1 1 Interim Results Announcem ent 17 August 20 11 1 1 0 2
FORWARD-LOOKI NG STATEMENTS Certain statements contained in this presentation maybe viewed as forward-looking statements. Such forward- looking statements represent the Company’s expectations or beliefs concerning future events and involve known and unknown risks and uncertainty that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. 2 2
AGENDA • 1H2011 Performance Highlights – by Mr. Clement Hui, Chairman • 1H2011 Group Performance – by Mr. Donald Yip, Chief Executive Officer • Operation Review & Outlook – by Mr. Donald Yip, Chief Executive Officer • Corporate Objective and Strategies – by Mr. Clement Hui, Chairman • Q&A 3 3
4 4 Performance Highlights Mr. Clement Hui Chairman 1H2011
PERFORMANCE HIGHLIGHTS Fast Expansion on Track Group Turnover HK$32,211M + 39.6% HK$22,209M HK$19,496M HK$19,814M HK$16,050M HK$14,194M FY2007 FY2008 FY2009 FY2010 1H2010 1H2011 5 5
PERFORMANCE HIGHLIGHTS (cont’d) Strong Earnings Grow th Profit attributable to shareholders HK$1,422M + 63.5% HK$801M HK$704M HK$520M HK$558M HK$490M FY2007 FY2008 FY2009 FY2010 1H2010 1H2011 6 6
PERFORMANCE HIGHLIGHTS (cont’d) Basic earnings per share (HK cents) + 61.6% 78.94 44.06 39.16 31.37 31.02 27.26 FY2007 FY2008 FY2009 FY2010 1H2010 1H2011 7 7
PERFORMANCE HIGHLIGHTS (cont’d) Dividend per share (HK cents) 1H11 vs 1H10 I nterim dividend + 33.9% Final dividend 12.77 11.29 14.30 2.95 10.68 6.43 4.51 2.13 FY2007 FY2008 FY2009 FY2010 1H2011 8 8
9 9 Chief Executive Officer Group Performance Mr. Donald Yip 1H2011
1H2011 GROUP PERFORMANCE For the period ended 30 June 2011 HK$'M 1H2011 1H2010 yoy Turnover 19,814 14,194 + 39.6% 490 # Profit attributable to shareholders 801 + 63.5% Adjusted net profit * 652 505 + 29.1% Adjusted net profit margin 3.3% 3.6% -0.3% pt Note: # 2010 figures have been restated due to the change of accounting policies to early adopted HKAS 12 “Income Taxes”. * The adjusted net profit for the period excluding non-operating items such as net gain on investment properties and other non-operating items. 10 10
1H2011 GROUP PERFORMANCE (cont’d) For the period ended 30 June 2011 1H2011 1H2010 yoy Basic earnings per share 44.06 HK cents 27.26 HK cents + 61.6% I nterim dividend per share 14.30 HK cents 10.68 HK cents + 33.9% NAV per share HK$4.37 HK$3.41 + 28.2% Return on equity (Annualised) 22.3% 17.3% + 5.0% pt 11 11
TURNOVER * - BY BUSINESS SEGMENTS 1H2010 1H2011 Food & Logistics & Consumer Others Food & Logistics & Consumer Others Products 1.0% Products 1.2% 18.6% 23.2% Motor & Motor Motor & Related Motor Related 80.4% 75.6% Note: * For sales to third parties only 12 12
TURNOVER * - BY MARKETS 1H2011 1H2010 Other Markets Hong Kong & Other 5.8% Hong Kong & Macao Markets Macao 21.4% 6.6% 26.6% Mainland Mainland China China 72.8% 66.8% Note: * For sales to third parties only 13 13
CONSOLIDATED BALANCE SHEET ANALYSIS HK$'M 30 Jun 2011 31 Dec 2010 Non-current assets 4,803 4,261 Current assets 12,186 10,483 Current liabilities 7,482 6,685 Net current assets 4,704 3,798 Current ratio 1.63 1.57 Non-current liabilities 1,561 904 Net assets 7,946 7,155 Non-controlling interests 437 307 Shareholders' funds 7,509 6,848 14 14
CONSOLIDATED CASH FLOW STATEMENT HIGHLIGHTS HK$'M 30 Jun 2011 30 Jun 2010 Operating profit 1,161 820 I ncrease in working capital (20) (738) Cash generated from operations 1,141 82 I ncome tax paid (187) (142) Net cash generated from / (used in) 954 (60) operating activities Net cash used in financing activities (73) (66) Net cash used in investing activities (539) (282) Net increase / (decrease) in cash and cash 342 (408) equivalents 15 15
LIQUIDITY ANALYSIS HK$'M 30 Jun 2011 31 Dec 2010 Cash and bank deposits 2,349 1,991 Total debt 3,841 3,302 Net debt 1,492 1,311 Shareholders' funds 7,509 6,848 Total capital 9,001 8,159 Gearing ratio 16.6% 16.1% 16 16
ASSET DISPOSAL Disposal of a property in Hong Kong 56 Percival Street, Causeway Bay Completion: On or before 28 Dec 2011 HK$'M Consideration 195 Related selling expenses (2) Carrying amount of the property as at 31 Dec 2010 (112) Gain on remeasurement: 81 17 17
18 18 Operation Review & Outlook Chief Executive Officer Mr. Donald Yip
