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Public company info - CIMC-TianDa Holdings Company Limited , 00445.HK

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CIMC-TianDa Holdings Company Limited, 00445.HK - Company Profile
Chairman Li Yin Hui
Share Issued (share) 16,638,000,000
Par Currency Hong Kong Dollar
Par Value 0.01
Industry Industrial Goods
Corporate Profile Business Summary: The Group is engaged in the business of (i) manufacture and sale of airport facilities which comprises mainly passenger boarding bridges and ground support equipment such as airport apron buses, aircraft catering vehicles and other specialised vehicles; (ii) the provision of engineering and computer software solutions for baggage, cargos and materials handling and warehousing systems; (iii) manufacture and sale of automated parking systems; and (iv) manufacture and sale of fire engines and fire equipment and mobile fire stations and rescue stations. Performance for the year: The Group reported another year of record high revenue of RMB5,957.7 million for the year ended 31 December 2019, represented a growth of 36.4% as compared to last year. Profit for the year increased 25.1% to RMB244.1 million. Business Review The Group’s revenue and profit for the year was mainly contributed by the airport facilities segment and the firefighting and rescue segment. An analysis of the Group’s business by its business segments are stated below. As the acquisition of Albert Ziegler GmbH (“Ziegler”) was accounted for using the principles of merger accounting in accordance with the AG 5 “Merger Accounting for Common Control Combinations”, the comparative figures of the consolidated financial statements for 2018 have been restated to include the financial information of Ziegler. The basis of accounting for the Ziegler Acquisition is explained in more detail in the “Basis of preparation” in Note 2.1 to the consolidated financial statements. Airport facilities and automated parking systems Revenue: RMB1,573.4 million (2018: RMB1,357.3 million); segment profit before income tax: RMB183.1 million (2018: RMB173 million) The airport facilities and automated parking systems segment includes primarily the design, manufacturing, installation and sale of three major categories of products and services: the passenger boarding bridges (PBB) and the ground support equipment (GSE) and the automated parking systems (APS). Among the three of them, PBB has contributed over 84% and 94% of the segment’s revenue and profit before income tax, respectively. Revenue and profit growth for the year was mainly attributable to (i) the completion of a number of sizable contracts including those for airports in Qingdao, Beijing and Pudong of Shanghai; and (ii) the increase in revenue from the provision maintenance and renovation services as a result of the new service centres in China and Europe established in recent years. The Group has successfully outplayed its competitors to secure contracts with many domestic and foreign airports operators during the year. It has been selected the supplier of PBB and certain other PBB-mounted equipment to the airports in Shenzhen, Chengdu and Kunming for a total sum of exceeding RMB800 million. The single contract with Chengdu Tianfu International Airport amounted to approximately RMB518.5 million is the largest contract, in terms of value, the Group has ever obtained. The Group also won two tenders in Germany and Serbia amounted to approximately RMB200 million during the year, of which, the one for providing PBB to the Frankfurt airport at approximately RMB152 million is the largest bid offered, in terms of amount, for PBB in Germany in a decade. Included in the profit for 2018, there was a one-off gain of approximately RMB11 million in respect of the APS business, for a previously written off debt recovered after winning the lawsuit. Apart from profit margin, many other non-monetary factors would be considered during bid price determination, such as the effect on the Group’s brand building, market breaking or sales networking. Short term profit may sometimes give way to long-run benefits. The achievements are all built from the reputation the Group has for its highly recognised products and services. To maintain its leading position, the Group has always been keeping pace with the market development. Great effort has been placed on the adoption of artificial intelligence technologies in recent years. The newly developed and the world’s first Smart Bridge System, which connect passengers boarding bridges to aircraft doors automatically with no manual intervention, has made its debut in the Amsterdam Airport Schipho in 2019. The Smart Bridge System, together with the Visual Docking Guidance System (VDGS) and the SCADA System, which aim at enhancing the operating efficiency of airports, are expected to push forward series of equipment upgrade in the global airports and bring along the Group opportunities for further expansion in the market for PBB and its supporting equipment. Leverage on the Group’s strong connections in the aviation industries, sale of the GSE equipment, mainly airport apron buses, aircraft catering vehicles, cargo loaders and other specialised vehicles and PBB-mounted equipment like pre-conditioned air units (PCA), has been going upward in recent years. Growth in PCA is particularly remarkable with the production technologies the Group mastered getting matured. Over a thousand PCAs have been sold to over 60 airports in the world. PCAs is an attractive alternative to auxiliary power unit (APU) in supplying comfortably conditioned air to travelers in cabin of aircrafts connected with PBB. They reduce the aviation fuel consumption and the greenhouse gas emissions and other pollutions caused by the aircrafts at boarding gates. The PCAs, the electric apron buses and other electric airport special vehicles of the Group under development are all important elements of a “Green” airport. Following the issuance of the “Three-Year Action Plan to Win the Blue Sky Defense War” by the State Council of the PRC in 2018, the Civil Aviation Administration of China has prohibit the use of APU at boarding gates from 1 January 2019 and requested the equipment of APU-substitute facilities in all PBBs in use by end of 2020. The Group is ready to grasp a bigger slice of the enlarged market from the policies announced. For the APS business, although the Group has successfully developed the mechanical intelligent stereo bus parking system (機械式智慧公交車立體停車庫) and the technology of multifunctional station of electric bus parking system (新能源大巴立體停車綜合場站技術) and has obtained the first contract during the year, its performance has not been satisfactory. The Group is considering future development path of the APS business, including the introduction of new investors to take the lead of its development or simply the sale of all the equity interests, such that resources can be streamlined to other