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361 Degrees International Limited 361度國際有限公司 Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 361 Degrees International Limited 361 度 國 際 有 限 公 司 (Incorporated in the Cayman Islands with limited liability) (Stock Code: 1361) 2017 ANNUAL RESULTS ANNOUNCEMENT The board (the “Board”) of directors (the “Directors”) of 361 Degrees International Limited (the “Company”) is pleased to announce the audited consolidated results of the Company and its subsidiaries (together, the “Group”) for the year ended 31 December 2017. This announcement, containing the full text of the 2017 Annual Report of the Company, complies with the relevant requirements of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited in relation to information to accompany preliminary announcements of annual results. – 1 – 361 DEGREES INTERNATIONAL LIMITED 361 DEGREES INTERNATIONAL LIMITED INCORPORATED IN THE CAYMAN ISLANDS WITH LIMITED LIABILITY THIS ANNUAL REPORT IS PRINTED ON ENVIRONMENTALLY FRIENDLY PAPER ANNUAL REPORT 2017 361 DEGREES INTERNATIONAL LIMITED Stock Code: 1361 ANNUAL REPORT 2017 02 Company Information 03 Financial Highlights 04 Five-Year Financial Summary 06 Chairman’s Statement 08 Management Discussion and Analysis 27 Report of the Directors 36 Corporate Governance Report 45 Directors and Senior Management 48 Independent Auditor’s Report 52 Consolidated Statement of Profit or Loss 53 Consolidated Statement of Profit or Loss and Other Comprehensive Income 54 Consolidated Statement of Financial Position 56 Consolidated Statement of Changes in Equity 57 Consolidated Cash Flow Statement 59 Notes to the Financial Statements 02 361 DEGREES INTERNATIONAL LIMITED ANNUAL REPORT 2017 COMPANY INFORMATION BOARD OF DIRECTORS HEAD OFFICE IN THE PRC AUDITOR Executive Directors 361˚ Building KPMG Huli High-technology Park Ding Wuhao（丁伍號） (President) Xiamen, Fujian Province 361009 Ding Huihuang（丁輝煌） (Chairman) LEGAL ADVISERS the PRC Ding Huirong（丁輝榮） As to Hong Kong law: Wang Jiabi（王加碧） FACTORIES IN THE PRC Luk & Partners in Association with Independent Non-executive No. 165 Qianjin Road Morgan, Lewis & Bockius Directors Jiangtou Village Chendai Town Tsui Yung Kwok（徐容國） As to Cayman Islands law: Liao Jianwen（廖建文） Jinjiang City, Fujian Province Li Yuen Fai Roger（李苑輝） the PRC Conyers Dill & Pearman BOARD COMMITTEES Wuli Industrial Park PRINCIPAL BANKERS She Ma Lu Audit Committee China Construction Bank Corporation Jinjiang City China Citic Bank International Limited Tsui Yung Kwok（徐容國） (Chairman) Fujian Province 362261 Industrial Bank Co., Ltd. Liao Jianwen（廖建文） the PRC Li Yuen Fai Roger（李苑輝） Industrial and Commercial Bank of China PRINCIPAL PLACE OF Remuneration Committee BUSINESS IN HONG KONG INVESTOR RELATIONS Liao Jianwen（廖建文） (Chairman) Room 1609 CONTACT Wang Jiabi（王加碧） Office Tower Convention Plaza Tsui Yung Kwok（徐容國） Tel: +852 2907 7033 1 Harbour Road Room 1609, Office Tower Wanchai Nomination Committee Convention Plaza Hong Kong 1 Harbour Road Li Yuen Fai Roger（李苑輝） (Chairman) Wanchai, Hong Kong Tsui Yung Kwok（徐容國） STOCK CODE Ding Wuhao（丁伍號） 01361 COMPANY WEBSITE COMPANY SECRETARY www.361sport.com CAYMAN ISLANDS Choi Mun Duen（蔡敏端） SHARE REGISTRAR AND FCCA, HKICPA TRANSFER OFFICE AUTHORISED Royal Bank of Canada Trust REPRESENTATIVES Company (Cayman) Limited 4th Floor, Royal Bank House Ding Wuhao（丁伍號） 24 Shedden Road, George Town Choi Mun Duen（蔡敏端） Grand Cayman KY1-1110 Cayman Islands REGISTERED OFFICE Cricket Square, Hutchins Drive HONG KONG SHARE PO Box 2681 REGISTRAR Grand Cayman, KY1-1111 Computershare Hong Kong Cayman Islands Investor Services Limited Shops 1712–1716, 17th Floor Hopewell Centre 183 Queen’s Road East Wanchai, Hong Kong FINANCIAL PERFORMANCE Revenue increased by 2.7% to RMB5,158.2 million Gross profit increased by 2.2% to RMB2,156.4 million Operating profit increased by 4.0% to RMB987.6 million Profit attributable to the equity shareholders was RMB456.7 million, representing an increase of 13.4% Gross profit margin decreased by 0.2 percentage points to 41.8% Basic earnings per share is RMB22.1 cents, representing an increase of 13.3% Proposed to declare a final dividend of HK3.6 cents per share for the year ended 31 December 2017 BUSINESS PERFORMANCE Total number of 361° core brand stores were 5,808 Total number of 361° retail kids’ points-of-sale were 1,797 of which 617 were within the 361° core brand authorized retail stores Last date of registration for shareholders’ entitlements to 2017 final dividend: 3 May 2018 Payment date of 2017 final dividend: