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BUILDING a 2 PANDAN ROAD SINGAPORE 609254 (65) 6264 2155 TEL: Yhigroup@Yhi.Com.Sg EMAIL: GLOBAL BRAND WEBSITE ANNUAL REPORT 2008 BUILDING A GLOBAL BRAND YHI INTERNATIONAL LIMITED 2 PANDAN ROAD SINGAPORE 609254 TEL: (65) 6264 2155 FAX: (65) 6265 9927 / 6266 5368 EMAIL: [email protected] WEBSITE: www.yhi.com.sg ANNUAL REPORT 2008 REPORT ANNUAL ANNUAL REPORT 2008 Listed on the mainboard of the Singapore Exchange Company Registration Number 200007455H BUILDING A GLOBAL BRAND YHI INTERNATIONAL LIMITED Listed on the mainboard of the Singapore Exchange Company Registration Number 200007455H Five-Year Financial Highlights 02 // Financial Summary 03 // Corporate Profile 06 // Group Managing Director's Message 08 // Board of Directors 12 // Corporate Structure 16 // Our Global Presence 18 // Heads of Subsidiaries & Key Officers 20 // Manufacturing Milestones 22 // Financial Calendar & Corporate Information 24 // Review of Operations 28 // Corporate Governance Report 30 // Financial Report 37 CONTENTS At YHI, our aim is to continously provide our customers with quality products and distinctive customer services so as to build strong customer relationships. We also aim to provide growth and opportunities for our employees and to consistently generate stable returns to our shareholders. We will achieve these goals through our organisation-wide commitment to quality, professional and personnel management, sound business practices and teamwork. MISSION STATEMENT 02 ANNUAL REPORT 2008 FIVE-YEAR FINANCIAL HIGHLIGHTS Since our listing in 2003, we have been delivering commendable performance in Revenue and Earnings and YHI INTERNATIONAL LIMITED we will continue to target better growth year-on-year. GROUP REVENUE (S$ ’million) REVENUE BY BUSINESS SEGMENTS (S$ ’million) 2004 291.3 2004 207.1 2005 334.8 2004 84.2 2006 375.2 2005 237.0 REVENUE BY GEOGRAPHICAL MARKETS (S$ ’million) 2007 426.9 2005 97.8 2004 115.4 2008 458.0 2006 263.6 2004 133.2 2006 111.6 2004 42.7 2007 274.1 2005 123.5 2005 146.1 2007 152.8 2005 65.2 2008 300.1 2006 135.5 2008 157.9 2006 150.7 2006 89.0 Distribution 2007 151.3 Manufacturing 2007 162.3 2007 113.3 2008 162.1 GROUP PAT (S$ ’million) PAT BY BUSINESS SEGMENTS 2008 162.4 2004 20.3 (S$ ’million) 2008 133.5 2004 11.3 2005 25.5 2004 9.0 Asean 2006 27.5* North East Asia 2005 14.7 Oceania & Others 2007 26.3 2005 10.8 2008 19.4 2006 15.7 DIVIDEND PAYOUT RATIO (%) 2006 11.8* 2004 14% 2007 19.2 2005 23% 2007 7.1 2006 26% 2008 18.2 * FY2006 PAT included a one-time gain in negative goodwill effect of S$5.4 million 2008 1.2 2007 30% 2008 30% 03 BUILDING A GLOBAL BRAND BUILDING FINANCIAL for the financial year SUMMARYended 31 December RESULTS OF OPERATIONS Actual FY2008 FY2007 FY2006 FY2005 FY2004 S$ ’000 S$ ’000 S$ ’000 S$ ’000 S$ ’000 Sales 457,974 426,887 375,200 334,795 291,325 Profit before income tax 26,918 33,789 35,552 32,454 26,275 Net profit attributable to equity 19,436 26,256 27,513 25,471 20,347 holders of the Company Earnings per share (cents) 3.32 4.49 4.71 4.36 3.48 FINANCIAL POSITION Actual FY2008 FY2007 FY2006 FY2005 FY2004 S$ ’000 S$ ’000 S$ ’000 S$ ’000 S$ ’000 Current assets 203,376 210,448 160,675 153,441 130,651 Non-current assets 119,770 121,046 110,997 68,344 58,229 Total assets 323,146 331,494 271,672 221,785 188,880 Current liabilities 130,517 148,811 110,966 84,208 70,659 Non-current liabilities 7,975 9,612 7,943 4,265 10,817 Total liabilities 138,492 158,423 118,909 88,473 81,476 Net assets 184,654 173,071 152,763 133,312 107,404 Capital and reserves attributable to equity holders of the Company 180,378 168,109 148,101 129,902 104,698 Minority interests 4,276 4,962 4,662 3,410 2,706 Total equity 184,654 173,071 152,763 133,312 107,404 Net asset value per share (cents) 30.86 28.76 25.33 22.22 17.91 Explanatory Notes: 1 The Group’s earnings per share for FY2004 is restated and adjusted for comparative purposes to reflect the share split and the bonus shares as incurred in FY2005. 2 The Group’s net asset value per share for FY2004 is restated and adjusted for comparative purposes to reflect the share split and the bonus shares as incurred in FY2005. ESTABLISHED BRAND EXPERIENCE An established brand like YHI has been creating products and services that interact well with customers worldwide. It is through creating the right experience that fulfills the promise of quality to customers that has been the hallmark of our success over the years. Photo courtesy of Redbull Racing Limited 06 ANNUAL REPORT 2008 ANNUAL REPORT CORPORATE PROFILEListed on the Mainboard of the Singapore Exchange Securities Trading Limited (SGX-ST) on 3 July 2003, YHI has successfully diversified its business and carved a niche for itself in the global automotive arena since its humble beginnings as a sole