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Download the PDF File 友发国际有限公司 YHI INTERNATIONAL LIMITED Listed on the mainboard of the Singapore Exchange Company Registration Number 200007455H CONTENT 02 CORPORATE PROFILE 04 OUR PRODUCTS 06 MANUFACTURING CAPABILITIES 08 FIVE-YEAR FINANCIAL HIGHLIGHTS 09 FIVE-YEAR FINANCIAL SUMMARY 10 CHAIRMAN’S MESSAGE 18 BUSINESS REVIEW 22 FINANCIAL REVIEW 24 CORPORATE MILESTONES 28 BOARD OF DIRECTORS 30 SENIOR MANAGEMENT TEAM 32 HEADS OF SUBSIDIARIES 34 CORPORATE STRUCTURE 36 GLOBAL PRESENCE 38 CORPORATE INFORMATION 39 CORPORATE GOVERNANCE 60 FINANCIAL REPORT 142 STATISTICS OF SHAREHOLDINGS 144 ADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT YHI INTERNATIONAL LIMITED ANNUAL REPORT 2019 01 OUR MISSION To be a recognised global distributor of high To position our company effectively by quality automotive and industrial products, continuously providing our customers with and a familiar and trusted brand name in quality products and distinctive customer alloy wheels manufacturing as an Original services so as to build strong customer Design Manufacturer. relationships. To provide growth and opportunities for our To be committed to quality, professional employees and to consistently generate and personnel management, sound stable returns to our shareholders. business practices and teamwork. YHI INTERNATIONAL LIMITED ANNUAL REPORT 2019 02 CORPORATE PROFILE YHI INTERNATIONAL LIMITED ANNUAL REPORT 2019 03 CORPORATE PROFILE YHI’s International presence spans across over 100 countries through its 32 subsidiaries and 2 associated companies located across Asia Pacific, North America and Europe. YHI distributes a diverse range of premium automotive products, which includes tyres, alloy wheels, energy solutions, buggy & utilities vehicles and other industrial products to more than 5,000 customers globally. YHI International Limited is a leading global distributor of high-quality automotive and industrial products, and a trusted brand name in alloy wheels manufacturing as an Original Design Manufacturer (ODM). Listed on the Mainboard of the Singapore Exchange Securities Trading Limited (SGX-ST) on 3 July 2003, YHI has successfully diversified its business and carved a niche for itself in the global automotive arena since its humble beginnings as a sole proprietorship established in 1948. Today, YHI’s international presence spans across over 100 countries through its 32 subsidiaries and 2 associated companies located across Asia Pacific, North America and Europe. YHI distributes a diverse range of premium automotive products, which includes tyres, alloy wheels, energy solutions, buggy & utilities vehicles and other industrial products to more than 5,000 customers globally. YHI currently has three alloy wheels manufacturing plants located in Suzhou in China, Taoyuan in Taiwan and Malacca in Malaysia, with a current total production capacity of 2.6 million units per annum. As an integrated ODM solutions provider, it provides services from design and development to manufacturing, marketing and distribution of alloy wheels. In order to strengthen YHI distribution network, the Group will continuously sharpen its sales focus, as well as embark on strategic plans to promote and develop its portfolio of premium and proprietary brands in the global market where “The World is Our Market”. YHI INTERNATIONAL LIMITED ANNUAL REPORT 2019 04 OUR PRODUCTS TYRES We have an extensive range of tyres from passenger cars to commercial and off-the-road vehicles, to cater for different market needs. The key tyre brands we represent are Yokohama, Nankang, Nexen, Pirelli and our own proprietary brand, Neuton Tyres. SINGAPORE JAPAN ITALY JAPAN JAPAN THAILAND THAILAND TAIWAN INDONESIA KOREA INDONESIA KOREA INDIA INDIA USA We Invent. You Drive CHINA CHINA CHINA INDONESIA USA SINGAPORE INDIA CHINA CHINA CHINA ALLOY WHEELS Our alloy wheels brand portfolio includes renowned brands like Enkei, OZ, Konig and our own proprietary brand, Advanti Racing. SINGAPORE JAPAN GERMANY ITALY ITALY USA USA USA YHI INTERNATIONAL LIMITED ANNUAL REPORT 2019 05 OUR PRODUCT BUGGY & UTILITY VEHICLES Our range of environmentally friendly buggies and utility vehicles are used in golf greens, resorts, private and commercial areas and also for special events. It can be used for work, personal transportation or any general purpose mobility. We represent brands such as E-Z-GO and Cushman and our own proprietary brand, Neuton Power. SINGAPORE USA USA ENERGY SOLUTIONS We carry an extensive range of rechargeable batteries suitable for commercial and industrial use. These batteries are used in different industries for different applications including renewable energy. The leading brands that we represent include Hitachi, Trojan, CSB, Vision and our own proprietary brand, Neuton Power. SINGAPORE USA USA