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2019/20 Annual Report Stock Code 992 Lenovo Group Limited 2019/20 Annual Report Stock Code 992 Smarter technology for all About Lenovo Lenovo (HKSE: 992) (ADR: LNVGY) is a US$50 billion Fortune Global 500 company, with 63,000 employees and operating in 180 markets around the world. Focused on a bold vision to deliver smarter technology for all, we are developing world-changing technologies that create a more inclusive, trustworthy and sustainable digital society. By designing, engineering and building the world’s most complete portfolio of smart devices and infrastructure, we are also leading an Intelligent Transformation – to create better experiences and opportunities for millions of customers around the world. To find out more visit https://www.lenovo.com, follow us on LinkedIn, Facebook, Twitter, YouTube, Instagram, Weibo and read about the latest news via our StoryHub. 1 Lenovo Group Limited 2019/20 Annual Report Contents Financial highlights 4 Chairman and CEO statement 8 Lenovo management team 12 Management’s discussion and analysis 16 Corporate governance report 56 Audit committee report 107 Compensation committee report 114 Sustainability overview 125 Directors’ report 142 Independent auditor’s report 175 Consolidated income statement 181 Consolidated statement of comprehensive income 182 Consolidated balance sheet 183 Consolidated cash flow statement 185 Consolidated statement of changes in equity 187 Notes to the financial statements 189 Five-year financial summary 291 Corporate information 292 2019/20 Annual Report Lenovo Group Limited 2 2 Lenovo Group Limited 2019/20 Annual Report pioneers innovation ThinkPad X1 Fold 2019/20 Annual Report Lenovo Group Limited 3 Financial highlights 2020 2019 Year-on-year For the year ended March 31 US$ million US$ million Change Group Results Revenue 50,716 51,038 (1)% Gross profit 8,357 7,371 13% Gross profit margin (%) 16.5 14.4 2.1 pts Operating expenses (6,918) (6,193) 12% Expense-to-revenue ratio (%) 13.6 12.1 1.5 pts EBITDA 2,667 2,191 22% Pre-tax income 1,018 856 19% Pre-tax income margin (%) 2.0 1.7 0.3 pts Profit attributable to equity holders of the Company 665 597 12% EPS – basic (US cents) 5.58 5.01 0.57 EPS – diluted (US cents) 5.43 4.96 0.47 Interim dividend per share (HK cents) 6.3 6.0 0.3 Final dividend per share (HK cents)1 21.5 21.8 (0.3) Total dividend per share (HK cents) 27.8 27.8 – Cash and Working Capital Bank deposits and cash and cash equivalents 3,617 2,733 32% Total borrowings (4,860) (4,380) 11% Net debt (1,243) (1,647)(25)% Cash conversion cycle (days) (5) (11) 6 Note: 1 Subject to shareholders’ approval at the forthcoming annual general meeting. 4 Lenovo Group Limited 2019/20 Annual Report Revenue Analysis by Business Group Revenue Analysis by Geography for the year ended March 31 (US$ million) for the year ended March 31 (US$ million) 51,038 50,716 51,038 50,716 24% 21% 19% 22% 75% 79% 25% 25% 13% 10% 32% 32% 12% 11% 2019 2020 2019 2020 IDG-PCSD IDG-MBG DCG China AP EMEA AG EBITDA Profit/(loss) Attributable to for the year ended March 31 (US$ million) Equity Holders of the Company for the year ended March 31 (US$ million) 2,667 2,191 1,581 665 1,325 597 535 838 2016 2017 2018 2019 2020 (128) (189) 2016 2017 2018 2019 2020 2019/20 Annual Report Lenovo Group Limited 5 unlocks new experiences Lenovo Yoga 5G 6 Lenovo Group Limited 2019/20 Annual Report 2019/20 Annual Report Lenovo Group Limited 7 Chairman & CEO statement “Two years ago, we embarked on a strategy of ‘intelligent transformation’. A transformation of this magnitude for a 35-year- old company is no small undertaking, not least during a year where there were significant macro- economic and industry challenges. I am proud of how each of our business groups have embraced change in the last year.” 8 Looking back at the last 12 months the world has as an entirely new generation of smartphone users experienced one of the most significant periods of inspired by the foldable form factor. More notably global change and transformation we have ever it marked the company’s return to the premium seen. We are now in a world where a teenager smartphone category. can force global action on the climate emergency; where technology is democratizing access and Data Center Group opportunities in new and unthought of ways, and Despite softer demand in the global hyperscale where a global pandemic has changed the future market, the Data Center Group has focused on key of the workplace as we know it, forever. opportunities and growth areas. The business in China has grown year to year driven by both server It is against this backdrop of great global sales and the joint venture with NetApp. Server transformation – economically, socially and volume and revenue of Storage, Software Defined environmentally, that Lenovo too has