Guangzhou Automobile Group Company Limited ( ) : 2238 2011
2 3 5 6 18 25 35 56 59 69 71 176 177 1 2011
H A 6,435,020,097 A 4,221,719,879 65.61% H 2,213,300,218 34.39% 2011 2
1,850.512.45% 1,447.245.19% 403.276.31% 74.042.23% 72.110.22% 1.93310.27% 109.8425.6% 42.72 542.14 534.867.28 3 2011
A A H 1.8L SUV GS5 8631 130 89 26 139 444 2011 4
Guangzhou Automobile Group Co., Ltd. H 2238 A 601238 H 448 45823 448 45823 18 808 www.gagc.com.cn 28 26 1 29 5 2011
2011 6
Crosstour Accord Odyssey EVERUS CAMRYHighlanderTrumpchi SUV MPVJazz SUV 125 6.4 100 HVAC 503 20 7 2011
A A A A A A A H 1. 2011 8
744,719 740,394 3.07% 2.23% 726,877 721,095 1.35% 0.22% 17,842 19,299 232.90% 310.27% 4.00%20.80% SUV 8.06% % % 744,719 722,565 3.07% 740,394 724,222 2.23% 1 739,099 717,206 3.05% 734,146 719,518 2.03% 369,176 385,755-4.30% 362,294 386,031-6.15% 272,526 268,445 1.52% 274,417 269,430 1.85% 16,723 17,006 23,602 24,984 32,870 37,890-13.25% 31,196 39,048-20.11% 24,202 25,116-3.64% 24,249 25,009-3.04% 2 5,620 5,359 4.87% 6,248 4,704 32.82% 4,122 3,380 21.95% 4,549 2,911 56.27% 1,498 1,979-24.31% 1,699 1,793-5.24% 298,133 422,130-29.37% 298,851 418,293-28.55% 276,621 399,401-30.74% 277,264 395,988-29.98% 21,512 22,729-5.35% 21,587 22,305-3.22% 934,768 900,099 934,768 900,099 * 2010 9 2011
% % 721,095 0.22% 4.98% 1,914-15.46% 0.44% 321,461-3.51% 20.80% 123,502-6.89% 2.37% 89,312 4.28% 4.59% 9,304 0.41% MPV 47,150 2.86% 9.47% SUV 128,452 7.06% 8.06% 19,299 310.27% 0.48% 740,394 2.23% 4.00% 900,099 11.07% 3.34% * 131.4 125 6.453 2011 10
2011 1,250,000 480,000 380,000 100,000 130,000 100,000 60,000 64,000 22,000 2,000 40,000 530,000 500,000 30,000 1,000,000 1,000,000 2. % 9,862,635 89.79% 461,630 4.20% 394,468 3.59% 265,540 2.42% 10,984,273 100.00% 11 2011
3. 2011 2012 478 483 31 332 380 31 90 200 30 208 268 31 43 100 30 138 31 70 100 28 41 50 25 3,905 4,002 24 4. (1) ACCORD 2011 160,7354 2011 Fit EVERUS S1 (2) EZ 2.5L 10%24% 2011 12
(3) 1.8L 1.8L 18SUV GS5 (4) 136 7 (5) AE Plug in Plug in 4 5. 1.8LSUVGS5 2.0L C NCAP 863 1 130 89 13 2011
6. (1) (2) DDCT (3) 7. 26140444 205 2011 14
2011CSI 1 J.D. Power AAAA J.D. Power 1 2011 2011 GS5) 15 2011
1. 2. 3. 100% 2011 16
4. 1,693.14 2011 2011 2015 8% 17 2011
2011 18
1. A H 1,850.52.45% 740,394 900,099 2.23%721,095 0.22% 19,299 310.27%4.00% 20.80% SUV 8.06% 109.84 87.4222.42 25.6% 42.72 69.48 91.92 22.4424.4% 19 2011
82.39 11.43 12.2 2. 109.84 87.4222.42 25.6% C NCAP 24,984 3. 105.60 79.9925.61 4.24 7.433.19 42.9% 8.5%4.6 3.9% 4. 5.89 3.262.63 5. 12.16 5.167.00 1 2 3 CPI 4 2011 20
6. 8.40 0.587.82 7. 3.74 2.351.39 8. 4.15 3.620.53 9. 10.76 8.09 2.67(1) (2) CPI 10. 16.80 0.66 9.01 0.33 9.84 7.89 4.901.992.91 21 2011
11. 38.72 45.61 6.89 (1) 641,260 658,372 17,112 (2) 11%24% (3) 12. 7.66 11.30 3.64 (1) 6.619.81 3.20 (2) 55,445 64,057 8,612 1.021.450.43 13. 1.10 0.02 1.12 2011 22
14. 42.72 42.95 69.4891.92 22.44 24.4% 15. 16. 216.59 62.06 3.49 98.37 67 6 25.84 24.6% 17. (6.34) (10.08) (2.67) 19.60 (2.01) (4.34) (11.02) 5.18 82.39 93.82 (1) 6.34 10.08 3.74 23 2011
(2) 2.67 19.60 22.27 (3) 2.01 4.34 2.33 1.54 82.39 93.82 11.43 18. 98.37 90.03 24.6% 25.8%{ + / + + } 3.49 4.57 3.19 4.17 19. 42 2011 24
551997 20002005 6 1998 7 2004 121991 11 1995 121995 8 1999 8 1996 4 1999 8 1987 12 1997 1 2006 12 50 1997 2004 2005 2005 6 2008 9 2005 6 2008 9 2006 1 2008 9 1999 12 2006 1 2001 4 2005 6 2010 122000 7 2009 12 25 2011
53 1997 2001 2005 1982 1993 19911993 1 1995 4 1995 1997 1997 7 1998 7 1998 7 2001 4 2004 9 2008 8 1982 7 2001 9 462000 3 2005 6 2008 8 1995 10 1998 5 1998 5 2000 2 1990 7 2005 12 482004 7 2005 2005 2009 2000 11 2002 112003 1 2004 72003 1 2004 7 1986 7 2000 5 2011 26
57 2001 4 2005 1991 3 1998 2 1998 2 1998 6 1998 6 2001 4 1986 6 572009 112000 3 2000 3 2008 8 1990 7 1998 8 1998 9 11 1998 12 2000 2 1988 6 51 1999 2001 2007 2007 2002 3 602005 6 1982 2 1988 7 1988 7 1998 8 1998 8 2000 7 2000 7 2004 6 1978 9 27 2011
