Share’s name:
| Share’s name: | Jiangling Motors | Share’s code: | 000550 | No.: | 2020-016 |
| Jiangling B | 200550 |
Jiangling Motors Corporation, Ltd.
2020 First Quarter Report
§1 Important Note
1.1 The Board of Directors and its members, the Supervisory Board and itsmembers, and the senior executives are jointly and severally liable for thetruthfulness, accuracy and completeness of the information disclosed in theReport, and confirm that the information disclosed herein does not contain anyfalse statement, misrepresentation or major omission.
1.2 All Directors were present at the Board meeting to review the 2020 FirstQuarter Report.
1.3 Chairman Qiu Tiangao, CFO Li Weihua and Chief of Finance Department,Ding Ni, confirm that the financial statements in this Quarter Report are truthful,accurate and complete.
§2 Brief Introduction
2.1 Main accounting data and financial indicators
Unit: RMB
| Reporting period (2020 first quarter) | Same Period Last Year | YoY Change (%) | |
| Revenue | 4,619,180,560.00 | 6,506,385,533.00 | -29.01% |
| Profit Attributable to the Equity Holders of the Company | 69,462,263.00 | 25,158,175.00 | 176.10% |
| Net Cash Generated From Operating Activities | -3,209,160,716.00 | -191,280,537.00 | -1,577.72% |
| Basic Earnings Per Share (RMB) | 0.08 | 0.03 | 176.10% |
| Diluted Earnings Per Share (RMB) | 0.08 | 0.03 | 176.10% |
| Weighted Average Return on Net Asset Ratio (%) | 0.66% | 0.24% | 0.42 |
| At the end of the reporting period | At the end of the previous year | Change (%) | |
| Total Assets | 22,331,500,602.00 | 24,298,528,593.00 | -8.10% |
| Shareholder’s equity Attributable to the Equity Holders of the Company | 10,566,026,044.00 | 10,496,563,781.00 | 0.66% |
2.2 Total number of shareholders and top ten shareholders at the end ofreporting period
2.2.1 Total number of shareholders and top ten shareholders
| Total shareholders | JMC had 28,908 shareholders as of March 31, 2020, including 23,340 A-share holders and 5,568 B-share holders. | ||||
| Top ten shareholders | |||||
| Shareholder Name | Shareholder Type | Shareholding Percentage (%) | Shares as of March 31, 2020 | Shares with Trading Restriction | Shares due to mortgage or frozen |
| Nanchang Jiangling Investment Co., Ltd. | State-owned legal person | 41.03 | 354,176,000 | 0 | 0 |
| Ford Motor Company | Foreign legal person | 32.00 | 276,228,394 | 0 | 0 |
| China Securities Corporation Limited | Domestic non-State-owned legal persons | 2.72 | 23,458,066 | 0 | 0 |
| Shanghai Automotive Co., Ltd. | State-owned Legal person | 1.51 | 13,019,610 | 0 | 0 |
Hong KongSecuritiesClearing CompanyLtd. (HKSCC)
| Hong Kong Securities Clearing Company Ltd. (HKSCC) | Foreign legal person | 0.96 | 8,277,549 | 0 | 0 | |
| Central Huijin Investment Ltd. | State-owned Legal person | 0.83 | 7,186,600 | 0 | 0 | |
| GAOLING FUND, L.P. | Foreign legal person | 0.63 | 5,453,086 | 0 | 0 | |
| INVESCO FUNDS SICAV | Foreign legal person | 0.56 | 4,841,889 | 0 | 0 | |
| Yang Wenting | Domestic natural person | 0.44 | 3,827,921 | 0 | 0 | |
| LSV EMERGING MARKETS EQUITY FUND, L.P. | Foreign legal person | 0.35 | 2,996,400 | 0 | 0 | |
| Top ten shareholders holding unlimited tradable shares | ||||||
| Shareholder Name | Shares without Trading Restriction | Share Type | ||||
| Nanchang Jiangling Investment Co., Ltd. | 354,176,000 | A share | ||||
| Ford Motor Company | 276,228,394 | B share | ||||
| China Securities Corporation Limited | 23,458,066 | A share | ||||
| Shanghai Automotive Co., Ltd. | 13,019,610 | A share | ||||
| Hong Kong Securities Clearing Company Ltd. (HKSCC) | 8,277,549 | B share | ||||
| Central Huijin Investment Ltd. | 7,186,600 | A share | ||||
| GAOLING FUND, L.P. | 5,453,086 | B share | ||||
| INVESCO FUNDS SICAV | 4,841,889 | B share | ||||
| Yang Wenting | 3,827,921 | A share | ||||
| LSV EMERGING MARKETS EQUITY FUND, L.P. | 2,996,400 | B share | ||||
| Notes on association among above-mentioned shareholders | None. | |||||
Stock buy-back of top ten shareholders or top ten shareholders holdingunlimited tradable shares in the reporting period
□Yes □√No
There was no Stock buy-back of top ten shareholders or top ten shareholdersholding unlimited tradable shares in the reporting period.
