Shanghai Jiao Yun Co., Ltd. Highlights for FY2009
Business Highlights
Sales for FY2009
million yuan | FY2009 | FY2008 | Rate of change | Factors |
Sales | 3,585.72 | 3,157.81 | 13.6% | - Sales increased year-on-year as a result of the Company's structure adjustment on automotive business and sharply increased demand of car market in the second half of 2009; the sales of after markets increased. |
Operating profit | 192.74 | 165.56 | 16.4% | - Profit rose year-on-year because of the healthy and stable development of the Company's three main businesses: transportation and logistics, auto parts production and aftermarket service, and cruise service. |
Ordinary profit | 231.21 | 212.49 | 8.8% | |
Net profit | 213.32 | 183.29 | 16.4% |
Reorganization
-The Company announced on July 20 that it will reorganize its auto parts production operations and establish Shanghai Jiao Yun Co., Ltd. Automobile Parts Manufacturing Branch Company. This new company will be run as a new business division of the company instead of being operated as an independent company. By consolidating the automotive parts operations, the Groups hopes to improve its capabilities for developing new markets and new technologies, as well for reducing costs and enhancing profitability. (From a press release, July 21, 2009)Investment Activities
Capital investment projects for 2009 (in million yuan)
Project | Planned amount of investment (million yuan) |
Amount invested in 2009 (million yuan) |
% so far invested of the total planned investment amount | Remarks |
CF6 automatic transmission system project for Shanghai GM |
340.24 | 15.5 | 90.56% | Adding production equipment at Shanghai Jiaoyun Auto Power Components Co., Ltd. |
GEN3 engine con rod assembly project for Shanghai GM | 83.55 | 2.3 | 100% | Adding production equipment at Shanghai Jiaoyun Auto Power Components Co., Ltd. |
Capacity increase project for stamping and welding operations | 457.93 | 2.5 | 3.82% | Adding production equipment at Automobile Parts Branch Company |
New plant project in Yantai to support Shanghai GM Dong Yue |
189.70 | 49.78 | 37.2% | Adding production equipment at Automobile Parts Branch Company |
New plant project in Shenyang to support Shanghai GM (Shenyang) Norsom |
173.17 | 86.20 | 50.75% | Adding production equipment at Automobile Parts Branch Company |
H-Car project for SGM DongYue | 407.92 | 0.36 | 100% | - |
New plant projects
-On 7June 2009, Shanghai Jiao Yun Co., Ltd. launched the first phase of construction at its new production facility, called the Zhongrui Plant, located at the Shenyang-EU Economic Development Zone. The company is investing 190 million yuan in the project, which is the company's first venture into the northeastern region of China. The plant's business will include supplying body parts for Shanghai GM and instrument panel frame assemblies for Brilliance Jinbei.
Investment to increase production capacity
-On 11 Jan. 2010, the company decided to make a capital investment in Shanghai Jiaoyun Auto Power Components Co., Ltd., its wholly owned subsidiary, in order to increase the production capacity of engine connecting rod assemblies used in small passenger vehicles. The investment project, which will cost 84.30 million yuan, is expected to increase the annual production capacity at the subsidiary to 1.76 million units after it is completed. The con-rod assemblies will be used mainly in Shanghai GM's vehicles powered by 1.6-liter or smaller engines. (From an announcement by the company on January 11, 2010)