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Midea Group IR Presentation 2017.02

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Midea Group IR Presentation 2017.02 Midea Group IR presentation 2017.02 1 Corporate Snapshot 2 Milestones Successful transition into a multi-product and global industry leader 3 Return to Shareholders Stable dividend distribution to shareholders every year RMB Bn 4 Overview Leading Technology Group in consumer appliances, HVAC, robotics and automation systems FY 2015 Export to Ranked Credit ratings $22 billion 200+ 481st A-/A3/A- Revenue Countries/Regions Fortune 2016 S&P/Moody’s/Fitch # 1 Global Home Appliances Player by Revenue Market Cap and rankings 2015 Revenue,FY 2015, US$ US$ Bn Bn Market cap: ~ RMB 200bn Ranking among A-share companies: 26 + Ranking among A-share companies (excl. financial and energy companies)：4 Ranking among Shenzhen stock exchange: 2 5 Product Portfolio Major Domestic Kitchen Appliances General SDA Residential A/C Appliances Commercial A/C Products Split A/C Hood Electric Oven Side by Side French Doors Chillers Rice Cooker Kettle Refrigerator Refrigerator VRF Range Cooktop Standing A/C Freezer In-line Water Heater Juicer Heater Microwave Movable A/C Roof-top Central A/C Dish Smart Washing Washing Washer System Fan Water Machine Machine Mini VRF Purifier Key Components Vacuum Electric HVAC and Magnetron Electronic Cleaner A/C and REF U.S. Ducted Compressor Motor Appliance Motor Controller Robotics & Industrial Automation 6 Market Position Induction Microwave Pressure Water Residential Water Vacuum Rice Cooker Kettle Washer Refrigerator Hoods Gas Stove Cooker Oven Cooker Purifier AC Heater Cleaner No.1 No.2 No.1 No.1 No.1 No.1 No.2 No.2 No.3 No.3 No.2 No.3 No.3 7 Turnover Breakdown HVAC account for close to half of revenue; international sales account for over 40% Motor, Logistics, Outside of China, 3% 1% 44% Air conditioner, Small appliances, 48% 28% Inside China, Wash machine, 56% 10% Refrigerator, 9% 2016H1 Main Business Turnover Breakdown Unit: RMB Bn Source: 2016 Semi-Annual Report 8 Manufacturing Footprint Inside / Outside of China: 17 / 12 production facilities; ~90,000 / ~15,000 employees Residential AC, Microwave, Stoves Commercial AC, China (17) Refrigerators, Microwaves, Stoves, Belarus (1) Ovens, Disinfection cabinets, Small Appliances, Commercial AC Compressors, Motors Lighting Washing machines, Italy (1) Vacuum Cleaners, Water Heaters Japan (2) Rice Cooker, Fan, Induction Cooker Brazil (2) Vietnam (1) Residential AC, Washing Residential AC, Egypt (1) Machine, Refrigerator, Rice Commercial AC Cooker, Fans India (2) Argentina (1) Thailand (1) Residential AC, Residential AC SaudiCommercial Arabia AC Residential AC Refrigerator, Wash Machine, Rice Cooker, Microwave Oven In addition, KUKA has 15 manufacturing sites and 13,200 employees worldwide, including 2 sites and over 1,000 employees in China 9 Corporate Governance 10 Management Handover A family enterprise managed by professional managers In 2012, professional manager team came on board In 2013, Midea Group launched IPO Hongbo Fang (Paul) Prior to IPO Chairman & President Strategic Midea Holding Management Joined Midea in 1992 Investors 59.85% 21.15% 19.00% Bitong Yin (Berton) Fengtao Zhu (Frank) Issue Shares Shareholders of VP & & GM of Residential AC VP & GM of Kitchen Appliances Midea Group Midea Electric Share swap Joined in 1999 Joined in 1993 58.83% 41.17% Yanmin Gu (Andy) Feide Li (Fred) Midea Electric (List SDA Motor Logistics VP VP & Head of Operations Co) Joined in 2000 Joined in 1999 After IPO Ziqiang Hu (Zack) Jinliang Wang (Kim) Strategic VP & Head of Domestic Marketing Midea Holding Management Others VP & Chief of Central Research Investors Joined in 2012 Joined in 1995 35.49% 12.54% 11.27% 40.70% Mingguang Xiao (Peter) Peng Jiang (Galen) CFO Board Secretary Midea Group Joined in 2000 Joined in 2007 (List Co) Board composition: SDA Motor Logistics Midea Electric 4 executive + 2 non-executive + 4 independent 11 Organizational Chart 10 Business Units + 8 Platforms + Corporate Functions = Great Synergies International Financing Midea Group Business Platform Platform Procurement E-commerce Platform Platform (TLSC) Logistics KUKA Central R&D Platform Laundry Institute Refrigerator Water Heater Water Residential AC Residential Commercial AC Commercial Living Appliances Living Kitchen Appliances Kitchen Parts & Components Parts Environmental Appliances Environmental Toshiba Lifestyle Toshiba Service M-Smart Platform Institute 10 Business Units + KUKA 12 Incentive Schemes Clear Shareholding Structure & long-term incentive plans Strategic Three terms of share option plans for employees. Investors Management Share Option Accumulatively account for 6% of TSO. 4% Plan 4% Majorly management in R&D and manufacturing. Controlling Other Shareholder Shareholders 36% 56% Midea Group Two terms of “Partners” Program (ESOP) “Partners” For key senior management. Program From “professional managers” to “business partners”. 