中報 2015
目 錄 2 摘要 3 集團概況 4 釋義 6 公司資料 7 管理層討論與分析 16 其他資料 21 中期財務資料的審閱報告 22 簡明綜合全面收益表 24 簡明綜合財務狀況表 26 簡明綜合權益變動表 28 簡明綜合現金流量表 29 簡明綜合中期財務資料附註
2015 2014 % 14,258 16,746 (2,488) (14.9) 536 699 (163) (23.3) 238 322 (84) (26.1) (%) 18.1 16.6 1.5 9.0 3.8 4.2 (0.4) (9.5) 2.1 2.5 (0.4) (16.0) 1.4 1.2 0.2 16.7 119.9 108.7 11.2 10.3 137.3 155.1 (17.8) (11.5) 187.3 123.9 63.4 51.2 29,628 41,624 (11,996) (28.8) 13,529 9,506 4,023 42.3 43,157 51,130 (7,973) (15.6) 27,522 27,830 (308) (1.1) 506 660 (154) (23.3) 0.09 0.12 (0.03) (25.0) 2,761 2,761 10,190 8,459 1,731 20.5 2
(i) SITRAKHOWO-T7H HOWO-A7 HOWO (ii) HOWO 7 HOWO (iii) (iv) 19 20 MAN SE 51% MAN SE 25% MAN 67 55,196 2015 3
622 4
MAN MAN SE MAN SE ISIN DE 0005937007, WKN 593700 25% 571 % 2015 5
Franz Neundlinger Georg Pachta-Reyhofen Anders Olof Nielsen Franz Neundlinger Franz Neundlinger 777 250101 168-200 2102-2103 www.sinotruk.com 3808.hk (86) 531 5806 2545 (86) 531 5806 2545 (852) 3102 3808 (852) 3102 3812 securities@sinotrukhk.com (852) 2117 0861 sinotruk@christensenir.com 6
GDP 7.0% 29.5 31.1% 43,157 15.6% 12,031 15.2% 18.37% 2.08 741 4S 128 147 1,611 148 2015 7
13,529 42.3% 3,830 44.0% 70 177 329 330 27,522 1.1% 506 23.3% 1,947 1.0% HOWO 977 4S 76 149 1,667 31 43 36 8
54,705 15.9% 3,959 10.6% 9.8% 13.6% 3.8 320 338 75 3,046 2,668 2015 9
219 36.7% 145 8.2% 19 20 2,443 16.4% 19.5 65% 10.5 35% 250 100 150 50% 20% 30% 26,152 10
+ 2025 KD 2015 11
14,258 16,746 2,488 14.9% 2,580 2,775 195 7.0% 18.1% 16.6% 1.5 1,121 1,141 20 1.8% 8.0% 6.7% 1.3 1,040 1,196 156 15.0% 85 291 206 242.4% 186 142 44 23.7% 98 102 4 4.1% 12
412 293 28.9% 238 26.1% 0.09 0.12 0.03 25.0% 10,499 10,801 2.9% 137.3 11.5% 9,039 83.7% 91.2% 1,773 1,728 2.5% 1 3 1,716 627 1,089 3,906 2,190 1,287 167 879 738 141 2015 13
5,993 2,973 447 627 6,284 13.4%16.4% 1.41.4 30,064 5,543 915 1,009 522 73 1,631 107 72 21,387 21,246 141 0.7% 10,190 2,760,993,339 4.68 0.78861 14
151 2015 15
14 80 10 Franz Neundlinger Georg Pachta-Reyhofen Anders Olof Nielsen Jörg Astalosch Jörg Astalosch 16
2410 Anders Olof Nielsen MAN Truck & Bus AG Volkswagen AG MAN SE www.sinotruk.com 2015 17
XV XV 7 8 352 10 XV 2 3 336 10% A) (%) 1 1,408,106,603 51 MAN Finance and Holding S.A. 2 690,248,336 25 1) 2) MAN Finance and Holding S.A. MAN SE MAN SE MAN Finance and Holding S.A. 18
B) 40% 20% 20% 40% XV 2 3 336 10% 2015 19
1,000,000,000 36 50% (a) (b) (c) (www.hkexnews.hk) 20
22 56 34 34 2410 34 2015 21
6 14,257,545 16,746,350 (11,677,417) (13,971,794) 2,580,128 2,774,556 (1,140,522) (1,121,138) (1,195,552) (1,040,012) 291,472 85,280 7 535,526 698,686 34,015 34,336 (176,196) (220,237) (142,181) (185,901) 946 (2,328) 394,291 510,457 8 (101,772) (98,459) 292,519 411,998 (6,080) (5,730) (347) 2,555 286,092 408,823 22
