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1、Jiangling Motors Corporation,Ltd.2012 Half-year ReportContents,Section I,JMCs Basic Information.2,Section II Share Capital Changes and Main Shareholders.4Section IV Management Discussion and Analysis.10Section V Major Events.16Section VI Financial Statements.26Section VII Catalog on Documents for re
2、ference.76Important Note:The Board of Directors and its members,the Supervisory Board andits members,and the senior executives are jointly and severally liable for thetruthfulness,accuracy and completeness of the information disclosed in the report andconfirm that the information disclosed herein do
3、es not contain false statements,misrepresentations or major omissions.Chairman Wang Xigao,President Yuan-Ching Chen,CFO Dennis Leu and Chief ofFinance Department,Ding Ni,confirm that the Financial Statements in this Half-yearReport are truthful and complete.The Half-year Financial Statements have no
4、t been audited.All financial data in this report are prepared under International Financial ReportingStandards(IFRS)unless otherwise specified.The Half-year Report is prepared in Chinese and English.In the event of anydiscrepancy,the Chinese version will prevail.1,Section I JMCs Basic InformationI.B
5、rief IntroductionCompany name in Chinese:江铃汽车股份有限公司Company name in English:Jiangling Motors Corporation,Ltd.Abbreviation:JMCPlace of listing:Shenzhen Stock Exchange,Shares name:Jiangling MotorsShares code:000550,Jiangling B200550,JMCs registered address and head offices address:509,Northern YingbinA
6、venue,Nanchang City,Jiangxi Province,P.R.C.Postcode:330001Internet web site:http:/Legal representative of JMC:Mr.Wang XigaoBoard Secretary:Mr.Wan HongBoard securities affair representative:Mr.Quan ShiContact address:Jiangling Motors Corporation,Ltd.,509,Northern Yingbin Avenue,Nanchang City,Jiangxi
7、Province,P.R.C.Telephone:0791-85266178Fax:0791-85232839E-mail:Persons for financial information disclosure:Mr.Dennis Leu(Tel:0791-85266503)Newspapers for information disclosure:China Securities,Securities Times,HongKong Commercial DailyWebsite designated by CSRC for publication of JMCs Half-year Rep
8、ort:http:/Place for placing Half-year Report:Securities Department,Jiangling MotorsCorporation,Ltd.Other Information:1.JMC was registered with Nanchang Municipal Bureau of Industrial&CommercialAdministration on November 28,1993.The company registration was changedwith Jiangxi Provincial Bureau of In
9、dustrial&Commercial Administration onJanuary 8,1997,on September 20,1999,on November 25,2003,on September 23,2004,on June 21,2007 and on April 30,2008.2.Business License Registration Number:360000511000021.3.Taxation Registration Number:(State Administration of Taxation)360108612446943(Nanchang Loca
10、l Taxation)3601046124469432,0,II.Operating HighlightsUnit:RMB 000,At the end ofreporting period*,At the end of theprevious year,Change(%),Total assets,12,655,682,11,819,855,7.07,Shareholders equity Attributable,to the Equity Holders of the,7,408,302,7,311,768,1.32,Company,Share CapitalNet Assets Per
11、 Share Attributable,863,214,863,214,to the Equity Holders of the,8.58,8.47,1.32,Company(RMB),Liabilities/Assets(%)RevenueOperating ProfitProfit Before Income TaxProfit Attributable to the EquityHolders of the CompanyBasic Earnings Per Share(RMB)Diluted Earnings Per Share(RMB)Fully Diluted Return on
12、Net AssetRatio(%)Weighted Average Return on NetAsset Ratio(%)Net Cash Generated FromOperating ActivitiesNet Cash Flow Per Share fromOperating Activities(RMB),40.43Reporting period(2012 first half)*8,721,529956,2171,074,783838,8980.970.9711.3210.85972,4311.13,37.16Same periodlast year*9,221,5401,203,
