2016/17 992 Different is better
HKSE: 992 ADR: LNVGY430500 Think YOGA LinkedIn Facebook Twitter (@Lenovo) www.lenovo.com
04 08 12 16 44 95 103 116 130 148 153 154 155 157 158 159 247 248
different creates better Moto Z and Moto Mods
43,035 44,912 (4)% 6,106 6,624 (8)% (%) 14.2 14.8 (0.6) (5,434) (6,686) (19)% (%) 12.6 14.9 (2.3) 1 1,581 838 89% 490 (277) (%) 1.1 (0.6) 535 (128) 4.86 (1.16) 4.86 (1.16) 6.0 6.0 2 20.5 20.5 26.5 26.5 2,951 2,079 42% (3,037) (3,251) (7)% (86) (1,172) (93)% (10) 1 1 2 4 2016/17
44,912 43,035 44,912 43,035 28% 28% 16% 16% 69% 70% 26% 26% 30% 2016 2017 30% 19% 10% 2% 2016 2017 18% 9% 3% 1 1,067 1,365 1,715 838 1,581 635 817 829 535 (128) 2013 2014 2015 2016 2017 2013 2014 2015 2016 2017 1 2016/17 5
Y-Series Legion Y520
different rocks better
+ Chromebooks 12 8 2016/17
21.4% 34%69% 219% Chromebooks88% 10% Kirk Skaugen Laura Quatela Moto Z Moto Z Mods 16% (LTS) 35% CES2017 14Google Tango(AR) Smart Home Storage 186 if149 CESMWC IFA 5Laptop Magazine (Best Laptop Brand) Interbrand(100 Best Global Brands)Brand Z30(Top 30 Chinese Global Brands) (Human Rights Corporate Equality Index)100 Corporate Knights World's Most Sustainable Corporations Index EcoVadis (CSR Gold)2% IBM System X 2016/17 9
(PCSD) PCSD Moto Z12 300 10 2016/17
+ E-Sim CES+ Yoga Book + + 2016/17 11
Gianfranco Lanci Aymar de Lencquesaing 12 2016/17
Kirk Skaugen 2016/17 13
different thinks better
ThinkPad X1 Carbon
+ + 4% 3% 430.35 2% 300.76 10% 77.07 11% 40.69 11.83 16 2016/17
8% 61.06 0.614.2% 19% 54.34 12.6%14.9% Moto 5.53 1.59 2.98 4.90 2.77 5.35 1.28 ThinkPad X1 Carbon Moto G5 % 9% (10%) 18% (19%) 3% (2%) 70% (69%) 2016/17 17
34% 69% 1% 5,570 3% 0.421.4% 4%1% 0.522.9% 6% 0.1 19.6% 6,6608% 1.115.4% 2% 301 70% 2% 14.94 0.3 5.0% 8% 36% 11% Moto Z Moto Mods Moto G 22% 3.5% 10% 77.07 18% Moto G Moto Z 18 2016/17
5.66 HPC 9% 11% 40.69 3.43 (HPC) 500 ThinkPad X1 Carbon 2016/17 19
/ 11.83 3% 5.39 4.6% 30% 6%9 1.3 14.9% 10% 1% 28% 37.1% Moto Moto G Moto Z Moto Mods 1.57 1.211.2% 0.9% 20 2016/17
16% 11% 3% 16.0% // // 26% // 2%// 0.420.4% 6,500 0.9%1.2% // 3.37 1.26 3.0% 2016/17 21
22 2016/17
(QMS)Bureau Veritas (BVC) (CESI) ISO 9001 QMS 2016/17 23
a) b) c) 24 2016/17
181 184 2016/17 25
26 2016/17
ISO 14001 (EMS) EMS (GEA)(EAFPs) (ECPs) 2016/17 27
GEA GEA GEA EMS 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 28 2016/17
(ERM)ERM ISO 14001 EMS EMS (NGO) 116 128 + 3x3... 2016/17 29
Leading@Lenovo DNA... We Are Lenovo (OHRP) PCSD MBG DCGPCSD DCG PCSD MBG DCG + 30 2016/17
(IDP) 70-20-10 70% 20%10% 160 ThinkPadIBM X86 Interbrand(Best Global Brands)100 50Corporate Knight 100 Moto Z Mods YOGA 910 YOGA BOOKLegion ThinkPadX1 12 2016/17 31
43,034,731 44,912,097 6,105,516 6,623,937 14.2% 14.8% (5,433,168) (6,685,758) 672,348 (61,821) (182,421) (215,030) 489,927 (276,851) 530,441 (144,575) 535,084 (128,146) 4.86 (1.16) 4.86 (1.16) * 1,581,086 837,692 * 1,740,567 1,760,547 649,408 646,004 694,565 794,709 6.0 6.0 20.5 20.5 * 32 2016/17
430.355.35 1.28 5.963.27 14.8%0.64.86 1.16 11,794,773 539,137 12,358,639 563,245 7,011,595 (65,155) 7,154,662 88,516 11,187,313 (336,666) 11,794,698 125,710 13,041,050 157,452 13,604,098 (120,748) 43,034,731 294,768 44,912,097 656,723 10,891 2,185 (2,680,631) (2,372,833) (1,851,990) (2,108,747) (1,361,691) (1,491,370) 450,253 (714,993) (5,433,168) (6,685,758) 2016/17 33
19% 1,200 200 1.46 1.29 6,6003.10 6,2001.73 5.55 1.111.26 (155,583) (166,116) (432,996) (432,075) (3,173,774) (3,302,749) (180,892) (161,097) (146,368) (212,475) (95,990) (80,527) (110,968) (126,004) (888,883) (726,173) (173,424) (7,303) (310,201) 336,172 5,863 218,366 14,260 (1,136,469) (1,374,352) (5,433,168) (6,685,758) 34 2016/17
27,795 32,816 (231,627) (236,751) 21,411 (11,095) (182,421) (215,030) 4.7% 15 4.95% 40 Google Inc. 1,236,250 1,391,494 473,090 337,929 413,160 231,110 8,349,145 8,661,087 32,567 40,439 1,435,256 1,000,572 255,898 139,572 122,221 164,410 12,317,587 11,966,613 2016/17 35
11% 40% 4% 19% 83% 1.22 26% 2,794,035 2,637,317 4,468,392 4,403,507 68,333 130,718 53,808 27,021 4,333,351 3,548,760 199,149 140,237 196,720 152,336 2,754,599 1,926,880 14,868,387 12,966,776 36 2016/17
6% 40.958.50 2,966,692 2,505,112 280,421 290,857 537,428 532,780 370,207 442,874 221,601 222,679 380,557 2,152,578 4,756,906 6,146,880 4.623.875% 5 Google Inc. 2016/17 37
20% 82%Google Inc. 5,649,925 4,266,687 835,613 234,661 67,285 150,864 10,004,614 8,305,844 873,405 1,157,257 586,536 710,164 246,465 188,968 70,003 745,815 18,333,846 15,760,260 38 2016/17
25% 7,000 91% 8.039.35 271.86249.33 32.2330.008.44 2,8002,600230.91 219.07 0.810.82 29.51 20.79 45.1%41.7% 29.0% 29.5%6.6%5.3%5.2%7.7%14.1% 15.8% 78.5% 92.6%21.5%7.4% 12 8 484 3 4.7% 15 4.95% 40 2016/17 39
3.875% 5 8.505.375% 1.50 Google Inc. 107.10 106.6115.8412.77 2.933.6688.3390.18 10.865.40 82.1668.727,0004,600 3.983.96 7,0007.4625.6921.09 40.9530.260.741.07 8,60011.72 82.1668.72 52,000 40 2016/17
Y-Series Legion Y720 2016/17 41
different imagines better Yoga Book
01 02 03 04 05 07 06 44 2016/17
A.2.1 William O. Grabe Grabe (i) (ii) 2016/17 45
* 87 92 47 66 103 115 68 71 47 95 102 * 61 67 47 46 2016/17
William O. Grabe Nicholas C. Allen William O. Grabe William Tudor Brown Gordon Robert Halyburton Orr (i) (ii) 2016/17 47
133136 9% 9% 18% 73% 91% 18% 100% 73% 27% 55% 27% 55% 45-55 56-65 65 48 2016/17
50 3.10A Grabe 47 Nicholas C. Allen 571 31.47% 92 133136 2016/17 49
51 Gordon Robert Halyburton Orr Gordon Orr 50 2016/17
2016/17 51
36% 28% 36% 52 2016/17
Gordon Orr Gordon Orr 1. Gordon Orr (McKinsey & Company) 2. Gordon Orr 3.13 3. Gordon Orr 4. Gordon Orr 3.13 2016/17 53
3.13 3.13 54 2016/17
9% 18% 0-2 73% 3-5 6-10 2016/17 55
: > + 56 2016/17
2016/17 57
企業管治報告 業界大會 聯想於一個市場趨勢 消費者的喜好和技術方面均發 生迅速變化的行業中運作 為了保持更新董事在行業 的最新技術和產品的發展 本公司已安排了董事分別 出席在拉斯維加斯及巴塞羅那舉行的國際消費電子展 及世界移動通信大會 訪問期間 董事分別獲得了最 佳產品評論 產品演示和展示 展示了本公司的技 術 也包括其他的市場參與者 這些事件提供董事極 好的機會 不僅獲得了市場上最先進的技術知識 同 時也能滿足與本公司高級管理層及其他創新者 建設 者 技術專家和客戶的交流機會 於巴塞羅那世界移動通信大會期間舉行董事會 於二零一七年三月 董事會出席於巴塞羅那舉行的世界移動通信大會 董事會藉此機會於巴塞羅那舉行董事會 集中討論 戰略事宜 並同時獲取高級管理層介紹本集團戰略主題及行業內最新技術產品發展 此外 董事會亦到訪巴塞羅那超級計 算機中心 巴塞羅那超級計算機中心 58 聯想集團 2016/17 年報
