Annual Report 關懷每一個人 關愛 每一部車 Care for Everybody Care for Every Vehicle Annual Report 2010 年報
Total Page:16
File Type:pdf, Size:1020Kb
股份代號:489 Stock Code: 489 2010 年報 2010 Annual Report 關懷每一個人 關愛 每一部車 Care for everybody Care for every vehicle Annual Report 2010 年報 *僅供識別 *For reference only Table of Content Dongfeng Motor Group Company Limited 2010 Annual Report 2 Corporate Profi le 4 Chairman’s Statement 6 Business Overview 20 Management Discussion and Analysis 30 Profi les of Directors, Supervisors and Senior Management 39 Report of the Directors 69 Report of the Supervisory Committee 71 Corporate Governance Report 81 Independent Auditors’ Report 83 Consolidated Income Statement 84 Consolidated Statement of Comprehensive Income 85 Consolidated Statement of Financial Position 88 Consolidated Statement of Changes in Equity 89 Consolidated Statement of Cash Flows 91 Statement of Financial Position 93 Notes to Financial Statements 194 Five Year Financial Summary 196 Corporate Information 197 Notice of Annual General Meeting and Relating Information 218 Defi nitions Corporate Profi le Second Automotive Works (第二汽車製造廠), the In 2004, the Company was transformed into a joint stock predecessor of Dongfeng Motor Corporation, the parent of limited company after repurchasing all equity interests held the Company, was established in September 1969. by shareholders other than Dongfeng Motor Corporation. In 2000, Dongfeng Motor Corporation underwent a debt The Company initially issued H shares overseas on 6 restructuring arrangement, with China Huarong Asset December 2005 and completed an over-allotment on 13 Management Corporation, China Cinda Asset Management December 2005. As a result, the aggregate share capital Corporation, China Orient Asset Management Corporation, of the Company was enlarged to RMB8,616,120,000, China Great Wall Asset Management Corporation and which comprised domestic shares and H shares of China Development Bank to jointly form the Company. The RMB5,760,388,000 (approximately 66.86%) and Company was incorporated on 18 May 2001. RMB2,855,732,000 (approximately 33.14%), respectively. Dongfeng Dongfeng Motor Group Company Limited 2 Corporate Profi le Currently, the Company has 14 subsidiaries, jointly- In 2010, the Dongfeng Motor Group commanded a market controlled entities and other companies in which the share of approximately 10.8% in terms of the total sales Company has direct equity interests, all of which constitute volume of domestic commercial and passenger vehicle Dongfeng Motor Group. Dongfeng Motor Group is primarily manufacturers in the PRC, according to the statistics engaged in the manufacture and sale of commercial published by the China Association of Automobile vehicles, passenger vehicles and auto engines and parts, Manufacturers. the manufacture of vehicle manufacturing equipment, fi nance businesses as well as other automotive-related businesses. 2010 Annual Report 3 Chairman’s Statement Dear Shareholders, On behalf of the Board of Directors, I hereby present the annual report of the Company for 2010 for your review. In 2010, PRC auto industry maintained its fast growth momentum. Approximately 18,060,000 vehicles were sold by domestic automobile manufacturers, representing an increase of approximately 32.4% over last year. Sales volume of passenger vehicles and commercial vehicles were approximately 13,760,000 units and 4,300,000 units respectively, representing an increase of 33.2% and 29.9% over last year. Chinese auto industry has entered a mass consumption stage, offering the industry an “Golden” development period. Both production and sales volume grew signifi cantly with remarkable achievements in technology advancement. Meanwhile, industry profi tability is further enhanced with improved management and cost control capability and optimized sales and distribution Xu Ping networks. Chairman In 2010, Dongfeng Motor Group successfully grasped the market opportunities and achieved outstanding market performance with quantitative and qualitative growth in the fi nancial results. In 2010, the aggregate number of vehicles sold by Dongfeng Motor Group was approximately 1,950,000 units, representing an increase of approximately 36.0% over last year, which was 3.6 percentage points higher than industrial average. Sales volume of passenger vehicles and commercial vehicles were approximately 1,420,000 units and 530,000 units, representing an increase of approximately 33.9% and 41.9%, respectively over last year, which were 0.7 percentage point and 12.0 percentage points higher than industry average. Aggregate sales of the parent company amounted to 2,620,000 units, accounting for 14.5% of PRC market share. In 2010, the Group’s sales revenue was approximately RMB122,395 million, representing an increase of approximately 33.4% over the last year. Profi t attributable