Trans-china Automotive Holdings Ltd. · SGX:VI2
Trans-china Automotive — FY2024 Earnings Presentation
24 slides from Trans-china Automotive's earnings presentation, Feb 24, 2025
Slide 1: Gearing Up for Greater Growth: FY2024 Results Presentation
GEARING UP FOR GRE ATE R GROWTH F Y 2 0 2 4 R E S U LT S P R E S E N TAT I O N 24 February 2025
Slide 2: Disclaimer
Disclaimer This presentation is prepared for information purposes only, without regard to the objectives, financial situation nor needs of any specific person. This presentation does not constitute, or form any part of any offer for sale or subscription of, or solicitation of any offer to buy or sub
Slide 3: Key Financial Highlights
AUTOMOTIVE Key Financial Highlights
Slide 4: China Passenger Vehicle Market Summary
China Passenger Vehicle Market Summary New and Pre-owned Automotive Sales Volume, PRC 40.1 6.0% 42.5 37.7 36.5 33.6 Million 18.4 19.6 14.3 17.6 16 Units 19.3 20.1 20.5 21.7 22.9 2020 2021 2022 2023 2024 New Pre-Owned New and Pre-owned Automotive Sales Value, PRC 5.5 5.1% 5.8 4.9 5.0 4.4 1.2 1.3 RMB
Slide 5: China Passenger Vehicle Market Summary: NEV and ICE
China Passenger Vehicle Market Summary NEV and ICE Automotive Sales Volume, PRC 5.7% 94.3% 14.9% 85.1% 27.7% 72.3% 35.5% 64.5% 47.6% 52.4% 18.2 17.1 14.8 14.0 Million 10.9 12.0 Units 7.7 5.7 3.0 1.1 2020 2021 2022 2023 2024 NEV ICE Growth Rates of NEV in different Price Ranges, PRC 600.0 211.5% 250.
Slide 6: China Luxury Passenger Vehicle Market Summary
China Luxury Passenger Vehicle Market Summary FY2024 Market Sales NIO 28.4% 205,358 FY2024 Market Sales YTD -0.1%Lexus 180,960 Total Market 5.5% 22,894,000 -28.1% Cadillac 128,145 -5.5% Premium Segment 3,381,484 -32.6% Porsche 54,503 -13.9% BMW 696,388 Market share -11.3% Range Rover 39,607 -6.9% MB
Slide 7: FY2024 Company Overview
FY2024 Company Overview Revenue by Segment 0% Revenue RMB 2,555M Net loss RMB (103.4M) YoY -26.1% YoY 12.9% 20% EBITDA RMB 11.7M Loss per share RMB (18 fen) FY2024 YoY -77.3% YoY 12.5% Headcount 857 NAV RMB 91.5 YoY -11.9% 2023: RMB198.3 80% Sale of Automobiles After Sales Services Agent commission
Slide 8: Key Income Statement Highlights
Key Income Statement Highlights RMB’ Million FY2023 FY2024 YoY% Units delivered 8,897 7,075 (20.5) Revenue 3,455.5 2,554.5 (26.1) Gross Profit (Loss) 60.7 (20.0) n.m. Other Income 201.7 207.4 2.8 SG&A and Other Gain (loss) (313.1)* (254.6) (18.7) Operating Loss (50.7) (67.2) 32.5 Finance Costs (net)
Slide 9: Revenue and Gross Profit
Revenue and Gross Profit +/(-) FY2023 FY2024 Variance RMB’ Million RMB’ Million % Sale of automobiles Revenue 2,943.6 2,051.9 (30.3%) Gross Loss (122.7) (201.4) 64.1% Gross Loss Margin (4.2%) (9.8%) (5.6%) Provision of after-sales services Revenue 505.8 497.8 (1.6%) Gross Profit 177.3 176.9 (0.2%) G
Slide 10: Other Income
Other Income +/(-) FY2023 FY2024 Variance RMB’000 RMB’000 % Handling and commission fee income 173,573 184,442 6.3% Insurance rebate 4,952 206 (95.8%) Deposits forfeited by customers 3,547 1,264 (64.4%) Government grants 199 1,210 508.0% Pre-owned cars and fleet sale commissions 9,565 6,258 (34.6%)
Slide 11: TCAS by halves
TCAS by halves FY2023 FY2024 1,600 1,511 1,433 Revenue on sale of automobiles 1,400 TCAS RMB' MILLION 1,200 1,092 960 1,000 800 4.1% 3.8% 600 1.3% 400 -2.8% 200 - 1H2023 2H2023 1H2024 2H2024 - RMB' MILLION (15) (29) (50) (76) (74) Net losses (100) 10
Slide 12: Selling expenses
