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| Wednesday, 21 August 2013, 20:00 HKT/SGT | |
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HONG KONG, Aug 21, 2013 - (ACN Newswire) - In the first half of 2013, AviChina Industry & Technology Company Limited ("AviChina" or the "Company", HKEx stock code: 2357; together with its subsidiaries) continued its good performance amid unfavorable conditions of declined domestic GDP growth and difficulties in the business operation of manufacturing industry. The Company recorded revenue of RMB 8.675 Billion, representing an increase of 18.66% over the corresponding period in 2012. The increase was mainly attributable to the growth in helicopter and aero-parts and components business. Among which, revenue of helicopter business was RMB 4.24 billion, representing an increase of 17.16% over the corresponding period in 2012, revenue of avionic and optronic business was RMB 2.914 billion, representing an increase of 10.40% over the corresponding period in 2012. While witnessing steady growth in sales revenue, AviChina also maintained a stable gross margin. For the first half of 2013, the net profit attributable to equity holders of AviChina amounted to RMB 348 million, representing an increase of 11.18% as compared to that of 2012.
In the first half of 2013, owning to China's booming aviation industry, Aviation Industry Corporation of China("AVIC") was listed on the Fortune Global 500 for the fifth consecutive year and ranked 212, representing a sharp rise of 38 spots over the corresponding period last year. Meanwhile, AVIC was once again named one of China's 500 Most Valuable Brands and ranked 26 with brand value of RMB76 billion. In addition, AviChina was awarded 2013 Asia's Most Promising Company on Corporate Governance by Corporate Governance Asia for the first time. The award was attributable to AviChina's achievements in respect of its steady progress in investor relations and strict compliance with laws and regulations, fully affirming the Company's progress in investor relations and corporate governance.
During the first half of 2013, AviChina continued to steadily push forward its operation in capital injection and acquisition. Major assets reorganization of helicopter business was examined and approved by Merger and Reorganization Examination Committee of China Securities Regulatory Commission. HAFEI AVIATION, a subsidiary of AviChina, planned to issue 190 million A-shares to acquire helicopter assets, including Changfei Parts & Components, Helicopter Tianjin, AVIC Huiyang and Changhe Aviation. Upon the completion of such acquisition, AviChina will have a complete civil helicopter industry chain.
AVIC Avionics, a subsidiary of AviChina, initiated the acquisition for the equity interests in such avionics manufacturers, namely Keeven Instrument, Changfeng Avionics and Dongfang Instrument, which are member companies of Aviation Industry Corporation of China (AVIC). The total consideration for the acquisition will exceed RMB1 billion.
JONHON Optronic, another subsidiary of AviChina, had successfully raised funds in the amount of RMB800 million in A-share market, for the purposes of investing in projects in respect of high-end photoelectric device products and aircraft integrated mounting rack in order to further enhance competitiveness.
The Company also witnessed prominent growth in existing products and businesses. After having entered into a contract for exporting 50 jets, Y-12 series jets will set foot in Canada's general-purpose aviation market. The joint assembly with EMBRAER for the first Legacy 650 Executive Jet proceeds smoothly, expecting first delivery by the end of this year. AVIC Avionics and JONHON Optronic continued to provide vital parts and components for Shenzhou spacecraft series, offering effective assurance for the successful launch of the Shenzhou-10.
October 30th 2013 will be the 10th anniversary for listing of AviChina on the main board of the Stock Exchange of Hong Kong Limited. For the past ten years, AviChina has successfully accomplished assets reorganization and business transformation, and become the sole manufacturer of aviation high-tech products listed in Hong Kong. Ever since ceasing to lose and beginning to turn out a profit from 2009, AviChina has been recording steadily improved results and wrapped up two rounds of refinancing, thereby to gradually expand its scale. The Company continuously improves its industry chain by investing in projects of helicopter business, trainer business, composite material, general-purpose aviation, UAV, etc. Level of R&D and manufacturing of helicopter and avionics has been gradually catching up with international advanced level. The Company saw breakthroughs in technical innovation, winning 28 science and technology awards and obtaining more than 300 patents in 2012 alone. The Company exerted proactive efforts to exploit remuneration system reform and become the first H-share company conducting equity incentive pilot by means of restricted shares. In virtue of its continually optimized development strategy, AviChina has attracted numerous domestic and overseas renowned funds as its long-term shareholders.
Through ten years' experience and toughening, AviChina is ready to see more splendid achievements. The Company will further optimize and integrate new injected assets to comprehensively enhance cooperative capability and competitiveness; the Company will improve development strategy, lay stress on investment return and carefully select asset injection targets; in addition, the Company will also enlarge its industry scale and invest in related industries to extend value chain. With the support of shareholders and investors, AviChina aims to record more brilliant results in the next ten-year period via maintaining steady growth by being innovative and enterprising.
About AviChina Industry & Technology Company Limited:
AviChina Industry & Technology Company Limited ("AviChina") was established in Beijing, the PRC on 30 April 2003 with a registered capital of RMB4.6 billion. AviChina has been listed on the main board of the Stock Exchange of Hong Kong Limited since 30 October 2003. Its principle shareholders include Aviation Industry Corporation of China ("AVIC"), European Aeronautic Defence and Space Company ("EADS"), China Hua Rong Asset Management Corporation, China Cinda Asset Management Corporation and China Orient Asset Management Corporation. AviChina has total assets of about RMB38 billion, share capital of RMB5.474 billion and issued H shares 2.356 billion.
EADS is a strategic partner of AviChina and holds 5.02% equity interests in AviChina.
AviChina's main aviation products include helicopters, trainers, general-purpose aircraft, aero-parts and components, avionics and electrical products and accessories. Helicopter products comprise Z8 series, Z9 series, Z11 series, H425s and HC120s. The Company has cooperated with Eurocopter, Agusta and Sikorsky to manufacture helicopter models EC120 series, CA109 series and parts and components of S92 series, respectively. AviChina is also a leading manufacturer of trainers and general-purpose aircraft in China. It produces L15 advanced trainers, K8 series trainers, CJ6 primary trainers, Y12 series transportation aircraft and N5 agricultural and forestry aircraft. The main R&D and production bases of AviChina are located in Harbin, Nanchang and Jingdezhen. AviChina has widely collaborated with world leading aviation manufacturers. It jointly produce Legacy executive series jets with Embraer-Empresa Brasileira de Aeronautica S.A. AviChina's cooperation with Airbus includes A320 series aircraft final assembly line set up in Tianjin, AviChina's investment accounting for 20% in the Chinese Consortium's investment and Hafei Airbus Composite Manufacturing Center, in which AviChina holds 20% equity interests in total.
Topic: Press release summary
Sectors: Daily Finance, Daily News
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From the Asia Corporate News Network
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