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2013 Interim Results

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2013 Interim Results 长城汽车股份有限公司 Great Wall Motor Company Limited * 2013 Interim Results * For identification purpose only August 2013 Disclaimer This presentation is prepared by Great Wall Motor Company Limited (the “Company”) and is solely for the purpose of corporate communication and general reference only. The presentation is not intended as an offer to sell, or to solicit an offer to buy or form any basis of investment decision for any class of securities of the Company in any jurisdiction. All such information should not be used or relied on without professional advice. The presentation is a brief summary in nature and do not purport to be a complete description of the Company, its business, its current or historical operating results or its future prospects. This presentation is provided without any warranty or representation of any kind, either expressed or implied. The Company specifically disclaims all responsibilities in respect of any use or reliance of any information, whether financial or otherwise, contained in this presentation. 2 Results highlights - Overview Sales volume of automobiles reached 370,000 units, representing a 41.3% YoY growth Operating revenue amounted to RMB26.42 billion, representing a 44.5% YoY growth Net profit attributable to shareholders of the Company amounted to RMB4,09 billion, representing a 73.7% YoY growth Average monthly sales volume of Haval M4 amounts to 10,000 units Average monthly sales volume of Haval H6 amounts to 15,000 units 3 Contents 一 Financial Review 二 Operations Review 三 Future Prospects 四 Q&A 4 Financial Review Operations Review Future Prospects Balance Sheet RMB million Changes as at As at 31 As at 31 As at 31 As at 30 the end of 2013 December December December June 2013 interim period 2010 2011 2012 compared to end of 2012 (%) Current assets 14,825 20,374 25,848 26,200 1.4 Including: cash and bank 3,095 7,107 6,337 7,364 16.2 balances Bills receivable 7,726 8,703 14,791 13,658 -7.7 Non-current 8,873 12,761 16,721 18,682 11.7 assets Total liabilities 13,298 16,113 20,926 20,983 0.3 Total assets 23,698 33,135 42,569 44,882 5.4 Total shareholders’ 10,400 17,022 21,643 23,899 10.4 equity 5 Financial Review Operations Review Future Prospects Income statement RMB million % change 2011 2012 2012 1H 2013 1H in 2013 1H compared to 2012 1H Revenue 30,089 43,160 18,288 26,417 44.5 Gross profit 7,496 11,598 4,811 7,651 59.0 Operating 4,012 6,663 2,811 4,873 73.3 profit Net profit attributable to 3,426 5,692 2,354 4,087 73.7 shareholders of the parent company Basic earnings per 1.22 1.87 0.77 1.34 73.7 share (RMB) 6 Financial Review Operations Review Future未来发展 Prospects Cash Flow Statement RMB million % change 2011 2012 2012 1H 2013 1H in 2013 1H compared to 2012 1H Net cash flow from operating 4,449 4,337 2,432 4,953 103.7 activities Net cash flow from investing -3,491 -3,936 -2,333 -2,179 -6.6 activities Net cash flow from financing 3,283 -1,104 -918 -1,680 82.9 activities Effect of foreign exchange rate changes on cash and -8 -8 2 -9 -480.9 cash equivalents Net increase in cash and 4,233 -711 -817 1,085 232.8 cash equivalents Cash and cash