2.2.2 Total number of shareholders holding preferred shares and top tenshareholders holding preferred shares
□Applicable □√Not Applicable
§3 Major Events
3.1 Causes and explanations on major changes of financial indicators of thereporting period
□√Applicable □Not Applicable
In the first quarter of 2020, JMC sold 44,965 vehicles in total, decreased by
30.93% compared with the same period last year, including 16,828 JMC-brandlight trucks, 7,841 JMC-brand pickups, 4,998 JMC-brand light buses, 4,530SUVs, 10,464 Ford-brand commercial vehicles, and 304 heavy trucks.Revenue and net profit during the reporting period were RMB 4,619 million andRMB 69 million, decreased 29.01% and increased 176.10% respectivelycompared with the same period last year.
As of the end of the first quarter of 2020, compared with the end of theprevious year, receivables financing decreased by RMB 91 million, down
31.49%, mainly reflecting the use of notes receivables to pay for goods and thedecrease of notes receivables.
As of the end of the first quarter of 2020, compared with the end of theprevious year, notes payable increased by RMB 62 million, up 196.23%,mainly reflecting the increase of payment for goods by using notes payable.
As of the end of the first quarter of 2020, compared with the end of theprevious year, contract liabilities decreased by RMB 94 million, down 34.87%,mainly reflecting that the Company pre-charges the payment for vehicles,components and service, part of which has been categorized to operatingrevenue of the period.
As of the end of the first quarter of 2020, compared with the end of theprevious year, tax payable decreased by RMB 181 million, down 91.27%,mainly reflecting the decrease of tax payable at the end of the period.
In the first quarter of 2020, compared with the same period last year, operatingrevenue decreased by RMB 1,887 million, down 29.01%; operating costsdecreased by RMB 1,686 million, down 30.09%; tax and surchargesdecreased by RMB 61 million, down 33.76%, mainly due to the decline of salesvolume affected by the COVID-19 epidemic.
In the first quarter of 2020, compared with the same period last year,, sellingexpenses decreased by RMB 93 million, down 29.46%, mainly reflecting thedecrease of sales expenses caused by the decrease of sales volume.
In the first quarter of 2020, compared with the same period last year, net profitincreased by RMB 44 million, up 176.10%, mainly reflecting the continuous
promotion of cost reduction and efficiency improvement, and strict control ofexpenditure.
In the first quarter of 2020, compared with the same period last year, incometax expense increased by RMB 12 million, up 69%, mainly due to the profitincrease of this period.
In the first quarter of 2020, compared with the same period last year, net cashflows from operating activities decreased by RMB 3,018 million, down1577.72%, mainly due to the decrease in cash received from sales of goodsdue to the decrease in sales volume affected by the COVID-19 epidemic.
In the first quarter of 2020, compared with the same period last year, net cashflows from investing activities increased by RMB 374 million, up 38.16%,mainly due to the decrease in cash paid for the purchase and construction offixed assets in the current period.
In the first quarter of 2020, compared with the same period last year, net cashflows from financing activities increased by RMB 1,291 million, mainly due tothe new short-term borrowings.
In the first quarter of 2020, compared with the same period last year, the netincrease in cash and cash equivalents decreased by RMB 1,353 million, down
115.35%, mainly reflecting the decrease of net cash flows from operatingactivities.
