北京汽車股份有限公司 BAIC MOTOR CORPORATION LIMITED* (A Joint Stock Company Incorporated in the People’S Republic of China with Limited Liability) (Stock Code: 1958)
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Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 北京汽車股份有限公司 BAIC MOTOR CORPORATION LIMITED* (A joint stock company incorporated in the People’s Republic of China with limited liability) (Stock Code: 1958) INTERIM RESULTS ANNOUNCEMENT FOR THE SIX MONTHS ENDED JUNE 30, 2015 The board (the “Board”) of directors (the “Directors”) of BAIC Motor Corporation Limited (the “Company” or “We” or “Our”) is pleased to announce the unaudited interim results of the Company and its subsidiaries (collectively referred to as the “Group”) for the six months ended June 30, 2015 (the “Reporting Period”). The results have been prepared in accordance with the International Accounting Standard 34, “Interim Financial Reporting” issued by the International Accounting Standards Board and the disclosure requirements under the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”). The audit committee of the Board (the “Audit Committee”) and PricewaterhouseCoopers, the external auditors of the Group, have reviewed the unaudited condensed consolidated interim financial information (“Condensed Financial Information”). 1 CONDENSED CONSOLIDATED INTERIM STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2015 For the six months ended June 30, 2015 2014 Note RMB’000 RMB’000 (Unaudited) (Unaudited) (Restated) Revenue 3 36,522,319 25,126,877 Cost of sales 12 (30,336,885) (21,711,810) Gross profit 6,185,434 3,415,067 Selling and distribution expenses 12 (2,983,114) (2,071,834) General and administrative expenses 12 (1,743,033) (1,308,264) Other gains, net 11 1,252,401 14,007 Operating profit 2,711,688 48,976 Finance income 145,976 159,561 Finance costs (554,697) (392,851) Finance costs, net (408,721) (233,290) Share of profits of joint ventures 1,941,752 2,777,840 Share of profits of associates 93,178 35,364 Profit before income tax 4,337,897 2,628,890 Income tax expense 13 (847,127) (318,370) Profit for the period 3,490,770 2,310,520 Other comprehensive income – – Total comprehensive income for the period 3,490,770 2,310,520 Attributable to: Equity holders of the Company 2,170,790 1,780,655 Non-controlling interests 1,319,980 529,865 3,490,770 2,310,520 Earnings per share for profit attributable to equity holders of the Company during the period (RMB) Basic and diluted 14 0.29 0.28 The notes on pages 5 to 19 are an integral part of this Condensed Financial Information. 2 CONDENSED CONSOLIDATED INTERIM BALANCE SHEET AS AT JUNE 30, 2015 June 30, December 31, 2015 2014 Note RMB’000 RMB’000 (Unaudited) (Audited) ASSETS Non-current assets Property, plant and equipment 35,489,135 34,218,190 Land use rights 5,284,624 5,347,184 Intangible assets 9,248,003 8,251,308 Investments in joint ventures 9,447,402 12,675,306 Investments in associates 1,389,140 1,391,135 Available-for-sale financial assets 4,000 4,000 Deferred income tax assets 4 3,227,498 2,676,059 Prepayment for non-current assets 943,066 976,823 65,032,868 65,540,005 Current assets Inventories 10,413,897 11,068,159 Accounts receivable 5 9,507,023 6,422,290 Advances to suppliers 1,540,692 1,029,695 Other receivables and prepayments 6 3,714,880 2,831,500 Restricted cash 3,800,137 1,043,710 Cash and cash equivalents 20,884,462 21,923,296 49,861,091 44,318,650 Total assets 114,893,959 109,858,655 3 CONDENSED CONSOLIDATED INTERIM BALANCE SHEET (CONTINUED) AS AT JUNE 30, 2015 June 30, December 31, 2015 2014 Note RMB’000 RMB’000 (Unaudited) (Audited) EQUITY Capital and reserves attributable to equity holders Share capital 7 7,595,338 7,508,018 Other reserves 17,208,271 16,677,213 Retained earnings 9,061,925 9,169,736 33,865,534 33,354,967 Non-controlling interests 11,353,080 8,613,649 Total equity 45,218,614 41,968,616 LIABILITIES Non-current liabilities Borrowings 8 10,578,885 13,935,190 Deferred income tax liabilities 4 870,290 887,471 Provisions 1,231,690 894,901 Deferred income from government grants 730,085 672,609 13,410,950 16,390,171 Current liabilities Accounts payable 9 19,916,857 14,977,797 Advances from customers 1,644,679 2,591,312 Other payables and accruals 10 17,224,860 17,115,051 Current income tax liabilities 677,781 38,787 Borrowings 8 16,183,298 15,983,058 Provisions 616,920 793,863 56,264,395 51,499,868 Total liabilities 69,675,345 67,890,039 Total equity and liabilities 114,893,959 109,858,655 The notes on pages 5 to 19 are an integral part of this Condensed Financial Information. 