Share’s name: Jiangling Motors Share’s code: 000550 No.: 2015-020
Jiangling B 200550
Jiangling Motors Corporation, Ltd.
2015 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 Directors were present at the Board meeting in person.
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
2015 2014
Change (%)
First Quarter First Quarter
Revenue 6,350,234 6,190,539 2.58
Profit Attributable to the
Equity Holders of the 574,050 598,647 -4.11
Company
Net Cash Generated
-84,445 617,370 -113.68
From Operating Activities
Basic Earnings Per Share
0.67 0.69 -4.11
(RMB)
Diluted Earnings Per
0.67 0.69 -4.11
Share (RMB)
Weighted Average Return Down 1.05
5.27 6.32
on Net Asset Ratio (%) percentage point
March 31, December 31,
Change (%)
2015 2014
Total Assets 19,469,140 19,496,528 -0.14
Shareholders’ Equity
Attributable to the Equity 11,172,479 10,598,429 5.42
Holders of the Company
2.2 Total number of shareholders and top ten shareholders at the end of
reporting period
Total shareholders 16,909
Top ten shareholders
Shares due
Shareholding Shares at the Shares with
Shareholder to
Shareholder Name Percentage End of 2014 Trading
Type mortgage
(%) First Quarter Restriction
or frozen
Jiangling Motor State-owned
41.03 354,176,000 0 0
Holding Co., Ltd. legal person
Ford Motor Company Foreign legal
32 276,228,394 0 0
(“Ford”) person
Shanghai Automotive State-owned
1.51 13,019,610 0 0
Co., Ltd. Legal person
Foreign legal
GAOLING FUND,L.P. 0.81 7,013,320 0 0
person
JPMBLSA RE FTIF
Foreign legal
TEMPLETON CHINA 0.70 6,026,850 0 0
person
FUND GTI 5497
2
National Social Domestic
Security Fund- non-state-owned 0.65 5,599,712 0 0
Portfolio 108 legal person
Canada Pension Plan Foreign legal
0.60 5,185,338 0 0
Investment Board person
TEMPLETON Foreign legal
0.53 4,557,841 0 0
DRAGON FUND,INC. person
INVESCO FUNDS Foreign legal
0.52 4,519,730 0 0
SICAV person
TEMPLETON GBL
INVSTMT
Foreign legal
TRST-TMPLTN 0.46 3,948,718 0 0
person
EMGNG MKTS
SMALL CAP FD
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 (“Ford”) 276,228,394 B share
Shanghai Automotive Co., Ltd. 13,019,610 A share
GAOLING FUND,L.P. 7,013,320 B share
JPMBLSA RE FTIF TEMPLETON CHINA
6,026,850 B share
FUND GTI 5497
National Social Security Fund- Portfolio
5,599,712 A share
108
Canada Pension Plan Investment Board 5,185,338 A share
TEMPLETON DRAGON FUND,INC. 4,557,841 B share
INVESCO FUNDS SICAV 4,519,730 B share
TEMPLETON GBL INVSTMT
TRST-TMPLTN EMGNG MKTS SMALL 3,948,718 B share
CAP FD
Notes on association among
No
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
2.4 Total number of shareholders holding preferred shares and top ten
shareholders holding preferred shares at the end of reporting period
□Applicable □√Not Applicable
3
§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 2015, JMC sold 70,582 vehicles, including 29,679
JMC-brand trucks, 17,353 JMC-brand pickups, 6,752 Yusheng-brand SUVs,
16,797 Ford-brand commercial vehicles. Total sales volume increased by 5%
compared with the same period last year. Revenue and net profit during the
reporting period were RMB 6,350 million and RMB 574 million, up 2.6% and
down 4.1% respectively compared with the same period last year.
Administrative expenses in the first quarter of 2015 increased by RMB 180
million, up 55% compared with the same period last year, primarily due to the
increase of development expense.
Other income in the first quarter of 2015 increased by RMB 53 million
compared with the same period last year, mainly reflecting the increase of
government subsidy.
2015 year-to-date net cash generated from operating activities decreased by
RMB 702 Mils, down 114% from 2014, mainly due to the increase of payment
of commodity purchasing and other operating activities.
2015 year-to-date net cash used in investing activities increased by RMB 174
Mils, or 100% from 2014, mainly due to the increase of capital expenditure.
2015 year-to-date net cash and cash equivalents decreased by RMB 876 Mils,
down 198% from 2014, mainly due to the increase cash outflow of operating
and investment activities.
3.2 Analysis of major events, their impacts and resolutions
□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 Forecast on 2015 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 be
negative or, compared with the same period last year, may have a substantial
change
4
□Applicable □√Not Applicable
3.5 Securities investments
□Applicable □√Not Applicable
3.6 Securities derivates investment
□Applicable □√Not Applicable
3.7 External research and media interview to the Company in the reporting
period
Date Place Communication Type of Object Information discussed
Method Object and sources offered
January In the Oral Institution Thirteen analysts from JMC Operating highlights
28, 2015 Company Communication China Merchants
Securities Co., Ltd.,
Runhui Investment
Company, Bosera
Asset Management
Co., Ltd., Sunshine
Asset Management
Corporation Limited,
Lighthorse Asset
Management Co., Ltd.,
China Asset
Management Co., Ltd.,
Changcheng Fund
Management Co., Ltd.,
Fortune SG Fund
Management Co., Ltd.,
China Pacific
Insurance (Group) Co.,
Ltd.