The Company plans to relocate the Plant located in Qingyunpu District,Nanchang City in 2020 and 2021, in which the light truck vehicle capacity willbe relocated to the Company's Fushan factory, and the spare parts capacitywill be relocated to the Company's Xiaolan factory. The relocation of theQingyupu Plant will not have a substantial impact on the Company'soperations in the short term. In the long term, the relocation of the QingyupuPlant will enable the Company to achieve capacity optimization, efficiencyimprovement and technological upgrading of process equipments.
3.2 Analysis of major events, their impacts and resolutions
□Applicable □√Not Applicable
3.3 Commitments of the Company actual controlling party, the shareholders,the related parties, the acquirer, or the Company
□Applicable □√Not Applicable
3.4 Forecast on 2020 first half-year 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 benegative or, compared with the same period last year, may have a substantialchange
□Applicable □√Not Applicable
3.5 Securities investment
□Applicable □√Not Applicable
There was no securities investment during the reporting period.
3.6 Entrusting financial management
□Applicable □√Not Applicable
There was no entrusting financial management during the reporting period.
3.7 Securities derivates investment
□Applicable □√Not Applicable
There was no securities derivates investment during the reporting period.
3.8 External research and media interviews with the Company during thereporting period
□Applicable □√Not Applicable
There was no external research or media interview with the Company duringthe reporting period.
3.9. Outside guarantee in breach of laws & regulations
□Applicable □√Not Applicable
There was no outside guarantee in breach of laws & regulations during thereporting period.
3.10 Non-operating funding in the Company occupied by controllingshareholder and its affiliates
□Applicable □√Not Applicable
§4 Financial StatementsJiangling Motors Corporation, Ltd.
1. Consolidated Balance Sheet
March 31, 2020
(All amounts in RMB yuan unless otherwise stated)
Assets
| Assets | 31 March 2020 Consolidated* | 31 December 2019 Consolidated |
| Current assets： | ||
| Cash at bank and on hand | 6,433,871,604.00 | 8,937,936,658.00 |
| Transactional financial assets | 500,263,889.00 | 0.00 |
| Notes receivables | 28,647,953.00 | 85,816,311.00 |
| Accounts receivables | 2,353,753,391.00 | 2,208,236,620.00 |
| Receivables financing | 198,031,412.00 | 289,044,373.00 |
| Advances to suppliers | 571,786,163.00 | 517,122,502.00 |
| Other receivables | 113,941,582.00 | 115,983,137.00 |
| Inventories | 1,950,239,266.00 | 1,946,869,092.00 |
| Other current assets | 1,113,395,586.00 | 973,426,066.00 |
| Total current assets | 13,263,930,846.00 | 15,074,434,759.00 |
| Non-current assets： | ||
| Long-term equity investments | 38,350,022.00 | 40,934,557.00 |
| Fixed assets | 5,488,267,958.00 | 5,714,489,577.00 |
| Construction in progress | 1,504,856,501.00 | 1,498,124,778.00 |
| Right-of-use asset | 32,426,977.00 | 36,039,891.00 |
| Intangible assets | 924,201,291.00 | 948,755,845.00 |
| Development costs | 213,608,493.00 | 125,142,080.00 |
| Deferred tax assets | 865,858,514.00 | 860,607,106.00 |
| Total non-current assets | 9,067,569,756.00 | 9,224,093,834.00 |
| Total assets | 22,331,500,602.00 | 24,298,528,593.00 |
| Current liabilities： | ||
| Short-term borrowings | 1,300,000,000.00 | 0.00 |
| Derivative financial liabilities | 1,143,139.00 | 545,632.00 |
| Notes payables | 93,017,506.00 | 31,400,000.00 |
| Accounts payables | 5,333,204,665.00 | 8,116,169,589.00 |
| Contract liabilities | 174,646,652.00 | 268,170,154.00 |