238,376 321,756 54,143 90,242 292,519 411,998 233,428 318,581 52,664 90,242 286,092 408,823 9 0.09 0.12 29 56 10 2015 23
11 1,750,140 1,764,228 11 11,420,113 11,756,288 12 188,912 188,974 11 556,451 643,289 3,868 3,868 1,163,985 1,081,522 9,913 8,967 61,140 5 152,000 250,000 13 391,281 522,453 15,947,803 15,969,589 14 8,804,619 6,577,334 13 13,788,949 12,833,842 5 173,194 111,179 5 200,000 24(b) 136,051 25,333 15 7,917,446 8,775,515 31,020,259 28,323,203 46,968,062 44,292,792 16 16,717,024 16,717,024 (1,282,386) (1,322,434) 131,110 3,878,274 3,645,178 19,312,912 19,170,878 2,074,082 2,075,501 21,386,994 21,246,379 24
17 3,088,496 2,412,465 28,028 28,918 18 15,120 17,020 225,462 243,246 3,357,106 2,701,649 19 18,089,688 14,556,737 79,465 65,895 17 3,159,347 4,813,985 24(b) 520,661 555,447 20 374,801 352,700 22,223,962 20,344,764 25,581,068 23,046,413 46,968,062 44,292,792 8,796,297 7,978,439 24,744,100 23,948,028 29 56 2015 25
261,489 16,444,600 10,935 (3,672,258) 1,053 1,032,916 104,294 1,144,582 (75,628) 3,612,153 18,864,136 1,948,236 20,812,372 321,756 321,756 90,242 411,998 (5,730) (5,730) (5,730) 2,555 2,555 2,555 2,555 (5,730) (3,175) (3,175) (87,694) (87,694) (87,694) (41,017) (41,017) 16,455,535 (16,444,600) (10,935) 16,455,535 (16,444,600) (10,935) (87,694) (87,694) (41,017) (128,711) 21,263 (21,263) 16,717,024 (3,672,258) 1,053 1,054,179 104,294 1,144,582 (73,073) 3,819,222 19,095,023 1,997,461 21,092,484 26
16,717,024 (3,672,258) 1,053 1,183,389 104,294 1,144,582 (83,494) 3,776,288 19,170,878 2,075,501 21,246,379 238,376 238,376 54,143 292,519 (4,601) (4,601) (1,479) (6,080) (347) (347) (347) (347) (4,601) (4,948) (1,479) (6,427) (130,781) (130,781) (130,781) (46,175) (46,175) 39,157 39,157 39,157 21 230 230 (7,908) (7,678) 39,387 (130,781) (91,394) (54,083) (145,477) 1,008 (1,008) 16,717,024 (3,632,871) 1,053 1,184,397 104,294 1,144,582 (83,841) 3,878,274 19,312,912 2,074,082 21,386,994 29 56 2015 27
2,032,007 4,387,679 (181,463) (279,537) (134,776) (202,254) 1,715,768 3,905,888 (61,140) (9,000) (18,243) (224) (353,981) (180,811) 145,368 26,652 (94) (444) (1,500,000) 1,056,964 (200,000) (123,021) 185,750 214 (152,000) (1,206,145) (200,000) (250,000) 60,166 20,586 18,620 (1,286,996) (1,453,787) 150,000 (150,000) 17 1,643,184 4,931,064 17 (2,621,791) (5,394,208) (83,610) (50,695) (41,221) (879,302) (737,975) (450,530) 1,714,126 6,440,131 4,004,329 3,346 2,136 15 5,992,947 5,720,591 28 29 56
1 168-200 2102-2103 2 34 3 (a) (b) 19 2012 2010-2012 2013 2011-2013 (c) 2015 29
3 (d) 4 9 358 9 5 5.1 30
