great wall motor company limited* - gwm-global.com · the group has sales network the group’s...

Improving little by little every day

Great Wall Motor Company Limited*

2010 Annual Results Announcement

* for identification purpose only

Improving little by little every dayImproving little by little every day

2

Contents


KeyFinancialIndicators2010 2009

Changes(%)

Revenue 22,175 12,396 78.9

GrossProfit 4,861 2,148 126.3

Profitbeforetax 3,039 932 226.1

ProfitattributabletoownersoftheCompany

2,698 1,023 163.7

Earningspershare(RMB)

Calculatedbasedonthenumberofsharesoutstandingpriortothecapitalizationissue

2.46 0.93 164.5

Calculatedbasedonthenumberofsharesoutstandingafterthecapitalizationissue

0.99 0.37 167.6

Unit:RMBmillion

3


KeyFinancialIndicators(Contd)

Asat31December

2010

Asat31December

2009

Changes(%)

Totalassets 23,770 15,063 57.8

EquityattributabletoownersoftheCompany

10,015 7,593 31.9

Noncurrentassets 8,851 6,793 30.3

Currentassets 14,920 8,271 80.4

Including:Cashandbankbalances 2,074 2,121 2.2

Billsreceivable 7,726 3,238 138.6

Unit:RMBmillion

4


5,000

10,000

15,000

20,000

25,000

PickupTruck SUV Sedan Others Total

4,114 4,225 3,0091,048

12,396

5,3779,431

5,7821,585

22,175

2009 2010

RevenuebycarsegmentRMBmillion

30.7%

5

RevenueAnalysis

123.2%

92.2%51.2%

78.9%

Pick-up

Truck

33.2%

SUV

34.1%

Sedan

24.3%

Others

8.4%

2009Pick-up

Truck

24.2%SUV

42.5%

Sedan

26.1%

Others

7.2%

2010


ExportandDomesticSalesAnalysis

Export15%

Domesticsales

85%

2009

500

1,000

1,500

2,000

2,500

3,000

3,500

PickupTruck

SUV Sedan Others Total

1,385

249 100 77

1,811

1,331 1,268

32998

3,026

2009 2010

RevenuefromexportbycarsegmentRMBmillion

Export14%

Domesticsales

86%

2010

5,000

10,000

15,000

20,000

PickupTruck


2,7303,976

2,909971

10,586

4,046

8,163

5,453

1,487

19,149

2009 2010

RMBmillionRevenuefromdomesticsales

bycarsegment

409.2%

229.0% 27.3%

67.1%

48.2%

105.3%

87.5%

53.1%

80.9%

3.9%

6


7

OtherFinancialIndicators

Returnonequity

Accountsreceivableturnover(Day)

Inventoryturnover(Day)

Profitbeforetaxmargin

38

46

34

0

30

60

2008 2009 2010

53

98

131

0

30

60

90

120

150

2008 2009 2010

Includingbillsreceivables

7.1% 7.5%

13.7%

0.0%

6.0%

12.0%

18.0%

2008 2009 2010

Pretaxprofitmarginmargin=Profitbeforetax/Revenue

PretaxProfit

7.6%

13.5%

26.9%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

2008 2009 2010

Returnonequity=Profitattributabletoownersoftheparent/Equityattributabletoownersoftheparent


GrossProfitMarginin2010

8

2008 2009 2010 2008 2009 2010

2008 2009 2010 2008 2009 2010


9

Contents


SalesVolumeofAutomobilesinChina

10

25.30%21.70% 6.70%

45.40%

32.00%

29.80% 45.90%

11.10%

75.00%73.20%

0%

10%

20%

30%

40%

50%

60%

70%

80%

0

5,000

10,000

15,000

20,000

2005 2006 2007 2008 2009 2010

SalesVolumeandGrowthRateoftheAutomobileIndustry

OverallSalesVolumeofAutomobiles IndustryGrowthRate GrowthRateofGreatWall

YOY'000units

Source:CAAM&CompanyData


SUVSalesVolumeinChina

11

21.4%

50.0%24.9%

47.5%

101.3%

30.6%

79.3%

15.4%

15.9%

135.0%

40%

20%

0%

20%

40%

60%

80%

100%

120%

140%

160%

0

200

400

600

800

1,000

1,200

1,400

2005 2006 2007 2008 2009 2010

SalesVolumeandGrowthRateoftheSUVIndustry

TotalSUVSalesVolume IndustryGrowthRate GrowthRateofGreatWall

YOY'000units

Source:CAAM&CompanyData


MarketSharein2010

12

11.30% 10.60%9.00% 9.00%

7.10% 7.10%6.30% 6.10% 6.10% 6.00%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

GreatWall DongfengHonda

BeijingHyundai

FAWToyota DongfengMotor

HunanJiangnan

Chery Hwatai GacToyota DongfengYueda

SUV

27.2%

14.3% 14.1%12.2%

7.8% 7.4%5.9% 5.3%

2.5% 2.2%

0%

6%

12%

18%

24%

30%

GreatWall Jiang ZhengzhouNissan Zhongxing Gonow Foton HuanghaiAuto Qingling BeijingMotor ChangfengMotors

