YHI INTERNATIONAL LIMITED Enhancing
Value
ANNUAL REPORT
2023
Our
Mission
To be a recognised global distributor of high quality automotive and industrial products, and a familiar and trusted brand name in alloy wheels manufacturing as an Original Design Manufacturer.
To be committed to quality, professional and personnel management, sound business practices and teamwork.
To position our company effectively by continuously providing our customers with quality products and distinctive customer services so as to build strong customer relationships.
To provide growth and opportunities for our employees and to consistently generate stable returns to our shareholders.
CONTENTS
2 | Corporate Profile | 11 | Chairman's Message | 40 | Corporate Governance |
4 | Our Products | 18 | Business Review | 61 | Financial Report |
6 | Manufacturing | 22 | Financial Review | 138 | Statistics Of Shareholdings |
Capabilities | 24 | Corporate Milestones | 140 | Notice Of Annual General | |
7 | Our Quality Certificates | 28 | Board Of Directors | Meeting | |
8 | Five-Year Financial | 30 | Senior Management Team | 147 | Additional Information On |
Highlights | 32 | Head Of Subsidiaries | Directors | ||
9 | Five-Year Financial | 34 | Corporate Structure | Seeking Re-Appointment | |
Summary | 36 | Global Presence | Proxy Form | ||
38 | Corporate Information / | ||||
Financial Calendar |
Annual Report 2023 | Enhancing Value | 1 |
Enhancing
Value
In the face of uncertainties, we will be tenacious in overcoming challenges and remain unwavering in our commitment to harness our strengths, global presence and proven capabilities to enhance our stability and deliver resilient value to stakeholders.
- Y H I International Limited
Corporate
Profile
"YHI's international presence spans across over 100 countries
through its 33 subsidiaries and 3 associated companies located across Asia Pacific, North America and Europe. YHI distributes a diverse range of premium automotive products, which includes tyres, alloy wheels, energy solutions, buggy & utilities vehicles and other industrial products to more than 5,000 customers globally."
YHI International Limited is a leading global distributor of high-quality automotive and industrial products, and a trusted brand name in alloy wheels manufacturing as an Original Design Manufacturer (ODM).
Listed on the Mainboard of the Singapore Exchange Securities Trading Limited (SGX-ST) on 3 July 2003, YHI has successfully diversified its business and carved a niche for itself in the global automotive arena since its humble beginnings as a sole proprietorship established in 1948.
Today, YHI's international presence spans across over 100 countries through its 33 subsidiaries and 3 associated companies located across Asia Pacific, North America and Europe. YHI distributes a diverse range of premium automotive products, which includes tyres, alloy wheels, energy solutions, buggy & utilities vehicles and other industrial products to more than 5,000 customers globally.
YHI currently has three alloy wheels manufacturing plants located in Suzhou in China, Taoyuan in Taiwan and Malacca in Malaysia, with a current total production capacity of 2.3 million units per annum. As an integrated ODM solutions provider, it provides services from the design and development to the manufacturing, marketing and distribution of alloy wheels.
In order to strengthen the YHI distribution network, the Group will continuously sharpen its sales focus, as well as embark on strategic plans to promote and develop its portfolio of premium and proprietary brands in the global market where "The World is Our Market".
Annual Report 2023
Annual Report 2023 | Enhancing Value | 3 |
4 Y H I International Limited | Annual Report 2023 |
Our | |
Products |
TYRES
We have an extensive range of tyres from passenger cars to commercial and off-the-road vehicles, to cater for different market needs. The key tyre brands we represent are Yokohama, Nankang, Pirelli and Toyo Tires.
JAPAN | ITALY | GERMANY | JAPAN | JAPAN | ||||||||||
TAIWAN | KOREA | USA | KOREA | INDONESIA | ||||
USA | USA | USA | SINGAPORE | THAILAND | |||||||
We Invent. You Drive | ||||
INDIA | INDIA | CHINA | CHINA | CHINA |
CHINA | CHINA | CHINA | CHINA | |||
ALLOY WHEELS
Our alloy wheels brand portfolio includes renowned brands like Enkei, OZ, Konig and our own proprietary brand, Advanti Racing.
