Share’s name: Jiangling Motors Share’s code: 000550 No.: 2012-040
Jiangling B 200550
Jiangling Motors Corporation, Ltd.
2012 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 11,854,706 11,819,855 0.29
Shareholder’s equity
Attributable to the Equity 7,743,076 7,311,768 5.90
Holders of the Company
Share Capital 863,214 863,214 0
Net Assets Per Share
Attributable to the Equity
8.97 8.47 5.90
Holders of the Company
(RMB)
Beginning of
Reporting year to
period
Change (%) end of Change (%)
(2012 third reporting
quarter) period
Revenue 4,024,256 -1.56 12,745,785 -4.24
Profit Attributable to the
Equity Holders of the 334,774 -16.28 1,173,672 -20.42
Company
Net Cash Generated From
- - 1,250,508 188.80
Operating Activities
Net Cash Flow Per Share
from Operating Activities - - 1.45 188.80
(RMB)
Basic Earnings Per Share
0.39 -16.28 1.36 -20.42
(RMB)
Diluted Earnings Per Share
0.39 -16.28 1.36 -20.42
(RMB)
Down 1.65 Down 6.79
Weighted Average Return on
4.73 percentage 15.18 percentage
Net Asset Ratio (%)
points points
2
2.2 Total number of shareholders and top ten shareholders holding unlimited
tradable shares as at the end of reporting period
Total shareholders at the JMC had 25,352 shareholders, including 19,345 A-share
end of reporting period holders and 6,007 B-share holders, as of September 30, 2012.
Top ten shareholders holding unlimited tradable shares
Name Shares as of Share Type
September 30,
2012
Jiangling Motor Holding Co., Ltd. 354,176,000 A share
Ford Motor Company 258,964,200 B share
Huaan Tactical Select Securities Investment Fund 25,432,973 A share
Shanghai Automotive Co., Ltd. 13,019,610 A share
National Social Security Fund- Portfolio 102 11,234,091 A share
Dragon Billion China Master Fund 8,723,646 B share
Jpmblsa Re Ftif Templeton China Fund Gti 5497 5,035,263 B share
New China Select Securities Investment Fund 4,877,661 A share
Invesco Funds Sicav 4,698,109 B share
Gaoling Fund,L.P. 3,712,073 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 nine months of 2012, the Company achieved a sales volume of
148,135 units, including 51,803 JMC-brand trucks, 55,481 JMC-brand pickups
and SUVs, and 40,851 Ford-brand commercial vehicles. Total sales volume
was down 1% from the same period last year. Under IFRS, revenue and net
profit for the first nine months of 2012 was RMB 12,746 million and RMB 1,174
million, down 4% and 20% respectively from the same period last year.
In the third quarter of 2012, net profit was RMB 335 million, down 16.3% from
the same period last year, primarily reflecting strategic pricing actions, mix
changes and higher product development expenses.
Deferred income tax assets at the end of reporting period decreased by RMB
79 million, down 31% from the end of 2011, primarily reflecting adjustment of
income tax rate from 25% to 15% due to the Company passing the
reexamination of hi-tech enterprise.
Held-to-maturity investment at the end of reporting period increased by RMB
100 million, primarily reflecting central bank bills increase.
Administrative expenses in the third quarter increased by RMB 134 million, up
71% compared with the same period last year, primarily reflecting product
development expenses increase.
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Income tax expense in the third quarter decreased by RMB 20 million, down
31% compared with the same period last year, primarily reflecting profit
decrease.
2012 Year-to-date net cash generated from operating activities was RMB
1,251 million, increased by RMB 818 million, up 189% compared with the
same period last year, reflecting primarily favorable working capital changes.
2012 Year-to-date net cash used in investing activities was RMB 1,025 million,
increased by RMB 535 million, up 109% compared with the same period last
year, mainly reflecting higher Xiaolan Site program investments.
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 Commitments made by the Company or the shareholder holding 5% or
more of the Company shares during the reporting period
□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 Securities derivates investment
□Applicable □√Not Applicable
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3.5.3 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
July 4, 2012 In the Oral Institution Three analysts from Golden JMC Operating
Company Communication Sun Securities Company, highlights
Founder Securities Co., Ltd.,
Jiafu Longzhou Consulting
Company
August 29, In the Oral Institution Two analysts from First JMC Operating
2012 Company Communication State Investments (Hong highlights
Kong) Limited
September In the Oral Institution An analyst from Huaan Fund JMC Operating
27, 2012 Company Communication Management Co., Ltd. highlights
3.5.4 Issuance of Corporation Bond
□Applicable □√Not Applicable
Board of Directors
Jiangling Motors Corporation, Ltd.
October 27, 2012
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Appendix
Jiangling Motors Corporation, Ltd.