2016/17 59
Nicholas C. Allen William O. Grabe William Tudor Brown Gordon Robert Halyburton Orr Gordon Orr 103115 60 2016/17
137138 2016/17 61
62 2016/17
(i) (ii) 2016/17 63
64 2016/17
20% 23% 23% 35% 15% 42% 38% 15% 14% 42% 20% 13% 2016/17 65
: Gordon Orr 66 2016/17
Nicholas C. Allen William Tudor Brown Gordon Robert Halyburton Orr Nicholas C. Allen William O. Grabe William Tudor Brown Gordon Robert Halyburton Orr William O. Grabe William Tudor Brown Gordon Robert Halyburton Orr William O. Grabe 2016/17 67
95 102 103 115 William O. Grabe 133136 68 2016/17
2016/17 69
72 17% 3% 12% 36% 3% 6% 36% 36% 32% 31% 12% 9% 32% 17% 18% Gordon Orr Gordon Orr 70 2016/17
2016/17 71
95% 100%) 1 2 1 4 1 1 9 3 4 5/5 2/2 1/1 5 3/5 2/2 0/1 6 4/5 2/2 0/1 7 5/5 0/1 0/1 Nicholas C. Allen 5/5 4/4 1/1 5/5 2/2 1/1 William O. Grabe 5/5 4/4 2/2 1/1 William Tudor Brown 4/5 4/4 4/4 1/1 5/5 4/4 4/4 0/1 5/5 0/1 Gordon Robert Halyburton Orr8 5/5 2/2 2/2 1/1 (1) (2) (3) (4) (5) (6) (7) (8) Gordon Orr (9) 72 2016/17
2016/17 73
Grabe Grabe 1 2 3 74 2016/17
148152 2016/17 75
76 2016/17
2016/17 77
the Committee of Sponsoring Organizations of the Treadway Commission (COSO) 78 2016/17
2016/17 79
(i) (ii) (iii) (iv) 80 2016/17
(v) 2016/17 81
4 H H VH VH 3 M M H H 2 L L M M 1 L L L L VH H M L 1 2 3 4 2227 82 2016/17
320,000 7.7 7.0 1.8 2.0 1.9 1.3 0.4 0.8 0.9 1.2 12.7 12.3 2016/17 83
Lenovo Tech World Lenovo Tech World Lenovo Tech World 84 2016/17
Lenovo Tech World 2016/17 85
Different for the Sake of Being Better H MSCI MSCI 100 50 86 2016/17
2016/17 87
88 2016/17
99.99% 99.95% 99.55% 99.96% 99.54% 20% 65.50% 10% 99.43% 66.05% (www.lenovo.com/hk/publication) (www.hkex.com.hk) 2016/17 89
622 5% (a) 2.5%(b)50 1,000 (i) (ii) 90 2016/17
90197.89% (i) 2 0.22% 50,000 0.00% 8 0.89% 1,134,000 0.01% 882 97.89% 11,107,366,724 99.99% 2 0.22% 40,000 0.00% 2 0.22% 20,000 0.00% 1 0.11% 2,000 0.00% 3 0.34% 18,000 0.00% 1 0.11% 24,000 0.00% 901 100.00% 11,108,654,724 100.00% (ii) 1-2,000 259 28.74% 367,605 0.00% 2,001-10,000 402 44.62% 2,766,000 0.03% 10,001-100,000 214 23.75% 6,975,585 0.06% 100,001-1,000,000 20 2.22% 6,396,000 0.06% 1,000,001 6 0.67% 11,092,149,534 99.85% 901 100.00% 11,108,654,724 100.00% (i) 2,000 (ii) (iii) 70.94% 2016/17 91
31.47% 62.06% 6.28% 0.19% (i) (ii) 11,108,654,724 92 2016/17
11,108,654,724 5.12 568.8 68.94 69.72 6.52 4.52 992 2,000 11,108,654,724 68.94 568.8 72.9 9 8 7 6 5 4 3 29,000 27,000 25,000 23,000 21,000 19,000 17,000 2016/17 93
20:1 LNVGY 4.86 1 6.0 20.5 ir@lenovo.com 1 94 2016/17
Nicholas C. Allen William Tudor Brown Gordon Robert Halyburton Orr Allen 133136 2016/17 95
96 2016/17
2016/17 97
72 32% 32% 32% 39% 23% 16% 13% 14% 13% 23% 32% 31% 98 2016/17
(a) (b)(c) (d) 2016/17 99
100 2016/17
149150 7682 2016/17 101
83 Nicholas C. Allen William Tudor Brown Gordon Robert Halyburton Orr 102 2016/17
William Tudor Brown William O. Grabe Gordon Robert Halyburton Orr 133136 (i) (ii) (iii) (iv) 2016/17 103
72 104 2016/17
2016/17 105
11 10% 25% 90% 55% 20% (0%)* * 106 2016/17
(i)(ii) (i) (ii) 2016/17 107
141 144 52,000 108 2016/17
92,500200,000* 92,500 92,500 200,000 200,000 292,500 292,500 * 27,500 214,500 20,000 156,000 35,000 273,000 11 8,808,815 1,309,607 1.00 0.14867 2016/17 109
110 2016/17
837,754902,196 1 1,159,9671,224,409 1 1,353,2951,417,737 1 2,835,4762,899,917 1 3,866,5583,930,999 1 5,413,1815,477,622 1 6,315,3786,379,819 1 13,597,395 13,661,836 1 11 60 X X = 0% 300% 0% 150% 18.6% 2016/17 111
2 09/10 5.23 6,596,156 02.08.2011 02.08.2014 10/11 4.92 11,030,219 02.21.2012 02.21.2015 11/12 6.80 11,132,358 02.13.2013 02.13.2016 12/13 8.22 3,514,894 3,514,894 14,059,573 02.04.2014 02.04.2017 13/14 9.815 10,890,045 3,630,017 7,260,030 14,520,062 06.03.2015 06.03.2018 15/16 12.29 12,703,664 3,175,916 9,527,748 12,703,664 06.01.2016 06.01.2019 16/17 4.90 126,972,471 126,972,471 126,972,471 06.01.2017 06.01.2019 12/13 8.22 1,424,956 1,424,956 02.04.2014 02.04.2017 12/13 7.82 1,072,109 1,072,109 06.03.2014 06.03.2016 13/14 9.815 3,997,192 1,332,399 2,664,793 2,664,793 06.03.2015 06.03.2018 15/16 12.29 4,882,018 1,220,505 3,661,513 3,661,513 06.01.2016 06.01.2019 15/16 12.29 1,131,814 1,131,814 12/13 6.36 91,438 07.03.2013 07.03.2015 13/14 7.88 121,362 121,362 242,723 08.16.2014 08.16.2016 14/15 11.48 183,923 91,961 91,962 275,884 08.15.2015 08.15.2017 15/16 7.49 403,970 134,657 269,313 403,970 08.14.2016 08.14.2018 16/17 5.38 615,761 615,761 615,761 08.19.2017 08.19.2019 13/14 7.88 32,801 32,801 08.16.2014 08.16.2016 14/15 11.48 45,006 22,503 22,503 22,503 08.15.2015 08.15.2017 15/16 7.49 103,497 34,499 68,998 68,998 08.14.2016 08.14.2018 16/17 5.38 144,088 144,088 144,088 08.19.2017 08.19.2019 11/12 5.78 103,913 11.03.2012 11.03.2014 12/13 6.36 274,316 07.03.2013 07.03.2015 13/14 7.88 121,362 121,362 364,084 08.16.2014 08.16.2016 14/15 11.48 183,923 91,961 91,962 275,884 08.15.2015 08.15.2017 15/16 7.49 403,970 134,657 269,313 403,970 08.14.2016 08.14.2018 16/17 5.38 615,761 615,761 615,761 08.19.2017 08.19.2019 13/14 7.88 32,801 32,801 08.16.2014 08.16.2016 14/15 11.48 45,006 22,503 22,503 22,503 08.15.2015 08.15.2017 15/16 7.49 103,497 34,499 68,998 68,998 08.14.2016 08.14.2018 16/17 5.38 144,088 144,088 144,088 08.19.2017 08.19.2019 112 2016/17