on or about 4 June 2018 04 361 DEGREES INTERNATIONAL LIMITED ANNUAL REPORT 2017 FIVE-YEAR FINANCIAL SUMMARY For the year ended 31 December 2017 2016 2015 2014 2013 Profitability data (RMB’000) Revenue 5,158,200 5,022,678 4,458,701 3,906,286 3,583,477 Gross profit 2,156,385 2,109,908 1,822,963 1,596,796 1,417,099 Operating profit 987,552 949,325 914,669 724,165 352,210 Profit attributable to equity shareholders 456,706 402,652 517,639 397,642 211,261 Earnings per share — basic (RMB cents) 22.1 19.5 25.0 19.2 10.2 — diluted (RMB cents) 22.1 19.5 25.0 19.2 10.2 Profitability ratios (%) Gross profit margin 41.8 42.0 40.9 40.9 39.5 Operating profit margin 19.1 18.9 20.5 18.5 9.8 Margin of profit attributable to equity shareholders 8.9 8.0 11.6 10.2 5.9 Effective income tax rate (Note 1) 39.6 40.5 32.9 33.3 31.8 Return on shareholders’ equity (Note 2) 8.3 7.6 10.1 8.2 4.5 Operating ratios (as a percentage of revenue) (%) Advertising and promotion expenses 9.8 11.4 12.8 16.7 16.2 Staff costs 9.0 8.7 8.3 8.4 8.3 Research and development 3.4 3.7 3.1 2.4 2.4 Notes: 1) Effective income tax rate is equal to the income tax divided by the profit before taxation. 2) Return on shareholders’ equity is equal to the profit attributable to equity shareholders divided by the average opening and closing equity attributable to equity shareholders of the Company. 361 DEGREES INTERNATIONAL LIMITED ANNUAL REPORT 2017 05 FIVE-YEAR FINANCIAL SUMMARY As at 31 December 2017 2016 2015 2014 2013 Assets and liabilities data (RMB’000) Non-current assets 1,392,852 1,455,861 1,431,873 1,310,338 1,303,183 Current assets 9,748,472 9,033,964 7,354,779 7,224,394 5,816,122 Current liabilities 2,744,359 2,343,103 1,930,449 2,012,784 1,605,653 Non-current liabilities 2,565,480 2,729,000 1,489,746 1,485,002 772,971 Equity attributable to equity shareholders 5,706,454 5,303,260 5,282,572 4,965,041 4,676,346 Non-controlling interests 125,031 114,462 83,885 71,905 64,335 Asset and working capital data Current asset ratios 3.6 3.9 3.8 3.6 3.6 Gearing ratios (%) (Note 3) 23.1 26.7 17.1 17.6 11.0 Net asset value per share (RMB) (Note 4) 2.8 2.6 2.6 2.4 2.3 Inventory turnover days (days) (Note 5) 82 69 78 77 73 Trade and bills receivable turnover days (days) (Note 6) 155 163 160 167 205 Trade and bills payable turnover days (days) (Note 7) 177 156 169 169 158 Working capital turnover days (days) 60 76 69 75 120 Notes: 3) The calculation of gearing ratio is based on the interest-bearing debt divided by the total asset of the Group at the end of the year. 4) The calculation of net asset value per share is based on the net assets divided by weighted average number of ordinary shares for the year. 5) Inventory turnover days is equal to the average opening and closing inventory divided by costs of sales and multiplied by 365 days (or 366 days for 2016). 6) Trade and bills receivable turnover days is equal to the average opening and closing trade and bills receivables after allowance of doubtful debts divided by revenue multiplied by 365 days (or 366 days for 2016). 7) Trade and bills payable turnover days is equal to the average opening and closing trade and bills payables divided by cost of sales and multiplied by 365 (or 366 days for 2016). 0606 36136361 DEGREESDDEGREGRGREEESS INTERNATIONALINTINNTNTERNERE NAATATIONONAONNAALLL LIMITEDLIMIIMMITETEDEDE ANNUALANNNNUN AL REPORTREPPORTO 20220170171 CHAIRMAN'S STATEMENT As a leading domestic sportswear brand, the Group strives to assume leadership in the next “Golden Decade” of China’s sportswear industry. 361 DEGREES INTERNATIONAL LIMITED ANNUAL REPORT 2017 07 CHAIRMAN'S STATEMENT Dear Shareholders, Rapidly Developing Overseas Business to Advance Forward the Business Layout for Internationalization On behalf of the board (the “Board”) of directors (the “Directors”) Initiatives of 361 Degrees International Limited (the “Company”), I am pleased to present the results of the Company and its subsidiaries While the Group made great efforts in business development in (collectively, the “Group” or “361° Group”) for the year ended the PRC, it also actively expanded internationally and explored 31 December 2017. overseas market. The Group has tapped into overseas markets in 2014, and set up overseas subsidiaries to operate and expand During the past year, the global economy has significantly overseas business independently, with a focus on the high-end recovered and China’s overall economy has maintained a steady functional running and training products.
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