13、4171,286,5091,075,0181.251.2516.4916.13149,3770.17,Up 3.27percentage pointsChange(%)-5.42-20.54-16.46-21.96-21.96-21.96Down 5.17percentage pointsDown 5.28percentage points550.99550.99,*Unaudited financial indexes.Impact of IFRS adjustments on the profit for the period:Unit:RMB000,Shareholders equity
14、Attributable to the EquityHolders of the CompanyJune 30,2012,Profit Attributable tothe Equity Holders ofthe Company2012 First Half,As Prepared under the China GAAP*Adjustment per IFRS:Staff bonus and welfare fund appropriatedfrom net profit of a subsidiaryAs Restated in Conformity with IFRS,7,410,73
15、2-2,4307,408,302,841,328-2,430838,898,*Based on the financial statements prepared by JMC under the China GAAP.3,I.,-,-,-,-,-,-,-,-,-,-,-,-,-,-,-,-,-,-,-,-,-,-,-,-,-,-,-,-,-,-,-,-,-,-,-,-,-,-,-,-,-,-,Section II Share Capital Changes and Main ShareholdersTable of the changes of shareholding structure,
16、Before the change,Change(+,-),After the change,I.Limited tradableA shares,Shares2,781,930,Proportionof totalshares(%)0.32%,Newshares,BonusShares,Reserve-convertedshares,Others-30,Subtotal-30,Shares2,781,900,Proportionof totalshares(%)0.32%,1.State-ownedshares2.State-owned legalperson shares,-,-,-,-,
17、-,-,-,-,-,3.Other domesticshares,2,781,000,0.32%,2,781,000,0.32%,Including:,Domestic legalperson shares,2,781,000,0.32,2,781,000,0.32%,Domestic naturalperson shares4.ManagementShares,0930,-,-,-,-,-30,-30,0900,-,II.Unlimitedtradable shares1.A shares2.B sharesIII.Total,860,432,070516,432,070344,000,00
18、0863,214,000,99.68%59.83%39.85%100%,3030,3030,860,432,100516,432,100344,000,000863,214,000,99.68%59.83%39.85%100%,II.Total shareholders,top ten shareholders,and top ten shareholders holdingunlimited tradable shares,Total shareholdersTop ten shareholders,JMC had 21,311 shareholders,including 15,144 A
19、-share holders and 6,167B-share holders,as of June 30,2012.,Shareholder NameJiangling Motor HoldingCo.,Ltd.(“JMH”)Ford Motor Company(Ford)Huaan Tactical SelectSecurities Investment FundShanghai Automotive Co.,Ltd.National Social SecurityFund-Portfolio 102,ShareholderTypeState-ownedlegal personForeig
20、nlegal personDomestic non-state-ownedlegal personState-ownedlegal personDomestic non-state-ownedlegal person,ShareholdingPercentage（%）41.03302.311.511.30,Shares354,176,000258,964,20019,919,24913,019,61011,234,091,Shares withTradingRestriction,SharesDue toMortgageor Frozen,Bosera Thematic Sector,Dome
21、stic non,Equity SecuritiesInvestment FundDragon Billion ChinaMaster FundRongtong New Blue-chip,-state-ownedlegal personForeignlegal personDomestic non,1.101.040.82,9,500,0008,969,1967,082,010,4,-,-,-,-,Securities Investment Fund,-state-ownedlegal person,Jpmblsa Re Ftif TempletonChina Fund Gti 5497In
22、vesco Funds Sicav,Foreignlegal personForeignlegal person,0.580.54,5,035,2634,698,109,Top ten shareholders holding unlimited tradable shares,Shareholder NameJiangling Motor Holding Co.,Ltd.Ford Motor CompanyHuaan Tactical Select Securities Investment FundShanghai Automotive Co.,Ltd.National Social Se
23、curity Fund-Portfolio 102Bosera Thematic Sector Equity SecuritiesInvestment FundDragon Billion China Master FundRongtong New Blue-chip Securities InvestmentFundJpmblsa Re Ftif Templeton China Fund Gti 5497Invesco Funds Sicav,Shares without Trading Restriction354,176,000258,964,20019,919,24913,019,61
24、011,234,0919,500,0008,969,1967,082,0105,035,2634,698,109,Share TypeA shareB shareA shareA shareA shareA shareB shareA shareB shareB share,Notes on association among above-mentionedshareholders,Bosera Thematic Sector Equity Securities InvestmentFund and National Social Security Fund-Portfolio,102 are
25、 in custody of Bosera Fund Management Co.,Ltd.III.Controlling ShareholdersThe controlling shareholders of JMC are Jiangling Motor Holding Co.,Ltd.(JMH)and Ford Motor Company(Ford).JMH was founded on November 1,2004 and its registered capital is RMB 2 billion.Jiangling Motors Company(Group)(JMCG)and
