Ausenco in 2012, the only year it made an accounting profit, made an economic profit as well; but in 2013-2015 both accounting and economic losses were made. Chongqing Changan Automobile Company Limited, Baic Bluepark New Energy Technology Co., Ltd, Changchun Faway Automobile Components Co., Ltd, Chongqing Sokon Industry Group Stock Co., Ltd, Request a demonstration of the EMIS service. Annual Report 2017. it offers car modification, machining, general cargo business, and warehousing services. Balance sheet amounts refer to the October 31, 2018 reporting date. Zhennashou Tangjiazhang Shizhong Dt. Sinotruk (Hong Kong) Ltd. annual income statement. Change ), You are commenting using your Facebook account. This trend is also reflected on the economic profit increasing and becoming more efficient in 2012-2014 but then decreasing back up in 2015. After conducting some research and recollecting back to the study guide of the website Dr. Turner provided which displays a company’s WACC, I was able to successfully determine Sinotruk’s WACC percentage for years 2012-2015 (presented in figure 21), so I was pleased with this outcome. Annual growth percentages for latest two years in local currency CNY. I actually think that the WACC is particularly weak in your case because it is very stable in comparison to the other drivers. China National Heavy Duty Trcuk Group Co.,Ltd. This comparison portrays differing purposes and generally is not compared in conjunction with one another to make overall decisions. BASIC INFORMATION REGARDING THIS REPORT 1. It’s good to see that you were able to find out your WACC rather than just use 10%. Accounting profit is generally analysed when determining a firm’s taxable income for borrowing or budget considerations whereas economic profit is analysed to determine a firm’s total production cost and total value and efficiency (Wallace, 2017, para. Since Ausenco’s home base is Australia, I used the Asia/Pacific rate. When examining the NOA trend we see that Sinotruk’s NOA was at its highest in 2012 of 25,806,565, decreasing to 25,599,642 in 2014, decreasing even further to 19,914,229 in 2014 and then increasing to 20,808,587. In fact, it is not a driver but rather has a correlation to the calculation. P T. PA B R I K K E R TA S TJ I W I K I M I A T B K . More. The income statement amounts for fiscal year 2018 refer to the period from November 1, 2017 to October 31, 2018, while those for fiscal year 2017 refer to the period from March 1, 2017 to October 31, 2017. The FFIEC contact person for questions about this report is Judith E. Dupre, Executive ... consistency between the two versions of the Annual FOIA Report that agencies are required to provide. When determining the WACC percentages for Sinotruk for years 2012-2015 I was fairly unsuccessful at locating these figures in Sinotruk’s annual report as Maria mentioned. Nevertheless, it was still interesting to compare the two profits for Sinotruk and witness how these ratios present differing figures and can be utilised in decision-making accordingly. As economic profit is the difference between accounting profit and the cost of ownership or equity capital, when the cost of equity capital exceeds the accounting profit, firms result in having a negative economic profit. Similarly with RNOA, the trend has remained constant between PM and economic profit with an increase of 2.17% in 2012 to 2.45% in 2013 to 2.66% in 2014 but then decreased to 2.34% in 2015, which reflects the same trend for economic profit. ( Log Out /  When determining the WACC percentages for Sinotruk for years 2012-2015 I was fairly unsuccessful at locating these figures in Sinotruk’s annual report as Maria mentioned. ANNUAL REPORT 2017 PT. A question in regards to the RNOA: why do you think that the 2015 RNOA is better off than the 2012 RNOA even though economic loss is roughly the same across both years? In 2014 the WACC was also a strong driver, but in the other years it was on the same level as the others. the annual general meeting of the Company or any adjournment thereof ... 