Share’s name: Jiangling Motors Share’s code: 000550 No.: 2016-016
Jiangling B 200550
Jiangling Motors Corporation, Ltd.
2016 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 Qiu Tiangao, CFO Gong Yuanyuan 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
2016 2015
Change (%)
First Quarter First Quarter
Revenue 5,341,490 6,350,234 -15.89
Profit Attributable to the
Equity Holders of the 413,564 574,050 -27.96
Company
Net Cash Generated
-142,756 -84,594 -68.75
From Operating Activities
Basic Earnings Per Share
0.48 0.67 -27.96
(RMB)
Diluted Earnings Per
0.48 0.67 -27.96
Share (RMB)
Weighted Average Return Down 1.88
3.39 5.27
on Net Asset Ratio (%) percentage point
March 31, December 31,
Change (%)
2016 2015
Total Assets 20,354,510 21,050,726 -3.31
Shareholders’ Equity
Attributable to the Equity 12,394,706 11,981,142 3.45
Holders of the Company
2.2 Total number of shareholders and top ten shareholders at the end of
reporting period
Total shareholders 21,700
Top ten shareholders
Shares due
Shareholding Shares at the Shares with
Shareholder to
Shareholder Name Percentage End of 2016 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
China Securities
Other 2.64 22,745,784 0 0
Corporation Limited
Shanghai Automotive State-owned
1.51 13,019,610 0 0
Co., Ltd. legal person
E-fund New Silk-road Domestic non-
Securities Investment state-owned 0.89 7,700,000 0 0
Fund legal person
2
Central Huijin
Other 0.83 7,186,600 0 0
Investment Ltd.
Pingan Life Insurance
Domestic non-
Specific Client Asset
state-owned 0.78 6,750,657 0 0
Management
legal person
Project-No.1
JPMBLSA RE FTIF
Foreign legal
TEMPLETON CHINA 0.70 6,026,850 0 0
person
FUND GTI 5497
Foreign legal
GAOLING FUND,L.P. 0.63 5,439,086 0 0
person
TEMPLETON Foreign legal
0.57 4,937,808 0 0
DRAGON FUND,INC. 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 (“Ford”) 276,228,394 B share
China Securities Corporation Limited 22,745,784 A share
Shanghai Automotive Co., Ltd. 13,019,610 A share
E-fund New Silk-road Securities
7,700,000 A share
Investment Fund
Central Huijin Investment Ltd. 7,186,600 A share
Pingan Life Insurance Specific Client
6,750,657 A share
Asset Management Project-No.1
JPMBLSA RE FTIF TEMPLETON CHINA
6,026,850 B share
FUND GTI 5497
GAOLING FUND,L.P. 5,439,086 B share
TEMPLETON DRAGON FUND,INC. 4,937,808 B share
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
□Yes □√No
There was no Stock buy-back of top ten shareholders or top ten shareholders
holding unlimited tradable shares in the reporting period.
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 2016, JMC sold 60,273 vehicles, including 25,929
JMC-brand trucks, 12,536 JMC-brand pickups, 4,015 SUVs, 16,033
Ford-brand commercial vehicles and 1,760 Transit CKDs. Total sales volume
decreased by 16% compared with the same period last year. Revenue and net
profit during the reporting period were RMB 5,341 million and RMB 414 million,
down 16% and down 28% respectively compared with the same period last
year.
Other non - current assets in the first quarter of 2016 increased by RMB 30
million compared with the last year end, the change mainly reflect the increase
of JMCH capitalized expenditure deductible VAT input tax.
Distribution costs in the first quarter of 2016 increased by RMB 112 million, up
33% compared with the same period last year, primarily reflecting the increase
of promotion expenses due to the sever competition situation.
Profit before income tax in the first quarter of 2016 decreased by RMB 248
million, down 36% compared with the same period last year, mainly reflecting
the decrease of the sales volume and the increase of the distribution costs.
Income tax expense in the first quarter of 2016 decreased by RMB 87 million,
down 72% compared with the same period last year, mainly due to the
decrease of the profit.
Net cash generated from operating activities decreased by RMB 58 Mils, down
69% from 2015, mainly due to the sales revenue decrease.
Net cash used in investing activities decreased by RMB 139 Mils, down 40%
from 2015, mainly due to the decrease of capitalized expenditure.
3.2 Analysis of major events, their impacts and resolutions
□Applicable □√Not Applicable
3.3 Commitments of the Company, the shareholder, the actual controlling party,
the acquirer, the Director, the Supervisor, the senior executive or other related
party of the Company
□√Applicable □Not Applicable
Promisor Content of Time Term of Implementation of
Item
Commitments Commitments commitments
4
Share reform None None None N/A
Acquisition report or
Statement of changes None None None N/A
in equity
Asset restructuring None None None N/A
Initial Public Offering or
None None None N/A
re-funding
JMH July 11, within 6 months JMH exercised its
2015 since July 9, commitments sincerely and
Other commitments *
2015 did not breach the promise
as of January 9, 2016.
Implementation in time Yes
or not
* i. JMH will not reduce JMC shares by secondary market within six months
since July 9, 2015; ii. JMH will exercise its duties as a major shareholder,
concentrate on the quality of the listed company, push to establish a sound
invest-return long-term mechanism and continue to improve the return level.
