Upload
others
View
0
Download
0
Embed Size (px)
Citation preview
SANY HEAVY EQUIPMENT INTERNATIONALHOLDINGS COMPANY LIMITED三一重裝國際控股有限公司
FY 2012 Results
1
Part I: Financial Review
(RMB million) 2012 2011 Changes
Turnover 3640.7 3780.2 -3.7%
Gross profit 1328.7 1525.7 -12.9%
Net profit 500.0 774.4 -35.4%
Total asset 7979.2 7466.2 6.9%
Net asset 5695.7 5373.8 6.0%
ROE 8.8% 14.4% -5.6PPs
Debt-to-assets ratio 28.6% 28.0% +0.6PPs
Key Performance of 2012
2
Regional distribution of revenues
3
Northwest ChinaShaanxi, Gansu, Ningxia, Qinghai,Xinjiang
Central ChinaHenan Province, Hubei Province, Hunan Province
Western ChinaSichuan Province, Yunnan Province,
Guizhou Province, Chongqing Province
Northeast ChinaHeilongjiang, Jilin, Liaoning
Northern ChinaBeijing, Tianjin, Hebei Province,Shanxi Province, Ordos in Central Inner Mongolia Autonomous Region
Eastern ChinaShanghai, Jiangsu,Zhejiang, Anhui, Fujian,Jiangxi, Shandong
Product mix
17.4%
43.1%
22.5%
4.1%
6.8%
6.1%
19.8%
46.2%
20.0%
4.3%
6.7%3.0%
Steel MachineryOther materials Labour costManufacturing expenses Spare parts
4
67.3%
15.8%
0.0%
16.9%
55.1%
21.6%
5.6%
17.7%
Roadheader CCMU
Mining vehicle Spare parts and others
2011 2011
2012 2012
-12.2PPs
5.6PPs
0.8PPs
5.8PPs
Cost mix
185.8 170.1
196.2 204.9
2011 2012
461.7
5
Administrative expenses (including R&D)
Sales&distribution expensesRMB million
465.3
566.0
2011 2012
RMB million
415.9
12.3%
15.5%
5.8% 7.1%
33.9 86.7
6
91.3
126.8
2011 2012
Inventory turnover days
170.0
236.0
2011 2012
Trade and bills receivables turnover days
82.2 115.3
2011 2012
Trade and bills payablesturnover days
179.1 247.5
2011 2012
Operating days
Cash Flows
(RMB million) For the year ended 31 December
2012 2011
CASH FLOWS FROM OPERATING ACTIVITIES 86.3 (219.6)
CASH FLOWS FROM INVESTING ACTIVITIES 237.8 111.7
CASH FLOWS FROM FINANCING ACTIVITIES 46.6 (157.5)
NET CASH FLOWS 370.7 (265.4)
Cash and cash equivalents at beginning of year 477.5 762.5
Effect of foreign exchange rate changes 0.3 (19.6)
CASH AND CASH EQUIVALENTS AT END OF YEAR 848.6 477.5
7
Financial Strategies
8
ROE improvement
To improve the Operating efficiency To control the pace
of the capitalinvested
To maintain a relatively lowleverage level
To implement astrict remittance
assessment
To adopt the rollingbudget system
To maintain a stable dividend
distribution policy
9
Part II: Operating Strategies
15
10
Industry Overview—2012
Ø The speed of growth for coal-fired electricity had a significant
pullback in 2012 and rebounded in December.
Ø It also began in April when coal prices started to drop drastically
from a high level.
Ø The growth of fixed assets investment of the coal industry started
to decline in April.
0%
10%
20%
30%
40%
50%
60%
70%
0
1000
2000
3000
4000
5000
6000
Feb-06 Aug-07 Feb-09 Aug-10 Feb-12
Fixed assets investment (accum.) Year-on-year (accum.)
400
600
800
1000
10-01-04 10-09-04 11-05-04 12-01-04 12-09-04
Qinhuangdao Shanxi blended high grade > 5500 kcal
-20.0%-10.0%
0.0%10.0%20.0%30.0%40.0%50.0%
2007-01 2008-05 2009-09 2011-01 2012-05
Thermal power generation (y-o-y %)
u 27 March, Sany Heavy Equipment held a national promotional tour with the theme “Witness the No.1Power” for its integrated coal mining equipment which covered cities and regions such as Ordos,Chengdu, Nanchang, Huaibei, Xuzhou and Zhengzhou, during which we met over three thousandcustomers from mega coal mining enterprises.
u 20 April, Sany Heavy Equipment was invited to participate in the 40th International Exhibition ofInventions in Geneva, and its exhibition project “Mining Machineries” received a Gold Medal.
u 20 August, the “technological transformation project on the digitalisation of three-machine collaborativemanufacturing of integrated coal mining equipment” undertaken by Sany Heavy Integrated Coal MiningEquipment Co., Ltd., a wholly-owned subsidiary of Sany Heavy Equipment, was listed in the centralbudget of the national industrial revitalization and transformation project investment plan.