43 2008 8 1994 8 1998 8 1988 12 2002 7 69 2007 12 1995 1999 1997 3 2000 3 2005 1 2008 12 2001 4 2007 4 1967 7 51 2007 12 1999 2006 2011 201993 1 1997 6 1999 20001997 6 1998 6 1984 7 2006 1 2011 28
49 2007 12 1997 7 1999 6 1999 7 2001 12 1991 11 LDK 29 2011
62 2007 12 2007 2006 4 1997 6 2006 4 1996 7 1997 6 1990 11 1995 3 Winning Management Company Limited 2006 2007 2003 20071997 1 2006 5 1995 5 1979 6 2002 10 2007 8 47 2007 12 1994 12 1999 6 1995 6 1992 10 1989 9 2004 2 2011 30
55 1998 3 2008 8 2001 3 47 2005 6 JFE 1991 7 1998 11 49 2008 8 2011 8 1984 7 50 1998 11 2008 8 2003 7 31 2011
48 2007 2008 8 1990 7 2001 12 49 1998 3 2007 1998 3 1999 2 1999 3 2000 12 2000 6 2004 5 2004 6 2005 6 2003 1 2003 7 2001 7 2004 5 2004 6 2007 4 2004 9 2005 122010 4 2010 11 2007 12 2010 101985 7 2002 12 56 2004 2005 6 1982 2 1985 101991 6 2004 9 1982 9 1989 11 2011 32
41 1999 32005 1992 7 1999 4 1999 3 2000 3 1992 7 2005 12 492003 10 2007 1997 12 2000 102003 5 2003 10 2004 9 20072004 2 2007 4 1984 7 1987 9 1989 1 56 2007 4 1998 2 2000 8 2000 8 2001 4 2001 4 2007 4 2008 1 2008 7 2008 7 2010 12 1982 7 1985 12 541996 2008 7 2002 2 2008 7 1988 7 1997 12 33 2011
422004 2008 7 1998 6 2004 12 1988 7 2001 4 492005 6 2008 8 1995 9 2001 1 2001 1 2004 3 1982 7 1985 7 2000 6 522010 10 2001 4 2002 9 2005 9 2009 2 2001 4 2005 9 2001 4 2008 9 2008 8 2009 1 1981 2011 472011 3 1998 7 2003 8 2003 9 2008 1 2008 7 2011 1 1986 7 2011 34
71 175 0.20 4,042,408,220 35 2011
176 25 32 8 2011 36
24 77 10% 1. 19.2%10.3% 2. 54.5% 22.2% 5% 111213 6,148,057,675 6,148,057,675 1 3,934,757,457 64% H 2,213,300,218 36% 37 2011
336 5% (%) (%) 3,617,403,529 91.93 58.84 H 552,136,090 (L) 24.95 8.98 Platinum Investment Management H 16,991,514 (L) 0.77 0.28 Limited 137,708,828 (L) 6.22 2.24 JP Morgan Chase & Co. H 20,803,909 (L) 12,050,000 (S) 0.94 0.54 0.34 0.20 15,825,504 (L) 0.72 0.26 139,681,196 (P) 6.31 2.27 BlackRock, Inc. H 117,108,624 (L) 9,063,752 (S) 5.29 0.41 1.90 0.15 (L) (S) (P) 2011 38
1. 2. 25 34 39 2011
3. 31 32 2011 40
352 XV 18 87 87 0.00 29 41 2011
29 29,537 1,315 4.5% 4,588 15.5% 16,435 55.6% 7,199 24.4% 29,537 100.0% H 2011 42
25% 41( 14A.31 14A.33) 14A( ) (A) 1. (a) 224,000,000 41,728,429 43 2011
(b) 96,000,000 76,797,258 2011 44
2. 261,861,542 14A.35(2) 14A 45 2011
1,044,161,266 14A.35(2) 2011 46
14A 3. (a) 14A.35 47 2011
(b) 2011 48
14A.35 4. 82,000,000 81,199,087 49 2011
5. 5 10 14A.35 2011 50
6. 51 2011
5 10 14A.35 (B) 1 6 2011 52
1 6 14A (C) 53 2011
(D) 3000 740 14A.38 59 68 2011 54
55 2011
2011 2011 2011 56
2011 2011 2011 2010 2011 57 2011
2011 2012 2011 58
2011 59 2011
1. (1) 2010 20102010 (2) 58.84% 38 2011 60
2. (1) 15 4 6 5 25 30 3.13 61 2011
(2) 17 a) b) c) d) e) f) g) 2011 62
17 17/17 100.00% 17/17 100.00% 17/17 100.00% 17/17 100.00% 17/17 100.00% 17/17 100.00% 17/17 100.00% 17/17 100.00% 17/17 100.00% 17/17 100.00% 17/17 100.00% 15/17 88.24% 15/17 88.24% 17/17 100.00% 16/17 94.12% (3) 4 63 2011
2 2/2 100.00% 2/2 100.00% 2/2 100.00% 2/2 100.00% 2/2 100.00% 2/2 100.00% 4 4/4 100.00% 4/4 100.00% 4/4 100.00% 2011 64
1 2/2 100.00% 2/2 100.00% 2/2 100.00% 3 3/3 100.00% 3/3 100.00% 3/3 100.00% 5 10 65 2011
(4) 69 3. (1) 2/3 66.67% 1/3 33.33% 3/3 100.00% 3/3 100.00% 3/3 100% 2011 66
(2) 2011 12 31 (3) 424 4. 67 2011
5. (1) 44 www.hkexnews.hk www.gagc.com.cn (2) 4 420 3 1 53 (3) 0.20 12.87 2011 68
71 175 69 2011
2011 70
2.1.1 2.1.1 7 983,130 665,919 621,615 8 4,308,829 3,027,878 2,372,285 9 32,057 56,706 57,608 10 2,273,409 1,446,213 688,725 12 9,284,474 8,166,021 6,760,627 13 5,097,755 5,200,729 4,644,787 15 339,134 134,113 57,547 16 98,855 70,142 17 465,397 22,953,182 18,697,579 15,203,194 18 1,536,698 1,353,342 645,061 19 2,979,669 2,845,139 2,776,965 2,250 20 8,603,852 5,865,268 4,950,983 21 297,067 376,318 328,165 22 8,239,169 9,382,214 8,864,967 21,658,705 19,822,281 17,566,141 44,611,887 38,519,860 32,769,335 23 6,148,057 6,148,057 3,934,757 24 7,869,317 7,636,764 814,186 24 37 1,287,004 676,286 13,905,194 11,150,403 8,310,798 29,209,572 25,611,510 13,059,741 976,052 232,587 8,382,369 30,185,624 25,844,097 21,442,110 71 2011
