Share’s name: Jiangling Motors Share’s code: 000550 No.: 2012-016
Jiangling B 200550
Jiangling Motors Corporation, Ltd.
2012 First 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 First 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 Michael Joseph
Brielmaier 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.
1
§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 12,732,286 11,819,855 7.72
Shareholder’s equity
Attributable to the Equity 7,787,247 7,311,768 6.50
Holders of the Company
Share Capital 863,214 863,214 0
Net Assets Per Share
Attributable to the Equity 9.02 8.47 6.50
Holders of the Company (RMB)
Reporting period Same period Change (%)
last year
Revenue 4,493,960 4,727,348 -4.94
Profit Attributable to the Equity 475,479 545,327 -12.81
Holders of the Company (RMB)
Net cash generated from 746,616 123,474 504.67
operating activities
Net cash per share generated 0.86 0.14 504.67
from operating activities (RMB)
Basic earnings per share (RMB) 0.55 0.63 -12.81
Diluted earnings per share 0.55 0.63 -12.81
(RMB)
Down 2.22
Weighted Average Return on 6.30 8.52 percentage
Net Asset Ratio (%) points
2
2.2 Total number of shareholders and top ten shareholders holding unlimited
tradable shares at the end of reporting period
Total shareholders at the JMC had 23,253 shareholders, including 17,137 A-share
end of reporting period holders and 6,116 B-share holders, as of March 31, 2012.
Top ten shareholders holding unlimited tradable shares
Name Shares as of Type of share
March 31, 2012
Jiangling Motor Holding Co., Ltd. 354,176,000 A share
Ford Motor Company 258,964,200 B share
Huaan Tactical Select Securities Investment
19,989,434 A share
Fund
Shanghai Automotive Co., Ltd. 13,019,610 A share
National Social Security Fund- Portfolio 102 11,234,091 A share
Bosera Thematic Sector Equity Securities
9,500,000 A share
Investment Fund
Dragon Billion China Master Fund 8,969,196 B share
Rongtong New Blue-chip Securities
7,082,010 A share
Investment Fund
Jpmblsa Re Ftif Templeton China Fund Gti
5,035,263 B share
5497
Invesco Funds Sicav 4,712,709 B share
§3 Major Events
3.1 Causes and explanations of major changes of financial indicators
compared with those of previous reporting period
□√Applicable □Not Applicable
In the first quarter of 2012, JMC sold 52,692 vehicles, including 16,097
JMC-brand trucks, 22,241 JMC-brand pickups and SUVs, and 14,354
Ford-brand commercial vehicles. Total retail sales volume was down 5.0%
from the same period last year. Revenue and net profit in the reporting period
were RMB 4,494 million and RMB 475 million, down 4.94% and 12.81%
respectively from the same period last year.
In the first quarter of 2012, JMC’s gross profit margin was 24%, up 1
percentage point from the same period last year. This profit margin increase is
primarily explained by continuous cost control and lower raw material costs.
Distribution costs during the reporting period increased by RMB 93 million, or
52% from the same period last year, primarily reflecting increased of marketing
spending.
Finance income during the reporting period increased by RMB 19 million, or
56% from the same period last year, primarily reflecting fixed bank deposit
increase, climbing interest rate and investment management improvement.
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3.2 Analysis of major events, their impacts and resolutions
3.2.1 Abnormal audit report
□Applicable □√Not Applicable
3.2.2 Funds provided for the controlling shareholder and its related parties, or
outside guarantee in breach of the laws and regulations
□Applicable □√Not Applicable
3.2.3 Signature and implementation of major contract regarding routine
operation activities
□Applicable □√Not Applicable
3.2.4 Others
□Applicable □√Not Applicable
3.3 Implementation of commitments made by the Company, shareholders or
actual controlling parties
□Applicable □√Not Applicable
3.4 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 Explanations on other major events
3.5.1 Securities investments
□Applicable □√Not Applicable
3.5.2 External research and media interview to the Company in the reporting
period
Date Place Communication Object Information discussed
Method and sources offered
January In the Oral Three analysts from JMC Operating highlights
13, 2012 Company Communication Orient Securities
Company Limited,
China International
Fund Management
Co., Ltd., E Fund
Management Co., Ltd.
January In the Oral An analyst from JMC Operating highlights
18, 2012 Company Communication Founder Securities
Company Limited
February In the Oral Three analysts from JMC Operating highlights
9, 2012 Company Communication Ping An Insurance
(Group) Company of
China, Ltd., New China
Asset Management
4
Co., Ltd.
February In the Oral Two analysts from New JMC Operating highlights
15, 2012 Company Communication Thinking Investment
Management Co., Ltd.,
Guoyuan Consulting
Service Company
February In the Oral Four analysts from JMC Operating highlights
17, 2012 Company Communication Zhonghai Fund
Management Co., Ltd.,
SWS MU Fund
Management Co., Ltd.,
Golden Eagle Asset
Management Co., Ltd.
