slide1 n.
Download
Skip this Video
Loading SlideShow in 5 Seconds..
CSR 2013 Annual Results Announcement PowerPoint Presentation
Download Presentation
CSR 2013 Annual Results Announcement

Loading in 2 Seconds...

play fullscreen
1 / 39

CSR 2013 Annual Results Announcement - PowerPoint PPT Presentation


  • 97 Views
  • Uploaded on

CSR 2013 Annual Results Announcement. Apr. 2014. Disclaimer.

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

CSR 2013 Annual Results Announcement


An Image/Link below is provided (as is) to download presentation

Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
disclaimer
Disclaimer

This document has been prepared by China South Locomotive & Rolling Stock Corporation Limited (the “Company”). The information contained in this document has not been independently verified. No representation or warranty express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. The information contained herein is subject to change, and the Company is under no obligation to correct or update any such forward-looking information or any other information contained in this document. The Company shall not have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document.

The information contained in this document related to the Company and other issues may contain forward-looking statements that reflect risks and uncertainties. The opinion and the forward-looking statements concerning China’s economy and transportation equipment manufacturing industry in China and around the world are based on a range of assumption, which are restricted by some known and unknown risks, including the factors that are beyond the Company’s control. Therefore, the actual results may significantly differ from the forward-looking statements or explicit or implicit opinions. None of the Company nor any of its respective affiliates, advisors or representatives shall have any liability to update the above-mentioned opinions or forward-looking statements based on the issues and matters happened after the date of completion of such document.

This presentation documentis not intended to constitute an offer to, or a solicitation for offer to, sell, purchase, or subscribe thesecurities of the Company. This document, as a whole or in part, shall not constitute a basis for any contracts or commitments, which also shall not be used as a reliable source for any contracts or commitment. Any purchase or subscription will be made exclusively by means of the Company’s announcement.

Page 1

table of content

I

II

III

IV

2013 Annual Results Summary

2013 Operation Review

2013 Financial Performance Review

2014 Outlook

Table of Content
slide4

2013 Annual Results Summary

Page 3

Page 3

slide8

2013 Operation Review

Page 7

Page 7

new orders backlog
New orders & backlog

New Orders

Backlog as of Year End

RMB bn

Page 8

revenue growth of major segments
Revenue growth of major segments

Revenue FY13 vs. FY12

YOY +20%

YOY -5%

YOY +38%

YOY +4%

YOY -15%

YOY -11%

YOY +22%

RMB mn

RMB MN

RMB MN

Revenue 2H13 vs. 2H12

YoY +64%

YoY -2%

YoY +28%

YoY +83%

YoY +7%

YoY +22%

YoY -13%

RMB MN

RMB mn

Locomotives

Passenger Carriages

Freight Wagons

Multiple Units

Rapid Transit Vehicles

New Business

Others

slide11

Multiple Units

Multiple Units Revenue

Multiple Units Sales Volume

  • MU new orders surged to 269 trains / RMB40.6 billion in China in 2013, market share over 50%.
  • 2013 MU sales 880 units, -8.3%YoY; MU revenue -10.9% YoY, due to low delivery in 1H13.
  • 2H13 MU revenue +82.8%YoY driven by strong orders in 2H13.
  • Improved platform for inter-city MU trains.
  • Complete the first prototype car of intelligent HS train in China.
  • CSR “experimental train of higher speed” attained the laboratory speed of 605km per hour.

Units

RMBmn

Strong new orders in 2013 will support decent growth in 2014.

slide12

Locomotives

Locomotives Revenue

Locomotives Sales Volume

  • CSR inked orders and delivered high-powered AC locomotives of 459 units, market share >50%.
  • CSR obtained all the orders from non-railway high-powered AC locomotives In China in 2013.
  • Locomotives sales 650 units, +16.5%YoY; revenue from locomotives +37.9%YoY in 2013.
  • Locomotives export to South Africa were produced and delivered in 2013.
  • Made progress in railway heavy loading capacity, high-speed and AC transmission technology.

