江 铃Ｂ：2011年第三季度报告全文（英文版） .ppt

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1、Shares name:,Jiangling Motors,Shares code:,000550,No.:,2011-033,Jiangling B,200550,Jiangling Motors Corporation,Ltd.2011 Third Quarter Report,1,Important Note,1.1 The Board of Directors and its members,the Supervisory Board and itsmembers,and the senior executives are jointly and severally liable fo

2、r thetruthfulness,accuracy and completeness of the information disclosed in thereport and confirm that the information disclosed herein does not contain falsestatements,misrepresentations or major omissions.1.2 The Directors,Supervisors,and Senior Management undertake and haveno objection to the tru

3、thfulness,accuracy and completeness of the contents ofthe Third Quarter Report.1.3 All the Directors were present at the Board meeting.1.4 The financial statements in this Quarterly Report are not audited.1.5 Chairman Wang Xigao,President Yuan-Ching Chen,CFO Michael JosephBrielmaier and Chief of Fin

4、ance Department,Ding Ni,confirm that the financialstatements in this Quarterly Report are truthful and complete.1.6 All financial data in this Quarterly Report are prepared under InternationalFinancial Reporting Standards(IFRS)unless otherwise specified.1,0,-,-,-,-,2,Brief Introduction,2.1 Main acco

5、unting data and financial indicatorsUnit:RMB000,At the end ofreporting period,At the end of theprevious year,Change(%),Total Assets,11,126,710,11,237,715,-0.99,Shareholders equity,Attributable to the Equity,6,920,246,6,127,276,12.94,Holders of the Company,Share CapitalNet Assets Per Share,863,214,86

6、3,214,Attributable to the EquityHolders of the Company,8.02,7.10,12.94,(RMB),Reportingperiod(2011 thirdquarter),Change(%),Beginning ofyear toend ofreportingperiod,Change(%),Revenue,4,087,971,3.08,13,309,511,14.33,Profit Attributable to the,Equity Holders of the,399,891,-2.50,1,474,909,1.74,Company,N

7、et Cash Generated FromOperating ActivitiesNet Cash Flow Per Sharefrom Operating Activities(RMB),432,9950.50,-77.83-77.83,Basic Earnings Per Share(RMB)Diluted Earnings Per Share(RMB)Weighted Average Return onNet Asset Ratio(%),0.460.466.38,-2.50-2.50Down 1.24percentagepoints,1.711.7121.97,1.741.74Dow

8、n 4.51percentagepoints,2,2.2 Total number of shareholders and top ten shareholders holding unlimitedtradable shares as at the end of reporting periodTotal shareholders at the JMC had 25,727 shareholders,including 19,409 A-share,end of reporting period,holders and 6,318 B-share holders,as of Septembe

9、r 30,2011.,Top ten shareholders holding unlimited tradable shares,NameJiangling Motor Holding Co.,Ltd.（”JMH”）Ford Motor CompanyShanghai Automotive Co.,Ltd.National Social Security Fund-Portfolio 102Huaan Tactical Select Securities Investment FundBosera Thematic Sector Equity SecuritiesInvestment Fun

10、dDragon Billion China Master FundRongtong New Blue-chip Securities InvestmentFundJpmblsa Re Ftif Templeton China Fund Gti 5497National Social Security Fund-Portfolio 103,Shares as ofSeptember 30,2011354,176,000258,964,20013,019,61010,030,0989,912,2999,500,0008,969,1965,415,9304,827,4834,099,149,Shar

11、e TypeA shareB shareA shareA shareA shareA shareB shareA shareB shareA share,3,Major Events,3.1 Causes and explanations of major changes of financial indicatorscompared with those of previous reporting periodApplicable Not ApplicableIn the first nine months of 2011,the Company achieved a sales volum

12、e of149,352 units,including 53,666 JMC-brand trucks,51,913 JMC-brand pickupsand SUVs,and 43,773 Ford-brand commercial vehicles.Total sales volumewas up 12%from the same period last year.Under IFRS,revenue and netprofit for the first nine months of 2011 were RMB 13,310 million and RMB1,475 million,up

13、 14%and 2%respectively from the same period last year.In the third quarter of 2011,net profit was RMB 400 million,down 2.5%fromthe same period last year.Gross profit margin was 24.8%,down approximately0.7 percentage points from the same period last year,primarily reflectingpricing actions for select

14、ed products and raw material cost increase.Trade and other receivables at the end of the reporting period increased byRMB 676 million,up 82%from the end of 2010,primarily reflecting increasedcredit support to dealers.Current income tax liabilities at the end of the reporting period decreased byRMB 3

15、5 million,down 37%from the end of 2010,primarily reflecting taxpayment recalendarization.Borrowings in current liabilities at the end of the reporting period decreased by3,RMB 25 million,down 98%from the end of 2010,primarily reflectingrepayment of bank loan.Sales tax in the third quarter increased

