长 安Ｂ：第三季度报告全文（英文版） .ppt

,-,-,-,-,Stock Code:000625(200625),Abbreviated name of the stock:Changan Automobile(Changan B),Bulletin No.：2010-44,2010 Third Quarter Report ofChongqing Changan Automobile Company Limited1 Important Notes1.1 The Board of Directors,the Supervisory Committee and directors,supervisors and senior management ofChongqing Changan Automobile Company Limited(hereinafter referred to as“the Company”)warrant that thisreport does not contain any false or misleading statements or omit any material facts and all information set forthherein are true,accurate and complete.1.2 None of the directors,supervisors,senior management demonstrated uncertainty or disagreement aboutthe truthfulness,accuracy,and completeness of this quarterly report.1.3 Directors absent from the meeting,Name of the DirectorLian Gang,Reasons for the absenceOn Business,Name of the consignee,1.4 The financial statements of this quarter have not been audited.1.5 Chairman Mr.xv Liuping,General Manager Mr.Zhang Baolin,Chief Accountants Mr.Cui Yunjiang andMr.Hua ZhanBiao guarantee the truthfulness and completeness of the financial statements of the quarter report.1.6 The report shall be presented in both Chinese and English,and should there be any conflictingunderstanding of the text,the Chinese version shall prevail.2 Company Profile2.1 Main accounting data and financial indicatorsIn RMB Yuan,2010.9.30,2009.12.31,Increase/decrease,(%),Gross AssetsOwners equity attributable toshareholders of listed companyShare capitalNet asset per share attributable toshareholders of listed company,27,703,372,370.3810,306,656,939.292,325,657,615.004.43Changes of,25,241,314,645.218,895,667,191.692,334,022,848.003.81,9.75%15.86%-0.36%16.27%Changes of,Jul-Sep.2010,Reporting Period onthe same Period lastyear（）,Jan.-Sep.2010,Reporting Period onthe same Period lastyear（）,operation total incomeNet profit attributable to shareholdersof listed companyNet cash flow from operating activitiesNet cash flow from operating activitiesper shareBasic earnings per shareDiluted earning per shareReturn rate on net assetsReturn on equity after deductingnon-recurring gains and losses,6,227,268,727.00352,591,435.410.150.153.50%3.47%,-0.01%15.78%15.38%15.38%Increase 0.13percentage pointsIncrease 0.16percentage points,22,854,723,660.071,719,156,787.024,152,627,442.061.790.740.7417.62%17.58%,28.91%107.75%31.34%31.82%105.56%105.56%Increase 7.25percentage pointsIncrease7.30percentage points,Items and amounts of extraordinary gains and losses,Non-recurring gain and loss items,Amount,1,1,Profit and loss arising from the disposal of non-current assetsGovernment grantsDonation expenditure on public welfareThe otherNon-recurring profit and loss effect on income taxNet effect on the non-recurring profit and loss attributable to minority shareholdersTotal,-1,881,356.642,547,361.374,563,744.00-333,924.88-1,350,912.29251,411.843,796,323.40,Reconciliation description under the PRC accounting standards and International Financial Reporting Standards,Accountant difference adjustment listWorkout accountant according to the enterprise accounting rule and syatem under the PRCAdjustment of according to international accounting rules,Sep30,2010Net assets10,306,656,939.29,2010 ThirdQuarterNet profits1,719,156,787.02,Payment to currency shareholders of,A share cash opposite price,-71,284,065,Workout accountant according to the international finance report rules,10,164,088,809.29,1,719,156,787.02,2.2 Total number of shareholders at the end of the report period and statement on shares held by thetop ten tradable shareholdersUnit:share,Total shareholders numberTop ten shareholders of stock without limited sale,225,989,Name of shareholders,Total number of shareswithout condition oflimited sale,Share type,CHINA CHANGAN AUTOMOBILE COMPANY LIMITEDDREYFUS PREMIER INVESTMENT FDS INC.-DREYFUSGREATER CHINA FDGUOTAI JUNAN SECURITIES(HONGKONG)LIMITEDBONJOUR CHINA FUND 2Bank Of ChinaE Fund Shenzhen Stock Exchange 100Exchange-Traded FundChina Construction Bank-FullGoal Tianbo the theme ofinnovative Securities Investment FundJPMBLSA RE FTIF TEMPLETON CHINA FUND GTI 5497Tokai Securities-Bank of Communications-Dongfeng 5 AssetManagement Plan setsRongtong Shenzhen Stock Exchange100 Index Securities Investment FundTEMPLETON CHINA WORLD FUND INC,1,063,087,489 Renminbi ordinary share26,292,615 Foreign capital stock listed within China17,139,211 Foreign capital stock listed within China16,568,176 Foreign capital stock listed within China12,478,394 Renminbi ordinary share12,159,488 Renminbi ordinary share9,239,280 Foreign capital stock listed within China8,810,049 Renminbi ordinary share7,770,546 Renminbi ordinary share7,507,924 Foreign capital stock listed within China,3 Important Matters3.1 Significant changes in major accounting data,financial highlight and reason of these changes.Applicable Not Applicable,NO,Balance Sheet ItemsMonetary fund,Sep.30 20106,592,375,424.26,Jan.1th 20103,658,380,928.50,Changes80.20%,2,2,3,4,5,6,7,8,9,10,11,13,14,15,16,18,19,20,21,22,Notes