2016-04-29-深交所-长_安Ｂ_2016年第一季度报告全文（英文版）_18页_634kb

报告摘要

2016 First Quarter Report Summary of Chongqing Changan Automobile Company Limited

Core Content

This report provides an overview of Chongqing Changan Automobile Company Limited's financial performance and key events for the first quarter of 2016. It outlines changes in financial data, shareholder structure, and significant company events, as well as financial statements and commitments.

Main Accounting Financial Data

Operating Income: Increased by 6.27% to 19,337,756,565.65 RMB Yuan.
Net Profit Attributable to Shareholders: Increased by 7.16% to 2,673,017,139.39 RMB Yuan.
Net Profit Excluding Non-recurring Items: Increased by 7.63% to 2,529,388,182.32 RMB Yuan.
Cash Flow from Operating Activities: Decreased by 41.76% to 1,615,418,932.11 RMB Yuan.
Basic Earnings per Share: Increased by 7.55% to 0.57 RMB Yuan.
Weighted Average Return on Net Assets: Decreased by 1.79% to 7.49%.

Changes in Key Financial Data and Shareholders

Total Number of Shareholders

Total number of shareholders at the end of the report period: 157,575 (138,119 A-shares and 19,456 B-shares).

Top 10 Shareholders

China Changan Automobile Co., Ltd.: 39.11% ownership, 1,823,595,216 shares.
China Securities Finance Co., Ltd.: 2.99% ownership, 139,422,848 shares.
Central Huijin Investment Ltd.: 1.19% ownership, 55,393,100 shares.
United Prosperity Investment Co., Limited: 0.97% ownership, 45,195,100 shares.
GIC PRIVATE LIMITED: 0.91% ownership, 42,473,436 shares.
HTHK-MANULIFE CHINA VALUE FUND: 0.74% ownership, 34,519,781 shares.
National Social Security Fund-Portfolio 102: 0.64% ownership, 29,999,873 shares.
VALUE PARTNERS HIGH-DIVIDEND STOCKS FUNDS: 0.62% ownership, 28,823,840 shares.
National Social Security Fund-Portfolio 103: 0.60% ownership, 28,099,961 shares.
Northeast Securities Co. Ltd.: 0.54% ownership, 25,142,323 shares.

Share Status

The top 10 shareholders hold both tradable and conditional shares. China Changan Automobile Group Co., Ltd. and its subsidiary United Prosperity Investment Co., Limited are considered concerted actors.

Key Financial Changes and Reasons

Balance Sheet Changes

Accounts Receivable: Increased by 45.05% due to growth in car sales.
Interest Receivable: Increased by 124.65% due to interest on parent company deposits.
Construction in Progress: Increased by 33.21% due to new passenger car construction projects.
Long-term Deferred Expenses: Increased by 73.52% due to new car extended warranty costs.
Taxes Payable: Increased by 58.08% due to higher VAT and business income tax.
Interest Payable: Increased due to higher bond interest payable.
Short-term Loan: Increased by 230% due to increased borrowing from Boding Changan Bus.
Special Reserve: Increased by 43.09% due to higher safety production costs.

Income Statement Changes

Selling Expenses: Increased by 37.67% due to higher accrued discount.
Financial Expenses: Decreased by 344.08% due to reduced loan interests.
Non-operating Expenses: Increased by 742.54% due to fixed asset disposal loss.
Income Tax: Decreased by 95.51% due to increased deferred income tax assets.
Profit for Distribution: Increased by 50.89% due to higher profits.

Cash Flow Changes

Net Cash Flow from Operating Activities: Decreased by 41.76% due to lower sales growth compared to purchases, higher cash tax payments, and employee payments.
Net Cash Flow from Investing Activities: Decreased by 97.09% due to increased capital expenditures.
Net Cash Flow from Financing Activities: Increased by 159.12% due to decreased debt repayments and increased financing activities.
Net Increase in Cash and Cash Equivalents: Decreased by 69.84% to 692,249,507.90 RMB Yuan.

Significant Events and Resolutions

On March 7, 2016, the 42nd session of the sixth board of directors approved the general election for the seventh board of directors, electing Xu Liuping, Zhang Baolin, Zhu Huarong, Zhou Zhiping, Tan Xiaogang, Wang Xiaoxiang, and Wang Kun as directors, and Shuai Tianlong, Liu Jipeng, Li Xiang, Li Qingwen, Tan Xiaosheng, Hu Yu, Pang Yong, and Chen Quanshi as independent directors.
On March 23, 2016, the company held its first extraordinary general meeting of the year and approved the general election for the seventh board of directors and supervisors.
On March 30, 2016, the 2nd session of the seventh board of directors approved the stock option incentive plan, which is pending approval from SASAC and the general meeting of shareholders.
The company withdrew the 2015 non-public offering application and approved the 2016 non-public offering plan with a subscription amount of 2 billion RMB Yuan. The 2016 non-public offering still requires approval from the CSRC.

Commitments

Stock Reform Commitments: China Changan committed to not publicly trade or transfer non-tradable shares for 24 months. By the end of the reporting period, 1,913,557,480 shares were sold, with 1,538,287,238 shares sold under limited conditions and 373,358,342 shares still under restriction.
Commitment to Harbin HF Automobile Industry Group Company Ltd.: The controlling shareholder, China Changan, committed to integrating Harbin HF Automobile Industry Group Company Ltd. if it achieves profitability for two consecutive years. However, the company is still in loss and has not met the conditions.

Securities Investment

Southwest Securities: Holds 17,750,000 shares (0.76%), with a closing book value of 302,105,000 RMB Yuan and no gain/loss during the reporting period.
Total Securities Investment: 17,750,000 shares (0.76%), with a closing book value of 302,105,000 RMB Yuan and no gain/loss during the reporting period.

Other Highlights

The company conducted multiple on-site visits and investor relations activities with various institutional investors throughout the reporting period.
There were no illegal external guarantees reported.
No non-operating funds from the controlling shareholder or its related parties were reported.

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