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Jiangling Motors Corporation, Ltd. year 2013 performance flash report

Jiangling Motors Corporation, Ltd. and its Board members undertake that the information disclosed herein is truthful, accurate and complete and does not contain false statements, misrepresentations or major omissions. The financial data of year 2013 disclosed herein are preliminary accounting data, and are subject to audit conducted by an accounting firm. The data herein might … Continued

Jiangling Motors Corporation, Ltd. and its Board members undertake that the information disclosed herein is truthful, accurate and complete and does not contain false statements, misrepresentations or major omissions.

The financial data of year 2013 disclosed herein are preliminary accounting data, and are subject to audit conducted by an accounting firm. The data herein might differ from final audited results; investors shall pay attention to the risk.

  1. Major accounting data and financial ratios of year 2013

Unit: RMB’000

Item 2013 2012*

Changes (%)

Revenue

20,889,706

17,474,707

19.54

Operating Profit

1,717,858

1,677,826

2.39

Profit Before Income Tax

1,924,521

1,893,140

1.66

Profit Attributable to the  Company’s Equity Holders

1,696,307

1,515,327

11.94

Earnings Per Share (RMB)

1.97

1.76

11.94

Weighted Average Return on Net Asset Ratio (%)

19.55

19.53

Up 0.02

percentage point

 

Dec. 31, 2013

Dec. 31, 2012*

Changes (%)

Total Assets

16,484,699

13,112,376

25.72

Shareholders’ Equity Attributable to the Company’s Equity Holders

9,173,999

8,079,807

13.54

Share Capital (RMB)

863,214,000

863,214,000

0

Net Assets Per Share Attributable to the  Company’s Equity Holders (RMB)

10.63

9.36

13.54

*Restated financial indexes. JMC has adopted IAS 19 ‘Employee benefits’ on 1 January 2013. The revised employee benefit standard introduces changes to the recognition, measurement, presentation and disclosure of post-employment benefits. The changes on JMC’s accounting policies has been as follows: actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to equity in other comprehensive income in the period in which they arise. Past-service costs are recognized immediately in income.

  1. Operating Results

In 2013, JMC achieved a sales volume of 230,006 units, up 15% from last year, including 79,936 JMC-brand trucks, 67,733 JMC-brand pickups (including 8,985 Yuhu Pickups), 14,160 Yusheng-brand SUVs, 67,785 Ford-brand commercial vehicles and 392 heavy trucks.

Under IFRS, net profit in 2013 was RMB 1,696,307 thousand, up 11.94% from the same period last year, primarily reflecting income tax expense reduction generated from the different applicable tax rate of deductible deferred income tax assets accrual (25% vs. 15%) of JMC Sales Company established in the reporting period.

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