中集安瑞科(03899) - 2020 - 年度财报

Company Overview This section introduces the company's core businesses, vision, and presents a five-year financial overview and key financial highlights for the reporting period About Us CIMC Enric Holdings Limited (Stock Code: 3899), a member of CIMC Group listed on HKEX since 2005, specializes in the design, development, manufacturing, engineering, sales, and operation of various transportation, storage, and processing equipment across clean energy, chemical and environmental, and liquid food industries, also providing technical maintenance services globally with production bases and R&D centers in China, Germany, Belgium, UK, and Canada - The company's vision is to become a leading technology-driven enterprise in the clean energy, chemical and environmental, and liquid food sectors[2] - The company focuses on three major business areas: clean energy, chemical and environmental, and liquid food, offering equipment manufacturing, engineering services, and technical maintenance[3] Five-Year Financial Overview This report reviews the company's key financial data over the past five years, showing revenue fluctuations after peaking in 2018, with 2020 revenue at RMB 12.29 billion, operating profit declining to RMB 812 million in 2020 after a 2019 high, and total assets steadily growing from RMB 12.89 billion in 2016 to RMB 16.08 billion in 2020 Five-Year Financial Data Overview (As of December 31) | Indicator (RMB Thousand) | 2020 | 2019 | 2018 | 2017 | 2016 | | :--- | :--- | :--- | :--- | :--- | :--- | | Revenue | 12,289,567 | 13,743,019 | 13,051,651 | 10,706,590 | 7,968,403 | | Operating Profit | 811,991 | 1,138,573 | 1,098,087 | 743,960 | 665,559 | | Profit/(Loss) for the Year | 566,208 | 901,405 | 782,450 | 422,898 | (936,680) | | Total Assets | 16,074,720 | 15,900,033 | 15,853,354 | 14,176,233 | 12,888,423 | | Net Assets | 7,471,358 | 7,384,511 | 6,545,794 | 5,869,779 | 5,302,065 | Financial Highlights In 2020, the company's total assets slightly increased by 1.1% to RMB 16.07 billion, but operating performance significantly declined due to external factors, with full-year revenue down 10.6% to RMB 12.29 billion, gross profit down 10.9%, and operating profit sharply decreasing by 28.7% to RMB 812 million, while net profit attributable to shareholders was RMB 580 million, a 36.3% year-on-year decrease, and all profit margins, including operating profit margin (from 8.3% to 6.6%) and net profit margin (from 6.6% to 4.7%), also declined 2020 Operating Performance Highlights (As of December 31) | Indicator | 2020 (RMB Thousand) | 2019 (RMB Thousand) | Change (+/-) | | :--- | :--- | :--- | :--- | | Revenue | 12,289,567 | 13,743,019 | -10.6% | | Gross Profit | 2,094,723 | 2,351,294 | -10.9% | | Operating Profit | 811,991 | 1,138,573 | -28.7% | | Profit Attributable to Equity Holders | 579,923 | 911,007 | -36.3% | | Earnings Per Share - Basic (RMB) | 0.293 | 0.464 | -36.9% | 2020 Key Statistics | Indicator | 2020 | 2019 | Change (+/-) | | :--- | :--- | :--- | :--- | | Gross Profit Margin | 17.0% | 17.1% | -0.1 percentage points | | Operating Profit Margin | 6.6% | 8.3% | -1.7 percentage points | | Net Profit Margin | 4.7% | 6.6% | -1.9 percentage points | | Return on Equity | 8.0% | 13.5% | -5.5 percentage points | Chairman's Report The Chairman's Report details the company's 2020 performance amidst global challenges, highlighting a decline in consolidated revenue and net profit, diversified segment performance, strategic initiatives in hydrogen energy and liquid food, and a proposed final dividend Annual Performance Global COVID-19 impacts hindered the Group's commercial activities in 2020, leading to an overall performance decline, with consolidated revenue down 10.6% to RMB 12.29 billion and net profit attributable to shareholders down 36.3% to RMB 580 million, while business segments showed varied performance: Clean Energy revenue grew 2.7% (57.0% of total), Chemical and Environmental revenue decreased 40.1% (16.5% of total), and Liquid Food revenue decreased 11.3% (22.2% of total) 2020 Annual Performance Overview | Indicator | 2020 (RMB) | 2019 (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Consolidated Revenue | 12.29 billion | 13.74 billion | -10.6% | | Profit Attributable to Equity Holders | 0.58 billion | 0.91 billion | -36.3% | | Basic Earnings Per Share | 0.293 | 0.464 | -36.9% | Revenue Performance by Business Segment | Business Segment | 2020 Revenue (RMB) | Year-on-Year Change | Proportion of Total Revenue | | :--- | :--- | :--- | :--- | | Clean Energy | 7.002 billion | +2.7% | 57.0% | | Chemical and Environmental | 2.027 billion | -40.1% | 16.5% | | Liquid Food | 2.728 billion | -11.3% | 22.2% | Business Review and Outlook The company maintains a cautiously optimistic outlook for its business segments, with Clean Energy poised to benefit from China's energy transition and "carbon