February In the Oral Institution Twelve analysts from JMC Operating highlights
6, 2015 Company Communication Southwest Securities
Co., Ltd., Citic
Securities Company
Limited, Great Wall
Securities Co., Ltd.,
Hillhouse Capital
Group, First State
Cinda Fund
Management Co., Ltd.,
Shanghai Baoyin
Investment Consulting
Company, Shanghai
Guanzeding Asset
Management Co., Ltd.,
E Fund Management
Co., Ltd., China Life
Pension Company
Limited, Congrong
Investment
Management Co., Ltd.
February In the Oral Institution An analyst from Owl JMC Operating highlights
5
13, 2015 Company Communication Creek Asset
Management LP.
March 20, In the Oral Institution Three analysts from JMC Operating highlights
2015 Company Communication China International
Capital Corporation
Limited
Board of Directors
Jiangling Motors Corporation, Ltd.
April 28, 2015
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Appendix
Jiangling Motors Corporation, Ltd.
Consolidated Balance Sheet
March 31, 2015
(All amounts in RMB thousands unless otherwise stated)
31 March 2015* 31 December 2014
RMB’000 RMB’000
ASSETS
Non-current assets
Property, plant and equipment (“PPE”) 5,881,154 5,736,408
Lease prepayment 587,079 590,629
Intangible assets 32,937 32,173
Investments accounted for using the equity method 30,161 26,948
Other non-current assets 38,759 34,493
Deferred income tax assets 427,702 440,730
6,997,792 6,861,381
Current assets
Financial assets at fair value through profit or loss 65 -
Inventories 1,679,814 1,658,707
Trade, other receivables and prepayments 2,261,156 2,006,162
Cash and cash equivalents 8,530,313 8,963,468
Restricted cash - 6,810
12,471,348 12,635,147
Total assets 19,469,140 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 9,037,688 8,463,638
11,172,479 10,598,429
Non-controlling interests - -
Total equity 11,172,479 10,598,429
LIABILITIES
Non-current liabilities
Borrowings 4,827 4,808
Deferred income tax liabilities 29,192 29,458
Retirement benefit obligations 48,767 50,146
Provisions for warranty and other liabilities 209,834 226,503
Other non-current liabilities 460 480
293,080 311,395
Current liabilities
Financial liabilities at fair value through profit or loss - 2,011
Trade and other payables 7,883,635 8,420,273
Current income tax liabilities 108,964 153,439
Borrowings 402 401
Retirement benefits obligations 5,580 5,580
Other current liabilities 5,000 5,000
8,003,581 8,586,704
Total liabilities 8,296,661 8,898,099
Total equity and liabilities 19,469,140 19,496,528
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*: Unaudited financial indexes
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Jiangling Motors Corporation, Ltd.
Consolidated Income Statement
2015 First quarter
(All amounts in RMB thousands unless otherwise stated)
2015 first quarter* 2014 first quarter*
RMB’000 RMB’000
Revenue 6,350,234 6,190,539
Sales tax (213,987) (241,923)
Cost of sales (4,808,495) (4,669,023)
Gross profit 1,327,752 1,279,593
Distribution costs (344,101) (402,069)
Administrative expenses (507,866) (328,119)
Other income 142,984 89,730
Operating profit 618,769 639,135
Finance income 73,220 57,013
Finance costs (253) (262)
Finance income -net 72,967 56,751
Share of profit of investments
accounted for using the equity method 3,214 4,170
Profit before income tax 694,950 700,056
Income tax expense (120,900) (101,409)
Profit for the period 574,050 598,647
Total comprehensive income for the period 574,050 598,647
Profit attribute to:
Equity holders of the Company 574,050 598,647
Non-controlling interests - -
574,050 598,647
Total comprehensive income attributable to:
Equity holders of the Company 574,050 598,647
Non-controlling interests - -
574,050 598,647
Earnings per share for profit attributable to
the equity holders of the Company
(expressed in RMB per share)
- Basic and diluted 0.67 0.69
*: Unaudited financial indexes
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Jiangling Motors Corporation, Ltd.
Consolidated cash flow statement
2015 First Quarter
(All amounts in RMB thousands unless otherwise stated)
2015 first quarter* 2014 first quarter*
Cash flows from operating activities
Cash generated from operations 68,428 678,267
Interest paid (260) (260)
Income Tax paid (152,613) (60,637)
Net cash generated from operating activities (84,445) 617,370
Cash flows from investing activities
Purchase of PPE (459,697) (276,244)
Other cash paid relating to investment activities (6,044) (70)
Proceeds from disposal of PPE 1,675 1,416
Interest received 99,845 100,308
Dividends received 15,657 -
Other cash received from investing activities 3 -
Net cash used in investing activities (348,561) (174,590)
Cash flows from financing activities
Other cash paid relating to financing activities (149) (157)
Net cash used in financing activities (149) (157)
Net (decrease)/increase in cash and cash
equivalents (433,155) 442,623
Cash and cash equivalents at beginning of year 8,963,468 6,479,972
Effects of exchange rate changes - -
Cash and cash equivalents at end of period 8,530,313 6,922,595
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