equivalents 6,306 5,596 5,489 6,681 21.7 at the end of the period 7 Financial Review Operations Review Future未来发展 Prospects Other Financial Indicators Overall gross margin EBIT Margin 30% 30% 29.0% 25% 28% 26.3% 18.7% 26.1% 20% 15.6% 26% 15.5% 15.4% 24.2% 15% 24% 10% 22% 5% 20% 0% 10-1H 11-1H 12-1H 13-1H 10-1H 11-1H 12-1H 13-1H Operating profit margin 30% Expenses as a % of revenue for the Period 6% 25% 5.0% 18.4% 3.8% 3.8% 3.9% 20% 4% 15.4% 15.0% 3.7% 3.2% 15% 3.7% 3.5% 12.0% 2% 10% 0% 5% 10-1H 11-1H 12-1H 13-1H 0% Selling expenses as a % of revenue 10-1H 11-1H 12-1H 13-1H Administrative expenses as a % of revenue 8 Financial Review Operations Review Future未来发展 Prospects Other Financial Indicators-Cont Accounts receivable turnover (Day) Accounts payable turnover (Day) (including bills receivable) (including bills receivable) 110 120 105 100 109.4 103.7 98.3 96.1 100 104.3 80 101.6 89.2 95 60 90 40 89.6 85 20 80 0 10 11 12 13-1H 10 11 12 13-1H Inventory turnover (Day) Weighted average return on net 60 53 assets 50 20% 17.6% 43 41 16.9% 40 15% 13.3% 30 26 10.9% 10% 20 5% 10 0 0% 10-1H 11-1H 12-1H 13-1H 10-1H 11-1H 12-1H 13-1H 9 Financial Review Operations Review Future未来发展 Prospects Domestic sales Revenue by car segment RMB million 27,000 22,427 RMB million Overall analysis 86.7% 57.6% 30,000 18,000 13,171 46.5% 25,020 32.9% 25,000 9,000 16.9% 5,714 3,226 316 20,000 0 70.8% 14,398 Pick-up SUV Sedan Other Total 15,000 RMB million Export 6,000 10,000 9.5% 30.4% 6,045 8.9% 4,260 4,000 5,000 2,593 8.7% 10.8% 317 2,000 0 1,034 1,227 0.9% Pick-up SUV Sedan Other Total 331 1 0 11-1H 12-1H 13-1H Pick-up SUV Sedan Other Total 10 目 录 一 Financial Review 二 Operations Review 三 Future Prospects 四 Q&A 11 Financial Review Operations Review Future未来发展 Prospects Automobile industry vs. Company’s performance 120% Growth rate of automobile101.3% industry Total 100% SUV 80% 60% 47.1% Sedan 48.1% 40% 25.3% 20.2% 25.5% 41.6% 20% 27.0% 6.6% 6.1% 11.7% 0% 6.8% 2008 2009 2010 2011 2012 2013/1H ‘000 units Industry ‘000 units SUV 25000 74.2% 73.2% 80% 2500 200% 70% 167.1% 20000 2000 150% 60% 15000 41.3% 50% 1500 101.3% 90.0% 100% 45.5% 78.0% 34.3% 40% 27.3% 47.1% 10000 32.4% 30% 1000 50% 25.3% 20.2% 11.7% 20% 41.6% 5000 500 16.5% 0% 12.3% 7.6% 25.5% 10% -15.1% 6.7% 4.3% 0 2.5% 0% 0 -50% 2008 2009 2010 2011 2012 2013/1H 2008 2009 2010 2011 2012 2013/1H Industry sales volume GWM sales volume Industry GWM Industry growth rate GWM growth rate Industry growth rate GWM growth rate Source: China Association of Automobile Manufacturers, GWM’s data 12 Financial Review Operations Review Future未来发展 Prospects SUV market competition The top 10 enterprises in terms of SUV The top ten ranked localbrand middle-level sales volume in 2013 1H SUV's sales volume models in 2013 1H GWM Haval H6 Beijing Hyundai Chery Tiggo Shanghai VW BYD S6 DF Honda ZhonghuaV5 DF Yueda KIA Haval H5 FAW VW Changan CS35 FAW Toyota Geely GX7 DF Nissan Haima Qishi Changan Ford JAC S5 Chery ‘000 units Santa Fe ‘000 units 0 50 100 150 200 0 20 40 60 80 100 Sources: China Association of Automobile Manufacturers, GWM’s data 13 Financial Review Operations Review Future未来发展 Prospects Great Wall Motor’s sales volume in past 5 years ‘000 units Sales volume by car segment Sales volume contribution