neutrality" goals, offering promising prospects in natural gas and hydrogen, while Chemical and Environmental, despite short-term pressure, sees long-term growth in tank containers and is considering an A-share spin-off for CIMC Enric Environmental Technology, and Liquid Food, despite pandemic impacts, secured over USD 200 million in major project contracts and expanded into new markets and the distilled spirits value chain through the acquisition of McMillan - Clean Energy: Actively aligning with the national "14th Five-Year Plan" and "carbon neutrality" goals, increasing investment in natural gas and hydrogen, with breakthroughs in hydrogen refueling station projects and the Yangtze River Delta hydrogen energy ecosystem[23][26] - Chemical and Environmental: Considering the spin-off listing of CIMC Enric Environmental Technology Co Ltd on the A-share market to provide a development platform for tank container and new environmental businesses[28] - Liquid Food: Secured three major project contracts totaling over USD 200 million in the Western Hemisphere market before Q4 2020, and completed the acquisition of McMillan, a UK distiller manufacturer, to expand its distilled spirits business[30] Social Responsibility In 2020, the company actively fulfilled its social responsibilities by urgently producing over 30 medical liquid oxygen storage tanks to support key hospitals in Hubei during the pandemic, donating epidemic prevention supplies to 32 overseas clients, and having its subsidiary, Shijiazhuang Enric Gas Machinery Co., Ltd., recognized as a "National Green Factory" for its energy-saving and waste heat recovery initiatives - During the pandemic, the Group established an emergency team to produce medical liquid oxygen storage tanks to support key hospitals such as Huoshenshan in Hubei[32] - Donated masks and other epidemic prevention supplies to 32 overseas clients in countries including South Korea, the Philippines, and Nigeria, supporting global anti-epidemic efforts[32] - Its subsidiary, Shijiazhuang Enric, was awarded the "National Green Factory" title, achieving energy conservation and emission reduction through energy-saving replacements and waste heat recovery[34] Management Discussion and Analysis This section provides an in-depth analysis of the company's three core business segments, covering industry overview, operational performance, future plans, R&D progress, qualifications, and cost control measures, alongside a detailed financial review of capital expenditures, expense variations, financial resources, liquidity, and foreign exchange risks Business Review This section details the operational performance of the three business segments, noting positive revenue growth in Clean Energy driven by natural gas demand and hydrogen policies, a significant revenue decline in Chemical and Environmental due to global pandemic and trade friction but with strategic shifts to after-market services and smart products, and improved performance in Liquid Food in H2 despite project delays, securing major new contracts and expanding into distilled spirits equipment through acquisition Clean Energy In 2020, the Clean Energy segment's revenue grew by 2.7% year-on-year to RMB 7.0 billion, accounting for 57.0% of the Group's total revenue, driven by increased demand for LNG vehicle and marine fuel tanks, while the industry benefited from China's growing natural gas consumption and "carbon neutrality" goals, with the company achieving strong sales across the natural gas value chain and planning to deepen its LNG business and seize new opportunities in hydrogen and unconventional natural gas Clean Energy Segment Operating Performance | Indicator | 2020 | 2019 | | :--- | :--- | :--- | | Revenue | 7,001,558,000 RMB | 6,814,772,000 RMB | | Year-on-Year Change | +2.7% | - | | Proportion of Group's Total Revenue | 57.0% | 49.6% | - Industry Drivers: China's apparent natural gas consumption increased by 5.6% year-on-year in 2020, and total LNG tank truck consumption grew by 37.5%, providing a market foundation for business growth[41] - Hydrogen Energy Layout: The company actively expanded its hydrogen energy business, establishing a hydrogen equipment manufacturing industrial base and forming a joint venture with Hexagon Purus to jointly develop the compressed hydrogen storage and transportation market in China and Southeast Asia[62][70] - R&D Achievements: Successfully developed the world's first 45-foot LNG tank container, China's largest single 685m³ LNG marine fuel tank, and achieved batch sales of 50MPa hydrogen storage cylinder bundles for hydrogen refueling stations during the year[72][75] Chemical and Environmental In 2020, the Chemical and Environmental segment's revenue decreased by 40.1% year-on-year to RMB 2.03 billion, representing 16.5% of the Group's total revenue, primarily due to the global pandemic and a downturn in the chemical