2.1.1 2.1.1 27 90,733 120,832 55,760 25 7,737,314 7,950,322 7,649,398 15 38,901 23,359 10,133 26 353,083 241,968 279,846 8,220,031 8,336,481 7,995,137 27 4,068,896 3,253,545 2,394,022 33,774 33,132 10,361 25 2,100,021 1,052,605 927,705 3,541 6,206,232 4,339,282 3,332,088 14,426,263 12,675,763 11,327,225 44,611,887 38,519,860 32,769,335 15,452,473 15,482,999 14,234,053 38,405,655 34,180,578 29,437,247 80 175 71 175 2011 72
7 119,146 114,684 8 462,126 232,903 10 1,577,921 1,307,347 11 21,336,524 20,736,524 12 3,885,739 2,928,546 13 1,929,954 1,879,400 17 458,791 29,770,201 27,199,404 18 2,822 8,802 19 1,027,316 1,124,589 20 750,000 1,480,000 22 1,459,394 1,419,018 3,239,532 4,032,409 33,009,733 31,231,813 23 6,148,057 6,148,057 24 14,858,748 14,625,508 24 37 1,287,004 676,286 2,574,572 1,374,711 24,868,381 22,824,562 73 2011
27 90,218 120,832 25 7,252,929 7,435,288 26 192,008 64,548 7,535,155 7,620,668 27 406,197 786,583 25 200,000 606,197 786,583 8,141,352 8,407,251 33,009,733 31,231,813 2,633,335 3,245,826 32,403,536 30,445,230 80 175 71 175 2011 74
2.1.1 10,984,273 8,742,344 28 (10,559,896) (7,999,290) 424,377 743,054 28 (589,242) (325,572) 28 (1,216,442) (516,308) 31 316,222 209,666 30 840,288 57,844 (224,797) 168,684 32 (414,744) (362,288) 31 57,879 24,986 3,872,359 4,560,501 13(a) 766,289 1,129,711 4,056,986 5,521,594 33 109,914 (1,675) 4,166,900 5,519,919 34 (1,145) 4,165,755 5,519,919 4,271,703 4,295,099 (104,803) 1,224,820 4,166,900 5,519,919 75 2011
2.1.1 4,271,016 4,295,099 (105,261) 1,224,820 4,165,755 5,519,919 36 0.6948 0.9192 80 175 37 1,287,004 676,286 2011 76
3,934,757 814,186 8,310,798 13,059,741 8,401,607 21,461,348 2.1.1 (19,238) (19,238) 3,934,757 814,186 8,310,798 13,059,741 8,382,369 21,442,110 4,295,099 4,295,099 1,224,820 5,519,919 1 2,213,300 6,596,695 8,809,995 (9,129,777) (319,782) 225,883 (225,883) (553,325) (553,325) (286,617) (839,942) 2,213,300 6,822,578 (779,208) 8,256,670 (9,416,394) (1,159,724) 41,792 41,792 2,213,300 6,822,578 (779,208) 8,256,670 (9,374,602) (1,117,932) 6,148,057 7,636,764 11,826,689 25,611,510 232,587 25,844,097 6,148,057 7,636,764 11,826,689 25,611,510 249,430 25,860,940 2.1.1 (16,843) (16,843) 6,148,057 7,636,764 11,826,689 25,611,510 232,587 25,844,097 4,271,703 4,271,703 (104,803) 4,166,900 (687) (687) (458) (1,145) (687) 4,271,703 4,271,016 (105,261) 4,165,755 3,332 3,332 3,332 229,908 (229,908) (676,286) (676,286) (9,990) (686,276) 233,240 (906,194) (672,954) (9,990) (682,944) (37,804) (37,804) 279,120 279,120 40 617,400 617,400 233,240 (906,194) (672,954) 848,726 175,772 6,148,057 7,869,317 15,192,198 29,209,572 976,052 30,185,624 80 175 77 2011
2.1.1 38 (459,687) (819,771) 312,019 186,046 (404,769) (331,607) (80,781) (42,244) (633,218) (1,007,576) (2,243,609) (1,348,890) 59,991 64,153 (55,700) (49,225) (603,428) (704,009) (659,419) (40,357) (14,249) (105,756) 163,312 30,187 480 (172,696) (397,515) (776,000) 610,000 751,000 141,045 31,105 5,435,120 5,099,741 (2,738,584) (914,285) 178,500 (48,153) (267,045) 1,959,804 2011 78
2.1.1 279,120 41,792 (223,595) (97,086) (686,276) (839,942) 2,359,442 1,775,952 (1,930,064) (1,314,694) (201,373) (433,978) (1,101,636) 518,250 9,382,214 8,864,967 (41,409) (1,003) 8,239,169 9,382,214 80 175 79 2011
1. 448 45823 3,499,665,555 1 2009 435,091,902 1 3,934,757,457 2,213,300,218 2,213,300,218 43(a) 281,912,422 A 2. 2.1 4 2011 80
2. 2.1 2.1.1 (a) 31 A A H A H 8 81 2011
2. 2.1 2.1.1 (a) (852,868) (857,969) (356,964) (7,024,177) (5,812,700) (5,965,345) (736,040) (402,453) (275,976) 9,284,474 8,166,021 6,760,627 (309,314) (249,819) (209,172) (4,886) (2,125,509) (1,664,232) (1,597,341) (i) (2,368,844) (1,417,428) 1,111,055 (1,265) (4,020,750) (7,857,734) (5) (685) (6) (10,556,517) (6,598,701) (2,467,973) (14,694,951) (12,858,716) (10,858,829) 2011 82
2. 2.1 2.1.1 (a) (97,712) (48,552) (42,793) (260,528) (230,183) (201,542) (364,407) (234,064) (11,569,186) (11,322,850) (10,097,183) (213,487) (454,503) (220,284) (1,939,933) (312,339) (142,664) (192,959) (239,382) (177,918) (14,681,005) (12,841,873) (10,839,591) (13,946) (16,843) (19,238) (14,694,951) (12,858,716) (10,858,829) (i) 1,755,627,000 644,572,000 1,111,055,000 83 2011
