Chongqing Changan Automobile

Profit Statement 2015 2016 2017
Sales CNY mil 66,772 78,542 80,012
Gross Profit CNY mil 10,423 19,605 16,355
EBITDA CNY mil 11,628 12,655 9,706
EBIT CNY mil 9,587 10,655 7,706
Financing Cost CNY mil -424 305 525
Pre-Tax Profit CNY mil 10,012 10,350 7,181
Net Profit CNY mil 9,953 10,285 7,137
Dividends CNY mil 3,111 3,200 ...
Balance Sheet 2015 2016 2017
Total Assets CNY mil 89,414 106,510 106,125
Non-Current Assets CNY mil 37,790 40,513 43,369
Current Assets CNY mil 51,624 65,998 62,757
Working Capital CNY mil -5,969 -11,078 -15,430
Shareholders' Equity CNY mil 34,174 43,353 47,463
Liabilities CNY mil 55,240 63,157 58,662
Total Debt CNY mil 20,795 21,252 18,308
Net Debt CNY mil 2,760 -3,530 -4,324
Ratios 2015 2016 2017
ROE % 33.4 26.5 15.7
ROCE % 33.2 33.6 24.9
Gross Margin % 15.6 25.0 20.4
EBITDA Margin % 17.4 16.1 12.1
EBIT Margin % 14.4 13.6 9.63
Net Margin % 14.9 13.1 8.92
Net Debt/EBITDA 0.237 -0.279 -0.446
Net Debt/Equity % 8.07 -8.14 -9.11
Cost of Financing % -2.36 1.45 2.65
Valuation 2015 2016 2017
Market Capitalisation USD mil 12,190 10,324 9,293
Enterprise Value (EV) USD mil 12,615 9,816 8,629
Number Of Shares mil 4,663 4,803 4,803
Share Price CNY 17.0 14.9 12.6
EV/EBITDA 6.89 5.21 5.98
EV/Sales 1.20 0.840 0.726
Price/Earnings (P/E) 7.95 6.98 8.48
Price/Book Value (P/BV) 2.32 1.66 1.27
Dividend Yield % 3.93 4.46 ...

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summary Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                  
Sales CNY mil                     26,551 29,463 39,142 52,913 66,772    
Gross Profit CNY mil                     3,925 4,768 5,631 7,928 10,423    
EBIT CNY mil                     753 922 2,928 7,177 9,587    
Net Profit CNY mil                     968 1,446 3,369 7,561 9,953    
ROE %                     7.67 9.59 19.7 34.2 33.4    
EBIT Margin %                     2.84 3.13 7.48 13.6 14.4    
Net Margin %                     3.65 4.91 8.61 14.3 14.9    
Employees ... ... ... ... ... ... ... ... ... ... ... ... 30,877 34,260 37,457    
balance sheet                                  
Total Assets CNY mil                     36,532 47,869 54,612 69,687 89,414    
Non-Current Assets CNY mil                     20,873 27,379 32,451 33,757 37,790    
Current Assets CNY mil                     15,660 20,490 22,161 35,930 51,624    
Shareholders' Equity CNY mil                     14,649 15,507 18,719 25,455 34,174    
Liabilities CNY mil                     21,884 32,363 35,893 44,232 55,240    
Non-Current Liabilities CNY mil                     1,531 5,528 6,269 6,131 4,962    
Current Liabilities CNY mil                     20,353 26,436 29,625 38,101 50,279    
Net Debt/EBITDA                     0.672 1.54 2.08 0.574 0.237    
Net Debt/Equity %                     19.0 51.1 55.0 21.5 8.07    
Cost of Financing % ...                   -2.91 0.026 -0.104 0.115 -2.36    
cash flow                                  
Total Cash From Operations CNY mil                     207 512 1,537 3,780 5,415    
Total Cash From Investing CNY mil                     -3,761 -3,680 -2,223 5,220 4,268    
Total Cash From Financing CNY mil                     3,579 2,515 736 -3,580 -1,319    
Net Change In Cash CNY mil                     25.2 -653 50.6 5,420 8,363    
valuation                                  
Market Capitalisation USD mil ... ... ... ... ... ...         2,120 3,285 8,819 12,346 12,190    
Number Of Shares mil ... ... ... ... ... ...         4,804 4,706 4,663 4,663 4,663    
Share Price CNY ... ... ... ... ... ...         2.78 4.35 11.5 16.4 17.0    
Earnings Per Share (EPS) CNY ... ... ... ... ... ...         0.201 0.307 0.722 1.62 2.13    
Book Value Per Share CNY ... ... ... ... ... ...         3.05 3.30 4.01 5.46 7.33    
Dividend Per Share CNY ... ... ... ... ... ...         0.052 0.094 0.142 0.275 0.667   ...