4 NOTES TO FINANCIAL Information 1. GENERAL Information The Group, is principally engaged in the manufacturing and sales of passenger vehicles, engines and auto parts in the People’s Republic of China (the “PRC”). The address of the Company’s registered office is the fifth building, Block 25 Shuntong Road, Shunyi District, Beijing, the PRC. The Company was incorporated in the PRC on September 20, 2010 as a joint stock company with limited liability under “Company Law” of the PRC. The immediate parent company of the Company is Beijing Automotive Group Co., Ltd. (“BAIC Group”), which is beneficially owned by the State-owned Assets Supervision and Administration Commission of People’s Government of Beijing Municipality (the “SASAC Beijing”). The Company’s shares have been listed on the Main Board of The Stock Exchange of Hong Kong Limited (the “Stock Exchange”) since December 19, 2014. This Condensed Financial Information is presented in thousands of Renminbi Yuan (“RMB”), unless otherwise stated, and is approved for issue by the Board on August 25, 2015. This Condensed Financial Information has not been audited. 2. BASIS OF preparation AND accounting POLICIES This Condensed Financial Information has been prepared in accordance with International Accounting Standard (“IAS”) 34, “Interim Financial Reporting” and Appendix 16 to the Listing Rules. The Condensed Financial Information should be read in conjunction with the annual financial statements for the year ended December 31, 2014, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”). (a) As at June 30, 2015, the current liabilities of the Group exceeded its current asset by RMB6,403 million. Given the debt obligations and working capital requirements, management has thoroughly considered the Group’s available sources of the funds as follows: • the Group’s continuous net cash generated from operating and financing activities; and • undrawn short-term and long-term banking facilities of RMB4,920 million and RMB25,861 million respectively as at June 30, 2015. Based on the above considerations, the directors of the Company are of the opinion that the Group has sufficient available financial resources to meet or refinance its working capital requirements as and when they fall due. As a result, this Condensed Financial Information has been prepared on a going concern basis. 5 (b) In July 2014, the Company acquired from BAIC Group its entire 100% equity interests in BAIC Guangzhou Automotive Co., Ltd. (“Guangzhou Company”). Given that the Company and Guangzhou Company are under common control of BAIC Group immediately before and after the business combination, the Company applies the principle of merger accounting in preparing this Condensed Financial Information of the Group. By applying the principle of merger accounting, this Condensed Financial Information also includes the financial positions, results and cash flows of Guangzhou Company as if it had been combined with the Group throughout the six months ended June 30, 2014. Comparative figures for the six months ended June 30, 2014 have been restated as a result of such. (c) The accounting policies applied in this Condensed Financial Information are consistent with those of the annual financial statements for the year ended December 31, 2014, except the adoption of the following amendments which are mandatory for the accounting period beginning on January 1, 2015: Annual Improvement Project Annual improvements 2010-2012 cycle and 2011-2013 cycle IAS 19 (Amendment) Employee benefits The adoption of above amendments does not have any significant financial effect on this Condensed Financial Information. The following are new standards and amendments to standards that have been issued but are not yet effective for the financial year beginning January 1, 2015 and have not been early adopted. IAS 1 (Amendment) The disclosure initiative (1) IAS 16 and IAS 38 (Amendment) Clarification of acceptable methods of depreciation and amortization (1) IAS 27 (Amendment) Separate financial statements regarding the equity method (1) IAS 28 and IFRS 10 (Amendments) Sale or contribution of assets between an investor and its associate or joint venture (1) IFRS 10, IFRS 12 and IAS 28 Investment entities: applying the consolidation exception (1) IFRS 11 (Amendment) Accounting for acquisitions of interests in joint operation (1) IFRS 14 Regulatory deferral accounts (1) Annual Improvement Project Annual Improvements 2012-2014 cycle (1) IFRS 15 Revenue from contracts with customers (2) IFRS 9 Financial instruments (2) (1) Effective for the accounting period beginning on January 1, 2016 (2) Effective for the accounting period beginning on January 1, 2018 The Group will apply the above new standards and amendments to standards when they become effective.