transformed. Infrastructure, Software and Services have all seen Two years ago, we embarked on a strategy of double digit growth. Year to year growth in High ‘intelligent transformation’, with a clear vision to Performance Computing continued as the team not only lead our own intelligent transformation further extended the #1 supercomputer leadership but enable our customers to do the same – through on the 2019 Top 500 list with 173 designs around a strategy (3S) focused on smart IoT, smart the world. infrastructure and smart verticals and a bold vision of bringing the world ‘smarter technology for all’. Transformation businesses Alongside these core business groups we have A transformation of this magnitude for a invested in new and burgeoning opportunities 35-year-old company is no small undertaking, not for the future – including the launch of three new least during a year where there were significant business groups as a driving force behind the macro-economic and industry challenges. I am transformation aligned to our 3S strategy. These proud of how each of our business groups have small groups are set up outside of the current embraced change in the last year and delivered business group structure and are empowered revenue of US$50.7 billion – almost the same as the with a freedom and entrepreneurial mandate that record revenue of FY18/19: feeds our global transformation. These groups are the Data Intelligence Business Group (DIBG), the BUSINESS GROUP OVERVIEW Converged Network Business Unit (CNBU) and the Intelligent Devices Group Commercial Internet of Things (CIoT) group. In PC & Smart Device Group continues to lead the parallel the Lenovo Capital and Incubator Group sector, with record PC market share for the fiscal (LCIG) fortifies our intelligent transformation year of 24.5%, continuing to extend our leadership strategy by identifying and investing in some of as the #1 PC company in the world and with today’s most cutting-edge technologies that have sustained industry-beating profitability. We also the possibility to be the mainstream technologies continue to lead in innovation – announcing the of tomorrow. world’s first foldable screen laptop, the X1 Fold, in May 2019; the first 5G connected PC in January 2020 and rethinking the role and place of smart technology in the home with the launch of the 21.5” ThinkBook Plus 13 inch Lenovo Smart Frame. It is this drive to challenge the status quo of what technology can do that has always been core to the Lenovo culture – always pushing the boundaries of what’s gone before. Not only making technology smarter but making it something that’s accessible and available to all. The Mobile Business Group’s year has focused on rightsizing for success and future growth, including resetting the portfolio to be more targeted and rebalancing the geographic spread of our business by lasering in on those markets where we see the greatest opportunity for growth. Commercially this focus has delivered five consecutive quarters of profitability, with the innovation highlight of the year being the return of the Motorola razr. This iconic innovation was reinvented and launched in November 2019 to both nostalgic razr fans as well 9 Chairman & CEO statement Our intelligent transformation starts from within. * Complex Solutions – where Lenovo plays a For example, ‘OMO,’ or online-merge-offline is System Integration role, bringing a range of a new business model that blends traditional hardware, software and services together e-commerce and physical stores so that we can to solve a business problem, or provides provide a more efficient route to market for our smart solutions based on A.I. and big data customers. Magic Cube is a tool that allows call technologies. center agents to take calls from any location, something that has helped us maintain our high I am confident this deeper service-led levels of customer service during lockdown. To transformation will lead to new competencies develop smart manufacturing, we are proactively across the business and new profitable revenue applying the power of Artificial Intelligence and streams for the future. Big Data to transform our already world-class manufacturing capabilities for the future. RESPONDING TO THE GLOBAL COVID-19 PANDEMIC STRATEGIC FOCUS FY20/21 AND BEYOND As the world has been turned upside down A key addition to our 3S strategy for the year by COVID-19 Lenovo teams across the world ahead is how we use services to drive a deeper pivoted in response to the global pandemic crisis. transformation and a more sustainable long-term Responding in multiple ways to support not only business. In the last year our revenue from software customers, partners and employees but also the and services reached US$3.5 billion, nearly 7% of communities where we live and work.
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