2 09/10 3.88 263,796 220,351 08.07.2010 08.07.2012 09/10 4.47 38,163 36,725 11.30.2010 11.30.2012 10/11 4.59 237,001 221,105 08.20.2011 08.20.2013 11/12 4.56 323,000 08.19.2012 08.19.2014 12/13 6.36 274,316 07.03.2013 07.03.2015 13/14 7.88 121,362 121,362 364,084 08.16.2014 08.16.2016 14/15 11.48 183,923 91,961 91,962 275,884 08.15.2015 08.15.2017 15/16 7.49 403,970 134,657 269,313 403,970 08.14.2016 08.14.2018 16/17 5.38 615,761 615,761 615,761 08.19.2017 08.19.2019 13/14 7.88 32,801 32,801 08.16.2014 08.16.2016 14/15 11.48 45,006 22,503 22,503 22,503 08.15.2015 08.15.2017 15/16 7.49 103,497 34,499 68,998 68,998 08.14.2016 08.14.2018 16/17 5.38 144,088 144,088 144,088 08.19.2017 08.19.2019 Nicholas C. Allen 09/10 4.47 107,343 100,277 11.30.2010 11.30.2012 10/11 4.59 237,001 08.20.2011 08.20.2013 11/12 4.56 323,000 08.19.2012 08.19.2014 12/13 6.36 274,316 07.03.2013 07.03.2015 13/14 7.88 121,362 121,362 364,084 08.16.2014 08.16.2016 14/15 11.48 183,923 91,961 91,962 275,884 08.15.2015 08.15.2017 15/16 7.49 403,970 134,657 269,313 403,970 08.14.2016 08.14.2018 16/17 5.38 615,761 615,761 615,761 08.19.2017 08.19.2019 13/14 7.88 32,801 32,801 08.16.2014 08.16.2016 14/15 11.48 45,006 22,503 22,503 22,503 08.15.2015 08.15.2017 15/16 7.49 103,497 34,498 68,999 68,999 08.14.2016 08.14.2018 16/17 5.38 144,088 144,088 144,088 08.19.2017 08.19.2019 11/12 5.23 144,085 09.28.2012 09.28.2014 12/13 6.36 274,316 07.03.2013 07.03.2015 13/14 7.88 121,362 121,362 364,084 08.16.2014 08.16.2016 14/15 11.48 183,923 91,961 91,962 275,884 08.15.2015 08.15.2017 15/16 7.49 403,970 134,657 269,313 403,970 08.14.2016 08.14.2018 16/17 5.38 615,761 615,761 615,761 08.19.2017 08.19.2019 13/14 7.88 32,801 32,801 08.16.2014 08.16.2016 14/15 11.48 45,006 22,503 22,503 22,503 08.15.2015 08.15.2017 15/16 7.49 103,497 34,498 68,999 68,999 08.14.2016 08.14.2018 16/17 5.38 144,088 144,088 144,088 08.19.2017 08.19.2019 2016/17 113
2 William O. Grabe William Tudor Brown 09/10 3.88 263,796 219,642 08.07.2010 08.07.2012 09/10 4.47 38,163 31,244 11.30.2010 11.30.2012 10/11 4.59 237,001 08.20.2011 08.20.2013 11/12 4.56 323,000 08.19.2012 08.19.2014 12/13 6.36 274,316 07.03.2013 07.03.2015 13/14 7.88 121,362 121,362 364,084 08.16.2014 08.16.2016 14/15 11.48 183,923 91,961 91,962 275,884 08.15.2015 08.15.2017 15/16 7.49 403,970 134,657 269,313 403,970 08.14.2016 08.14.2018 16/17 5.38 615,761 615,761 615,761 08.19.2017 08.19.2019 13/14 7.88 32,801 32,801 08.16.2014 08.16.2016 14/15 11.48 45,006 22,503 22,503 22,503 08.15.2015 08.15.2017 15/16 7.49 103,497 34,498 68,999 68,999 08.14.2016 08.14.2018 16/17 5.38 144,088 144,088 144,088 08.19.2017 08.19.2019 15/16 5.00 49,510 49,510 1 16/17 4.71 52,506 52,506 1 16/17 5.03 49,162 49,162 1 16/17 4.69 52,726 52,726 1 12/13 8.07 53,476 01.31.2014 01.31.2016 13/14 7.88 121,362 121,362 364,084 08.16.2014 08.16.2016 14/15 11.48 183,923 91,961 91,962 275,884 08.15.2015 08.15.2017 15/16 7.49 403,970 134,657 269,313 403,970 08.14.2016 08.14.2018 16/17 5.38 615,761 615,761 615,761 08.19.2017 08.19.2019 13/14 7.88 32,801 32,801 08.16.2014 08.16.2016 14/15 11.48 45,006 22,503 22,503 22,503 08.15.2015 08.15.2017 15/16 7.49 103,497 34,498 68,999 68,999 08.14.2016 08.14.2018 16/17 5.38 144,088 144,088 144,088 08.19.2017 08.19.2019 11/12 4.56 107,666 08.19.2012 08.19.2014 12/13 6.36 182,877 07.03.2013 07.03.2015 13/14 7.88 121,362 121,362 364,084 08.16.2014 08.16.2016 14/15 11.48 183,923 91,961 91,962 275,884 08.15.2015 08.15.2017 15/16 7.49 403,970 134,657 269,313 403,970 08.14.2016 08.14.2018 16/17 5.38 615,761 615,761 615,761 08.19.2017 08.19.2019 13/14 7.88 32,801 32,801 08.16.2014 08.16.2016 14/15 11.48 45,006 22,503 22,503 22,503 08.15.2015 08.15.2017 15/16 7.49 103,497 34,499 68,998 68,998 08.14.2016 08.14.2018 16/17 5.38 144,088 144,088 144,088 08.19.2017 08.19.2019 114 2016/17
2 12/13 8.63 24,593 02.20.2014 20.02.2016 13/14 7.88 81,919 81,919 245,757 08.16.2014 08.16.2016 14/15 11.48 124,148 62,073 62,075 186,221 08.15.2015 08.15.2017 14/15 11.07 24,802 12,400 12,402 37,202 11.16.2015 11.16.2017 14/15 7.49 403,970 134,657 269,313 403,970 08.14.2016 08.14.2018 16/17 5.38 615,761 615,761 615,761 08.19.2017 08.19.2019 13/14 7.88 22,141 22,141 08.16.2014 08.16.2016 14/15 11.48 30,379 15,189 15,190 15,190 08.15.2015 08.15.2017 14/15 11.07 6,069 3,034 3,035 3,035 11.06.2015 11.06.2017 15/16 7.49 103,497-34,498 - - 68,999 68,999 08.14.2016 08.14.2018 16/17 5.38-144,088 - - - 144,088 144,088 08.19.2017 08.19.2019 Gordon Robert Halyburton Orr 15/16 7.25 224,107-74,702 - - 149,405 224,107 09.18.2016 09.18.2018 16/17 5.38-615,761 - - - 615,761 615,761 08.19.2017 08.19.2019 15/16 7.25 57,416-19,138 - - 38,278 38,278 09.18.2016 09.18.2018 16/17 5.38-144,088 - - - 144,088 144,088 08.19.2017 08.19.2019 1: 2: 91% 100% William Tudor Brown William O. Grabe Gordon Robert Halyburton Orr 2016/17 115
+ 160 http://www.lenovo.com/sustainability 10 116 2016/17
http://www.lenovo.com/sustainability Corporate Knights100 100 (Hang Seng Corporate Sustainability Index) AA 100(Global Compact 100 Sustainability Index) CDP (Climate Change Leadership Level) CDPA- 50 5 (Corporate Equality Index) (LGBT) 100% LGBT 20 20 EcoVadis 71 1002% (ECO) ECO 2016/17 117
http://www. lenovo.com/csrpolicies privacy@lenovo.com 118 2016/17
ISO 9001 2016/17 119
(ODM) ISO 9001ISO 14001OHSAS 18001 OHSAS 18001 (OHS) (OHSAS 18001) (EICC) EICC ISO9001/14001 120 2016/17
EICC EICCEICC EICC 95 H (3T/G) EICC (CFSI) EICC EICCEICC Responsible Raw Materials Initiative(RRMI)3T/G EICC CFSI EICC(CMRT) 95% EICC(CFSP)(SET) 2016/17 121
LGBT (HUB Zone) (NMSDC)(WBENC) 1.50 www.lenovo.com/supplierdiversity (EMS)http://www.lenovo.com/environment. 27 (EICC) 122 2016/17
1) 2) ISO 14001 (EMS) EMS 3) (IPCC) (AR5) 40% 70% 212 40% 2016/17 123
40% 3.9 3,900 EMS 124 2016/17
(PCF) 40% + - 5% CDPA- http://www.cdproject.net http://www.lenovo.com/climate ThinkVision EPS 2016/17 125
http://www.lenovo.com/waterandwaste Bureau Veritas http://www.lenovo.com/climate http://www.lenovo.com/waterandwaste (EMS) (LEM) (ARS) 126 2016/17
2016/17 127
(OHS) 32 50 50% 128 2016/17
130 148 153 154 155 157 158 159 247 248
37 5 622 5 153 155 156 31(a) 157 6.0 6.0 6.665 8,600 6.665 8,600 20.5 20.5 (i) 130 2016/17
(ii) 18322 247 713,824,000 335,170,000 27 2,150,000 1,878,000 29 (1) 3.875% 500,000,000 27 (2) Lenovo Perpetual Securities Limited LPSL1,000,000,000 LPSL (i) 850,000,000 5.375% (ii) 150,000,000 5.375% 30 (1) (2) 15Motorola Mobility Holdings LLC Google Inc. 2016/17 131