SINGAPORE | JAPAN | USA | ITALY | ITALY | ||||
GERMANY | USA | GERMANY | GERMANY | |||
Annual Report 2023 | Enhancing Value | 5 |
Our
Products
BUGGY & UTILITY VEHICLES
Our range of environmentally friendly buggies and utility vehicles are used in golf coures, resorts, private and commercial areas and also for special events. It can be used for work, personal transportation or any general purpose mobility. We represent brands such as E-Z-GO and Cushman and our own proprietary brand, Neuton Power Electric.
SINGAPORE | USA | USA | ||
ENERGY SOLUTIONS
We carry an extensive range of rechargeable batteries suitable for commercial and industrial use. These batteries are used in different industries for different applications including renewable energy. The leading brands that we represent include Trojan, CSB, Vision and our own proprietary brand, Neuton Power.
SINGAPORE | USA | CHINA | TAIWAN | USA | |||||||||
INDIA | KOREA | ITALY | USA | INDIA |
JAPAN | CHINA | CHINA | KOREA | |||
OTHER INDUSTRIAL PRODUCTS
We have lubricants and a wide range of industrial products such as solar panels, chargers, invertors and UPS.
SINGAPORE | FRANCE | GERMANY | CANADA | USA | ||||
CHINA | SWEDEN | CHINA | UK | GERMANY | ||||
Z E R O V A
TAIWAN
6 Y H I International Limited | Annual Report 2023 |
Manufacturing | |
Capabilities |
As an Original Design Manufacturer (ODM), our value proposition is providing our customerswith a seamless supply chain from the design and development, manufacturing, advertising and promotion to distribution and sales for their alloy wheels through our extensive global network.
While distribution had been the core business of YHI, the Group took the bold initiative to venture into alloy wheels manufacturing in 1996. From one production line in Taoyuan Taiwan, we had expanded to 18 manufacturing lines in operation at 4 production sites by 2006.
YHI INTERNATIONAL TAIWAN CO., LTD
TAOYUAN, TAIWAN
Products: Alloy Wheels
Land area: 13,500 m2
Year of Production: 1996
Annual production capacity: 0.2 million
In September 2000, the Group took the bold initiative to invest in a new plant in Shanghai, followed by further expansion in two new alloy wheels manufacturing plants
- YHI Advanti Manufacturing (Suzhou) Co., Ltd located in Suzhou, China and YHI Manufacturing (Malaysia) Sdn Bhd located in Sepang, Malaysia - in 2006.
In 2011, the Malacca plant was added to become the fifth production site for the alloy wheel manufacturing, with 0.6 Mill on new capacity added.
To enhance our capability as an integrated ODM, YHI Precision Moulding (Shanghai) Co Ltd was set up in 2004 to manufacture and supply alloy wheels moulds for the manufacturing plants. Through continuous innovation and improvements in production processes, Enkei Corporation has put the Group at the forefront of alloy wheels manufacturing. Our Most Advanced Technology (MAT) is an innovative casting and wheel forming technology that is critical in improving the alloy wheel's material property and strength.
In Malaysia, we completed the sale of our Sepang plant in 2015. With the disposal, the Group's manufacturing operations were consolidated to our plant in Malacca. The right-sizing of our operations not only enhanced our efficiency but also enabled us to strengthen our balance sheet and conserve resources for tapping future growth opportunities.
In China, we have also moved our precision moulding operations from Shanghai to our manufacturing plant at Suzhou in February 2016. The consolidation will streamline and enable better integration of our production processes, generating greater efficiency and synergies.
