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MOMENTS Annual Report 2018 Report Annual N Annual Report G 2018 Geely Automobile Holdings Limited Holdings Geely Automobile R E E D 重新定義FIN I MOMENTS Annual Report 2018 N Annual Report G 2018 Room 2301, 23rd Floor, Great Eagle Centre, 23 Harbour Road, Wanchai, Hong Kong (Incorporated in the Cayman Islands with limited liability) 23 2301 香港灣仔港灣道 號鷹君中心 23 樓 室 (Stock Code : 0175) Key Figures Five Year Financial Summary 3 Editorial C Chairman’s Statement 7 Management Report Performance & Governance 11 Directors and Senior Management Profiles 29 Corporate Governance Report 35 Directors’ Report 60 Accounts O Independent Auditor’s Report 91 Consolidated Income Statement 97 N Consolidated Statement of Comprehensive Income 98 Consolidated Statement of Financial Position 99 Consolidated Statement of Changes in Equity 101 Consolidated Statement of Cash Flows 103 Notes to the Consolidated Financial Statements 105 Our Company TEN Corporate Information 227 TS K EY FIG U R ES KEY FIGURES Geely Automobile Holdings Limited Annual Report 2018 FIVE YEAR FINANCIAL SUMMARY Revenue Profit attributable to equity Equity attributable to equity (RMB Billion) holders of the Company holders of the Company (RMB Million) (RMB Billion) 106.6 44.9 12,553 92.8 10,634 34.5 53.7 24.4 19.5 5,112 17.3 30.1 21.7 2,261 1,431 14 15 16 17 18 14 15 16 17 18 14 15 16 17 18 A summary of the results and the assets and liabilities of the Group for the last five financial years, as extracted from the audited financial statements, is set out below: 2018 2017 2016 2015 2014 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue 106,595,133 92,760,718 53,721,576 30,138,256 21,738,358 Profit before taxation 14,958,973 12,773,961 6,203,943 2,874,805 1,943,405 Taxation (2,284,575) (2,038,572) (1,033,755) (586,143) (494,177) Profit for the year 12,674,398 10,735,389 5,170,188 2,288,662 1,449,228 Attributable to: Equity holders of the Company 12,553,207 10,633,715 5,112,398 2,260,529 1,430,588 Non-controlling interests 121,191 101,674 57,790 28,133 18,540 12,674,398 10,735,389 5,170,188 2,288,662 1,449,128 Assets and liabilities Total assets 91,460,980 84,980,752 67,582,836 42,292,460 37,280,150 Total liabilities (46,086,262) (50,169,918) (42,896,587) (22,552,937) (19,813,800) Total equity 45,374,718 34,810,834 24,686,249 19,739,523 17,466,350 Represented by: Equity attributable to equity holders of the Company 44,943,977 34,467,047 24,437,227 19,523,816 17,287,996 Non-controlling interests 430,741 343,787 249,022 215,707 178,354 45,374,718 34,810,834 24,686,249 19,739,523 17,466,350 003 Geely Automobile Holdings Limited Annual Report 2018 FIVE YEAR FINANCIAL SUMMARY OTHER KEY FINANCIAL FIGURES EBITDA(1) EBITDA Margin(2) CAPEX(3) (RMB Million) (%) (RMB Million) 17,242 16.2 7,642 15.7 7,523 14,550 14.2 13.0 12.6 3,709 7,644 3,244 2,421 3,907 2,741 14 15 16 17 18 14 15 16 17 18 14 15 16 17 18 Total debt(4)/Total capital(5) Total debt/EBITDA (%) (%) 91.6 13.0 8.9 8.3 49.4 7.0 29.3 3.6 19.9 8.9 14 15 16 17 18 14 15 16 17 18 (1) EBITDA is calculated by adding taxes, depreciation and amortization, and finance cost, excluding other income other than government subsidies to profit for the year. (2) EBITDA margin is calculated by dividing EBITDA by revenue for the relevant year, expressed as a percentage. (3) CAPEX includes cash outlays on additions to property, plant and equipment, intangible assets and land lease prepayments. (4) Total debt is the sum of current and non-current borrowings, convertible bonds, bonds payables and senior notes. (5) Total capital includes total current and non-current borrowings plus total equity. 004 KEYEDITORIAL FIGURES Geely Automobile Holdings Limited Annual Report 2018 FIVE YEAR FINANCIAL SUMMARY EBITDA-CAPEX CAPEX/Revenue EBITDA/Interest expense (RMB Million) (%) 151.3 9,719 12.3 11.1 6,908 8.2 7.1 89.7 6 66.2 4,400 37.8 33.7 320 198 14 15 16 17 18 14 15 16 17 18 14 15 16 17 18 Change in Percentage Increase/ Formula 2018 2017 (Decrease) For the year Revenue (RMB’000) 106,595,133 92,760,718 15 Profit attributable to equity holders of the Company (RMB’000) (1) 12,553,207 10,633,715 18 Per share Basic earning per share (RMB) 1.40 1.19 18 Diluted earning per share (RMB) 1.37 1.16 18 Dividend per share (HK$) 0.35 0.29 21 Net asset value (NAV) per share (RMB) (2)/(5) 5.00 3.84 30 At year end Equity