29 37 18 18% 20% 41% 5% 175,395,998 107110 Nicholas C. Allen William O. Grabe William Tudor Brown Gordon Robert Halyburton Orr 132 2016/17
107 William O. Grabe 3.13 3.13 (http://www.lenovo.com/ww/lenovo/list_direct_chi.html) Sureinvest Holdings Limited x86 Baidu, Inc. 2016/17 133
Fiat Industrial S.p.A. China Broadband Capital Partners, L.P. 9MasterCard Incorporated 134 2016/17
Nicholas C. Allen Allen Allen Allen Allen VinaLand Limited Quantum Leaps Corporation Sony Corporation FreeBit Co., Ltd. Monex Group, Inc. Stripe International Inc. National Conference on Fostering Beautiful Forests in Japan Nestlé S.A.Electrolux General Motors Company Accenture plcbaidu, Inc. William O. Grabe Grabe Gartner Inc.Covisint Corporation QTS Realty Trust, Inc. Compuware Corporation GrabeGeneral Atlantic LLCGeneral Atlantic LLC General Atlantic Group GrabeIBM William Tudor Brown Brown (Cambridge University) BrownARM Holdings plc Acorn Computers Ltd. ARM Brown Xperi CorporationTessera Technologies, Inc. Marvell Technology Group Ltd. P2i Limited (UK Government Asia Task Force) 2016/17 135
Unilever N.V. Unilever PLC (Stanford University) (Stanford University) (Yahoo Inc.) (Yahoo Inc.) (Yahoo Japan Corporation) (Cisco Systems, Inc.)Workday Inc.(Alibaba Group Holding Limited) Gordon Robert Halyburton Orr (Oxford University) (Harvard University) Orr(McKinsey & Company) Orr Orr 136 2016/17
Gianfranco Lanci Lanci Lanci (Texas Instruments)(Acer) (Acer Inc.) Politecnico of Turin Aymar de Lencquesaing de Lencquesaing de Lencquesaing de Lencquesaing (Capgemini)(Acer) Packard-Bell de LencquesaingESSEC (Cambridge University) (Stanford University) (IBM) 2016/17 137
(Microsoft) (IEEE) (IAPR) (SPIE) (ACM) (IEEE) (University of Illinois at Urbana-Champaign) Kirk Skaugen Skaugen (Intel) Skaugen Skaugen(Purdue University) (Victoria University of Manchester) 138 2016/17
352 XV (i) 2 75,353,389 622,804,000 698,157,389 3 196,744,653 196,744,653 894,902,042 8.06% 2,781,682 2,781,682 1,865,365 1,865,365 4,647,047 0.04% 337,117 337,117 2,273,517 2,273,517 2,610,634 0.02% 851,192 851,192 2,492,604 2,492,604 3,343,796 0.03% Nicholas C. Allen 677,305 677,305 2,729,606 2,729,606 3,406,911 0.03% 364,147 364,147 2,313,690 2,313,690 2,677,837 0.02% William O. Grabe 2,036,592 744,281 2,780,873 2,729,606 2,729,606 5,510,479 0.05% William Tudor Brown 251,041 251,041 1,948,765 1,948,765 2,199,806 0.02% 10,837,965 2,240,000 13,077,965 2,185,831 2,185,831 15,263,796 0.14% 149,951 149,951 1,744,816 1,744,816 1,894,767 0.02% Gordon Robert 19,376 19,376 Halyburton Orr 1,022,234 1,022,234 1,041,610 0.01% 2016/17 139
(ii) 4 5,500,000 A 2,400,000 1,097,144 15.98% 3.00% 5 6.00% 5 1. 2. 352 3. Sureinvest Holdings Limited 602,804,000 4. 352 5. 2,400,0003%) 1,097,1446%) 352 XV 29 140 2016/17
336 1 2,867,636,724 628,919,317 2 388,819,317 240,100,000 3 3,496,556,041 31.47% 628,919,317 5.66% Sureinvest Holdings Limited 622,804,000 622,804,000 4 5.61% 1. 336 2. 628,919,317388,819,317240,100,000 3. 4. Sureinvest Holdings Limited SHL SHL 622,804,000 336 20% 2016/17 141
IBMIBM IBM IBMIBM 1,790,780 Fidelity 3.25% 3.25% 57% 44,085,869 7% 1,066,684,120 JP Actuary Consulting Co., Ltd. 0.75% 0.75% 62% 9,810,625,134 142 2016/17
IBM IBM 7%100% 2.95% DBV-Winterthur 3,701,308 Kern, Mauch & Kollegen 1.50% 2.00% 29% 139,086,358 Lenovo (United States) Inc. Motorola Mobility LLC 401(k) 401(k) 6% 100% 2016/17 143
(Internal Revenue Service) 6.7% 3535 8.7%3% IBM6.7% 30% IBM 3% 6% 5%5%7.5% 10% 14A.4914A.71 51% 49% (i)(ii) 144 2016/17
OEM Lenovo (Singapore) Pte. Ltd. (i) 16,000,000,000 OEM8,000,000,000 (ii) 16,000,000,000 OEM8,000,000,000 (iii) 16,000,000,000 OEM8,000,000,000 2016/17 145
Lenovo (Singapore) Pte. Ltd. Lenovo PC HK Limited (i) (a) (b) (c) (d) (ii) (i) 16,000,000,000 8,000,000,000 (ii) 16,000,000,000 8,000,000,000 (iii) 16,000,000,000 8,000,000,000 14A.52 14A.52 14A.55 (i) (ii) (iii) 146 2016/17
14A.56 3000Hong Kong Standard on Assurance Engagements 3000 (Revised) Assurance Engagements Other Than Audits or Reviews of Historical Financial Information740 Practice Note 740 Auditor s Letter on Continuing Connected Transactions under the Hong Kong Listing Rules 14A.56 32 25% 2016/17 147
153 246 148 2016/17
17 2017 3 31 6,122 2016/17 149
20 2017 3 31 1,435 2017 3 31 150 2016/17
405 2016/17 151
152 2016/17
5 43,034,731 44,912,097 (36,929,215) (38,288,160) 6,105,516 6,623,937 6 10,891 2,185 (2,680,631) (2,372,833) (1,851,990) (2,108,747) (1,361,691) (1,491,370) 450,253 (714,993) 7 672,348 (61,821) 8(a) 27,795 32,816 8(b) (231,627) (236,751) 18 21,411 (11,095) 489,927 (276,851) 9 40,514 132,276 530,441 (144,575) 535,084 (128,146) 1,872 (6,515) (16,429) 530,441 (144,575) 12(a) 4.86 (1.16) 12(b) 4.86 (1.16) 13 378,375 379,316 2016/17 153
530,441 (144,575) 9, 36 42,390 (24,662) 9, 21 8,713 216 9 (12,640) 154 9 96,993 (120,839) (13,993) (85,571) (85,423) (307,081) 36,040 (537,783) 566,481 (682,358) 571,124 (665,929) 1,872 (6,515) (16,429) 566,481 (682,358) 154 2016/17
14 1,236,250 1,391,494 15 473,090 337,929 16 413,160 231,110 17 8,349,145 8,661,087 18 32,567 40,439 20 1,435,256 1,000,572 21 255,898 139,572 122,221 164,410 12,317,587 11,966,613 22 2,794,035 2,637,317 23(a) 4,468,392 4,403,507 23(b) 68,333 130,718 53,808 27,021 23(c) 4,333,351 3,548,760 199,149 140,237 24 196,720 152,336 24 2,754,599 1,926,880 14,868,387 12,966,776 27,185,974 24,933,389 2016/17 155
29 2,689,882 2,689,882 533,719 310,318 3,223,601 3,000,200 30 843,677 240,844 238,949 26(a)(iii) (212,900) (212,900) 4,095,222 3,026,249 27 2,966,692 2,505,112 26(b) 280,421 290,857 537,428 532,780 36 370,207 442,874 20 221,601 222,679 28 380,557 2,152,578 4,756,906 6,146,880 25(a) 5,649,925 4,266,687 25(b) 835,613 234,661 67,285 150,864 26(a) 10,004,614 8,305,844 26(b) 873,405 1,157,257 586,536 710,164 246,465 188,968 27 70,003 745,815 18,333,846 15,760,260 23,090,752 21,907,140 27,185,974 24,933,389 156 2016/17