Units

RMBmn

slide13

Rapid Transit Vehicles

Rapid Transit Vehicles Revenue

  • RTV 2013 sales 1,441 units, +7.9%YoY; revenue from RTV +3.8%YoY.
  • CSR won 20 RTV projects among total 34 RTV projects in 20 cities in China in 2013.
  • As of YE13, among RTV projects in 28 cities, CSR entered into 21 cities; of which 12 cities offered CSR exclusive contracts; CSR won 13 out of 27 projects in the RTV traction system market, leading the market.
  • R&D focus was on future-oriented and environmental friendly products.

RMBmn

slide14

Passenger Carriages & Freight Wagons

Freight Wagons Revenue

Passenger Carriages Revenue

  • CSR passenger carriages 2013 sales 1,366 units; revenue RMB6.59bn, -15.0%YoY.
  • CSR passenger carriage 2013 new orders 1,418 units.
  • CSR freight wagons 2013 sales 18,015 units; revenue RMB9.93bn, -4.7%YoY.
  • In 2013, over 300,000 freight wagons produced by CSR were running on China major railway lines.

RMBmn

RMBmn

slide15

New Business

  • New business 2013 revenue RMB13.05bn, +19.7%YoY.
  • CSR delivered c.100 units of wind turbines totaling RMB2bn in 2013, and signed RMB2.09bn contract of wind power generation motor with Goldwind Science.
  • Annual sales of new energy vehicles exceeded 1,000 units for the first time.
  • Photovoltaic inverter and electric system new contract exceeded RMB200mn in 2013.
  • IGBT product packaging line completed, the first self-developed high-power IGBT product line in China.
  • CSR completed a cross-border acquisition for 55% stake in E+M Drilling Technologies in Germany in August 2013 for truck-mounted drilling rig business.
  • A subsidiary of CSR entered into a purchase agreement in Dec 2013 to acquire the entire rubber and plastic business of ZF Friedrichshafen AG (the “BOGE”).

New Business Breakdown in FY13

Revenue from New Business

RMBmn

+19.7%YoY

slide16

Export

CSR’s Major Overseas Orders Since 2013

  • CSR inked overseas orders of US$2.23 billion in 2013, record high, with 40 countries or regions including Argentina, Malaysia, Australia, Kazakhstan and etc.
  • CSR received nearly US$1.0bn MU orders from Argentina, the largest export order of inter-city MUs in China.
  • In 2013 only, CSR obtained 3 orders from Malaysia market, total US$400mn.
  • Improved overseas marketing network and localized operation.
rapid enhancement in r d
Rapid Enhancement in R&D

Total Technology Investment

Page 16

slide18

Major R&D breakthroughs in 2013

  • Multiple Units:
  • - Completed the first prototype of intelligent high-speed train
  • - “Experimental train of higher speed” attained the lab speed of 605km/hr
  • Locomotives:
  • - Significant progress in heavy loading capacity, high-speed and AC transmission technology
  • - Launched high-power locomotives with varying axle arrangement and traction powers
  • Rapid transit vehicles:
  • - Focus on future-oriented and environmentally friendly products development
  • - New technologies for maglev system, super-capacitor storage, permanent magnet motor
  • drive, the articulated bogie technology etc.
  • Freight wagons:
  • - Trial-produced 27t axle load vehicles outperformed peers in dynamic and compatibility test
  • - Adopted world leading integrated braking device technology in 30t axle load aluminum alloy
  • coal hopper wagon
  • New business:
  • - Independently developed China’s first EBZ260 vertical axis hard rock boring machine
  • - Completed the first full-load hybrid electric bus and first super-capacitor trolley bus
  • - CSR’s electric business vehicles listed in 2014 national science and technology plan
maintenance business
Maintenance Business
  • Multiple Units:
  • - Taking CRH380A MU for example, in its full life circle of 20 years, it needs 8 times of level
  • III overhaul, 4 times of level IV overhaul and 3 times of level V overhaul.
  • - In 2013, MU maintenance orders obtained by CSR involved 328 MU trains.
  • Locomotives:
  • - 3 categories locomotive maintenance: overhaul (every 6 years), medium maintenance
  • (every 2 years), and aided repair;
  • - Overhauls and certain medium maintenance should be conducted by manufacturers.
  • - In 2013, CSR obtained repair orders for 1,195 units of locomotives.
  • Rapid transit vehicles:
  • - Inspection and repair scheme combines scheduled inspection and repair with improvised
  • maintenance.
  • Passenger Carriages:
  • - Type 25G passenger carriage inspection and repair comprises three categories: A1, A3
  • (depot repair) and A4 (shop repair);
  • - The cycle of A4 repair: 2.4±0.6 mn km or 10 years operation.
  • Freight wagons:
  • - Follow the “preventive maintenance plan”, supplemented with condition-based repair.