With the blueprint success in restructuring in our Malaysia plant, we embarked on similar restructuring plans to consolidate Shanghai manufacturing operation to Suzhou as announced on 17 February 2017 to further reduce operating costs. Shanghai factory ceased operations in December 2016 and the production capacity was moved to Suzhou and Malaysia factories by the end of 2017.
In terms of manufacturing R&D, our Suzhou team has achieved a breakthrough with a new proprietary Dynamic Spinning Technology (DST) launched for the Aftermarket segment in 2014. Based on flow forming technology, the new DST alloy wheels offer increased strength and performance compared to regular cast technology wheels. This new technology has enabled YHI to produce lighter and stronger alloy wheels which will, in turn, lead to lower production costs and enhance the Group's competitiveness.
In 2018, we applied our flow forming technology and infrastructure to all our manufacturing facilities which allows us to cater globally to our international clientele. This also enhances our differentiation and competitive edge.
YHI MANUFACTURING (MALAYSIA) SDN BHD
YHI ADVANTI MANUFACTURING (MALAYSIA) SDN BHD
MALACCA, MALAYSIA
Products: Alloy Wheels
Land area: 88,000 m2
Year of Production: 2006
Annual production capacity: 0.9 million
Annual Report 2023 | Enhancing Value | 7 |
Our Quality
Certificates
YHI ADVANTI MANUFACTURING (SUZHOU) CO., LTD SUZHOU, CHINA
Products: Alloy Wheels & Precision Moulding Sets
Land area: 75,600 m2
Year of Production: 2006
Annual production capacity: 1.2 million + 850 set mould
- YHI International Limited
Five-Year
Financial Highlights
GROUP REVENUE (S$ 'million)
500 | |||||
448.2 | 422.8 | 444.7 | 430.9 | ||
400 | 376.9 | ||||
300
200
100
0
2019 | 2020 | 2021 | 2022 | 2023 |
NET PROFIT ATTRIBUTABLE TO EQUITY
HOLDERS OF THE COMPANY
(S$ 'million)
25 | 21.2 | 20.7 | ||||
19.2 | ||||||
20 | ||||||
15 | ||||||
13.1 | ||||||
13.0 | ||||||
10 | ||||||
5 | ||||||
0 | 2023 | |||||
2019 | 2020 | 2021 | 2022 | |||
NET ASSETS (S$ 'million)
300 | 283.6 | 294.3 | 288.4 | 282.8 | |
265.9 | |||||
250 | |||||
200
150
100
50
0
2019 | 2020 | 2021 | 2022 | 2023 |
Annual Report 2023
REVENUE BY BUSINESS SEGMENTS (S$ 'million)
350 | 325.8 | 312.2 | 329.5 | 323.7 | 297.7 | |
300 | ||||||
250 | ||||||
200 | ||||||
150 | ||||||
122.4 | 110.6 | 115.2 | 107.2 | |||
100 | ||||||
79.2 | ||||||
50 | ||||||
0 | 2019 | 2020 | 2021 | 2022 | 2023 | |
Distribution | Manufacturing |
REVENUE BY GEOGRAPHY
(S$ 'million)
250 | |||||||
208.8 | |||||||
200 | 183.9 | 185.6 | |||||
176.0 | |||||||
166.3 | 159.3 | ||||||
150 | 148.3 | 157.5 | 154.6 | ||||
138.9 | |||||||
103.3 | |||||||
100 | 100.5 | 98.5 | |||||
79.0 | |||||||
63.0 | |||||||
50 | |||||||
0 | |||||||
2019 | 2020 | 2021 | 2022 | 2023 | |||
Asean | Oceania and Others | North East Asia |
DIVIDEND PAYOUT
(%)
80 | 70 | |||||
70 | ||||||
60 | ||||||
50 | 50 | 50 | 50 | 50 | ||
40 | ||||||
30 | ||||||
20 | ||||||
10 | ||||||
0 | 2019 | 2020 | 2021 | 2022 | 2023 | |
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Disclaimer
YHI International Limited published this content on 08 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 April 2024 04:48:12 UTC.
