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Download the PDF File CONTENTS 03 CORPORATE PROFILE 30 SENIOR MANAGEMENT TEAM 04 OUR PRODUCTS 32 HEADS OF SUBSIDIARIES 06 MANUFACTURING CAPABILITIES 34 CORPORATE STRUCTURE 08 FIVE-YEAR FINANCIAL HIGHLIGHTS 36 GLOBAL PRESENCE 09 FIVE-YEAR FINANCIAL SUMMARY 38 CORPORATE INFORMATION 10 Chairman’s message 39 CORPORATE GOVERNANCE 18 BUSINESS REVIEW 58 FINANCIAL REPORT 22 FINANCIAL REVIEW 136 STATISTICS OF SHAREHOLDINGS NOTICE OF ANNUAL GENERAL 24 CORPORATE MILESTONES 138 MEETING 28 BOARD OF DIRECTORS PROXY FORM YHI INTERNATIONAL LIMITED ANNUAL REPORT 2017 01 OUR MISSION To be a recognised global distributor of high quality automotive and industrial products, and a familiar and trusted brand name in alloy wheels manufacturing as an Original Design Manufacturer. To position our company effectively by continuously providing our customers with quality products and distinctive customer services so as to build strong customer relationships. To provide growth and opportunities for our employees and to consistently generate stable returns to our shareholders. To be committed to quality, professional and personnel management, sound business practices and teamwork. ASCENDING THE PEAK Going the distance in tandem YHI INTERNATIONAL LIMITED ANNUAL REPORT 2017 03 CORPORATE PROFILE Yhi’s international presence spans across over 100 countries through its 33 subsidiaries and 1 associated company located across Asia Pacific, North America and Europe. YHI distributes a diverse range of premium automotive products, which includes tyres, alloy wheels, automotive and industrial batteries, as well as golf and utility buggies to more than 5,000 customers globally. YHI International Limited is a leading global distributor YHI currently has three alloy wheels manufacturing of high-quality automotive and industrial products, and a plants located in Suzhou in China, Taoyuan in Taiwan trusted brand name in alloy wheels manufacturing as an and Malacca in Malaysia, with a current total production Original Design Manufacturer (ODM). capacity of 2.6 million units per annum. As an integrated ODM solutions provider, it provides services from the Listed on the Mainboard of the Singapore Exchange design and development to the manufacturing, marketing Securities Trading Limited (SGX-ST) on 3 July 2003, YHI and distribution of alloy wheels. has successfully diversified its business and carved a niche for itself in the global automotive arena since its In order to strengthen the YHI distribution network, the humble beginnings as a sole proprietorship established Group will continuously sharpen its sales focus, as well in 1948. as embark on strategic plans to promote and develop its portfolio of premium and proprietary brands in the global Today, YHI’s International presence spans across over market where “The World is Our Market”. 100 countries through its 33 subsidiaries and 1 associated company located across Asia Pacific, North America and Europe. YHI distributes a diverse range of premium automotive products, which includes tyres, alloy wheels, automotive and industrial batteries, as well as golf and utility buggies to more than 5,000 customers globally. ASCENDING THE PEAK YHI INTERNATIONAL LIMITED ANNUAL REPORT 2017 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 JAPAN ITALY THAILAND THAILAND TAIWAN INDONESIA INDONESIA KOREA We invent. You Drive KOREA INDIA INDIA USA CHINA CHINA CHINA INDONESIA USA 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 2017 05 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 INDUSTRIAL AND AUTOMOTIVE BATTERIES We carry an extensive range of rechargeable batteries suitable for commercial and industrial use. These batteries are used in different industries for different applications. The leading brands that we represent include Hitachi, Trojan, CSB, Vision and our own proprietary brand, Neuton Power. SINGAPORE USA USA USA JAPAN JAPAN TAIWAN CHINA CHINA PHILIPPINES ITALY USA OTHER PRODUCTS We have a wide range of industrial power products such as solar panels, chargers and CHINA CHINA UPS. CANADA CANADA TAIWAN GERMANY GERMANY USA USA CHINA CHINA ASCENDING THE PEAK YHI INTERNATIONAL LIMITED ANNUAL REPORT 2017 06 MANUFACTURING CAPABILITIES As an Original Design Manufacturer (ODM), our value proposition to strengthen our balance sheet and conserve is providing our customers with a seamless supply chain from resources for tapping future growth opportunities. the design