2. 2.1 2.1.1 (a) (52,376,286) (51,105,579) 43,283,599 41,576,493 2,608,864 2,442,416 1,768,467 1,757,599 (176,032) (173,475) (278,608) (32,883) 44,716 6,875 (6,079) (2,202) 3,872,359 4,560,501 1,261,720 972,650 2,720 2,395 2,720 2,395 2011 84
2. 2.1 2.1.1 (b) 1 24 27 34 3 (c) 1 7 1 1 7 32 13 14 19 85 2011
2. 2.1 2.1.1 (d) 1 12 19 27 28 32 7 9 9 10 11 12 13 2.2 2.2.1 50% 2011 86
2. 2.2 2.2.1 (a) 39 87 2011
2. 2.2 2.2.1 (b) (c) 2.2.2 2011 88
2. 2.3 20%-50% 2.4 89 2011
2. 2.4 2.5 2.6 (a) 2011 90
2. 2.6 (b) (c) (i) (ii) (iii) (d) 91 2011
2. 2.7 8 50 0% 10% 5 22 0% 10% 5 15 0% 10% 5 10 0% 10% 3 19 0% 10% 2 20 0% 2011 92
2. 2.8 2.9 (20 50 0% 10%) 2.10 93 2011
2. 2.11 (a) (b) (5 10 (c) (2 10 (d) 2011 94
2. 2.12 2.13 2.13.1 (a) 12 (b) 12 2.17 2.18 95 2011
2. 2.13 2.13.1 (c) 12 (d) 12 2.13.2 2011 96
2. 2.14 2.15 (a) 97 2011
2. 2.15 (b) (a) 2.16 2.17 2.18 2011 98
2. 2.19 2.20 2.21 12 2.22 99 2011
2. 2.23 (a) (b) (c) 2011 100
2. 2.24 (a) (b) 12 2.25 101 2011
2. 2.26 (a) (b) (c) (d) (e) 2011 102
2. 2.27 (a) (b) 2.28 2.29 103 2011
3. 3.1 (a) (i) 5% 12,300,000 10,787,000 (ii) 12 2011 104
3. 3.1 (a) (ii) 100 13,623,000 4,136,000 8,020,996,000 8,451,429,000 25 (b) 105 2011
3. 3.1 (c) 25 20 22 1 1 2 2 5 5 2,495,444 438,141 7,284,424 634,141 3,430,000 63,727 27,217 1,413,023 639,438 7,562,882 670,261 2,727,921 66,777 66,777 2011 106
3. 3.1 (c) 1 1 2 2 5 5 491,207 284,480 6,882,469 634,141 355,935 63,212 27,217 284,480 484,480 7,130,829 670,261 733,322 66,777 66,777 3.2 25 9,837,335 9,002,927 30,185,624 25,844,097 40,022,959 34,847,024 25% 26% 107 2011
3. 3.3 14 4. (a) (b) 2011 108
4. (c) (i) (ii) (iii) (d) 2.11 (e) 109 2011
5. 49,900,000 50% 50% 1,800,000,000 100% 185,680,000 51% 49% 611,000,000 100% 1,260,000,000 51% 283,290,000 50% 399,560,000 50% 1,500,000,000 50% 1,004,218,280 45% 2011 110
5. 500,000,000 50% 1,800,000,00 50% 49,000,000 50% 240,720,000 30% 82,000,000 25% 520,871,390 29% 29,980,000 30% 3,860,000 48% 22,500,000 25% 44,700,000 30% 23,022,409 40% 111 2011
6. (i) (ii) (iii) 2011 112
6. 9,923,365 461,630 487,116 317,728 (205,566) 10,984,273 (60,730) (92,648) (52,188) 205,566 9,862,635 461,630 394,468 265,540 10,984,273 (879,396) 8,775 (27,692) (867) (17,685) (916,865) 1,098,948 1,098,948 (406,880) (406,880) (224,797) (143,163) (7,259) (11,749) (82) (252,491) (414,744) 14,776 2,394 3,300 10,366 27,043 57,879 3,892,286 (75,290) (19,245) 74,608 3,872,359 101,501 660,764 4,024 766,289 4,056,986 169,676 1,476 (71) (784) (60,383) 109,914 4,166,900 450,316 7,182 18,894 4,289 9,065 489,746 (4,531) 398 364 14 (20,533) (24,288) 17,050 3,272 808 21,130 4,388 1,207 5,595 113 2011
6. 20,739,369 972,056 4,692,463 4,877,475 (1,809,542) 15,140,066 44,611,887 7,710,147 337,619 421,185 815,523 9,284,474 1,696,757 3,376,034 24,964 5,097,755 6,698,795 525,428 434,722 1,123,340 (1,808,951) 7,452,929 14,426,263 2,814,647 113,196 583,564 1,281,700 4,793,107 2011 114
6. 7,463,158 546,135 362,130 382,052 (11,131) 8,742,344 (2,792) (904) (3,185) (4,250) 11,131 7,460,366 545,231 358,945 377,802 8,742,344 160,520 8,991 (37,749) 26,555 (1,805) 156,512 210,775 210,775 (198,603) (198,603) 168,684 (68,366) (12,764) (7,205) (131) (273,822) (362,288) 3,188 1,424 887 77 19,410 24,986 4,674,112 (94,599) (1,749) (17,263) 4,560,501 145,437 980,807 3,467 1,129,711 5,521,594 26,010 5,234 2,586 (113) (35,392) (1,675) 5,519,919 167,032 5,807 11,049 9,968 5,613 199,469 4,123 1,477 (85) (618) 4,897 42,948 5,093 48,041 115 2011
6. 17,423,994 1,042,299 4,155,821 4,337,272 (1,918,703) 13,479,177 38,519,860 7,289,459 412,878 229,416 234,268 8,166,021 1,743,962 3,427,111 29,656 5,200,729 4,828,540 528,872 321,859 1,479,072 (1,917,868) 7,435,288 12,675,763 2,359,510 6,449 287,599 20,260 2,673,818 29,471,821 25,040,683 15,140,066 13,479,177 44,611,887 38,519,860 6,973,334 5,240,475 7,452,929 7,435,288 14,426,263 12,675,763 2011 116
