CHINA AUTO ELECTRONICS GROUP LIMITED
(Incorporated in Bermuda) (Company Registration Number: 34300)
UNAUDITED RESULTS FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2012
Stock code: ChinaAElec (T42)
ABOUT CHINA AUTO ELECTRONICS GROUP LIMITED (“CAEG”)
CAEG was listed on the Mainboard of Singapore Exchange Securities Trading Limited since 9 July 2007. The principal places of business of CAEG Group are located at 215 East Part of Qibin Road, Qibin District, Hebi, Henan, People’s Republic of China 458030. CAEG Group’s principal activities include R&D, manufacturing and trading of automobile electronics products.
CAEG Group is one of the leading automobile electrical and electronics distribution system manufacturers in the PRC and is the largest PRC domestic manufacturer of automobile wire harnesses and connectors. CAEG Group’s manufacturing facilities are fully integrated with 9 production facilities across the PRC with the headquarters based in Hebi, Henan and also designs and builds its own assembly stations and equipments for the assembly of wire harnesses. CAEG Group supplies to automakers in both the PRC and overseas markets including US, Europe, Australia, Korea and Indonesia.
China Auto Electronics Group Limited 天海汽车电子集团公司 215 East Part of Qibin Road, Qibin District,Hebi,Henan,PRC 458030 河南省鹤壁市淇滨区淇滨大道 215 号，458030 中国大陆 Tel: (86) 39 2331 4522 Fax: (86) 39 2336 2298 电话：(86) 39 2331 4522 传真：(86) 39 2336 2298 Email: [email protected] Email: [email protected] Website: www.thb.com.cn Website: www.thb.com.cn
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PART I – INFORMATION REQUIRED FOR ANNOUNCEMENTS OF QUARTERLY (Q1, Q2 & Q3), HALF YEAR AND FULL YEAR RESULTS
1(a)(i) An income statement (for the group) together with a comparative statement for the corresponding period of the immediately preceding year.
Unaudited Consolidated Statements of Comprehensive Income For the fourth quarter and financial year ended 31 December 2012
Group Group Unaudited Unaudited +/(-) Unaudited Unaudited +/(-) 3 months 3 months 12 months 12 months 31/12/2012 31/12/2011 31/12/2012 31/12/2011 RMB’000 RMB’000 % RMB’000 RMB’000 %
Revenue 450,041 412,932 9% 1,558,548 1,536,901 1% Cost of sales (370,276) (326,254) 13% (1,278,719) (1,261,325) 1% Gross profit 79,765 86,678 -8% 279,829 275,576 2% Other items of income Interest income 3,099 958 223% 9,062 3,578 153% Other income 9,159 719 N.M. 17,199 13,034 32% Other items of expense Other expense (9,324) (7,366) 27% (12,764) (8,153) 57% Selling and distribution expenses (11,025) (7,672) 44% (37,016) (22,681) 63% Research & Development expenses (17,306) (16,539) 5% (53,298) (55,650) -4% General and administrative expenses (25,022) (39,293) -36% (133,801) (133,293) 0% Finance costs (7,882) (20,045) -61% (58,458) (69,146) -15% Profit / (Loss) before tax 21,464 (2,560) -938% 10,753 3,265 229% Income tax expense (4,561) 1,123 N.M. (6,561) (8,233) -20% Profit / (Loss) after tax 16,903 (1,437) N.M. 4,192 (4,968) 184% Foreign currency translation (2,048) 2,949 N.M. (2,324) 2,873 N.M. Total comprehensive Profit / (Loss) for the period 14,855 1,512 N.M. 1,868 (2,095) N.M.
Net Profit / (Loss) attributable to: Owners of the parent 17,231 (2,917) N.M. 4,880 (6,742) N.M. Non-controlling interest (328) 1,480 N.M. (688) 1,774 N.M. 16,903 (1,437) N.M. 4,192 (4,968) N.M. Total comprehensive Income / (Loss) attributable to: Owners of the parent 15,183 32 N.M. 2,556 (3,869) N.M. Non-controlling interest (328) 1,480 N.M. (688) 1,774 N.M. 14,855 1,512 N.M. 1,868 (2,095) N.M.
