FOSHAN ELECTRICAL AND LIGHTING CO., LTD. ANNUAL REPORT Foshan Electrical and Lighting Co., Ltd....

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  • Foshan Electrical and Lighting Co., Ltd. Annual Report 2016

    1

    FOSHAN ELECTRICAL AND LIGHTING CO., LTD.

    ANNUAL REPORT 2016

    March 2017

  • Foshan Electrical and Lighting Co., Ltd. Annual Report 2016

    2

    Section I Important Statements, Contents and Definitions

    The board of directors (the “Board”), the supervisory board (the “Supervisory Board”), as

    well as the directors, supervisors and executive officers of Foshan Electrical and Lighting Co.,

    Ltd. (the “Company”) hereby guarantee the factuality, accuracy and completeness of the

    contents of this Report, and shall be jointly and severally liable for any false representation,

    misleading statements or material omissions in this Report.

    He Yong, head of the Company, Liu Xingming, accounting head for this Report, and Tang

    Qionglan, head of the accounting department (head of accounting), hereby guarantee that the

    Financial Report carried in this Report is factual, accurate and complete.

    All directors attended the board meeting for the review of this Report.

    Beijing Zhongzhengtiantong Certified Public Accountants LLP has issued a standard

    auditor’s report with unqualified opinion for the Company.

    The accounting data and financial report in this Report are subject to those audited by

    Beijing Zhongzhengtiantong Certified Public Accountants LLP. This Report is prepared in

    both Chinese and English. Should there be any understanding discrepancy between the two

    versions, the Chinese version shall prevail.

    The future plans and some other forward-looking statements, as well as the relevant

    cautionary statements, involved in this Report shall not be considered as virtual promises of

    the Company to investors. And investors are kindly reminded to be well aware of possible

    risks.

    The Company has described in detail in this Report the risk of market competition, the risk of

    rising operating costs, the risk of falling prices of inventories and the risk of exchange rate

    fluctuations. Please refer to “Possible risks” in “Outlook of the Company’s future

    development” in “Section IV Performance Discussion and Analysis” of this Report.

    The Board has considered and approved the following proposal for profit distribution: Based

    on the total shares of 1,272,132,868, a cash dividend of RMB4.20 (tax inclusive) per 10 shares

    will be distributed to all shareholders of the Company. No bonus shares will be granted, nor

    will any capital reserve be converted into share capital.

  • Foshan Electrical and Lighting Co., Ltd. Annual Report 2016

    3

    Table of Contents

    Section I Important Statements, Contents and Definitions ............................................................ 2

    Section II Corporate Profile and Financial Results ........................................................................ 5

    Section III Business Profile ............................................................................................................. 10

    Section IV Performance Discussion and Analysis ......................................................................... 14

    Section V Significant Events ........................................................................................................... 39

    Section VI Share Changes and Shareholders’ Profile ................................................................... 74

    Section VII Preference Shares ........................................................................................................ 85

    Section VIII Directors, Supervisors, Executive Officers and Staff .............................................. 86

    Section IX Corporate Governance ................................................................................................. 99

    Section X Corporate Bonds ........................................................................................................... 113

    Section XI Financial Report .......................................................................................................... 114

    Section XII Documents Available for Reference ......................................................................... 239

  • Foshan Electrical and Lighting Co., Ltd. Annual Report 2016

    4

    Definitions

    Term Definition

    The Company, Company, FSL Foshan Electrical and Lighting Co., Ltd.

    GRAM Guangdong Rising Assets Management Co., Ltd.

    Electronics Group Guangdong Electronics Information Industry Group Ltd.

    GD Rising Finance Guangdong Rising Finance Holding Co., Ltd.

    Shenzhen Rising Investment Shenzhen Rising Investment Development Co., Ltd.

    Hong Kong Rising Investment Hong Kong Rising Investment Development Limited

    CSRC China Securities Regulatory Commission

    SZSE Shenzhen Stock Exchange

    Shareholders’ General Meeting Shareholders’ General Meeting of Foshan Electrical and Lighting Co.,

    Ltd.

