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Geely Automobile Holdings Limited Geely (Incorporated in the Cayman Islands with limited liability) (Stock Code : 0175) Annual Report 2020 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 Annual Re p ort 2020 Let’s Start From Here. KEY FIGURES ACCOUNTS Five Years Financial Summary 3 Independent Auditor’s Report 96 Consolidated Income Statement 102 EDITORIAL Consolidated Statement of Comprehensive Income 103 Chairman’s Statement 7 Consolidated Statement of Financial Position 104 Consolidated Statement of Changes in Equity 106 MANAGEMENT REPORT Consolidated Statement of Cash Flows 108 Performance & Governance 11 Notes to the Consolidated Financial Statements 111 Directors and Senior Management Profiles 29 Corporate Governance Report 34 OUR COMPANY Directors’ Report 61 Corporate Information 239 KEY FIGURES KEY FIGURES EDITORIAL FIVE YEARS FINANCIAL MANAGEMENT REPORT ACCOUNTS SUMMARY OUR COMPANY 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 12,553 63.6 97.4 92.8 92.1 54.4 10,634 44.9 8,190 53.7 KEY 5,534 34.5 5,112 FIGURES 24.4 16 17 18 19 20 16 17 18 19 20 16 17 18 19 20 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: 2020 2019 2018 2017 2016 RMB’000 RMB’000 RMB’000 RMB’000 RMB’000 Revenue 92,113,878 97,401,248 106,595,133 92,760,718 53,721,576 Profit before taxation 6,440,978 9,636,268 14,958,973 12,773,961 6,203,943 Taxation (866,348) (1,374,910) (2,284,575) (2,038,572) (1,033,755) Profit for the year 5,574,630 8,261,358 12,674,398 10,735,389 5,170,188 Attributable to: Equity holders of the Company 5,533,790 8,189,638 12,553,207 10,633,715 5,112,398 Non-controlling interests 40,840 71,720 121,191 101,674 57,790 5,574,630 8,261,358 12,674,398 10,735,389 5,170,188 Assets and liabilities Total assets 110,815,729 107,927,578 91,460,980 84,980,752 67,582,836 Total liabilities (46,602,463) (53,003,112) (46,086,262) (50,169,918) (42,896,587) Total equity 64,213,266 54,924,466 45,374,718 34,810,834 24,686,249 Represented by: Equity attributable to equity holders of the Company 63,631,114 54,435,626 44,943,977 34,467,047 24,437,227 Non-controlling interests 582,152 488,840 430,741 343,787 249,022 64,213,266 54,924,466 45,374,718 34,810,834 24,686,249 Geely Automobile Holdings Limited Annual Report 2020 003 FIVE YEARS 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 7,575 14,550 14.2 13.5 7,042 13,118 12.8 11,831 7,644 3,244 16 17 18 19 20 16 17 18 19 20 16 17 18 19 20 Total debt(4)/Total capital(5) Total debt/EBITDA (%) (%) 8.3 7.0 7.0 5.7 31.6 33.0 29.3 3.6 19.9 8.9 16 17 18 19 20 16 17 18 19 20 (1) EBITDA is calculated by adding taxes, depreciation and amortisation, and finance cost, excluding other income other than government subsidies to profit for the year. (2) EBITDA margin is calculated by dividing EBITDA by turnover 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, bonds payable or senior notes. (5) Total capital includes total non-current borrowings plus total equity. 004 Geely Automobile Holdings Limited Annual Report 2020 KEY FIGURES FIVE YEARS FINANCIAL EDITORIAL SUMMARY MANAGEMENT REPORT ACCOUNTS OUR COMPANY EBITDA-CAPEX CAPEX/Revenue EBITDA / (RMB Million) (%) Interest expense 151.3 9,719 8.2 7.8 6,908 7.6 102.8 7.1 89.7 5,543 6.0 4,789 70.9 4,400 66.2 16 17 18 19 20 16 17 18 19 20 16 17 18 19 20 Change in Percentage Increase/ Formula 2020 2019 (Decrease) For the year Revenue (RMB’000) 92,113,878 97,401,248 (5) Profit attributable to equity holders of the Company (RMB’000) (1) 5,533,790 8,189,638 (32) Per share Basic earning per share (RMB) 0.56 0.90 (38) Diluted earning per share (RMB) 0.56 0.89 (37) Dividend per share (HK$) 0.20 0.25 (20) Net asset value (NAV) per share (RMB) (2)/(5) 6.48 5.94 9 At year end Equity attributable to equity holders of the Company (RMB’000) (2) 63,631,114 54,435,626 17 Total assets (RMB’000) (3) 110,815,729 107,927,578 3 Borrowings (including bonds payable) (RMB’000) (4) 3,909,485 4,149,195 (6) Number of shares in issue (5) 9,816,626,540 9,166,997,540 7 Share price during the year – High (HK$) 26.40 19.14 30 – Low (HK$) 10.00 10.08 (1) Financial ratios Gearing ratio = (Borrowings/Equity attributable to equity holders of the Company) (4)/(2) 6.1% 7.6% (20) Return on total assets (1)/(3) 5.0% 7.6% (34) Return on equity attributable to equity holders of the Company (1)/(2) 8.7% 15.0% (42) Geely Automobile Holdings Limited Annual Report 2020 005 EDITORIAL KEY FIGURES EDITORIAL CHAIRMAN’S MANAGEMENT REPORT ACCOUNTS STATEMENT OUR COMPANY BUSINESS OVERVIEW Weakness at China’s passenger vehicle market continued in early 2020. Following a 10% decline in total sales volume in 2019, the sales volume of passenger vehicles eventually fell about 6% in 2020. The COVID-19 pandemic started in early 2020 caused national lockdown across China in February 2020, resulting in sharp drop in passenger vehicle sales in February and March of 2020. Demand for passenger vehicles recovered steadily since April 2020. As a result, the large fall in vehicle sales in early part of 2020 was largely compensated by the recovery of sales in the subsequent months of the year. During the year, we continued to lift our market share and further strengthened our leading position in China’s passenger vehicle segment, maintaining our positions as the largest indigenous brand vehicle manufacturer and the third largest passenger vehicle brand in terms of sales volume in China. OUR PROFIT ATTRIBUTABLE In 2020, our domestic wholesale volume (including the sales volume of “Lynk&Co” vehicles sold by our 50%-owned joint TO EQUITY HOLDERS FOR venture) fell 4% year-on-year (“YoY”) to 1,247,526 units. On 2020 DECREASED BY 32% the other hand, our export sales volume continued to grow FROM 2019 TO RMB5.53 strongly at 25% YoY to 72,691 units in 2020 as a result of the BILLION, MAINLY DUE TO introduction of more updated products to the export markets. Overall, our group sold a total of 1,320,217 units of vehicles THE SHARP DECREASE IN (including the sales volume of “Lynk&Co” vehicles sold by our OVERALL SALES VOLUME 50%-owned joint venture) in 2020, down 3% from 2019. IN THE CHINESE VEHICLE MARKET DURING FEBRUARY FINANCIAL REVIEW AND MARCH OF THE YEAR. Our group’s financial performance in 2020 was below the management’s expectations due to the prolonged negative impact on profitability caused by the dramatic disruption to LI SHU FU sales activities as a result of the national lockdown started in Chairman January 2020. Total revenue decreased by 5% to RMB92.1 billion for the year ended 31 December 2020. Total net profit of our group declined 33% from RMB8.3 billion in 2019 to RMB5.6 billion in 2020. After accounting for non-controlling interests, our net profit attributable to equity holders was down 32% from RMB8.2 billion in 2019 to RMB5.5 billion in 2020. Diluted earnings per share was down 37% to RMB0.56. As a result of the higher customer incentives, which offset the Geely Automobile Holdings Limited Annual Report 2020 007 CHAIRMAN’S STATEMENT less net cash inflows from operating newcomers in the global automobile activities. To restore its financial strength industry, as well as the broader mobility and prepare for a possible prolonged industry. The next decade will also be disruption to production and sales, a crucial time for the world economic our group announced the placing of development. A new round of scientific 600 million new shares to institutional and technological revolution like investors in May 2020 to raise HK$6,480 artificial intelligence, big data, quantum million. With the help of the proceeds computing, and biotech will take place from placing, our group’s total cash level and change industries, giving birth to (bank balances and cash + pledged bank new paradigms and business models. deposits) was maintained at around the same level at RMB19 billion by the end During 2021, we plan to continue driving of 2020. our globalization ambition and strategy. Even though this will mean greater DIVIDEND challenges, but it will also create greater Our board of directors recommended the opportunities for the group. To maintain payment of a final dividend of HK$0.20 our presence and sustain our growth, the (2019: HK$0.25) per share for 2020.
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