2017 2016 HDTs sales volume (units) 118,073 92,668 93,527 74,792 42,937 ... SINOTRUK (HONG KONG) LIMITED | INTERIM REPORT 2020 045. It is portrayed that 2014 had the lowest NOA but had the most efficient economic profit inferring that this assumption is not really applicable in Sinotruk’s case. Copright @ Sinotruk All right reserved I agree with your reasoning for the strongest and weakest drivers of economic profit. Annual Freedom of Information Act Report Fiscal Year 2017 (For the period 10/01/2016 through 09/30/2017) I. ( Log Out /  Thanks for the advice regarding examining WACC more specifically with RNOA, this was helpful. Are you suggesting that I should not include ATO? Jinan; Shandong; The half-yearly financial report should be read in conjunction with the Annual Report for fiscal year 2016 and the additional information on the Company contained in it. Abridged unaudited financial statements for the quarter and nine months ended 31 March 2017 Abridged audited financial statements for the year ended 30 June 2017; Year 2016. View the latest 3808 financial statements, income statements and financial ratios. Abridged unaudited financial statements for the quarter ended 30 September 2015 For myself, I found that profitability was the strongest of Ausenco’s economic profit drivers. I discussed the following drivers of economic profit: accounting profitability, RNOA and the cost of capital relationship, and NOA as utilised in the RNOA formula. None were particularly weak. Furthermore, according to Maria Tyler in her week 8 lecture video, most companies have negative economic profit as they only earn enough (if enough) to cover accounting profit plus perhaps covering basics let alone cost of capital resulting in a negative economic profit to which is the case for Sinotruk. When examining the overall trends across the four years for economic profit we can see a common trend that was determined in previous ratios. This overall trend can be examined and is reflected by the key accounting drivers and in particularly we can examine the drivers that fluctuated Sintoruk’s major shift in economic profit in 2013-2014. The WACC or cost of capital percentage is a quite significant accounting driver of the economic profit. For example, when examining the WACC and economic profit for 2014, Sinotruk’s WACC was 6.77% (second lowest WACC figure across the four years) which correlates to the most efficient economic profit in 2014. Pabrik Kertas Tjiwi Kimia When examining ATO as a driver of economic profit we can once again conclude the same trend as RNOA and PM beginning at 1.08 in 2012, increasing to 1.19 in 2013, increasing again to 1.65 in 2014, which is also the highest ATO over the four years and then decreasing to 1.36 in 2015. 4). This announcement, including the full text of the 2018 Annual Report of the Company, complies with the relevant requirements of the Rules Governing the Listing ... • The Company announced 2017 annual results. Absolute financial data is included in the purchased report. Figure 21- Sinotruk Drivers of Economic Profit 2012-2015, *All below key driver figures/recordings are outlined in Figure 21. 2018: 2017 Increase/(Decrease) % Operating results (RMB million) Revenue: 61,785: 55,458: 6,327 11.4: Gross profit: 11,175: ... and for the purpose of this annual report, excludes Hong Kong, the Macau Special Administrative Region of the PRC : Der chinesische Konzern verkaufte im Jahr 2008 mehr als 100.000 Lastwagen. EMIS company profiles are part of a larger information service which combines company, industry and country data and analysis for over 145 emerging markets. ( Log Out /  I was unsure if this would be sufficient to utilise and posted my query on the Moodle forum HERE to which I was provided advice to just use the 10% cost of capital figure alternative as outlined in the assessment guidelines. unm health sciences center research annual report 2017 / letters 5 T he College of Pharmacy’s research enterprise has achieved—and sustained— impressive growth over the past five years. It can be noted that when analysing PM as a driver of economic profit that when the PM increases, this occurrence improves the firm’s economic profit. Website: So you had positive accounting profits but negative economic profits. Change ), Sinotruk Ratio Analysis/Reflection- Economic Profit, Sinotruk’s Ratio Analysis- Reflection – Using Accounting for Decision Making, Restating Sinotruk’s Financial Statements- KCQs & Reflections. I guess the reason why I did not include it was because the ATO is not actually used in the calculation of economic profit. Purchase the Sinotruk Jinan Truck Co., Ltd. report to view the information. Due to this factor, it is suggested