6. 1,129,622,000 989,182,000 10,868,099 8,462,706 116,174 279,638 10,984,273 8,742,344 22,348,334 18,413,595 96,717 149,871 22,445,051 18,563,466 10,628,233 8,396,799 199,685 152,940 156,355 192,605 10,984,273 8,742,344 117 2011
7. 15 50 1,523,888 978,579 2.1.1 (857,969) (356,964) 665,919 621,615 741,007 679,783 (75,088) (58,168) 665,919 621,615 665,919 621,615 31,887 82,366 40 307,166 (5,906) (1,034) (15,236) 28 (16,420) (16,920) (4,388) 983,130 665,919 1,069,381 741,007 (86,251) (75,088) 983,130 665,919 2011 118
7. 114,684 114,684 114,684 4,462 114,684 119,146 114,684 119,146 114,684 119,146 114,684 (a) (b) 169,826,000 19,808,00025(a) (c) 119,146,000 124,981,000 119 2011
7. (d) 10 50 956,754 632,202 10 50 26,376 33,717 983,130 665,919 10 50 119,146 114,684 2011 120
8. 2,297,430 3,307,236 282,253 670,648 176,754 78,422 1,524,887 8,337,630 2.1.1 (1,650,795) (3,198,757) (46,306) (667,007) (130,099) (22,843) (249,538) (5,965,345) 646,635 108,479 235,947 3,641 46,655 55,579 1,275,349 2,372,285 39,752 10,348 13,450 19,212 3,836 15,962 798,807 901,367 (23,812) (3,277) (1,945) (3,651) (765) (33,450) 583,862 1,047,919 48,971 76,129 50,626 (1,807,507) 28 (37,473) (32,692) (58,466) (2,940) (14,345) (2,836) (148,752) (56,349) (4,889) (1,456) (878) (63,572) 1,152,615 1,125,888 236,501 92,391 85,129 68,705 266,649 3,027,878 1,241,210 1,247,212 398,868 95,416 150,686 99,416 266,649 3,499,457 (88,595) (121,324) (162,367) (3,025) (65,557) (30,711) (471,579) 1,152,615 1,125,888 236,501 92,391 85,129 68,705 266,649 3,027,878 2,791,267 3,942,911 334,769 681,727 227,276 87,379 775,249 8,840,578 2.1.1 (1,638,652) (2,817,023) (98,268) (589,336) (142,147) (18,674) (508,600) (5,812,700) 1,152,615 1,125,888 236,501 92,391 85,129 68,705 266,649 3,027,878 26,323 42,255 89,873 104,907 5,299 106,915 603,064 978,636 40 331,196 130,858 6,644 3,826 368 228,301 701,193 (28,339) (583) (36,959) (54) (65,935) 58,536 92,463 3,684 65,051 3,150 (222,884) 28 (58,818) (125,390) (64,650) (25,952) (19,152) (19,744) (313,706) (1,003) (204) (1,207) (6,805) (6,016) (3,369) (24) (1,816) (18,030) 1,474,708 1,258,472 231,724 236,373 76,178 156,244 875,130 4,308,829 1,658,107 1,505,883 398,121 265,253 149,037 206,699 875,130 5,058,230 (183,399) (247,411) (166,397) (28,880) (72,859) (50,455) (749,401) 1,474,708 1,258,472 231,724 236,373 76,178 156,244 875,130 4,308,829 121 2011
8. 3,091 17,264 45,799 66,154 2,044 3,495 174,979 180,518 (1,470) (728) (8) (2,206) 7,089 (7,089) (80) (5,002) (6,481) (11,563) 1,541 13,578 49,894 167,890 232,903 2,296 34,251 64,983 167,890 269,420 (755) (20,673) (15,089) (36,517) 1,541 13,578 49,894 167,890 232,903 1,541 13,578 49,894 167,890 232,903 4,720 16,764 221,311 242,795 (313) (10) (323) 2,130 (2,130) (75) (4,939) (8,235) (13,249) 1,466 13,046 60,543 387,071 462,126 2,296 32,709 83,861 387,071 505,937 (830) (19,663) (23,318) (43,811) 1,466 13,046 60,543 387,071 462,126 2011 122
8. (a) 254,987 115,223 7,491 6,580 51,228 26,949 313,706 148,752 (b) (c) 297,013,000 201,435,000 25(a) 29,429,000 21,217,000 9. 68,636 69,976 (11,930) (12,368) 56,706 57,608 56,706 57,608 16,557 1,431 (38,306) 28 (2,900) (2,333) 32,057 56,706 46,887 68,636 (14,830) (11,930) 32,057 56,706 123 2011
10. 643,168 110,021 125,959 85,553 964,701 2.1.1 (186,358) (89,434) (184) (275,976) 456,810 20,587 125,775 85,553 688,725 248,687 23,410 516,855 788,952 28 (12,621) (5,648) (13,195) (31,464) 692,876 38,349 125,775 589,213 1,446,213 712,167 51,786 125,775 602,408 1,492,136 (19,291) (13,437) (13,195) (45,923) 692,876 38,349 125,775 589,213 1,446,213 876,212 132,269 125,959 714,226 1,848,666 2.1.1 (183,336) (93,920) (184) (125,013) (402,453) 692,876 38,349 125,775 589,213 1,446,213 113,544 22,690 410,942 547,176 40 113,853 201,337 121,550 436,740 28 (65,688) (9,208) (81,824) (156,720) 854,585 51,831 327,112 1,039,881 2,273,409 940,086 74,495 327,112 1,134,900 2,476,593 (85,501) (22,664) (95,019) (203,184) 854,585 51,831 327,112 1,039,881 2,273,409 2011 124