N.M. – Not meaningful
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1(a)(ii) Additional Information to the Income Statements:
The Group’s profit before tax is arrived at after charging/(crediting) the following items:
Group Group Unaudited Unaudited +/(-) Unaudited Unaudited +/(-) 3 months 3 months 12 months 12 months 31/12/2012 31/12/2011 31/12/2012 31/12/2011 RMB’000 RMB’000 % RMB’000 RMB’000 %
Amortization of intangible assets 500 (40) N.M. 2,183 2,616 -17% Depreciation of property, plant and equipment 6,715 4,944 36% 29,316 29,430 0% Provision/(Reversal) for doubtful trade and other receivables, net 1,147 - N.M. 1,147 (1,312) N.M. Provision/(Reversal) Impairment on property, plant and equipment 526 1,530 N.M. 1,318 (7,803) N.M. (Gain)/Loss on disposal of property, plant and equipment (4,443) - N.M. (4,443) 1,176 N.M. Interest income (3,100) (958) N.M. (9,062) (3,578) N.M. Interest expense 9,142 22,120 N.M. 38,034 37,301 2% Provision of Allowance for slow-moving inventories 2,402 - N.M. 2,402 - N.M. Gain on disposal of investment in subsidiary (1) - N.M. (1) - N.M. Waiver of trade payable (1,322) - N.M. (1,322) (3,086) N.M.
N.M. – Not meaningful
1) Amortization of intangible assets had reduced by 17% as a piece of land with buildings was disposed during the year.
2) The depreciation expense had increased during the 4Q2012 as more plant and machinery were purchased.
3) Interest income increased by 153% which was due to maturity of fixed deposits in 2012.
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1(b)(i) A balance sheet (for the issuer and group), together with a comparative statement as at the end of the immediately preceding financial year.
Unaudited Consolidated Statements of Financial Position as at 31 December 2012
Group Company Unaudited Audited Unaudited Audited
31/12/2012 31/12/2011 31/12/2012 31/12/2011 RMB’000 RMB’000 RMB’000 RMB’000 Non-current Assets Property, plant and equipment 263,886 271,816 9 - Intangible assets 69,603 73,338 - - Interest in subsidiaries - - 198,512 198,512 Trade and other receivables-noncurrent - 1,554 - - Deferred tax assets 6,637 5,956 - - 340,126 352,664 198,521 198,512 Current Assets Inventories 386,279 372,516 - - Trade and other receivables 698,670 708,199 317,549 326,369 Financial assets, available-for-sale 1,830 1,830 - - Bank deposits pledged 284,814 334,701 - - Cash and cash equivalents 70,906 42,905 574 445 1,442,499 1,460,151 318,123 326,814 TOTAL ASSETS 1,782,625 1,812,815 516,644 525,326 LIABILITIES Current Liabilities Trade and other payables 773,193 780,731 49,376 45,204 Short-term borrowings 473,153 489,187 - 6,455 Provision for income tax (2,361) 1,415 - - 1,243,985 1,271,333 49,376 51,659 NET CURRENT ASSETS 198,514 188,818 268,747 275,155 Non Current Liabilities Deferred government grant 17,888 19,174 - - TOTAL LIABILITIES 1,261,873 1,290,507 49,376 51,659 NET ASSETS 520,752 522,308 467,268 473,667
EQUITY Attributable to equity holders of the Company Share capital 490,115 490,115 623,026 623,026 Other reserves 228,164 225,445 71,753 71,753 Accumulated losses (234,940) (234,777) (227,511) (221,112) 483,339 480,783 467,268 473,667 Non-controlling interest 37,413 41,525 - - TOTAL EQUITY 520,752 522,308 467,268 473,667 TOTAL EQUITY AND LIABILITIES 1,782,625 1,812,815 516,644 525,326
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1(b)(ii) Aggregate amount of group’s borrowings and debt securities.