| Employee benefits payable | 372,805,571.00 | 385,547,290.00 |
| Taxes payable | 17,351,605.00 | 198,777,104.00 |
| Other payables | 3,826,280,059.00 | 4,145,266,838.00 |
| Current portion of non-current liabilities | 11,477,841.00 | 13,843,406.00 |
| Other current liabilities | 254,484,337.00 | 264,558,923.00 |
| Total current liabilities | 11,384,411,375.00 | 13,424,278,936.00 |
| Non-current liabilities： | ||
| Long-term borrowings | 3,247,733.00 | 3,197,814.00 |
Lease liabilities
| Lease liabilities | 21,500,076.00 | 22,592,252.00 |
| Long-term employee benefits payable | 62,430,938.00 | 63,685,000.00 |
| Provisions | 165,436,773.00 | 166,687,460.00 |
| Deferred income | 35,169,460.00 | 34,389,578.00 |
| Deferred tax liabilities | 25,174,747.00 | 25,339,981.00 |
| Other non-current liabilities | 68,103,456.00 | 61,793,791.00 |
| Total non-current liabilities | 381,063,183.00 | 377,685,876.00 |
| Total liabilities | 11,765,474,558.00 | 13,801,964,812.00 |
| Owners' equity： | ||
| Share capital | 863,214,000.00 | 863,214,000.00 |
| Capital surplus | 839,442,490.00 | 839,442,490.00 |
| Other comprehensive income | -11,395,500.00 | -11,395,500.00 |
| Surplus reserve | 431,607,000.00 | 431,607,000.00 |
| Undistributed profits | 8,443,158,054.00 | 8,373,695,791.00 |
| Total equity attributable to equity owners of the Company | 10,566,026,044.00 | 10,496,563,781.00 |
| Minority interests | 0.00 | 0.00 |
| Total owners' equity | 10,566,026,044.00 | 10,496,563,781.00 |
| Total Liabilities and owners' equity | 22,331,500,602.00 | 24,298,528,593.00 |
| * Unaudited financial indexes |
2. Balance Sheet
March 31, 2020(All amounts in RMB yuan unless otherwise stated)
Assets
| Assets | 31 March 2020* | 31 December 2019 |
| Current assets： | ||
| Cash at bank and on hand | 6,022,967,158.00 | 8,677,928,946.00 |
| Transactional financial assets | 500,263,889.00 | 0.00 |
| Notes receivables | 439,553.00 | 20,792,000.00 |
| Accounts receivables | 744,624,899.00 | 865,928,297.00 |
| Receivables financing | 502,005,048.00 | 52,811,157.00 |
| Advances to suppliers | 559,018,837.00 | 504,562,617.00 |
| Other receivables | 3,261,772,220.00 | 3,118,317,705.00 |
| Inventories | 1,512,294,906.00 | 1,471,931,881.00 |
| Other current assets | 913,899,805.00 | 821,783,113.00 |
| Total current assets | 14,017,286,315.00 | 15,534,055,716.00 |
| Non-current assets： | ||
| Long-term equity investments | 378,350,022.00 | 380,934,557.00 |
| Fixed assets | 4,267,303,111.00 | 4,462,909,152.00 |
| Construction in progress | 1,262,734,584.00 | 1,244,963,653.00 |
| Right-of-use asset | 30,250,876.00 | 33,138,423.00 |
| Intangible assets | 491,688,554.00 | 513,529,416.00 |
| Development costs | 188,085,970.00 | 100,271,663.00 |
| Deferred tax assets | 168,963,261.00 | 182,248,610.00 |
| Total non-current assets | 6,787,376,378.00 | 6,917,995,474.00 |
| Total assets | 20,804,662,693.00 | 22,452,051,190.00 |
| Current liabilities： | ||
| Short-term borrowings | 1,300,000,000.00 | 0.00 |
| Derivative financial liabilities | 1,143,139.00 | 545,632.00 |
| Notes payables | 0.00 | 0.00 |
| Accounts payables | 5,214,005,826.00 | 7,908,815,398.00 |
| Contract liabilities | 639,942,602.00 | 77,585,490.00 |
| Employee benefits payable | 314,282,880.00 | 312,170,895.00 |
| Taxes payable | 14,865,281.00 | 119,431,418.00 |
| Other payables | 1,231,483,561.00 | 2,227,351,456.00 |
| Current portion of non-current liabilities | 10,304,104.00 | 11,500,358.00 |
| Other current liabilities | 88,451,094.00 | 13,333,551.00 |
| Total current liabilities | 8,814,478,487.00 | 10,670,734,198.00 |
| Non-current liabilities： | ||
| Long-term borrowings | 3,247,733.00 | 3,197,814.00 |
| Lease liabilities | 21,500,076.00 | 22,592,252.00 |
