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| Monday, 23 March 2015, 19:08 HKT/SGT | |
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HONG KONG, Mar 23, 2015 - (ACN Newswire) - BAIC MOTOR Corporation Limited (the "BAIC MOTOR" or "Company"; stock code: 1958) is pleased to announce the audited consolidated results of the Company and its subsidiaries (collectively the "Group") for the year ended December 31, 2014 together with the comparative figures for the previous year.
FINANCIAL HIGHLIGHTS
- Revenue for the year ended 31 December 2014 amounted to approximately RMB56,370.306 million, representing an increase of 341% over last year;
- Total comprehensive income for the year ended 31 December 2014 amounted to RMB5,841.312 million, representing an increase of 97.9% over last year;
- Profit attributable to equity holders of the Company amounted to approximately RMB4,510.807 million, representing an increase of 66.2% over last year; Earnings per share amounted to RMB0.70, representing an increase of 45.8% over last year;
- Dividend Plan: the payment of the dividend is RMB0.30 per share (tax inclusive) the total amount of the dividend amounted to RMB2, 278.601 million.
In 2014,the Company took measures to improve cost efficiency, quality control and management innovation, which results in the Company an outstanding performance in passenger vehicle market. In 2014, the Company achieved total revenue of approximately RMB56, 370.306 million, representing a year-on-year of 341.0% from RMB12, 781.868 million in 2013; the Company achieved a total comprehensive income of RMB 5,841.312 million, representing a year-on-year increase of 97.9% from RMB2, 951.057 million in 2013. The strong increase results from the Company's sustained and stable revenue in the design, research, development, manufacturing and sales of passenger vehicles as well as efficient control on sales cost. For the year ended 31 December 2014, profit attributable to equity holders of the Company amounted to approximately RMB4, 510.807 million, representing a year-on year increase of 66.2% from RMB2, 714.724 million in 2013.
In 2014, the Company's Beijing Motor's proprietary brand (the "Beijing brand") and joint venture brands together achieved vehicle sales of 1,575,000 units in total, representing a year-on-year increase of 16.8%. The annual sales volume of Beijing brand reached 309,648 units, representing a year-on-year increase of approximately 53.1% from around 202,300 units in 2013. Meanwhile, the products of Beijing brand also obtained various awards in 2014, substantially enhancing the brand's influence. Beijing Benz Automotive Co., Ltd. ("Beijing Benz") recorded vehicle sales of 145,500 units, representing a year-on-year increase of 25.4%; while Beijing Hyundai Motor Co., Ltd. ("Beijing Hyundai") recorded vehicle sales of 1,120,000 units, representing a year-on-year increase of 8.7%. The Board proposes to distribute an annual dividend in 2014, of RMB0.3 per share (tax inclusive). The proposal will be submitted to the 2014 annual general meeting of the Company for shareholders' approval. The total amount of the dividends achieved RMB2, 278.601 million.
Beijing brand has become one of the auto brands that managed to break the 300,000-unit wholesale sales within the shortest period of time in the industry of the PRC. In 2014, Senova D50 had a great performance on the market; it only took Senova D50 less than a year to achieve monthly sales of over 8,000 units. Specifically, Senova D20 (former E series) achieved sales of more than 77.6 thousand units, and was the best seller in its market segment in consecutive two years. With the market recognition for the star products, the sales network of the Company expanded rapidly, both the sedan and the micro-car network expanded, and dealership network amounted to more than 500.
Beijing Benz fully seized the increasing market need for premium vehicle. In August 2014, Beijing Benz successfully introduced the brand-new Mercedes-Benz long-wheelbase version (LWB) C-Class sedan, which was widely recognized by consumers immediately after it was released. It only took the LWB C-Class sedan five months to achieve a sales volume of 6,000 units, making the LWB C-Class sedan the excellent growing product in the same type of brands.
In 2014, Beijing Hyundai increased its market share in the PRC's SUV industry through the implementation of "D+S" product strategy and the completion of the products' structure. Meanwhile, according to the professional institution JD. Power, Beijing Hyundai has made prominent progress in terms of sales service and after-sales service, making the brand situate the front row in the market with its high quality and service.
Looking to future, the Chairman of the Company, Mr. Xu Heyi said, though the Beijing brand started to enter the market late but develop fast. In 2015, the Company will release three types of SUV products and two types of sedan of high quality of Beijing brand. The Company will also improve its production line and dominate the mid-to-high proprietary brand market rapidly. Beijing Benz will also further enrich product lines and is expected to release the new generation of GLK SUV, standard wheel-base type new C class sedan and GLA SUV. Beijing Hyundai is expected to break the condition of limited capacity and start the two factory projects in Chongqing and Hebei. The two factories are expected to go into operation in the end of 2016, which will provide strong support for further expansion and domination of market share of Beijing Hyundai.
As the first Annual Results Announcement since its listing on the Hong Kong Stock Exchange in last year's December, the Company received tremendous attention from the market. According to resources in the market, around 120 investors and analysts attended the 2014 Annual Results Announcement of the Company.
Topic: Press release summary
Sectors: Daily Finance, Automotive, Daily News
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