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2017 Annual Report and Audited Financial Statements ANNUAL REPORT 2017 2017 8/F, DCH Building, 20 Kai Cheung Road, Kowloon Bay, Hong Kong Annual Report Tel: (852) 2768 3388 www.dch.com.hk 34 Dah Chong Hong Holdings Limited Annual Report 2017 ABOUT DCH Dah Chong Hong (“DCH”, stock code: 01828) is an integrated motor and consumer products distribution company operating in Asia with an extensive logistics network. DCH is a leading distributor and dealer of motor vehicles in Greater China and provides a full range of motor related services including maintenance, rental, repair and financing. DCH’s consumer products business includes the distribution of food and FMCG, healthcare and electronic products as well as food processing, trading and retail. Dedicated to bringing to quality products to consumers across Asia, DCH is the preferred partner of over 1,000 brands from more than 30 countries with operations in 12 Asian economies. DCH is a subsidiary of China’s largest conglomerate CITIC Limited (stock code: 00267), DCH employs over 17,000 staff across the region. For more details, please visit www.dch.com.hk. Food & FMCG Healthcare Electrical Motor Logistics Contents 2 Summary of the Year 37 Five Year Key Operational Data 77 Directors and Senior Management 4 Financial Highlights 39 Environment, Social and 81 Report of the Directors 6 Chairman’s Letter to Governance Report 96 Financial Statements Shareholders 44 Business Partners and 97 Independent Auditor’s Report Customers 11 Business Review 193 Major Properties Held by the 14 Motor Business 46 Human Resources Group 19 Consumer Products Business 48 Community Initiatives 203 Definition of Terms 25 Financial Review 50 Environmental Initiatives 204 Corporate Information 32 Risk Management 55 ESG Reporting Guide Index 36 Five Year Summary 58 Corporate Governance 2 Dah Chong Hong Holdings Limited Annual Report 2017 SUMMARY OF THE YEAR GROUP OVERVIEW Profit Basic Total attributable earnings dividend Revenue to shareholders per share per share $50,506$802 43.71 16.95 HK$ million HK$ million HK cents HK cents MOTOR BUSINESS 100,000+ 20+ New vehicles Motor brands sold annually 1,000,000+ 100+ Vehicles serviced Showrooms and annually 4S shops CONSUMER PRODUCTS BUSINESS 1,000+ 80+ Brands distributed Food and electronics shops 75,000+ 40+ Points of Logistics centres sales served Dah Chong Hong Holdings Limited Annual Report 2017 3 SUMMARY OF THE YEAR (CONTINUED) OUR PEOPLE Management Workforce Employees by gender by gender 17,751 18% 82% 41% 59% Female Male Female Male Workforce by geography Training and development 11% 1,897 18,000+ Participants 63% 26% 11,179 4,675 140,000+ Training hours Mainland China Hong Kong & Macao Others OUR LOCATIONS Asian 12 economies COMMUNITY INITIATIVES 50+ 1,000+ 5,000+ Events Volunteers Service hours RECOGNITIONS 4 Dah Chong Hong Holdings Limited Annual Report 2017 FINANCIAL HIGHLIGHTS For the year (HK$ million) 2017 2016 Revenue 50,506 46,462 Profit from operations 1,427 1,065 Profit attributable to shareholders 802 511 Segment profit after taxation Notes Motor Business 1,198 796 Consumer Products Business 105 200 Other Businesses 45 66 At year end (HK$ million) 2017 2016 Total debt 6,927 7,424 Cash and bank deposits 1,138 1,160 Net debt 5,789 6,264 Shareholders’ funds 10,145 8,732 Total capital 15,934 14,996 Capital employed 17,072 16,156 Net gearing ratio 36.3% 41.8% For the year (HK cents) 2017 2016 Earnings per share 43.71 27.89 Dividend per share Interim 5.05 4.75 Final 11.90 3.69 Total 16.95 8.44 Notes: (i) Segment profit after taxation are before corporate expenses and recharges and the corresponding tax impacts. (ii) As a result of re-alignment of business segments for the purposes of reporting to DCH’s senior executive management, segment results from the business as conducted by DCH Auriga Holding Limited (formerly known as LF Distribution Holding Limited) and its subsidiaries acquired on 30 June 2016 have been included in “Consumer Products Business”. Its results for July to December 2016 were presented as a separate operating segment in the 2016 annual financial statements. (iii) Comparative figures presented above have been adjusted to conform to current year’s presentation. Dah Chong Hong Holdings Limited Annual Report 2017 5 FINANCIAL HIGHLIGHTS (CONTINUED) Revenue Profit attributable to shareholders (HK$ million) (HK$ million) 55,000 1,000 50,506 901 50,000 46,489 46,462 900 44,803 802 45,000 42,261 800 750 40,000 700 35,000 600 570 30,000 511 500 25,000 400 20,000 15,000 300 10,000 200 5,000 100 0 0 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2017 2017 vs. vs. 2016 +9% 2016 +57% Revenue by business segment