26、Chongqing Changan AutomobileCo.,Ltd.held 50%of total equity of JMH respectively.And its legal representative isMr.Xu Liuping.Main scope of business:manufacturing of automobiles,engines,chassis,and automotive components and parts,sales of self-produced products,aswell as related after-sales services;
27、industrial investment;management consulting business in enterprise management.Ford,founded in 1903,is a US-based listed company.Chairman:William Clay Ford,Jr.Main scope of business:design,manufacturing,assembly and sales of cars,trucks,parts and components,financing,leasing of vehicles and equipment
28、,and insurancebusiness.IV.Actual Controlling PartiesThe controlling shareholders of JMH are JMCG and Chongqing Changan AutomobileCo.,Ltd.5,I.,JMCG,founded on July 27,1991,is a wholly state-owned enterprise with registeredcapital of RMB 1.5 billion and subordinate to Nanchang State-owned AssetsSuperv
29、ision and Administration Committee.Its legal representative is Mr.WangXigao.Main scope of business:manufacturing of automobiles,engines,chassis,specialty vehicle,transmission,other products,automotive quality testing,sales ofself-produced products and raw materials,equipment,electronic products,part
30、s andothers,as well as related after-sales services and maintenance services;developmentof products derived from JMC brand light vehicle;oversea auto project-contracting,export equipment,material and related labor services.Chongqing Changan Automobile Co.,Ltd.,founded on December 31,1996,is astate-c
31、ontrolled enterprise with registered capital of RMB 2.33 billion and subject tothe State-owned Assets Supervision and Administration Committee of the StateCouncil(SASAC).Its legal representative is Mr.Xu Liuping.Main scope ofbusiness:development,manufacturing,sales,import&export business of auto(inc
32、luding sedan),engine,automotive components,die,tools,installation ofmachinery,technological consultant services.Ownership and control relations between the Company and the actual controllingparties are shown as follows:SASACNanchang State-owned AssetsSupervision and Administration,45.55%Chongqing Ch
33、angan Automobile Co.,Ltd.50%JMH41.03%JMC,100%JMCG50%,Ford30%,Section III,Directors,Supervisors and Senior Management,There was no change in the status of JMC directors,supervisors and seniormanagement holding JMC shares in the reporting period.II.Positions at the shareholder entities held by the JMC
34、 directors and the6,N,Y,Y,supervisors:,Name,ShareholderEntity,Title,Term ofOffice,Compensation Paidby Shareholder,Entity(Y/N),Wang XigaoDavid L.Schoch,JMHFord,Vice ChairmanVice President,2004.11,Zhu YiAlvin Qing Liu,JMHFord,Board memberAP&A Vice President,2004.112009.1,N,and General CounselIII.Parti
35、culars about positions and concurrent positions in other entities other thanshareholder entities:,Name/Title in theCompany,Entity,Relationship with theCompany,Title,The Chairman of JMCG,Wang Xigao/Chairman,JMCGJiangling-Isuzu MotorsCompany Limited,also takes the post of the ChairmanCompanys Chairman
36、Shareholding Subsidiary Chairman,David L.Schoch/ViceChairman,Ford Motor(China)Ltd.,Ford wholly-ownedsubsidiary,Chairman&CEO,Ford Motor(China)Ltd.Ford Motor Research&Engineering(Nanjing)Howard D.Welsh/Director Co.,Ltd.Changan Ford MazdaAutomobile Co.,Ltd.Changan Ford MazdaEngine Co.,Ltd.,Ford wholly-
37、ownedsubsidiaryFord wholly-ownedsubsidiaryFord holds 35%sharesFord holds 25%shares,Director,VicePresident&CFODirectorDirectorVice Chairman,Yuan-Ching Chen/DirectorXiong Chunying/Director,Jiangling-Isuzu MotorsCompany LimitedJMCGJiangling-Isuzu MotorsCompany Limited,Shareholding Subsidiary DirectorTh