Consolidated Balance Sheet
(Prepared under International Financial Reporting Standards)
(All amounts in RMB thousands) 30 September 31 December
2012* 2011
ASSETS
Non-current assets
Property, plant and equipment 3,889,823 3,271,690
Lease prepayment 266,455 271,347
Intangible assets 17,088 21,954
Investments in associates 23,714 17,851
Deferred income tax assets 171,621 250,182
4,368,701 3,833,024
Current assets
Financial assets for trading 12 -
Inventories 1,218,166 1,140,253
Trade and other receivables 1,333,621 1,461,601
Held-to-maturity investment 100,000 -
Cash and cash equivalents 4,834,206 5,384,977
7,486,005 7,986,831
Total assets 11,854,706 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 5,605,603 5,174,295
7,743,076 7,311,768
Non-controlling interests 104,102 115,352
Total equity 7,847,178 7,427,120
LIABILITIES
Non-current liabilities
Borrowings 6,021 6,189
Retirement benefit obligations 42,931 52,198
Warranty provisions 158,159 140,855
207,111 199,242
Current liabilities
Financial liabilities held for trading - 6,696
Trade and other payables 3,782,493 4,167,795
Current income tax liabilities 6,795 7,875
Borrowings 415 413
Retirement benefits obligations 10,714 10,714
3,800,417 4,193,493
Total liabilities 4,007,528 4,392,735
Total equity and liabilities 11,854,706 11,819,855
*: Unaudited financial indexes
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Jiangling Motors Corporation, Ltd.
Consolidated Income Statement
(Prepared under International Financial Reporting Standards)
(All amounts in RMB thousands) 2012.7.1- 2011.7.1- 2012.1.1- 2011.1.1-
2012.9.30* 2011.9.30* 2012.9.30* 2011.9.30*
Revenue 4,024,256 4,087,971 12,745,785 13,309,511
Sales tax (101,409) (125,137) (357,379) (387,856)
Cost of sales (3,008,147) (3,074,365) (9,599,166) (10,066,862)
Gross profit 914,700 888,469 2,789,240 2,854,793
Distribution costs (254,949) (270,320) (806,530) (672,713)
Administrative expenses (322,404) (188,552) (697,595) (549,745)
Other income/(expenses) (1,580) 1,954 6,869 2,633
Operating profit 335,767 431,551 1,291,984 1,634,968
Finance income 46,597 38,978 162,259 119,411
Finance costs (1,443) (1,276) (1,951) (1,846)
Finance income -net 45,154 37,702 160,308 117,565
Share of profit of associates 2,451 1,728 5,863 4,957
Profit before income tax 383,372 470,981 1,458,155 1,757,490
Income tax expense (44,501) (64,928) (264,997) (253,037)
Profit for the period 338,871 406,053 1,193,158 1,504,453
Profit attributable to:
Equity holders of the Company 334,774 399,891 1,173,672 1,474,909
Non-controlling interests 4,097 6,162 19,486 29,544
338,871 406,053 1,193,158 1,504,453
Other comprehensive income - - - -
Total comprehensive income for
the period 338,871 406,053 1,193,158 1,504,453
Total comprehensive income
attributable to:
Equity holders of the Company 334,774 399,891 1,173,672 1,474,909
Non-controlling interests 4,097 6,162 19,486 29,544
338,871 406,053 1,193,158 1,504,453
Earnings per share for profit
attributable to the equity holders
of the Company
(expressed in RMB per share)
- Basic and diluted 0.39 0.46 1.36 1.71
*: Unaudited financial indexes
7
Jiangling Motors Corporation, Ltd.
Consolidated cash flow statement
(Prepared under International Financial Reporting Standards)
(All amounts in RMB thousands)
2012.7.1-2012.9.30* 2012.1.1-2012.9.30*
Cash flows from operating activities
Cash generated from operations 348,229 1,460,321
Interest paid - (271)
Income Tax paid (70,152) (209,542)
Net cash generated from operating activities 278,077 1,250,508
Cash flows from investing activities
Purchase of held-to-maturity investments (100,000) (100,000)
Purchase of property, plant and equipment(“PPE”) (284,383) (1,038,387)
Other cash paid relating to investment activities - (7,159)
Proceeds from disposal of PPE 188 1,339
Interest received 22,967 118,501
Other cash received from investing activities - 508
Net cash used in investing activities (361,228) (1,025,198)
Cash flows from financing activities
Repayments of borrowings - (206)
Dividends paid to the Company’s shareholders (743,227) (743,492)
Dividends paid to minority shareholders of a (30,736) (30,736)
subsidiary
Other cash paid relating to financing activities (1,348) (1,647)
Net cash used in financing activities (775,311) (776,081)
Net decrease in cash and cash equivalents (858,462) (550,771)
Cash and cash equivalents at beginning of period - 5,384,977
Cash and cash equivalents at 30 June 2012 5,692,668 -
Cash and cash equivalents at end of period 4,834,206 4,834,206
*: Unaudited financial indexes
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