Group Unaudited Unaudited 31/12/2012 31/12/2011 RMB’000 RMB’000
Amount repayable in one year or less, or on demand Collateralized * 210,434 456,732 Not collateralized 262,719 32,455
473,153 489,187
Amount repayable after one year Secured - - Unsecured - -
- -
*Details of collateral
Short-term borrowings As at 31 December 2012, short-term borrowings are secured by pledge of certain bank deposits, accounts receivable, inventories, property, plant and equipment, land use rights and corporate guarantees from a subsidiary, licensed corporate guarantee companies and unrelated third parties. The carrying amounts of assets pledged are disclosed below.
Group Group Unaudited Unaudited 31/12/2012 31/12/2011 RMB’000 RMB’000
Cash collateral 92,523 83,019
Accounts receivable 77,911 90,713
Inventories - 8,000
Production and office buildings 24,000 -
Land Use Rights 16,000 10,000
Corporate guarantees Granted by licensed corporate guarantee companies - 35,000
Granted by unrelated third parties 180,000 230,000
Granted by the Group 72,719 2,600
Others 10,000 29,855
Bills payable to banks As at 31 December 2012, bills payable amounted to RMB 256 million (31 December 2011: RMB309 million). Bills payable to banks have an average maturity period of 90 to 180 days and are interest-free as repayments were made within the credit period.
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1(c) A cash flow statement (for the group), together with a comparative statement for the corresponding period of the immediately preceding financial year.
Unaudited Consolidated Statements of Cash Flows For the 4th quarter and financial year ended 31 December 2012
Group Group Unaudited Unaudited Unaudited Unaudited 3 months 3 months 12 months 12 months 31/12/2012 31/12/2011 31/12/2012 31/12/2011 RMB’000 RMB’000 RMB’000 RMB’000 Cash flows from operating activities Profit before tax 21,464 (2,561) 10,753 3,265 Adjustments for: Amortisation of intangible assets 500 240 2,183 2,616 Depreciation of property, plant and equipment 6,715 4,944 29,316 29,430 Allowance for slow-moving inventories 2,402 - 2,402 - Allowance for doubtful trade and other receivables 1,147 - 1,147 (1,312) Impairment loss on property,plant and equipment 526 1,530 1,318 (7,803) Fair value changes of financial guarantees/liabilities - (732) - - Write-off of property, plant and equipment - (402) - - Waiver of trade payable (1,322) - (1,322) (3,086) Loss from disposal of property, plant and equipment 80 - 80 1,530 Gain on disposal of property, plant and equipment (4,523) - (4,523) (354) Gain on disposal of investment in associated company - - - (200) Amortised government grant (1,286) - (1,286) (1,186) Interest income (3,100) (958) (9,062) (3,578) Interest expense 9,142 22,120 38,034 37,301 Foreign currency translation loss/(gain) (65) - (65) 502 Gain on disposal of investment in subsidiary company (1) - (1) - Operating profit before working capital changes 31,679 24,181 68,974 57,125 Changes in working capital Inventories (20,482) 12,743 (16,548) 48,406 Trade and other receivables (46,629) (23,085) 15,999 24,598 Trade and other payables 94,358 91,839 48,079 (55,690) Cash generated from operations 58,926 105,678 116,504 74,439 Interest income received 3,099 958 9,062 3,578 Income tax paid 856 (4,229) (10,266) (17,524) Net cash generated from operating activities 62,881 102,407 115,300 60,493 Cash flows from investing activities Purchase of property, plant and equipment (15,208) (9,819) (28,611) (47,730) Purchase of intangible assets (147) (7,923) (232) (4,514) Cash received from disposal of an associated company - 3,101 - 2,263 Cash received for subsidy income related to asset (3,473) - - - Proceeds from disposal of property, plant and equipment (4,624) (6,872) 1,857 2,456 Cash received from assets-related government grants - - - 8,500 Net cash received from acquisition of subsidiary - - - 1,682 Net cash received from disposal of investment in equity funds - - - 419 Net cash received from disposal of subsidiary (17) - (17) - Net cash used in investing activities (23,469) (21,513) (27,003) (36,924)
