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1 DFG 2007 Annual Result April 17 th , 2008

1 DFG 2007 Annual Result April 17 th, 2008. 2 Contents DFG Business Overview DFG Financial Performance Outlook of DFG and PRC Auto Industry in 2008 PRC

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Page 1: 1 DFG 2007 Annual Result April 17 th, 2008. 2 Contents DFG Business Overview DFG Financial Performance Outlook of DFG and PRC Auto Industry in 2008 PRC

1

DFG 2007 Annual Result

April 17th, 2008

Page 2: 1 DFG 2007 Annual Result April 17 th, 2008. 2 Contents DFG Business Overview DFG Financial Performance Outlook of DFG and PRC Auto Industry in 2008 PRC

2

Contents

DFG Business Overview

DFG Financial Performance

Outlook of DFG and PRC Auto Industry in 2008

PRC Auto Industry Overview

Page 3: 1 DFG 2007 Annual Result April 17 th, 2008. 2 Contents DFG Business Overview DFG Financial Performance Outlook of DFG and PRC Auto Industry in 2008 PRC

3

Steady Growth of PRC Auto Industry

397. 1517. 6

629. 8180. 1

178. 7204

249. 4

327. 1

0

200

400

600

800

1000

2004 2005 2006 2007

PV Sal es CV Sal es

575.7575.7

721.6721.6

879.2879.2

Unit:0,000’Unit:0,000’

Annual Growth Rate:20.22%

31.04%31.04%

68.96%68.96%

28.27%28.27%

71.73%71.73%

28.37%28.37%

71.63%71.63%

64.49%64.49%

35.51%35.51%

507.2507.2

Page 4: 1 DFG 2007 Annual Result April 17 th, 2008. 2 Contents DFG Business Overview DFG Financial Performance Outlook of DFG and PRC Auto Industry in 2008 PRC

4

HD Monthl y Sal es

18803 15253

3724831848

22503 1924012634 11584 14994 15848 1717318602

1168118353

35934 3346328189 25184

20354 2068426500 26691 287702956527629 24216

53502 53929 50053 4642339460 36267

40342 37762 381643666039968 38714

89558

0100002000030000400005000060000700008000090000

100000

J an Feb Mar Apr May J un J ul Aug Sep Oct Nov Dec

2005 2006 2007 2008

2007HD Sal es Structure(Uni t 0, 000' )

21. 66, 45%

17. 78, 36% 9. 31, 19%

HD Truck Non- Compl ete HD Semi - t rai l er

HD Truck Sal es on Horsepower

38. 8%

27. 9%

25. 7%

7. 6%

<240 HP 240 280【 , ) 280 330【 , ) >330HP

Rapid Growth of PRC CV IndustryRapid Growth of PRC CV Industry

CV Growth Higher than Industry Expectation, with Heavy Duty Truck Segment Recording Outstanding Increase

HD Truck Sales StructureHD Truck Sales Structure

23. 7 30. 7 48. 8

85. 4 95. 1110. 523. 3

29. 1

31. 526. 9

28. 9

34. 9

19. 4 20. 223. 7

-

50. 0

100. 0

150. 0

200. 0

250. 0

300. 0

2005 2006 2007

HD Truck MD Truck LCV Mi ni Truck Bus

249.4249.4204204

178.7178.7

Monthly Sales of HD Trucks Monthly Sales of HD Trucks

Average Growth:11.86%

Page 5: 1 DFG 2007 Annual Result April 17 th, 2008. 2 Contents DFG Business Overview DFG Financial Performance Outlook of DFG and PRC Auto Industry in 2008 PRC

5

Continuous Growth of PV Sales, Upgrading Sales Structure

Continuous Rapid Growth of PV BusinessContinuous Rapid Growth of PV Business PV Growth Structure in 2007PV Growth Structure in 2007

- 31%

28%

55%

55%

43%

21. 68%

18. 30%

50%

- 40% - 20% 0% 20% 40% 60%

<1. 0L

(1L, 1. 6L]

(1. 6L, 2. 0L]

(2. 0L, 2. 5L]

(2. 5L, 3L]

