Marvel Comics looked at the tens of billions of investment income created by Dongfeng Honda, which was very popular in Dongfeng, but it suffered huge losses.

In this round, Dongfeng Honda is not only the captain of the profit growth of the whole Dongfeng Group, but also its rapid growth directly or indirectly brought the parent company a net income of10 billion yuan.

On March 3 1 day, Dongfeng Motor Group Co., Ltd. (0489. HK, hereinafter referred to as "Dongfeng group") released the unaudited performance report for 20 19. In 20 19, Dongfeng Group sold 2.932 million vehicles, down about 3.9% year-on-year; Achieve sales income of1010.87 million yuan. After the merger of joint ventures and associated companies, if the group's sales revenue is 254.04 1 billion yuan, the net profit attributable to shareholders of listed companies is 65.438+02.858 billion yuan.

According to the financial report, listed companies can divide their main business into four parts according to products, namely, commercial vehicles, passenger cars, auto finance, companies and other businesses, and in the above four parts, joint ventures and associated companies are also laid out.

As far as comprehensive business is concerned, the passenger car department is the largest business department of the Group. During the reporting period, this sector contributed a net profit of 654.38+00.677 billion yuan to listed companies, followed by the commercial vehicle sector, with a net profit of 365.438+78 billion yuan. Although the auto finance sector is small in scale, it also contributed a net profit of 3.284 billion yuan; The company is the smallest of other businesses and also the department with a net loss.

Dongfeng Honda's "Billion Contribution"

On the bright side, commercial vehicles and auto finance are the most outstanding. As Zhu Yanfeng, chairman of Dongfeng Group, said in the financial report, in 20 19, both passenger cars and commercial vehicles of the Group outperformed the general trend, and their market share increased by 0.5 percentage points to 1 1.4%. Among them, commercial vehicles performed well, and all market segments made balanced efforts to steadily push forward the goal of reshaping the leading edge of commercial vehicles.

Before the merger of the joint venture company and the joint venture company, the Group's auto finance sector achieved revenue of 5.387 billion yuan, net profit of 2.287 billion yuan and net profit rate of 42.45%. It is precisely because of the super-high profits of the financial sector that the company almost uses all the cash flow generated from its operating activities as loan funds for auto finance.

But after the beautiful performance data of the two major sectors, it is the real profit cow. According to the financial report, in 20 19, Dongfeng Honda, a joint venture company, brought profit growth of 379 million yuan to the group. According to the audit data of last year's financial report, the investment income of Dongfeng Honda to listed companies in 20 18 was 4.337 billion yuan, from which it can be concluded that the direct contribution profit of Dongfeng Honda to listed companies in 20 19 was 4.7.1600 million yuan.

In addition, based on the loss of 493 million yuan contributed by Dongfeng Limited and the increase of 429 million yuan by Shenlong Company, it can also be inferred that the investment income provided by the above two joint ventures for the Group in 20 19 was 2.462 billion yuan and-131400 million yuan respectively. According to the total income of the joint venture company * * of RMB 654.38+065.438+0633 million, it can be concluded that the five joint ventures of Dongfeng Honda Engine, Dongfeng Honda Parts, Dongfeng Renault, Peugeot Citroen Finance and Yi Jie Texin Energy provided RMB 5.769 billion to the Group.

It is also superior to Yi Jie Dexin Energy, which focuses on commercial vehicle business. Peugeot Citroen Finance is an auto finance company, and Dongfeng Renault is still losing money (temporarily marked as 0 contribution). According to the investment income of Dongfeng Group, the profit contribution of Yi Jie Texin Energy is 374 million yuan, and that of Peugeot Citroen Finance is 24 1 10,000 yuan. The joint profit contribution of other Dongfeng Honda engines and Dongfeng Honda parts is at least 56,543.8+0.54 billion yuan. Combined with the direct contribution of Dongfeng Honda of 4,765,438 yuan +0.6 billion yuan, it can be calculated that Dongfeng Group has gained at least 9.87 billion yuan from the development of Dongfeng Honda.

Dongfeng is popular or has a huge loss.

The performance audit report of listed companies in 20 18 shows that among the nine wholly-owned or holding subsidiaries of Dongfeng group, the subsidiaries engaged in passenger car business include Dongfeng passenger car, Dongfeng off-road vehicle and Dongfeng popular under Dongfeng Liu Qi; Dongfeng Commercial Vehicle, Dongfeng Special Commercial Vehicle, Dongfeng Liu Qi and Dongfeng Electric Vehicle Co., Ltd. are all commercial vehicle sector companies. Will Dongfeng Nengdi (Hangzhou) Automobile Co., Ltd. be reorganized into a company and other sectors? .

According to the shareholding ratio of the parent company in the above-mentioned companies, we set aside minority shareholders' rights and interests of 70,654.38 billion yuan according to the minimum 25%; According to the non-controlling shareholders' equity of-0.10.20 billion yuan given in the income statement, the dividend amount of non-controlling shareholders of passenger cars is-0.710.30 billion yuan; Among the above three passenger car brands, only Dongfeng Fengxing owns minority shareholders (minority shareholders hold 25%), so the loss of Dongfeng Fengxing is calculated to be at least 2.852 billion yuan. After all, the shareholding ratio of non-controlling shareholders of Dongfeng Commercial Vehicle has reached 49%, which means that commercial vehicles may have greater minority shareholders' profits.

This article comes from car home, the author of the car manufacturer, and does not represent car home's position.