Sinostar Pec Holdings
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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 Page 1 of 15 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 Page 2 of 15 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. Page 3 of 15 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 Page 4 of 15 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. Page 5 of 15 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