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Sustaining the of Steady Growth 友发国际有限公司 YHI INTERNATIONAL LIMITED Listed on the mainboard of the Singapore Exchange Company Registration Number 200007455H Sustaining the Momentum of Steady Growth Annual Report 2018 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 150 STATISTICS OF SHAREHOLDINGS NOTICE OF ANNUAL GENERAL 24 CORPORATE MILESTONES 152 MEETING 28 BOARD OF DIRECTORS 155 ADDITIONAL INFORMATION ON DIRECTORS SEEKING RE-APPOINTMENT PROXY FORM YHI INTERNATIONAL LIMITED ANNUAL REPORT 2018 01 OUR MISSION To be a recognised To position our To provide growth To be committed to global distributor company effectively and opportunities quality, professional of high quality by continuously for our employees and personnel automotive and providing our and to consistently management, industrial products, customers with generate stable sound business and a familiar and quality products returns to our practices and trusted brand name and distinctive shareholders. teamwork. in alloy wheels customer services manufacturing as so as to build an Original Design strong customer Manufacturer. relationships. Sustaining the Momentum of Steady Growth Striving in Tandem for the next milestone YHI INTERNATIONAL LIMITED ANNUAL REPORT 2018 03 CORPORATE PROFILE YHI International Limited is a leading global distributor of high-quality YHI’s International automotive and industrial products, and a trusted brand name in alloy presence spans across wheels manufacturing as an Original Design Manufacturer (ODM). over 100 countries through Listed on the Mainboard of the Singapore Exchange Securities Trading Limited (SGX-ST) on 3 July 2003, YHI has successfully diversified its its 32 subsidiaries and 2 business and carved a niche for itself in the global automotive arena since its humble beginnings as a sole proprietorship established in 1948. associated companies Today, YHI’s international presence spans across over 100 countries located across Asia Pacific, through its 32 subsidiaries and 2 associated companies located across Asia Pacific, North America and Europe. YHI distributes a diverse range North America and Europe. of premium automotive products, which includes tyres, alloy wheels, YHI distributes a diverse energy solutions, buggy & utilities vehicles and other industrial products to more than 5,000 customers globally. range of premium automotive YHI currently has three alloy wheels manufacturing plants located in products, which includes 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 tyres, alloy wheels, energy integrated ODM solutions provider, it provides services from the design and development to the manufacturing, marketing and distribution of solutions, buggy & utilities alloy wheels. vehicles and other industrial In order to strengthen the YHI distribution network, the Group will products to more than 5,000 continuously sharpen its sales focus, as well as embark on strategic plans to promote and develop its portfolio of premium and proprietary customers globally. brands in the global market where “The World is Our Market”. Sustaining the Momentum of Steady Growth YHI INTERNATIONAL LIMITED ANNUAL REPORT 2018 04 OUR PRODUCTS SINGAPORE JAPAN JAPAN ITALY TYRES We have an extensive range of tyres from passenger cars to commercial and off- THAILAND THAILAND TAIWAN INDONESIA the-road vehicles, to cater for different market needs. The key tyre brands we represent are Yokohama, Nankang, KOREA INDONESIA KOREA INDIA Nexen, Pirelli and our own proprietary brand, Neuton Tyres. We Invent. You Drive INDIA USA CHINA CHINA CHINA INDONESIA USA SINGAPORE SINGAPORE JAPAN GERMANY ALLOY WHEELS Our alloy wheels brand portfolio includes renowned brands like Enkei, OZ, Konig and our own proprietary brand, Advanti Racing. ITALY ITALY USA USA USA YHI INTERNATIONAL LIMITED ANNUAL REPORT 2018 05 SINGAPORE USA 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. USA 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 JAPAN JAPAN TAIWAN 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. CHINA CHINA PHILIPPINES ITALY USA CHINA SINGAPORE CHINA CANADA CANADA OTHER INDUSTRIAL PRODUCTS TAIWAN GERMANY USA USA We have a wide range of industrial power products such as solar panels, chargers, invertor