Share’s name: Jiangling Motors Share’s code: 000550 No.: 2015-049
Jiangling B
Jiangling Motors Corporation, Ltd.
2015 Third Quarter Report
§1 Important Note
1.1 The Board of Directors and its members, the Supervisory Board and its
members, and the senior executives are jointly and severally liable for the
truthfulness, accuracy and completeness of the information disclosed in the
report and confirm that the information disclosed herein does not contain false
statements, misrepresentations or major omissions.
1.2 The Directors, Supervisors, and Senior Management undertake and have
no objection to the truthfulness, accuracy and completeness of the contents of
the Third Quarter Report.
1.3 All the Directors were present at the Board meeting.
1.4 The financial statements in this Quarterly Report are not audited.
1.5 Chairman Wang Xigao, President Yuan-Ching Chen, CFO Dennis Leu and
Chief of Finance Department, Ding Ni, confirm that the financial statements in
this Quarterly Report are truthful and complete.
1.6 All financial data in this Quarterly Report are prepared under International
Financial Reporting Standards (‘IFRS’) unless otherwise specified.
§2 Brief Introduction
2.1 Main accounting data and financial indicators
Unit: RMB’000
At the end of At the end of the Change (%)
reporting period previous year
Total Assets 18,664,056 19,496,528 -4.27
Shareholder’s equity
Attributable to the Equity 11,301,509 10,598,429 6.63
Holders of the Company
Beginning of
Reporting year to
period
Change (%) end of Change (%)
(2015 third reporting
quarter) period
Revenue 4,976,888 -14.50 16,966,215 -6.24
Profit Attributable to the
Equity Holders of the 458,866 25.18 1,540,398 0.62
Company
Net Cash Generated From
- - -232,166 -114.49
Operating Activities
Basic Earnings Per Share
0.53 25.18 1.78 0.62
(RMB)
Diluted Earnings Per Share
0.53 25.18 1.78 0.62
(RMB)
Up 0.45 Down 1.86
Weighted Average Return on
4.36 percentage 13.78 percentage
Net Asset Ratio (%)
point points
2.2 Total number of shareholders and top ten shareholders at the end of
reporting period
Total shareholders JMC had 21,992 shareholders as of September 30, 2015.
Top ten shareholders
Shares due
Shareholding Shares as of Shares with
Shareholder to
Shareholder Name Percentage September Trading
Type mortgage
(%) 30, 2015 Restriction
or frozen
Jiangling Motor State-owned
41.03% 354,176,000 0
Holding Co., Ltd. legal person
Ford Motor Company Foreign legal
32.00% 276,228,394 0
person
Shanghai Automotive State-owned
1.51% 13,019,610 0
Co., Ltd. Legal person
Pingan Life Insurance
Specific Client Asset Domestic
non-state-owned 1.04% 9,012,285 0
Management legal person
Project-No.1
Central Huijin
State 0.83% 7,186,600 0
Investment Ltd.
Foreign legal
GAOLING FUND,L.P. 0.78% 6,749,127 0
person
JPMBLSA RE FTIF
Foreign legal
TEMPLETON CHINA 0.70% 6,026,850 0
person
FUND GTI 5497
TEMPLETON Foreign legal
0.57% 4,880,908 0
DRAGON FUND,INC. person
INVESCO FUNDS Foreign legal
0.51% 4,372,630 0
SICAV person
E Fund SSE50 Index Domestic
Securities Investment non-state-owned 0.47% 4,013,069 0
Fund legal person
Top ten shareholders holding unlimited tradable shares
Shareholder Name Shares without Trading Share Type
Restriction
Jiangling Motor Holding Co., Ltd. 354,176,000 A share
Ford Motor Company 276,228,394 B share
Shanghai Automotive Co., Ltd. 13,019,610 A share
Pingan Life Insurance Specific Client
9,012,285 A share
Asset Management Project-No.1
Central Huijin Investment Ltd. 7,186,600 A share
GAOLING FUND,L.P. 6,749,127 B share
JPMBLSA RE FTIF TEMPLETON CHINA
6,026,850 B share
FUND GTI 5497
TEMPLETON DRAGON FUND,INC. 4,880,908 B share
INVESCO FUNDS SICAV 4,372,630 B share
E Fund SSE50 Index Securities
4,013,069 A share
Investment Fund
Notes on association among
None.
above-mentioned shareholders
2.3 Stock buy-back of top ten shareholders or top ten shareholders holding
unlimited tradable shares in the reporting period
□Applicable □√Not Applicable
§3 Major Events
3.1 Causes and explanations of major changes of financial indicators
compared with those of previous reporting period
□√Applicable □Not Applicable
By the end of 2015 third quarter, JMC sold 184,594 vehicles, including 80,092
JMC-brand trucks, 40,624 JMC-brand pickups, 15,000 Yusheng-brand SUVs
and 48,878 Ford-brand commercial vehicles. Total sales volume decreased by
5% compared with the same period last year. Revenue and net profit during
the reporting period were RMB 16,966 million and RMB 1,540 million, down
6.24% and up 0.62% respectively compared with the same period last year.
Current income tax liabilities at the end of the reporting period decreased by
RMB 153 million, or 100% from the end of 2014, primarily reflecting the
decrease of income tax payable.
Other income in the third quarter increased by 76 million, primarily reflecting
the increase of government incentives in the current period.