3.4 Forecast on 2016 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
□Applicable □√Not Applicable
3.5 Securities investment
□Applicable □√Not Applicable
There was no securities investment in the reporting period.
3.6 Securities derivates investment
□Applicable □√Not Applicable
There was no securities derivates investment in the reporting period.
3.7 External research and media interview to the Company in the reporting
period
Date Communication Type of Information Discussed and
Method Object Materials offered
January On-the-spot Institution JMC Operating highlights
14, 2016 research
January On-the-spot Institution JMC Operating highlights
26, 2016 research
March 3, On-the-spot Institution JMC Operating highlights
2016 research
March On-the-spot Institution JMC Operating highlights
10, 2016 research
5
3.8. Outside guarantee in breach of laws & regulations
□Applicable □√Not Applicable
There was no outside guarantee in breach of laws & regulations in the
reporting period.
3.9 Non-operating funding in the Company occupied by controlling
shareholder and its affiliates
□Applicable □√Not Applicable
There was no non-operating funding in the Company occupied by controlling
shareholder and its affiliates in the reporting period.
Board of Directors
Jiangling Motors Corporation, Ltd.
April 29, 2016
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Appendix
Jiangling Motors Corporation, Ltd.
Consolidated Balance Sheet
March 31, 2016
(All amounts in RMB thousands unless otherwise stated)
31 March 2016* 31 December 2015
RMB’000 RMB’000
ASSETS
Non-current assets
Property, plant and equipment (“PPE”) 6,276,948 6,323,546
Lease prepayment 641,726 645,608
Intangible assets 38,917 41,705
Investments accounted for using the equity method 37,420 40,993
Other non-current assets 94,843 64,487
Deferred income tax assets 505,564 473,933
7,595,418 7,590,272
Current assets
Financial assets at fair value through profit or loss - 77
Inventories 1,656,173 1,730,930
Trade, other receivables and prepayments 2,520,177 2,793,770
Cash and cash equivalents 8,495,931 8,848,040
Assets classified as held for sale 86,811 87,637
12,759,092 13,460,454
Total assets 20,354,510 21,050,726
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 452,938 452,938
Retained earnings 10,261,945 9,848,381
Total equity 12,394,706 11,981,142
11,981,142
LIABILITIES
Non-current liabilities 11,981,142
Borrowings 4,654 4,678
Deferred income tax liabilities 28,135 11,981,142
4,67828392
Retirement benefit obligations 50,741 28,39252273
Provisions for warranty and other liabilities 215,826 52,,,273
Other non-current liabilities 380 214,722
299,736 300,465
300,465
Current liabilities
Financial liabilities at fair value through profit or loss 96 -
Trade and other payables 7,584,261 8,708,829
Current income tax liabilities 65,728 50,305
Borrowings 423 425
Retirement benefits obligations 4,560 4,560
Other current liabilities 5,000 5,000
7,660,068 8,769,119
Total liabilities 7,959,804 9,069,584
Total equity and liabilities 20,354,510 21,050,726
*: Unaudited financial indexes
7
Jiangling Motors Corporation, Ltd.
Consolidated Income Statement
2016 First quarter
(All amounts in RMB thousands unless otherwise stated)
2016 first quarter* 2015 first quarter*
RMB’000 RMB’000
Revenue 5,341,490 6,350,234
Sales tax (176,622) (213,987)
Cost of sales (4,058,811) (4,808,495)
Gross profit 1,106,057 1,327,752
Distribution costs (455,960) (344,101)
Administrative expenses (451,486) (507,866)
Other income 188,728 142,984
Operating profit 387,339 618,769
Finance income 58,050 73,220
Finance costs (157) (253)
Finance income -net 57,893 72,967
Share of profit of investments
accounted for using the equity method 2,172 3,214
Profit before income tax 447,404 694,950
Income tax expense (33,840) (120,900)
Profit for the period 413,564 574,050
Total comprehensive income for the period 413,564 574,050
Profit attribute to:
Shareholders of the Company 413,564 574,050
Total comprehensive income attributable to:
Shareholders of the Company 413,564 574,050
Earnings per share for profit attributable to
the equity holders of the Company
(expressed in RMB per share)
- Basic and diluted 0.48 0.67
*: Unaudited financial indexes
8
Jiangling Motors Corporation, Ltd.
Consolidated cash flow statement
2016 First Quarter
(All amounts in RMB thousands unless otherwise stated)
2016 first quarter* 2015 first quarter*
RMB’000 RMB’000
Cash flows from operating activities
Cash generated from operations (92,169) 68,279
Interest paid (282) (260)
Income Tax paid (50,305) (152,613)
Net cash generated from operating activities (142,756) (84,594)
Cash flows from investing activities
Purchase of PPE and lease prepayment (276,560) (459,697)
Other cash paid relating to investment activities - (6,044)
Proceeds from disposal of PPE and lease prepayment 1,518 1,675
Interest received 59,807 99,845
Dividends received 5,745 15,657
Other cash received from investing activities 137 3
Net cash used in investing activities (209,353) (348,561)
Cash flows from financing activities
Net cash used in financing activities - -
Net decrease in cash and cash equivalents (352,109) (433,155)
Cash and cash equivalents at beginning of year 8,848,040 8,963,468
Effects of exchange rate changes - -
Cash and cash equivalents at end of period 8,495,931 8,530,313
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