2008 Annual Results Presentation

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Presentation transcript:

2008 Annual Results Presentation April 15th, 2009 司仪:各位投资员/媒体朋友们下午好,谨代表东风汽车集团股份有限公司欢迎各位出席公司2008年业绩推介会。 东风汽车集团主要从事商用车、乘用车的制造和销售业务,主要产品包括商用车和乘用车。此外,东风汽车集团还从事汽车制造装备制造业务、进出口业务、金融业务、保险经纪业务和二手车交易业务等。 现在,请允许我介绍台上的管理层,他们分别是: 东风汽车集团股份有限公司执行董事兼董事长徐平先生 ; 东风汽车集团股份有限公司执行董事兼总裁刘章民先生; 东风汽车集团股份有限公司执行董事兼执行副总裁周文杰先生 ;及 东风汽车集团股份有限公司副总裁兼董事会秘书蔡玮先生 现在我把时间交给董事长徐平先生进行2008年业务回顾,最后是问答时间。有请徐总!

Content PRC Auto Industry Overview DFG Business Overview DFG Financial Performance Outlook of PRC Auto Industry and DFG in 2008 Good morning ,ladies and gentlemen, Welcome to attend DFG’s annual result Announcement for 2008 and thank you for your long term attention and support of our Company. I will brief you on the performance of China auto industry in 2008 as well as DFG’s business and financial performance in 2008 and I’ll also share with you our outlook for China auto industry and the Group’s business arrangement for 2009.

PRC Auto Industry Overview First , let me make a general review of PRC auto industry in 2008.

Total PRC Auto Sales Volume and Composition PRC Auto Market Recorded Stable Growth Total PRC Auto Sales Volume and Composition Unit:0,000 879.2 938.1 721.6 27.98% 28.37% 575.8 28.27% 31.04% 72.02% 71.63% 71.73% 68.96% 2008 was a very eventful year for PRC auto industry. Impacted by global financial crisis and the changes in PRC macro-economy and auto policies and regulations, China auto industry experienced sharp fluctuation in 2008. in the 1H, auto industry saw robust sales growth, while the 2H witness huge market contraction. Annual sales for 2008 was 9.381mn units, representing a growth rate of 6.7%, recorded a sharp decrease of 15.1% compared with the growth rate in 2007. PV market has been the major growth driver for PRC auto industry. PV sales growth rate in 2008 was 7.27%,0.6% higher than industry average . From 2005 to 2007, PV sales grew by more than 1mn units every year. Although 2008 witnessed slight PV growth decline, PV sales proportion was still on the rise, with PV sales accounting for 72.02% of total PRC auto sales, representing 0.4% YoY growth and increased by 3% compared with that in 2005. CV market was highly fluctuated due to macro economy slow down and implementation of new emission standard. CV market recorded a sales of 2.625mn units in 2008, representing 5.25% YoY growth, which was 1.4% lower than industry average. In 2008, PRC auto export also shrank due to declined demand in global market. Total export was 681,000 units, increased by 11.1% compared with PRC auto export of 613,000 units in 2007. This marked the end of more than 50% high export growth in the past few years. Although PRC auto industry experience high volatility in short term, its growth rate is still significantly higher than other major markets in the world. Total Sales Volume PV CV

PV : Rapid Growth of Sedan and SUV PV Consumption Demand Transferring to Mid-western Region PV : Rapid Growth of Sedan and SUV Midwestern Region’s share in PV demand is Rising PRC PV Registration Composition by Region In recent years, basic sedan continues to be the major growth driver for the fast growth of PV sales. In 2008, sales proportion of sedan reached 74.7%, which was in line with the sedan growth rate in 2007 and growing by 4.5% compared with that in 2005. Meanwhile, due to increased demand for individualized consumption, SUV sales proportion grew to 6.63% in 2008, increased 1% YoY. Eastern regions are still the major consumption market for PV, but consumption share in Mid-western regions is steadily picking up. PV registration in Mid-western regions accounted for 36.4% of total national consumption, growing by 3.6% YoY. Note: Eastern Region: Beijing, Tianjin, Hebei, Shandong, Jiangsu, Shanghai, Zhejiang, Fujian, Guangdong, and Hainan Northeastern Region: Liaoning, Jilin, Heilongjiang Central and Western Region: Other Provinces in PRC Mainland Central China –Shangxi, Henan, Anhui,Hubei, Jiangxi, Hunan

