Share’s name: Jiangling Motors Share’s code: 000550 No.: 2014-048
Jiangling B 200550
Jiangling Motors Corporation, Ltd.
2014 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.
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 17,109,583 16,484,699 3.79
Shareholder’s equity
Attributable to the Equity 10,023,001 9,173,999 9.25
Holders of the Company
Beginning of
Reporting year to
period
Change (%) end of Change (%)
(2014 third reporting
quarter) period
Revenue 5,821,034 13.59 18,095,964 22.31
Profit Attributable to the
Equity Holders of the 366,564 13.99 1,530,941 21.59
Company
Net Cash Generated From
- - 1,601,952 -25.27
Operating Activities
Basic Earnings Per Share
0.42 13.99 1.77 21.59
(RMB)
Diluted Earnings Per Share
0.42 13.99 1.77 21.59
(RMB)
Down 0.28 Up 0.96
Weighted Average Return on
3.91 percentage 15.64 percentage
Net Asset Ratio (%)
point point
2
2.2 Total number of shareholders and top ten shareholders at the end of
reporting period
Total shareholders JMC had 22,085 shareholders as of September 30, 2014.
Top ten shareholders
Shares due
Shareholding Shares as of Shares with
Shareholder to
Shareholder Name Percentage September Trading
Type mortgage
(%) 30, 2014 Restriction
or frozen
Jiangling Motor State-owned
41.03% 354,176,000 0 0
Holding Co., Ltd. legal person
Ford Motor Company Foreign legal
32.00% 276,228,394 0 0
person
Shanghai Automotive State-owned
1.51% 13,019,610 0 0
Co., Ltd. Legal person
Canada Pension Plan Foreign legal
0.92% 7,923,990 0 0
Investment Board person
CICC (Hong Kong)
Foreign legal
Asset Management 0.75% 6,487,675 0 0
person
Co., Ltd.
Jpmblsa Re Ftif
Foreign legal
Templeton China Fund 0.70% 6,026,850 0 0
person
Gti 5497
Foreign legal
Gaoling Fund, L.P. 0.65% 5,643,272 0 0
person
Foreign legal
Invesco Funds Sicav 0.54% 4,698,109 0 0
person
Templeton Dragon Foreign legal
0.53% 4,557,841 0 0
Fund, Inc. person
Deutsche Bank Foreign legal
0.50% 4,308,363 0 0
Aktiengesellschaft 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
Canada Pension Plan Investment Board 7,923,990 A share
CICC (Hong Kong) Asset Management
6,487,675 A share
Co., Ltd.
Jpmblsa Re Ftif Templeton China Fund
6,026,850 B share
Gti 5497
Gaoling Fund, L.P. 5,643,272 B share
Invesco Funds Sicav 4,698,109 B share
Templeton Dragon Fund, Inc. 4,557,841 B share
Deutsche Bank Aktiengesellschaft 4,308,363 A share
Notes on association among
None.
above-mentioned shareholders
3
2.3 Top ten shareholders holding preferred shares
□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
In the first nine months of 2014, JMC sold 194,854 vehicles, including 72,679
JMC-brand trucks, 50,399 JMC-brand pickups, 20,235 Yusheng-brand SUVs,
51,505 Ford-brand commercial vehicles and 36 heavy trucks. Total sales
volume increased by 18% compared with the same period last year. Revenue
and net profit during the reporting period were RMB 18,096 million and RMB
1,531 million, up 22.3% and 21.6% respectively compared with the same
period last year.
In the first nine months of 2014, JMC achieved 25% gross profit margin, a
decrease of 1 percent compared with the same period last year, mainly
attributed to changes of product line mix.
Current income tax liabilities at the end of the reporting period decreased by
RMB 55 million compared with the same period last year, down 64% from the
end of 2013, primarily reflecting the decrease of income tax payable.
2014 year-to-date net cash used in financing activities was 684 million,
decreased by RMB 469 million, down 41% compared with the same period of
2013, primarily reflecting the repayment of borrowing of JMC Heavy Duty
Vehicle Co., Ltd. in 2013.
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 2014 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
4
3.5 Securities investments
□Applicable □√Not Applicable
3.6 Securities derivates investment
□Applicable □√Not Applicable
3.7 External research and media interviews with the Company in the reporting
period
Date Place Communication Type of Object Information discussed
Method Object and sources offered
September In the Oral Institution Six analysts from Pingan JMC Operating
4, 2014 Company Communication Securities Company highlights
Limited, Harvest Fund
Management Co., Ltd., GF
Securities Asset
Management Co., Ltd., GF
Securities Co., Ltd., King
Tower Asset Management
Company Ltd.
Board of Directors
Jiangling Motors Corporation, Ltd.
October 29, 2014
5
Appendix
Jiangling Motors Corporation, Ltd.
