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MarketScreener Homepage  >  Equities  >  Hong Kong Stock Exchange  >  VPower Group International Holdings Limited    1608   KYG939541085

VPOWER GROUP INTERNATIONAL HOLDINGS LIMITED

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VPower International : Group is new distributor for Rolls-Royce's MTU solutions in China

03/30/2020 | 07:52am EST

Rolls-Royce is moving forward with its growth strategy in China, despite the challenges posed by COVID-19.

VPower Group, one of the world's leading system integrators in the power generation sector, has become a new distributor for MTU products in China. The company has been integrating MTU engines and systems for more than 10 years into their customer solutions. The new distribution agreement covers the sales and maintenance of MTU engines and gensets for marine commercial and gas power generation.

Based in Hong Kong, VPower Group has been a close partner of Rolls-Royce for many years and has already integrated around 3 GW (equivalent to more than 1,000 engines) of MTU power products into its power solutions around the world, backed by its strong R&D, application and service teams to support global demand. Currently, VPower Group is a leading engine-based distributed power station owner and operator with successful projects in many countries. VPower Group provides solutions for natural gas, biogas, LNG, CHP, ORC and offshore vessels.

Tobias Ostermaier, President MTU Greater China, Rolls-Royce Power Systems, said: 'We are delighted to be taking our successful and close relationship with VPower Group to a new level and welcome our partner as an integral part of our global distribution network. VPower Group brings expertise and the capacity to package turnkey gas power projects in China and, most importantly, a strong network in the marine industry that will support our market share expansion in China. Together with VPower Group, we want to make MTU the brand of choice for engines and systems in the Chinese commercial shipping and gas powergen segments and realize the significant growth potential in these market segments.'

Samson Lam, Chairman of VPower Group, said: 'We share the same goal with Rolls-Royce to provide continuous, economical, reliable and sustainable sources of power. We are happy to be its distributor and continue to offer our customers MTU products and service for both gas power generation and commercial shipping applications in China. There is great growth potential in these markets in China - and we want to exploit that potential together with Rolls-Royce as well as to co-develop the LNG marine market.'

In addition to its new role as distributor, VPower Group will continue to integrate and sell MTU gas systems as part of its own solution offering. The relationship between Rolls-Royce and VPower Group has been in place since 2008 and has developed steadily over the years. Today, VPower Group is the world's largest operator of MTU power generation systems with a wide range of applications in China and other countries. In particular for the marine sector, VPower Group has ordered dozens of MTU engines for liftboats, fire boats, command and tourist vessels.

Expanding market share, establishing and deepening partnerships in China are key to the success of the PS 2030 strategy, under which Rolls-Royce Power Systems is currently transforming itself from an engine manufacturer to a provider of integrated power solutions. Rolls-Royce has been producing MTU engines in China since 2006. In addition, Rolls-Royce formed MTU Yuchai Power, a joint venture with Chinese diesel engine manufacturer Guangxi Yuchai Machinery Company, in 2017. The company produces MTU Series 4000 engines for power generation in its plant in Yulin, Guangxi Province.

About Rolls-Royce Holdings plc

Rolls-Royce pioneers cutting-edge technologies that deliver clean, safe and competitive solutions to meet our planet's vital power needs.

Rolls-Royce Power Systems is headquartered in Friedrichshafen in southern Germany and employs more than 10,000 people. The product portfolio includes MTU-brand high-speed engines and propulsion systems for ships, power generation, heavy land, rail and defence vehicles and for the oil and gas industry as well as diesel and gas systems and battery containers for mission critical, standby and continuous power, combined generation of heat and power, and microgrids. Medium-speed engines from Bergen power ships and power generation applications.

Rolls-Royce has customers in more than 150 countries, comprising more than 400 airlines and leasing customers, 160 armed forces, 70 navies, and more than 5,000 power and nuclear customers.

Annual underlying revenue was GBP15.3 billion in 2019, around half of which came from the provision of aftermarket services.

In 2019, Rolls-Royce invested GBP1.45 billion on research and development. We also support a global network of 29 University Technology Centres, which position Rolls-Royce engineers at the forefront of scientific research.

The Group has a strong commitment to apprentice and graduate recruitment and to further developing employee skills.

Contact:

Tel: +44 (0) 1332 661461

(C) 2020 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2020 3 228 M 416 M 416 M
Net income 2020 503 M 64,9 M 64,9 M
Net Debt 2020 3 022 M 390 M 390 M
P/E ratio 2020 12,9x
Yield 2020 2,08%
Capitalization 6 467 M 834 M 834 M
EV / Sales 2020 2,94x
EV / Sales 2021 2,66x
Nbr of Employees 559
Free-Float 22,1%
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NameTitle
Chong Man Lee Co-Chief Executive Officer & Executive Director
Tai Hong Au Yeung Co-Chief Executive Officer & Executive Director
Yee Chun Lam Executive Chairman
Siu Yuen Lo Chief Operating Officer & Executive Director
Kam Shing Chan Chief Financial Officer & Secretary
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