2009 Interim Result Presentation Aug 26 th, 2009 Aug 26 th, 2009 1.
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Transcript of 2009 Interim Result Presentation Aug 26 th, 2009 Aug 26 th, 2009 1.
ContentContent
DFG 1H 2009 Business Overview andDFG 1H 2009 Financial Performance
Outlook of DFG and PRC Auto Industry in 2009
PRC Auto Industry 1H 2009 Overview
2
China Becomes the Largest Auto Market in the WorldChina Becomes the Largest Auto Market in the World
575.8
879.2938.1
609.9721.6 21.84%
6.70%
17.70%
25.32%
0100200300400500600700800900
1000
2005 2006 2007 2008 1H2009
0%
5%
10%
15%
20%
25%
30%
Total Sales Volume YOY Growth
4
Unit: 0’000
Structural Growth of PV SectorStructural Growth of PV Sector PV Market Share Rises in Mid-West RegionsPV Market Share Rises in Mid-West Regions
PV Market: Policy Stimulates Consumption ,PV Market: Policy Stimulates Consumption ,with Constant Release of Rigid Demandwith Constant Release of Rigid Demand
PV Registration Proportion by Region
266.8
324.4
93.55
60.57
102.7
161.59
96.79
225.69
21.59%
-5.75%
54.45%
39.67%
0
50
100
150
200
250
300
350
Sedan Sedan<1.6L Sedan1.6L<=2.5L Cross Over
-10%
0%
10%
20%
30%
40%
50%
60%
1H2008 1H2009 YOY Growth
63.28% 63.62% 61.57% 60.16% 56.32% 52.88%
32.75%31.43%29.23%29.51%39.67%36.39%
7.44%7.29%7.08%7.00%7.15%7.21%
0%
20%
40%
60%
80%
100%
2004 2005 2006 2007 2008 1/5/2009
Eastern Coastal Cities Central and Western Region Northeastern Region
5
Eastern Region: Beijing, Tianjin, Hebei, Shandong, Jiangsu, Shanghai, Zhejiang, Fujian,
Guangdong, and Hainan
Northeastern Region: Liaoning, Jilin, Heilongjiang
Central and Western Region: Other Provinces in PRC Mainland
CV Sector Sees Signs of Recovery , MoM Decline NarrowsCV Sector Sees Signs of Recovery , MoM Decline Narrows
Unit:0’000Unit:0’000
Signs of Recovery in CV SectorSigns of Recovery in CV Sector
CV monthly Sales Volume LD-truck Sales Volume
LD-truck Sales Grows Steadily YoYLD-truck Sales Grows Steadily YoY
26.9
6.15 6.3 5.61 5.372.98 2.67 1.97
12.0212.53
22.02
33.74 32.2129.06
1.07
2.97
1.833.090.78
6.33
11.2716.28
14.67 12.93
0
5
10
15
20
25
30
35
40
2009.1 2009.2 2009.3 2009.4 2009.5 2009.6
CV HD-Truck MD-Truck LD-Truck
68.52
74.49
64666870727476
2008 1-6 2009 1-6
LD-Truck Sales Volume
Unit:0’000Unit:0’000
6
Unit:0,000Unit:0,000Dongfeng Nissan PV Company Grows StronglyDongfeng Nissan PV Company Grows Strongly
Dongfeng Honda Still a Solid PerformerDongfeng Honda Still a Solid Performer
DFG PV Sector Outperforms the IndustryDFG PV Sector Outperforms the Industry
Unit: 0’000Unit: 0’000
DFG: PV Sector Outperforms the IndustryDFG: PV Sector Outperforms the Industry
300.3
36.7
359.8
45.1
0
100
200
300
400
PV Industry DFG PV2008 1-6 2009 1-6
19.8%23.03%
15.75
27.19
35.05
22.520.35 33.59%28.92%
41.30%
29.22%