CV: Sales Volume Steadily Grows, HDT in the Limelight Rising HDT share in Trucks Steadily Growing CV Market CV Sales Volume Truck Sales Volume Composition Unit: 0,000 In 2008, CV sales in China was 2.652 mn units, representing a 5.25% YoY growth. Slow down of growth rate was mainly caused by macro- economy slow down and implementation of new emission standard. In recent years, sales proportion of HDT maintains a steady growing momentum, reaching 23.6% in 2008, representing 0.9% YoY growth.

DFG Business Overview Next , let me brief you on the business performance of DFG.

DFG Sales Volume & Sales Growth Rate Steady Expansion of Market Share Sales Growth Rate Higher than Industry Average Market Share Steadily Increases DFG Sales Volume & Sales Growth Rate Unit:0,000 Steady Expansion of Market Share Unit:0,000 Ever since its listing, DFG has been a consistent outperformer in PRC auto industry. It is well positioned to resist cyclical downward risk because of its multi-strategic-partnership business model. DFG realized a sales volume of 1mn58,000 units, representing a growth of 11.42%, which was 4.7% higher than industry average growth. DFG’s market share also rose steadily in the past few years. Its market share in 2008 was 11.3%%, increased 1% compared with that in 2005. Among the Group’s 2008 PV sales, Japanese vehicles sold 514,500 units, which further drove its sales proportion in DFG to 70.77%

Remarkable Performance of New PV Models DFG : Extensive PV Product Mix, Remarkable Performance of New Models Remarkable Performance of New PV Models DFG PV Sales Volume & Market Share Unit:0,000 Unit:0,000 New Elysee 4.68 New Teana 4.4 Qashqai 2.4 X-Trail 0.42 The Group’s PV business achieved strong growth in the past few years. PV sales was 727,000 units, increased by 14.01% YoY, which was 6.7% higher than PV industry average growth. Aggregate PV sales of the Group ranked NO.3 in PRC PV industry, with a PV market share of 10.8% in 2008, increased by 2% compared with that in 2005. Fast growth of the Group’s PV business benefits from its extensive product mix and continuous flow of new models across all different PV segments from its JV partners. By the end of 2008, the Group had a wide coverage of 24 PV models. In 2008, the Group launched 7 new models to PRC market. In March, DF Nissan launched Qashqai, which achieved an annual sales of 24,000 units. In April, DPCA launched new Elysee, which saw an annual sales of 46,800 units in 2008. In June, new Teana was launched which sold 44,000 units in half year period. These newly launched models all achieved remarkable sales while at the same time, existing models also achieved good sales. Take DF Honda CRV as an example, since its launch in 2004 to Feb of 2009, aggregate sales exceeded 200,000 units. CRV March sales of 8479 units set a new monthly high for SUV sales in China, which further consolidated its dominating position in PRC SUV market. Among the Group’s 2008 PV sales, Japanese vehicles sold 514,500 units, which further drove its sales proportion in DFG to 70.77% Mar Apr Jun Nov

DFG:CV Sales Volume Steadily Grows, Good Performance in Sub-segments Rapid Growth of LCV Sales Volume Steady Growth of HDT and MDT Sales Volume Unit:0,000 Unit:0,000 Unit:0,000 Strong Performance of Kinland Dongfeng Kinland HDT was launched in May,2006. Sales volume reached 22,000 units in 2007 and exceeded 40,000 units in 2008. Other CV models such as Tianjin and Chenglong are all well received in the market. Unit:0,000 The Group’s CV business also grew steadily in the past few years. In 2008, CV sales was 331,000 units, among which HD and MD trucks sold 155,000 units, increased 27,000 units that of 2005. The Group’s competitive edge in its HD and MD truck segment results from launching upgraded products to improve its product mix and respond to market demand. Sales of HD product Kinland in 2008 exceeded 40,000 units. MDT launched brand new product Tianjin to upgrade its product structure. The Group’s LCV market share also increased constantly in recent years, with a sales volume of 131,000 units and a 11.1% market share, representing a 1.4% market share growth compared with that in 2005.