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Group Group Unaudited Unaudited Unaudited Unaudited 3 months 3 months 12 months 12 months 31/12/2012 31/12/2011 31/12/2012 31/12/2011 RMB’000 RMB’000 RMB’000 RMB’000 Cash flows from financing activities Net proceeds from short-term borrowings 559,882 149,750 966,458 653,629 Repayment of short-term borrowings (640,193) (184,922) (982,413) (724,257) Changes in bill payable (17,860) 71,230 (52,980) 181,971 Cash restricted in use 63,852 (107,374) 49,887 (126,103) Dividends paid to non-controlling interest (3,200) - (3,200) (119) Interest expense paid (9,142) (22,120) (38,034) (37,301) Net cash used in financing activities (46,661) (93,436) (60,282) (52,180) Net decrease in cash and bank balances (7,249) (12,542) 28,015 (28,611) Exchange gains/losses on cash and cash equivalents 262 2,949 (14) (705) Cash and cash equivalents at beginning of period 77,893 52,498 42,905 72,221 Cash and cash equivalents at end of period (Note A) 70,906 42,905 70,906 42,905
Note to the Unaudited Consolidated Statements of Cash Flows
Note A: Cash and cash equivalents Cash and bank balances 355,720 377,606 355,720 377,606 Less: Bank deposits pledged (284,814) (334,701) (284,814) (334,701)
Cash and cash equivalents 70,906 42,905 70,906 42,905
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1(d) (i) A statement (for the issuer and group) showing either (i) all changes in equity or (ii) changes in equity other than those arising from capitalization issues and distributions to shareholders, together with a comparative statement for the corresponding period of the immediately preceding financial year.
Unaudited Consolidated Statements of Changes in Equity For the financial year ended 31 December 2012
Attributable to the Non- Share Other Accumulated Equity holders of controlling Capital Reserves Loss the Company interest Total Equity RMB'000 RMB'000 RMB'000 RMB'000 Group RMB'000 RMB'000 At 1 January 2012 490,115 225,445 (234,777) 480,783 41,525 522,308
Profit net of tax - - 4,880 4,880 (688) 4,192
Other comprehensive income for the period - (2,324) - (2,324) - (2,324) Decrease in non-controlling interests due to deregistering subsidiaries - - - - (224) (224)
PRC statutory reserve - 5,043 (5,043) - - -
Dividends paid to non-controlling interest - - - - (3,200) (3,200)
At 31 December 2012 490,115 228,164 (234,940) 483,339 37,413 520,752
At 1 January 2011 490,115 218,220 (223,683) 484,652 40,261 524,913
Profit net of tax - - (6,742) (6,742) 1,774 (4,968) Other comprehensive income for the period - 2,873 - 2,873 - 2,873 Decrease in non-controlling interests due to deregistering subsidiaries - - - - (2,405) (2,405) Increase in non-controlling interests due to new subsidiary incorported - - - - 1,895 1,895 Transfer to PRC statutory reserve - 4,352 (4,352) - - -
At 31 December 2011 490,115 225,445 (234,777) 480,783 41,525 522,308
Share Accumulated Capital Other Reserves Loss Total Equity Company RMB'000 RMB'000 RMB'000 RMB'000
At Jan 1st 2012 623,026 71,753 (221,112) 473,667
Profit net of tax, total comprehensive income for the period - - (6,399) (6,399) As at 31 Dec 2012 623,026 71,753 (227,511) 467,268
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1(d) (ii) Details of any changes in the company's share capital arising from rights issue, bonus issue, share buy-backs, exercise of share options or warrants, conversion of other issues of equity securities, issue of shares for cash or as consideration for acquisition or for any other purpose since the end of the previous period reported on. State also the number of shares that may be issued on conversion of all the outstanding convertibles, as well as the number of shares held as treasury shares, if any, against the total number of issued shares excluding treasury shares of the issuer, as at the end of the current financial period reported on and as at the end of the corresponding period of the immediately preceding financial year.