JAPAN JAPAN TAIWAN CHINA CHINA PHILIPPINES ITALY INDIA CHINA OTHER INDUSTRIAL PRODUCTS We have a wide range of industrial power products such as solar panels, chargers, invertor and UPS. SINGAPORE CHINA CANADA CANADA TAIWAN GERMANY USA GERMANY USA CHINA CHINA YHI INTERNATIONAL LIMITED ANNUAL REPORT 2019 06 MANUFACTURING CAPABILITIES As an Original Design Manufacturer (ODM), our value In Malaysia, we completed the sale of our Sepang plant proposition is providing our customers with a seamless supply in 2015. With the disposal, the Group’s manufacturing chain from the design and development, manufacturing, operations were consolidated to our plant in Malacca. The advertising and promotion to distribution and sales for their right-sizing of our operations not only enhanced our efficiency alloy wheels through our extensive global network. but also enabled us to strengthen our balance sheet and conserve resource for tapping future growth opportunities. While distribution had been the core business of YHI, the In China, we have also moved our precision moulding Group took the bold initiative to venture into alloy wheels operations from Shanghai to our manufacturing plant at manufacturing in 1996. From one production line in Taoyuan Suzhou in February 2016. The consolidation will streamline Taiwan, we had expended to 18 manufacturing lines in and enable better integration of our production processes, operation at 4 production sites by 2006. generating greater efficiency and synergies. In September 2000, the Group took the bold initiative to With the blueprint success in restructuring in our Malaysia invest in new plant in Shanghai, followed by further expansion plant, we embarked on similar restructuring plan to in two new alloy wheels manufacturing plants – YHI Advanti consolidate Shanghai manufacturing operation to Suzhou as Manufacturig (Suzhou) Co., Ltd located in Suzhou, China and announced on 17 February 2017 to further reduce operating YHI Manufacturing (Malaysia) Sdn Bhd located in Sepang, costs. Shanghai factory ceased operations in December Malaysia – in 2006. 2016 and the production capacity was moved to Suzhou and Malaysia factories by the end of 2017. In 2011, the Malacca plant was added to become the fifth production site for the alloy wheel manufacturing, with 0.6 In term of manufacturing R&D, our Suzhou team has achieved million new capacity added. a breakthrough with a new proprietary Dynamic Spinning Technology (DST) launched for the Aftermarket segment in To enhance our capability as an integrated ODM, YHI 2014. Based on flow forming technology, the new DST alloy wheels offer increased strength and performance compared Precision Moulding (Shanghai) Co Ltd was set up in 2004 to regular cast technology wheels. This new technology has to manufacture and supply alloy wheels moulds for the enabled YHI to produce lighter and stronger alloy wheels manufacturing plants. Through continuous innovation and which will, in turn, lead to lower production costs and improvements in production processes, Enkei Corporation enhance the Group’s competitiveness. has put the Group at the forefront of alloy wheels manufacturing. Our Most Advanced Technology (MAT) is In 2018, we applied our flow forming technology and an innovative casting and wheel forming technology that is infrastructure to all our Manufacturing facilities which allows critical in improving the alloy wheel’s material property and us to cater globally to our international clientele. This also strength. enhances our differentiation and competitive edge. YHI ADVANTI MANUFACTURING (SUZHOU) CO., LTD SUZHOU, CHINA Products: Alloy Wheels & Precision Moulding Sets Land area: 75,600 m2 Year of Production: 2006 Annual production capacity: 1.2 million + 850 set mould YHI INTERNATIONAL LIMITED ANNUAL REPORT 2019 07 OUR QUALITY CERTIFICATES YHI INTERNATIONAL TAIWAN CO., LTD YHI MANUFACTURING (MALAYSIA) SDN BHD YHI ADVANTI MANUFACTURING (MALAYSIA) SDN BHD TAOYUAN, TAIWAN Products: Alloy Wheels MALACCA, MALAYSIA Products: Alloy Wheels Land area: 13,500 m2 Land area: 88,000 m2 Year of Production: 1996 Year of Production: 2006 Annual production capacity: 0.2 million Annual production capacity: 1.2 million YHI INTERNATIONAL LIMITED ANNUAL REPORT 2019 08 FIVE-YEAR FINANCIAL HIGHLIGHTS GROUP REVENUE REVENUE BY BUSINESS SEGMENTS (S$ ’MILLION) (S$ ’MILLION) 499.2 347.7 500 465.6 350 323.8 322.4 332.3 325.8 442.9 455.6 448.2 300 400 250 300 200 150 200 151.5 141.8 100 120.5 123.3 122.4 100 50 0 0 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 Distribution Manufacturing NET PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY REVENUE BY GEOGRAPHY (S$ ’MILLION) (S$ ’MILLION) 15 13.7 250 13.0 206.1 208.8 194.7 189.8 12 200 185.0 8.8 170.1 148.5 9 8.2 150 147.1 150.7 138.9 134.4 132.1
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