For the year ended 31st December 2000, turnover of Denway Motors Limited and its subsidiaries, associated companies and a jointly controlled entity (the "Group") amounted to approximately HK$786,390,000 (1999: HK$624,523,000) . The audited profit attributable to shareholders amounted to approximately HK$453,203,000, which was 11.97 times that of year 1999 (1999: HK$37,867,000) . Earnings per share were 16.9 cents which was 10.56 times that of year 1999 (1999: 1.6 cents) . The Board does not recommend a final dividend but instead recommend a bonus issue of 1 for 10 shares.

In 2000 Guangzhou Honda Automobile Company Limited ("Guangzhou Honda") produced and sold 32,228 and 32,233 Guangzhou Honda Accord sedans respectively, both of which had 222% growth over the production and sales volume of previous year. Guangzhou Honda Accord sedans has a market share of 29.6% in the mid to high-end sedans market in the Mainland of China, ranking the top among the other producers of similar range.

Total production and sales of sedans in the Mainland of China for the first quarter of 2001 has increased by 15.1% and 29.4% respectively, compared with the same period of previous year. Guangzhou Honda produced 11,837 vehicles in the first quarter of 2001 (First quarter of 2000: 4,171 vehicles) which was up by 183.8 per cent. Guangzhou Honda recorded total sales of 11,667 vehicles in the first quarter of 2001 (First quarter of 2000: 4,081 vehicles) which was up by 185.9 per cent. Overall, the market share of Guangzhou Honda in China's sedan market in the first quarter of 2001 had increased from 3.5% of the same period last year to 7.8%. And the demand for Guangzhou Honda Accord still far exceeds its supply.

Guangzhou Honda emphasized on products quality and gradually increased its domestic content level to over 50% in 2000 in order to lower its production cost.

Last year Guangzhou Honda had established over 60 "four-in-one" franchisee shops in Beijing, Shanghai, Guangzhou and other major cities of China. Guangzhou Honda will further expand its franchisee network with a target of 120 franchisee shops by the end of 2001.

Products-wise, Guangzhou Honda launched in 2000 the Accord 2.0 Exi models on top of the existing Accord 2.3 Vti-E and Accord 2.3Vti-L models. On 10th April this year, Guangzhou Honda launched the new 3.0 litre V6 Guangzhou Honda Accord model to satisfy customers need.

In 2000 Guangzhou Honda had achieved its maximum production capacity during its initial production period. It became the first auto-manufactures achieving annual production of over 30,000 vehicles of mid to high-end sedans. In 2001, Guangzhou Honda plans to produce 50,000 sedans and prepares for production of more product models and bigger production and sales.

Denway Motors Ltd.
18th April 2001

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