ANTA Sports Products Limited 安踏體育用品有限公司

142 Pages·2016·12.86 MB·English

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.
ANTA Sports Products Limited
安 踏 體 育 用 品 有 限 公 司
(Incorporated in the Cayman Islands with limited liability)
(Stock code: 2020)
2015 ANNUAL RESULTS ANNOUNCEMENT
The Board of Directors (the “Board”) of ANTA Sports Products Limited (the “Company”) is pleased to announce
the audited results of the Company and its subsidiaries (together referred to as the “Group”) for the year ended
31 December 2015. This announcement, containing the full text of the 2015 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. The
printed version of the Company’s 2015 Annual Report will be delivered to the shareholders of the Company and
will be available for viewing on the websites of Hong Kong Exchanges and Clearing Limited at www.hkexnews.
hk and of the Company at ir.anta.com in early-March 2016.
1
ANTA Sports Products Limited
Incorporated in the Cayman Islands with limited liability
Stock Code: 2020
Annual Report
As the sportswear partner of the
COC, we have provided high-quality
winning outfits to the CSD since 2009.
We are proud to have extended our
partnership with the COC successfully
for the 2013 to 2016 Olympic cycle.
8
4
1,6
3
2,5
9
7
10
International sporting events of the 2013-2016 Olympic cycle
1. The 4th Asian Indoor and
Martial Arts Games 6. The 17th Asian Games
June-July 2013 September-October 2014
Incheon, South Korea Incheon, South Korea
2. The 2nd Asian Youth Games 7. The 4th Asian Beach Games
August 2013 November 2014
Nanjing, China Phuket, Thailand
3. The 6th East Asian Games 8. The 2nd Winter Youth Olympic Games
October 2013 February-March 2016
Tianjin, China Lillehammer, Norway
4. The 22nd Winter Olympic Games 9. The 5th Asian Beach Games
February 2014 May 2016
Sochi, Russia Nha Trang, Vietnam
5. The 2nd Summer Youth Olympic Games 10. The 31st Summer Olympic Games
August 2014 August 2016
Nanjing, China Rio de Janeiro, Brazil
CONTENTS
2 Corporate Information
3 Group Structure
6 Financial Overview
7 Results Highlights
8 Five-Year Financial Summary
10 Milestone of 2015
12 Chairman’s Statement
Management Discussion and Analysis
18 - Market Review
20 - Business Review
50 - Financial Review
54 - Prospects
57 Corporate Social Responsibility Report
69 Report of the Directors
79 Corporate Governance Report
86 Directors and Senior Management
88 Independent Auditor’s Report
89 Consolidated Statement of Profit or Loss and
Other Comprehensive Income
90 Consolidated Statement of Financial Position
91 Consolidated Statement of Changes in Equity
92 Consolidated Statement of Cash Flows
93 Notes to the Financial Statements
124 Significant Accounting Policies
133 Principal Subsidiaries
136 Glossary
Inside Back Investor Information
Corporate Profile
As one of the leading branded sportswear
enterprises in China, ANTA Sports
Products Limited primarily designs,
develops, manufactures and markets ANTA
sportswear, including sports footwear,
apparel and accessories. We have
established extensive distribution networks
with a leading presence in second and third
tier cities in China under the management
of regional distributors. We place great
emphasis on branding by integrating sports
resources and sponsorship, advertising
and promotional activities and consistent
store image to enhance brand and product
differentiation. For the past 14 years, our
footwear has been enjoying a leading
position in China composed index on
market share.