Long-term employee benefitspayable
| Long-term employee benefits payable | 62,130,938.00 | 63,385,000.00 |
| Provisions | 0.00 | 0.00 |
| Deferred income | 35,169,460.00 | 34,389,578.00 |
| Deferred tax liabilities | 0.00 | 0.00 |
| Other non-current liabilities | 57,254,542.00 | 50,930,075.00 |
| Total non-current liabilities | 179,302,749.00 | 174,494,719.00 |
| Total liabilities | 8,993,781,236.00 | 10,845,228,917.00 |
| Owners' equity： | ||
| Share capital | 863,214,000.00 | 863,214,000.00 |
| Capital surplus | 839,442,490.00 | 839,442,490.00 |
| Other comprehensive income | -11,616,750.00 | -11,616,750.00 |
| Surplus reserve | 431,607,000.00 | 431,607,000.00 |
| Undistributed profits | 9,688,234,717.00 | 9,484,175,533.00 |
| Total owners' equity | 11,810,881,457.00 | 11,606,822,273.00 |
| Total Liabilities and owners' equity | 20,804,662,693.00 | 22,452,051,190.00 |
| * Unaudited financial indexes |
3. Consolidated Income Statement
2020 First Quarter
(All amounts in RMB yuan unless otherwise stated)
Item
| Item | 2020 First Quarter* | 2019 First Quarter* |
| Gross revenue | 4,619,180,560.00 | 6,506,385,533.00 |
| Revenue | 4,619,180,560.00 | 6,506,385,533.00 |
| Total operating costs | 4,733,559,021.00 | 6,613,067,438.00 |
| Less：Cost of sales | 3,916,066,861.00 | 5,601,573,530.00 |
| Taxes and surcharges | 119,070,398.00 | 179,764,943.00 |
| Selling expenses | 222,716,861.00 | 315,747,801.00 |
| General and administrative expenses | 206,161,298.00 | 195,174,150.00 |
| Research and development expenses | 302,062,331.00 | 359,954,694.00 |
| Financial expenses | -32,518,728.00 | -39,147,680.00 |
| Including: Interest expenses | 7,794,430.00 | 53,320.00 |
| Interest income | 44,097,975.00 | 30,792,516.00 |
| Add：Other income | 164,739,694.00 | 12,152,205.00 |
| Investment income | 14,432,960.00 | 1,685,201.00 |
| Including: Share of profit of associates and joint ventures | -2,584,535.00 | -59,981.00 |
| Profit arising from changes in fair value | -333,618.00 | -4,118,513.00 |
| Credit impairment losses | 1,170,214.00 | 696,662.00 |
| Gains on disposals of assets | 0.00 | -168,326.00 |
| Operating profit | 65,630,789.00 | -96,434,676.00 |
| Add：Non-operating income | 1,293,229.00 | 106,321,760.00 |
| Less：Non-operating expenses | 2,951,304.00 | 2,434,977.00 |
| Total profit | 63,972,714.00 | 7,452,107.00 |
| Less：Income tax expenses | -5,489,549.00 | -17,706,068.00 |
| Net profit | 69,462,263.00 | 25,158,175.00 |
| Classified by continuity of operations | ||
| Net profit from continuing operations | 69,462,263.00 | 25,158,175.00 |
| Net profit from discontinued operations | 0.00 | 0.00 |
| Classified by ownership of the equity | ||
| Minority interests | 0.00 | 0.00 |
| Attributable to equity owners of the Company | 69,462,263.00 | 25,158,175.00 |
| Other comprehensive income, net of tax | ||
| Attributable to equity owners of the Company | ||
| Other comprehensive income that will not be reclassified to profit or loss | ||
| Changes arising from remesurement of net liability or net asset of defined benefit plan | 0.00 | 0.00 |
| Attributable to minority interests | ||
| Total comprehensive income | 69,462,263.00 | 25,158,175.00 |
| Attributable to equity owners of the Company | 69,462,263.00 | 25,158,175.00 |
Attributable to minority interests
| Attributable to minority interests | 0.00 | 0.00 |
| Earnings per share： | ||
| Basic earnings per share(RMB Yuan) | 0.08 | 0.03 |
| Diluted earnings per share(RMB Yuan) | 0.08 | 0.03 |
*: Unaudited financial indexes
4. Income Statement
2020 First Quarter
(All amounts in RMB yuan unless otherwise stated)
Item
| Item | 2020 First Quarter* | 2019 First Quarter* |
