Public company info - Denway Motors Ltd. , 00203.HK
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Denway Motors Ltd., 00203.HK - Company Profile
Chairman Zhang Fangyou
Share Issued (share) 4,294,967,295
Par Currency Hong Kong Dollar
Par Value 0.1
Industry Automobiles & Components
Corporate Profile Business Summary: The Group, jointly controlled entities and associates are principally engaged in the manufacturing, assembly and trading of motor vehicles, the manufacturing and trading of automotive equipment and parts in the People's Republic of China (the "PRC") and the manufacturing and trading of audio equipment in Hong Kong. Business Review： For the year ended 31 December 2009, turnover of the Group was approximately RMB637,537,000 (2008 : RMB725,464,000), a decrease of 12.1% over the same period of last year. The consolidated profit attributable to the equity holders of the Company was approximately RMB1,914,530,000 (2008 : RMB2,094,259,000), a decrease of 8.6% over the same period of last year. Basic earnings per share was approximately RMB25.5 cents (2008 : RMB27.9 cents), a decrease of 8.6% over the same period of last year. In the year of 2009, despite the global economic downturn, China economy after touching the bottom in early 2009 started to rebound and successfully achieved a steady growth in the second quarter. Driven by a series of economic stimulus measures implemented by the PRC government, including a relatively loose monetary policy, an aggressive fiscal policy and the revitalization proposals for ten key sectors, the PRC’s gross domestic product (‘‘GDP’’) of 2009 recorded a growth rate of 8.7% over the previous year, successfully achieving the 8% GDP growth target. With the PRC automobile market being promoted by a series of revitalization policies for the automobile industry, the number of motor vehicles produced and sold in 2009 exceeded 13 million units, the highest annual growth rate ever recorded. The number of passenger vehicles produced and sold exceeded 10 million units for the first time. Following the rapid development of the domestic automobile industry in 2009, China has become the world’s top auto maker and car consumption market. According to the statistics from China Association of Automobile Manufacturers, the number of motor vehicles produced and sold nationwide in 2009 amounted to 13.791 million units and 13.6448 million units respectively, representing a growth of 48.30% and 46.15% respectively over the same period of last year. Of the total, 10.3838 million units produced and 10.3313 million units sold were passenger vehicles, representing a growth of 54.11% and 52.93% respectively over the same period of last year. For the year ended 31 December 2009, an aggregate of 365,997 units and 365,623 units of vehicles were produced and sold respectively by the Company through a jointly controlled entity (‘‘Sedan Company’’) which is directly owned by the Company’s wholly-owned subsidiary, Guangzhou Auto Group Corporation, representing an increase of 18.7% and 19.4% respectively over the previous year. Such growth rates were slightly lower than the nationwide average growth rate as the Sedan Company has entered into a mature development stage. As for Guangzhou Automobile Group Component Co., Ltd. (“Guangzhou Component”), in which the Group holds a 49% equity interest, its production and sales units as well as revenues for 2009 had over 10% growth over the previous year, thereby achieving its annual target. In 2009, Guangzhou Component had encountered various unfavourable factors such as price squeeze from the car manufacturers, continuous appreciation of yen, price surge in imported materials, uneven production schedule as well as unstable production volume of new models during the early launching stages. Despite the above, Guangzhou Component, through aggressive responses by its enterprise, fully utilizing the competitive edges of its existing resources, and the support from its key customers and joint-venture partners, finally managed to accomplish its business targets. As the business environment has improved, the performance of other business of the Group, namely trading of vehicles, manufacturing of automotive equipment and parts and manufacturing and trading of audio equipment, also met the targets set by the Group at the beginning of 2009. Prospects: Looking ahead to 2010, the PRC economy will continue to grow at a steady and rapid pace. The economic stimulus measures implemented in 2009 will continue to have favourable effects on the economy in 2010. As expressly confirmed at the Central Economic Work Conference held at the end of 2009, the main theme of policy planning for 2010 will be ‘‘promoting the transformation of economic development pattern while maintaining stable economic growth’’. Therefore, with the support of investment and domestic demand as well as significant improvement in the Europe and US markets, the PRC automobile industry is expected to have a faster growth under the consumption stimulation package by the PRC government. According to the forecast of the State Information Center, the annual growth of passenger vehicles in 2010 will be 18%. Based on the forecast of overall automobile market as well as its present production capacity of 360,000 units, the Sedan Company will take proactive measures to tackle technical and production bottleneck to further exploit production capacity. At the same time, an annual production and sales target of 386,000 units for 2010 has been set. In 2010, Guangzhou Component will continue to monitor the development of relevant sedan plants and initiate project expansion strategies, which are in line with its economic development and the long-term interests. Guangzhou Component considering the business development and expansion of the Group as opportunities, Guangzhou Component strives to explore new pattern of scientific development with new thinking, for a breakthrough in developing the chassis and vehicle powertrain system. In 2010, Guangzhou Component will continue to expand automotive component market and products categories, to put more emphasis on indigenous innovation, to minimize costs and to enhance product quality so as to maintain steady growth. In future, the Group will further exploit the automotive market as well as identifying opportunities under such intricate market environment, in order to effectively implement its business targets and thereby increasing returns for its shareholders.

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