China Mengniu Dairy Company Limited ( 於開曼群島註冊成立之有限公司 ) Stock 股份代號 Code : 2319 : 2319 二零零六年中期報告 僅供識別
01 02 08 12 13 15 16 17 31 32
7,546,355 4,754,042 +58.7% 343,425 246,527 +39.3% 0.25 0.22 +13.6% 0.25 0.18 +38.9% 58.7% 75.464 AC 3.128.6% 31.7% 39.3% 3.434 8,000 1.3% 7,000 7.1% 7,000 13.5% 6,000 1 6,000 5,000 4,000 3,000 2,000 1,000 2.3% 14.6% 83.1% 85.2% 5,000 4,000 3,000 2,000 1,000 6.9% 19.8% 73.3% 25.9% 67.0% 0 2005 2006 0 2005 2006 UHT
58.7%75.464 3.4342.46539.3% 0.2513.6% 38.9% 17.577 64.8% 22.4%23.3% 10.8356.159 13.0% 14.4% 5.323 7.0%5.2% 2.0251.121 2.4% 2.7% EBITDA42.7%6.709EBITDA 9.9%8.9% EBITDA 10.5% 8.1% 2 14.615 6.277 7.035 9.977 8.113 2.886 7.091 31.7%29.3%
2,9061,8960.4% AC 20.6% AC 31.7%28.6% 62.4%61.3% 3
220 85.2% 64.32139.515 62.8% UHT 48.7%43.077 67.0% 113.9% 16.691 25.9% 66.0%4.553 7.1% 46.2%10.148 13.5% 4 9,950 1.3%
1914 357 50 5 ISO9002 HACCP GMP
6
500 33,400 26,000 3.2881.753 7
352 45,505,172(L) 3.33% 1 253,292,187(L) 18.51% 2 16,514,220(L) 6.18% 3 7,325,670(S) 2.74% 804,646(L) 0.30% 1,068,646(L) 0.40% 1,772,646(L) 0.66% (1) Yinniu Milk Industry Limited 81.7% 15.8% 3 8
(2) 2% (3) CDH China Fund L.P. Actis China Investment Company Limited MS Dairy Holdings7,325,670 2.7% (L) (S) XV 336 1 3 253,292,187(L) 18.51% Jinniu Milk Industry Limited 2 3 181,997,979(L) 13.30% AllianceBernstein L.P. Alliance Capital Management L.P. 82,388,000(L) 6.02% The Capital Group Companies, Inc. 70,987,000(L) 5.19% 9 (1) 62.7%18.5% 253,292,187
(2) 81.2%87.7% 31.8% (3) 15.8% 11.1% 15.8% (L) 336 116,789,000 16,019,000 556,484,000 219,761,000 10 736,943,000 601,930,000
20 21 23 11
4 7,546,355 4,754,042 (5,788,670) (3,687,747) 1,757,685 1,066,295 4 10,731 5,836 (1,083,543) (615,919) (191,661) (110,219) (10,871) (1,894) 5 482,341 344,099 8,075 6,063 6 (29,060) (18,955) 1,825 (4,710) 463,181 326,497 7 (48,439) (26,445) 414,742 300,052 343,425 246,527 71,317 53,525 414,742 300,052 8 0.25 0.22 0.25 0.18 12
10 3,893,891 3,140,433 11 136,565 235,373 65,208 65,923 36,630 18,700 8,029 8,029 115,549 115,549 4,255,872 3,584,007 12 1,231,803 781,001 13 116,816 81,528 14 230,763 174,657 261,278 164,475 76,659 53,673 1,461,472 1,247,764 3,378,791 2,503,098 13 15 1,589,716 1,117,005 4,145 4,145 16 1,375,351 976,574 17 288,585 365,590 27,723 23,600 113,165 19,717 8,472 3,418,402 2,495,386 (39,611) 7,712 4,216,261 3,591,719
17 709,107 445,702 11,481 18 289,298 311,521 66,814 55,936 1,065,219 824,640 3,151,042 2,767,079 145,573 145,573 818,859 569,307 19 1,632,785 1,615,741 2,597,217 2,330,621 553,825 436,458 3,151,042 2,767,079 14
19 145,573 1,615,741 569,307 2,330,621 436,458 2,767,079 343,425 343,425 71,317 414,742 126 126 126 126 343,425 343,551 71,317 414,868 85,159 85,159 16,918 16,918 (16,918) (358) (358) (93,873) (93,873) (21,833) (115,706) 145,573 1,632,785 818,859 2,597,217 553,825 3,151,042 118,138 204,636 1,313,050 318,650 1,954,474 348,654 2,303,128 246,527 246,527 53,525 300,052 4 4 452 456 15 4 246,527 246,531 53,977 300,508 27,435 (204,636) 177,201 (15,605) (15,605) (10,000) (70,053) (80,053) (80,053) 145,573 1,480,255 495,124 2,120,952 387,026 2,507,978
627,695 703,531 (601,517) (525,808) 187,530 (5,404) 213,708 172,319 1,247,764 1,018,928 1,461,472 1,191,247 16