5 5.2 3,159,347 2,495,996 592,500 6,247,843 (a) 197,046 94,658 12,097 303,801 (b) 16,762,890 16,762,890 497,156 497,156 598 598 20,617,037 2,590,654 604,597 23,812,288 4,813,985 826,700 1,585,765 7,226,450 (a) 193,310 107,413 30,154 330,877 (b) 13,080,612 13,080,612 541,390 541,390 1,669 1,669 18,630,966 934,113 1,615,919 21,180,998 (a) (b) 19 2015 31
5 5.3 1 1 2 3 1 2 3 73,194 100,000 173,194 152,000 152,000 200,000 200,000 73,194 100,000 352,000 525,194 1 2 3 111,179 111,179 32
5 5.3 100 6 152 200 (i) (ii) (iii) (iv) 2015 33
6 34
6 11,412,236 1,916,687 375,916 13,704,839 144,837 144,837 386,406 7,839 13,624 407,869 11,798,642 1,924,526 389,540 144,837 14,257,545 232,852 22,574 3,569,239 74,373 (3,899,038) 12,031,494 1,947,100 3,958,779 219,210 (3,899,038) 14,257,545 311,266 (61,612) 315,029 79,893 (102,804) 541,772 (6,246) 535,526 (142,181) 946 394,291 (101,772) 292,519 2015 35
6 13,842,517 1,883,391 571,034 16,296,942 133,872 133,872 251,626 32,374 31,536 315,536 14,094,143 1,915,765 602,570 133,872 16,746,350 95,718 11,689 3,823,701 26,471 (3,957,579) 14,189,861 1,927,454 4,426,271 160,343 (3,957,579) 16,746,350 521,746 (133,661) 255,076 96,859 (32,591) 707,429 (8,743) 698,686 (185,901) (2,328) 510,457 (98,459) 411,998 36
6 31,051,319 3,682,806 12,666,667 11,115,650 4,399,125 62,915,567 (15,947,505) 46,968,062 14,661,943 2,940,011 3,796,734 9,680,929 6,527,194 37,606,811 (12,025,743) 25,581,068 42,568,937 19,053,874 1,163,985 28,028 54,268 79,465 3,159,347 3,088,496 3,180,872 171,858 46,968,062 25,581,068 2015 37
6 28,521,535 3,237,356 11,657,660 11,385,105 4,614,150 59,415,806 (15,123,014) 44,292,792 11,766,202 2,718,824 2,776,726 9,993,912 7,361,583 34,617,247 (11,570,834) 23,046,413 39,678,642 15,684,830 1,081,522 28,918 91,047 65,895 4,813,985 2,412,465 3,441,581 40,320 44,292,792 23,046,413 38
6 11,134,936 14,774,830 3,122,609 1,971,520 14,257,545 16,746,350 7 1,417,931 1,343,830 20 320,740 403,915 46,659 124,677 11 19,319 16,215 11 619,004 599,123 11 87,032 81,503 (81,615) 2,029 (51,510) (5,623) (66,965) (44,866) (11,870) (20,610) 2015 39
8 14,557 4,995 170,568 270,091 185,125 275,086 (83,353) (176,627) 101,772 98,459 16.5% 16.5% 25% 25% 15% 15% 15% 15% 20% 20% 25% 25% 40
9 238,376 321,756 2,760,993 2,760,993 0.09 0.12 10 165,660,000 131,110,000 110,440,000 87,481,000 46,175,000 41,017,000 2015 41
11 1,764,228 11,756,288 643,289 5,231 314,353 94 (100) 100 (31,424) 7 (19,319) (619,004) (87,032) 1,750,140 11,420,113 556,451 1,545,785 12,681,507 672,195 224 305,653 444 66,261 (69,253) 2,992 (31,805) 7 (16,215) (599,123) (81,503) 1,596,055 12,286,979 594,128 120,789,000 110,579,000 42
