1 Announcem ent 15 August 20 12 20 12 Interim Results Stock Code: 01828
FORWARD-LOOKI NG STATEMENTS Certain statements contained in this presentation maybe viewed as forward-looking statements. Such forward- looking statements represent the Company’s expectations or beliefs concerning future events and involve known and unknown risks and uncertainty that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. 2
AGENDA • 1H2012 Performance Highlights – by Mr. Clement Hui, Chairman • 1H2012 Group Performance – by Mr. Donald Yip, Chief Executive Officer • Operation Review & Outlook – by Mr. Donald Yip, Chief Executive Officer • Corporate Objective and Strategies – by Mr. Clement Hui, Chairman • Q&A 3
4 Performance Highlights Mr. Clement Hui Chairman 1H2012
PERFORMANCE HIGHLIGHTS Group Turnover Profit from operations HK$’M HK$’M 50,000 2,000 1,861 46,109 40,000 1,464 1,500 32,211 19.3% 3.8% 30,000 993 965 955 23,636 1,000 22,209 854 19,814 19,496 20,000 16,050 584 500 10,000 0 0 2007 2008 2009 2010 2011 2011 2012 2007 2008 2009 2010 2011 2011 2012 Six months Six months Year ended 31 December Year ended 31 December ended 30 June ended 30 June 5
PERFORMANCE HIGHLIGHTS (cont’d) Profit Attributable to Dividend per share Shareholders HK$’M HK Cents 2,000 30 Final dividend I nterim dividend 25 1,422 1,500 1,323 12.74 20 12.77 18.9% 1,000 15 801 704 650 11.29 10 558 520 2.95 500 14.30 11.78 10.68 5 6.43 4.51 2.13 0 0 2007 2008 2009 2010 2011 2011 2012 2007 2008 2009 2010 2011 2012 Six months Six months Year ended 31 December Year ended 31 December ended 30 June ended 30 June 6
7 Chief Executive Officer Group Performance Mr. Donald Yip 1H2012
1H2012 GROUP PERFORMANCE For the period ended 30 June 2012 HK$'M 1H2012 1H2011 yoy Turnover 23,636 19,814 + 19.3% GP Margin 11.8% 12.6% -0.8% pt Profit from operations 955 993 -3.8% Profit attributable to shareholders 650 801 -18.9% Adjusted net profit * 538 652 -17.5% Adjusted net profit margin 2.3% 3.3% -1.0% pt Note: * The adjusted net profit for the period excluding non-operating items such as net gain on remeasurement of investment properties and property held for sale and other non-operating items. 8
1H2012 GROUP PERFORMANCE (cont’d) For the period ended 30 June 2012 1H2012 1H2011 yoy Basic earnings per share 35.64 HK cents 44.06 HK cents -19.1% I nterim dividend per share 11.78 HK cents 14.30 HK cents -17.6% NAV per share HK$4.82 HK$4.37 + 10.3% Return on equity (annualised) 16.1% 22.3% -6.2% pt 9
TURNOVER * - BY BUSINESS SEGMENTS 1H2012 1H2011 Food & Logistics & Logistics & Food & Consumer Others Others Consumer Products 1.0% Products 1.0% 17.2% 18.6% Motor & Motor & Motor Motor Related Related 80.4% 81.8% yoy % change Motor and Motor Related Business + 21.3% Food and Consumer Products Business + 10.4% Logistics Business + 27.4% Note: * For sales to third parties only 10
TURNOVER * - BY MARKETS 1H2012 1H2011 Other Hong Kong & Markets Other Hong Kong & Macao 5.0% Markets Macao 19.7% 5.8% 21.4% Mainland Mainland China China 75.3% 72.8% yoy % change Mainland China + 23.5% Hong Kong & Macao + 9.5% Other Markets + 3.1% Note: * For sales to third parties only 11
CONSOLIDATED BALANCE SHEET ANALYSIS HK$'M 30 Jun 2012 31 Dec 2011 Non-current assets 5,700 5,962 Current assets 16,248 14,860 Current liabilities 10,480 10,057 Net current assets 5,768 4,803 Current ratio 1.55 1.48 Non-current liabilities 2,668 2,290 Net assets 8,800 8,475 Non-controlling interests 523 566 Shareholders' funds 8,277 7,909 12
CONSOLIDATED CASH FLOW STATEMENT HIGHLIGHTS HK$'M 30 Jun 2012 30 Jun 2011 Profit from operations 955 993 Depreciation, Amortisation & Other non-cash items 180 168 Operating profit before changes in working capital 1,135 1,161 I ncrease in working capital (2,212) (20) Cash (used in) / generated from operations (1,077) 1,141 I ncome tax paid (308) (187) Net cash (used in) / generated from (1,385) 954 operating activities Net cash generated from / (used in) 1,116 (73) financing activities Net cash used in investing activities (383) (539) Net (decrease) / increase in cash and cash (652) 342 equivalents 13