CORPORATE INFORMATION
Board
Executive Directors Ding Shizhong (Chairman) Ding Shijia (Deputy Chairman)
Lai Shixian Wang Wenmo Wu Yonghua Zheng Jie
Independent Non-Executive Directors Yeung Chi Tat Lu Hong Te Dai Zhongchuan
Company Secretary Ling Shing Ping FCPA FCCA FCMA CGMA
Board committees
Audit Committee Yeung Chi Tat (Chairman) Lu Hong Te Dai Zhongchuan
Remuneration Committee Lu Hong Te (Chairman) Dai Zhongchuan Ding Shizhong
Nomination Committee Lu Hong Te (Chairman) Yeung Chi Tat Lai Shixian
Risk Management Committee Yeung Chi Tat (Chairman) Dai Zhongchuan Lai Shixian
Authorised representatives Lai Shixian Ling Shing Ping
Registered offices
Cayman Islands Office Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman
KY1-1111, Cayman Islands
Hong Kong Office 16/F, Manhattan Place, 23 Wong Tai Road, Kowloon Bay, Kowloon, Hong Kong
Head offices in the PRC
Jinjiang Office Dongshan Industrial Zone, Chidian Town, Jinjiang City Fujian Province, PRC
Postal code: 362212
Xiamen Office No. 99 Jiayi Road, Guanyinshan, Xiamen, Fujian Province, PRC
Postal code: 361008
Share registrars and transfer offices
Cayman Islands Principal Register Royal Bank of Canada Trust Company (Cayman) Limited
4th Floor, Royal Bank House, 24 Shedden Road, George Town,
Grand Cayman KY1-1110, Cayman Islands
Hong Kong Branch Registrar Computershare Hong Kong Investor Services Limited
Shops 1712–1716, 17th Floor, Hopewell Centre, 183 Queen’s Road East, Wan Chai, Hong Kong
Legal adviser Norton Rose Fulbright Hong Kong
Auditor KPMG
Risk management and internal control KPMG Advisory (China) Limited
review adviser
Public relations consultant Hill+Knowlton Strategies Asia
Principal bankers Agricultural Bank of China Bank of China Limited Bank of China (Hong Kong) Limited
Industrial and Commercial Bank of China China Construction Bank Corporation Hong Kong Branch
The Hongkong and Shanghai Banking Corporation Limited
Hang Seng Bank Limited
2 ANTA Sports Products Limited Annual Report 2015
GROUP STRUCTURE
Shine Well
Anta Anda Anda
0.38%
International Holdings Investments Public
Talent Trend
54.92% 6.43% 4.62% 33.61%
0.04%
ANTA Sports Products Limited
(Cayman Islands)
HKEX Stock Code: 2020
s
e
ni 100%
a
p
m
o
e C ANTA Enterprise (BVI) Motive Force (BVI)
or Investment Holding Investment Holding
h
s
Off 85%
ANTA Int’l (HK) ANTA Inv (HK) Fila Marketing (HK) Full Prospect
Management Services Investment Holding Retailing of Fila Products (Cayman Islands)
in Hong Kong Investment Holding
ANTA Japan Fila Macao (Macao) Full Prospect IP Speed Benefi t (HK)
(Japan) Retailing of Fila (Singapore) Sourcing of Fila
Product Design Products in Macao Holding of Fila PRC Products
Trademarks
Fila China (PRC)
ANTA ANTA China ANTA Xiamen ANTA Group Xiamen ANTA
Trading of
Changting (PRC) (PRC) (PRC) Trading
Fila Products
(PRC) Sportswear Apparel Sportswear (PRC)
Apparel Trading and Manufacturing Trading and Sportswear
Manufacturing Footwear Footwear Trading
Manufacturing Manufacturing Xiamen Fila (PRC)
Retailing of Fila
s Products
e
ni
a
mp 55%
Co Athletic Dongyida Chenfeng Xiamen Xiamen Quanzhou Quanzhou Henan Henan Fila Style
estic Spo(PrtRsCw)ear Sh(oPeR CSo)le Sh(oPeR CSo)le E-CoAmNmTAerce A(PNRTCA) A(PNRTCA) M(aPtReCri)al A(PNRTCA) M(aPtReCri)al Ret(aPiRlinCg) of
om Manufacturing Manufacturing Manufacturing (PRC) Investment Sportswear Shoe Sole Sportswear Shoe Sole Fila Products
D and Trading Sportswear Holding and Trading Manufacturing Trading Manufacturing
Retailing Sportswear
Trading
Xiamen ANTA
Industrial
(PRC)
Sportswear
Manufacturing
Annual Report 2015 ANTA Sports Products Limited 3
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l
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r
y
4 ANTA Sports Products Limited Annual Report 2014
Klay Thompson,
Shooting guard for the Golden
State Warriors of the NBA and
NBA Champion of the 2014-2015
NBA season
Annual Report 2015 ANTA Sports Products Limited 5
FINANCIAL OVERVIEW
Year ended 31 December 2015 2014 Changes As at 31 December 2015 2014 Changes
(RMB million) (RMB million) (%) (%) (%) (% point)
Gearing ratio(1) 11.4 11.8 0.4