and UPS. CHINA CHINA Sustaining the Momentum of Steady Growth YHI INTERNATIONAL LIMITED ANNUAL REPORT 2018 06 MANUFACTURING CAPABILITIES As an Original Design Manufacturer (ODM), our value operations were consolidated to our plant in Malacca. proposition is providing our customers with a seamless The right-sizing of our operations not only enhanced our supply chain from the design and development, efficiency but also enabled us to strengthen our balance manufacturing, advertising and promotion to distribution sheet and conserve resource for tapping future growth and sales for their alloy wheels through our extensive opportunities. global network. In China, we have also moved our precision moulding While distribution had been the core business of YHI, the operations from Shanghai to our manufacturing plant Group took the bold initiative to venture into alloy wheels at Suzhou in February 2016. The consolidation will manufacturing in 1996. From one production line in streamline and enable better integration of our production Taoyuan Taiwan, we had expended to 18 manufacturing processes, generating greater efficiency and synergies. lines in operation at 4 production sites by 2006. With the blueprint success in restructuring in our Malaysia In September 2000, the Group took the bold initiative plant, we embarked on similar restructuring plan to to invest in new plant in Shanghai, followed by further consolidate Shanghai manufacturing operation to Suzhou expansion in two new alloy wheels manufacturing plants as announced on 17 February 2017 to further reduce – YHI Advanti Manufacturig (Suzhou) Co., Ltd located in operating costs. Shanghai factory ceased operations in Suzhou, China and YHI Manufacturing (Malaysia) Sdn December 2016 and the production capacity was moved Bhd located in Sepanag, Malaysia – in 2006. to Suzhou and Malaysia factories by the end of 2017. In 2011, the Malacca plant was added to become the fifth In term of manufacturing R&D, our Suzhou team has production site for the alloy wheel manufacturing, with 0.6 achieved a breakthrough with a new proprietary Dynamic million new capacity added. Spinning Technology (DST) launched for the Aftermarket segment in 2014. Based on flow forming technology, To enhance our capability as an integrated ODM, YHI the new DST alloy wheels offer increased strength Precision Moulding (Shanghai) Co Ltd was set up in and performance compared to regular cast technology 2004 to manufacture and supply alloy wheels moulds for wheels. This new technology has enabled YHI to produce the manufacturing plants. Through continuous innovation lighter and stronger alloy wheels which will, in turn, lead and improvements in production processes, Enkei to lower production costs and enhance the Group’s Corporation has put the Group at the forefront of alloy competitiveness. wheels manufacturing. Our Most Advanced Technology (MAT) is an innovative casting and wheel forming In 2018, we applied our flow forming technology and technology that is critical in improving the alloy wheel’s infrastructure to all our Manufacturing facilities which material property and strength. allows us to cater globally to our international clientele. This also enhances our differentiation and competitive In Malaysia, we completed the sale of our Sepang plant edge. in 2015. With the disposal, the Group’s manufacturing 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 2018 07 OUR QUALITY CERTIFICATES YHI INTERNATIONAL TAIWAN CO., LTD YHI MANUFACTURING (MALAYSIA) SDN BHD TAOYUAN, TAIWAN YHI ADVANTI MANUFACTURING (MALAYSIA) SDN BHD MALACCA, MALAYSIA Products: Alloy Wheels Land area: 13,500 m2 Products: Alloy Wheels 2 Year of Production: 1996 Land area: 88,000 m Annual production capacity: 0.2 million Year of Production: 2006 Annual production capacity: 1.2 million Sustaining the Momentum of Steady Growth YHI INTERNATIONAL LIMITED ANNUAL REPORT 2018 08 FIVE-YEAR FINANCIAL HIGHLIGHTS GROUP REVENUE REVENUE BY BUSINESS SEGMENTS (S$ ’MILLION) (S$ ’MILLION) 2018 455.6 2018 332.3 123.3 2017 442.9 322.4 2017 120.5 2016 465.6 323.8 2016 141.8 2015 499.2 347.7 2015 151.5 2014 511.2 362.8 2014 148.4 0 100 200 300 400 500 600 0 50 100 150 200 250 300 350 400 Distribution Manufacturing
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