industry, which led to a decline in tank container demand, yet the "CIMC Tank" brand maintained its global market leadership for 17 consecutive years, and the company is actively transitioning from manufacturing to services, expanding into after-market services, smart products like the "Tank Journey" IoT platform, and new environmental businesses, with its first hazardous waste comprehensive utilization project commencing operations in Q4 Chemical and Environmental Segment Operating Performance | Indicator | 2020 | 2019 | | :--- | :--- | :--- | | Revenue | 2,026,944,000 RMB | 3,385,706,000 RMB | | Year-on-Year Change | -40.1% | - | | Proportion of Group's Total Revenue | 16.5% | 24.6% | - Market Position: The "CIMC Tank" brand products have maintained a global market leading position for 17 consecutive years[94] - Business Expansion: Accelerating the transition from manufacturing to services, acquiring UBH intellectual property in the UK, achieving profitability in the Jiaxing depot operation, and launching the "Tank Journey" IoT platform[95] - New Environmental Business: Obtained environmental engineering and safety permits, with the first hazardous waste comprehensive utilization cooperation project officially commencing operations in Q4 2020[97] Liquid Food In 2020, the Liquid Food segment's revenue decreased by 11.3% year-on-year to RMB 2.73 billion, accounting for 22.2% of the Group's total revenue, primarily due to pandemic-induced delays in overseas projects, yet the segment secured three major project contracts totaling over USD 200 million before Q4 2020, and strategically completed the acquisition of McMillan, a Scottish copper still supplier, achieving comprehensive coverage of the distilled spirits equipment value chain and actively expanding into new markets like Chinese Baijiu and sparkling water Liquid Food Segment Operating Performance | Indicator | 2020 | 2019 | | :--- | :--- | :--- | | Revenue | 2,727,872,000 RMB | 3,076,961,000 RMB | | Year-on-Year Change | -11.3% | - | | Proportion of Group's Total Revenue | 22.2% | 22.4% | - Major Contracts: Secured three major contracts totaling over USD 200 million in the Western Hemisphere market before Q4 2020[116] - Strategic Acquisition: Completed the acquisition of McMillan, a leading Scottish copper still supplier, in April 2020, becoming one of the largest global suppliers in the distilled spirits industry[117] Other Analysis The Group holds numerous production certifications and qualifications from local and international bodies, along with over 970 patents, and in 2020, achieved significant cost control results through a full value chain lean improvement system, optimized supply chain management, and production-sales synergy, accumulating cost reductions of approximately RMB 27.8 million and procurement cost reductions of nearly RMB 80 million - Qualifications and Patents: Holds multiple international certifications, including from the American Society of Mechanical Engineers and China Classification Society, and possesses over 970 patents, with more than 120 invention patents[127] - Cost Control Effectiveness: In 2020, through lean improvement and cost benchmarking, accumulated cost reductions of approximately RMB 27.8 million; optimized supplier management resulted in procurement cost reductions of nearly RMB 80 million[128][130] Financial Review This section provides a detailed analysis of the Group's financial position, including a RMB 493 million capital expenditure in 2020, a 21.3% decrease in selling expenses due to the pandemic, an 11.0% increase in administrative expenses from higher salaries and R&D, a 28.0% reduction in finance costs, robust cash flow with RMB 960 million net cash inflow from operating activities, zero net debt-to-equity ratio, and a slight increase in total assets to RMB 16.07 billion Financial Analysis In 2020, the Group's capital expenditure was RMB 493 million, a year-on-year decrease, while selling expenses declined by 21.3% due to reduced promotion and travel amidst the pandemic, administrative expenses rose by 11.0% due to increased salaries, R&D, and goodwill impairment provisions, financial asset impairment losses increased to RMB 129 million due to a more conservative assessment of trade receivables, finance costs decreased by 28.0% due to lower borrowing levels, and income tax expense rose by 12.3% primarily due to increased profit contributions from European subsidiaries 2020 Capital Expenditure (By Business Segment) | Business Segment | Capital Expenditure (RMB Thousand) | | :--- | :--- | | Clean Energy | 162,213 | | Chemical and Environmental | 113,538 | | Liquid Food | 73,213 | | Non-segment | 144,333 | | Total | 493,297 | - Selling expenses decreased by 21.3% year-on-year to RMB 283 million, primarily due to reduced commissions, advertising, and promotional expenses impacted by the pandemic[136] - Administrative expenses increased