1. 2. 34 39 39 39 39 37 18 4 17 17
3. UHT 6,432,118 3,951,460 1,014,767 694,101 99,470 108,481 7,546,355 4,754,042 426,583 306,639 79,055 49,723 3,629 5,620 509,267 361,982 (26,926) (17,883) 18 482,341 344,099 8,075 6,063 (29,060) (18,955) 1,825 (4,710) 463,181 326,497 (48,439) (26,445) 414,742 300,052
3. 5,670,880 4,274,241 1,267,397 886,902 153,970 169,559 1,148,031 1,226,247 (605,615) (469,844) 7,634,663 6,087,105 3,138,772 2,547,286 682,655 386,960 49,117 67,239 1,218,692 788,385 (605,615) (469,844) 4,483,621 3,320,026 19 565,513 355,276 39,623 149,014 495 14,074 22,571 15,480 628,202 533,844 142,446 94,468 33,910 22,976 3,684 3,692 7,621 4,465 187,661 125,601
4. 7,546,355 4,754,042 (a) 2,529 1,775 (b) 2,072 2,072 5,443 687 1,989 10,731 5,836 7,557,086 4,759,878 (a) (b) 20
5. 22 328,796 175,272 187,661 125,601 888 527 5,788,670 3,687,747 6. 5 29,060 20,461 (1,506) 29,060 18,955 2.9% 5.0% 21 7. (a) (b)
8. 343,425 246,527 1,368,416 1,131,897 236,519 1,368,416 1,368,416 9. 22
10. 3,140,433 2,227,528 247,846 135,449 74,578 11 625,839 500,338 (7,144) (374) (187,661) (125,601) 3,893,891 2,737,340 553,484,000 467,667,000 18 11. 235,373 292,013 527,031 406,095 10 (625,839) (500,338) 23 136,565 197,770 12. 738,622 488,937 493,181 292,064 1,231,803 781,001
13. 3 115,948 81,167 46 868 361 116,816 81,528 106,800,000 80,590,000 17 14. 30 3 209,996 160,485 46 14,870 7,580 712 5,897 6,592 24 230,763 174,657 51,522,000 ( 30,748,000
15. 3 1,453,070 896,018 46 124,588 198,911 712 6,308 15,438 1 5,750 6,638 1,589,716 1,117,005 3,790,000 ( 3,224,000 48,414,000 ( 36,475,000 16. 25 322,161 227,484 95,072 79,699 695,646 498,195 18 209,266 146,766 53,206 24,430 1,375,351 976,574 82,070,000 32,374,000
17. 106,800 80,590 181,785 285,000 709,107 445,702 997,692 811,292 106,800,000 80,590,00013 421,990,000 235,590,000 3.0% 5.9% 3.0% 5.9% 4.8% 5.8% 2.9% 5.5%27,000,000 215,881,00010,000,000 1 288,585 365,590 1 2 268,981 190,000 2 5 440,126 255,702 26 997,692 811,292 (288,585) (365,590) 709,107 445,702
18. 1 209,266 146,766 1 2 104,618 165,881 2 5 184,680 145,640 498,564 458,287 1 16 (209,266) (146,766) 289,298 311,521 10 19. 27 1,127,581 204,677 286,099 (2,616) 1,615,741 a 16,918 16,918 126 126 1,127,581 221,595 286,099 (2,490) 1,632,785
19. 950,380 214,677 149,962 (1,969) 1,313,050 b 177,201 177,201 4 4 (10,000) (10,000) 1,127,581 204,677 149,962 (1,965) 1,480,255 (a) 16,918,000 (b) 24,663,679 204,636,000 257,891,532 0.10 177,201,000204,636,000 27,435,000 20. 165,976,000 140,976,000 140,976,000 140,976,000 28
21. (a) 250,067 343,232 485,055 735,122 343,232 (b) 90,000,000 50% 110,000,000 29
22. (a) 954,859 404,564 (a) 82,389 49,942 (a) 24,257 2,873 (b) 135 30 2,326 1,309 69 21 (a) (b) 23. 24. 25. 30
1230 34 700 31
Julian Juul Wolhardt 2319 18 10 1001 mengniu_ir@mengniu.com.cn http://www.mengniuir.com 18 10 1001 M&C Corporate Service, P.O. Box 309 GT Ugland House, South Church Street George Town, Grand Cayman Cayman Islands Butterfield Fund Services (Cayman) Limited Butterfield House 68 Fort Street P.O. Box 705, George Town Grand Cayman, Cayman Islands 183 46 Maples and Calder Asia 32