Price/Earnings (P/E) ... ... ... ... ... ...         13.8 14.2 15.8 10.1 7.95    
Price/Book Value (P/BV) ... ... ... ... ... ...         0.912 1.32 2.85 3.01 2.32    
Dividend Yield % ... ... ... ... ... ...         1.87 2.16 1.24 1.67 3.93   ...
Earnings Per Share Growth % ... ... ... ... ... ... ...       -58.3 52.6 135 124 31.6    
Book Value Per Share Growth % ... ... ... ... ... ... ...       20.8 8.08 21.8 36.0 34.2    
income statement Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                  
Sales CNY mil                     26,551 29,463 39,142 52,913 66,772    
Cost of Goods & Services CNY mil                     22,626 24,695 33,511 44,985 56,348    
Gross Profit CNY mil                     3,925 4,768 5,631 7,928 10,423    
Staff Cost CNY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Other Cost CNY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
EBITDA CNY mil                     4,134 5,149 4,948 9,536 11,628    
Depreciation CNY mil                     3,382 4,226 2,021 2,360 2,040    
EBIT CNY mil                     753 922 2,928 7,177 9,587    
Financing Cost CNY mil                     -184 2.66 -14.3 17.3 -424    
Extraordinary Cost CNY mil                     -11.8 -408 -237 -380 0    
Pre-Tax Profit CNY mil                     949 1,327 3,179 7,539 10,012    
Tax CNY mil                     23.0 -87.6 -153 20.9 89.3    
Minorities CNY mil                     -42.3 -31.4 -37.2 -43.1 -30.2    
Net Profit CNY mil                     968 1,446 3,369 7,561 9,953    
Dividends CNY mil                     250 442 660 1,283 3,111   ...
growth rates                                  
Total Revenue Growth % ...                   -19.7 11.0 32.9 35.2 26.2    
Operating Cost Growth % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...  
EBITDA Growth % ...                   -13.2 24.5 -3.89 92.7 21.9    
EBIT Growth % ...                   -62.0 22.5 217 145 33.6    
Pre-Tax Profit Growth % ...                   -52.3 39.9 139 137 32.8    
Net Profit Growth % ...                   -52.2 49.4 133 124 31.6    
ratios                                  
ROE %                     7.67 9.59 19.7 34.2 33.4    
ROCE % ...                   6.74 6.43 12.2 26.1 33.2    
Gross Margin %                     14.8 16.2 14.4 15.0 15.6    
EBITDA Margin %                     15.6 17.5 12.6 18.0 17.4    
EBIT Margin %                     2.84 3.13 7.48 13.6 14.4    
Net Margin %                     3.65 4.91 8.61 14.3 14.9    
Payout Ratio %                     25.8 30.5 19.6 17.0 31.3   ...