DFG :Constant Upgrading and Expansion of Sales Network Utilization Rate Maintains at a Comparatively High Level Comparatively High Level of Utilization Rate Constant Effort in Network Construction Unit:0,000 Unit:0,000 ◆ 上市以来,本集团不断优化拓展汽车销售网络。商用车销 售网点由2005年的628个拓展到2008年2083个,乘用车销售 网点由2005年的699优化拓展到2008年的2282个;与此同时, 本集团稳健实施产能投资,始终坚持销售能力决定产能提升的 原则。2008年本集团产能为131.2万辆,上市以来产能利用率 均维持在80%以上的较高水平。

DFG Financial Performance 以下,我向各位介绍东风集团2008年的财务表现概况。

DFG: Strong Revenue Growth due to Distinctive Competitive Edge Unit:RMB mn DFG: Strong Revenue Growth due to Distinctive Competitive Edge Strong Revenue Growth Unit:RMB mn CV Revenue PV Revenue Unit:RMB mn Unit:RMB mn The Group’s sales revenue maintained strong growth momentum with a sales revenue of 70.569 bn in 2008, growing 19% YOY. Benefiting from fast sales growth, continuous improvement of product mix and outstanding performance of its new products, PV achieved a revenue of 48.66 bn, representing a 16.8% YoY growth. Benefiting from the rising HDT sales contribution, CV sales revenue in 2008 reached 20.98bn, growing 24.1% YOY.

Gross Profit and Gross Margin Net Profit and NP Margin(Recurring) DFG: Constant Improvement of Profitability Driven by Improved Product Mix EBIT and EBIT Rate Gross Profit and Gross Margin Unit:RMB mn Unit:RMB mn Net Profit and NP Margin(Recurring) ROE(Recurring) Unit:RMB mn Unit:RMB mn DFG’s recorded a significant higher sales growth than industry average, which enables the Group to enjoy a scale of economy. Product structure adjustment has achieved effective results, with increased sales of high added value products in its product mix. The Group spared no efforts to reduce cost through continuous improvement of its localization rate. Benefiting from all these efforts, the Group’s profitability has been constantly rising. In recent years, the Group also saw a fast growth of its gross profit, along with an increased gross margin. In 2008, the Group’s gross profit amounted to 11.881 bn ,growing 21% compared with 2007. Gross margin was 16.8%, increased 0.3% YoY, and was 2.2% higher than 2005. Among which, PV gross margin was 19%, increased 0.7% compared with 2007. CV gross margin was 11.6% in 2008, dropped by 0.4% compared with 2007 due to a sharp market contraction in 2H of 2008. In 2008, the Group’s EBIT amounted to 5.19 bn, growing 25.7% compared with the same period in 2007. EBIT margin in 2008 was 7.4%, improved 0.4% compared with 2007. In 2008, the Group’s net profit was 4.04bn, increased by 7.2% compared with 2007. If the one-off deferred tax rebate of 520mn in 2007 is excluded, recurring net profit grew by 24.3%. Net profit margin was 5.7% in 2008, growing by 0.2% compared with that in 2007. The Group’s ROE in 2008 was 20.7%, increased by 2.4% compared with 18.3% ROE in 2007.

DFG: Further Improvement of Financial Structure and Operating Efficiency Liability-to-Asset Ratio EBIT Interest Coverage Ratio Debt to Capital Ratio Accounts Receivable Turnover Days Unit: Day The Group further improved its financial structure in 2008, with enhanced debt payment capability. By the end of 2008, the Group’s liability-to-asset ratio decreased from 60.9% in 2007 to 59.5% in 2008.EBIT Interest coverage ratio increased from 11.3% in 2007 to 13.2% in 2008. Its debt to capital ratio dropped from 28.8% in 2007 to 26.4% in 2008. In 2008, the Group further enhanced its operating efficiency. Its accounts receivable turnover days decreased to 18 days in 2008 compared with the same period in 2007, which effectively reduced occupancy of its working capital.

