Weifu High-Technology Group Co., Ltd. FY2011
-In February 2012, The Company issued approximately 112 million new shares in a private placement. As a result of the capital expansion, the ratio of shareholding by Wuxi Industry Development Group Co., Ltd. and Bosch will be increased to 20 percent and 14 percent, respectively. (From the company 2011 annual report)
-On March 30, 2011 The Company held a groundbreaking ceremony at the Weifu Industrial Park. The new plant at the high-tech zone is expected to generate 10 billion yuan in sales by 2014. (From news releases issued by multiple sources on April 1, 2011)
-2011, the Company received from Wuxi New District Financial Bureau a subsidy of 48.53million yuan for R&D of new products and a specific fund of 7.1million yuan for reforming of production line technology and R&D ability of common rail system for diesel by distributive high-voltage.
Investment in China
Weifu High-Technology Group Co., Ltd. FY2011
Business Highlights
Financial Overview |
(million yuan) |
FY2011 | FY2010 | Rate of Change (%) |
Factors | |
Sales | 5,898.11 | 5,371.21 | 9.81 | Due to the effect of domistic automotive industry, the increase rate of sales decreased. |
Operating profit | 1,360.77 | 1,486.29 | (8.45) | -The sales of 3 business units did not reach expected target; -The production system was not flexible enough; -The 3-guarantee fee of aftersales remained high; |
Ordinary profit | 1,396.81 | 1,499.85 | (6.87) | |
Net profit | 1,255.51 | 1,381.36 | (9.11) |
Fund-raising
-In February 2012, The Company issued approximately 112 million new shares in a private placement. As a result of the capital expansion, the ratio of shareholding by Wuxi Industry Development Group Co., Ltd. and Bosch will be increased to 20 percent and 14 percent, respectively. (From the company 2011 annual report)
Start construction of Weifu Industrial Park
-On March 30, 2011 The Company held a groundbreaking ceremony at the Weifu Industrial Park. The new plant at the high-tech zone is expected to generate 10 billion yuan in sales by 2014. (From news releases issued by multiple sources on April 1, 2011)
Joint Venture
-In April 2011, the Company and Anhui Quanchai Power Co., Ltd. established a joint venture Anhui Weifu Tianshi Machinery Co., Ltd., with a registered capital amounting to 10 million yuan. The Company has invested 5.2million yuan, holding 52% of the share. The joint venture will mainly responsible for production of Fuel system, Electric control and Tailgas treatment system for diesel engine. The construction was planned to start before end of September and after completion, the joint venture will bring an annual avenue of 500million yuan.(From news releases on June 9, 2011)
R&D
-A state Technical Center
-A Post-Doctor Working Station for fuel injection pump R&D
R&D
-2011, the Company received from Wuxi New District Financial Bureau a subsidy of 48.53million yuan for R&D of new products and a specific fund of 7.1million yuan for reforming of production line technology and R&D ability of common rail system for diesel by distributive high-voltage.
-On Dec. 15, 2011, Wuxi Weifu Leader Catalytic Converter co., Ltd., the Company's subsidiary, held a ceremony of breaking ground for its R&D Center building. The building, with an area of 3000 square, incorporates a series laboratories as anechoic chamber, vibration test room, engine pedestal chamber, exhaust system flow test chamber, welding technology laboratory, carrier and specimen packaging technology laboratory and SCR technology laboratory. The facilities will largely strengthen the testing ability of Weifu Leader.(From news realeases on December 31, 2011)
Investment Activities
Capital Investment Projects for FY 2011 |
(in million yuan) |
Projects | Amount invested in 2011 | Progress | |
1. | R&D of WAPS(Common Rail Accumulator Distribution System), industrialization and the capacity expansion on spare parts of diesel common-rail system |
169.32 | 31% |
2. | Construction project in industrial zone |
16.39 | 1% |
3. | Industrialization of tail treatment system |
20.21 | 8% |
4. | Project of engineering research institution | 26.21 | 99% |