35 2,697,332 841,292 (173,659) (194,841) (403,851) (354,190) 2,119,822 292,261 (117,873) (203,231) (175,570) (176,101) 411,872 91,723 (11,024) (5,815) 78,497 (345,685) (400,585) (164,326) (147,447) (124,110) (69,255) 11,897 4,915 (983,335) (44,384) 18,803 38,674 532 27,795 32,816 (1,397,572) (853,645) (20,439) (119,042) (171,317) (376,898) (379,367) 841,805 6,023 20,000 3,223,391 1,480,075 (3,905,564) (1,895,416) 495,821 640,895 145,097 (305,130) 867,347 (866,514) (39,628) (61,829) 1,926,880 2,855,223 24 2,754,599 1,926,880 2016/17 157
2,689,882 592 (11,441) 9,852 118,082 (834,114) 75,712 2,035,078 235,378 (212,900) 4,106,121 (128,146) (16,429) (144,575) 370 (206,410) (307,081) (24,662) (537,783) 370 (206,410) (307,081) (152,808) (16,429) (682,358) 7,651 (7,651) 129,861 (187,504) (57,643) (4,847) (4,847) 195,660 195,660 (171,317) (171,317) 20,000 20,000 (379,367) (379,367) 2,689,882 962 (52,897) 13,161 (88,328) (1,141,195) 83,363 1,495,252 238,949 (212,900) 3,026,249 2,689,882 962 (52,897) 13,161 (88,328) (1,141,195) 83,363 1,495,252 238,949 (212,900) 3,026,249 535,084 1,872 (6,515) 530,441 (3,927) 83,000 (85,423) 42,390 36,040 (3,927) 83,000 (85,423) 577,474 1,872 (6,515) 566,481 2,214 (2,214) 60,711 (72,368) (11,657) 182,700 182,700 (119,042) (119,042) (22,826) 2,387 (20,439) 30 841,805 841,805 6,023 6,023 (376,898) (376,898) 2,689,882 (2,965) (111,228) 123,493 (5,328) (1,226,618) 62,751 1,693,614 843,677 240,844 (212,900) 4,095,222 158 2016/17
1 Think Idea 97923 4 1 1638 27 1012 28 11 2016/17 159
1 9 15 16 7 12 2 10 28 9 9 FVOCI (ECL) 39 9 FVOCI FVOCI 160 2016/17
1 15 1811 15 16 16 2 (a) (i) 2016/17 161
2 (a) (ii) 2(g)(i) (iii) 162 2016/17
2 (a) (iv) (v) (b) 20%-50% 11 2016/17 163
2 (b) (c) Lenovo Executive Committee LEC 164 2016/17
2 (d) (i) (ii) (iii) 2016/17 165
2 (d) (iv) (e) 10-50 50%-100% 14%-20% 20%-25% 20%-33% 20% 2(h) 166 2016/17
2 (f) (g) (i) (ii) (iii) 15 2016/17 167
2 (g) (iv) 5 (v) 10 168 2016/17
2 (h) (i) (i) (ii)(iii) (i) 2(k) 12 (ii) 12 2(n) 2(o) (iii) 12 2016/17 169
2 (i) 170 2016/17
2 (j) (i) (ii) (i) 2016/17 171
2 (k) (i) (ii) 12 12 (i) (ii) (iii) 172 2016/17
2 (l) 18 (m) (n) 2(i)2(j) (o) 2016/17 173
2 (p) (q) 12 (r) 174 2016/17
2 (s) (i) (ii) (t) 2016/17 175
2 (t) (u) (v) (i) 14 176 2016/17
2 (v) (ii) (iii) (w) (x) (i) 2016/17 177
2 (x) (i) (ii) (iii) 178 2016/17
2 (x) (iii) (iv) (a) (b) 37 12 (v) (y) 2016/17 179
2 (z) 10 50 (aa) (i) (ii) (i) (ab) 180 2016/17
3 (a) (i) 2016/17 181
3 (a) (i) 195,839 24,535 169,571 119,441 8,883 73,750 29,378 26,052 81,430 62,056 43,591 85,161 (532,157) (111,446) (19,468) (482,730) (14,556) (13,165) (578,103) (615,855) (2,383,059) 370,199 (367,276) (1,911,174) 331,844 (402,243) (2,689,999) (268,763) (135,743) (2,212,407) (246,093) (256,497) 2,373,294 313,114 1,910,648 430,473 (316,705) (268,763) 177,371 (301,759) (246,093) 173,976 182 2016/17
3 (a) (ii) (iii) (iv) 27 634,356,000 153,159,00024 2016/17 183
3 (a) (iv) 748,387 102,167 624,832 2,189,978 3,665,364 9,594,463 1,043,320 10,637,783 260,590 260,590 1,447,890 1,447,890 4,743 8,261 13,004 224,790 224,790 177,576 103,900 281,476 22,609 22,609 5,204,197 527,554 5,731,751 (5,124,000) (513,602) (5,637,602) 53,005 148,629 2,109,617 1,133,778 3,445,029 13,956,373 1,623,775 15,580,148 697,890 25,072 722,962 224,790 224,790 22,013 110,321 132,334 1,597 1,597 6,470,583 194,434 6,665,017 (6,457,668) (195,600) (6,653,268) 184 2016/17
3 (b) 7 7 (i) 1% 2,200,000 2,200,000 (ii) 25 4,000,000 3,200,000 25 3,700,000 3,700,000 2016/17 185
3 (c) 2,951 2,079 (3,037) (3,251) (86) (1,172) 4,095 3,026 0.74 1.07 186 2016/17
3 (d) 1 2 1 3 1 2 3 2016/17 187
3 (d) 1 2 3 1 2 3 24,143 24,143 39,294 39,294 231,755 231,755 100,278 100,278 53,808 53,808 27,021 27,021 24,143 53,808 231,755 309,706 39,294 27,021 100,278 166,593 67,285 67,285 150,864 150,864 25,072 25,072 260,590 260,590 223,703 223,703 221,499 221,499 67,285 248,775 316,060 150,864 482,089 632,953 188 2016/17
3 (d) 12 3 100,278 34,108 (2,332) 22 10,704 124,110 69,255 (1,005) (3,107) 231,755 100,278 482,089 531,400 (23) 6 (236,725) (56,442) 3,434 7,125 248,775 482,089 3,411 7,131 3,411 7,131 26(a) 2016/17 189
4 (a) (b) 190 2016/17
4 (b) (c) (d) 2016/17 191
4 (d) (e) (f) 192 2016/17
4 (g) (h) 5 LEC LEC LEC 2016/17 193
5 (a) 11,794,773 539,137 12,358,639 563,245 7,011,595 (65,155) 7,154,662 88,516 11,187,313 (336,666) 11,794,698 125,710 13,041,050 157,452 13,604,098 (120,748) 43,034,731 294,768 44,912,097 656,723 (57,160) (173,623) (159,481) (596,195) 18,263 28,114 (207,563) (188,823) (1,005) 11,575 1,653 321 532 21,411 (11,095) 218,366 336,172 5,863 14,260 489,927 (276,851) 194 2016/17
5 (b) 7,754,296 7,064,692 3,497,366 3,229,634 3,282,761 3,445,913 6,633,117 6,535,732 21,167,540 20,275,971 1,435,256 1,000,572 53,808 27,021 255,898 139,572 32,567 40,439 1,075,639 898,577 823,619 755,799 1,829,387 1,355,219 199,149 140,237 313,111 299,982 27,185,974 24,933,389 2016/17 195
5 (c) 4,884,148 4,332,504 1,631,624 1,924,875 1,569,619 1,762,689 3,375,555 3,559,616 11,460,946 11,579,684 221,601 222,679 67,285 150,864 2,966,692 3,198,749 4,249,522 2,506,235 3,570,065 2,522,636 237,907 174,534 25,070 1,293,625 246,465 188,968 45,199 69,166 23,090,752 21,907,140 (d) 30,075,953 30,795,368 7,707,448 8,547,824 4,068,488 4,553,374 1,182,842 1,015,531 43,034,731 44,912,097 196 2016/17
5 (e) 197,306 165,098 225 2,048 3,818 3,867 174,458 316,831 131,623 139,091 1,344 311 6,958 10,593 62,392 21,127 183,927 202,568 147 398 4,925 19,516 38,818 18,004 229,250 233,844 7,816 1,945 8,363 13,952 141,348 152,615 742,106 740,601 9,532 4,702 24,064 47,928 417,016 508,577 3,880,145,000 3,872,467,000 6,746,288,000 6,954,002,000 6 (1,005) 11,575 1,653 321 532 10,891 2,185 2016/17 197
7 269,107 266,100 472,999 474,501 10 3,580,788 3,749,425 34,852,885 36,212,787 23,533 86,807 173,424 (b) 8,023 7,201 5,009 5,340 112,340 99,417 28(ii) (177,357) (167,334) 110,968 126,004 (13,993) (85,571) 7,303 310,201 (336,172) (5,863) 18 (218,366) (4,380) (6,348) (a) 1.59 5.96 (b) 7,748,000 6,999,000 198 2016/17