that NOA is perhaps not as attributable in driving a more positive economic profit in this case compared to RNOA and PM. When analysing the RNOA ratio as mentioned earlier, it is evident that we seen a starting figure of 2.34% in 2012 which gradually increased to 2.92% in 2013 to which had a quite significant increase to 4.39% in 2014 but then decreased in 2015 to 3.19%. When examining the economic profit formula, the WACC is being taken away from RNOA and then multiplied by the NOA. Hi all, it is just me again writing a separate blog post on Sinotruk’s economic profit and my analysis and reflections regarding this. As mentioned above with the WACC, the NOA is a major figure utilised in the calculations of economic profit. UQM Technologies Announces the Signing of a Definitive Stock Purchase Agreement with China National Heavy Duty Truck Group Co., Ltd. (“CNHTC”), Parent Company of Sinotruk, a Leading Chinese Commercial Vehicle Manufacturer. For instance, for 2015, the annual report stated that the EPS ratio was 0.07 RMB and my calculated EPS for 2015 was 0.12 RMB which in Australian dollars equals just 2cents. They also reported shipping over 172,000 commercial vehicles and over 106,000 engines. 4. 80 2 32 PAGE 31 The Combined Management Report describes the course of business and the position of the MAN Group and MAN SE in fiscal 2017. 2017 Internet Crime Report 2 2017 INTERNET CRIME REPORT. Buy our report for this company USD 29.95 Most recent financial data: 2019 Available in: English & Chinese Download a sample report CNHTC Jinan Truck Co., Ltd. engages in the manufacture and sale of truck, special purpose vehicle, heavy-duty special truck chassis, bus chassis, and auto parts. By firstly examining RNOA, there is evidence of an overall trend between RNOA and how this has driven the economic profit correspondently. I can see a relation with my economic profit and I will include the figures here: 2015 2014 2013 2012 From a Group perspective, the associates Sinotruk (Hong Kong) Ltd., Hongkong, China ( Line graphs better present the relationship and are easier to read. All rights reserved. Our company SINOTRUK is located in Jinan city and was founed in 1956.It once manufactured china's first heavy duty truck. In an effort to promote public awareness, the IC3 produces this annual report to aggregate and highlight the data provided by the general public. NOA is furthermore a key driver of a firm’s economic profit. © 2021 EMIS, an ISI Emerging Markets Group Company. Due to this factor, the higher the WACC figure drives the economic profit into an increased figure being depicted as less efficient. I did however locate an item called weighted average capitalization rate for 2015 and 2014. In 1960,sinotruk introduced the steyr technology using on engine and axle from Austria.Later,sinotruk established cooperation with German man group and wobaco company.Today,sinotruk has developed into china's largest heavy duty truck manufacturing base and made significant contributions to the development of china's heavy duty truck industry and national economic growth.SINOTRUK has an annual … China Heavy Duty Truck Group Jinan global village e-commerce Limited. For instance, when analysing the PM in 2014, this was Sinotruk’s highest PM of 2.66% which also reflected positively on the economic profit for 2014, being the most efficient economic profit recorded across the four years. By restating a firm’s financial statements, this process reveals the various key drivers which shifts in these drivers can alter the economic profit. SINOTRUK (HONG KONG) LIMITED / Annual Report 201. The Group’s revenue increased by 21.4% year-on-year to approximately RMB72.57 billion in 2017. We see that economic profit became less efficient decreasing from -474,375.73 in 2014 to – 982,620.38 in 2015. Maybe in your discussion of WACC as a driver, talk more about RNOA – WACC. I mainly included this ratio as a driver as Maria mentioned that it was and to include it in this section in her lecture. To view more information, Request a demonstration of the EMIS service. One would assume that the higher the NOA, the more efficient the economic profit would be driven towards. You mentioned that some economic profit drivers are weaker than others. Fill in your details below or click an icon to log in: You are commenting using your WordPress.com account. Once again, thanks for taking the time to read my blog, as mentioned earlier, please feel free to comment and discuss any similarities or differences between your firm’s economic profit with Sinotruk’s. Figure 20- Economic Profit Vs. Accounting Profit 2012-2015. Standards for Business Enterprises. 