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2 KEY FINANCIALS million EUR H H Change in % 2 Revenues Gross profit Gross profit margin (%) pp EBITDA EBITDA margin (%) pp EBIT EBIT margin (%) pp Net profit Net profit margin (%) pp Net cash flow from operations The figures for H concern the consolidated statements of Jian Jiang International Trading Company Ltd. and are presented for purposes of comparison. 2 Figures rounded up to thousand EUR have been used for calculation of change in %. 2

3 TABLE OF CONTENTS Letter to shareholders 4 The JJ Auto share 5 Interim group management report 6 General information on the JJ Auto Group 6 Business and operating environment 6 Results of operations 7 Operating segments development 12 Net assets and financial position 14 Non-financial key performance indicators 19 Risk and opportunity report 19 Developments after the end of the reporting period 20 Outlook 20 Condensed consolidated interim financial statements 21 Statement of comprehensive income 21 Statement of financial position 23 Statement of changes in equity 25 Statement of cash flows 27 Selected notes to the condensed consolidated interim financial statements 29 Responsibility statement and cautionary note regarding forward-looking statements 42 Imprint and financial calendar 43 3

4 JJ AUTO AG LETTER TO SHAREHOLDERS LETTER TO SHAREHOLDERS Dear fellow shareholders, I am delighted to see the support from you to make a successful listing of JJ Auto AG at the Frankfurt Stock Exchange possible on 16 th June 2014 and at the Warsaw Stock Exchange on 18 th June Being listed is just a stepping stone for JJ Auto Group. As we move forward, we will work together to make JJ Auto Group a successful company on the stock exchange. JJ Auto Group was founded in I am the sole founder of the Group. We specialize in the manufacturing and selling of commercial vehicle fasteners, heavy-duty machine parts and automotive tools and parts. We started as a small workshop with a small production volume. After years of endeavor, we managed to increase our production volume to more than 80,000 tons per annum. Being a listed company, the equity market not only provides alternative financing sources to the company, it also improves the reputation and position as an overseas listed company in China. Consequently, we will be able to strengthen our competitive advantages and promote our products domestically or internationally. In the past, the company has gone through a series of challenges such as expansion in facilities, machineries and diversification of our products and we managed to cope with all of these challenges. We will continue to strengthen the research, development and quality control of our products. As for the first half of the year, the company sales reached EUR 52 million (RMB 439 million). It will be a challenging task for the management to grow but given that our management has long term experience in the auto industry, we are confident that we can achieve our target. Last but not least, on behalf of the management, I am really appreciative and thankful for the contributions and support given by all the stakeholders. We will take any opportunity given to us in order to make the company more valuable to the stakeholders. Sincerely, Mr. Jianhui YE CEO of JJ Auto AG 4

5 THE JJ AUTO SHARE THE JJ AUTO SHARE Share price performance XETRA closing prices as of August 18, 2014 JJ Auto share: EUR 5.53 Good start at Frankfurt and Warsaw Stock Exchange but weak post-ipo development due to negative market sentiment JJ Auto reached its goal of a public dual listing in Frankfurt and in Warsaw. The shares of JJ Auto started trading at a price of EUR 7.30 above the offering price of EUR 7.17 on the General Standard segment of the Frankfurt Stock Exchange. Trading in the Parallel Market of the Warsaw Stock Exchange started on June 18. The first price was PLN 30 almost equal to the offering price of PLN Unfortunately, the XETRA share price could not remain on this level and depreciated significantly after the IPO to EUR 5.24 as of June 30, the end of the reporting period. During the following trading days this trend has been reversed, so that loss was partially compensated. As at July 2, the share quoted at EUR Notwithstanding the negative market sentiment with regard to Chinese companies, that are also listed in Germany and released disappointing ad hoc news during the last months, JJ Auto share developed volatile and share price further decreased to EUR 5.53 as at August 18. The benchmark indices DAX and SDAX also could not continue their positive development. In July and August, both came down closing at 9, and 6,936.3 points respectively. FOR MORE DETAILED INFORMATION ON JJ AUTO SHARE AND LATEST COMPANY NEWS, PLEASE VISIT: 5