05
10152025303540
2005 2006 2007 2008 1H2009
0%
10%
20%
30%
40%
50%
Dongfeng Nissan Annual Sales Volume YOY Growth
10.71%12.80%
18.00%19.29%
0%
5%
10%
15%
20%
25%
2006 2007 2008 1H2009
CRV Market Share
C-RV total sales volume exceeds
200,000 units, best seller in SUV segment
10.3
11.7
9.5
10
10.5
11
11.5
12
1H2008 1H2009DPCA Sales Volume
DPCA In the Course of RecoveryDPCA In the Course of Recovery
8
Unit: 0’000Unit: 0’000
DFG: CV Demand Rebounds, HDT Products Performs WellDFG: CV Demand Rebounds, HDT Products Performs Well
Unit:0,000Unit:0,000HDT Kinland Performs WellHDT Kinland Performs WellCCV Sales RecoversV Sales Recovers
Unit:0’000Unit:0’000 Unit:0’000Unit:0’000
0.99
2
3.66 3.53
2.93 2.91
0
0.5
1
1.5
2
2.5
3
3.5
4
2009.1 2009.2 2009.3 2009.4 2009.5 2009.6
DFG CV Monthly Sales Volume
2.2
4.01
1.7
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
2007 2008 1H2009
Kinland Sales Volume
9
74.5
131.2 131.2
42.2459.82
75.6358.6
94.571.6
111.7 95.88 105.65
85.84% 80.53%80.03%80.30%89.40%
59%
020406080
100120140
2004 2005 2006 2007 2008 1H2009
0%
20%
40%
60%
80%
100%
Production Capacity Prodution Utilization Rate
Constant Expansion and Optimization of Distribution NetworkConstant Expansion and Optimization of Distribution NetworkUtilization Rate Remains at a Comparatively High LevelUtilization Rate Remains at a Comparatively High Level
Utilization Rate Remains at a Higher LevelUtilization Rate Remains at a Higher LevelConstant Expansion and Optimization of Constant Expansion and Optimization of Distribution NetworkDistribution Network
Unit: 0’000Unit: 0’000
628
2066 2056
699
1219
2282 23222083 21861897
0500
1000150020002500
2005 2006 2007 2008 1H2009
CV Distribution Network PV Distribution Network
10
37896
39046
37000
37500
38000
38500
39000
39500
1H2008 1H2009Revenue
Sales Revenue Grows Steadily, Driven by Improved Product MixSales Revenue Grows Steadily, Driven by Improved Product Mix
Sales Revenue Grows Sales Revenue Grows
Unit: MN YuanUnit: MN Yuan
2464930200
0
10000
20000
30000
40000
1H2008 1H2009
Revenue of PV Segment
PV Sales RevenuePV Sales Revenue CV Sales RevenueCV Sales Revenue
12785
8482
0
2000
4000
6000
8000
10000
12000
14000
1H2008 1H2009
Revenue of CV Segment
Unit:: MN YuanUnit:: MN Yuan Unit: MN YuanUnit: MN Yuan
11
1220714288
1771321366
23583
15.80%17.60%
20.30%
20.70%
23.20%
0
5000
10000
15000
20000
25000
2005 2006 2007 2008 1H2009
10.0%12.0%14.0%16.0%18.0%20.0%22.0%24.0%
Shareholders` Equity ROE
4040
2606
16012081
3250(持续性净利润)
6.70%
5.5% 5.7%4.3%
3.8%
0
1000
2000
3000
4000
5000
2005 2006 2007 2008 1H2009
0.0%
2.0%
4.0%
6.0%
8.0%
Net Profit NP Margin
Constant Improvement of ProfitabilityConstant Improvement of Profitability
Gross Profit and Gross Margin13Gross Profit and Gross Margin13 EBIT and EBIT RateEBIT and EBIT Rate