8. Figure 19- Sinotruk (Hong Kong) Economic Profit 2012-2015. 2017 Half-Yearly Financial Report ... Hong Kong/China (Sinotruk). So as the ATO decreased, so did the economic profit. The economic profit calculation is presented as: Economic Profit = (RNOA-cost of capital) x NOA. Figure 19- Sinotruk (Hong Kong) Economic Profit 2012-2015. View tkim_annual_report_2017.pdf from WORLD CIVILIZATION 101 at Pajaro Valley High School. Title: Annual Report 2017 Created Date: 9/28/2017 4:08:55 PM It is involved in wholesale of car oil such as grease, gear oil, and engine oil; and automobile antifreeze. ... 2017 … Change ), You are commenting using your Twitter account. These findings express that Sinotruk’s accounting profit is positive and quite substantial when compared to the economic profit. Change ), You are commenting using your Google account. But the ATO has decreased because service revenue and the NOA of the firm have fallen. In Sinotruk’s annual report for the year ended December 31, 2016, Sinotruk reported audited revenues from these vehicles, parts, and components of US$4.9bn. Thanks for the suggestion of incorporating line graphs, this definitely will enable a more appealing visual representation of the data. 20-F. More. For instance if we were using the assumption that the years with the highest ATO would always drive the economic profit to an improvement, as applicable for Wesfarmer’s, the year with the highest ATO was also the most inefficient economic profit year recorded so we could infer that perhaps ATO does not drive the economic profit to an improvement as much as RNOA and PM however other drivers and circumstances of the firm would come into consideration in this case. Damit erzielte Sinotruk einen Umsatz von umgerechnet 2,5 Milliarden Euro und ein Ergebnis von 122 Millionen Euro. I considered utilising the 2 percentages I found in the annual report and just using 10% for 2013 and 2012 however I knew this would provide conflicting and perhaps inefficient results. 2017-2022 China Truck Bedliners Market Report (Status and Outlook) "This report will be delivered in 2-3 business days after the order is placed." Annual Report 2016. Contact Details: Proportionate dividends are shown net of withholding tax. RNOA must be greater than the WACC to make an economic profit. Extramural research funding at the College exceeded $9.5 million in FY 2017, representing an increase of nearly 180 percent over the College’s HDTs are the key products of the Group. Postal Code: 250116. Yes, I was glad that I was able to find Sinotruk’s WACC rather than using 10%. CNHTC Jinan Truck Co., Ltd. engages in the manufacture and sale of truck, special purpose vehicle, heavy-duty special truck chassis, bus chassis, and auto parts. BISNODE BUSINESS INFORMATION GROUP AB – DIRECTORS REPORT 2 DIRECTORS’ REPORT The Board of Directors and the Chief Executive Officer of Bisnode Business Information Group AB, 556681-5725, hereby submit their annual report for 2017… The economic profit calculation is presented as: Economic Profit = (RNOA-cost of capital) x NOA. Here’s a tip for your figures: use graphs rather than tables. Economic profit -$112,794.70 -$75,336.05 -$72,823.06 $1,908.23. Sinotruk has over 25,000 employees. While analysing Sinotruk’s economic profit recordings for 2012-2015 in Figure 19, it is immediately noted that all economic profit figures are negative. I have a feeling it has to do with the NOA. I think that you can keep your discussion on the ATO there but perhaps conclude it as having a strong relationship to the Economic Profit. Third Quarterly Report for 2020; First Quarterly Report for 2020; Third Quarterly Report for 2019; First Quarterly Report for 2019; Third Quarterly Report for 2018; First Quarterly Report for 2018; Interim Report. It can be noted here that in 2014 Sinotruk’s RNOA was 4.39% which was the highest recorded RNOA across the four years. Furthermore, we can also see the connection that the WACC increased from 6.77% in 2014 to 7.91% in 2015, which was the highest recorded WACC over the four years. With regards to some drivers being weaker than others, with