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2017 Annual Report 2 2017 Annual Report 2017 ANNUAL REPORT 2 2017 ANNUAL REPORT KEY FIGURES Saurer Intelligent Technolgy Co Ltd. + 70%Turkey +37% + 71%China Outstanding performance in key markets China and Turkey with RMB 8'713 million growth of 70% Group highlights Excellent growth in revenue by 37% to RMB 8'713 million Strong earnings generation with profits before tax of RMB 996 million Successful listing in Q3 2017 on the Shanghai Stock Exchange Revenues by region in RMB '000 Revenue by segment in RMB '000 2016 2017 Change YoY 2017 China 2'150'570 3'674'611 71% + India 1'001'445 973'602 -3% 42%Change YoY 2016 Turkey 532'366 904'084 70% Asia (excl. China/India) 1'212'421 1'744'952 44% Americas 671'280 740'555 10% Europe/Africa/others (excl. Turkey) 784'672 675'608 -14% Saurer Spinning Solutions 4'897'647 6'977'092 Key financial data in RMB '000 2017 + 2016 2015 2016 2017 22%Change YoY 1'000'000 Saurer Technologies 1'477'864 1'809'697 includes inter-segment revenue 800'000 Employees 2017 600'000 400'000 4484 Americas 3% Rest of EU 2% 200'000 Switzerland 3% Profit before tax Turkey 1% Singapur 4% Net profit 0 Germany 41% India 9% 2015 2016 2017 Change YoY Revenue 6'648'902 6'352'754 8'713'412 37% Profit before tax 446'512 670'518 996'385 49% China 37% Net profit 382'162 502'985 749'517 37% Total assets 9'426'260 13'225'243 14'531'772 10% 2017 ANNUAL REPORT 3 IMPORTANT NOTES 1. The Board of Directors, the Board of Supervisors, and the Articles of Association, and considering the interests Directors, Supervisors and Senior Executives of Saurer of the shareholders and the long-term development of the Intelligent Technology Co., Ltd (“the Company”), hereby Company, the Company’s profit distribution plan for 2017 confirm that the content set out in this Annual Report was based on 1,895,412,995 shares, and cash dividends of is true, accurate and complete, and free from any false RMB 0.1 (before tax) for every 10 shares were distributed to representations, misleading statements or material all shareholders from the undistributed profit. Total cash div- omissions, and are individually and collectively respon- idends distributed amounted to RMB 18,954,219.95 (before sible for the content therein. tax). No other forms of profit distribution or capital reserve plan were implemented. 2. All members of the Board of Directors attended the Cash dividends distributed by the Company mid-2017 Board meeting to review this Annual Report. amounted to RMB 184,421,938.82 (before tax). Taking into account the cash dividends of RMB 18,954,129.95 (before 3. PwC Mainland China (special general partnership) tax) expected to be distributed for 2017, the Company an- presented a standard unqualified Auditor’s Report for ticipates that total distributed cash dividends will amount to the Company. RMB 203,376,068.77 (before tax). 4. Pan Xueping, Chairman of the Board of Directors, 6. Disclaimer with respect to forward-looking statements and Lu Yimin, Chief Financial Officer and accountant None of the forward-looking statements contained in this in charge, confirm the truthfulness, accuracy and Report, such as the development strategies or future busi- completeness of the financial statements in this Annual ness plans, constitute a commitment by the Company to Report. investors. Investors are advised to be aware that investment involves risks. 5. Proposed profit distribution and capital reserve plan for the reporting period, as reviewed by the Board of 7. Important risk warning Directors. The risks faced by the Company are detailed in “Company’s According to the Articles of Association and the relevant laws Future Development” under Section 4, “Discussion and Anal- and regulations, and considering factors such as sharehold- ysis of Operations”. Investors are advised that investment ers’ returns and the Company’s business development, the involves risks. Board of Directors reviewed and approved the profit distribu- tion plan for 2017 as follows: 8. Other The audit by PwC Mainland China (special general part- During the reporting period, the Company’s major asset nership) confirmed that the net profit in the consolidated replacement and issue of shares to purchase assets were statements attributable to the shareholders of the parent completed, and the Company was relisted after restructuring company in 2017 was RMB 658,327,000. The parent in September 2017. The Company’s Board of Directors and company realized a net profit of RMB 487,418,000 in 2017. the Board of Supervisors were replaced and changes made According to the Articles of Association, 10% of the net profit to the management. The Company’s principal business was attributable to the parent company, RMB 48,742,000, was changed from building and construction and real estate de- set aside as the statutory surplus reserve. After the reserves velopment to R&D, manufacture and sales of intelligent textile were set aside, the net profit attributable to the parent com- equipment and key components, and with that, the company pany in 2017 was RMB 438,676,000. Taking into account was transformed into a high-end equipment manufacturer. the undistributed profit of RMB 377,048,000 at the begin- The Company name was changed from “Xinjiang Urban ning of the year minus the interim cash dividends of RMB Construction (Group) Co., Ltd” to “Saurer Intelligent Tech- 184,421,938.82 distributed in 2017, the residual profit of the nology Co., Ltd”, and the stock abbreviation was changed parent company distributable to the shareholders was RMB from “Xinjiang Urban Construction” to “Saurer Intelligent”. The 631,302,000. According to the relevant laws and regulations stock code remains unchanged. 