by 11.0% year-on-year to RMB 1.233 billion, mainly due to higher salaries, R&D expenses, and goodwill impairment provisions[137] Financial Resources Analysis As of the end of 2020, the Group held RMB 2.56 billion in cash and cash equivalents, demonstrating a robust financial position, with net cash generated from operating activities increasing year-on-year to RMB 960 million, a net cash balance of RMB 1.86 billion, and a zero net debt-to-equity ratio, while total assets slightly increased by 1.2% to RMB 16.07 billion and net asset value per share rose to RMB 3.715, indicating ample funding for future capital expenditures and operational needs Cash Flow Overview (As of December 31) | Activity | 2020 (RMB Thousand) | 2019 (RMB Thousand) | | :--- | :--- | :--- | | Net Cash From Operating Activities | 960,082 | 861,545 | | Net Cash Used in Investing Activities | (480,840) | (550,759) | | Net Cash Used in Financing Activities | (406,440) | (703,416) | | Net Increase/(Decrease) in Cash | 72,802 | (392,630) | - As of the end of 2020, the Group held a net cash balance of RMB 1.86 billion, with a net debt-to-equity ratio of zero[147] - Total assets slightly increased by 1.2% to RMB 16.07 billion, and net asset value per share rose from RMB 3.673 to RMB 3.715[150] Directors and Senior Management This section provides detailed backgrounds and résumés of the company's Board of Directors and senior management, with the Board comprising nine members, including Chairman and Non-executive Director Mr. Gao Xiang, General Manager and Executive Director Mr. Yang Xiaohu, and several other Non-executive and Independent Non-executive Directors, while the senior management team consists of Vice General Managers and a Chief Financial Officer with extensive experience in their respective fields - Mr. Gao Xiang, Chairman of the Board, joined the Group in 2009, previously served as General Manager, and is currently the President of CIMC Group[156] - Mr. Yang Xiaohu, General Manager and Executive Director, has held his current position since 2017, possessing years of market operation and management experience within the Group[157] Corporate Governance Report This report details the company's commitment to high corporate governance standards, compliance with the Corporate Governance Code in 2020, outlining the Board's structure, responsibilities, and operations, along with the functions of its Audit, Remuneration, Nomination, and newly established Sustainability Committees, and describes robust risk management, internal control systems, and shareholder communication mechanisms to protect shareholder interests and enhance enterprise value Board of Directors The Board of Directors, responsible for leading and overseeing the Group, comprises nine members, including four independent non-executive directors, ensuring sufficient independence, and regularly convenes to review Group performance, financial statements, risk management systems, and make decisions on significant strategies and transactions, with a clear separation of duties between the Chairman's oversight and the General Manager's daily management to ensure balanced responsibilities, while the company provides continuous professional training for directors and has formal procedures for director appointment and remuneration determination - The Board of Directors consists of nine members, including four independent non-executive directors, who constitute more than one-third of the Board, meeting governance requirements[187] - The responsibilities of the Board and management are clearly separated, with Mr. Gao Xiang, the Chairman, overseeing Board operations and Group strategy, and Mr. Yang Xiaohu, the General Manager, responsible for execution and daily management[186] - The company has adopted the "Code for Securities Transactions by Relevant Persons," and all directors confirmed compliance with the code throughout 2020[193] Board Committees To streamline functions, the Board has established an Audit Committee, Remuneration Committee, Nomination Committee, and a newly formed Sustainability Committee in 2020, each with clear written terms of reference, where the Audit Committee oversees financial reporting, risk management, and external auditors, the Remuneration Committee sets compensation policies for directors and senior management, the Nomination Committee handles director nominations and appointments, and the Sustainability Committee addresses ESG-related matters - The Audit Committee, composed of four independent non-executive directors, is responsible for overseeing financial reporting, risk management, and internal and external audits[218] - The Remuneration Committee, comprising one non-executive director and two independent non-executive directors, is responsible for formulating remuneration policies for directors and senior management[222] - The Nomination Committee, consisting of the