Cost of Financing % ...                   -2.91 0.026 -0.104 0.115 -2.36    
Net Debt/EBITDA                     0.672 1.54 2.08 0.574 0.237    
balance sheet Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                                  
Non-Current Assets CNY mil                     20,873 27,379 32,451 33,757 37,790    
Property, Plant & Equipment CNY mil                     10,339 15,227 15,702 15,840 16,974    
Intangible Assets CNY mil                     1,822 2,527 2,772 2,879 2,853    
Goodwill CNY mil ... ... ... ... ...           9.80 9.80 9.80 9.80 9.80    
Current Assets CNY mil                     15,660 20,490 22,161 35,930 51,624    
Inventories CNY mil                     4,144 5,051 4,735 6,572 8,129    
Receivables CNY mil                     506 748 705 759 875    
Cash & Cash Equivalents CNY mil                     4,871 4,664 4,536 9,693 18,035    
Total Assets CNY mil                     36,532 47,869 54,612 69,687 89,414    
Shareholders' Equity CNY mil                     14,649 15,507 18,719 25,455 34,174    
Of Which Minority Interest CNY mil                     -90.6 -122 -138 -182 -212    
Liabilities CNY mil                     21,884 32,363 35,893 44,232 55,240    
Non-Current Liabilities CNY mil                     1,531 5,528 6,269 6,131 4,962    
Long-Term Debt CNY mil                     0 3,031 3,237 1,971 2,082    
Deferred Tax Liabilities CNY mil                     37.1 37.7 41.8 55.9 49.3    
Current Liabilities CNY mil                     20,353 26,436 29,625 38,101 50,279    
Short-Term Debt CNY mil                     7,648 9,551 11,596 13,199 18,713    
Trade Payables CNY mil                     5,947 7,763 7,964 13,039 14,974    
Provisions CNY mil             ... ... ... ... ... ... ... ... ... ... ...
Equity And Liabilities CNY mil                     36,532 47,869 54,612 69,687 89,414    
growth rates                                  
Total Asset Growth % ...                   19.9 31.0 14.1 27.6 28.3    
Shareholders' Equity Growth % ...                   38.4 5.86 20.7 36.0 34.2    
Net Debt Growth % ...                   362 185 30.0 -46.8 -49.6    
Total Debt Growth % ...                   53.2 64.5 17.9 2.27 37.1    
ratios                                  
Total Debt CNY mil                     7,648 12,582 14,833 15,170 20,795    
Net Debt CNY mil                     2,777 7,919 10,297 5,477 2,760    
Working Capital CNY mil                     -1,298 -1,963 -2,524 -5,708 -5,969    
Capital Employed CNY mil                     19,575 25,416 29,927 28,050 31,821    
Net Debt/Equity %                     19.0 51.1 55.0 21.5 8.07    
Cost of Financing % ...                   -2.91 0.026 -0.104 0.115 -2.36    
cash flow Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                                  
Net Profit CNY mil                     968 1,446 3,369 7,561 9,953    
Depreciation CNY mil                     3,382 4,226 2,021 2,360 2,040    
Non-Cash Items CNY mil ...                   -713 -5,826 -4,413 -9,324 -6,840    
Change in Working Capital CNY mil ...                   -3,429 666 561 3,184 262    
Total Cash From Operations CNY mil                     207 512 1,537 3,780 5,415    
Capital Expenditures CNY mil                     -4,096 -4,887 -2,600 -2,216 -3,018    
Other Investments CNY mil                     335 1,207 377 7,435 7,286    
Total Cash From Investing CNY mil                     -3,761 -3,680 -2,223 5,220 4,268    
Dividends Paid CNY mil                     -250 -442 -660 -1,283 -3,111    
Issuance Of Debt CNY mil ...                   2,655 4,934 2,251 337 5,625    
Total Cash From Financing CNY mil                     3,579 2,515 736 -3,580 -1,319    
Net Change In Cash CNY mil                     25.2 -653 50.6 5,420 8,363    
ratios                                  
Days Sales Outstanding days                     6.95 9.27 6.57 5.23 4.79    
Days Sales Of Inventory days                     66.8 74.7 51.6 53.3 52.7    
