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Midea Group Co., Ltd. Semi-Annual Report 2018

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Midea Group Co., Ltd. Semi-Annual Report 2018 Midea Group Co., Ltd. Semi-Annual Report 2018 August 2018 Midea Group Co., Ltd. Semi-Annual Report 2018 Section I Important Statements, Contents and Definitions The Board of Directors, the Supervisory Committee, directors, supervisors and senior management of Midea Group Co., Ltd. (hereinafter referred to as the “Company”) hereby guarantee that the information presented in this report is free of any misrepresentations, misleading statements or material omissions, and shall together be wholly liable for the truthfulness, accuracy and completeness of its contents. All directors of the Company attended the Board meeting to review this report. The Company plans not to distribute cash dividends or bonus shares or convert capital reserves into share capital for the first half of 2018. Mr. Fang Hongbo, Chairman of the Board and President of the Company and Mr. Xiao Mingguang, Director of Finance of the Company, have represented and warranted that the financial statements in this report are true, accurate and complete. The financial statements in this report are unaudited by a CPAs firm. The future plans and some forward-looking statements mentioned in this report shall not be considered as virtual promises of the Company to investors. Therefore, investors are kindly reminded to pay attention to possible investment risks. This report has been prepared in both Chinese and English. Should there be any discrepancies or misunderstandings between the two versions, the Chinese version shall prevail. 1 Midea Group Co., Ltd. Semi-Annual Report 2018 Contents SECTION I IMPORTANT STATEMENTS, CONTENTS AND DEFINITIONS ...................... 1 SECTION II COMPANY PROFILE AND KEY FINANCIAL RESULTS ................................ 4 SECTION III BUSINESS PROFILE ..................................................................................... 8 SECTION IV PERFORMANCE DISCUSSION AND ANALYSIS ....................................... 13 SECTION V SIGNIFICANT EVENTS................................................................................. 38 SECTION VI CHANGES IN SHARES AND INFORMATION ABOUT SHAREHOLDERS 64 SECTION VII PREFERENCE SHARES ............................................................................ 70 SECTION VIII INFORMATION ABOUT DIRECTORS, SUPERVISORS AND SENIOR MANAGEMENT ................................................................................................................. 71 SECTION IX CORPORATE BONDS................................ ................................................. 72 SECTION X FINANCIAL REPORT ................................................................................... 73 SECTION XI DOCUMENTS AVAILABLE FOR REFERENCE ........................................ 163 2 Midea Group Co., Ltd. Semi-Annual Report 2018 Definitions Term Definition The “Company”, “Midea”, “Midea Group” or the Midea Group Co., Ltd. “Group” Midea Holding Midea Holding Co., Ltd. Little Swan Wuxi Little Swan Company Limited Toshiba Toshiba Corporation TLSC Toshiba Lifestyle Products & Services Corporation KUKA KUKA Aktiengesellschaft Reporting Period 1 January 2018 to 30 June 2018 3 Midea Group Co., Ltd. Semi-Annual Report 2018 Section II Company Profile and Key Financial Results 1. Corporate Information Stock abbreviation Midea Group Stock code 000333 Stock exchange where the shares of the Company are Shenzhen Stock Exchange listed Name of the Company in 美的集团股份有限公司 Chinese Abbr. of the Company name in 美的集团 Chinese Name of the Company in Midea Group Co., Ltd. English (if any) Abbr. of the Company name in Midea Group English (if any) Legal representative Fang Hongbo 2. Contact Us Company Secretary Representative for Securities Affairs Name Jiang Peng Ou Yunbin Address Midea Headquarters Building, No. 6 Midea Avenue, Beijiao Town, Shunde District, Foshan City, Guangdong Province, China Tel. 0757-22607708 0757-23274957 Fax 0757-26605456 E-mail [email protected] 3. Other Information 3.1 Ways to Contact the Company Changes to the registered address, office address and their zip codes, website address and email address of the Company in the Reporting Period: □ Applicable √ N/A No such changes in the Reporting Period. The said information can be found in the 2017 Annual Report. 4 Midea Group Co., Ltd. Semi-Annual Report 2018 3.2 Information Disclosure and Place Where the Semi-Annual Report Is Kept Changes to the media for information disclosure and the place where materials carrying disclosed information such as this Report were kept in the Reporting Period: □ Applicable √ N/A The newspapers designated by the Company for information disclosure, the website designated by the CSRC for disclosing this Report and the place where materials carrying disclosed information such as this Report were kept did not change in the Reporting Period. The said information can be found in the 2017 Annual Report. 