1、Sharescode：,000550,SharesName：,JianglingMotors,No.： 2012-010,200550,Jiangling B,Jiangling Motors Corporation, Ltd.Extracts From 2011 Annual 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 li
2、able for thetruthfulness, accuracy and completeness of the information disclosed in thereport and undertake that the information disclosed herein does not containfalse statements, misrepresentations or major omissions. These extracts areextracted from the original of annual report. Investors should
3、carefully read theoriginal for details.1.2 None of the Directors states that he can not ensure the truthfulness,accuracy and completeness of the information disclosed in the report, or hehad the dissentience to this report.1.3 All the Directors were present at the meeting.1.4 PricewaterhouseCoopers
4、Zhong Tian CPAs Limited Company issuedunqualified auditors reports for JMC.1.5 Chairman Wang Xigao, President Yuan-Ching Chen, CFO Michael JosephBrielmaier and Chief of Finance Department, Ding Ni, confirm that theFinancial Statements in this Annual Report are truthful and complete.1.6 The Annual Re
5、port is prepared in Chinese and English. In the event of anydiscrepancy, the Chinese version will prevail.All financial data in this report are prepared under International FinancialReporting Standards (IFRS) unless otherwise specified.,2.1 Brief introduction,2,Brief Introduction,Shares nameShares c
6、ode,Jiangling Motor000550,Jiangling B200550,Place of listing2.2 Contact persons and contact details,Shenzhen Stock Exchange,Board Secretary,Securities AffairRepresentative,Name,Wan Hong,Quan Shi,1,0,Contactaddress,No. 509, Northern Yingbin Avenue, NanchangCity, Jiangxi Province, P.R.C,TelephoneFaxE-
7、mail,86-791-8523567586-791-,86-791-85266178,33.1 Main accounting data,Operating Highlight,Unit: RMB 000,2011,2010,Change(%),2009,RevenueOperating profit,17,456,999 15,767,8971,947,783 1,926,762,10.71 10,433,2051.09 1,181,403,Profit Before IncomeTax,2,121,268,2,026,297,4.69,1,238,840,Profit Attributa
8、ble to,the Equity Holders of,1,866,431,1,706,304,9.38,1,052,529,the CompanyNet Cash Generated,From Operating,1,147,034,2,716,444,-57.77,3,112,232,Activities,End of End ofYear 2011 Year 2010,Change (%),End ofYear 2009,Total AssetsTotal liabilities,11,819,855 11,237,7154,392,735 4,995,120,5.18-12.06,8
9、,294,3463,347,493,Shareholders Equity,Attributable to theEquity Holders of the,7,311,768,6,127,276,19.33,4,843,947,Company,Share Capital,863,214,863,214,863,214,3.2 Main financial indexes,2011,2010,Change (%),2009,Basic Earnings PerShare (RMB)Diluted Earnings PerShare (RMB),2.162.16,1.981.98,9.389.3
10、8,1.221.22,Weighted Average,Down 3.37,Return on Net Asset,27.54%,30.91%,percentage,23.66%,RatioNet Cash Per Share,points,Generated From,1.33,3.15,-57.77,3.61,Operating Activities2,-,(RMB),End ofYear 2011,End of Year2010,Change (%),End ofYear 2009,Net Assets Per,Share Attributable tothe Equity Holder
11、s of,8.47,7.10,19.33,5.61,the Company (RMB)Down 7.29,Liabilities/Assets (%),37.16,44.45,percentage,40.36,points3.3 Difference between net profits per China General Acceptable AccountingPrinciples (China GAAP) and per International Financial Reporting Standards(IFRS),Applicable,Not Applicable,Unit: R
12、MB 000,ShareholdersEquity Attributableto the EquityHolders of theCompany as ofDecember 31,2011,ProfitAttributableto theEquityHolders oftheCompany in2011,As Prepared under the China GAAP*Adjustment per IFRS:Staff Bonus and Welfare Fund appropriatedfrom Net Profit of a SubsidiaryAs Restated in Conform
13、ity with IFRS,7,311,7687,311,768,1,870,918-4,4871,866,431,* Based on the financial statements audited by PwC Zhong Tian per the ChinaGAAP.3,4,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,0,Share Capital Changes & Shareholders4.1 Total shareholders, top ten shareholders, and top ten shareholders holdingunlimite
14、d tradable shares,Total shareholders (asof December 31, 2011)Total shareholders (asof February 29, 2012)Top ten shareholders,JMC had 24,174 shareholders, including 17,918 A-share holders and 6,256B-share holders.JMC had 23,110 shareholders, including 16,929 A-share holders and 6,181B-share holders.,
15、Shareholder NameJianglingMotorHolding Co., Ltd.Ford Motor Company,ShareholderTypeState-ownedlegal personForeign legalperson,ShareholdingPercentage(%)41.0330,Shares at theEnd of Year354,176,000258,964,200,Shares withTradingRestriction,Shares duetomortgageor frozen,Huaan Tactical Select,Domestic,Secur
16、ities InvestmentFundShanghai AutomotiveCo., Ltd.NationalSocial,non-state-ownedlegal personState-ownedLegal personDomestic,2.221.51,19,129,43413,019,610,Security,Fund-,non-state-owned,1.30,11,234,091,Portfolio 102,legal person,Bosera ThematicSector EquitySecurities InvestmentFundDragon Billion ChinaM