16、by RMB 55 million,up 79%comparedwith the same period last year,primarily reflecting higher consumption taxgenerated from volume growth and a new levy of construction and educationtaxes.Financial income in the third quarter increased by RMB 17 million,up 79%compared with the same period last year,pri

17、marily reflecting increase ofinterest income on bank deposits and improved cash management.2011 year-to-date net cash generated from operating activities was RMB 433million,RMB 1,520 million lower than 2010,down 78%compared with thesame period last year,primarily reflecting working capital changes.2

18、011 year-to-date net cash used in investing activities was RMB 490 million,RMB 270 million higher than 2010,up 123%compared with the same periodlast year,primarily reflecting investments related to the new Xiaolan assemblyplant.2011 year-to-date net cash used in financing activities was RMB 734 mill

19、ion,RMB 290 million higher than 2010,up 65%compared with the same periodlast year,primarily reflecting an increased cash dividend payment.3.2 Analysis of major events,their impacts and resolutions3.2.1 Abnormal audit report,Applicable,Not Applicable,3.2.2 Funds provided for the controlling sharehold

20、er and its related parties,oroutside guarantee in breach of the laws and regulations,Applicable,Not Applicable,3.2.3 Signature and implementation of major contract regarding routineoperation activities,Applicable3.2.4 OthersApplicable,Not ApplicableNot Applicable,4,3.3 Implementation of commitments

21、made by the Company,shareholders oractual controlling parties,Item,Promisor,CommitmentsContent,Implementation of commitments,In the reporting period,JMH,Share reform,JMH,*exercised its commitments sincerelyand did not breach the promise.,Acquisition report or Statementof changes in equityMajor asset

22、 restructuringInitial Public OfferingOther commitments(includingadditional commitments),NoneNoneNoneNone,NoneNoneNoneNone,N/AN/AN/AN/A,*JMH,which holds 41.03%of JMC total shares,issued letters of commitment,and declared and promised the following:(1)according to the requirements of Rules on Implemen

23、ting the Full TradableShare Reform of the Listed Companies,legal commitments will be fulfilledin accordance with provisions of the stock exchange rules,regulationsand laws;(2)the promisor ensures that it will compensate losses resulting from partial orcomplete non-fulfillment of its promises to othe

24、r shareholders;and(3)the promisor will fulfill its commitments faithfully and accept relevant legalresponsibility,and it will not transfer its shares unless the transfereeagrees and accepts liability to undertake the responsibility of the promise.JMH promises specifically to pay the consideration on

25、 behalf of theunlisted-share holders who opposed the Share Reform or did not express theiropinions.The above-mentioned unlisted-share holders should repay theconsideration paid by JMH and the interest,or obtain written consent fromJMH,if they want to list their shares.3.4 Warning and explanations as

26、 to the situation that accumulated net profitduring the period from year beginning to the end of next reporting period maybe negative or,compared with the same period last year,may have asubstantial changeApplicable Not Applicable3.5 Explanations on other major events3.5.1 Securities investments,App

27、licable,Not Applicable,5,3.5.2 External research and media interviews with the Company in thereporting period,Date,Place,Communication,Object,Information discussed,Method,and sources offered,July 7,2011,In theCompany,OralCommunication,Three analysts fromShanghai Heqi Investment,JMC Operatinghighligh

28、ts,Company,Value Star AssetManagement Co.,Ltd.,July 13,2011,In theCompany,OralCommunication,Five analysts from FirstShanghai Securities Co.,JMC Operatinghighlights,Ltd.,Shenzhen PingshiInvestment Company,Beijing Hongdao InvestmentCompany,TF SecuritiesCo.,Ltd.,July 20,2011,In theCompany,OralCommunica

29、tion,An analyst from ShanghaiWisdom Investment,JMC Operatinghighlights,Management Co.,Ltd.,September2,2011,In theCompany,OralCommunication,Two analysts fromEverbright Securities,JMC Operatinghighlights,Company Limited,Huatai-PineBridge FundManagement Co.,Ltd.,September27,2011,In theCompany,OralCommu

30、nication,Eight analysts from ChinaInternational Capital,JMC Operatinghighlights,Corporation Limited,OrientSecurities CompanyLimited,New TongfangInvestment Company,Fortune SG FundManagement Co.,Ltd.,Baoying Fund ManagementCo.,Ltd.,HuaAn FundManagement Co.,Ltd.,3.6 Securities derivates investment,Appl

31、icable,Not Applicable,3.6.1 Balance of securities derivates at the end of reporting period,Applicable,Not Applicable,Board of DirectorsJiangling Motors Corporation,Ltd.October 27,20116,-,AppendixJiangling Motors Corporation,Ltd.Consolidated Balance Sheet(Prepared under International Financial Report