u 19 September, the BH38/2x400 coal plough developed by Sany Heavy Equipment independentlywhich is suitable for thin coal layer excavation and listed under “863 Technology Program” of the Ministryof Science and Technology, was granted Shenyang Science and Technology Progress Award, First Prize.The product challenges the dominance of overseas companies in its field. Its mining efficiency is threetimes that of traditional thin coal layer mining machines and has great significance in enhancing coalresources utilization of China.
u 12 October, the intelligent CCMU of Sany Heavy Equipment was granted the 14th China PatentExcellence Award
u 31 October, the ML400 Continuous Coal Mining Machine developed by the American ResearchInstitute of Sany Heavy Equipment was launched, which has an overall maximum power of 720KW,capable of performance exceeding international standard.
u 4 December, the roadheader assembly line of Sany Heavy Equipment was awarded “Five Star Site inthe National Site Management Star-rating Assessment” by China Association for Quality, which is the firsttime for Sany Heavy Equipment to be awarded Five Star Site.
11
Company Overview—2012
Industry Outlook—2013uTraditional source of growth:ü Roadheader: Leading position secured by strong R&D capability and product quality, with record revenues.ü Standard integrated mining equipment: Sales increased significantly on the base of fine quality.
uNew source of growth:ü Open mine vehicles: Government support for the construction of large open mine will promote demand for open mine equipment
for a long term. Overseas intelligent will be the foundation for earning increase of under ground transportation vehicles. Sales in mining trucks will increase significantly.
ü After sales: Following accumulative quantities of products sold, after sales spare parts and maintenance has become a main earning driver of the company. Prospect of this business is promising.
ü High-end equipment: The implementation policy for thin coal layer mining will increase demand for equipment. Its high margin and profitability render it to become key a earning driver for the future.
uPotential source of growthü Filling equipment: As underground mine become increasing complicated and the reform of coal mining techniques, new products
of the Company such as coal plough sets will bring market and development prospect. The successful application of fill mining method in some parts of China will significantly increase equipment demand .
ü Continuous mining machinery and shuttle car: Designed basing on demand of foreign markets and mainly exported to Australia and North America.
ü Drilling machine: New drilling equipment for the drilling rock with the highest hardness. Sales was accomplished.
12
Industry Outlook—2013uDemand driven changes:
ü Planned additional coal production cannot be materialised due to low coal prices.
ü As the accumulative quantities of products sold since 2005 increased significantly, their upgrade and replacement
will be the main demand driver of coal machineries for the next 3 years.
ü Industry leaders with strong foundation will benefit from changes driven by demand.
uNew room of profitability:
ü The interest of customers for efficient intelligent equipment for thin coal layers will bring demand for coal plough
machineries.
ü As the government pursues environmental protection, safety, efficiency and intelligent in the coal industry
consolidation, we will see demand growth for underground filling equipment, underground intelligent integrated
equipment and underground auxiliary transportation equipment.
uCompetition trends
ü Consolidation is inevitable as competition intensifies.
ü Since products in the market is highly homogenised, players will focus on competing through comprehensive
competence such as providing integrated equipment, quality assurance, product features and after sales services.
13
14
Ø“Maintaining” advantages in roadheaders: Focusing on breakthrough in high power hard rockroadheaders and digitalisation to maintaining the absolute competitive advantages in the product andprovide foundamental earnings for the group.
Ø“Ploughing” for profits: Focusing on technology innovation and quality improvement of coal ploughmachines to develop new market and room for profit growth
Ø“Supporting” scale: Focusing on new generation of light-weight supporters using high strength steelto change the industry practice of pricing according to weight as well as expanding our scale andcreate marginal benefit effect
Ø“Continues” export: Greatly increase market share in international market with breakthrough in theexport of continuous mining machineries and integrated equipment
Ø “Drive” the tub, “Control” the expenses, “Lower” the cost, “Enhance” the efficiency, “Uplift”the market value:The control of costs and expenses was strengthened so as to lower the cost,enhance the efficiency, further improve the profit margin and achieve an increase in market value.
Operating Strategies—2013
Corporate Culture
Help employees succeed
Quality changes the world
All for the customers
All start with innovations
Enable staff’s successAll for customers
All from innovationQuality changes the world
15
Shareholding Structure
Public
100%
73.11% 26.89%
Sany Heavy Equipment Co., Ltd
100%
100%
100%
Sany Heavy Industry Co., Ltd. (600031.SH)
43.62%
Other
Public
56.38%
Sany Group
Sany Heavy Equipment Investments Company Limited
Sany Heavy Equipment International Holdings Company Limited(00631.HK)
Sany Heavy Machinery Co., Ltd.
91% 9%
Domestic
Foreign
Domestic
16
Sany Hongkong Group Limited
15 independent shareholders