13 Strategic Transformations 14 Key Financial Changes Significant margin improvement and strong cash generation capabilities 2011 2015 Change Revenue (RMB Bn) 134.1 138.4 3% Net Earnings (RMB Bn) 6.6 13.6 106% Net Cash / Debt (RMB Bn) * -5.1 64.9 +70 Bn Cash flow from Operating Activities (RMB Bn) 4.1 26.7 551% Revenue per employee (RMB Mn) 6.8 13.1 91% Number of Employees (‘000) 196 105 -46% Net Asset (RMB Bn) ** 30.2 56 85% * The calculation of Net Cash here includes Notes Receivable. ** In addition, the dividend paid to the shareholders of the list company and JV partners amount to RMB 18Bn in total in the last five years. 15 Strategic Focuses Strategic focuses shifted to Products, Efficiency, and Globalization • Focus on consumer-centric; improve product competitiveness Leading • Increase investment in R&D and innovation Products • Spin off loss-making product categories; improve product mix • Launch 632 IT project to standardize and streamline process Efficiency • Invest on automation of factories Driven • Promote Just-in-time manufacturing and destocking initiatives • Consolidate business support to 6 platforms to create synergies • Set up International Business Platform (MIB) Global • HQ globalization, subsidiaries localization Operation • Business model from OEM to OBM • Joint Ventures, Mergers & Acquisitions 16 Technology & Innovation Top Global Innovator with increased R&D expenses, personnel and centers 17 Efficiency Driven Investment on automation & IT; reduction on overcapacity, inventory, leverage Investments Reductions RMB 7Bn on RMB 2Bn on Product SKU: Inventory: Loan: factory 632 IT categories: >4,000 1610Bn 14.44Bn automation project 6432 2,000 RMB RMB Lean organization, lean manufacturing, made to orders (T+3 model) 18 Globalization To achieve global allocation of capital and global operations OEM OBM Midea International Business (“MIB”) • A management platform with corporate functions Functional Emotional Aspirational • An interface between HQ and overseas subs Brand Brand Brand • A “Special Economic Zone” within Midea Group • 15 nationalities of less than 100 employees Proven Partner with Leading Global Brands JV with Little Swan, JV cooperation in China, JV cooperation in HVAC HQ Subsidiaries OEM business India, Egypt, Philippines and compressors Globalization Localization and South America JV cooperation in China with JV cooperation in China 94.55% Stake in Kuka and Global Local Bosch Thermotechnology on robotics cooperation in robotics standardization Differentiation Joint development on JV cooperation on JV cooperation in Belarus electronic controllers Commercial Ac 19 Recent Transactions Midea + Toshiba Midea + Clivet Midea + KUKA Acquisition of 80.1% stake in the Acquisition of 80% stake in Clivet, a Launched a voluntary tender offer at home appliances businesses of European leading company based in EUR115 in cash per KUKA share; Toshiba with a consideration of Italy Total consideration amounts to be c.US$500 million approximately EUR 3.7Bn Improve market share on the Being licensed to use the Toshiba European as well as global markets 81.04% of shares tendered, plus the brand worldwide for 40 years; 13.51% shares acquired by Midea Obtained美的以 over5亿美元，受 5,000 IP assets让 Significant synergies in in product prior to the takeover offer, results in offerings, market presence, supply a total of 94.55% of all issued shares Significant synergies in brand, chain, manufacturing and of KUKA channels, R&D, supply chain, etc. technologies In line with Midea Smart 2 Strategy Closed on 30 June 2016 Closed on 31 October 2016 Closed on 6 January 2017 20 Future Strategies Existing business “Leading Products” strategy New geographic expansion Focusing on strategic markets New business Building, security, B to B business 21 Midea Corporate Strategy Continuous Smart 2 Strategy Leading Positions Transformation Leading Leading Leading Intelligent Products Globalized Business Smart Home Smart manufacturing Products Enterprise Platform HVAC Home Automation Components New Fields (Building Solution,, Appliance Robotics etc.) Overarching platform underpinned by big data, services and ecosystem Supported by infrastructure seamlessly incorporating logistics, finance and customer service platforms 22 Midea Automation Platform Strategy Industrial / Logistics Automation Service Robotics Service- Software / Software Enterprise Cloud & based Eco- Software Big Data Business Systems system Model Hardware / Product Design + Cobots Medium-sized Large-sized Increased General Industry Penetration Joint Investment/Development Area Industry Applications Current Industry Focus Components Future Investment/Development Area 23 KUKA Overview 2015 Revenue: €3BN → 2020 Revenue:
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