receivableAccount receivableConstruction in processIntangible assetsNotes payablePrepayment receivedOther current liabilityExpected liabilitiesIncome Statement ItemsBusiness incomeBusiness cost,4,630,788,469.83540,191,888.671,842,427,364.08868,138,434.095,631,947,535.771,224,548,267.611,995,282,518.28592,604,951.74Jan-Sep 201022,854,723,660.0718,601,887,186.00,7,022,333,591.84182,991,180.861,316,169,651.80378,030,601.162,797,030,532.623,031,972,501.29842,516,160.16416,077,626.26Jan-Sep 200917,728,850,449.6214,156,146,307.52,-34.06%195.20%39.98%129.65%101.35%-59.61%136.82%42.43%Changes28.91%31.41%,1217,Business tax and surchargeSales expenseAsset impairment lossInvestment gainOperational profitGross profitNet profit attributable to the owners of parentcompanyCash Flow Statement ItemsCash flow generated by business operation,netNet cash flow generated by investmentNet cash flow generated by financingNet increase of cash and cash equivalents,471,360,783.112,443,426,050.52-9,564,005.911,438,547,642.611,700,988,014.731,700,682,312.791,719,156,787.02Jan-Sep 20104,152,627,442.06-588,375,720.22-629,846,291.682,933,994,495.76,358,338,301.391,766,710,651.71367,399,118.16602,727,242.00766,971,234.33771,710,361.17827,527,441.41Jan-Sep 20093,161,639,427.19-364,946,303.79-263,822,866.052,532,643,673.83,31.54%38.30%-102.60%138.67%121.78%120.38%107.75%Changes31.34%-61.22%-138.74%15.85%,During reporting period the Company continued to take“Course Leading Plan”as command,tightly centers on target of thewhole year and takes charge of sale management;the Company also continued to intensify cost-control and product line-upoptimization.The Companys production&sale volume had new record,and its scale&profit still kept growth.From January toSeptember,2010,car sale volume reached 1,337,658 units with year-on-year increase of 33.24%.Among them mini passenger car&truck sold 625,814 with increase of 22.18%and Changan Brand sedan sold 132,017 units with increase of 82.29%.Due to production expansion and sale growth Companys total assets reached 27.703 billion yuan with increase 9.75%comparingwith beginning year until the end of the reporting period.Its total debt was 17.319 billion yuan with increase 6.89%in comparison withbeginning year.Assets debt ratio was 62.51%,1.68%lower than beginning year.Among them the receivables,the notes payable,othercurrent liabilities and expected debt averagely increased by over 30%than beginning year.Because of new C and H Series engineproject investment,Companys on-going construction increased by 39.98%than beginning year.Because land-use right and sedanproject capitalization were switched into intangible assets,intangible assets increase were 129.65%higher than beginning year.Duringreporting period because car credit sale increased,the notes payable&advance collections balance relatively decreased,and amountpayable balance ratio grew.From January to September,2010 due to car sale growth Companys income,operation cost,business tax&VAT,and sale costincreased comparing with the same period of last year.During reporting period invest profit reached 1.439 billion yuan withyear-on-year growth of 138.67%,and its Joint venture business grew to contribute in large scale to Companys profit.Its total Profitand net profit attributed to its parent company respectively grew by 120.38%and 107.75%more than last year.Company achieved abetter business income.From January to September,2010 Company achieved net cash and cash equivalent growth up into 2.934 billion yuan with year-on-yearincrease 15.85%.Among them net cash flow from business was 4.153 billion yuan with year-on-year growth of 31.34%,whichindicated net cash and cash equivalent acquired during business operation.At the end of reporting period monetary fund was 6.592billion yuan and 80.20%higher than beginning year.Net cash flow accrued from Companys investment was 0.223 billion yuan morethan last year,which reflected expenditure increase for equity-type investment such as Companys fixed assets purchase andinvestment payment.Net cash flow accrued from financing was 0.366 billion yuan more than last year mainly because banking loansdecreased and dividend paying increased.3.2 The progress and influence of significant events and the analysis and explanation on resolving proposalApplicable Not Applicable3.2.1Qualified opinion3,Applicable,Non-applicable,3.2.2Particular about fund offers to controlling shareholders and associated parties,and external guarantee that against the regulation.,Applicable,Non-applicable,3.2.3Particular about signing and implementation on significant contracts of ordinary management,Applicable3.2.4OthersApplicable,Non-applicableNon-applicable,According to the related proposal to issue additional A shares to raise funds,which was examined and approved on the first timetemporary General Shareholders Meeting on March 8,2010 meeting,the Company will issue share less than 20%of total capital stockbefore the issuance,to raise not more than RMB 4 billion yuan(including issuance costs)which will be used for Changan carproduction line expansion,technological transformation projects,small-displacement engine upgrading projects,and its own brandR&D capacity-building projects.The current application materials have been submitted to the China Securities RegulatoryCommission.3.3 The fulfillment of the commitment made by the Company,shareholders and the actual controllerApplicable Not Applicable,Commitments,Promisee,Content of commitments,Implementation,The controlling shareholder of the,Commitmentsmade whenshare mergerreform,(1)To comply with laws,rules andregulations,and perform legal duty ofcommitment.