Revenue 11,125.9 8,922.7 24.7
Return on average total 24.9 22.7 2.2
Gross profit 5,185.4 4,026.8 28.8 shareholders’ equity(2)
Profit from operations 2,696.7 2,018.9 33.6 Return on average total 17.1 15.8 1.3
assets(3)
Profit attributable to equity 2,040.6 1,700.3 20.0
Average total 68.6 69.5 0.9
shareholders
shareholders' equity to
Free cash inflow 1,417.0 1,427.1 0.7 average total assets
(days) (days) (days)
(RMB cents) (RMB cents) (%)
Earnings per share Average inventory 58 58 –
– Basic 81.66 68.12 19.9 turnover days(4)
Average trade receivables 33 35 2
– Diluted 81.48 67.98 19.9
turnover days(5)
Shareholders' equity per 343.03 312.19 9.9 Average trade payables 41 54 13
share turnover days(6)
(HK cents) (HK cents) (%)
Cautionary Statement Regarding Forward-
Dividends per share
Looking Statements
– Interim 30 25
This Annual Report 2015 contains certain forward-looking
– Final 30 28
statements with respect to the fi nancial conditions, results of
– Special 8 8 operations and business of the Group. These forward-looking
68 61 11.5 statements represent the Group’s expectations or beliefs
concerning future events and involve known and unknown
risks and uncertainties that could cause actual results,
revenue
(%) (%) (% point) performance or events to differ materially from those expressed
or implied in such statements. Certain statements, that include
wordings like “potential”, “estimated”, “expects”, “anticipates”,
Gross profit margin 46.6 45.1 1.5
“objective”, “intends”, “plans”, “believes”, “estimates”, and
Operating profit margin 24.2 22.6 1.6 similar expressions or variations on such expressions may be
Margin of profit attributable to 18.3 19.1 0.8 considered “forward-looking statements”.
equity shareholders
Forward-looking statements involve inherent risks and
Effective tax rate 26.2 22.7 3.5
uncertainties. Readers should be cautioned that a number of
Advertising and promotional 11.5 12.0 0.5 factors could cause actual results to differ in some instances
expenses ratio (as a materially, from those anticipated or implied in any forward-
percentage of revenue) looking statement. Forward-looking statements speak only at
Staff costs ratio (as a 11.2 11.0 0.2 the date they are made, and it should not be assumed that they
percentage of revenue) have been reviewed or updated in the light of new information
R&D costs ratio (as a 5.2 4.3 0.9 or future events. Trends and factors that are expected to affect
percentage of cost of sales) the Group’s results of operations are described in the section
“Management Discussion and Analysis”.
Notes:
(1) Gearing ratio is equal to the sum of bank loans and bills payable divided by the total assets at the end of the relevant year.
(2) Return on average total shareholders’ equity is equal to the profit attributable to equity shareholders divided by the average balance of total
shareholders’ equity.
(3) Return on average total assets is equal to the profit attributable to equity shareholders divided by the average balance of total assets.
(4) Average inventory turnover days is equal to the average balance of inventories divided by the cost of sales and multiplied by the number of days
in the relevant year.
(5) Average trade receivables turnover days is equal to the average balance of trade receivables divided by the revenue and multiplied by the
number of days in the relevant year.
(6) Average trade payables turnover days is equal to the average balance of trade payables divided by the cost of sales and multiplied by the
number of days in the relevant year.
RESULTS HIGHLIGHTS
FINANCIAL OPERATIONAL
PERFORMANCE PERFORMANCE
• Revenue increased by 24.7% to RMB11.13 billion • Number of ANTA stores stood at 7,031
• Gross profit margin increased by 1.5% point to • Number of ANTA Kids sportswear series stores
46.6% stood at 1,458
• Profit attributable to equity shareholders increased • Number of FILA stores in China, Hong Kong and
by 20.0% to RMB2,040.6 million Macao stood at 591
• Basic earnings per share increased by 19.9% to
RMB81.66 cents
• 70.0% payout of the profit attributable to equity
shareholders