Chairman and two independent non-executive directors, is responsible for the nomination, appointment, and succession planning of directors[225] - A Sustainability Committee was newly established in December 2020, comprising the Chairman, an executive director, and a non-executive director, responsible for ESG-related matters[196][226][227] Accountability and Audit The Board is responsible for ensuring balanced, clear, and understandable financial reporting, and the company has established effective risk management and internal control systems to manage risks, safeguard shareholder investments and assets, with the Board continuously monitoring the system's effectiveness through its internal audit unit and confirming its effectiveness and adequacy throughout 2020, while also implementing an internal whistleblowing system and inside information disclosure mechanism to ensure compliant operations - The Board confirmed that it has reviewed the Group's risk management and internal control systems and considers them to have been effective and adequate throughout the year[236] - The company has an internal whistleblowing system, allowing employees to raise concerns about misconduct related to financial reporting, internal controls, and other matters[235] Communication with Shareholders The company maintains effective communication with shareholders and the investment market through various channels, including analyst conferences, roadshows, announcements, and financial reports, with the Annual General Meeting providing a platform for direct interaction between shareholders and the Board, and clear procedures established for shareholders to convene extraordinary general meetings, nominate director candidates, and raise inquiries, thereby safeguarding shareholder rights - The company maintains contact with investors and analysts through analyst and media briefings, one-on-one meetings, and roadshows[240] - Shareholders holding not less than 10% of the voting shares may request to convene an extraordinary general meeting[244] Directors' Report This report outlines the Group's principal activities, financial performance, risk factors, dividend policy, and compliance for 2020, focusing on clean energy, chemical and environmental, and liquid food equipment businesses, with a proposed final dividend of HKD 0.14 per share, and discloses details on directors' and major shareholders' interests, share option schemes, restricted share incentive plans, significant connected transactions, and litigation, confirming compliance with public float requirements Principal Activities and Business Review The Group primarily engages in the design, manufacturing, engineering, and sales of equipment for the clean energy, chemical and environmental, and liquid food industries, with 2020 revenue decreasing by 10.6% year-on-year and net profit attributable to shareholders declining by 36.3%, facing risks from macroeconomic conditions, government policies, and industry trends, for which it has developed corresponding strategies, while also prioritizing environmental protection and fostering strong relationships with key stakeholders - The Group's principal activities involve the design, development, manufacturing, engineering, sales, and operation of transportation, storage, and processing equipment for the clean energy, chemical and environmental, and liquid food industries[254] - Key risk factors include macroeconomic conditions, government energy policies, industry development trends, and the effectiveness of the company's internal strategy execution[260] Dividends and Equity-Linked Agreements The Board recommends a final dividend of HKD 0.14 per share for 2020, and the company operates share option schemes and restricted share incentive plans for employee motivation, with 48,634,000 outstanding share options as of year-end 2020, and the second vesting condition of the 2018 restricted share incentive plan met, resulting in 1,020,000 shares vesting to directors during the year, while a new "2020 Share Award Scheme" was adopted in April 2020, and a special equity incentive plan for the Chemical and Environmental Business Center was established in November - The Board recommends a final dividend of HKD 0.14 per ordinary share for 2020[275] - As of the end of 2020, 48,634,000 share options remained unexercised under the 2006 Share Option Scheme[301] - The second vesting condition of the 2018 Restricted Share Incentive Plan was met, with a total of 13,417,050 restricted shares vesting during the year[316][705] - The company adopted a new "2020 Share Award Scheme" on April 3, 2020, and 37,074,000 shares were purchased by the trustee during the year[318][352] Litigation and Connected Transactions During the reporting period, the company's wholly-owned subsidiary, Enric Shenzhen, won its lawsuit against SOEG PTE LTD, requiring no provision for losses, while the Group has