(2)Since the non-circulated shares areentitled to be circulated,at least they cant bedealt with or transferred within 24 months.AtCHINA CHANGAN the expiration of 24 months,the shareholdersAUTOMOBILE of non-circulated shares can sell the shares inCOMPANY LIMITED stock exchange in amount of no more than 5%of total within 12 months,and no more than10%of total within 24 months.(3)After the reform of non-tradableshares,the Company performs the scheme ofincentive share awards for the managementsaccording to relative government regulation.,Company,CHINA CHANGANAUTOMOBILE COMPANYLIMITED.since the reform programbeing implementation,strictlycompliance with the share-tradingreform commitments made by it.TheCompany management has yet launchan equity incentive plan.According tothe Statement on ChanganAutomobile Co.,Ltd.share structurereform of the relevant commitmentsand the implementation of that issuedby the Companys controllingshareholder,China South IndustryAutomobile Co.,Ltd.,incentive planwill be studied and implement timely,according to SASACs provisions.In order to better protect investors interest,and prevent or finally settle possible&potential trade competition,the Companyscontrolling shareholders-China ChanganAutomobile Company made commitment:1.Jiangxi Changhe Automobile Liability Co.,OtherCommitment,CHINA CHANGAN and HARBIN Hafei Automobile Liability Co.AUTOMOBILE will be merged into Chongqing Changan asCOMPANY LIMITED these two companies in two consecutive years,Still waiting to fulfill someconditions,annually make profits,occupy sustainabledevelopment capacity and have improvedmanagement level.2.As Changan-PSA J.V isestablished and put into production,ChinaChangan proposes to transfer its total sharesof J.V.to Chongqing Changan.3.4 Warnings of possible loss or large-margin change of the accumulated net profit made during the period fromthe beginning of the year to the end of the next report period compared with the same period of the last yearaccording to prediction,as well as explanations on the reasonsApplicable Not Applicable3.5.Other significant events need to be explained3.5.1Particular about security investment4,Items,Applicable,Non-applicable,3.5.2 Interviews and visits in the reporting periodApplicable Not Applicable,Time/date2010.7.92010.7.212010.7.222010.8.232010.9.22010.9.82010.9.102010.9.152010.9.172010.9.17,PlaceMeeting Room,ChanganHeadquartersMeeting Room,ChanganHeadquartersMeeting Room,ChanganHeadquartersMeeting Room,ChanganHeadquartersMeeting Room,ChanganHeadquartersMeeting Room,ChanganHeadquartersMeeting Room,ChanganHeadquartersMeeting Room,ChanganHeadquartersMeeting Room,ChanganHeadquartersMeeting Room,ChanganHeadquarters,WayOn-Site SurveyOn-Site SurveyOn-Site SurveyOn-Site SurveyOn-Site SurveyOn-Site SurveyOn-Site SurveyOn-Site SurveyOn-Site SurveyOn-Site Survey,VisitorsUG InvestmentJ.P.Morgan Chase InvestmentGSI Management LLCKorea Investment SecuritiesArtisan Management LLCTiger Asia FundINVESCO Funds(Hong Kong)Kingdon CapitalPeoples Insurance AssetManagementSoros Fund Management LLC,Main content involved and materialprovidedAutomotive Industry Development,Companys BusinessAutomotive Industry Development,Companys BusinessAutomotive Industry Development,Companys BusinessAutomotive Industry Development,Companys BusinessAutomotive Industry Development,Companys BusinessAutomotive Industry Development,Companys BusinessAutomotive Industry Development,Companys BusinessAutomotive Industry Development,Companys BusinessAutomotive Industry Development,Companys BusinessAutomotive Industry Development,Companys Business,3.6 Derivative products investmentApplicable Not Applicable3.6.1 Positions of derivatives held by the Company at period-endApplicable Not Applicable4.Attachment4.1 Balance Sheet,Prepared by:CHONGQING CHANGAN AUTOMOBILE CO.,LTD.,Sep.30 2010,in RMB yuan,Current asset:,At the end of termConsolidated Parent company,Beginning of termConsolidated Parent company,Monetary fundSettlement provisionOutgoing call loanTrading financial assetsNotes receivable,6,592,375,424.26 4,764,821,175.79 3,658,380,928.50 1,973,263,003.714,630,788,469.83 3,944,561,330.88 7,022,333,591.84 5,372,680,455.665,Account receivablePrepayment,540,191,888.67399,361,434.29,875,833,361.43289,935,552.76,182,991,180.86503,479,133.38,581,698,01