Page 18

slide21

Revenue

Revenue Growth

Product Mix

RMB mn

YoY Growth= 8.4%

slide22

Profit & Margin Trend

Gross Profit & Gross Margin

Net Profit & Net Margin

RMB MN

RMB mn

RMB mn

slide23

EPS & ROE

EPS

Return on Equity

RMB cent

YoY Growth= 0.3%

dividend distribution
Dividend Distribution

Cash Dividend

DPS

RMB mn

slide25

Improving Ability of Cost Control

Improving Ability Of Cost Control

RMB mn

optimized financial structure
Optimized Financial Structure

Current Ratio

Interest Coverage, Liability to Asset Ratio

Quick Ratio

turnover ratio
Turnover Ratio

Account Receivable

Inventory

  • Note:
  • Sales and delivery of MUs and locomotives to CRC surged in 4Q13, causing higher receivable and lower inventory as of YE13.
slide28

2014 Outlook

Page 27

slide29

Newly Added Railway Operating Length

Increasing Railway Operating Length in China

Period-end Railway Operating Length in China

Railway operating length 2005-2015E

Source: MOR Bulletin, National Bureau of Statistics

Source: MOR Bulletin, National Bureau of Statistics

Note: high-speed railway incl. all railways with max speed > 200km/h

1,000km

Source: MOR Bulletin, National Bureau of Statistics

slide30

Investment in Railway Equipment Growing

Railway Basic Construction FAI

Railway Upgrading and Vehicle Procurement FAI

RMB bnn

Source: MOR/CRC

slide31

High-speed Railway (incl. all railways with max speed >200km/h)

EMU Units in Operation

High-speed Railway Transport Volume

YE High-speed Railway Length

Newly Added High-speed Railway Length

Source: MOR/CRC

Source: MoR/CRC

Source: CRC, NBS

Source: CRC, NBS

slide32

Railway Global Comparison

The second longest railway length in the world

A gap between China and developed countries

for per-capita railway length

1,000km

m/per capita

  • As of YE13 the length of railways in operation of China amounted to around 103,000km, ranking No. 2 in the world.

Source: the World Bank, MOR, data above excluding HK, Macau and Taiwan

Source: the World Bank, MOR, data above excluding HK, Macau and Taiwan

slide33

Rapid Transit Vehicles Enjoy Unprecedented Development Opportunity

Delivery of rapid transit vehicles in China

Length of MTR in China

Source: Local gov plans, CEIC

slide34

Per-capita MTR length

MTR Global Comparison

Global major cities’ MTR length

Km/mn person

Source: World Metro Database

slide35

Export Outlook

  • Highlights:
  • CSR inked an RMB12.8bn locomotives order from South Africa Transnet in March 14, China’s historical largest rolling stock export
  • CRH380A, as a fist product in the Premier’s promotion of China’s high-speed railway, has become a spectacular card in China’s high-speed railway diplomacy and also a major model of the high-speed railways of China in overseas display.
  • Under the favorable situation brought about by the “high-speed railway diplomacy” promoted by the PRC government, CSR will achieve more breakthroughs in high-speed MU export.
slide37

2014 Business Plan

Promote enterprise reform and development

2014

revenue

growth

target:

over 10%

Step up innovation

Reinforce scientific management

Expand the market and development area

Strengthen the soft power of the enterprise

slide38

The main strategic goal of CSR “12th Five Year Plan”

2014

2012年

CSR “12th Five-Year Plan” Strategic Goal

2015

2015年

World-class enterprise with international competitiveness

Total revenue exceeds RMB100bn

2010

2010年

377

One of Top 3 in the global industry by sales size

Creating a famous world brand—CSR

slide39

Thank You

Page 38