4 2017 ANNUAL REPORT Pan Xueping Clement Woon Chairman CEO 2017 ANNUAL REPORT 5 LETTER FROM THE CHAIRMAN AND CEO Dear Shareholders, Saurer’s listing on the Shanghai Stock Exchange Position in domestic and foreign markets in the autumn of 2017 marked the highlight of an Backed by its global sales and after-sales service exciting and very successful year. By taking advan- system, Saurer is an international company that tage of the favourable economic situation, Saurer provides high-end textile machinery and equipment successfully strengthened its position as a globally for customers worldwide. As a listed subsidiary of leading supplier of high-end textile equipment, pro- the Jinsheng Group, Saurer is in a very favourable viding customers with a suite of solutions from bale position to benefit from unprecedented economic to yarn. opportunities across these markets, including China with its vision for the textile industry as well as the Profitable growth “One Belt, One Road”, “Industry 4.0” and “Made in Saurer announced its best performance of the past China 2025” initiatives. five years: sales amounted to RMB 8.713 billion, a year-on-year (YoY) increase of 37.2% (2016: RMB Prospects 6.352 billion); net profit attributable to shareholders 2018 will bring new challenges for Saurer as well as increased by 38.6% YoY, reaching RMB 658 million for the entire textile industry. Last year we made sig- (2016: RMB 475 million). Saurer was particularly nificant progress in business integration, technical successful in the Chinese and Turkish markets with innovation and management. In its more than 160 a growth rate of approximately 70%. After three years of history, Saurer has successfully demon- years of hard work by the Company, Uzbekistan has strated that it can effectively grow and adapt to become its fourth-largest market, with sales of more changing conditions in a highly competitive market. than RMB 500 million in 2017. We firmly believe that Saurer will achieve sustained growth and stable profits in the future, and create New strategic focus greater value for investors and society. 2017 also signalled a year of profound change and a new strategic focus for Saurer. Our mission is to Acknowledgements become the preferred supplier of intelligent solutions On behalf of the Board of Directors and manage- and services in fibre and yarn processing equip- ment, we would like to express our heartfelt grati- ment. Our business philosophy is to enable our cus- tude to all our staff around the world for their tireless tomers to make full use of the advantages we offer efforts in challenging times. We would also like to while creating the best value for their stakeholders. thank all our shareholders for their trust in us, and This also reflects our core values: Customer Focus, our customers, suppliers and business partners for Quality Excellence, Team Spirit, Entrepreneurship their loyalty and cooperation. and Results Orientation. These are the drivers that consistently propel Saurer forward. Wattwil/Shanghai, 20 April 2018 Our newly created business segments – Spinning Pan Xueping Clement Woon Solutions and Technologies – are both dedicated to Chairman CEO better serving customers’ needs, improving oper- ational efficiency, and integrating and anticipating technological innovations. 6 2017 ANNUAL REPORT SOLUTIONS DRIVING CUSTOMER SUCCESS Jiangsu Yitianxia Textile & Technology Co. Ltd., China Founded in 2012 Number of employees approx. 40 Production 7,000 – 8,000 tons of yarn Number and type of machines 4 ACO 8 sets, 1 ACO 9 set Number of spindles 2,400 Final product CO Ne7-30 (cotton yarn for knitting and weaving) Market requirements Spinning mills ask for lower energy consumption, high productivity and high yarn quality. Key feature relating to customer requirements Saurer’s E³ philosophy 19% lower spinning costs with E³ (Energy, Economics, Ergonomics) reduces Competition production cost significantly while offering the highest Autocoro 9 –4.8 yarn quality. 0 5 10 15 20 25 € Cent/kg yarn Personnel Compressed air Energy Space requirement 2017 ANNUAL REPORT 7 “With the Autocoro 9 we reach a rotor speed of around 150,000 rpm for many yarns in our portfolio.
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