10. 456,148 15,496 85,553 557,197 261,819 6,789 516,855 785,463 (17,074) (5,044) (13,195) (35,313) 700,893 17,241 589,213 1,307,347 718,391 26,863 602,408 1,347,662 (17,498) (9,622) (13,195) (40,315) 700,893 17,241 589,213 1,307,347 700,893 17,241 589,213 1,307,347 46,354 5,028 349,406 400,788 (42,796) (5,594) (81,824) (130,214) 704,451 16,675 856,795 1,577,921 764,745 31,891 951,814 1,748,450 (60,294) (15,216) (95,019) (170,529) 704,451 16,675 856,795 1,577,921 125 2011
10. (a) 5,501 9,524 288 150,931 21,940 156,720 31,464 (b) 40 201,337 90,299 90,299 35,476 35,476 327,112 125,775 2011 126
11. (a) 21,336,524 20,736,524 (b) 21,336,524 20,736,524 (a) (b) 5 12. 9,284,474 8,166,021 3,885,739 2,928,546 127 2011
12. (a) 2.1.1 8,166,021 6,760,627 8,166,021 6,760,627 (i) 1,254,496 744,366 3,906,365 4,581,357 (4,042,408) (3,920,329) 9,284,474 8,166,021 2,928,546 2,254,537 (i) 957,193 674,009 3,885,739 2,928,546 (i) 444,764,750 50% 450,000,000 2011 128
12. (b) 8,927,285 7,322,941 15,931,530 15,346,816 24,858,815 22,669,757 765,440 512,779 14,794,955 13,974,114 15,560,395 14,486,893 9,298,420 8,182,864 (13,946) (16,843) 9,284,474 8,166,021 703,724 3,380,533 54,213,861 53,486,633 (50,310,216) (48,907,671) 3,903,645 4,578,962 2,720 2,395 3,906,365 4,581,357 (c) 5 129 2011
13. 1,071,671 1,109,923 4,026,084 4,090,806 5,097,755 5,200,729 2,223,496 2,125,312 1,057,872 1,057,872 872,082 821,528 1,929,954 1,879,400 2011 130
13. (a) 5,200,729 4,644,787 53,859 155,336 (1,238) 766,289 1,129,711 (921,884) (729,105) 5,097,755 5,200,729 1,879,400 1,753,080 50,554 126,320 1,929,954 1,879,400 131 2011
13. (b) 26,482,170 25,625,437 (12,104,969) (11,024,430) 14,377,201 14,601,007 38,081,946 41,434,584 2,349,315 3,573,692 (c) 5 2011 132
14. 19 2,289,768 2,358,340 20 8,603,852 5,865,268 21 297,067 376,318 22 8,239,169 9,382,214 2,250 70,142 98,855 19,601,103 17,982,140 27 3,520,733 2,848,753 25 9,837,335 9,002,927 13,358,068 11,851,680 133 2011
14. 19 1,019,694 1,120,756 750,000 1,480,000 1,459,394 1,419,018 3,229,088 4,019,774 27 446,153 854,154 25 7,452,929 7,435,288 7,899,082 8,289,442 2011 134
15. (a) 12 275,932 81,054 12 63,202 53,059 339,134 134,113 12 (1,422) (969) 12 (37,479) (22,390) (38,901) (23,359) 300,233 110,754 (b) 110,754 47,414 33 191,337 63,340 40 (1,858) 300,233 110,754 135 2011
15. (c) 34,682 46,017 139,428 46,592 266,719 2.1.1 (16,946) (14,524) (134,308) (43,394) (209,172) 17,736 31,493 5,120 3,198 57,547 9,014 10,057 50,628 6,867 76,566 26,750 41,550 55,748 10,065 134,113 57,259 48,778 202,548 75,347 383,932 2.1.1 (30,509) (7,228) (146,800) (65,282) (249,819) 26,750 41,550 55,748 10,065 134,113 (7,239) (41,550) 79,835 165,474 8,501 205,021 19,511 135,583 175,539 8,501 339,134 2011 136
15. (c) (9,315) (818) (10,133) 2.1.1 (9,315) (818) (10,133) (13,075) (151) (13,226) (22,390) (969) (23,359) (22,390) (969) (23,359) 2.1.1 (22,390) (969) (23,359) 40 (1,858) (1,858) (15,089) 969 436 (13,684) (37,479) (1,422) (38,901) (d) 2,396,910,351 2,002,212,954 137 2011
16. 100,000 (1,145) 98,855 17. 458,791 6,606 465,397 458,791 2011 138
18. 304,734 187,818 96,450 46,689 1,183,146 1,202,829 1,584,330 1,437,336 (47,632) (83,994) 1,536,698 1,353,342 2,822 8,802 9,628,457,000 7,348,314,000 139 2011
19. 899,222 519,319 (135,321) (138,262) 763,901 381,057 63,602 2,491 47,663 49,874 72,515 285,000 224,066 219,622 465,835 267,177 874,091 1,344,919 467,996 294,999 2,979,669 2,845,139 70,322 70,322 (70,322) (70,322) 7,622 3,833 36,756 145,608 982,938 975,148 1,027,316 1,124,589 2011 140
19. (a) 2 170 573,843 312,295 183,398 60,396 4,003 7,409 4,242 2,549 133,736 136,670 899,222 519,319 1 (b) 2,538,000 1,574,000 2,535 1,570 3 4 2,538 1,574 141 2011
19. (c) 378,645,000 279,358,000 135,321,000 138,262,000 236,521 166,737 4,000 7,405 4,242 2,549 133,736 136,670 378,499 313,361 138,262 162,618 1,984 867 (3,539) (2,633) (1,386) (22,590) 135,321 138,262 28 2011 142
19. (d) 2,879,850 2,725,486 99,819 119,653 2,979,669 2,845,139 (e) 20. 8,303,086 5,865,268 300,766 8,603,852 5,865,268 1.98% 3.05% 143 2011