    Board of Directors Board of Directors of Foshan Electrical and Lighting Co., Ltd.

    Supervisory Board Supervisory Board of Foshan Electrical and Lighting Co., Ltd.

    Annual report auditor Beijing Zhongzhengtiantong Certified Public Accountants LLP

    Yuan, ten thousand, million, billion RMB Yuan, RMB Ten Thousand, RMB million, RMB billion

  • Foshan Electrical and Lighting Co., Ltd. Annual Report 2016

    5

    Section II Corporate Profile and Financial Results

    I Corporate information

    Stock name FSL / FSL B Stock code 000541/200541

    Stock exchange Shenzhen Stock Exchange

    Company name in Chinese 佛山电器照明股份有限公司

    Abbr. 佛山照明

    Company name in English (if

    any) FOSHAN ELECTRICAL AND LIGHTING CO.,LTD

    Abbr. (if any) FSL

    Legal representative He Yong

    Registered address No. 64, Fenjiang North Road, Chancheng District, Foshan City, Guangdong Province, P.R.China

    Zip code 528000

    Office address No. 64, Fenjiang North Road, Chancheng District, Foshan City, Guangdong Province, P.R.China

    Zip code 528000

    Company website www.chinafsl.com

    Email gzfsligh@pub.foshan.gd.cn

    II Contact information

    Board Secretary Securities Representative

    Name Lin Yihui Huang Yufen

    Address

    No. 64, Fenjiang North Road, Chancheng

    District, Foshan City, Guangdong

    Province, P.R.China

    No. 64, Fenjiang North Road, Chancheng

    District, Foshan City, Guangdong

    Province, P.R.China

    Tel. (0757)82810239 (0757)82966028

    Fax (0757)82816276 (0757)82816276

    E-mail fsl-yh@126.com fslhyf@163.com

    III Information disclosure and place where this Report is kept

    Newspapers designated by the Company for

    information disclosure

    China Securities Journal, Securities Times, Securities Daily, Ta Kung Pao

    (HK)

    Website designated by the China Securities

    Regulatory Commission (CSRC) for the publication http://www.cninfo.com.cn

  • Foshan Electrical and Lighting Co., Ltd. Annual Report 2016

    6

    of this Report

    Place where this Report is kept Board Secretary’s Office, FSL Office Building, No. 64, Fenjiang North

    Road, Chancheng District, Foshan City, Guangdong Province, P.R.China

    IV Company registration and alteration

    Credibility code 91440000190352575W

    Changes in main business activities of the

    Company after going public (if any) No changes

    Changes of controlling shareholder (if any) No changes

    V Other information

    The CPAs firm hired by the Company

    Name Beijing Zhongzhengtiantong Certified Public Accountants LLP

    Office address 13/F, Tower B, Jinyun Building, A43 Xizhimen Avenue North, Haidian District, Beijing

    Accountants writing signatures Tong Quanyong, Luo Dongri

    Sponsor engaged by the Company to continuously perform its supervisory function during this Reporting Period

    □ Applicable √ Not applicable

    Financial advisor engaged by the Company to continuously perform its supervisory function during this Reporting

    Period

    □ Applicable √ Not applicable

    VI Accounting and financial results

    Indicate by tick mark whether the Company performed any retroactive adjustments to or restatement of its

    accounting data due to changes of accounting policies or correction of accounting errors

    □ Yes √ No

    2016 2015 +/-% 2014

    Operating revenues (RMB Yuan) 3,366,454,968.60 2,876,659,100.63 17.03% 3,068,641,200.17

    Net profit attributable to

    shareholders of the Company

    (RMB Yuan)

    1,072,342,050.13 53,405,593.12 1,907.92% 266,125,048.97

    Net profit attributable to

    shareholders of the Company

    before exceptional profit and loss

    (RMB Yuan)

    351,237,317.17 150,093