to shareholders of the Company was approximately Dongfeng Dongfeng Motor Group Company Limited RMB10,981 million, which was approximately 75.7% higher than that of last year. Profi tability indicators such as the 4 Chairman’s Statement gross profi t margin proved that operating effi ciency of to a new page. China’s automobile industry will maintain Dongfeng Motor Group kept enhancing and consolidating. its rapid growth and the industrial restructuring progress will be faster with more apparent effects. Application of In 2010, major business segments of Dongfeng Motor new energy technology will be further promoted. Facing Group achieved steady and coordinated development. both opportunities and challenges, Dongfeng Motor By implementing its business strategy, Dongfeng Motor Group will uphold its cooperative and open attitude to Co., Ltd achieved a strong sale of 1,280,000 units, enhance scientifi c management level and refi ne its product successfully exceeding the 1 million units mark. Dongfeng portfolio and business strategies. Furthermore, the Group Peugeot Citroen Automobile Co.,Ltd was back on a sound will put more efforts in brand building and developing its development track through upgrading its product mix and own branded business. The Group will also speed up the constant improvement of its brand value, and achieved research and development and application of new energy sales volume of approximately 370,000 units in 2010. technology and strengthen the management system of the Dongfeng Honda Automibile Co., Ltd continued to deliver Group to cope with future competition. Entering into the new a remarkable performance with a sales volume of 260,000 era, Dongfeng Motor Group will continue to adopt its “profi t- units through fully exploiting potential of its existing products oriented” principle and further improve its operation quality. and enhancing its marketing capability. In addition, the Group will further expand its operation scale, consolidate its competitive edge and improve its In terms of investment, the Group continued to adhere to market share on basis of maintaining and enhancing its its prudent investment policy, which is to attach importance profi tability, so as to create long term sustainable value for to cost control and investment quality while safeguarding our shareholders. steady expansion and advancement in each business segment. In 2010, total investment was RMB7.07 billion. As at the end of 2010, the Group’s total production capacity was approximately 1,740,000 units with 5 brand new models and 2 face-lift models launched in the whole year. Dongfeng Motor Group continued to exert effort in promoting its own brand of passenger vehicles, Dongfeng “Fengshen” in 2010. However, the annual targets were not reached due to various factors, such as brand recognition, quality and technology and the expansion of market networks. In the future, the Group will spare no efforts to improve the performance of its own brand passenger vehicle Xu Ping business through enhancing its management capability, Chairman inputting more capital and human resources, improving 2010 its brand image and constant expansion of distribution Wuhan, the PRC networks. 30 March 2011 Annual Report 2011 is the fi rst year of China’s “Twelfth Five-Year Plan” and the development of automobile industry in the PRC will turn 5 Business Overview Business Overview I Major Businesses of the The Dongfeng Motor Group’s commercial vehicle Dongfeng Motor Group business, which was established in 1969, has secured a leading position in the PRC commercial vehicle industry for many years. Currently, the Dongfeng The principal products of the Dongfeng Motor Group Motor Group’s commercial vehicle business is include commercial vehicles (heavy duty trucks, principally operated by Dongfeng Motor Co., Ltd, the medium trucks, light trucks, mini trucks and buses, joint venture between the Company and Nissan Motor and commercial vehicles engines, auto parts and Co. Ltd (through Nissan (China) Investment Co, Ltd). vehicle manufacturing equipment of commercial vehicles) and passenger vehicles (sedans, MPVs, SUVs and passenger vehicles engines, auto parts and vehicle manufacturing equipment of passenger vehicles). In addition, the Dongfeng Motor Group is also engaged in the import/export of vehicles and equipment, fi nance, insurance agency and used car trading. Dongfeng Dongfeng Motor Group Company Limited 8 Business Overview The Dongfeng Motor Group’s passenger vehicle In recent years, the Dongfeng Motor Group has business is principally operated by the Company strengthened its new engergy vehicle business, which (through Dongfeng Passenger Vehicles Company) is principally operated by Dongfeng Electrical Motor and the following Dongfeng Joint Venture Companies: Joint Stock Co., Ltd. Dongfeng Motor Co., Ltd, Dongfeng Peugeot