21. 177,067,000 76,318,000100,000,000 20,000,000 300,000,000 22. 7,904,224 8,723,022 78,769 377,154 250,511 275,239 5,535 6,556 130 243 8,239,169 9,382,214 2011 144
22. (a) 21 20 A+ 146,435 243,013 A 2,575,490 3,075,212 BBB 3,518,249 2,551,151 BBB 10,663,732 3,170,853 236,182 6,583,571 17,140,088 15,623,800 8,603,852 5,865,268 297,067 376,318 8,239,169 9,382,214 17,140,088 15,623,800 23 1 1 H 3,934,757 3,934,757 3,934,757 3,934,757 2,213,300 2,213,300 2,213,300 2,213,300 3,934,757 3,934,757 2,213,300 2,213,300 6,148,057 6,148,057 1 3,499,665,5551 1 H 2,123,300,218 145 2011
24. (a) 53,347 760,839 814,186 8,310,798 9,124,984 (b) 15,253,838 15,253,838 15,253,838 (8,657,143) (8,657,143) (8,657,143) 4,295,099 4,295,099 225,883 225,883 (225,883) (553,325) (553,325) 15,253,838 (8,603,796) 986,722 7,636,764 11,826,689 19,463,453 (687) (687) (687) (b) 3,332 3,332 3,332 4,271,703 4,271,703 229,908 229,908 (229,908) (676,286) (676,286) 15,257,170 (8,603,796) (687) 1,216,630 7,869,317 15,192,198 23,061,515 2011 146
24. (c) (a) (1,617,558) 2,506 760,839 (854,213) 1,083,098 228,885 (b) 15,253,838 15,253,838 15,253,838 1,747,107 1,747,107 225,883 225,883 (225,883) (553,325) (553,325) 15,253,838 (1,617,558) 2,506 986,722 14,625,508 2,050,997 16,676,505 (b) 3,332 3,332 3,332 2,716,773 2,716,773 229,908 229,908 (229,908) (676,286) (676,286) 15,257,170 (1,617,558) 2,506 1,216,630 14,858,748 3,861,576 18,720,324 147 2011
24. (a) 10% 50% (a) 3,332,000 (a) 16 16 16 (d) 718,138,000 635,363,000 2011 148
25. (a) 22,944 53,444 461,441 661,590 484,385 715,034 (a (h)) 594,367 593,611 (i) 6,658,562 6,641,677 7,737,314 7,950,322 (a) 443,053 135,098 1,656,968 917,507 2,100,021 1,052,605 9,837,335 9,002,927 200,000 (a (h)) 594,367 593,611 (i) 6,658,562 6,641,677 7,252,929 7,435,288 200,000 7,452,929 7,435,288 149 2011
25. (a) 465,997 188,542 594,367 593,611 1,060,364 782,153 594,367 593,611 2011 150
25. (b) 2,584,406 1,362,717 6,658,562 7,046,599 594,367 593,611 9,837,335 9,002,927 200,000 6,658,562 6,841,677 594,367 593,611 7,452,929 7,435,288 151 2011
25. (c) 2,100,021 1,052,605 127,944 323,089 7,015,003 7,033,622 594,367 593,611 9,837,335 9,002,927 200,000 200,000 6,658,562 6,641,677 594,367 593,611 7,452,929 7,435,288 (d) 9,449,135 8,678,175 388,200 324,752 9,837,335 9,002,927 2011 152
25. (e) 5.50% 3.91% 5.98% 4.03% 6.21% 6.21% 4.02% 4.02% 3.60% 3.60% 6.21% 6.21% 4.02% 4.02% (f) 7,737,314 7,950,322 7,748,999 7,928,316 7,252,929 7,435,288 7,274,912 7,427,467 6.65% 5.76 153 2011
25. (g) 6,125,521 7,416,194 839,869 3,142,842 6,965,390 10,559,036 2,300,000 2,300,000 (h) 600,000,000 6.02% (i) 33 34 3.58% 3.83% 2011 154
26. 476,032 279,846 2.1.1 (234,064) 241,968 279,846 141,045 31,105 (29,930) (68,983) 353,083 241,968 64,548 109,846 141,045 21,105 (13,585) (66,403) 192,008 64,548 155 2011
27. (a) 1,850,408 813,308 677,860 583,483 335,058 307,315 226,577 189,510 (c) 76,011 25,649 36,075 51,440 186,833 182,050 770,807 1,221,622 4,159,629 3,374,377 (90,733) (120,832) 4,068,896 3,253,545 24,144 17,276 45,906 48,095 4,356 5,166 36,075 51,440 175,254 175,254 165,286 584,961 45,394 25,223 496,415 907,415 (90,218) (120,832) 406,197 786,583 2011 156
27. (a) 1,823,937 802,391 20,151 5,358 2,701 3,278 3,619 2,281 1,850,408 813,308 (b) 3,950,544 3,029,341 91,518 165,178 893 122 117,567 178,843 4,159,629 3,374,377 (c) 157 2011
28. 7,232 6,560 7 8 9 10 489,746 199,469 7 8 5,595 21,130 48,041 (24,288) 4,897 29 1,075,552 808,987 151,006 (684,835) 9,163,943 7,993,172 194,065 47,965 114,480 78,775 481,788 325,042 37,076 149,126 170,656 529,059 315,548 (29,930) (473,107) 12,365,580 8,841,170 29. 814,429 591,231 (a) 110,630 81,837 (b) 54,361 49,442 96,132 86,477 1,075,552 808,987 2011 158
29. (a) (b) (c) 567 93 629 1,289 1,132 51 1,183 482 93 524 1,099 539 93 592 1,224 539 93 596 1,228 100 100 100 100 100 100 100 100 100 100 358 93 84 535 478 93 128 699 159 2011
