HONG KONG, Mar 29, 2016 - (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 for the year ended December 31, 2015.
FINANCIAL HIGHLIGHTS
- Revenue of the Company increased to RMB84,111.5 million, from RMB56,370.3 million in 2014，representing an increase of 49.2%;- Gross profit of the Company amounted to RMB15,276.8 million in 2015, representing a year-on-year increase of 70.1% in the corresponding period in 2014;- Net Profit of the Company amounted to RMB6,322.0 million in 2015 with an increase of 8.2% from 2014;- The Board recommends distributing dividend for the year 2015 at RMB0.15 per share.
Global economy has weakened considerably on the whole in 2015. The situation differs and the differences are more pronounced among various countries and regions. The passenger vehicle market in 2015 was a year of ups and downs, with first half of the year affected by the slowing down of the overall growth in the economy which, coupled with the impact of stock market volatility and other external economic factors, has resulted in the downward trend of the industry. The passenger vehicle market has made gradual recovery in the third quarter due to favorable policies, and presented a strong rebound. Under this circumstance, various brands of the Group bucked the trend. In 2015, the revenue of the Company increased to RMB84,111.5 million, from RMB56,370.3 million in 2014; the gross profit of the Company amounted to RMB15,276.8 million in 2015, representing a year-on-year increase of 70.1% in the corresponding period in 2014; the net profit of the Company amounted to RMB6,322.0 million in 2015 with an increase of 8.2% from 2014; the profit attributable among the equity shareholders of the Company of RMB3,318.6 million in 2015, representing a year-on-year decrease of 26.4%. The decrease in profit attributable to equity shareholders was attributable to the decrease in net profit of Beijing Hyundai and Beijing Brand in 2015.
In 2015, Beijing Brand, Beijing Benz and Beijing Hyundai recording a total annual sales volume of 1,650,100 units of traditional vehicles and new energy vehicles, representing a year-on-year increase of 4.8%. Capitalizing on the strong growth opportunities in the MPV, SUV and new energy vehicles markets, Beijing Brand has launched a variety of new models, with an annual sales volume of 337,100 units of traditional vehicles and new energy vehicles, a year-on-year increase of 8.9%. Beijing Benz's stellar sales performance boosted annual sales volume to 250,200 units, a year-on-year increase of 72.0%. Beijing Hyundai, due to negative growth rate in the automobile market and compounded by multiple factors such as increasing competition and structural adjustment throughout the year, recorded an annual sales volume of 1,062,800 units, a year-on-year decrease of 5.1%. Furthermore, improved cost efficiency, new product development, quality control and innovative management practices in production operation have enabled the Group to achieve certain breakthroughs, laying a solid foundation for further adjustments on business management and realization of the goals in the 2020 "n Plan".
With the stable development of various businesses, and upon careful study of industry composition and development strategy, the Company participated in various cooperative projects during 2015. This has further enhanced the participation and control by the Group on industry chain. The Company entered into an agreement with MBtech Group GmbH & Co. KGaA to establish a joint venture, the cooperation will be conducted on research and development and sales of parts and components for passenger vehicles, as well as research and application of automotive technology; has entered into a capital increase agreement with Daimler Greater China Co. Ltd. and Mercedes-Benz Leasing Co. Ltd; has entered into a joint venture agreement with Baosteel Metal Co., Ltd. and Beijing Hua Sheng Rong Magnesium Technology Co., Ltd respectively with respect to the establishment of a joint venture, and has signed a "Strategic Cooperation Framework Agreement" to conduct in-depth cooperation on various aspects such as magnesium alloy business and lightweight materials research, and also signed a "Strategic Cooperation Framework Agreement" with Huaneng New Energy Co. Ltd. and Sichuan Xiong Fei Group Co. Ltd. to conduct in-depth cooperation on the construction of photovoltaic power generation project.
Looking forward to 2016, Beijing Brand will further focus on the SUV and MPV market segments, and will launch various new products, including Senova X55, Senova X35, and Wevan S50, which are expected to further boost the overall sales growth of Beijing Motor. On the basis of the steady growth of the GLA-Class SUV of the C-Class series, operation results of Beijing Benz will mainly rely on the outcome of the GLC SUV market and the performance of the brand new generation of E-Class passenger vehicles to be launched within the year. Beijing Hyundai will flexibly adjust its sales promotion policy according to the automotive market situation, through launching two new products and safeguarding a stable supply of SUV products to achieve its annual business objectives. The company believes that even though the downward pressure on macroeconomics continues to exist while increasingly stringent restriction policies affect the rigid demand for vehicles, the reform on vehicle supply may further stimulate market demand. Also, with the adoption of an active and pragmatic business development strategy on their three major brands, BAIC Motor will achieve an outstanding performance in 2016.
About BAIC MOTOR Corporation Limited
BAIC MOTOR Corporation Limited (the "BAIC MOTOR" or "Company") was founded in September, 2010. The Company is the platform of resource aggregation and business development for BAIC MOTOR GROUP. The Company is a leading manufacturer of passenger vehicles in China; the Company is engaged in the design, research and development, manufacture and sale of an extensive and diversified portfolio of passenger vehicle models, and the provision of related services in China.
The Company's business covers (i) Beijing Motor's proprietary brand (the "Beijing" brand), which has a leading technology platform and has experienced fast sales growth, (ii) the premium passenger vehicle brand of Mercedes-Benz which has a long history, and (iii) Beijing Hyundai's mid- to high-end brand with stable sales growth. The Company offers a diversified and highly complementary brand portfolio of passenger vehicles covering different market segments including joint-venture premium, joint-venture mid- to high-end, proprietary mid- to high-end and proprietary economy passenger vehicles. The Company offers a variety of passenger vehicle models, including mid- to large-size sedan, mid-size sedan, compact sedan, small-size sedan, SUV, MPV and CUV products to satisfy customer demands for different types of vehicles.
On 19 December, 2014, the Company was listed on the Main Board of The Stock Exchange of Hong Kong Limited. (The abbreviation of the Company's name: BAIC MOTOR. Stock Code: 1958.HK).
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