Company Number of Share capital shares issued RMB’000
Issued and fully paid: As at 1 January 2012 and 31 December 2012 681,600,000 623,026 ======As at 31 December 2012, the Company does not have any treasury shares (As at 31 December 2011: Nil).
1(d) (iii) Total number of issued shares excluding treasury shares as at the end of the current financial period and as at the end of the immediately preceding year.
Company 31/12/2012 31/12/2011
Total number of issued shares 681,600,000 681,600,000
1(d) (iv) A statement showing all sales, transfers, disposal, cancellation and/or use of treasury shares as at the end of the current financial period reported on.
Not applicable.
2 Whether the figures have been audited or reviewed and in accordance with which auditing standard or practice.
The financial statements of the Group and the Company for the current financial period reported on have been prepared in accordance with Singapore Financial Reporting Standards (“SFRS”) and have neither been audited nor reviewed by the Auditors.
3 Where the figures have been audited or reviewed, the auditors’ report (including any qualifications or emphasis of matter).
Not applicable.
4 Whether the same accounting policies and methods of computation as in the issuer’s most recently audited annual financial statements have been applied.
Except as disclosed in Paragraph 5 below, the accounting policies have been consistently applied by the Group, and are consistent with those used in the preparation of the financial statements for the financial year ended 31 December 2011.
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5 If there are any changes in the accounting policies and methods of computation, including any required by an accounting standard, what has changed, as well as the reasons for, and the effect of, the change.
The Group has adopted the applicable new and revised Singapore Financial Reporting Standards (“SFRS”) and Interpretations of Financial Reporting Standards (“INT FRS”) which become effective for the accounting periods beginning on or after 1 January 2011. The adoption of these new and revised FRS and INT FRS have no significant impact to the Group.
6 Earnings per ordinary share of the group for the current period reported on and the corresponding period of the immediately preceding financial year, after deducting any provision for preference dividends.
Group Group Unaudited Unaudited Unaudited Unaudited 3 months 3 months 12 months 12 months 31/12/2012 31/12/2011 31/12/2012 31/12/2011
Earnings per share (“EPS”) Basic EPS (RMB cents) 2.54 -0.43 0.72 -0.99
Diluted EPS (RMB cents) 2.54 -0.43 0.72 -0.99
Issued and paid up share capital No. of ordinary shares 681,600,000 681,600,000 681,600,000 681,600,000
Basic EPS is calculated by dividing the Group’s net profit attributable to equity holders of the Company by the weighted average of ordinary shares for the financial period.
Diluted EPS is calculated by dividing the Group’s net profit attributable to equity holders of the Company by the weighted average of ordinary shares.
7 Net asset value (for the issuer and group) per ordinary share based on the total number of issued shares excluding treasury shares of the issuer at the end of the (a) current financial period reported on and (b) immediately preceding financial year.
Group Company 31/12/2012 31/12/2011 31/12/2012 31/12/2011
Net asset value per share (RMB cents) 70.91 70.54 68.55 69.49
Issued and paid up share capital - No. of ordinary shares 681,600,000 681,600,000 681,600,000 681,600,000
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8 A review of the performance of the group, to the extent necessary for a reasonable understanding of the group’s business. The review must discuss any significant factors that affected the turnover, costs, and earnings of the group for the current financial period reported on, including (where applicable) seasonal or cyclical factors. It must also discuss any material factors that affected the cash flow, working capital, assets or liabilities of the group during the current financial period reported on.