29. (c) 654 78 292 1,024 260 1,119 49 535 1,963 567 78 243 888 625 78 274 977 616 78 276 970 100 100 100 100 100 100 100 100 100 100 261 78 304 643 372 78 474 924 2011 160
29. (d) 1,800 235 2,209 4,244 1,000,000866,000 161 2011
30. 16,746 26,145 (5,266) 660 140,447 27,226 1,335 (85,691) (a) (993,103) (59,571) (447) 33,387 (840,288) (57,844) 13 160 [2011]31 7 7 7 20 31. 316,222 209,666 57,879 24,986 374,101 234,652 2011 162
32. 439,256 369,091 (4,042) (4,749) (20,470) (2,054) 414,744 362,288 33. (a) 53 81,423 64,962 81,423 65,015 15 (191,337) (63,340) (109,914) 1,675 163 2011
33. (a) 4,056,986 5,521,594 989,689 1,341,928 (i) (3,942) (2,556) (ii) (1,168,117) (1,429,186) 662 412 (34,973) (7,305) 106,767 98,382 (109,914) 1,675 (i) 25% 5 25% 15% 18% 20%22%24%25% 25% 25% 25% 22% 24% 25% 11% 24% 25% 16.5% 16.5% 2011 164
33. (a) (ii) (b) 3% 25% 5% (c) 17% 34. (1,145) 35. 2,716,773,000 1,747,107,000 165 2011
36. 4,271,703 4,295,099 6,148,057 4,672,524 0.6948 0.9192 37. 676,286,000 0.11 553,325,000 0.09 0.20 6,435,020,097 1,287,004,019 0.09 553,325 0.200.11 1,287,004 676,286 2011 166
38. 4,166,900 5,519,919 33 (109,914) 1,675 8 9 316,606 151,085 7 10 173,140 48,384 (29,930) (68,983) 5,595 (5,266) 660 31 (374,101) (234,652) 32 414,744 362,288 1,335 (85,691) 41,409 1,003 446 12 (3,872,359) (4,560,501) 13 (766,289) (1,129,711) 1,885 (703,611) (320,634) (543,710) (104,982) 422,074 (1,813) 3,541 (459,687) (819,771) 167 2011
39. (a) 319,712 271,856 704,249 1,023,961 271,856 30,960 (i) 957,192 1,023,961 1,260,008 (i) FIAT Automobles S.P.A 189 (b) 31,483 25,403 127,487 101,821 273,768 198,811 432,738 326,035 2011 168
40. 49% 201,337 617,400 416,063 201,337 163,312 97,436 307,166 701,193 235,403 258,692 404,117 (1,342,201) (407,197) (1,858) 416,063 169 2011
40. 404,117 126,169 947,957 215,089 11,265,491 4,158,023 41. 24 2011 170
41. (a) 6,691 7,322 586,158 764,561 592,849 771,883 8,067 22,039 600,916 793,922 261,142 183,027 371,177 302,492 632,319 485,519 171 2011
41. (a) 293,945 142,471 88,568 382,513 142,471 3,589,293 4,064,805 3,971,806 4,207,276 19,105 904 20,009 30,960 180,000 50,000 230,000 62,000 150,000 212,000 444,765 2011 172
41. (b) 14,021 14,453 36,939 12,202 50,960 26,655 154,512 115,246 12,314 18,194 166,826 133,440 818,887 1,310,810 55,204 34,109 874,091 1,344,919 1,091,877 1,505,014 40,837 25,769 15,232 6,917 56,069 32,686 77,190 129,382 133,259 162,068 (i) (ii) 173 2011
41. (c) 17,485 12,469 (d) (i) (ii) 23(a) 2011 174
42. 12,000,000 12,000,000 43. (a) A 2,409,409,738 190,467,173 961,372,828 [2012]137 [2012]13 [2012]6A 4,221,719,879 286,962,422 (b) 35,850,000 HH H 175 2011
10,984,273 8,742,344 7,056,565 6,931,194 7,967,199 (10,559,896) (7,999,290) (6,592,207) (6,492,821) (7,318,787) 424,377 743,054 464,358 438,373 648,412 (589,242) (325,572) (147,820) (179,458) (259,177) (1,216,442) (516,308) (860,066) (685,287) (581,083) 316,222 209,666 137,014 153,128 90,287 840,288 57,844 (445,324) 22,065 (37,163) (224,797) 168,684 (851,838) (251,179) (138,724) (414,744) (362,288) (324,858) (198,667) (130,128) 57,879 24,986 25,078 28,027 16,525 3,872,359 4,560,501 3,675,413 2,806,646 4,250,387 766,289 1,129,711 715,674 517,571 842,695 4,056,986 5,521,594 3,239,469 2,902,398 4,840,755 109,914 (1,675) 11,099 (45,977) (26,248) 4,166,900 5,519,919 3,250,568 2,856,421 4,814,507 4,271,703 4,295,099 2,031,800 1,566,814 3,436,785 (104,803) 1,224,820 1,218,768 1,289,607 1,377,722 4,166,900 5,519,919 3,250,568 2,856,421 4,814,507 44,611,887 38,519,860 32,769,333 23,358,610 20,473,130 14,426,263 12,675,763 11,327,225 4,542,369 3,870,889 976,052 232,587 8,382,369 7,407,592 6,764,662 2011 176
20% 50% 2011 12 31 1993 2 2010 8 1993 1 18 1996 11 2000 3 21 2000 8 29 51% 2010 3 9 Fiat Group Automobiles S.p.A. 50% 2010 12 8 51% 177 2011
2007 11 28 50% 2010 5 25 50% 2004 9 1 50% 2004 2 24 30% 2006 6 29 2000 10 18, 2008 7 21 2006 6 7 50.2% 24.9% 24.9% 2011 178
1998 5 13 1988 12 10 1996 9 26 2003 9 8 25% MPV 179 2011
2003 10 8 50% 30% 20% 1.00H A SUV 2005 6 28 2007 7 16 40% 35% 25% 2011 6 8 2011 180