| Revenue | 4,333,342,232.00 | 6,118,634,036.00 |
| Less：Cost of sales | 3,704,459,354.00 | 5,392,813,061.00 |
| Taxes and surcharges | 115,847,718.00 | 170,418,716.00 |
| Selling expenses | 50,117,476.00 | 51,967,675.00 |
| General and administrative expenses | 157,935,401.00 | 172,130,185.00 |
| Research and development expenses | 285,055,315.00 | 326,489,952.00 |
| Financial expenses | -40,519,132.00 | -49,720,573.00 |
| Including：Interest expenses | 6,283,846.00 | 53,320.00 |
| Interest income | 49,953,979.00 | 40,459,850.00 |
| Add：Other income | 144,689,694.00 | 12,152,205.00 |
| Investment income | 14,432,960.00 | 1,685,201.00 |
| Including：Share of profit of associates and joint ventures | -2,584,535.00 | -59,981.00 |
| Profit arising from changes in fair value | -333,618.00 | -4,118,513.00 |
| Credit impairment losses | -44,746.00 | 766,306.00 |
| Gains on disposals of assets | 0.00 | -168,326.00 |
| Operating profit | 219,190,390.00 | 64,851,893.00 |
| Add：Non-operating income | 1,050,062.00 | 106,288,499.00 |
| Less：Non-operating expenses | 2,951,304.00 | 2,077,131.00 |
| Total profit | 217,289,148.00 | 169,063,261.00 |
| Less：Income tax expenses | 13,229,964.00 | 1,378,988.00 |
| Net profit | 204,059,184.00 | 167,684,273.00 |
| Net profit from continuing operations | 204,059,184.00 | 167,684,273.00 |
| Net profit from discontinued operations | 0.00 | 0.00 |
| Other comprehensive income, net of tax | ||
| Other comprehensive income that will not be reclassified to profit or loss | ||
| Changes arising from remesurement of net liability or net asset of defined benefit plan | ||
| Total comprehensive income | 204,059,184.00 | 167,684,273.00 |
| Earnings per share | ||
| Basic earnings per share(RMB Yuan) | - | - |
| Diluted earnings per share(RMB Yuan) | - | - |
*: Unaudited financial indexes
5. Consolidated Cash Flow Statement
2020 First Quarter(All amounts in RMB yuan unless otherwise stated)
Item
| Item | 2020 First Quarter* | 2019 First Quarter* |
| Cash flows from operating activities | ||
| Cash received from sales of goods or rendering of services | 4,817,652,267.00 | 7,191,549,667.00 |
| Cash received relating to other operating activities | 184,047,095.00 | 141,826,664.00 |
| Sub-total of cash inflows | 5,001,699,362.00 | 7,333,376,331.00 |
| Cash paid for goods and services | 6,499,939,751.00 | 5,817,453,366.00 |
| Cash paid to and on behalf of employees | 562,630,851.00 | 632,414,595.00 |
| Payments of taxes and surcharges | 499,921,086.00 | 417,049,821.00 |
| Cash paid relating to other operating activities | 648,368,390.00 | 657,739,086.00 |
| Sub-total of cash outflows | 8,210,860,078.00 | 7,524,656,868.00 |
| Net cash flows from operating activities | -3,209,160,716.00 | -191,280,537.00 |
| Cash flows from investing activities： | ||
| Cash received from disposal of investments | 2,495,000,000.00 | 3,300,000,000.00 |
| Cash received from returns on investments | 17,810,966.00 | 5,739,140.00 |
| Net cash received from disposal of fixed assets, intangible assets and other long-term assets | 29,348.00 | 232,000.00 |
| Cash received relating to other investing activities | 57,061,634.00 | 24,258,591.00 |
| Sub-total of cash inflows | 2,569,901,948.00 | 3,330,229,731.00 |
| Cash paid to acquire fixed assets, intangible assets and other long-term assets | 180,512,371.00 | 406,146,314.00 |
| Cash paid to acquire investments | 2,995,000,000.00 | 3,900,000,000.00 |
| Cash paid relating to other investing activities | 1,194,271.00 | 5,298,068.00 |
| Sub-total of cash outflows | 3,176,706,642.00 | 4,311,444,382.00 |
| Net cash flows from investing activities | -606,804,694.00 | -981,214,651.00 |
| Cash flows from financing activities： | ||