core businesses. Firefighting and rescue Revenue: RMB3,455.1 million (2018: RMB2,129.2 million); segment profit before income tax: RMB173.4 million (2018: RMB48.2 million) As explained in more detail in the “Basis of preparation” in Note 2.1 to the consolidated financial statements, merger accounting was adopted in consolidating the financial statements of Ziegler into that of the Group, the comparative figures of the segment revenue and profit for 2018 were thus, restated to include that of Ziegler’s as if it had been a subsidiary of the Group since 1 January 2018. Since the acquisition of the Shanghai Jindun Special Vehicle Equipment Co., Ltd. (上海金盾特種車輛有限公司) (“Shanghai Jindun”), Shenyang Jietong Fire Truck Co., Ltd (瀋陽捷通消防車有限公司) (“Shenyang Jietong”) and Ziegler completed, the Group’s Firefighting and rescue business have extended to a great extent in terms of geographical market coverage, product portfolio and production capacity. The surge in revenue and profit before income tax of the segment for the year was primarily attributable to (i) the contributions from Shanghai Jindun, Shenyang Jietong since completion of the acquisitions; (ii) the full year contributions from Sichuan Chuanxiao for 2019 in contrast with the eight months from May to December only for 2018 due to the adoption of reversion acquisition accounting after the completion of the Pteris Acquisition (details has been set out in note 2.1 “Basis of preparation” to the consolidated financial statements); and (iii) growth in revenue and profit of Sichuan Chuanxiao due to increased orders from the fire brigades. Shanghai Jindun and Shenyang Jietong contributed, in total, revenue of approximately RMB857.2 million and segment profit before tax of RMB86.8 million for the year, after adjustment for the additional depreciation and amortization of fair value adjustments of net identifiable assets at date of acquisitions. In addition to acquiring fire engines manufacturing companies with high potential, in response to the national plans for the development of micro fire stations in China, the Group is expanding its firefighting and rescue business by tapping into the emerging mobile fire stations and emergency rescue stations market. In July 2019, the Group established a new subsidiary primarily engaged in, amongst others, the design, technology development, sale and installation of mobile fire stations and emergency rescue stations. Mobile fire and emergency rescue stations, established by assembling container-converted modules of different functions, are characterised with short construction time, space saving, great flexibility and eco-friendly. It is a high-potential market given the urgent demand for a large number of fire stations in China to fill up the deficiencies in exist. The strategic expansion blueprint of the Group in respect of its firefighting and rescue business is taking shape following the completion of the Ziegler Acquisition. The Group’s sales and operation network has covered the entire market in China and a substantial part of Europe and products spanned over a wide range of categories from conventional fire-fighting vehicles to aerial lifting trucks, airport trucks and other special vehicles. The current challenge is on integration of the acquired entities and on which the Group will put great effort in the coming years. The Group will explore opportunities for further expansion into markets that currently has few footholds, in particular, the US and south-east Asia. Apart from general product upgrade, emphasis will also be put on research on the application high-end technologies like artificial intelligence and Internet of Things. Materials handling systems (logistics)(MHS) Revenue: RMB929.1 million (2018: RMB881.1 million); segment profit: RMB17.9 million (2018: RMB19.4 million) There was slight increase in the segment’s revenue from the sale of smart warehousing systems and the airport baggage systems. Segment profit decreased, on the other hand, because of an impairment loss on goodwill amounted to RMB5.3 million. The performance of the materials handling systems segment has not been up to standard. The unsatisfactory performance was primarily due to mismanagement especially the progress and costs control of the projects in US have still been far lagged behind despite the reformation of the US team last year. The Group has undergone a series of internal restructuring to streamline the organization structures of the segment with clear responsibilities assignment, and further efforts on improving the project management in respect of the US projects. Resources are now focused on soliciting quality customers in industries with good prospects and where the Group has experience and connections such as E-commerce suppliers, furniture manufacturers and airports. The historical issues from the old days have been resolved. With the US part no longer a burden, a new page for the segment in 2020 is in anticipation. Prospects: The group aim to lead the market in all the businesses the Group engaged in. The group play a pivotal role in the airport facilities business (especially the passengers boarding bridges business) and also the firefighting and rescue business. The Group have conducted series of internal restructuring to the logistics segment in an attempt to turnaround its unsatisfactory performance caused by the management problems. Different proposals are under consideration to tackle the long time underperformed automatic parking system business, including disposal. The Board is mindful to deliver value to The group’s shareholders. The Company has adopted a dividend policy and intends to pay out an annual dividend payment at a payout ratio of not less than 25% of the profit attributable to owners of the Company for a financial year. I am delighted that the Board is recommending a dividend of HK0.42 cent per share for 2019. The dividend is to be paid out of share premium account of the Company and is subject to approval of the shareholders at the general meeting of the Company to be convened. The group endeavour to maintain a sustainable return to The group’s shareholders in the long term, though it is not an easy task amidst all the risks and challenges from the changing macro-economic environment, swift technological updates and ever-intensifying competitions. The recent outbreak of the novel coronavirus has posed a serious threat to the global community. Though it is difficult to tell how severe the impact will be at this point of time, the Group’s sales, purchases, production and goods and service delivery will inevitably be affected by the travel restrictions, the supply chain disruptions and the weak consumption market. Thinking positively, this may enhance The group’s crisis management skills and the economic assistance policies that may be put forward later by the governments could possibly create us waves of opportunities.

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