Revenue by geographical location (HK$ million) (HK$ million) 55,000 55,000 50,506 50,506 50,000 50,000 46,462 46,489 46,462 46,489 44,803 44,803 45,000 42,261 45,000 42,261 40,000 40,000 35,000 35,000 30,000 30,000 25,000 25,000 20,000 20,000 15,000 15,000 10,000 10,000 5,000 5,000 0 0 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 Motor Mainland China Consumer products Hong Kong & Macao Others Other markets Basic earnings per share Total dividend per share (HK cents) (HK cents) 50 49.21 20 19.40 43.71 45 40.94 16.95 15.90 40 16 35 31.11 12.50 30 27.89 12 25 8.44 20 8 15 10 4 5 0 0 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 2017 2017 vs. vs. 2016 +57% 2016 +101% Motor Consumer products 6 Dah Chong Hong Holdings Limited Annual Report 2017 CHAIRMAN’S LETTER TO SHAREHOLDERS “Our business is stronger, our opportunity is larger, and our focus is sharper.” Dear Shareholders, Last year, I shared with you our roadmap for change, outlining our long-term priorities for making Dah Chong Hong a more dynamic business in the future. After a year of implementing these commitments, I am now pleased to share with you what I consider an initial report card. Where do we stand one year on? Our business is stronger, our opportunity is larger, and our focus is sharper. In this letter, I will detail the milestones of the past year and our near-term priorities. I hope to leave you with a sense of our sustained focus on effecting deep and substantive change and, above all, of the momentum we are building across every level of the business. Operating Results For 2017, profit attributable to ordinary shareholders was HK$802 million, representing a solid 57% increase over 2016. Our board recommends a final dividend of 11.90 HK cents per share to shareholders, payable in cash or in new shares, thus giving a total dividend of 16.95 HK cents per share for the year 2017, up from 8.44 HK cents per share in 2016. The significant growth in profitability was driven primarily by three factors: a marked improvement in the performance of our mainland China motor business, the full-year contribution from LF Asia, and gains from the disposal of non-core assets. Profit from our motor business rose 51% to HK$1,198 million. The substantial increase was driven by our mainland China operations, which recorded a 213% year-on-year growth in profit as a result of improved margins and greater operating efficiency. In Hong Kong, the impending revision of the electric car tax concession shifted market demand, hence profit fell by 28%. Profit from the consumer products business was HK$105 million, a 48% reduction from 2016. This was primarily due to losses incurred in our mainland China operations resulting from inventory clearance and promotional discounting during a period of restructuring. Our operations in Hong Kong and Macao also registered a drop in profit as a result of increasing pricing pressure on the commodity food business. Dah Chong Hong Holdings Limited Annual Report 2017 7 CHAIRMAN’S LETTER TO SHAREHOLDERS (CONTINUED) Our market opportunity in mainland China remains large. But the dynamics are shifting fast, and competition is fierce. The reality is, we have been slow to adapt. To remain a player, we urgently need to get our house in order and apply lessons learned from the successful transformation of our mainland China motor division. More stringent control of inventory levels and promotional spending are just two of the immediate actions we will take. We will also finalise our operational restructuring and complete a thorough review of our brand portfolio and channel mix. In 2018, my focus and that of the management team is to restore health to this business. Corporate Developments In 2017, we made fundamental changes to how we manage the company. We made some hard decisions, and we have implemented new initiatives. Results are emerging, and we are determined to continue driving the changes to the very core of our businesses as we align our culture with operations to achieve growth. Building a performance culture Our top priority is to cultivate a strong performance-oriented culture at every level of our company. From values and mindset down to incentives, the changes have been profound. One example is the way we are mobilising the front line. We have customised and rolled out a more sophisticated system for setting, measuring and compensating performance among all front line staff. A new KPI matrix and a “super bonus” system incentivise greater unit and cross sales. This is working. It was one of the factors contributing to the more than three-times profit rise registered by our mainland China motor division.
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