31,721,168.88		-104,419,859.07
	2.	Cash flows from investing
		activities
		Cash received from gains in investments		28,500,000.00		430,851,716.22
		Subtotal of cash inflow from investing activities		28,500,000.00		430,851,716.22
		Net cash paid for acquisition
		of subsidiaries and	other	152,194,816.00
		operating entities
		Subtotal of cash outflow from investing activities		152,194,816.00
		Net cash flows from activities	investing	-123,694,816.00		430,851,716.22
	3.	Cash flows from financing
		activities
		Cash paid for distribution of
		dividends or profits and for				28,720,011.68
		interest expenses
		Subtotal of cash outflow from financing activities				28,720,011.68

— 17 —

						January-March 2016
					January-March 2017	(Restated)
	Items				RMB	RMB
		Net cash flows from financing activities				-28,720,011.68
	4.	Effect on cash and cash
		equivalents from change of			-467,931.92	-12,940.67
		exchange rates
	5.	Net increase in cash and cash equivalents			-155,883,916.80	297,698,904.80
		Add: Balance of cash and cash
		equivalents at the beginning			2,648,015,576.70	375,220,780.02
		of the Reporting Period
	6.	**Balance **	of cash and cash
		equivalents at the end of the			2,492,131,659.90	672,919,684.82
		Reporting Period

This announcement is made in compliance with Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. The Company’s A Shares are listed on the Shanghai Stock Exchange, and the Shanghai Stock Exchange has required the Company to make an announcement similar to this announcement in Shanghai.

Shanghai, the PRC 28 April 2017

By order of the Board

COSCO SHIPPING Energy Transportation Co., Ltd. Yao Qiaohong

Company Secretary

As at the date of this announcement, the Board of Directors of the Company comprises Mr. Sun Jiakang, Mr. Liu Hanbo and Mr. Lu Junshan as executive Directors, Mr. Feng Boming, Mr. Zhang Wei and Ms. Lin Honghua as non-executive Directors, Mr. Wang Wusheng, Mr. Ruan Yongping, Mr. Ip Sing Chi, Mr. Rui Meng and Mr. Teo Siong Seng as independent non-executive Directors.

• For identification purpose only

— 18 —