8 (a) 23,975 30,623 3,820 2,184 9 27,795 32,816 (b) 38,546 31,911 103,489 100,950 52,746 38,632 28,905 49,469 440 4,601 3,434 7,125 4,067 4,063 231,627 236,751 9 2,043 (8,488) 411,397 379,220 20 (453,954) (503,008) (40,514) (132,276) 2016/17 199
9 16.5%16.5% 489,927 (276,851) 163,091 (134,125) (237,916) (208,556) 144,994 147,371 (145,199) (6,920) (1,599) (19,230) 55,074 62,888 (18,959) 26,296 (40,514) (132,276) 33.3%48.4% 200 2016/17
9 9,180 (467) 8,713 216 216 (12,640) (12,640) 154 154 85,540 (2,540) 83,000 (213,774) 7,364 (206,410) 36 42,778 (388) 42,390 (24,662) (24,662) (85,423) (85,423) (307,081) (307,081) 39,435 (3,395) 36,040 (545,147) 7,364 (537,783) 20 (3,395) 7,364 2016/17 201
10 146,368,000 212,475,000 2,759,039 2,849,129 210,465 271,921 29 177,523 161,097 165,148 162,418 36 18,011 19,081 250,602 285,779 3,580,788 3,749,425 36 202 2016/17
11 (a) i ii 1,310 89 17,392 131 127 196 19,245 93 190 283 93 190 283 William O. Grabe 128 190 318 93 190 283 Nicholas C. Allen 120 190 310 113 190 303 93 190 283 William Tudor Brown 93 190 283 93 186 279 Gordon Robert Halyburton Orr 93 115 208 1,012 1,310 89 19,213 131 127 196 22,078 2016/17 203
11 (a) i ii 1,369 7,783 13,037 137 299 19 22,644 93 187 280 93 187 280 Gordon Robert Halyburton Orr 50 22 72 William O. Grabe 128 187 315 24 226 250 93 187 280 Nicholas C. Allen 120 187 307 113 187 300 93 187 280 William Tudor Brown 93 184 277 93 163 256 993 1,369 7,783 14,941 137 299 19 25,541 (i) (ii) 29 (iii) William O. Grabe 29 (iv) 150 (v) Gordon Robert Halyburton Orr 204 2016/17
11 (a) (b) 5,099 5,389 i 6,286 15,553 2,088 3,484 15,297 11,828 550 1,312 29,320 37,566 (i) 3,866,5583,930,999 1 5,413,1815,477,622 1 6,315,3786,379,819 1 6,766,4766,830,918 2 7,797,5587,862,000 1 13,597,39513,661,836 1 16,110,65716,175,099 1 2016/17 205
12 (a) 11,108,654,724 11,108,654,724 (99,384,505) (22,234,783) 11,009,270,219 11,086,419,941 535,084 (128,146) (b) 11,009,270,219 11,086,419,941 11,377,359 11,020,647,578 11,086,419,941 206 2016/17
12 (b) 535,084 (128,146) 13 6.0 6.0 85,948 85,996 20.5 20.5 292,427 293,320 378,375 379,316 2016/17 207
14 509,586 541,376 561,909 63,670 533,567 7,609 2,217,717 71,943 129,408 280,422 35,022 254,235 3,374 774,404 437,643 411,968 281,487 28,648 279,332 4,235 1,443,313 437,643 411,968 281,487 28,648 279,332 4,235 1,443,313 (10,561) (10,010) (14,406) (642) (6,925) (512) (43,056) (538) 39 550 23 (65) (9) 5,285 10,379 98,837 8,280 78,904 1,546 203,231 138,504 55,567 33,968 1,988 16,300 537 246,864 (28,963) (3,789) (10,270) (2,603) (15,204) (373) (61,202) (15,215) (57,337) (88,570) (9,100) (91,626) (1,354) (263,202) (9) (105,633) (28,812) (134,454) 526,146 301,184 301,596 26,594 231,904 4,070 1,391,494 610,686 511,353 638,645 65,629 556,994 7,761 2,391,068 84,540 210,169 337,049 39,035 325,090 3,691 999,574 526,146 301,184 301,596 26,594 231,904 4,070 1,391,494 526,146 301,184 301,596 26,594 231,904 4,070 1,391,494 (6,721) (268) (1,950) (370) (6,702) (10) (16,021) (331) 585 357 (65) (542) (4) 1,709 9,227 41,116 2,722 61,335 1,764 117,873 62,062 11,844 3,689 1,109 4,617 110 83,431 (55,824) (2,297) (3,234) (511) (5,085) (248) (67,199) (15,821) (46,461) (103,497) (8,209) (90,581) (1,456) (266,025) (3,597) (3,706) (7,303) 511,220 270,217 238,077 21,270 191,240 4,226 1,236,250 578,103 447,879 661,786 66,197 580,635 8,479 2,343,079 66,883 177,662 423,709 44,927 389,395 4,253 1,106,829 511,220 270,217 238,077 21,270 191,240 4,226 1,236,250 208 2016/17
15 337,929 225,111 (20,011) (7,558) 175,570 185,014 (37,082) (8,501) (24,658) (11,897) (2,898) 473,090 337,929 10 50 16 167,615 267,859 15,501 16,558 47,994 27,173 231,110 311,590 (12,702) (12,307) (724) (275) (709) (1,570) (14,135) (14,152) (1,977) 1,977 111,255 212,090 204,192 53,953 30,238 134,542 345,685 400,585 (55,494) (297,913) (62,200) (54,720) (31,806) (114,096) (149,500) (466,729) (137) (15) (32) (184) 210,674 167,615 156,769 15,501 45,717 47,994 413,160 231,110 6,900,000 20168,400,000 4.34% 20163.81% 2016/17 209
17 (a) (b) (b) (c) 5,220,228 1,435,461 767,962 1,416,281 1,505,808 10,345,740 151,886 564,990 107,263 295,858 1,119,997 5,220,228 1,283,575 202,972 1,309,018 1,209,950 9,225,743 5,220,228 1,283,575 202,972 1,309,018 1,209,950 9,225,743 (321,591) 2,882 (1,642) 4,180 (105) (316,276) (227) 227 47,861 99,586 147,447 79,650 79,650 (533) (443) (976) (14,018) (101,797) (120,725) (237,961) (474,501) 4,898,637 1,272,439 226,284 1,192,473 1,071,254 8,661,087 4,898,637 1,438,131 815,387 1,422,110 1,598,762 10,173,027 165,692 589,103 229,637 527,508 1,511,940 4,898,637 1,272,439 226,284 1,192,473 1,071,254 8,661,087 4,898,637 1,272,439 226,284 1,192,473 1,071,254 8,661,087 (42,899) (3,581) (5,798) (14,768) (1,875) (68,921) 49,506 114,820 164,326 66,069 66,069 (218) (199) (417) (2,905) (130,373) (120,958) (218,763) (472,999) 4,855,738 1,265,953 205,470 1,056,747 965,237 8,349,145 4,855,738 1,305,073 910,972 1,387,483 1,709,761 10,169,027 39,120 705,502 330,736 744,524 1,819,882 4,855,738 1,265,953 205,470 1,056,747 965,237 8,349,145 210 2016/17
17 (a) 40,003,000 42,427,00010,658,000 8,407,000314,971,000 330,915,000107,367,000 92,752,000 (b) 1,032 552 208 336 2,128 314 362 984 1,660 468 157 89 354 1,068 209 59 101 67 436 90 104 266 460 162 54 31 123 370 1,085 549 233 326 2,193 314 362 926 1,602 484 162 92 366 1,104 211 59 103 69 442 90 104 266 460 162 54 31 123 370 2016/17 211
17 (b) 9% 11% 10% 9% 12% 10% 3% 7% 1% 10% -1% 26% 5% -2% 29% 3% -1% 26% 7% -1% 28% 4% -1% 13% 16% -2% 10% 9% 13.255.89 10.95.3 (c) 61,939,000 33,069,000 212 2016/17
18 21,992 9,924 10,575 30,515 32,567 40,439 23.7% 23.7% 17.3% 17.3% 47.7% 54.1% iii 49.0% Lenovo NNL HK Limitedii 51.0% 51.0% 50.0% 48.2% (i) (ii) (iii) 2.35 49% 2016/17 213
18 (2,192) (5,168) 23,603 (5,927) 21,411 (11,095) 19 255,898 255,898 45,024 8,784 53,808 43,184 43,184 4,468,392 4,468,392 68,333 68,333 3,345,946 3,345,946 196,720 196,720 2,754,599 2,754,599 10,877,174 45,024 8,784 255,898 11,186,880 139,572 139,572 25,795 1,226 27,021 57,151 57,151 4,403,507 4,403,507 130,718 130,718 2,824,467 2,824,467 152,336 152,336 1,926,880 1,926,880 9,495,059 25,795 1,226 139,572 9,661,652 214 2016/17
