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2017 2017 年年度報告 Annual Report Annual Report Annual 2017 年年度報告 Contents 2017 2017 年年度報告 Annual Report Annual Report 2017 年年度報告 Contents Corporate Information 2 Financial Highlights 4 Chairman’s Statement 5 Management Discussion and Analysis 7 Directors and Senior Management 16 Directors’ Report 21 Corporate Governance Report 36 Independent Auditor’s Report 50 Consolidated Income Statement 55 Consolidated Statement of Comprehensive Income 56 Consolidated Balance Sheet 57 Consolidated Statement of Changes in Equity 59 Consolidated Statement of Cash Flows 61 Notes to the Consolidated Financial Statements 62 Definitions 135 The English text of this Annual Report shall prevail over the Chinese text in case of any inconsistency. Corporate Information LEGAL NAME OF THE COMPANY FIT Hon Teng Limited (incorporated in the Cayman Islands with limited liability under the name Foxconn Interconnect Technology Limited and carrying on business in Hong Kong as FIT Hon Teng Limited) PLACE OF LISTING AND NOMINATION COMMITTEE STOCK CODE CHAN Wing Yuen Hubert (陳永源) (Chairman) The Stock Exchange of Hong Kong Limited LU Sung-Ching (盧松青) Stock code: 6088 CURWEN Peter D DIRECTORS AUDITOR Executive Directors PricewaterhouseCoopers LU Sung-Ching (盧松青) Certified Public Accountants LU Pochin Christopher (盧伯卿) GILLESPIE William Ralph LEGAL ADVISOR Sullivan & Cromwell (Hong Kong) LLP Non-executive Director CHEN Ga-Lane (陳杰良) PRINCIPAL BANKS Citibank, Taiwan Limited Independent non-executive Directors Bank of America, Taipei Branch CURWEN Peter D TANG Kwai Chang (鄧貴彰) AUTHORIZED CHAN Wing Yuen Hubert (陳永源) REPRESENTATIVES LU Pochin Christopher (盧伯卿) JOINT COMPANY NG Sau Mei (伍秀薇) SECRETARIES YANG Tsung-Han (楊宗翰) SHARE REGISTRAR AND NG Sau Mei (伍秀薇) (ACIS, ACS) TRANSFER OFFICE Principal AUDIT COMMITTEE Conyers Trust Company (Cayman) Limited TANG Kwai Chang (鄧貴彰) (Chairman) Cricket Square CURWEN Peter D Hutchins Drive, PO Box 2681, Grand Cayman KY1-1111 CHAN Wing Yuen Hubert (陳永源) Cayman Islands REMUNERATION COMMITTEE Hong Kong CURWEN Peter D (Chairman) Computershare Hong Kong Investor Services Limited CHEN Ga-Lane (陳杰良) Shops 1712–1716, 17th Floor, Hopewell Centre TANG Kwai Chang (鄧貴彰) 183 Queen’s Road East, Wanchai Hong Kong 2 FIT Hon Teng Limited Corporate Information REGISTERED OFFICE PLACE OF BUSINESS Cricket Square IN HONG KONG Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, 36/F, Tower Two, Times Square Cayman Islands 1 Matheson Street, Causeway Bay Hong Kong PRINCIPAL PLACE OF BUSINESS AND ADDRESS WEBSITE OF HEADQUARTERS http://www.fit-foxconn.com 66-1, Chungshan Road Tucheng District, New Taipei City 23680 Taiwan Annual Report 2017 3 Financial Highlights Year ended December 31, 2017 2016 2015 2014 USD’000 USD’000 USD’000 USD’000 Audited Audited Audited Audited Key income statement items Revenue 3,398,803 2,880,260 2,327,902 2,482,214 Gross profit 569,444 490,410 435,240 477,559 Operating profit 219,826 209,954 209,222 230,080 Profit attributable to owners of the Company 180,490 168,562 177,009 187,025 Year ended December 31, 2017 2016 2015 2014 USD’000 USD’000 USD’000 USD’000 Audited Audited Audited Audited Key balance sheet items Current assets 2,412,019 1,843,319 1,531,175 1,704,452 Total assets 3,180,634 2,614,699 2,266,396 2,505,367 Total equity 1,893,903 1,283,984 1,186,557 1,053,913 Current liabilities 1,276,874 1,329,368 1,077,260 1,448,022 Total liabilities 1,286,731 1,330,715 1,079,839 1,451,454 Year ended December 31, 2017 2016 2015 2014 Key financial ratios Gross profit margin 16.8% 17.0% 18.7% 19.2% Operating profit margin 6.5% 7.3% 9.0% 9.3% Margin of profit attributable to owners of the Company 5.3% 5.9% 7.6% 7.5% Year ended December 31, 2017 2016 2015 2014 Key operating ratios Average inventory turnover days1 58 47 47 44 Average trade receivables turnover days2 97 90 106 87 Average trade payables turnover days1 74 70 71 85 (1) Average inventory and trade payables turnover days are based on the average balance of such item divided by cost of sales for the year and multiplied by the number of days in the year. Average balance is calculated as the average of the beginning balance and ending balance of the year. The number of days for a year is 365 days. (2) Average trade receivables turnover days are based on the average balance of trade receivables, which include trade receivables due from third parties and trade receivables from related parties, divided by revenue for the year and multiplied by the number of days in the year. Average balance is calculated as the average of the beginning balance and ending balance of the year. The number of days for a year is 365 days. 4 FIT Hon Teng Limited Chairman’s Statement To shareholders, On behalf of the Board, I am pleased to announce that our Group’s results have maintained a satisfactory growth despite fierce competition in the global market. We have implemented a shareholder-oriented corporate strategy and prudent financial management policies in allocating and utilizing funds. We will further enhance our competitiveness through ongoing