12 188,974 (62) 188,912 180,023 1,722 181,745 50 1 2 3 188,912 2015 43
12 1 2 3 188,974 44
13 23,437 75,850 373,493 453,404 (5,649) (6,801) 367,844 446,603 391,281 522,453 8,212,302 7,099,231 (407,962) (326,445) 7,804,340 6,772,786 2,972,932 3,600,291 50,230 2,972,932 3,650,521 10,777,272 10,423,307 1,404,818 1,352,304 (44,812) (26,082) 1,360,006 1,326,222 (a) 855,393 459,031 (7,835) (7,581) 847,558 451,450 18,807 44,958 13,003,643 12,245,937 299,007 237,100 432,031 259,758 54,268 91,047 13,788,949 12,833,842 (a) 450,000,000 2015 45
13 7,732,856 7,992,719 1,306,546 1,585,902 881,055 166,756 466,570 391,190 413,682 362,590 10,800,709 10,499,157 1,089,755,000 1,266,409,000 6%-8.96% 416,595 258,543 257,882 316,913 685,529 750,766 287,245 365,333 80,599 81,270 1,727,850 1,772,825 46
14 1,808,549 1,597,477 651,507 659,362 898,907 873,626 5,780,867 3,793,900 9,139,830 6,924,365 (335,211) (347,031) 8,804,619 6,577,334 15 1,924,499 2,335,384 5,992,947 6,440,131 7,917,446 8,775,515 16 2,760,993,339 16,717,024 2,760,993,339 261,489 (a) 16,455,535 2,760,993,339 16,717,024 (a) 11 37 2015 47
17 3,088,496 2,412,465 26,700 726,700 (a) 200,000 500,000 2,932,647 3,587,285 3,132,647 4,087,285 3,159,347 4,813,985 6,247,843 7,226,450 (a) 200,000,000 500,000,000 (b) 150,141,000 215,524,000 3,159,347 4,813,985 2,495,996 826,700 592,500 1,585,765 6,247,843 7,226,450 48
17 7,226,450 1,643,184 (2,621,791) 6,247,843 9,772,637 4,931,064 (5,394,208) 9,309,493 155,726,000 222,163,000 5,585,000 6,639,000 4.98% 5.04% 2,834,022 3,303,031 2015 49
18 7,920 9,440 6,250 6,430 950 1,150 15,120 17,020 19 13,913,402 10,116,689 984,253 1,029,313 688,585 622,382 265,138 228,848 77,407 217,964 2,160,903 2,341,541 18,089,688 14,556,737 12,351,880 8,294,348 1,514,202 1,683,625 24,798 117,025 10,974 11,953 4,754 6,151 6,794 3,587 13,913,402 10,116,689 50
20 352,700 7 320,740 (298,639) 374,801 356,365 7 403,915 (195,988) 564,292 21 (a) 7,678,000 0.5962% 272,509,000 7,908,000 230,000 2015 51
21 (a) 7,908 (7,678) 230 (b) 230 22 52
23 417,477 442,144 24 MAN Finance and Holding S.A. MAN SE MAN SE MAN MAN 2015 53
24 (a) (i) 296,494 167,934 606,578 652,429 129,143 151,391 334,273 361,517 1,190 925 55,722 34,885 4,051 3,900 12,257 11,433 1,878 172 5,426 1,419 2,113 1,456 2,857 156,863 239 1,087 1,087 1,609,932 1,388,787 (ii) MAN 3,609 1,340 4,949 (iii) 38 (iv) 3,410 3,580 175 141 3,585 3,721 54
24 (a) (v) (b) (i) (ii) 75,869 3,587 58,819 21,029 36 134,724 24,616 MAN 1,327 717 136,051 25,333 2015 55
24 (b) (i) (ii) 8,256 10,866 6,419 6,529 23,505 14,057 374,635 409,999 36,000 36,000 448,815 477,451 MAN 71,846 77,996 520,661 555,447 25 56