1 / 39

CSR 2013 Annual Results Announcement

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

robyn
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. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. CSR 2013 Annual Results Announcement Apr. 2014

  2. 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

  3. I II III IV 2013 Annual Results Summary 2013 Operation Review 2013 Financial Performance Review 2014 Outlook Table of Content

  4. 2013 Annual Results Summary Page 3 Page 3

  5. Summary of P/L Statement Page 4

  6. Summary of B/S Page 5

  7. Summary of C/F Statement Page 6

  8. 2013 Operation Review Page 7 Page 7

  9. New orders & backlog New Orders Backlog as of Year End RMB bn Page 8

  10. 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

  11. 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.

  12. 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

  13. 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

  14. 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

  15. 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

  16. 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.

  17. Rapid Enhancement in R&D Total Technology Investment Page 16

  18. 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

  19. 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

  20. 2013 Financial Performance Review Page 19 Page 19

  21. Revenue Revenue Growth Product Mix RMB mn YoY Growth= 8.4%

  22. Profit & Margin Trend Gross Profit & Gross Margin Net Profit & Net Margin RMB MN RMB mn RMB mn

  23. EPS & ROE EPS Return on Equity RMB cent YoY Growth= 0.3%

  24. Dividend Distribution Cash Dividend DPS RMB mn

  25. Improving Ability of Cost Control Improving Ability Of Cost Control RMB mn

  26. Optimized Financial Structure Current Ratio Interest Coverage, Liability to Asset Ratio Quick Ratio

  27. 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.

  28. 2014 Outlook Page 27

  29. 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

  30. Investment in Railway Equipment Growing Railway Basic Construction FAI Railway Upgrading and Vehicle Procurement FAI RMB bnn Source: MOR/CRC

  31. 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

  32. 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

  33. Rapid Transit Vehicles Enjoy Unprecedented Development Opportunity Delivery of rapid transit vehicles in China Length of MTR in China Source: Local gov plans, CEIC

  34. Per-capita MTR length MTR Global Comparison Global major cities’ MTR length Km/mn person Source: World Metro Database

  35. 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.

  36. China’s Railway Diplomacy

  37. 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

  38. 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

  39. Thank You Page 38

More Related