Days Payable Outstanding days                     95.9 115 86.7 106 97.0    
Cash Conversion Cycle days                     -22.1 -30.8 -28.6 -47.2 -39.6    
Cash Earnings CNY mil                     4,350 5,672 5,389 9,921 11,993    
Cash Earnings Per Share CNY ... ... ... ... ... ...         0.905 1.21 1.16 2.13 2.57    
Price/Cash Earnings (P/CE) ... ... ... ... ... ...         3.07 3.61 9.91 7.72 6.60    
Free Cash Flow CNY mil                     -3,553 -3,168 -686 9,000 9,683    
Free Cash Flow Yield % ... ... ... ... ... ...         -25.9 -15.3 -1.26 11.9 12.5    
other data Unit 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                                  
ROA %                     2.89 3.43 6.57 12.2 12.5    
Gross Margin %                     14.8 16.2 14.4 15.0 15.6    
Employees ... ... ... ... ... ... ... ... ... ... ... ... 30,877 34,260 37,457    
Cost Per Employee USD per month ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Cost Per Employee (Local Currency) CNY per month ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Staff Cost (As % Of Total Cost) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Effective Tax Rate %                     2.42 -6.60 -4.81 0.277 0.892    
Enterprise Value (EV) USD mil ... ... ... ... ... ...         2,561 4,556 10,519 13,228 12,615    
EV/EBITDA ... ... ... ... ... ...         4.00 5.58 13.1 8.50 6.89    
EV/Capital Employed ... ... ... ... ... ...         0.824 1.12 2.13 2.93 2.57    
EV/Sales ... ... ... ... ... ...         0.623 0.976 1.65 1.53 1.20    
EV/EBIT ... ... ... ... ... ...         22.0 31.2 22.1 11.3 8.35    
Domestic Sales CNY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Capital Expenditures (As % of Sales) %                     15.4 16.6 6.64 4.19 4.52    
Revenues From Abroad CNY mil ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Revenues From Abroad (As % Of Total) % ... ... ... ... ... ... ... ... ... ... ... ... ... ... ...    
Price Per Vehicle Sold CNY ...                   13,480 15,048 18,463 20,799 24,049    
EBIT Per Vehicle Sold CNY ...                   382 471 1,381 2,821 3,453    
Net Profit Per Vehicle Sold CNY ...                   491 739 1,589 2,972 3,585    
Price Per Vehicle Sold (USD) USD ...                   2,086 2,385 3,003 3,393 3,788    
EBIT Per Vehicle Sold (USD) USD ...                   59.1 74.7 225 460 544    
Net Profit Per Vehicle Sold (USD) USD ...                   76.0 117 258 485 565    
Sales From Automotive CNY mil ... ... ... ... ... ... ... ... ... ... ... ... 38,314 52,026 65,895    
Production of Vehicles vehicles ...                   1,963,680 1,932,890 2,110,300 2,627,460 2,781,370    
Sales of Vehicles vehicles ...                   1,969,720 1,957,900 2,120,020 2,544,060 2,776,510    
Sales of Vehicles - Passenger Vehicles vehicles ... ... ...               1,725,970 1,713,780 ... ... ... ... ...
Sales of Vehicles - Light Trucks vehicles ... ... ...               179,030 181,075 ... ... ... ... ...
Sales of Vehicles - Heavy Trucks vehicles ... ... ... ...             8.00 ... ... ... ... ... ...
Sales of Vehicles - Buses vehicles ... ... ...               60,515 60,789 ... ... ... ... ...

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Chang'an Automobile (Chana) is an automobile manufacturer in Chongqing, China, and a state-owned enterprise with China Weaponry Equipment as its parent. Its production is primarily composed of no-frills passenger cars and mini-vehicles, microvans and microtrucks that see commercial use. Also known as Chana, the company is currently one of the "top 4" Chinese automakers along with Dongfeng Motor, FAW Group, and the Shanghai Automotive Industry Corporation. Although this datum only allowed the company to achieve fourth place, in terms of production, Chang'an made more than 1,837,000 whole vehicles in 2011. Foreign automakers that have joined joint ventures with Chang'an include Ford, Suzuki, and PSA Peugeot Citroen.

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