19 5,649,925 5,649,925 835,613 835,613 53,305 13,980 67,285 9,094,610 9,094,610 3,036,695 3,036,695 25,072 686,301 711,373 223,703 223,703 302,080 13,980 19,303,144 19,619,204 4,266,687 4,266,687 234,661 234,661 61,311 89,553 150,864 260,590 8,045,254 8,305,844 3,250,927 3,250,927 1,391,750 1,391,750 221,499 221,499 543,400 89,553 17,189,279 17,822,232 2016/17 215
20 600,763 483,600 834,493 516,972 1,435,256 1,000,572 (221,601) (222,679) 1,213,655 777,893 777,893 276,978 (14,797) (4,610) 9 453,954 503,008 9 (3,395) 7,364 (4,847) 1,213,655 777,893 216 2016/17
20 (a) 222,690 115,259 7,543 105,503 69,719 15,772 536,486 3,411 (524) (2,967) (2,690) 72 (2,698) 117,394 397,251 9,518 36,959 (47,158) (4,799) 509,165 1,086 1,086 (4,847) (4,847) 343,495 511,986 14,094 139,772 17,714 12,131 1,039,192 (39,494) 2,987 351 3,135 (1,639) (34,660) 146,515 389,591 1,179 (47,375) 2,021 (1,907) 490,024 (388) (3,191) (3,579) 450,128 904,564 15,624 95,532 19,735 5,394 1,490,977 2016/17 217
20 (a) 1,574,999,000 2,130,508,000 2,435,848,000 2,073,278,000 1,596,982,000 1,394,002,000 2017 4,408 2018 174,129 194,868 2019 17,558 62,884 2020 12,337 26,276 2021 188,426 236,905 2022 382,929 68,919 2023 2,436 13,300 2024 4,778 14,834 2025 56,273 56,882 838,866 679,276 218 2016/17
20 (b) 178,723 51,770 3,142 19,303 6,570 259,508 491 2,373 182 (1,198) 64 1,912 (23,204) (1,541) (23) 31,281 (356) 6,157 (6,278) (6,278) 156,010 52,602 3,301 49,386 261,299 (17,244) (5,429) (191) 3,012 (11) (19,863) (9,503) 10,504 6 34,730 333 36,070 (184) (184) 129,263 57,677 3,116 87,128 138 277,322 2016/17 219
21 139,572 73,400 (2,529) (192) 9,180 216 124,110 69,255 (13,430) (3,107) (1,005) 255,898 139,572 11,039 14,830 13,104 24,464 24,143 39,294 231,755 100,278 255,898 139,572 22 1,273,562 869,203 1,007,413 1,266,334 513,060 501,780 2,794,035 2,637,317 220 2016/17
23 (a) 2,923,083 3,246,600 985,251 617,199 283,050 240,470 381,387 405,410 4,572,771 4,509,679 (104,379) (106,172) 4,468,392 4,403,507 637,895,000 739,074,000 368,336 443,507 117,341 126,597 53,225 68,293 98,993 100,677 637,895 739,074 2016/17 221
23 (a) 106,172 80,705 5,752 3 35,154 46,955 (9,495) (7,708) (33,204) (13,783) 104,379 106,172 (b) (c) 19,018 13,207 3,326,928 2,811,260 987,405 724,293 4,333,351 3,548,760 (d) 200 222 2016/17
24 119,292 88,531 77,428 63,805 196,720 152,336 2,120,243 1,773,721 634,356 153,159 2,754,599 1,926,880 2,951,319 2,079,216 2,951,319 2,079,216 0%-11.25% 0%-14.25% 25 (a) 3,497,382 3,013,430 1,098,575 789,183 846,804 347,257 207,164 116,817 5,649,925 4,266,687 (b) (c) 2016/17 223
26 (a) 2,066,687 2,048,551 (i) 1,611,495 1,904,076 (ii) 28(i) 686,301 (iii) 223,703 (iv) 5,416,428 4,353,217 10,004,614 8,305,844 (i) (ii) Google Inc. Google Inc. 6.98 (iii) 49% 7.5 10% 400 (iv) (v) 224 2016/17
26 (b) 1,559,795 16,475 1,576,270 (19,051) 382 1,501 (17,168) 945,709 9,104 342,103 1,296,916 (1,164,186) (8,477) (220,501) (1,393,164) (8,667) (8,667) 1,322,267 8,817 123,103 1,454,187 (290,857) (6,073) (296,930) 1,031,410 2,744 123,103 1,157,257 1,322,267 8,817 123,103 1,454,187 (16,316) 308 154 (15,854) 736,693 9,442 150,470 896,605 (980,738) (10,177) (184,075) (1,174,990) 1,061,906 8,390 89,652 1,159,948 (280,421) (6,122) (286,543) 781,485 2,268 89,652 873,405 2016/17 225
27 (i) 70,003 745,815 (ii) 397,687 396,365 (iii) 2,569,005 2,108,747 2,966,692 2,505,112 3,036,695 3,250,927 (i) 13.93 14.66 7,0007.46 (ii) 12 8 44 (iii) 15 5 4.7% 1,495,081 1,492,892 40 5 4.95% 578,103 615,855 5 5 3.875% 495,821 2,569,005 2,108,747 5 Google Inc. 70,003 745,815 1,892,768 396,365 1,073,924 2,108,747 3,036,695 3,250,927 26.3321.92 226 2016/17
27 1,100,000 1,100,000 700,000 400,000 400,000 400,000 400,000 292,807 365,645 70,000 45,817 8,833,620 9,018,134 8,215,817 6,871,910 1,583,685 1,277,603 1,085,974 540,123 12,210,112 12,161,382 9,771,791 8,557,850 200 2.63% 2.43% 0%-4.15% 0%-3.63% 28 (i) 26(a)(ii) 25,072 1,383,555 (ii) 8,195 26(b) 6,122 6,073 26(a)(iii) 221,499 (iii) 95,774 144,919 102,756 112,934 150,833 275,403 380,557 2,152,578 2016/17 227
28 (i) NEC Corporation Google Inc. Google Inc. (ii) NEC Corporation 2,500 Medion AG Medion Lenovo Germany Holding GmbH Lenovo Germany Medion Medion Lenovo Germany Medion 0.82Lenovo Germany Medion Medion (iii) 29 11,108,654,724 2,689,882 11,108,654,724 2,689,882 (i) (ii) (i) (ii) 228 2016/17
29 134,107,662 222,495,716 224,120,431 148,608,870 (47,321,938) (126,670,401) (24,683,597) (58,002,454) 286,222,558 186,431,731 286,222,558 186,431,731 473,195,957 300,802,097 (104,580,378) (65,548,767) (99,575,652) (61,002,782) 555,262,485 360,682,279 2.08 11.06 1.45 6.49 37.06% 36.07% 2.74%2.43% 4.54.25 0.70%0.56% 0.253 0.083.92 30 Lenovo Perpetual Securities Limited 8.50 8.4255 5.375% (a)(b) 32 1.50 1.50 8.50 2016/17 229
31 (a) 1,548 2,392 5,217 13,720 1,887 1,887 8,367,819 8,207,523 66,004 58,064 8,442,475 8,283,586 81,736 96,099 3,206,011 2,877,063 99,600 44,404 3,387,347 3,017,566 11,829,822 11,301,152 2,689,882 2,689,882 31(b) 839,845 354,443 3,529,727 3,044,325 2,966,692 2,505,112 850,000 114 26,149 1,384,657 3,842,841 3,889,883 68 7,082 754,233 309,384 692,514 114 4,692 3,702,839 3,353,272 4,457,254 4,366,944 8,300,095 8,256,827 11,829,822 11,301,152 230 2016/17
31 (b) (2,979) 159 10,204 8,614 814,506 830,504 (99,556) (99,556) (4,881) (4,881) (4,881) (99,556) (104,437) (187,504) (187,504) 195,660 195,660 (379,780) (379,780) (7,860) 8,315 10,204 8,614 335,170 354,443 (7,860) 8,315 10,204 8,614 335,170 354,443 758,261 758,261 (3,584) (3,584) (3,584) 758,261 754,677 (72,368) (72,368) 182,700 182,700 (379,607) (379,607) (11,444) 118,647 10,204 8,614 713,824 839,845 2016/17 231
32 (a) 11,811 5,429 295 751 (b) 11 33 (a) 271,369 393,655 4,401 43 9,800 275,770 403,498 (b) 48,518 223,052 356,335 433,246 236,993 249,339 641,846 905,637 232 2016/17