Total PV

MPV

SUV

YoY

3,971

6,2985,176

0

2,000

4,000

6,000

8,000

2005 2006 2007

Annual Growth:24.47 %

Page 6: 1 DFG 2007 Annual Result April 17 th, 2008. 2 Contents DFG Business Overview DFG Financial Performance Outlook of DFG and PRC Auto Industry in 2008 PRC

6

Contents

DFG Financial Performance

Outlook of DFG and PRC Auto Industry in 2008

PRC Auto Industry Overview

DFG Business Overview

Page 7: 1 DFG 2007 Annual Result April 17 th, 2008. 2 Contents DFG Business Overview DFG Financial Performance Outlook of DFG and PRC Auto Industry in 2008 PRC

7

17. 735. 1

49. 563. 824. 6

24. 4

25. 6

31. 2

0

20

40

60

80

100

2004 2005 2006 2007

PV Sal es CV Sal es

59.559.5

75.175.1

95.095.0Unit:0000’Unit:0000’

41.01%41.01%

58.99%58.99%

34.09%34.09%

65.91%65.91%

32.84%32.84%

67.15%67.15%

DFG Sales Growth Higher than Industry

Average

Average Growth in the Past 3 Years:31.16%

42.342.3

58.16%58.16%

41.84%41.84%

Page 8: 1 DFG 2007 Annual Result April 17 th, 2008. 2 Contents DFG Business Overview DFG Financial Performance Outlook of DFG and PRC Auto Industry in 2008 PRC

8

2. 52

6. 34

12. 7

0

2

4

6

8

10

12

14

2005 2006 2007

15. 75

20. 35

27. 19

0

5

10

15

20

25

30

2005 2006 2007

14. 04

20. 13 20. 73

0

5

10

15

20

25

2005 2006 2007

Dongfeng Nissan PV Co.Dongfeng Nissan PV Co.

Growth:33.59%

Unit:0000’

Successful Launch of PV Models Drives Continuous Growth of PV Business

DPCADPCAPSA Peugeot Citroën

Dongfeng Honda Auto Co.,Dongfeng Honda Auto Co.,

Growth:2.98%

Growth:100.32%

In 2007 , PV sales of DFG reached 638,000 units, representing a YoY growth of 28.89% , 7 % higher than industry PV average.

Page 9: 1 DFG 2007 Annual Result April 17 th, 2008. 2 Contents DFG Business Overview DFG Financial Performance Outlook of DFG and PRC Auto Industry in 2008 PRC

9

Improved CV Market Position, with Adjusted and Upgraded Product Port

Folio

6. 705. 00

10. 108. 8

6. 4

11. 7

0. 00

2. 00

4. 00

6. 00

8. 00

10. 00

12. 00

14. 00

HD Truck MD Truck LCV

2006 2007

Market Share :■ 21.8% ■ 18%

Market Share : ■ 24.8% ■ 27%

Market Share : ■ 10.6% ■ 10.6%

07 Upgraded Kinland

Dalisen

Dongfeng Kinland was launched to the market in May,2006 , and it was further upgraded and improved in 2007, as a result of which, it achieved remarkable market performance. Total aggregate sales of Kinland and Dalishen was 22,000 units last year.

Unit:0000’Unit:0000’

Page 10: 1 DFG 2007 Annual Result April 17 th, 2008. 2 Contents DFG Business Overview DFG Financial Performance Outlook of DFG and PRC Auto Industry in 2008 PRC

10

Contents

Outlook of DFG and PRC Auto Industry in 2008

PRC Auto Industry Overview

DFG Business Overview

DFG Financial Performance

Page 11: 1 DFG 2007 Annual Result April 17 th, 2008. 2 Contents DFG Business Overview DFG Financial Performance Outlook of DFG and PRC Auto Industry in 2008 PRC

11

Steady Sales Revenue Growth in 2007

Strong Sales Revenue GrowthStrong Sales Revenue Growth in the Past 3 Yearsin the Past 3 Years Stable Sales Revenue StructureStable Sales Revenue Structure

4173548264

59318

0

10000

20000

30000

40000

50000

60000

70000

2005 2006 2007

2006 Revenue Structure

70. 91%

27. 39%1. 70%

PV CV others

2007Revenue Structure

70. 22%

28. 49%1. 28%

PV CV others

Unit:RMB mn

Page 12: 1 DFG 2007 Annual Result April 17 th, 2008. 2 Contents DFG Business Overview DFG Financial Performance Outlook of DFG and PRC Auto Industry in 2008 PRC