Sinotruk, it was evident that RNOA and PM were a stronger driver than NOA and ATO for instance with the trends being evident between the ratio and economic profit. When examining the economic profit for this year of -474,375.73 we can see the relationship of this driver, as the 2014 economic profit was the most efficient economic profit figure recorded across the four years also. We could argue that ATO drives the economic profit in the same way that RNOA and PM does by the higher or more efficient the RNOA or PM is, the more efficient the economic profit is however this is not the case for all companies. We can infer that due to this reasoning, WACC plays an important role in driving a company’s economic profit to be more or less efficient. ( Log Out /  2019; 2018; 2017; 2016; 2015; 2014; Quarterly Results. In recent years, thanks to the fast growing express delivery industry, a number of enterprises involved in the field have become the major customers of Sinotruk, such as STO Express, Best Logisitics, YTO Express, and ZTO Express. Jinan Sinotruk (Hong Kong) Ltd. annual balance sheet for 3808.HK company financials. http://www.sinotruk.com/. Need ongoing access to company, industry or country information? It is your decision, but really ask yourself whether it is the the ATO driving economic profit or the NOA. You have a good discussion there but you seem to have skimmed over this. Purchase this report to view the information. In March this year, China Post purchased 19 Sitrak. Looking for more than just a company report? View 3808.HK financial statements in full, including balance sheets and ratios. NOTES TO INTERIM CONDENSED CONSOLIDATED Sinotruk (eigentlich: China National Heavy Duty Truck Group, kurz: CNHTC) ist der führende Produzent für schwere Lkw in China mit einem Marktanteil von rund 20 Prozent. After all, no accounting profit means no economic profit. Which do you find the strongest and the weakest driver? Tel:0086-532-86233658 Fax:0086-532-86233658. SINOTRUK ANNUAL REPORT 2018 The Group is one of the leading trucks manufacturers in the PRC which specialises in the research, development and manufacture of HDTs, LDTs and related key parts and components. Upon analysing Sinotruk’s EPS figures in Figure 9, I noticed that the presented EPS figures in the 2015 annual report was different to my calculated EPS ratios. The Corporate Governance Statement, which is published in the “Corporate Governance” section, forms part of this Combined Management Report. Annual stock financials by MarketWatch. Table of Contents . Download this Press Release () CNHTC owns a majority of Sinotruk (Hong Kong) Limited (“Sinotruk”), a leading, multi-billion dollar global … SINOTRUK ANNUAL REPORT 2018 2019-04-26 11:06. So the only difference in our analysis is the asset turnover ratio. Annual Report 2017. When analysing a firm’s economic profit, it is important to note the key drivers of economic profit, which are displayed in Figure 21. Create a free website or blog at WordPress.com. Out of curiosity, I decided to calculate Sinotruk’s accounting profit so that I could make comparisons between the accounting profit and economic profit, which is displayed in Figure 20. As like my previous ratio analysis post, if your company has a similar economic profit please comment, I would love to discuss this with you (If you have not read my ratio analysis post, click HERE. Mine was called Discount Rate (Pre-tax) in my financials however there were different discount rates for different regions. ATO 1.20 1.30 1.58 2.11 2). Add: 11/F,Central Tower, Chemsunny World Trade Center, 28 Fuxingmennei Street, Beijing 100031, China The quality of the data is directly China National Heavy Duty Truck Jinan Axle & Transmission Co., Ltd. Financial values in the chart are available after Sinotruk Jinan Truck Co., Ltd. report is purchased. August 28, 2017. The economic profit was at its highest and most inefficient recording in 2012 peaking at -1,070,393.15 but then became more efficient in 2012 decreasing to -999,623.32 and then became most efficient in 2014 recording an economic profit of -474,375.73 and then became less efficient in 2015 increasing to -982,620.38. In Sinotruk’s annual report for the year ended December 31, 2016, Sinotruk reported audited revenues from these vehicles, parts, and components of US$4.9 billion.
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