and development, manufacturing, advertising and promotion to distribution and sales for their alloy wheels through In China, we have also moved our precision our extensive global network. moulding operations from Shanghai to our manufacturing plant at Suzhou in February 2016. While distribution had been the core business of YHI, the Group The consolidation will streamline and enable took the bold initiative to venture into alloy wheels manufacturing better integration of our production processes, in 1996. From one production line in Taoyuan Taiwan, we had generating greater efficiency and synergies. expended to 18 manufacturing lines in operation at 4 production sites by 2006. With the blueprint for success in restructuring in our Malaysia plant, we embarked on a In September 2000, the Group took the bold initiative to invest in similar restructuring plan to consolidate our new plant in Shanghai, followed by further expansion in two new Shanghai manufacturing operations to Suzhou alloy wheels manufacturing plants – YHI Advanti Manufacturing as announced on 17 February 2017 to further (Suzhou) Co., Ltd located in Suzhou, China and YHI Manufacturing reduce operating costs. The Shanghai factory (Malaysia) Sdn Bhd located in Sepang, Malaysia – in 2006. ceased operations in December 2016 and the production capacity was moved to Suzhou and In 2011, the Malacca plant was added to become the fifth Malaysia factories by the end of 2017. production site for the alloy wheel manufacturing and began production in 2012 with 0.6 million new capacity added. In term of manufacturing R&D, the team has achieved a breakthrough with a new proprietary To enhance our capability as an integrated ODM, YHI Precision Dynamic Spinning Technology (DST) launched Moulding (Shanghai) Co Ltd was set up in 2004 to manufacture for the Aftermarket segment in 2014. Based and supply alloy wheels moulds for the manufacturing plants. on flow forming technology, the new DST alloy Through continuous innovation and improvements in production wheels offer the strength and high performance processes, the Group is able to stay at the forefront of alloy of forged wheel at a cost effective rate. This new wheels manufacturing. Our Most Advanced Technology (MAT) is technology has enabled YHI to produce lighter an innovative casting and wheel forming technology that is critical and stronger alloy wheels which will, in turn, in improving the alloy wheel’s material property and strength. lead to lower production costs and enhance the Group’s competitiveness. In Malaysia, we completed the sale of our Sepang plant in 2015. With the disposal, the Group’s manufacturing operations were consolidated to our plant in Malacca. The right-sizing of our operations not only enhanced our efficiency but also enabled us OUR QUALITY CertIFIcates YHI INTERNATIONAL LIMITED ANNUAL REPORT 2017 07 YHI ADVANTI MANUFACTURING (SUZHOU) CO., LTD YHI INTERNATIONAL TAIWAN CO., LTD SUZHOU, CHINA TAOYUAN, TAIWAN Products: Alloy Wheels & Precision Moulding Sets Products: Alloy Wheels Land area: 75,600 m2 Land area: 13,500 m2 Year of Production: 2006 Year of Production: 1996 Annual production capacity: 1.2 million + 850 set mould Annual production capacity: 0.2 million YHI MANUFACTURING (MALAYSIA) SDN BHD YHI MANUFACTURING YHI ADVANTI MANUFACTURING (SHANGHAI) CO., LTD (MALAYSIA) SDN BHD MALACCA, MALAYSIA SHANGHAI, CHINA Products: Alloy Wheels Products: Alloy Wheels Land area: 88,000 m2 Land area: 47,000 m2 Year of Production: 2006 Year of Production: 2000 Annual production capacity: 1.2 million Annual production capacity: 1.0 million Note: Ceased production in December 2016 ASCENDING THE PEAK YHI INTERNATIONAL LIMITED ANNUAL REPORT 2017 08 FIVE-YEAR FINANCIAL HIGHLIGHTS GROUP REVENUE REVENUE BY BUSINESS SEGMENTS (S$ ’MIllIoN) (S$ ’MIllIoN) 322.4 2017 120.5 442.9 2017 323.8 2016 141.8 2016 465.6 347.7 2015 2015 499.2 151.5 362.8 2014 511.2 2014 148.4 2013 508.9 2013 371.4 137.5 Distribution Manufacturing NET PROFIT ATTRIbutable TO REVENUE BY GEOGRAPHY EQUITY HOLDERS OF THE company (S$ ’MIllIoN) (S$ ’MIllIoN) 189.8 2017 106.0 147.1 185.0 2017 8.8 2016 132.1 148.5 2016 3.7 194.7 2015 8.2 2015 134.4 170.1 2014 7.0 204.5 2014 133.8 2013 8.8 172.9 214.5 214.5 2013 122.9 171.5 Asean North East Asia Oceania and Others NET ASSETS DIVIDEND PAYOUT (S$ ’MIllIoN) (%) 2017 260.8 2017 50 2016 256.1 2016 50 2015 259.8 2015 50 2014 264.1 2014 50 2013 262.0 2013 45
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