Selling expenses +/(-) FY2023 FY2024 Variance RMB’000 RMB’000 % Advertising expenses 19,747 16,890 (14.5%) Employee benefit expenses 76,493 68,062 (11.0%) Other tax expenses 12,570 3,615 (71.2%) Others 926 561 (39.4%) Depreciation 49,024 50,781 3.6% 158,760 139,909 (11.9%) 11
Slide 13: Administrative expenses
Administrative expenses +/(-) FY2023 FY2024 Variance RMB’000 RMB’000 % Auditor’s remuneration 2,174 2,203 1.3% Bank charges 2,587 1,976 (23.6%) Employee benefit expenses 48,632 40,359 (17.0%) Entertainment 919 676 (26.4%) Fuel and maintenance expenses 6,679 5,795 (13.2%) IT and security fees 8,535 5
Slide 14: Finance costs, net
Finance costs, net +/(-) FY2023 FY2024 Variance RMB’000 RMB’000 % Finance income -Bank interest income 2,258 682 (69.8%) 2,258 682 (69.8%) Finance costs -Interest expense on bank and other (21,239) (16,929) (20.3%) borrowings -Interest expense on lease liability (17,076) (15,101) (11.6%) -Interest e
Slide 15: Key Income Statement Highlights
Key Income Statement Highlights RMB’ Million FY2023 FY2024 YoY% Units delivered 8,897 7,075 (20.5) Revenue 3,455.5 2,554.5 (26.1) Gross Profit (Loss) 60.7 (20.0) n.m. Other Income 201.7 207.4 2.8 SG&A and Other Expenses (313.1)* (254.6) (18.7) Operating Loss (50.7) (67.2) 32.5 Finance Costs, Net (42
Slide 16: Key Income Statement Highlights
Key Income Statement Highlights RMB’ Million 1H2023 2H2023 1H2024 2H2024 FY2023 FY2024 YoY% Units delivered 4,256 4,641.0 3,616 3,459.0 8,897 7,075 (20.5) Revenue 1,685.2 1,770.3 1,355.0 1,199.5 3,455.5 2,554.5 (26.1) Gross Profit (Loss) 66.2 (5.5) (24.9) 4.9 60.7 (20.0) n.m. Other Income 83.3 118.4
Slide 17: Key Balance Sheet Highlights
Key Balance Sheet Highlights RMB’ Million As at 31 As at 31 December December 2023 2024 Non-current Assets 602.1 547.1 Current Assets 989.7 908.2 Total Assets 1,591.8 1,455.3 Non-current Liabilities 326.9 296.2 Current Liabilities 1,066.6 1,067.6 Total Liabilities 1,393.5 1,363.8 EQUITY (NAV) 198.3
Slide 18: Adjusted Working Capital
Adjusted Working Capital RMB’ Million Working Capital (159.4) At 31 December 2024 Customer Deposits 90.3 Deferred Income 17.1 Long Outstanding Payables 3.0 Accrued social and housing insurance 5.8 Subtotal 116.2 Adjusted Working Capital (43.2) 17
Slide 19: Key Cash flows Highlights
Key Cash flows Highlights RMB’ Million FY2023 FY2024 Cash flow from operating activities before WC 53.8 (2.1) Cash flow from operating activities 106.1 54.2 Cash flow from investing activities (51.7) (25.9) Cash flow from financing activities (85.7) (68.4) Net cash decrease (31.4) (40.1) Ending cash
Slide 20: Key Operational/Financial Ratios
Key Operational/Financial Ratios Profitability Ratios FY2023 FY2024 Gross Profit Margin 1.8% -0.8% TCAS# 2.7% 0.3% Net Profit Margin -2.7% -4.0% EBITDA Margin 0.7% 0.5% Inventory Turnover Days 43.1 days 35.6 days Group Absorption Ratio* 82.2% 100.3% Balance Sheet Ratios 31 December 2023 31 December
Slide 21: Corporate Developments
< : ul (7RaNs cua ] | UL a ee MH Corporate Developments
Slide 22: Corporate Priorities for FY2025
Corporate Priorities for FY2025 OEM Policies Streamline& Focus Cost Control Continue to work and Streamline and consolidate Continue to reduce costs at communicate with our OEM brand portfolio and all levels of the organization partners to ensure volume locations targets can be achieved economically
Slide 23: Thank You
THANK YOU Website: www.tca-auto.com
Slide 24: Inventory efficiency
Inventory efficiency Inventory Balance 600 37 39 49 500 34 392 400 RMB' MILLION 324 300 265 200 178 100 - 1H2023 FY2023 1H2024 FY2024 Inventories Inventory Turnover Days 23
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