3.2 Analysis of major events, their impacts and resolutions
□Applicable □√Not Applicable
3.3 Commitments of the Company or the shareholder holding 5% or more of
the Company shares
□Applicable □√Not Applicable
3.4 Forecast on 2015 operating performance
Warning and explanations as to the situation that accumulated net profit during
the period from year beginning to the end of next reporting period may be
negative or, compared with the same period last year, may have a substantial
change
□Applicable □√Not Applicable
3.5 Securities investments
□Applicable □√Not Applicable
3.6 Other listed company’s equity held by the Company
□Applicable □√Not Applicable
3.7 Securities derivates investment
□Applicable □√Not Applicable
3.8 External research and media interviews with the Company in the reporting
period
□Applicable □√Not Applicable
Board of Directors
Jiangling Motors Corporation, Ltd.
October 27, 2015
Jiangling Motors Corporation, Ltd.
Consolidated Balance Sheet
(Prepared under International Financial Reporting Standards)
(All amounts in RMB thousands) 30 September 31 December
2015*
ASSETS
Non-current assets
Property, plant and equipment(“PPE”) 6,165,964 5,736,408
Lease prepayment 599,090 590,629
Intangible assets 32,517 32,173
Investments accounted for using the
Equity method 37,032 26,948
Other non-current assets 45,471 34,493
Deferred income tax assets 406,769 440,730
7,286,843 6,861,381
Current assets
Inventories 1,796,885 1,658,707
Trade, other receivables and prepayments 2,569,892 2,006,162
Cash and cash equivalents 7,008,036 8,963,468
Restricted cash 2,400 6,810
11,377,213 12,635,147
Total assets 18,664,056 19,496,528
EQUITY
Capital and reserves attributable to the
Company’s equity holders
Share capital 863,214 863,214
Share premium 816,609 816,609
Other reserves 454,968 454,968
Retained earnings 9,166,718 8,463,638
11,301,509 10,598,429
Non-controlling interests - -
Total equity 11,301,509 10,598,429
LIABILITIES
Non-current liabilities
Borrowings 4,790 4,808
Deferred income tax liabilities 28,649 29,458
Retirement benefit obligations 46,049 50,146
Provisions for warranty and other liabilities 191,845 226,503
Other non-current liabilities 420
271,753 311,395
Current liabilities
Financial liabilities at fair value through
profit or loss - 2,011
Trade and other payables 7,079,797 8,420,273
Current income tax liabilities - 153,439
Borrowings 417
Retirement benefits obligations 5,580 5,580
Other current liabilities 5,000 5,000
7,090,794 8,586,704
Total liabilities 7,362,547 8,898,099
Total equity and liabilities 18,664,056 19,496,528
*: Unaudited financial indexes
Jiangling Motors Corporation, Ltd.
Consolidated Income Statement
(Prepared under International Financial Reporting Standards)
(All amounts in RMB thousands) 2015.7.1- 2014.7.1- 2015.1.1- 2014.1.1-
2015.9.30* 2014.9.30* 2015.9.30* 2014.9.30*
Revenue 4,976,888 5,821,034 16,966,215 18,095,964
Sales tax (150,855) (177,880) (522,026) (617,707)
Cost of sales (3,703,325) (4,358,726) (12,713,141) (13,595,101)
Gross profit 1,122,708 1,284,428 3,731,048 3,883,156
Distribution costs (326,753) (402,098) (961,423) (1,247,075)
Administrative expenses (425,798) (526,998) (1,485,437) (1,348,761)
Other income 76,323 1,251 274,921 274,988
Operating profit 446,480 356,583 1,559,109 1,562,308
Finance income 64,863 61,495 212,860 186,812
Finance costs (1,614) (1,366) (2,091) (1,868)
Finance income -net 63,249 60,129 210,769 184,944
Share of profit of investments accounted
for using the equity method 2,778 3,329 10,085 14,984
Profit before income tax 512,507 420,041 1,779,963 1,762,236
Income tax expense (53,641) (53,477) (239,565) (231,295)
Profit for the period 458,866 366,564 1,540,398 1,530,941
Total comprehensive income for the
period 458,866 366,564 1,540,398 1,530,941
Profit attributable to:
Equity holders of the Company 458,866 366,564 1,540,398 1,530,941
Non-controlling interests - - - -
458,866 366,564 1,540,398 1,530,941
Total comprehensive income
attributable to:
Equity holders of the Company 458,866 366,564 1,540,398 1,530,941
Non-controlling interests - - - -
458,866 366,564 1,540,398 1,530,941
Earnings per share for profit
attributable to the equity holders of
the Company
(expressed in RMB per share)
- Basic and diluted 0.53 0.42 1.78 1.77
*: Unaudited financial indexes
Jiangling Motors Corporation, Ltd.
Consolidated cash flow statement
(Prepared under International Financial Reporting Standards)
(All amounts in RMB thousands)
2015.7.1-2015.9.30* 2015.1.1-2015.9.30*
Cash flows from operating activities
Cash generated from operations (328,534) 192,404
Interest paid - (300)
Income Tax paid (133,954) (424,270)
Net cash generated from operating activities (462,488) (232,166)
Cash flows from investing activities
Purchase of PPE (439,181) (1,121,073)
Other cash paid relating to investment activities (111) (6,367)
Proceeds from disposal of PPE 4 2,129
Interest received 43,169 228,121
Dividends received - 15,657
Other cash received from investing activities 326 1,217
Net cash used in investing activities (395,793) (880,316)
Cash flows from financing activities
Repayments of borrowings - (203)
Dividends paid to the Company’s shareholders (840,933) (840,961)
Other cash paid relating to financing activities (1,517) (1,786)
Net cash used in financing activities (842,450) (842,950)
Net (decrease)/increase in cash and cash
equivalents (1,700,731) (1,955,432)
Cash and cash equivalents at beginning of period 8,708,767 8,963,468
Effects of exchange rate changes - -
Cash and cash equivalents at end of period 7,008,036 7,008,036
*: Unaudited financial indexes