Net Profit and NP Margin (Recurring)Net Profit and NP Margin (Recurring) ROEROE(( RecurringRecurring)) ))
Unit: MN YuanUnit: MN Yuan Unit: MN YuanUnit: MN Yuan
Unit: MN YuanUnit: MN Yuan Unit: MN YuanUnit: MN Yuan
12
11881
69759815
82066096
17.90%16.8%16.5%
14.6%
17.0%
0
5000
10000
15000
2005 2006 2007 2008 1H2009
10.0%12.0%14.0%16.0%18.0%20.0%
Gross Profit Gross Profit Margin
5190
41313524
2670 3029
9%
7.4%
7.0%6.4% 6.3%
0
2000
4000
6000
2005 2006 2007 2008 1H2009
0.0%2.0%4.0%6.0%8.0%10.0%
EBIT EBIT Rate
Further Improvement of Financial Structure and Operating EfficiencyFurther Improvement of Financial Structure and Operating Efficiency
59.5%
59.6%
59.4%
59.5%
59.5%
59.5%
59.5%
59.5%
59.6%
59.6%
59.6%
59.6%
2008 1H2009
Assets-LiabilitiesRatio
13.2
24.6
0.0
5.0
10.0
15.0
20.0
25.0
30.0
2008 1H2009
EBIT Interest Coverage Ratio
26.4%
23.8%
22.5%
23.0%
23.5%
24.0%
24.5%
25.0%
25.5%
26.0%
26.5%
27.0%
2008 1H2009Debt to Capital Ratio
A Healthy Liability-to-Asset RatioA Healthy Liability-to-Asset Ratio EBIT Interest Coverage RatioEBIT Interest Coverage Ratio
Debt-to-Capital RatioDebt-to-Capital Ratio Accounts Receivable Turnover DaysAccounts Receivable Turnover Days
45
34
58
38
0
10
20
30
40
50
60
70
2008 1H2009
Receivables Turnover Days Inventory Turnover Days
13
Break-out Demand in Mid-west Regions Break-out Demand in Mid-west Regions
945 1041 1135 1273 1490 1739 20522553
>3000
01000200030004000
2000 2001 2002 2003 2004 2005 2006 2007 2008
Per Capita GDP -China
575.8 621.6
879.2 938.1
>1100
0
200
400
600
800
1000
1200
2005 2006 2007 2008 2009E
Total Industry Sales Volume
0
200
400
600
800
1000
China America Japan Korea
Penetration Rate Per Thousand People in 2007
Outlook of PRC Auto Industry in 2009Outlook of PRC Auto Industry in 2009
Unit: 0’000Unit: 0’000
Unit: US$Unit: US$
Unit: Unit/ / Per Thousand PeopleUnit: Unit/ / Per Thousand People
Constant Increase of PRC Consumption AbilityConstant Increase of PRC Consumption Ability
Great Growth Potential for PV in ChinaGreat Growth Potential for PV in China Sales Volume Forecast for 2009Sales Volume Forecast for 2009
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
北京
天津
上海
广东
山东
江苏
浙江
河北
福建
广西
海南
湖北
湖南
安徽
江西
四川
内蒙
陕西
云南
重庆
新疆
甘肃
宁夏
青海
西藏
辽宁
吉林
黑龙江
1H09GDP增速 1-5月乘用车上牌数增速
Rapid growth in Mid-west
China
15
DFG First 7M Sales & Business Arrangement for 2009DFG First 7M Sales & Business Arrangement for 2009
New Sylphy
C-Quatre Sedan Hatchback 207 C5 Hatchback Elysee
PSA Peugeot Citroën
New CIVIC Spirior
1-7 2009 1-7 2008 YOY Growth
DFG 735,824 659,276 11.61%
PV 546,729 421,165 29.81%
CV 189,095 238,111 -20.59%
Dongfeng Nissan PV Company 278,157 185,178 50.21%
DPCA 137,546 114,781 19.83%
Dongfeng Honda Auto Company 108,640 98,247 10.58%
Dongfeng Own-brand PV 1,013 -- --
S30
16