Consolidated Balance Sheet
(Prepared under International Financial Reporting Standards)
(All amounts in RMB thousands) 30 September 31 December
2014* 2013
ASSETS
Non-current assets
Property, plant and equipment(“PPE”) 5,433,555 5,149,137
Lease prepayment 594,180 604,831
Intangible assets 110,714 108,035
Investments accounted for using the
Equity method 38,241 34,682
Deferred income tax assets 377,216 302,351
6,553,906 6,199,036
Current assets
Financial assets at fair value through
profit or loss - 469
Inventories 1,499,470 1,745,927
Trade and other receivables 2,293,053 2,059,295
Cash and cash equivalents 6,763,154 6,479,972
10,555,677 10,285,663
Total assets 17,109,583 16,484,699
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 456,451 456,451
Retained earnings 7,886,727 7,037,725
10,023,001 9,173,999
Non-controlling interests - -
Total equity 10,023,001 9,173,999
LIABILITIES
Non-current liabilities
Borrowings 5,036 5,190
Deferred income tax liabilities 29,730 30,535
Retirement benefit obligations 42,899 48,788
Provisions for warranty and other
liabilities 230,838 191,095
Other non-current liabilities 5,500 5,560
314,003 281,168
Current liabilities
Trade and other payables 6,732,634 6,934,919
Current income tax liabilities 31,329 86,001
Borrowings 403 399
Retirement benefits obligations 8,213 8,213
6,772,579 7,029,532
Total liabilities 7,086,582 7,310,700
Total equity and liabilities 17,109,583 16,484,699
*: Unaudited financial indexes
6
Jiangling Motors Corporation, Ltd.
Consolidated Income Statement
(Prepared under International Financial Reporting Standards)
(All amounts in RMB thousands) 2014.7.1- 2013.7.1- 2014.1.1- 2013.1.1-
2014.9.30* 2013.9.30* 2014.9.30* 2013.9.30*
Revenue 5,821,034 5,124,475 18,095,964 14,795,232
Sales tax (177,880) (151,846) (617,707) (423,992)
Cost of sales (4,358,726) (3,809,076) (13,595,101) (10,964,003)
Gross profit 1,284,428 1,163,553 3,883,156 3,407,237
Distribution costs (402,098) (410,820) (1,247,075) (978,387)
Administrative expenses (526,998) (411,336) (1,348,761) (1,086,910)
Other income 1,251 11,096 274,988 17,276
Operating profit 356,583 352,493 1,562,308 1,359,216
Finance income 61,495 51,604 186,812 144,575
Finance costs (1,366) (1,187) (1,868) (5,956)
Finance income -net 60,129 50,417 184,944 138,619
Share of profit of investments accounted
for using the equity method 3,329 3,056 14,984 8,967
Profit before income tax 420,041 405,966 1,762,236 1,506,802
Income tax expense (53,477) (84,400) (231,295) (228,473)
Profit for the period 366,564 321,566 1,530,941 1,278,329
Other comprehensive income - - - -
Total comprehensive income for the
period 366,564 321,566 1,530,941 1,278,329
Profit attributable to:
Equity holders of the Company 366,564 321,566 1,530,941 1,259,069
Non-controlling interests - - - 19,260
366,564 321,566 1,530,941 1,278,329
Total comprehensive income
attributable to:
Equity holders of the Company 366,564 321,566 1,530,941 1,259,069
Non-controlling interests - - - 19,260
366,564 321,566 1,530,941 1,278,329
Earnings per share for profit
attributable to the equity holders of
the Company
(expressed in RMB per share)
- Basic and diluted 0.42 0.37 1.77 1.46
*: Unaudited financial indexes
7
Jiangling Motors Corporation, Ltd.
Consolidated cash flow statement
(Prepared under International Financial Reporting Standards)
(All amounts in RMB thousands)
2014.7.1-2013.9.30* 2014.1.1-2013.9.30*
Cash flows from operating activities
Cash generated from operations 491,611 1,963,892
Interest paid - (303)
Income Tax paid (145,821) (361,637)
Net cash generated from operating activities 345,790 1,601,952
Cash flows from investing activities
Purchase of PPE (28,1610) (863,558)
Other cash paid relating to investment activities (768) (911)
Proceeds from disposal of PPE 4,488 11,119
Interest received 36,161 207,474
Dividends received 11,424 11,424
Other cash received from investing activities - 59
Net cash used in investing activities (230,305) (634,393)
Cash flows from financing activities
Repayments of borrowings - (204)
Dividends paid to the Company’s shareholders (682,452) (682,619)
Other cash paid relating to financing activities (1,261) (1,554)
Net cash used in financing activities (683,713) (684,377)
Net (decrease)/increase in cash and cash
equivalents (568,228) 283,182
Cash and cash equivalents at beginning of period - 6,479,972
Cash and cash equivalents at 30 June 2014 7,331,382 -
Effects of exchange rate changes - -
Cash and cash equivalents at end of period 6,763,154 6,763,154
*: Unaudited financial indexes
8