DFG: Significant Increase of Cash Flow from Operation, Return Value to Investors through Stable Dividend Policy Significant Increase of Cash Flow from Operation Dividend Payout in the Past 3 Years Unit:RMB mn Unit:RMB mn Unit:RMB mn Unit:RMB mn The Group’s cash flow from operation reached 7.748bn, thanks to improved account receivable management. Net cut of account receivable in 2008 was 4.5bn. The Group’s cash flow increased 2.646 bn compared with that of 2007 due to such factors as increased profit before tax. DFG has adopted a steady dividend payment policy to return value to its shareholders. From 2006-2008, the Group’s net profit was 2.081bn, 3.77 bn and 4.04bn respectively. Aggregate dividend payment amounted to 1.121bn.

Outlook of PRC Auto Industry and DFG in 2008 Followed is DFG’s financial performance.

Growth Prospect for PRC Auto Industry in 2009 PRC Auto Sales Volume in Recent Years PRC Per Capita GDP Unit:0,000 Unit: USD Comparative Low Auto Penetration Rate in PRC Auto Sales Volume Growth in Major Auto Markets unit/1000 People Looking into the future, we still see a large growth potential for PRC auto industry due to the continuous development of China’s economy and a comparatively lower PV penetration rate( 33 units for 1000 people in 2007).So we see great growth potential for auto development in China. Chinese economy is negatively impacted by global economic crisis, but the government recently released a series of policies to revive auto industry and stimulate auto sales. Coupled with the 4tn government investment, we believe all these measures will gradually take effect. According to statistics released by CAAC, 1Q PRC auto sales totalled 2,678,800 units, growing 3.9% YoY, and growing 24.51% QoQ. What’s more, PRC auto sales volume exceeded US for the first time in history to make it become the largest auto consumption market in the world. From an optimistic point of view, we think PRC auto industry will cross the sales threshold of 10 mn units, realizing a 10% growth rate.

DFG: Business Plan for 2009 1Q2009 4Q2008 Q-to-Q Growth DFG Total 264,695 243,150 8.86% PV 198,255 187,970 5.47% CV 66,440 55,180 20.41% Dongfeng Nissan PV 95,834 105,886 -9.49% DPCA 51,864 37,138 39.65% Dongfeng Honda 43,069 37,688 14.28% New Sylphy C-Quatre Sedan Hatchback 207 C5 Hatchback Elysee Benefiting from the government’s stimulus package to boost domestic demand, and coupled with DFG’s distinctive competitive edge, 1Q sales was 264,700 unit, increased by 8.86% compared with the 4Q of 2008. Among this, PV sold 198,300 units, growing by 5.47% compared with 4Q 2008. CV sold 664,000 units, growing by 20.41% QoQ.. Based on the most difficult scenario in PRC auto industry in 2009, we made our business plan for 2009. We aim to achieve better performance and improved management through continuous improvement of the weak links in the Group’s operation and to turn challenge into opportunities. The Group plans to launch 7 new PV models in 2009. DF Nissan JV will launch new Sylphy. DPCA will launch C-Quartre sedan, hatch-back 207, hatch-back Elysee and C5. DF Honda plans to launch new model Civic and a brand new medium-high sedan. Sales target for DF Nissan is 388,000 units; DPCA is 210,000 units; DF Honda plans to sell 185,000 units. In 2009, DFG will continue to optimize its product structure to further improve its competitive edge and maintain a sustainable development. We aim to achieve a higher-than-industry average growth rate and a PRC leading profitability. PSA Peugeot Citroën New CIVIC New Car

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Investor Relations Enquiry: Securities Affairs Department Dongfeng Motor Group Co., Ltd. Tel: +8627 8428 5031 Fax: +8627 8428 5057 Email: chenliqiu@dfmc.com.cn