| Cash received from borrowings | 1,300,000,000.00 | 0.00 |
| Sub-total of cash inflows | 1,300,000,000.00 | 0.00 |
| Cash payments for distribution of dividends, profits or interest expenses | 7,228,323.00 | 120,000.00 |
Cash payments relating to otherfinancing activities
| Cash payments relating to other financing activities | 1,987,321.00 | 0.00 |
| Sub-total of cash outflows | 9,215,644.00 | 120,000.00 |
| Net cash flows from financing activities | 1,290,784,356.00 | -120,000.00 |
| Effect of foreign exchange rate changes on cash and cash equivalents | 0.00 | 0.00 |
| Net increase in cash and cash equivalents | -2,525,181,054.00 | -1,172,615,188.00 |
| Add：Cash and cash equivalents at beginning of year | 8,937,936,658.00 | 7,616,879,976.00 |
| Cash and cash equivalents at end of period | 6,412,755,604.00 | 6,444,264,788.00 |
* Unaudited financial indexes
6. Cash Flow Statement
2020 First Quarter(All amounts in RMB yuan unless otherwise stated)
Item
| Item | 2020 First Quarter* | 2019 First Quarter* |
| Cash flows from operating activities： | ||
| Cash received from sales of goods or rendering of services | 4,179,929,582.00 | 7,110,414,995.00 |
| Cash received relating to other operating activities | 154,864,705.00 | 134,836,625.00 |
| Sub-total of cash inflows | 4,334,794,287.00 | 7,245,251,620.00 |
| Cash paid for goods and services | 6,315,563,976.00 | 5,609,177,481.00 |
| Cash paid to and on behalf of employees | 492,904,237.00 | 550,535,294.00 |
| Payments of taxes and surcharges | 370,835,212.00 | 331,586,876.00 |
| Cash paid relating to other operating activities | 443,825,017.00 | 376,500,710.00 |
| Sub-total of cash outflows | 7,623,128,442.00 | 6,867,800,361.00 |
| Net cash flows from operating activities | -3,288,334,155.00 | 377,451,259.00 |
| Cash flows from investing activities： | ||
| Cash received from disposal of investments | 5,262,976,131.00 | 5,164,000,000.00 |
| Cash received from returns on investments | 17,810,966.00 | 5,739,140.00 |
| Net cash received from disposal of fixed assets, intangible assets and other long-term assets | 29,348.00 | 232,000.00 |
| Cash received relating to other investing activities | 131,041,185.00 | 77,394,341.00 |
| Sub-total of cash inflows | 5,411,857,630.00 | 5,247,365,481.00 |
| Cash paid to acquire fixed assets, intangible assets and other long-term assets | 175,210,700.00 | 385,263,733.00 |
| Cash paid to acquire investments | 5,894,976,131.00 | 5,909,000,000.00 |
| Cash paid relating to other investing activities | 1,194,272.00 | 5,298,068.00 |
| Sub-total of cash outflows | 6,071,381,103.00 | 6,299,561,801.00 |
| Net cash flows from investing activities | -659,523,473.00 | -1,052,196,320.00 |
| Cash flows from financing activities： | ||
| Cash received from borrowings | 1,300,000,000.00 | 0.00 |
| Sub-total of cash inflows | 1,300,000,000.00 | 0.00 |
| Cash payments for distribution of dividends, profits or interest expenses | 5,745,081.00 | 120,000.00 |
| Cash payments relating to other financing activities | 1,359,079.00 | 0.00 |
| Sub-total of cash outflows | 7,104,160.00 | 120,000.00 |
| Net cash flows from financing activities | 1,292,895,840.00 | -120,000.00 |
| Effect of foreign exchange rate changes on cash and cash equivalents | 0.00 | 0.00 |
Net increase in cash and cash equivalents
| Net increase in cash and cash equivalents | -2,654,961,788.00 | -674,865,061.00 |
| Add：Cash and cash equivalents at beginning of year | 8,677,928,946.00 | 6,244,682,576.00 |
| Cash and cash equivalents at end of period | 6,022,967,158.00 | 5,569,817,515.00 |
*: Unaudited financial indexes
Board of DirectorsJiangling Motors Corporation, Ltd.April 27, 2020