by car segment 700 100% 2.9% 3.1% 1.4% 1.3% 0.9% 0.6% 1.2% 6.0 8.1% 90% 600 29.0% 33.8% 32.0% 33.4% 80% 36.6% 40.5% 199.0 500 6.0 70% 36.5% 60% 400 5.0 4.0 188.0 50% 24.4% 108.0 39.9% 300 123.0 37.7% 45.0% 50.3% 280.0 2.0 40% 31.9% 6.0 87.0 200 147.0 30% 77.0 137.0 186.0 52.5% 3.0 10.0 105.0 20% 35.9% 100 51.0 44.0 27.1% 26.3% 26.1% 137.0 22.0% 99.0 122.0 10% 19.5% 63.0 75.0 68.0 72.0 0 0% 2008 2009 2010 2011 2012 2012 2013 2008 2009 2010 2011 2012 2012 2013 1H 1H 1H 1H Pick-up truck SUV Sedan Others Pick-up truck SUV Sedan Others 14 Financial Review Operations Review Future未来发展 Prospects Great Wall Motor -- Domestic sales and export volume in past 5 years The proportion of ‘000 units Export and Domestic sales volume export and domestic sales 700 100% 15.6% 13.7% 17.3% 11.3% 90% 15.4% 600 17.1% 95.5 80% 43.4% 500 79.3 70% 60% 400 41.9 50.0 525.9 50% 86.3% 84.6% 88.7% 300 40% 45.4 84.4% 82.7% 82.9% 32.7 383.4 200 30% 56.6% 313.5 328.4 52.2 20% 216.6 100 177.2 10% 68.2 0 0% 2008 2009 2010 2011 2012 2012 2013 2008 2009 2010 2011 2012 2012 2013 1H 1H 1H 1H Domestic sales Export Domestic sales Export 15 Financial Review Operations Review Future未来发展 Prospects Domestic sales and export analysis Domestic sales ‘ Export ‘000 units 000 units 350 328.40 50 7.8% 51.6% 41.90 300 40 250 95.4% 30 9.0% 200 169.70 7.6% 25.6% 150 18.20 20 16.40 11.9% 100.30 4.1% 100 54.00 10 7.30 50 4.40 - - 0 Pick-up SUV Sedan Others Total Pick-up SUV Sedan Others Total truck truck 2011 1H 2012 1H 2013 1H 2011 1H 2012 1H 2013 1H 16 Financial Review Operations Review Future未来发展 Prospects Key models Specification Dimension 4640*1825*1690 Haval哈弗H6 H6 (mm) Wheelbase 2680 (mm) Displacement 1.5T/2.0L/2.4L 5MT Transmission 6MT 4AT Price 100.8-151.8 ‘000 units 2012 2013 (RMB’000) 18 16 14 12 10 8 6 4 2 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 17 Financial Review Operations Review Future未来发展 Prospects Key models Specification Dimension 3961*1728*1617 Haval哈弗M4 M4 (mm) Wheelbase 2383 (mm) Displacement 1.5L Transmission 5MT Price (RMB’000) 63.9-71.9 ‘000 units 2012 2013 18 16 14 12 10 8 6 4 2 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 18 Financial Review Operations Review Future未来发展 Prospects Key models Specification Dimension 4452*1705*1480 Great长城 WallC30 C30 (mm) Wheelbase 2610 (mm) Displacement 1.5L 5MT Transmission CVT Price 64.5-83.5 (RMB’000) ‘000 units 2012 2013 18 16 14 12 10 8 6 4 2 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 19 Financial Review Operations Review Future未来发展 Prospects Key models Specification Dimension 4650*1775*1455 Great长城 C50Wall C50 (mm) Wheelbase 2700 (mm) Displacement 1.5T Transmission 5MT Price (RMB’000) 78.8-91.8 ‘000 units 2012 2013 18 16 14 12 10 8 6 4 2 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 20 Financial Review Operations Review Future未来发展 Prospects Key models Specification Dimension 5360*1800*1730 Wingle风骏5 5 (mm) Wheelbase 3350 (mm) Displacement 2.2L/2.4L/2.8L Transmission 5MT Price (RMB’000) 67.8-122.8 ‘000 units 2012 2013 18 16 14 12 10 8 6 4 2 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 21 目 录 一 Financial Review 二 Operations Review 三 Future Prospects 四 Q&A 22 Financial Review Operations Review Future
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