32、ing Standards),(All amounts in RMB thousands)ASSETSNon-current assetsProperty,plant and equipmentLease prepaymentIntangible assetsInvestments in associatesDeferred income tax assetsCurrent assetsInventoriesTrade and other receivablesCash and cash equivalentsTotal assetsEQUITYCapital and reservesattr

33、ibutable to the Companysequity holdersShare capitalShare premiumOther reservesRetained earningsNon-controlling interestsTotal equityLIABILITIESNon-current liabilitiesBorrowingsRetirement benefit obligationsWarranty provisionsCurrent liabilitiesTrade financial liabilitiesTrade and other payablesCurre

34、nt income tax liabilitiesBorrowingsRetirement benefits obligationsTotal liabilitiesTotal equity and liabilities,30 September2011*2,927,474272,97822,14415,776152,7753,391,1471,212,7021,500,8775,021,9847,735,56311,126,710863,214816,609457,6504,782,7736,920,246116,4797,036,7256,45043,982140,628191,0601

35、,6923,823,63461,09541612,0883,898,9254,089,98511,126,710,31 December20102,630,524277,87031,30217,9282050633,162,6871,436,492825,3745,813,1628,075,02811,237,715863,214816,609457,6503,989,8036,127,276115,3196,242,5956,93954,569171,789233,2974,628,42196,31025,00412,0884,761,8234,995,12011,237,715,*:Una

36、udited financial indexes7,Jiangling Motors Corporation,Ltd.Consolidated Income Statement(Prepared under International Financial Reporting Standards),(All amounts in RMB thousands)RevenueSales taxCost of salesGross profitDistribution costsAdministrative expensesOther income/(expenses)Operating profit

37、Finance incomeFinance costsFinance income-netShare of profit of associatesProfit before income taxIncome tax expenseProfit for the period,2011.7.1-2011.9.30*4,087,971(125,137)(3,074,365)888,469(270,320)(188,552)1,954431,55138,978(1,276)37,7021,728470,981(64,928)406,053,2010.7.1-2010.9.30*3,965,946(7

38、0,022)(2,954,385)941,539(280,321)(196,941)(2,438)461,83922,126(1,051)21,0751,480484,394(68,314)416,080,2011.1.1-2011.9.30*13,309,511(387,856)(10,066,862)2,854,793(672,713)(549,745)2,6331,634,968119,411(1,846)117,5654,9571,757,490(253,037)1,504,453,2010.1.1-2010.9.30*11,641,763(201,421)(8,629,733)2,8

39、10,609(661,557)(488,309)(6,317)1,654,42664,489(1,896)62,5935,0771,722,096(251,196)1,470,900,Profit attributable to:,Equity holders of the CompanyNon-controlling interestsOther comprehensive income,399,8916,162406,053-,410,1275,953416,080-,1,474,90929,5441,504,453-,1,449,63921,2611,470,900-,Total com

40、prehensive income for,the period,406,053,416,080,1,504,453,1,470,900,Total comprehensive incomeattributable to:,Equity holders of the CompanyNon-controlling interests,399,8916,162406,053,410,1275,953416,080,1,474,90929,5441,504,453,1,449,63921,2611,470,900,Earnings per share for profitattributable t

41、o the equity holdersof the Company(expressed in RMB per share),-Basic and diluted,0.46,0.48,1.71,1.68,*:Unaudited financial indexes8,-,-,-,-,-,-,Jiangling Motors Corporation,Ltd.Consolidated cash flow statement(Prepared under International Financial Reporting Standards)(All amounts in RMB thousands)

42、,Cash flows from operating activities,2011.7.1-2011.9.30*,2011.1.1-2011.9.30*,Cash generated from operationsInterest paidIncome Tax paidNet cash generated from operating activitiesCash flows from investing activitiesPurchase of held-to-maturity investmentsPurchase of property,plant and equipment(“PP

43、E”)Proceeds from disposal of PPEInterest receivedProceed from repayment of held-to-maturityinvestmentDividends receivedNet cash used in investing activitiesCash flows from financing activitiesRepayments of borrowingsDividends paid to the Companys shareholdersOther cash paid relating to financing act

44、ivitiesNet cash used in financing activitiesNet increase/(decrease)in cash and cashequivalents,346,423(62,805)283,618(217,893)5360,1357,109(150,596)(707,962)(1,196)(709,158)(576,136),669,182(422)(235,765)432,995(314,968)(617,155)1,292118,557315,3267,109(489,839)(24,668)(708,238)(1,427)(734,333)(791,177),Cash and cash equivalents at beginning of periodCash and cash equivalents at 30 June 2011,5,598,121,5,813,162,Effects of exchange rate changesCash and cash equivalents at end of period,(1)5,021,984,(1)5,021,984,*:Unaudited financial indexes9,