38、e Chairman of JMCGalso takes the post of the DirectorCompanys ChairmanShareholding Subsidiary Director,Wolff Engine(Jiangxi)Co.,Ltd.JMCG Jingma MotorsCo.,Ltd.,Wholly-ownedsubsidiary of JMCGShareholding subsidiaryof JMCG,DirectorDirectorSupervisor,Assistantto General Manager,Cai Yong/Director,Chongqi
39、ng ChanganAutomobile Co.,Ltd.,See the figure inChapter III,and Director of JointVenture&Cooperation,ManagementDepartment7,Shi Jiansan/Independent directorVincent Pun-Fong KWAN/Independent DirectorWang Xu/IndependentDirector,Shanghai Academy ofSocial SciencesYew Chung EducationFoundation Limited andF
40、inet Holdings LimitedChongqing University,No relationshipNo relationshipNo relationship,Research FellowCFODirectorDean of Trading andPublic AdministrationSchool,The Chairman of JMCG,Zhu Yi/Supervisor,JMCG,also takes the post of the Vice General ManagerCompanys Chairman,Alvin Qing Liu/Supervisor,Chan
41、gan Ford MazdaAutomobile Co.,Ltd.,Ford holds 35%shares,Director,The Chairman of JMCG,Liu Nianfeng/EVPDennis Leu/CFOZhou Yazhuo/VicePresidentLiu Shuying/Vice President,JMCGJiangling-Isuzu MotorsCompany LimitedJiangling-Isuzu MotorsCompany LimitedJiangling-Isuzu MotorsCompany Limited,also takes the po
42、st of the DirectorCompanys ChairmanShareholding Subsidiary DirectorShareholding Subsidiary Vice General MangerShareholding Subsidiary Vice General Manger,IV.Annual CompensationDirectors and Supervisors who did not concurrently hold other management positionsin JMC were not paid by JMC.Director Wang
43、Xigao,Supervisors Zhu Yi and ZhangJian were paid by JMCG.Directors David L.Schoch,Howard D.Welsh andSupervisor Alvin Qing Liu were paid by Ford.Director Cai Yong was paid byChongqing Changan Automobile Co.,Ltd.(1)In accordance with the Senior Executive Compensation&Incentive Plan of JMCapproved by t
44、he Board of Directors and the Senior Executive Base Salary Plan ofJMC agreed by the Compensation Committee,the compensation for the Chinese-sidesenior management consists of base salary,short-term incentive and long-termincentive,and the long-term incentive would be paid equally in a deferred period
45、 ofthree yeas.In the first half of 2012,the Company paid compensation before tax ofapproximately RMB 1,100 thousand to Director&EVP Xiong Chunying,paid EVPLiu Nianfeng approximately RMB 1,050 thousand,paid VP&Board Secretary WanHong approximately RMB 800 thousand,paid VP Li Qing approximately RMB 80
46、0thousand,paid VP Zhou Yazhuo approximately RMB 800 thousand,paid VP ZhuShuixing approximately RMB 770 thousand,paid VP Liu Shuying approximatelyRMB 640 thousand.Two employee-representative supervisors,Ms Xu Lanfeng andMr.Liu Niansheng,were paid about RMB 200 thousand and RMB 240 thousandrespectivel
47、y.The total compensation before tax paid by JMC for the aforesaid personswas about RMB 6.40 million in the reporting period.(2)JMC pays annual compensation for Ford-seconded senior management personnelto Ford in accordance with the revised Personnel Secondment Agreement signed8,between JMC and Ford
48、and Ford Affiliates.In the first half of 2012,JMC should payUS$187.5 thousand per person to Ford for Director&President Yuan-Ching Chen,CFO Dennis Leu and VP William John Marshall,US$93,750 for VP John Scholtes,and RMB 375 thousand for VP Zhong Wanli,.These payments made by JMC to Forddo not reflect
49、 the actual salaries earned by Ford-seconded senior management.,(3)Pursuant to the resolutions of JMC 2011 Annual Shareholders Meeting,theannual compensation for the JMC Independent Directors is adjusted to RMB 100thousand per person,and JMC bears their travel-related expenses associated withJMCs bu
50、siness.In the first half of 2012,the Company paid compensation before taxof approximately RMB 420 thousand per person.,V.Changes of Directors,Supervisors and Senior Management During the Reporting,Period,Director Change:,Per approval of the JMC 2012 First Special Shareholders Meeting,Mr.David L.Scho