proprietorship established in 1948. YHI INTERNATIONAL LIMITED YHI INTERNATIONAL YHI International Limited is a recognised distributor of high- TYRES quality automotive and industrial products, and a familiar and We have an extensive range of tyres from passenger cars to trusted name in alloy wheels manufacturing as an Original commercial and off-the-road vehicles, to cater for different Design Manufacturer providing integrated services from the market needs. The key tyre brands we represent are Yokohama, design and development to the manufacturing, marketing and Nankang, Nexen, Pirelli and our own proprietary brand - distribution of alloy wheels. NEUTON TYRES. Today, YHI’s wide international presence can be seen with subsidiaries and associated companies located in Asean, China, Taiwan, Hong Kong, USA, Japan, Canada, Oceania and Italy. YHI also has 4 alloy wheels manufacturing plants located in Shanghai and Suzhou, China, Taoyuan in Taiwan and Sepang in Malaysia. With an aim to build YHI into a global brand name where “The World Is Our Market”, we will strengthen and widen the YHI distribution network putting emphasis to promote and develop the market potential of our portfolio of premium and proprietary brands in the global market. 07 BUILDING A GLOBAL BRAND BUILDING ALLOY WHEELS INDUSTRIAL PRODUCTS Our alloy wheels brand portfolio includes renowned brands Our industrial products portfolio includes both automotive like Enkei, OZ, Konig and ADVANTI RACING. Our own batteries and rechargeable batteries for commercial and proprietary brand, ADVANTI RACING is an Official Partner to industrial use as well as golf and utility buggies from EZGO. Scuderia Toro Rosso Formula One Team. Some of the key brands we distribute for rechargeable batteries are Hitachi, Trojan, CSB and Benning. We have also launched NEUTON POWER - our own proprietary brand of industrial and automotive batteries. 08 ANNUAL REPORT 2008 ANNUAL REPORT GROUP MANAGING DIRECTOR’S MESSAGE YHI INTERNATIONAL LIMITED YHI INTERNATIONAL Q. What are your thoughts on the performance of the RACING alloy wheels in new geographical markets also Group in FY2008? helped to boost our distribution segment. Profitability in A. Although we did not achieve double-digit growth in our manufacturing business segment was affected by turnover, we still managed to chalk up a 7.3% increase high operating costs in the first half of FY2008, as well over FY2007 despite the bad economic conditions. If as loss on foreign exchange due to volatility in major we discount the loss on foreign exchange and other global currencies. non-recurring items in FY2008, the Group's profit was at about the same level as in FY2007. I am generally Q. The global business environment is becoming more happy with our results in the prevailing challenging times. challenging, so how does the Group maintain its competitive edge? Q. How did the distribution and manufacturing business A. In my view, network is very important. So far we have segments perform in FY2008? been very successful in opening new geographical A. In FY2008, our distribution business segment accounted markets and this is our strength. We are able to achieve for approximately 65% and 94% of the Group's turnover wider market share through new business opportunities and net profit respectively. Our manufacturing business to promote our range of tyres, alloy wheels and batteries. segment accounted for 35% and 6% of the Group's In FY2008, our manufacturing plants have started to turnover and net profit respectively. Our distribution embark on various cost reduction measures to remain business segment exceeded our expectations primarily competitive through better production processes and due to better results from ASEAN and Oceania. enhanced technologies. Q. What factors assisted in the development of both the business segments? A. Turnover from our distribution business segment was primarily driven by stronger tyres sales in both ASEAN and Oceania. Our relentless efforts to promote our proprietary brands NEUTON TYRES and ADVANTI 09 BUILDING A GLOBAL BRAND BUILDING We will intensify our focus to develop our portfolio of premium and proprietary brands to build the YHI brand name to gain global recognition and reputation. Our proprietary brands of ADVANTI RACING alloy wheels, NEUTON TYRES and NEUTON POWER will continue to be channelled out into our extensive global network... Q. YHI celebrated its 60th year in 2008. How does it feel greatly enhanced. We have received many enquiries to have come so far? and orders from customers all over the world eager to A. Personally, I am proud that the YHI Group has come a market our ADVANTI RACING alloy wheels. long way since its humble beginnings as a sole proprietorship established in 1948.
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