March 30, In the Oral Two analysts from JMC Operating highlights
2012 Company Communication China Asset
Management Co., Ltd.,
Huachuang Securities
Company Limited
3.6 Securities derivates investment
□Applicable □√Not Applicable
3.6.1 Balance of securities derivates at the end of reporting period
□Applicable □√Not Applicable
Board of Directors
Jiangling Motors Corporation, Ltd.
April 25, 2012
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Appendix
Jiangling Motors Corporation, Ltd.
Consolidated Balance Sheet
March 31, 2012
(Prepared under International Financial Reporting Standards)
(All amounts in RMB thousands unless otherwise stated)
31 March 2012* 31 December 2011
RMB’000 RMB’000
ASSETS
Non-current assets
Property, plant and equipment 3,428,283 3,271,690
Lease prepayment 269,716 271,347
Intangible assets 18,693 21,954
Investments in associate 19,428 17,851
Deferred income tax assets 223,740 250,182
3,959,860 3,833,024
Current assets
Inventories 1,261,217 1,140,253
Trade and other receivables 1,626,201 1,461,601
Cash and cash equivalents 5,885,008 5,384,977
8,772,426 7,986,831
Total assets 12,732,286 11,819,855
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 457,650 457,650
Retained earnings 5,649,774 5,174,295
7,787,247 7,311,768
Non-controlling interests 118,418 115,352
Total equity 7,905,665 7,427,120
LIABILITIES
Non-current liabilities
Borrowings 6,183 6,189
Retirement benefit obligations 48,693 52,198
Warranty provisions 156,830 140,855
211,706 199,242
Current liabilities
Financial liabilities held for trading 2,511 6,696
Trade and other payables 4,557,546 4,167,795
Current income tax liabilities 43,732 7,875
Borrowings 412 413
Retirement benefits obligations 10,714 10,714
4,614,915 4,193,493
Total liabilities 4,826,621 4,392,735
Total equity and liabilities 12,732,286 11,819,855
*: Unaudited financial indexes
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Jiangling Motors Corporation, Ltd.
Consolidated Income Statement
2012 First quarter
(Prepared under International Financial Reporting Standards)
(All amounts in RMB thousands unless otherwise stated)
2012 first quarter* 2011 first quarter*
RMB’000 RMB’000
Revenue 4,493,960 4,727,348
Sales tax (145,268) (133,447)
Cost of sales (3,409,213) (3,627,938)
Gross profit 939,479 965,963
Distribution costs (272,955) (180,109)
Administrative expenses (170,450) (160,563)
Other income 15,513 1,810
Operating profit 511,587 627,101
Finance income 54,346 35,141
Finance costs (240) (371)
Finance income -net 54,106 34,770
Share of profit of associates 1,577 1,288
Profit before income tax 567,270 663,159
Income tax expense (88,725) (102,757)
Profit for the period 478,545 560,402
Profit attributable to:
Equity holders of the Company 475,479 545,327
Non-controlling interests 3,066 15,075
478,545 560,402
Other comprehensive income - -
Total comprehensive income for the period 478,545 560,402
Total comprehensive income attributable to:
Equity holders of the Company 475,479 545,327
Non-controlling interests 3,066 15,075
478,545 560,402
Earnings per share for profit attributable to
the equity holders of the Company
(expressed in RMB per share)
- Basic and diluted 0.55 0.63
*: Unaudited financial indexes
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Jiangling Motors Corporation, Ltd.
Consolidated cash flow statement
2012 First Quarter
(Prepared under International Financial Reporting Standards)
(All amounts in RMB thousands unless otherwise stated)
2012 first quarter* 2011 first quarter*
RMB’000 RMB’000
Cash flows from operating activities
Cash generated from operations 764,711 220,151
Interest paid (220) (368)
Income tax paid (17,875) (96,309)
Net cash generated from operating activities 746,616 123,474
Cash flows from investing activities
Purchase of held-to-maturity investments - (214,968)
Purchase of property, plant and equipment(“PPE”) (299,837) (172,844)
Other cash paid relating to investing activities (328) -
Proceeds from disposal of PPE 350 37
Proceed from repayment of held-to-maturity investments - 215,216
Interest received 52,867 21,863
Other cash received from investing activities 508 -
Net cash used in investing activities (246,440) (150,696)
Cash flows from financing activities
Repayments of borrowings - (24,455)
Dividends paid to the Company’s shareholders - (276)
Other cash paid relating to financing activities (145) (114)
Net cash used in financing activities (145) (24,845)
Net increase/(decrease) in cash and cash equivalents 500,031 (52,067)
Cash and cash equivalents at beginning of year 5,384,977 5,813,162
Effects of exchange rate changes - -
Cash and cash equivalents at end of period 5,885,008 5,761,095
*: Unaudited financial indexes
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