12

Stable Growth of Gross Profit

Stable Growth of Gross ProfitStable Growth of Gross Profit EBIT & EBIT Rate in Recent 3 YearsEBIT & EBIT Rate in Recent 3 Years

6096

8206

9815

0

2000

4000

6000

8000

10000

12000

2005 2006 2007

Gross Profi t

26703029

4131

6.40% 6.30%

7.00%

0

1000

2000

3000

4000

5000

2005 2006 2007

5.00%

6.00%

7.00%

8.00%

EBI T EBI T Rate

Unit:RMBmn

Page 13: 1 DFG 2007 Annual Result April 17 th, 2008. 2 Contents DFG Business Overview DFG Financial Performance Outlook of DFG and PRC Auto Industry in 2008 PRC

13

Enhanced Operation Efficiency and Increased Profitability

Net Profit and NP Margin Recent 3 YearsNet Profit and NP Margin Recent 3 Years Improved ROE in Recent 3 YearsImproved ROE in Recent 3 Years

1601

2081

3770

3.84%4.31%

6.40%

0

500

1000

1500

2000

2500

3000

3500

4000

2005 2006 2007

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

6.00%

7.00%

Net Profi t Net Profi t Margi n

1220714288

17713

13.10%15.70%

23.60%

0

5000

10000

15000

20000

2005 2006 2007

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

Sharehol ders Equi ty ROE

Unit:mnRMB

Page 14: 1 DFG 2007 Annual Result April 17 th, 2008. 2 Contents DFG Business Overview DFG Financial Performance Outlook of DFG and PRC Auto Industry in 2008 PRC

14

Contents

PRC Auto Industry Overview

DFG Business Overview

DFG Financial Performance

Outlook of DFG and PRC Auto Industry in 2008

Page 15: 1 DFG 2007 Annual Result April 17 th, 2008. 2 Contents DFG Business Overview DFG Financial Performance Outlook of DFG and PRC Auto Industry in 2008 PRC

15

Growth Prospect of PRC Auto Industry

In recent years, PRC auto industry maintains steady growth, first 3 months industry sales in 2008 was also positive;

We expect PRC auto industry to continue the rapid development momentum in 2008, but due to macro economy tightening policy, auto growth is likely to slow down. If auto industry grows by a conservative 15%, total auto sales in 2008 will reach 10.1 million units; if it grows by an optimistic 20%, then total industry sales will reach 10.54 million units.

36. 631. 9

58. 253. 7

46. 951. 6

43. 3 41. 8949. 61

45. 19

55. 1462. 39

53. 0147. 99

72. 1567. 29

56. 75 55. 76

46. 7152. 81

63. 557. 63

68. 975. 86

71. 71

55. 34

84. 7280. 87

71. 36 72. 69

64. 09 67. 16

77. 28

69. 23

80. 0983. 9385. 94

66. 35

105. 65

20

30

40

50

60

70

80

90

100

110

J an Feb Mar Apr May J une J ul y Aug Sep Oct Nov Dec

2005 2006 2007 2008

Page 16: 1 DFG 2007 Annual Result April 17 th, 2008. 2 Contents DFG Business Overview DFG Financial Performance Outlook of DFG and PRC Auto Industry in 2008 PRC

16

Growth Prospect of DFG

In 2008, DFG will launch a variety of new PV models to broaden its PV product port folio; in CV segment, DFG will further optimize the product structure of Kinland series to cater to the market demand; meanwhile, the Group will launch another HD truck serial:D530 to enhance the competitive edge of commercial vehicles in the domestic market.In 2008, the Group sets the annual sales target between 1.1mn units to 1.15 mn units, with a 7:3 sales breakdown between PV and CV.In 2008, faced with such challenging factors as raw material price hike, increase of labor cost, declining auto price, DFG management will spare no efforts to maintain the Group’s profitability through launch of new products, further increase scale of economy, improvement of local content ratio and enhancement in cost management capabilities.

两驱 CRVSales Target

150,000

骊威运动版 奇骏 新天籁

Sales Target340,000逍客

PSA Peugeot Citroën

C4两厢 307 Sales Target

280,000

新爱丽舍

三厢 206