34 35 489,927 (276,851) (21,411) 11,095 (27,795) (32,816) 231,627 236,751 269,107 266,100 472,999 474,501 177,523 161,097 1,005 7,303 134,454 (336,172) (5,863) (218,366) (14,260) (11,575) (1,653) - 184 417 976 (321) (532) (27,366) 21,069 (156,718) 317,108 (580,005) 1,172,555 2,354,218 (1,759,818) 87,195 122,935 2,697,332 841,292 2016/17 233
36 345,277 419,132 24,930 23,742 370,207 442,874 10 18,011 19,081 1,084 1,489 19,095 20,570 (43,007) 24,454 229 208 System X 148,577,000 20 2% 234 2016/17
36 (a) 511,815 600,288 (300,872) (292,742) 210,943 307,546 134,334 111,586 345,277 419,132 345,277 419,132 0.5%-3.25% 0.5%-2.75% 0%-2.9% 0%-2% 0%-1.75% 0%-1.75% 60 23 21 60 29 31 0.5% 10.7% 12.4% 0.5% 0.1% 1.6% 0.5% 7.9% 7.2% 3.8% 3.4% 2016/17 235
36 (a) 0.5% 6.0% 13.2% 0.5% 0.1% 1.6% 0.5% 7.2% 6.7% 1.9% 4% (b) (Lenovo Future Health Account and Retiree Life Insurance Program) 27,090 26,494 (3,568) (4,189) 23,522 22,305 1,408 1,437 24,930 23,742 236 2016/17
36 (c) 1,028 1,028 1,933 1,933 309 309 358 358 4,309 4,309 3,805 3,805 5,402 5,402 4,771 4,771 11,048 11,048 10,867 10,867 45,944 45,944 49,895 49,895 47,808 47,808 46,032 46,032 2,507 2,507 1,366 1,366 96,259 96,259 97,293 97,293 10,476 10,476 14,831 14,831 48,495 48,495 58,455 58,455 22,891 22,891 20,274 20,274 41,876 41,876 35,322 35,322 69,279 69,279 55,600 55,600 548 548 100 100 22,891 170,674 193,565 20,274 164,308 184,582 130,198 170,674 300,872 128,434 164,308 292,742 3,568 3,568 4,189 4,189 12 2016/17 237
36 (c) 1 1-2 2-5 5 16,924 17,254 61,741 804,416 900,335 860 931 3,323 43,405 48,519 17,784 18,185 65,064 847,821 948,854 292,742 284,229 4,189 5,333 (12,128) 9,866-1 5,862 5,995 105 85 (6,334) (3,504) (286) (76) 35,061 12,770 41 21 568 615 - (14,899) (17,229) (481) (1,175) 300,872 292,742 3,568 4,189 (472) 2,491 (181) 9 8,142,000 238 2016/17
36 (c) 711,874 671,793 27,931 27,887 (25,189) 11,432 (76) (480) 15,950 16,822 412 604 (1,908) (1,928) 10,157 10,982 790 1,004 (3,133) (3,498) 8 1,187 (29,806) 16,700 (74) (45) (16,402) 7,748 9 (1,010) 568 615 (15,636) (17,992) (489) (1,182) (326) (800) (13) (34) 646,149 711,874 28,498 27,931 737,000763,000 674,647 739,805 699,680 428,935 445,183 304,440 296,931 289,562 272,420 281,300 370,207 442,874 410,118 156,515 163,883 6,620 3,580 (29,070) (588) (7,840) (49,398) 21,082 99,157 (3,400) 25,014 (42,778) 24,662 70,087 (3,988) 17,174 2016/17 239
36 (c) 15,950 16,822 412 604 (1,908) (1,928) 10,157 10,982 790 1,004 (5,862) (5,995) (105) (85) (326) (800) (13) (34) 18,011 19,081 1,084 1,489 37 175,481,300 100% 100% 10,000,000 100% 100% 265,000,000 51% 51% 240 2016/17
37 Lenovo (Asia Pacific) Limited 3,042,972,340.42 100% 100% 5,000,000 100% 100% Lenovo (Australia & New Zealand) Pty Limited 45,860,993.40 100% 100% Lenovo (Belgium) BVBA 1,317,700,834.94 100% 100% Lenovo (Canada) Inc. 10,000,000 100% 100% 2 100% 100% Lenovo (Danmark) ApS 126,000 100% 100% Lenovo (Deutschland) GmbH 25,100 100% 100% Lenovo Enterprise Solutions (Singapore) Pte. Ltd. 55,958,595 100% 100% Lenovo Enterprise Solutions Ltd. 50,000,000 100% 100% Lenovo (France) SAS 1,837,000 100% 100% 2016/17 241
37 Lenovo HK Services Limited 1 100% 100% Lenovo Global Technology (Asia Pacific) Limited 1 100% Lenovo Global Technology HK Limited 1 100% Lenovo Global Technology (Hong Kong) Distribution Limited 1 100% 74,256,023 100% 100% 31,955,500 100% 100% Lenovo (India) Private Limited 8,607,471,514 100% 100% 643,966,800 100% 100% 242 2016/17
37 Lenovo (Israel) Ltd. 1,000 100% 100% Lenovo (Italy) S.r.l 100,000 100% 100% Lenovo (Japan) Ltd. 100,000,000 66.64% 51% Lenovo Korea LLC 3,580,940,000 100% 100% Lenovo Mexico, S. de R.L. de C.V. 226,308,454 100% 100% 187,500,000 100% 100% 10,000,000 100% 100% 60,000,000 100% 100% Lenovo PC HK Limited 2,377,934,829.50 1,000,000 100% 100% 2016/17 243
37 Lenovo PC International Limited 4,758,857,784 100% 100% Lenovo (Schweiz) GmbH 2,000,000 100% 100% Lenovo (Singapore) Pte. Ltd. 1,971,231,035.94 100% 100% Lenovo (South Africa) (Pty) Limited 100 100% 100% Lenovo (Spain), S.L.U. 37,475,456.40 100% 100% Lenovo (Sweden) AB 200,200 100% 100% 263,407,660 100% 100% Lenovo Technology (United Kingdom) Limited 8,629,508 100% 100% Lenovo Technology B.V. 20,000 100% 100% Lenovo Technology Sdn. Bhd. 1,000,000 100% 100% 244 2016/17
37 Lenovo Tecnologia (Brasil) Ltda 4,317,928,393 100% 100% Lenovo (Thailand) Limited 243,000,000 100% 100% Lenovo (United States) Inc. 1 100% 100% Lenovo (Venezuela), SA 3,846,897 100% 100% 10,000,000 100% 100% LLC Lenovo (East Europe/Asia) 1,910,000 100% 100% Medion AG 48,418,400 79.83% 79.82% Motorola Mobility Comércio de Produtos Eletronicos Ltda. 739,238,401 100% 100% Motorola Mobility International Sales LLC 100% 100% 2016/17 245
37 Motorola Mobility LLC 100% 100% NEC Personal Computers, Ltd. 500,000,000 66.64% 51% 760,822,799.24 100% 100% Stoneware, Inc. 861,341.25 100% 100% 50,000,000 100% 100% (i) (ii) (iii) Medion AG 86.51%80.50% 38 246 2016/17
43,034,731 44,912,097 46,295,593 38,707,129 33,873,401 489,927 (276,851) 970,967 1,014,195 801,299 40,514 132,276 (134,364) (196,725) (169,707) 530,441 (144,575) 836,603 817,470 631,592 535,084 (128,146) 828,715 817,228 635,148 1,872 (6,515) (16,429) 7,888 242 (3,556) 530,441 (144,575) 836,603 817,470 631,592 4.86 (1.16) 7.77 7.88 6.16 4.86 (1.16) 7.69 7.78 6.07 12,317,587 11,966,613 11,889,352 4,956,545 4,492,260 14,868,387 12,966,776 15,507,158 13,400,548 12,389,737 27,185,974 24,933,389 27,396,510 18,357,093 16,881,997 4,756,906 6,146,880 5,841,997 1,870,051 2,110,342 18,333,846 15,760,260 17,448,392 13,462,322 12,091,474 23,090,752 21,907,140 23,290,389 15,332,373 14,201,816 4,095,222 3,026,249 4,106,121 3,024,720 2,680,181 2016/17 247
Nicholas C. Allen William O. Grabe William Tudor Brown Gordon Robert Halyburton Orr 22 183 22 14th Floor, 388 Greenwich Street, New York, NY 10013, USA 992 LNVGY 979 23 www.lenovo.com.cn 248 2016/17
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