Consolidated Statements of Comprehensive Income Review
China operations US operations Group total Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited 31/12/2012 31/12/2011 +/(-) 31/12/2012 31/12/2011 +/(-) 31/12/2012 31/12/2011 +/(-) RMB’000 RMB’000 % RMB’000 RMB’000 % RMB’000 RMB’000 % 3 months 31/12/2012 Revenue 383,660 348,673 10% 66,381 64,259 3% 450,041 412,932 9% Cost of sales (304,575) (266,679) 14% (65,701) (67,378) -2% (370,276) (334,057) 11%
Gross profit 79,085 81,995 -4% 680 (3,119) -122% 79,765 78,875 1% Gross profit margin 21% 24% -3% 1% -5% 6% 18% 19% -1%
12 months 31/12/2012 Revenue 1,272,365 1,267,196 0% 286,183 269,705 6% 1,558,548 1,536,901 1% Cost of sales (998,932) (1,029,229) -3% (279,787) (232,096) 21% (1,278,719) (1,261,325) 1%
Gross profit 273,433 237,967 15% 6,396 37,609 -83% 279,829 275,576 2% Gross profit margin 21% 19% 3% 2% 14% -12% 18% 18% 0%
Revenue
Group revenue had increased by 9% in the 4th quarter 2012 (4Q2012) to RMB 450 million, while for the financial year ended 31 December 2012 (FY 2012), Group revenue had increased by 1% to RMB 1.56 billion.
Revenue from China operations increased strongly by 10% in the 4th quarter and remained at RMB 1.27 billion for the full year of FY2012. US operations recorded an increase of 3% in the 4th quarter while for the whole year, it increased by 6% to 286 million.
The increase in revenue was attributable to stronger recovery in economic activities and consumption in both China and USA during the 4th quarter of 2012 which was spurred by the low interest rates and quantitative easing measures by the government.
Gross profit and gross profit margin Gross profit for China operations recorded an increase of 15% to RMB 273.4 million for FY 2012. The higher gross profit margin was mainly attributable to better pricing and lower manufacturing costs achieved by increasing selling price and labor productivity. However gross profit for USA operation had decreased by 83% to RMB 6.4 million for FY2012, which was attributable to higher manufacturing costs.
Selling and distribution expenses Selling and distribution expenses increased by 63% to RMB 37.0 million for FY2012, which was due to re-classification of admin expenses to selling expenses. Other reasons includes higher remuneration to sales personnel in an effort to increase to sales coverage and support to customers.
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General and administrative expenses General and administrative expenses decreased by 36% in the 4Q2012 due to re-classification of expenses from admin expenses to selling expenses.
Finance costs Finance costs reduced by 15% to RMB 58.5 million. The decrease in finance costs was due to the lower interest rates and other costs of financing.
Income tax expenses Income tax expense were lower by 20% as there were income tax expense written back for due to over accrual in previous year.
Consolidated Statements of Financial Position Review
Property, plant and equipment Property, plant and equipment decreased by RMB 7.9 million to RMB 263.9 million, which was mainly due to disposal of building assets during the year.
Intangible assets Intangible assets decreased by RMB 3.7 million to RMB 69.6 million, which was due to the sale of land use rights during the year.
Inventories Inventories increased by RMB 13.8 million to RMB 386.3 million, which was in line with the stronger sales in 4Q2012.
Trade and other receivables Trade and other receivables decreased marginally by RMB 9.5 million to RMB 698.7 million, which was due to improved collection of long overdue debts.
Trade and other payables Trade and other payables decreased marginally by RMB 7.5 million to RMB 773.2 million, which was due to higher payment.
Short-term borrowings Short-term borrowings decreased by RMB 16.0 million to RMB 473.2 million, which was due to repayment of loans.
Consolidated Statements of Cash Flows Review
As a result of better collection from receivables, inventory management, the Group cash flows generated from operations had increased by RMB 42.1 million to RMB 116.5 million. The net cash used in investing activities was mainly due to the purchase of property, plant and equipment and land use rights in relation to Henan Tianhai and new factory in Liaoning Province. The net cash used in financing activities was mainly due to roll-over in short-term borrowings and payment of interest expense.
9 Where a forecast, or a prospect statement, has been previously disclosed to shareholders, any variance between it and the actual results.
No forecast has been issued for the financial period under review.
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10 A commentary at the date of the announcement of the significant trends and competitive conditions of the industry in which the group operates and any known factors or events that may affect the group in the next reporting period and the next 12 months.