17、aster FundRongtongNew,Domesticnon-state-ownedlegal personForeign legalpersonDomestic,1.101.04,9,500,0008,969,196,Blue-chip,Securities,non-state-owned,0.84,7,281,998,Investment Fund,legal person,Jpmblsa Re FtifTempleton China FundGti 5497Invesco Funds Sicav,Foreign legalpersonForeign legalperson,0.56
18、0.54,4,827,4834,701,709,Top ten shareholders holding unlimited tradable shares,Shareholder NameJiangling Motor Holding Co., Ltd.Ford Motor Company,Shares without TradingRestriction354,176,000258,964,200,Share Type,A shareB share,Huaan TacticalInvestment Fund,Select,Securities,19,129,434,A share,Shan
19、ghai Automotive Co., Ltd.National Social Security Fund- Portfolio102Bosera Thematic Sector Equity Securities,13,019,61011,234,0919,500,000,A shareA shareA share4,Investment Fund,Dragon Billion China Master FundRongtong New Blue-chip SecuritiesInvestment FundJpmblsa Re Ftif Templeton China FundGti 54
20、97Invesco Funds Sicav,8,969,1967,281,9984,827,4834,701,709,B shareA shareB shareB share,Notes on association amongabove-mentioned shareholders,Bosera Thematic Sector Equity Securities Investment Fundand National Social Security Fund- Portfolio 102 are in,custody of Bosera Fund Management Co., Ltd.4.
21、2 Ownership and control relations between the Company and the actualcontrolling partiesSASACNanchang State-owned Assets Supervision andAdministration Committee,45.55%Chongqing Changan Automobile Co., Ltd.50%JMH41.03%,100%JMCG50%,Ford30%,JMC5 Report of the Board of Directors5.1 Discussions and analys
22、is on operating results during the reporting period1. Operating ResultsJMCs core business is production and sales of light commercial vehicles andrelated components. Its major products include JMC series light truck, pickup,SUV and Transit series commercial vehicles. The Company also producesengines
23、, castings and other components.In 2011, JMC achieved record sales volume of 194,588 units including 67,916JMC brand light trucks, 68,077 JMC brand pickups and SUVs, and 58,595Ford Transit commercial vehicles. Total sales volume was up 9% from thesame period last year. Total production volume was 18
24、9,166 units, including64,763 JMC brand light trucks, 67,170 JMC brand pickups and SUVs, and57,233 Transits.5,The Companys sales increase is primarily explained by market share growth.Compared with same period last year, JMC brand light truck sales volumeincreased by 3%, JMC brand pickup and SUV sale
25、s volume increased by 13%,Transit sales volume increased by 12%.In 2011, the Company achieved a share of 1.1% of Chinas total vehicleindustry, up 0.1 percentage point from a year ago (In 2011, the Companyachieved a share of 3.3% of Chinas commercial vehicle industry, up 0.6percentage point compared
26、with 2010). JMC light trucks (including pickup)accounted for 7.2% of the light truck market, up 0.6 percentage points from ayear ago. Transit, along with the JMC brand Yunba microbus, achieved about20.9% of the light bus market, and increase of 0.3 percentage points from lastyears level. (Data sourc
27、e for above analysis: China Association of AutomobileManufacturers and the Company sales records)2. Operating Results of Subsidiaries,Name ofSubsidiaries,Business,MainProducts,RegisteredCapital,Assets(RMB000),Turnover(RMB000),OperatingProfit,Net Profit(RMB000),(RMB000),Jiangling-IsuzuMotors,Manufact
28、uring,N series LightTruck, T,Company, Ltd.,series Pickup,$ 30 million,2,338,401,9,091,198,134,152,119,650,Microbus,SUV3. Operational Challenges and ResolutionsIn 2011, the Company continued to face new competitive product entry, morestringent regulatory requirements, intensifying cost pressures and
29、a slowdownin the commercial vehicle industry. During the reporting period, the Companyfocused on quality improvements, new product development and new plantconstruction, which sets the foundation for future growth.With regard to competition, the Company continued to experience marketshare pressure f
30、rom low price competitors. In response, the Company loweredprices on selected models of Transit, light truck and diesel pickups. Additionally,proactive marketing plans were initiated to help generate sales. The Companyalso accelerated development of the dealer network in the second tier marketsand e
31、nhanced its customer purchase satisfaction.To achieve steady growth, the company continues to focus on (1) qualityimprovement for all products, (2) tactically accelerating marketing spendingand sales promotion that improve market share, (3) reducing component costsand improving manufacturing efficie
32、ncy, (4) balancing management ofcontrollable expenses, including operating, capacity-related, and new productdevelopment spending, while ensuring that the companys long term6,development remains consistent with company objectives, and (5)strengthening corporate governance and application of appropri
