2016-04-28-深交所-江_铃Ｂ_2016年第一季度报告全文（英文版）_9页_180kb

Summary of Jiangling Motors Corporation, Ltd. 2016 First Quarter Report

Core Content

This report provides an overview of Jiangling Motors Corporation, Ltd. (JMC) financial performance and major events for the first quarter of 2016. It includes key financial data, shareholder information, and details on operating performance, commitments, and cash flows.

Key Financial Indicators

Notes:

• The financial statements are not audited.
• All financial data is prepared under International Financial Reporting Standards (IFRS).
• Total assets at the end of the quarter were RMB 20,354,510, a decrease of 3.31% from RMB 21,050,726 at the end of 2015.
• Shareholders’ equity increased by 3.45% to RMB 12,394,706 from RMB 11,981,142 at the end of 2015.

Shareholder Information

• Total number of shareholders: 21,700

• Top Ten Shareholders:

  • Jiangling Motor Holding Co., Ltd. (State-owned legal person): 41.03%
  • Ford Motor Company (Foreign legal person): 32%
  • China Securities Corporation Limited (Other): 2.64%
  • Shanghai Automotive Co., Ltd. (State-owned legal person): 1.51%
  • E-fund New Silk-road Securities Investment Fund (Domestic non-state-owned legal person): 0.89%
  • Central Huijin Investment Ltd. (Other): 0.83%
  • Pingan Life Insurance Specific Client Asset Management Project-No.1 (Domestic non-state-owned legal person): 0.78%
  • JPMBLSA RE FTIF TEMPLETON CHINA FUND GTI 5497 (Foreign legal person): 0.70%
  • GAOLING FUND, L.P. (Foreign legal person): 0.63%
  • TEMPLTON DRAGON FUND, INC. (Foreign legal person): 0.57%

• No stock buy-back was conducted by top ten shareholders or those holding unlimited tradable shares during the reporting period.

• No preferred shares were held by the company or its top ten shareholders.

Major Events and Financial Changes

• Sales volume decreased by 16% compared to the same period in 2015, due to severe market competition.
• Revenue decreased by 16% to RMB 5,341 million, and net profit decreased by 28% to RMB 414 million.
• Other non-current assets increased by RMB 30 million, mainly due to an increase in capitalized expenditure deductible VAT input tax.
• Distribution costs rose by RMB 112 million (33%) due to the competitive market environment.
• Profit before income tax decreased by RMB 248 million (36%) due to lower sales volume and higher distribution costs.
• Income tax expense dropped by RMB 87 million (72%) due to reduced profit.
• Net cash generated from operating activities decreased by RMB 58 million (69%) due to reduced sales revenue.
• Net cash used in investing activities decreased by RMB 139 million (40%) due to reduced capitalized expenditure.

Commitments

• Share reform: No commitments.
• Acquisition report or Statement of changes in equity: No commitments.
• Asset restructuring: No commitments.
• Initial Public Offering or re-funding: No commitments.
• Other commitments: Jiangling Motor Holding Co., Ltd. (JMH) made a commitment on July 11, 2015, to:
  • Not reduce JMC shares through secondary market within 6 months.
  • Exercise duties as a major shareholder, focus on the quality of the listed company, and establish a long-term investment return mechanism.

Forecast and Other Information

• No forecast was provided for the first half of 2016 regarding the possibility of negative accumulated net profit or substantial change compared to the same period last year.
• Securities investment: No securities investment was made in the reporting period.
• Securities derivatives investment: No securities derivatives investment was made in the reporting period.
• External research and media interviews: Four on-the-spot research activities were conducted with institutions between January 14 and March 10, 2016, discussing JMC's operating highlights.
• Outside guarantees in breach of laws & regulations: None.
• Non-operating funding occupied by controlling shareholder and its affiliates: None.

Financial Statements

• Consolidated Balance Sheet (March 31, 2016):

  • Total assets: RMB 20,354,510
  • Total liabilities: RMB 7,959,804
  • Total equity: RMB 12,394,706

• Consolidated Income Statement (2016 First Quarter):

  • Revenue: RMB 5,341,490
  • Cost of sales: RMB (4,058,811)
  • Gross profit: RMB 1,106,057
  • Distribution costs: RMB (455,960)
  • Administrative expenses: RMB (451,486)
  • Other income: RMB 188,728
  • Operating profit: RMB 387,339
  • Finance income (net): RMB 57,893
  • Profit before income tax: RMB 447,404
  • Income tax expense: RMB (33,840)
  • Profit for the period: RMB 413,564

• Consolidated Cash Flow Statement (2016 First Quarter):

  • Net cash generated from operating activities: RMB (142,756)
  • Net cash used in investing activities: RMB (209,353)
  • Net decrease in cash and cash equivalents: RMB (352,109)
  • Cash and cash equivalents at end of period: RMB 8,495,931

Conclusion

The first quarter of 2016 saw a decline in JMC's revenue and net profit due to a drop in sales volume and increased distribution costs. The company confirmed the accuracy of the financial statements and provided details on its shareholder structure and commitments. There were no significant legal or financial violations reported during the period.