LIQUIDITY ANALYSIS HK$'M 30 Jun 2012 31 Dec 2011 Cash and bank deposits 2,033 2,854 Total debt 7,253 5,784 Net debt 5,220 2,930 Shareholders' funds 8,277 7,909 Total capital 13,497 10,839 Net gearing ratio 38.7% 27.0% 14
ASSET DISPOSAL Disposal of an investment property in Hong Kong 58-60 Sai Yeung Choi Street, Mong Kok Completion: On or before 28 Dec 2012 HK$'M Consideration 405 Related selling expenses (3) Carrying amount of the property as at 31 Dec 2011 (324) Gain on remeasurement: 78 15
16 Operation Review & Outlook Chief Executive Officer Mr. Donald Yip
MOTOR AND MOTOR RELATED BUSINESS Segment Turnover Segment Result From Operations HK$’M HK$’M 37,183 1,672 1,301 24,643 927 19,322 815 761 15,929 15,652 641 12,800 483 10,183 FY2007 FY2008 FY2009 FY2010 FY2011 1H2011 1H2012 FY2007 FY2008 FY2009 FY2010 FY2011 1H2011 1H2012 Segment Turnover Segment Result From Operations Segment Margin % of % of HK$'M 1H2012 1H2011 1H2012 1H2011 1H2012 1H2011 Change % Change % Change % total total Mainland China 16,207 83.9% 12,965 81.4% 25.0% 595 731 -18.6% 3.7% 5.6% -1.9% pt Hong Kong & Macao 2,343 12.1% 2,229 14.0% 5.1% 164 183 -10.4% 7.0% 8.2% -1.2% pt Other Markets 772 4.0% 735 4.6% 5.0% 2 13 -84.6% 0.3% 1.8% -1.5% pt 19,322 100.0% 15,929 100.0% 21.3% 761 927 -17.9% 3.9% 5.8% -1.9% pt 17
MOTOR AND MOTOR RELATED BUSINESS – 1H2012 Operation Review Mainland China No. of new vehicle sold (units) in 1H2012 DCH PRC Market 1H12 change % 1H12 change % 33,352 +15.3% 7.6M +7.1% Passenger Cars Commercial Vehicles 7,803 +8.6% 2.0M -10.4% Total 41,155 +13.9% 9.6M +2.9% OUTPERFORM Distributorship Sold over 980 units (1H11: 620 units) +57.5% Sold approx. 4,400 units (1H11: 3,500 units) +24.8% 18
MOTOR AND MOTOR RELATED BUSINESS – 1H2012 Operation Review (cont’d) Mainland China Dealership (4S shops) 66 shops (FY11: 65), added Ferrari / Maserati shop in Xiamen 19 greenfield rights secured: Bentley (5) Chevrolet (2) FAW Audi (2) FAW Toyota (5) SGM Buick (1) Lexus (4) Same Store Growth: New car sales unit: +3.5% Service unit: +9.3% After-sales service revenue: +23.4% New Dealership Network New car sales revenue: +16.9% After-sales service revenue: +33.4% (accounted for 9.2% of total dealership revenue) 19
MOTOR AND MOTOR RELATED BUSINESS – 1H2012 Operation Review (cont’d) Hong Kong & Macao DCH Sales: over 4,800 units HK Market share: 18.8% • Sales volume growth: +51.4% +11.4% • • Soft launched in May 2012 I NFI NI TI – Opening Ceremony • more than 150 units has been delivered since 2011 Other Markets • Taiwan: 3 dealerships in Taipei, Hsinchu and New Taipei City are well operating Showroom and service centre in Taipei were opened in May 2012 • Singapore: Sales unit dropped 10.1% with a restricted no. of COE for new vehicles 20
MOTOR AND MOTOR RELATED BUSINESS – Outlook 2012 Mainland China PRC market: Expect to grow by a mid-single digit Distributorship • Continue to be affected by the slowdown of the economy, yet we still expect a yoy growth • Imported commercial vehicle is affected by the slowdown of the infrastructure projects, and the strong Japanese Yen Dealership • Sales volume is expected to outperform the market, with 11 greenfield shops including Bentley , Chevrolet , FAW Audi , FAW Toyota and Lexus to be opened in 2H12 • After-sales service remains strong and continue to grow • Inventory level will be lowered towards the end of the year • GP margin has stabilised 21
MOTOR AND MOTOR RELATED BUSINESS – Outlook 2012 (cont’d) Hong Kong Vehicle market: Steady • showroom will be opened in 2H12 • The 1 st electric bus will be delivered in August 2012 • Plan to add 2 new MotorMech service outlets • Appointed as distributor of SINOTRUK truck ( 中國重汽 ) Electric Bus Other Markets Taiwan – Taipei showroom and bodywork shop will be opened – Showroom and service centres in Taichung and Kaohsiung will be in operation in 3Q12 22
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