33、ate riskassessment and control mechanisms.,The company anticipates continued cost pressures and severe competition inthe future, including raw material prices and labor cost increases, competitivevehicle price reduction, more new vehicle entries in selected market segments,government policy revision
34、s, more stringent regulatory requirements anderratic vehicle industry growth.,The Company will continue to leverage previously established processes andwork groups to reduce existing production costs and eliminate operating wastethroughout the enterprise. Additionally, we are maximizing design optim
35、izationand cost reduction for new products. With the support of our technologypartners, we will continue to execute major projects approved by the Board.These programs include the N350 PK project, the N330 project (the nextgeneration SUV which is a self developed product), the N800 project (the next
36、generation light truck which is a self developed product), the N351 SUV ATProgram. These actions will introduce competitive and profitable products intothe light commercial vehicle market according to project time plan and willeffectively upgrade manufacturing capabilities.,Finally, the company is c
37、ontinuing its efforts to strengthen its dealer networkdevelopment and pursue export and OEM sales growth.,4. Financial Results,Total revenue in 2011 was RMB 17,457 million, up 11% from the same periodlast year. Net profit was RMB 1,866 million, up 9% from the same period lastyear (under Internationa
38、l Financial Reporting Standards). Gross margin was24.7%, down 1.1 points vs. 2010, primarily reflecting negative pricing onselected models and raw material cost increase. Sales tax was increased byRMB 227 million, or 79%, from the same period last year, primarily reflectinghigher consumption tax gen
39、erated from volume growth and levy ofconstruction and education taxes. Other income was increased by RMB 96million, or 1192%, from the same period last year, primarily reflecting increasedgovernment financial subsidies.,Cash flow from operations was positive RMB 1,147 million, reflecting favorablepr
40、ofit and operating-related working capital changes. Cash flow from investingactivities was negative RMB 840 million, reflecting capital expenditure forfacilities, equipment and tooling. Financing cash flow was negative RMB 735million, primarily explained by the annual dividend payment.,At the end of
41、 2011, Company cash and cash equivalents totaled RMB 5,385million, a decrease of RMB 428 million from the end of 2010. The balance ofbank borrowing was RMB 6.6 million, down RMB 25.34 million from 2010 yearend.,Trade and other receivables at the end of the reporting period increased by,7,RMB 636 mil
42、lion, or 77%, from 2010 year end, primarily reflecting salesincrease and more dealers opting to settle payment with bank acceptancenotes.Total assets were RMB 11,820 million, up 5% from RMB 11,238 million atyear-end 2010. The increase primarily reflects an increase in construction inprogress.Total l
43、iabilities were RMB 4,393 million, down 12% from RMB 4,995 million atyear-end 2010, primarily reflecting a decrease in accounts payable vs. the endof 2010.Shareholder equity was RMB 7,427 million at December 31, 2011, up RMB1,185 million from year-end 2010. This increase is primarily explained by ne
44、tprofit earned in the reporting period partially offset by the dividend payments.5. 2012 Year PlanThe Company is projecting revenue at RMB 20 billion for 2012, up about 14%from 2011. Intensified competition resulting from new competitor and newproduct entries will require increased levels of marketi
45、ng expense.Additionally, R&D and capital expenditures are projected to be higher as weprogress with new product programs and capacity expansion actions.In 2012, the Company will continue to focus on generating cash and profits,enhance formulation of new product development strategies, and executepla
46、ns for future growth. Specific actions include:i. Accelerate efforts to strengthen our brands through enhancing theCompanys distribution network, including brand-specific shop expansionand development of JMC Cares service strategy to achieve volume andmarket share targets.ii. Improve product quality
47、 and customer satisfaction.iii. Increase product cost reduction efforts and improve operating efficienciesto achieve profit and cost targets.iv. Work with technology partners to execute the N330, N350, N800, JX4D24,E802 and Xiaolan new Assembly Plant, Test Track, New R&D Center, etc.v. Enhance and e
48、xecute product and engine cycle plans.vi. Expand finished vehicle exports and OEM component sales business.vii. Deliver recruiting, retention and training objectives that help to strengthenemployees overall competence to support future growth.5.2 Table below breaks down Revenue & Cost of Goods Sold from CoreBusiness.Unit: RMB 000,
