Annual Report 2007 - Hmdatalink.com hm datalink

More documents

Recommendations

Info

Management Discussion and AnalysisThe Group’s operating associates recorded total netprofit of HK$755 million in 2007, up 45% over 2006,on 10% increase in sales volume to 181,517 unitsand 72% increase in total revenues to HK$11,350million. Net profit per unit of vehicle sold increasedsignificantly by 32% to HK$4,157, due to improvedproduct mix, the associates’ success in controllingdistribution and selling expenses, and lower effectivetax rates helped by better tax planning.During 2007, the operating associates managed toreduce the cost of outsourced automobile parts byaround 5-8%, partly offsetting the average 5-10%cut in the sales prices of their products. The retailprices for most Geely and Maple sedan models,experienced relatively large pressure during the yeardue to aggressive price competition from other carmanufacturers in China.Monthly sales volume of Geely and Maple sedansUnit25,00022,75320,00015,00010,00013,88312,28714,39417,49315,08413,5009,97310,29312,82212,17012,75119,84519,77811,26613,08312,28313,15114,54311,23613,68615,89817,19719,87019,52613,00720,7815,0000Month 1 2 3 4 5 6 7 8 9 10 11 12Year 20061 2 3 4 5 6 7 8 9 10 11 1220071 22008319GEELY AUTOMOBILE HOLDINGS LIMITEDANNUAL REPORT 2 0 0 7
Management Discussion and AnalysisBreakdown of sales volume of Geelyand Maple sedans by models in 2007ModelsFree CruiserGeely KingkongMapleUlionVisionMerrieHaoqingMyboSales volume (Unit)68,25834,33731,19620,89011,5409,7514,0751,470Total181,517Production Plants/CapitalExpendituresThe Group’s four associates – Zhejiang Geely,Shanghai Maple, Zhejiang Ruhoo and ZhejiangKingkong – own production facilities in Ningbo,Shanghai, Linhai and Luqiao respectively. A new46.8%-owned associate Hunan Geely was formedin April 2007 to invest in a new production plantlocated in Xiangtan of Hunan province. The fiveproduction plants’ combined annual productioncapacity amounted to 430,000 units of sedansper shift. The five production plants are all fullyintegratedplants, comprising stamping, welding,painting and assembly facilities, with supportingproduction facilities including three engines plantslocated in Shanghai, Ningbo and Linhai with atotal annual production capacity of 350,000 units ofengines and a gearbox plant in Ningbo with annualproduction capacity of 300,000 units of gearboxes bythe end of 2007.The associates’ strategy is to continue the expansionand upgrading of its five production plants to furtherimprove quality and reduce costs. In addition, theassociates also plan to build new production facilitiesat less developed provinces in China for the benefitof proximity to new demand, lower costs and accessto additional financial and other resources availablein other provinces. To minimize the financial burdensand the investment risks for the five associates and inorder to allow the new plants to become eligible formore investment incentives offered by the respectivelocal governments, the construction of the newplants in new locations will be initially undertaken bythe Group’s parent Geely Holding, which has agreedto transfer its interests in these new plants to theGroup when mass production started.GEELY AUTOMOBILE HOLDINGS LIMITED20ANNUAL REPORT 2 0 0 7
Page 3 and 4: Supplying the SAFEST, the MOST ENER
Page 5 and 6: Financial Summary and HighlightsFin
Page 8 and 9: Chairman’s StatementLi Shu Fu,Cha
Page 10 and 11: Chairman’s Statementoperating ass
Page 12 and 13: Management Discussion and AnalysisO
Page 14 and 15: Organisation Chart (as of 31 Decemb
Page 16 and 17: Management Discussion and Analysiso
Page 18 and 19: Management Discussion and AnalysisT
Page 22 and 23: Management Discussion and AnalysisL
Page 24 and 25: Management Discussion and AnalysisT
Page 26 and 27: Management Discussion and AnalysisL
Page 28 and 29: Management Discussion and Analysisb
Page 30 and 31: Management Discussion and Analysiss
Page 32 and 33: Management Discussion and AnalysisE
Page 34 and 35: Directors and Senior Management Pro
Page 36 and 37: Directors and Senior Management Pro
Page 38 and 39: Corporate Governance ReportThe Comp
Page 40 and 41: Corporate Governance ReportRelation
Page 42 and 43: Corporate Governance ReportEach new
Page 44 and 45: Corporate Governance Reportthe appo
Page 46 and 47: Corporate Governance ReportAs the G
Page 48 and 49: Directors’ ReportThe Directors pr
Page 50 and 51: Directors’ ReportCompanies contai
Page 52 and 53: Directors’ Report(5) Hunan Geely
Page 54 and 55: Directors’ ReportDirectors’ Int
Page 56 and 57: Directors’ ReportSave as disclose
Page 58 and 59: Independent Auditors’ Reportfor t
Page 60 and 61: Consolidated balance sheetas at 31
Page 62 and 63: Consolidated cash flow statementfor
Page 64 and 65: Notes to the consolidated financial
Page 70 and 71:
Notes to the consolidated financial
Page 72 and 73:
Page 74 and 75:
Page 76 and 77:
Page 78 and 79:
Page 80 and 81:
Page 82 and 83:
Page 84 and 85:
Page 86 and 87:
Page 88 and 89:
Page 90 and 91:
Page 92 and 93:
Page 94 and 95:
Page 96 and 97:
Page 98 and 99:
Page 100 and 101:
Page 102 and 103:
Page 104 and 105:
Page 106 and 107:
Page 108 and 109:
Page 110 and 111:
Page 112 and 113:
Page 114:
Geely Automobile Holdings LimitedRo
show all

Annual Report 2007 - Hmdatalink.com hm datalink

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?