3.3 Other Information Changes to other information in the Reporting Period: □ Applicable √ N/A 4. Key Accounting Data and Financial Indicators Whether the Company performed a retroactive adjustment to or restatement of accounting data □ Yes √ No H1 2018 H1 2017 Change (%) Operating revenues (RMB'000) 142,623,837 124,450,065 14.60% Net profits attributable to shareholders 12,936,846 10,811,322 19.66% of the Company (RMB'000) Net profits attributable to shareholders of the Company before non-recurring 12,500,253 9,891,766 26.37% gains and losses (RMB'000) Net cash flow from operating activities 7,613,688 13,895,932 -45.21% (RMB'000) Basic earnings per share (RMB/share) 1.97 1.67 17.96% Diluted earnings per share (RMB/share) 1.94 1.66 16.87% Weighted average ROE (%) 16.43% 16.46% -0.03% 30 June 2018 31 December 2017 Change (%) Total assets (RMB'000) 250,997,801 248,106,858 1.17% Net assets attributable to shareholders 79,301,793 73,737,437 7.55% of the Company (RMB'000) 5 Midea Group Co., Ltd. Semi-Annual Report 2018 Note: The decline in net cash flow from operating activities was primarily driven by the Company’s move in 2018 to invigorate capital and put it to more efficient use through more financing support for the upstream and downstream links of the Company’s industrial chain. This move has promoted common development of the industrial chain and generated income for the Company. Total share capital of the Company on the last trading session before disclosure: Total share capital of the Company on the last trading 6,603,643,690 session before disclosure (share) Fully diluted earnings per share based on the latest 1.96 share capital above (RMB/share) Note: The Company’s total share capital on 30 August 2018 was 6,642,976,396 shares. Minus the repurchased 39,332,706 shares up to that day, the number was 6,603,643,690 shares. 5. Differences in Accounting Data under Domestic and Overseas Accounting Standards 5.1 Differences in the net profits and net assets disclosed in the financial reports prepared under China Accounting Standards (CAS) and International Financial Reporting Standards (IFRS) □ Applicable √ N/A No such differences for the Reporting Period. 5.2 Differences in the net profits and net assets disclosed in the financial reports prepared under CAS and foreign accounting standards □ Applicable √ N/A No such differences for the Reporting Period. 5.3 Reasons for the differences □ Applicable √ N/A 6. Non-recurring Profits and Losses RMB'000 Item H1 2018 Note Profit or loss from disposal of non-current assets 266,895 6 Midea Group Co., Ltd. Semi-Annual Report 2018 Except for effectively hedging business related to normal business operations of the Company, profit or loss arising from the change in the fair value of held-for-trading financial assets and liabilities, as -521,715 well as investment profit or loss produced from the disposal of held- for-trading financial assets and liabilities and available-for-sale financial assets Other 1,065,178 Less: Corporate income tax 253,535 Minority interests (after tax) 120,230 Total 436,593 -- Explain the reasons if the Company classifies an item as a non-recurring profit/loss according to the definition in the <Explanatory Announcement No. 1 on Information Disclosure for Companies Offering Their Securities to the Public—Non-Recurring Profits and Losses>, or classifies any non-recurring profit/loss item mentioned in the said explanatory announcement as a recurring profit/loss item □ Applicable √ N/A No such cases for the Reporting Period. 7 Midea Group Co., Ltd. Semi-Annual Report 2018 Section III Business Profile 1. Business Scope in the Reporting Period Midea is a technologies group in HVAC systems, consumer appliances, robotics & industrial automation systems, and smart supply chain (logistics). Midea offers diversified products and services, including HVAC centered on residential air-conditioning, commercial air-conditioning, heating & ventilation systems; consumer appliances centered on kitchen appliances, refrigerators, laundry appliances, and various small home appliances; robotics and industrial automation systems centered on KUKA and Guangdong Midea Smart Robots Co., Ltd.; and integrated smart supply chain solutions with Annto Logistics Technology Co., Ltd. as the service platform. Upholding the principle of “Creating Value for Customers”, Midea is committed to improving lives for consumers. Midea focuses on continuous technological innovation to improve products and services, and to make life more comfortable and pleasant for over 300 million users, major customers and strategic partners from all fields across the globe every year. Midea, a global operating company, has now established
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