The weak recovery in USA and the uncertainty over the political resolution of the US fiscal cliff continues to dampen the growth of the overseas business.
For China, high interest rates and tight credit has started to ease as the government increased its monetary incentives to boost economic recovery. Copper prices had reduced and had helped to lower our manufacturing costs.
Barring any unforeseen circumstances and how the China and USA economy may pan out, the Group remains cautiously optimistic of its performance in FY 2013.
11 Dividend
(a) Current Financial Period Reported On Any dividend recommended for the current financial period reported on? None
(b) Corresponding Period of the Immediately Preceding Financial Year Any dividend declared for the corresponding period of the immediately preceding financial year? None
(c) Date payable Not applicable.
(d) Books closure date Not applicable. 12 If no dividend has been declared/recommended, a statement to that effect.
No dividend has been declared or recommended for the financial year ended 31 December 2012.
13 If the Group has obtained a general mandate from shareholders for IPTs, the aggregate value of such transactions as required under Rule 920(1)(a)(ii). If no IPT mandate has been obtained, a statement to that effect.
No IPT general mandate has been obtained from shareholders.
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PART II ADDITIONAL INFORMATION REQUIRED FOR FULL YEAR ANNOUNCEMENT
14 Segmented revenue and results for business or geographical segments (of the group) in the form presented in the issuer’s most recently audited annual financial statements, with comparative information for the immediately preceding year.
American <------China Operations ------> Operations
RMB '000 Wire Mould and Wire Harness Connectors Machinery Harness Others Elimination Total RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000 RMB'000
Year ended 31 December 2012 Revenue External custermers 960,873 282,839 60,033 226,460 28,343 - 1,558,548 Inter-segment 319,836 196,497 9,436 59,723 14,717 (600,209) - Total revenue 1,280,709 479,336 69,469 286,183 43,060 (600,209) 1,558,548 Segment gross profit 97,601 159,579 25,980 6,396 7,870 (17,597) 279,829 Unallocated expense,net (219,680) Interest income 9,062 Interest expense (58,458) Income tax (6,561) Profit after tax 4,192 American <------China Operations ------> Operations
Year ended 31 December 2011 Revenue External custermers 999,144 247,113 49,669 193,488 47,487 - 1,536,901 Inter-segment 295,310 176,809 20,717 54,507 22,063 (569,406) - Total revenue 1,294,454 423,922 70,386 247,995 69,550 (569,406) 1,536,901
Segment gross profit 75,201 148,042 28,192 15,899 14,867 (6,625) 275,576 Unallocated expense,net (206,743) Interest income 3,578 Finance costs (69,146) Income tax (8,233) Profit after tax (4,968)
15 In the review of performance, the factors leading to any material changes in contributions to turnover and earnings by the business or geographical segments.
Please refer to Item 8 above for details.
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16 A breakdown of sales.
Unaudited 31/12/2012 RMB’000 Revenue reported for first half year Wire harness 575,181 Connectors 146,119 Others 35,625 Total 756,925
Operating profit after tax reported for first half year (7,418)
Revenue reported for second half year Wire harness 612,152 Connectors 136,720 Others 52,751 Total 801,623
Operating profit after tax reported for second half year 11,610
Revenue reported for full year 1,558,548 Operating profit after tax reported for full year 4,192
17. A breakdown of the total annual dividend (in dollar value) for the issuer’s latest full year and its previous full year.
Please refer to item 11 above for details.
8. Disclosure of person occupying a managerial position in the issuer or any of its principal subsidiaries who is a relative of a director or chief executive officer or substantial shareholder of the issuer pursuant to Rule 704(13) in the format below. If there are no such persons, the issuer must make an appropriate negative statement.
There is no person occupying a managerial position in the issuer or any of its principal subsidiaries who is a relative or director or chief executive officer or substantial shareholder for the financial year.
BY ORDER OF THE BOARD China Auto Electronics Group Limited
Zhang Jingtang Executive Chairman 1st March 2013
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