attributable to equity holders of the Company (RMB’000) (2) 44,943,977 34,467,047 30 Total assets (RMB’000) (3) 91,460,980 84,980,752 8 Borrowings (including bonds payable) (RMB’000) (4) 3,423,102 1,296,460 164 Number of shares in issue (5) 8,981,612,540 8,970,514,540 0 Share price during the year – High (HK$) 28.75 29.80 (4) – Low (HK$) 12.84 7.39 74 Financial ratios Gearing ratio = (Borrowings/Equity attributable to equity holders of the Company) (4)/(2) 7.6% 3.8% 100 Return on total assets (1)/(3) 13.7% 12.5% 10 Return on equity attributable to equity holders of the Company (1)/(2) 27.9% 30.9% (10) 005 E DI TO I R A L EDITORIAL Geely Automobile Holdings Limited Annual Report 2018 CHAIRMAN’S STATEMENT OUR PROFIT ATTRIBUTABLE TO EQUITY HOLDERS FOR E 2018 INCREASED BY 18% OVER 2017 TO RMB12.55 BILLION, MAINLY ATTRIBUTABLE TO THE INCREASE IN SALES VOLUME AND THE CONTINUOUS IMPROVEMENT IN PRODUCT MIX DURING THE YEAR. BUSINESS OVERVIEW D China’s passenger vehicle market experienced a 4% decline in 2018, after strong growth over the past few year driven I by government stimulus ended 31 December 2017. The deterioration of consumer confidence in China caused by increased political and economic uncertainties also affected LI SHU FU demand for passenger vehicles during the year. Chairman Despite the overall downward trend for China’s passenger T vehicle market, we continued to increase our market share and strengthen our leading position in China’s passenger vehicle O segment in 2018, helped by the good sales performance of our A-segment sedans and Sport Utility Vehicle (“SUV”), making us the largest indigenous brand vehicle manufacturer R in China in terms of sales volume and maintaining our position as the third largest passenger vehicle brand in China. The launch of our newest A-segment sedan model “Bin Rui” (繽 I 瑞) and new compact SUV model “Bin Yue” (繽越) towards the end of the year further enhanced our product portfolio. As A a result, we achieved a 19% growth in domestic sales volume (including the sales volume of “Lynk&Co” vehicles sold by our 50%-owned joint venture) in 2018. Our group’s export sales L volume also exhibited a strong rebound of 136% year-on-year (“YoY”) increase in 2018 as a result of the introduction of more updated products to the export markets. Our group sold a total of 1,500,838 units of vehicles (including the sales volume of “Lynk&Co” vehicles sold by our 50%-owned joint venture) in 2018, up 20% from 2017. Despite the much weaker passenger vehicle demand in China towards the end of 2018, our group’s 2018 sales volume is only 5% below the target we set at the beginning of 2018, reflecting the strong underlying demand for the group’s products. 007 Geely Automobile Holdings Limited Annual Report 2018 CHAIRMAN’S STATEMENT FINANCIAL REVIEW operational cash inflow with our group’s Our group’s financial performance in 2018 total cash level (bank met the management’s expectations balances and cash + with total revenue increased by 15% to pledged bank deposits) RMB106.6 billion for the year ended 31 increased further by December 2018. Total net profit of our 17% to RMB15.76 group grew 18% from RMB10.74 billion billion at the end of in 2017 to RMB12.67 billion in 2018 due 2018. to increase in overall sales volume and better profit margin during the year. After accounting for non-controlling interests, DIVIDEND our net profit attributable to shareholders In view of the strong operational cash was up 18% from RMB10.63 billion strengthen after-sale services and inflow in 2018 and the current high cash in 2017 to RMB12.55 billion in 2018. enhance brand image. 2018 was the level, our board of directors decided Diluted earnings per share was up 18% first year the group fully entered into the to increase our dividend payout ratio to RMB1.37. As a result of the launch new energy vehicle era. Cooperating with and recommend the payment of a final of a few lower-priced compact SUV partners around the world, the group is dividend of HK$0.35 (2017: HK$0.29) per models since the second half of 2017 moving to build a global industrial value share for 2018. and the exclusion of the higher-priced chain that could provide customers “Lynk&Co” vehicles, which were sold with highly competitive new energy and under our 50%-owned joint-venture, from PROSPECTS electrified vehicles.
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