Pickuptruck

Source:CAAM


Salesanalysis000units

Domestic

Export

000 units

13

Overall

75.3058.30

69.80

6.40

209.80

98.60

137.00122.80

5.00

363.40

0.00

50.00

100.00

150.00

200.00

250.00

300.00

350.00

400.00

PickupTruck


2009 2010

30.9%76.0%

73.2%

48.70 55.0067.50

6.00

177.20

73.80

119.80 115.20

4.80

313.50

0.00

50.00

100.00

150.00

200.00

250.00

300.00

350.00

PickupTruck

SUV Sedan Others Total2009 2010

135.0%

51.6%

117.8% 70.7%

77%

423.6%229.7%

52.8%

26.70

3.30 2.30 0.40

32.70

24.9017.20

7.700.20

50.00

0.00

10.00

20.00

30.00

40.00

50.00

60.00

PickupTruck


2009 2010

6.7%

000units

000units


14

Contents


Majorpolicychangesin2011

15

Policy Policyin2010 Policyin2011 Impact

Purchasetax7.5%concessionarytaxrateonpurchaseofsmalldisplacementpassengercarsof1.6Lorbelow

Adjustedto 10%Example:pay

RMB1300moreforaRMB60,000car

Automobilesubsidiesforruralareas

AutomobilemodelsthatmeetthesubsidiesschemerequirementscanenjoyamaximumsubsidyofRMB5,000

CancelledMinimalimpactonthesalesofpickup

trucks

1.0Lorbelow RMB60480 RMB60320

1.0L1.6L(inclusive)

RMB360660 RMB300540

1.6L2.0L(inclusive)

RMB360660 RMB360660

Vehicleandferryusetax

2.0L2.5L(inclusive)

RMB360660 RMB6601200

Noimpactonpickuptruck;MainlyproduceSUVwith1.5Land2.0Ldisplacement;Mainlyproducesedanwith1.3Land1.5Ldisplacement

EnergysavingProductsBenefitingthePeople

Project

Gasolinepoweredanddieselpoweredpassengervehicleswith1.6Lorsmallerenginesandthosewithintegratedfuelconsumptionlessthanthecurrentaverageconsumptionbyapproximately20%havebeenincludedintheproject.EachcarwillbeentitledtoasubsidyofRMB3,000

Ineffect

Voleex C30,FloridandHaval M2oftheCompany

benefitfromthispolicy


Newmodelstobelaunchedin2011

16

CarSegment ModelExpected

LaunchTimeEngine

PickuptruckNewversionof

Wingle1H 2.0Ldiesel

Haval M3 1H 1.5L

Haval H6 1H1.5T,2.0Lgasoline,

2.0LdieselSUV

Haval M4 2H 1.5L

Sedan Voleex C50 1H 1.5L,1.5T


Pictureofnewmodel

H6

20115

2.0L1.5L

17

Haval H6

1H2011Displacement:2.0L,1.5T


Pictureofnewmodel

C50

20116

1.5L1.5T18

Voleex C50

1H2011Displacement:1.5L,1.5T


Overseasanddomesticsalesnetwork

19

RegionsandcountrieswheretheGrouphassalesnetwork

TheGroupsproductsareexportedtoover120overseascountriesandregions,includingMiddleEast,Africa,LatinAmerica,AsiaPacific(includingAustralia)andEurope

TheCompanyssalesnetwork

TheGroupssalesnetworkmainlyconcentratesinthesecondtier,thirdtierandlowertiercitiesinEasternChina


20

Salesnetworkplanning

NumberofSalesOutletsoftheCompany

Attheendof2009

Attheendof2010

Targetin2011

Totalnumberofoutlets

410 700 1,210

Sedansalesoutlets

300 390 420

SUVsalesoutlets 330 380 410

Pickuptrucksalesoutlets

320 350 380

Sedans,SUVsandpickuptrucksweresoldthroughthesamesalesnetworkin2009and2010.In2011,theCompanywillhaveadifferentsalesnetworkforeachcarsegment.


SalesVolumeForecast000units

21

CarSegment 2009 20102011(E)

PickupTruck 80 100 120

SUV 50 140 180

Sedan 80 120 200

Total 210 360 500


ProductionBase

22

Tianjin Plant

Baoding Plant

PickupTruckSedan,SUVMseries

SUV Hseries

SUV,Sedan


CapacityExpansion

23

8070

100

250

100

170130

400

12

21 22

550

0

100

200

300

400

500

600

PickupTruck SUV Sedan Total

2009 2010 2011(E)

120

220210

000units


CapitalExpenditure

24

YearAmount

(RMBbillion)Applications

2009 1.3ExpansionofproductioncapacityofengineanddiecastingConstructionofTianjin automobileproductionbase

2010 3.2ConstructionofTianjin automobileproductionbaseExpansionofproductioncapacityofautomotivepartsandcomponentssuchasengine,transmission

2011(planned)

3.5

ConstructionofTianjin automobileproductionbaseExpansionofproductioncapacityofautomotivepartsandcomponentsNewproductdevelopment


IssueofAshares

25

IssueofAshares

Enhancevisibilityofthebrand

Increasestockvalue

Expandfinancingchannels


Q&Asession

26
Great Wall Motor Company Limited*ContentsKey Financial IndicatorsKey Financial Indicators (Contd)Revenue AnalysisExport and Domestic Sales AnalysisOther Financial IndicatorsGross Profit Margin in 2010ContentsSales Volume of Automobiles in ChinaSUV Sales Volume in ChinaMarket Share in 2010Sales analysisMajor policy changes in 2011New models to be launched in 2011Picture of new modelOverseas and domestic sales networkSales network planningSales Volume ForecastProduction BaseCapacity ExpansionCapital ExpenditureIssue of A shares

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