multiple continuing connected transactions with its controlling shareholder, CIMC Group, and its subsidiaries, including financial services, product sales, procurement, and processing services, all of which have been annually reviewed by independent non-executive directors and auditors, confirming their fair and reasonable terms and alignment with the overall interests of shareholders - The lawsuit between subsidiary Enric Shenzhen and SOEG PTE LTD was won on final appeal, requiring no provision for losses[329] - The Group has multiple continuing connected transactions with CIMC Group, including a maximum daily deposit balance of RMB 418 million with CIMC Finance and purchases from CIMC Group amounting to RMB 233 million[331][332] Independent Auditor's Report PricewaterhouseCoopers, the independent auditor, issued an unmodified opinion on the company's consolidated financial statements as of December 31, 2020, affirming that the statements fairly and truly reflect the Group's financial position, performance, and cash flows, and are properly prepared in compliance with the disclosure requirements of the Hong Kong Companies Ordinance, with "recoverability of trade receivables" and "goodwill impairment" identified as key audit matters, for which the auditor performed relevant procedures - Auditor's Opinion: The consolidated financial statements are considered to fairly and truly reflect the Group's financial position in accordance with Hong Kong Financial Reporting Standards and are properly prepared in compliance with the Hong Kong Companies Ordinance[358] - Key Audit Matter One: Recoverability of trade receivables. As of year-end, the carrying amount of trade receivables was RMB 2.01 billion, with a provision of RMB 329 million; the auditor focused on this and performed relevant audit procedures[364] - Key Audit Matter Two: Goodwill impairment. As of year-end, the carrying amount of goodwill was RMB 237 million, with an annual impairment provision of RMB 40.22 million; the auditor reviewed key assumptions in the impairment assessment[368] Consolidated Financial Statements This section presents the Group's consolidated financial statements, including the statement of profit or loss, statement of financial position, and statement of cash flows, providing a comprehensive overview of its financial performance, assets, liabilities, equity, and cash movements for the reporting period Consolidated Statement of Profit or Loss For the year ended December 31, 2020, the company reported revenue of RMB 12.29 billion, a 10.6% year-on-year decrease, with gross profit at RMB 2.09 billion and operating profit at RMB 812 million, while profit for the year was RMB 566 million, a 37.2% year-on-year decrease, and profit attributable to equity holders of the company was RMB 580 million, with basic earnings per share at RMB 0.293 Consolidated Statement of Profit or Loss Summary | Item (RMB Thousand) | 2020 | 2019 | | :--- | :--- | :--- | | Revenue | 12,289,567 | 13,743,019 | | Gross Profit | 2,094,723 | 2,351,294 | | Operating Profit | 811,991 | 1,138,573 | | Profit Before Tax | 773,259 | 1,085,812 | | Profit for the Year | 566,208 | 901,405 | | Attributable to Equity Holders of the Company | 579,923 | 911,007 | Consolidated Statement of Financial Position As of December 31, 2020, the Group's total assets were RMB 16.07 billion, a slight increase of 1.1% from RMB 15.90 billion in the prior year, with total liabilities at RMB 8.60 billion, net assets at RMB 7.47 billion, net current assets at RMB 3.58 billion, and equity attributable to equity holders of the company at RMB 7.28 billion Consolidated Statement of Financial Position Summary | Item (RMB Thousand) | As of December 31, 2020 | As of December 31, 2019 | | :--- | :--- | :--- | | Total Assets | 16,074,720 | 15,900,033 | | Total Liabilities | 8,603,362 | 8,515,522 | | Net Assets | 7,471,358 | 7,384,511 | | Net Current Assets | 3,576,660 | 3,721,040 | | Equity Attributable to Equity Holders of the Company | 7,280,076 | 7,136,108 | Consolidated Statement of Cash Flows For the year 2020, the Group's net cash generated from operating activities increased to RMB 960 million from RMB 862 million in the previous year, with net cash used in investing activities at RMB 481 million and net cash used in financing activities at RMB 406 million, resulting in a net increase in cash and cash equivalents of RMB 72.8 million for the year, and an ending balance of RMB 2.56 billion Consolidated Statement of Cash Flows Summary | Item (RMB Thousand) | 2020 | 2019 | | :--- | :--- | :--- | | Net Cash From Operating Activities | 960,082 | 861,545 | | Net Cash Used in Investing Activities | (480,840) | (550,759) | | Net Cash Used in Financing Activities | (406,440) | (703,416) | | Net Increase/(Decrease) in Cash and Cash Equivalents | 72,802 | (392,630) | | Cash and Cash Equivalents as of December 31 | 2,560,890 | 2,534,752 |