investments in research and development of high-end technologies as well as strategic mergers and acquisitions. Looking ahead, we will leverage on our inherent technical competitiveness as well as our strategies and vision at the business level to continuously deliver outstanding achievements and create long-term value for our shareholders. DEVELOPMENT STRATEGIES With technological advancements over time, not only have we witnessed outstanding performance of our Group in the interconnect solutions industry, but we have also been committed to promoting our business transformation and expansion, and investing more in research and development of future technologies. Our determination to keep abreast of the times and excel in our technologies are evidenced in various facets: the evolution from copper conductors to high-speed optical-fiber cables, from wired transmission to wireless connectivity and from components to peripheral accessories, just to name a few. In the future, we will be more focused on other sectors, such as automotive electronics, Internet of Things and intelligent accessories. REVIEW OF 2017 RESULTS Apart from the growth of interconnect solutions for computers and mobile communications businesses, the accessories and optical communications businesses also served as key drivers for our growth in 2017. Leveraging on our advanced technologies, excellent insights and unyielding entrepreneurial spirit, we have changed the status quo of the industry and secured a considerable market share in the accessories and optical communications markets. In addition, we have also maintained our leading position in the development of high-end optical communications products, thereby becoming the pioneer in this field. Furthermore, we were selected as a constituent of Hang Seng Composite LargeCap & MidCap Index on November 13, 2017, marking an important milestone for our Company. FUTURE PROSPECTS With the continuous development of technologies, the era has arrived in which everything becomes interconnected, enormous and useful data has emerged, the demand for high-speed transmission has surged and accessories for personal terminal devices have diversified. We will leverage on our accurate insights and cutting-edge technologies to make continuous progress in a myriad of emerging industries, such as data centers, 8K + 5G, Internet of Vehicles, Internet of Things and mobile accessories markets. In addition to the formation of a joint venture company with Sharp in early 2018, we have also cooperated with top experts and forerunners in the global market to introduce artificial intelligence to transform our Company into one that is technologically sophisticated and infused with the genes of artificial intelligence. Annual Report 2017 5 Chairman’s Statement DIVIDENDS With our leading industrial position and strong competitiveness, the Company has continued to generate cash flows. The Board proposed to declare a final dividend of HK$0.055 per Share, representing a dividend payout ratio of approximately 25%. Upon approval by our shareholders at the forthcoming annual general meeting to be convened on June 22, 2018, the final dividends for the year ended December 31, 2017 will be distributed to the shareholders whose names appear on the register of shareholders of the Company on July 10, 2018 and paid on or around July 20, 2018. APPRECIATION Last but not least, I would like take this opportunity to express my heartfelt gratitude to the Board, the management team and all of our staff for their efforts and contribution to our Company and for laying a solid foundation for our future development. We also sincerely thank all our shareholders, partners and related parties for their loyal support and trust. We value, and hope that we will continue to have, your unceasing trust and support, and hope that we will stand together to face new challenges. LU Sung-Ching (盧松青) Chairman 6 FIT Hon Teng Limited Management Discussion and Analysis BUSINESS OVERVIEW AND OUTLOOK Business Overview For the year ended December 31, 2017, we continued to implement our business strategy to solidify our position as a global leader in the development and production of interconnect solutions and related products. With these efforts, we experienced significant growth in our business. Our revenue amounted to US$3,399 million, representing a 18.0% growth, and our profit amounted to US$180 million, representing a 6.5% growth, each compared to the year ended December 31, 2016. As discussed in more details in the “Results of Operations” section below, our sales in all end markets recorded a rapid growth, thanks to our strategic focus based on correct anticipation of industry trends. Despite an increase in operating costs caused by an increase in labor costs and an appreciation of Renminbi in 2017, we have fundamentally maintained our gross profit margin, with only a slight decrease compared to 2016, and recorded a significant growth in both operating profit and net profit, thanks to our growth in sales as well as prudent cost controls.
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