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Annual Report 2017 Geely Automobile Holdings Limited Holdings Geely Automobile (Incorporated in the Cayman Islands with limited liability) (Stock Code : 0175) THE NEW AGE OF GEELY Annual Report 2017 Annual Report 2017 Room 2301, 23rd Floor, Great Eagle Centre, 23 Harbour Road, Wanchai, Hong Kong 香港灣仔港灣道 23 號鷹君中心 23 樓 2301 室 MORE THAN A CAR This annual report is printed on recyclable paper Designed & Produced by HeterMedia Services Limited CONTENTS Key Figures Five Year Financial Summary 3 Editorial Chairman’s Statement 7 Management Report Performance & Governance 11 Directors and Senior Management Profiles 24 Corporate Governance Report 29 Directors’ Report 54 Accounts Independent Auditor’s Report 83 Consolidated Income Statement 89 Consolidated Statement of Comprehensive Income 90 Consolidated Statement of Financial Position 91 Consolidated Statement of Changes in Equity 93 Consolidated Statement of Cash Flows 95 Notes to the Consolidated Financial Statements 97 Our Company Corporate Information 207 KEY FIGURES Geely Automobile Holdings Limited Annual Report 2017 Key Figures Editorial Management Report Accounts Our Company FIVE YEAR FINANCIAL SUMMARY Revenue Profit attributable to equity Equity attributable to equity (RMB Billion) holders of the Company holders of the Company ( ) 10,634 ( ) RMB Million RMB Billion 34.5 92.8 24.4 53.7 19.5 5,112 17.3 16.1 30.1 28.7 2,663 21.7 2,261 1,431 13 14 15 16 17 13 14 15 16 17 13 14 15 16 17 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: 2017 2016 2015 2014 2013 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue 92,760,718 53,721,576 30,138,256 21,738,358 28,707,571 Profit before taxation 12,773,961 6,203,943 2,874,805 1,943,305 3,304,182 Taxation (2,038,572) (1,033,755) (586,143) (494,177) (623,934) Profit for the year 10,735,389 5,170,188 2,288,662 1,449,128 2,680,248 Attributable to: Equity holders of the Company 10,633,715 5,112,398 2,260,529 1,430,588 2,663,136 Non-controlling interests 101,674 57,790 28,133 18,540 17,112 10,735,389 5,170,188 2,288,662 1,449,128 2,680,248 Assets and liabilities Total assets 84,980,752 67,582,836 42,292,460 37,280,150 33,599,308 Total liabilities (50,169,918) (42,896,587) (22,552,937) (19,813,800) (17,369,617) Total equity 34,810,834 24,686,249 19,739,523 17,466,350 16,229,691 Represented by: Equity attributable to equity holders of the Company 34,467,047 24,437,227 19,523,816 17,287,996 16,068,024 Non-controlling interests 343,787 249,022 215,707 178,354 161,667 34,810,834 24,686,249 19,739,523 17,466,350 16,229,691 003 Geely Automobile Holdings Limited Annual Report 2017 FIVE YEAR FINANCIAL SUMMARY OTHER KEY FINANCIAL FIGURES EBITDA(1) EBITDA margin(2) CAPEX(3) (RMB Million) (%) (RMB Million) 7,752 14,550 15.7 14.7 14.2 13.0 12.6 7,644 3,959 3,920 2,514 4,219 3,907 1,988 2,741 13 14 15 16 17 13 14 15 16 17 13 14 15 16 17 Total debt(4)/Total capital(5) Total debt /EBITDA (%) (%) 91.6 13.0 8.9 8.3 49.4 5.9 29.3 3.6 22.9 8.9 13 14 15 16 17 13 14 15 16 17 (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 capital expenditures on property, plant and equipment, intangible assets and land lease prepayments. (4) Total debt is the sum of current and non-current borrowings, convertible bonds and senior notes. (5) Total capital includes total non-current borrowings plus total equity. 004 Geely Automobile Holdings Limited Annual Report 2017 Key Figures Editorial Management Report Accounts Our Company FIVE YEAR FINANCIAL SUMMARY EBITDA-CAPEX CAPEX/Revenue EBITDA/Interest expense (RMB Million) (%) (%) 13.0 6,798 89.7 11.6 66.2 8.4 3,686 7.4 6.9 42.5 2,231 37.8 33.7 228 -129 13 14 15 16 17 13 14 15 16 17 13 14 15 16 17 Change in Percentage Increase/ Formula 2017 2016 (Decrease) For the year Revenue (RMB’000) 92,760,718 53,721,576 73 Profit attributable to equity holders of the Company (RMB’000) (1) 10,633,715 5,112,398 108 Per share Basic earning per share (RMB) 1.19 0.58 105 Diluted earning per share (RMB) 1.16 0.57 104 Dividend per share (HK$) 0.29 0.12 142 Net asset value (NAV) per share (RMB) (2)/(5) 3.84 2.75 40 At year end Equity attributable to equity holders of the Company (RMB’000) (2) 34,467,047 24,437,227 41 Total assets (RMB’000) (3) 84,980,752 67,582,836 26 Borrowings (including Senior Notes) (RMB’000) (4) 1,296,460 2,242,691 (42) Number of shares in issue (5) 8,970,514,540 8,882,861,540 1 Share price during the year – High (HK$) 29.80 9.20 224 – Low (HK$) 7.39 2.76 168 Financial ratios Gearing ratio (4)/(2) 3.8% 9.2% (59) = (Borrowings/Equity attributable to equity holders of the Company) Return on total assets (1)/(3) 12.5% 7.6% 64 Return on equity attributable to equity holders of the Company (1)/(2) 30.9% 20.9% 48 005 EDITORIAL 006 Geely Automobile Holdings Limited Annual Report 2017 Key Figures Editorial Management Report Accounts Our Company CHAIRMAN’S STATEMENT OUR PROFIT ATTRIBUTABLE TO EQUITY HOLDERS FOR 2017 INCREASED BY 108% OVER 2016 TO RMB10.63 BILLION, MAINLY ATTRIBUTABLE TO THE SIGNIFICANT INCREASE IN SALES VOLUME AND THE IMPROVEMENT IN PRODUCT MIX DURING THE YEAR. BUSINESS OVERVIEW China’s passenger vehicle market recorded a steady growth in 2017, supported by the continued growth in the demand for Sport Utility Vehicles (“SUVs”). Although sedans remained the EDITORIAL biggest segment in the market, their sales volume recorded a slight decline in 2017. Indigenous brands however continued to grow faster than the overall passenger vehicle market in China, raising their market share to 44% in 2017, according to China Association of Automobile Manufacturers. We strengthened our leading position in China’s indigenous LI SHU FU brand segment in 2017, helped by the good sales performance Chairman of our A-segment sedans as well as our SUV models, in particular “Geely Boyue” (吉利博越), making the Group the largest indigenous brand vehicle manufacturer in China in terms of sales volume during the period. The launch of three new compact SUV models “Vision X3”, “Vision X1” and “Vision S1” during the year, further enriched our product portfolio in the mass market SUV segment. As a result, we achieved a respectful 66% growth in domestic sales volume (including the sales volume of “Lynk&Co” vehicles sold by our 50%-owned joint venture) in 2017. Our group’s export sales volume however posted a 46% YoY decline in 2017 as a result of our prudent approach to curtail financial risks in the export markets. Our group sold a total of 1,247,116 units of vehicles (including the sales volume of “Lynk&Co” vehicles sold by our 50%-owned joint venture) in 2017, up 63% from 2016. Our five most popular models in 2017 included “Geely Boyue” (吉利博越), “New Emgrand”, “New Vision”, “Emgrand GS” and “Vision SUV”, which together accounted for 75% of our group’s total sales volume in 2017. 007 Geely Automobile Holdings Limited Annual Report 2017 CHAIRMAN’S STATEMENT FINANCIAL REVIEW senior notes accounted for a 11% year- on-year (“YoY”) decrease in total cash Our group’s financial performance in 2017 level (bank balances and cash + pledged beat the management’s expectations bank deposits) to RMB13.45 billion at the with total revenue increased by 73% to end of 2017. RMB92.76 billion for the year ended 31 December 2017. During the year, our group’s average ex-factory selling price DIVIDEND (“ASP”) continued to improve, mainly In view of the strong operational cash driven by the improvement in product inflow in 2017 and the current high cash mix (i.e. increased proportion of higher- level, our board of directors decided priced models). Total net profit of our to increase our dividend payout ratio group grew 108% from RMB5.17 billion annual sales volume exceeding 1 million and recommend the payment of a final in 2016 to RMB10.74 billion in 2017 due units and annual net profit surpassing dividend of HK$0.29 (2016: HK$0.12) per to the increase in overall sales volume, RMB10 billion levels for the first time share for 2017. higher ASP and the improved profit ever in our history. I trust the successful margin during the year. After accounting implementation of our long-term business for non-controlling interests, our net PROSPECTS plan and strategies over the next few profit attributable to shareholders was years should propel our group to become With our Group’s core mission of ‘Building up 108% from RMB5.11 billion in 2016 a leading global automobile group.
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