Xiangyang Automobile Bearing Co., Ltd. Business Report FY ended Dec. 2014
Financial Overview |
(in million yuan) |
| FY ended Dec. 31, 2014 | FY ended Dec. 31, 2013 | Difference(%) | Factors | |
| Sales | 1,266.75 | 919.04 | 37.83% | -The Company acquired Polish KFLT overseas subsidiary. The consolidated financial statements covers the whole year in 2014, but just 3 months in 2013 from October to December. |
| Operating profit | (13.02) | (24.80) | - | - |
| Ordinary profit | 6.16 | 4.94 | 24.70% | |
| Net profit | 7.70 | 2.34 | 229.06% |
New Company
-The Company and Hubei Tri-Ring Chengtao Trade Co., Ltd. eastablished a new joint venture in March 2014, named as Hubei Tri-ring Xiangyang Bearing Equipment Technology Co., Ltd., which was invested fifty/fifty between the Company and Hubei Tri-ring Chengtao Trade Co., Ltd..
Awards
-The Company received the following awards from its customers during 2014:
- The Best Supplier Award from Dongfeng Dana Axle Co., Ltd.;
- The Outstanding Quality Improvement Award from Shaanxi Hande Axle Co., Ltd.;
- The Advanced Supplier Award from Dongfeng Liuzhou Motor;
- The Excellent Suppler Award and the Zero Defects Award from GAC Hino Motors Co., Ltd;
- The Best Supplier Award from Tata Motors;
- The Win-Win Corporate Award from Jianghuai Automobile.
R&D Facility
-The Company has a technical center, Wuhan R&D center and Polish plant R&D center.
R&D Expenditure
| FY ended Dec. 31, 2014 (million yuan) |
FY ended Dec. 31, 2013 (million yuan) |
FY ended Dec. 31, 2012 (million yuan) |
|
| R&D Expenditure | 48.59 | 39.80 | 38.41 |
| Ratio of R&D expenses to operating income | 3.84% | 4.33% | 5.05% |
R&D Activity
-In 2014, the Company established 13 projects for new R&D products.
Patents
-In 2014, the Company applied for 16 national patents, which included 6 patents for invention, and 10 patents for utility models.
Capital investment projects for FY2014
| Project | Budget | Amount invested in 2014 (million yuan) |
Status |
| Constructing the first stage of new plant at the Xian Fan Hi-Tech Industrial Development Zone | 723.84 | 258.72 | 96% |
Investment in China
-Inn April 2014, the Company held a groundbreaking ceremony for its new lathe center, a forging press facility, and a warehouse to store steel materials. The total floor area of these facilities will reach 48,383 square meters. The company will spend approximately CNY 69 million in these facilities that are scheduled to be completed and open in April 2015. (From a press release on April 24, 2014)