MOTOR AND MOTOR RELATED BUSINESS Segment Turnover Segment Result From Operations HK$’M HK$’M 24,643 1,301 927 15,929 15,652 815 12,800 641 629 10,737 10,183 483 FY2007 FY2008 FY2009 FY2010 1H2010 1H2011 FY2007 FY2008 FY2009 FY2010 1H2010 1H2011 Segment Turnover Segment Result From Operations Segment Margin % of % of HK$'M 1H2011 1H2010 Change % 1H2011 1H2010 Change % 1H2011 1H2010 Change % total total Mainland China 12,965 81.4% 8,224 76.6% 57.6% 731 451 62.1% 5.6% 5.5% +0.1% pt Hong Kong & Macao 2,229 14.0% 2,020 18.8% 10.3% 183 166 10.2% 8.2% 8.2% -- Other Markets 735 4.6% 493 4.6% 49.1% 13 12 8.3% 1.8% 2.4% -0.6% pt 15,929 100.0% 10,737 100.0% 48.4% 927 629 47.4% 5.8% 5.9% -0.1% pt 19 19
MOTOR AND MOTOR RELATED BUSINESS – 1H2011 Operation Review Mainland China Vehicle market: 9.33 million units, +3.4% DCH Sales: 36,122 units, +48.2% Distributorship Bentley: Bentley - New Continental GT Sold 623 units , +65.7% • • Appointed 5 dealerships in Wenzhou (in operation), Xian, Taiyuan, Zhengzhou and Ordos • Sold 3,513 units , +11.6% I suzu – Heavy Duty Truck 20 20
MOTOR AND MOTOR RELATED BUSINESS – 1H2011 Operation Review (cont’d) Mainland China Dealership • Number of 4S shops increased from 55 to 59 with 19 brands • The 4 additional 4S shops opened are : (1) FAW Audi in Liuzhou, Guangxi Liuzhou - Audi 4S shop (2) GQ Honda in Maoming, Guangdong (3) FAW Toyota in Guigang, Guangxi (4) Qingling in Shenzhen, Guangdong Shenzhen – Qingling 4S shop • 11 additional dealerships of Chevrolet, FAW Audi, FAW Toyota and Lexus in Guangdong, Hubei, Hunan, Jiangxi, Yunnan and Zhejiang provinces obtained • Same store growth: new car sales unit +10.3% , service unit +16.5% 21 21
MOTOR AND MOTOR RELATED BUSINESS – 1H2011 Operation Review (cont’d) Mainland China Motor Related Business Motor Leasing • Business in Shanghai progressing well, number of cars under rental tripled • With that in Beijing and Tianjin and the establishments in Chongqing, Dalian, Guangzhou, Qingdao, Shunde and Shenzhen, presence in total of 9 cities Independent Service Outlet • 1 st Independent service outlet in Dongguan in operation • 3 more outlets in Dongguan are established Lube Oil Production • Lubrication oil blending plant in Xinhui started operation smoothly in Jan 2011 • Sales including OEM to reputable brands, house brands, and supply to factories nearby • Secured lube oil export license 22 22
MOTOR AND MOTOR RELATED BUSINESS – 1H2011 Operation Review (cont’d) Hong Kong Motor Business Vehicle market: 19,976 units, +5.4% DCH Sales: 4,385 units, -3.8% due to 311 earthquake and strong yen Market share: 22.0% • Unit sales growth +8.8% • • New showroom in TST, Unit sales growth +10.2% • HK & Macao segment turnover grew by 10.3% with rising demand for European cars Motor Related Business • Trial installation of Selective Catalytic Reduction Devices on franchise buses are progressing well Other Markets • Taiwan: Unit sales growth +85.6% with additional Audi shop opened in Hsinchu • Singapore: Vehicle market sluggish due to high COE price and our new distributorship of Foton yet to be developed 23 • Canada: Stable 23
MOTOR AND MOTOR RELATED BUSINESS – Outlook 2011 Mainland China Vehicle market: Sale growth similar to 1H expected Distributorship • Strong demand for super luxury goods in the PRC • Total 18 dealerships by end of 2011 • Target to sell over 1,200 units in 2011 • 2H2011 optimistic with increased domestic consumption and steady supply of trucks after 311 earthquake Dealership • Target to open 10-15 4S shops per year for mid-to-high-end brands • 5 shops under greenfield development ready by end of 2011 • M&A for further increase of 4S shops with probably 2 new premium brands added to existing portfolio under negotiation • Seeking for expansion through large scale M&A opportunities Motor Related Business • Motor leasing in 10 cities with addition of Hefei by end of 2011 and continue to expand the network • 10 Independent service outlets to be established in Guangdong by end of 2011 24 24
MOTOR AND MOTOR RELATED BUSINESS – Outlook 2011 (cont’d) Hong Kong & Macao Vehicle market: Steady • Sales of environment-friendly vehicles especially electric cars and buses open a new market for DCH under the strong support by HKSAR government • Total 5 MotorMech service centres with the addition in Shatin by end of 2011 • The success of the SCR trial to reduce NOx will lead to full scale installation onto franchise buses under the sponsorship of HKSAR government Other Markets Taiwan -- Expanding more Audi dealership -- Exploring commercial vehicle distributorship business 25 25
Recommend
More recommend