6 INTERIM GROUP MANAGEMENT REPORT INTERIM GROUP MANAGEMENT REPORT GENERAL INFORMATION ON THE JJ AUTO GROUP JJ Auto is a specialized manufacturer and supplier of automotive parts. The company has focused on serving the automotive aftermarket and has rich industry experience and technology know-how since the commencement of its business in JJ Auto is primarily involved in the in-house manufacturing and trading of commercial vehicle fasteners, heavy-duty machine parts and automotive tools and parts. JJ Auto is comprised of four companies; JJ Auto AG, a company incorporated under the laws of Germany, which acts as the ultimate holding company of JJ Auto and holds 100% of the equity interest in Jian Jiang International Trading Company Limited,JJ Auto Hong Kong, a company incorporated under the laws of Hong Kong, which assumes the role of an intermediate holding and trading company and holds 100% of the equity interest in Quanzhou Minke Trading Co., Ltd., a company incorporated under the laws of the People s Republic of China (PRC) which assumes the role of a trading company and holds 100% of the equity interest in the sole manufacturing company, Quanzhou Jianjiang Automobile Fittings Co., Ltd., a company incorporated under PRC law and based in Jinjiang, Fujian province, China. Mr. Ye, the sole shareholder of Create Win Investment Holdings Company Ltd. (Create Win), took over ectus 63. AG on 21 January 2014 through a purchase agreement with Create Win. On 22 January 2014, the Company s name changed from ectus 63. AG to JJ Auto AG by general shareholder meeting. JJ Auto AG was registered in the Commercial Register on 10 March On 8 April 2014, JJ Auto Group was formed through a post-establishment agreement by JJ Auto AG acquired 100% of the shares in JJ Auto Hong Kong by a contribution in kind. Subsequently, JJ Auto AG was listed at the Frankfurt Stock Exchange on 16 June 2014 and listed at the Warsaw Stock Exchange on 18 June BUSINESS AND OPERATING ENVIRONMENT Overall economic environment The economic growth in China is slowing down and the GDP grew by 7.4% in the first half of the year Growth in the second quarter stood at 7.5%, picking up from the 7.4% in the first quarter of Year In order to sustain the growth, China s government is expanding its domestic consumption policies. The domestic consumption is growing steadily. For the 1 st half year, retail consumption grew by 12.1%. The Chinese economy is showing a sign of picking up, as the job market is growing and there are more positive developments regarding the structural reform. More new jobs were created in the first six months which will further increase the domestic demand. With consumption contributing to 52.4% of GDP in the first half year, the domestic demand is the main driver for growth. The manufacturing activities slowed down in the first half of the year. As the demand of goods from domestic and overseas is starting to grow again, the manufacturing activities will 6

7 INTERIM GROUP MANAGEMENT REPORT increase as well in the coming months. The purchasing managers index shows that there is an increase in the index for July The Chinese government will continue with its reform agenda and transformation program. This is to ensure a healthy development of the Chinese economy in the future economic environment. The economic environment is still complicated and increases the challenges facing the Chinese government. Therefore, the government is most likely to continue its targeted easing measures to sustain growth. Automotive industry in China Despite a slowing economy in China, the automotive industry sales were strong during the first six months of the year. The slowing economy did have an impact on the commercial vehicle market. Sales of trucks and buses decreased but sales of passenger cars have increased. The Chinese government will continue to invest in infrastructure and heavy industry. These will be the growth drivers for commercial vehicle and heavy duty machinery. However, what is more concerning for the commercial vehicle industry is the stricter emission standards and slowing economic growth. Stricter environmental regulations are pushing up the price for the commercial vehicles. While there are more challenges lying ahead for the commercial vehicle industry, overseas leading commercial vehicle makers are still rushing into China. For example, MAN has partnered with SinoTruk while Mercedes-Benz has a joint venture with Foton Motor. The overseas commercial vehicle makers are taking their positions in the Chinese market. There are still a lot of opportunities for the commercial vehicle manufacturers to tap the market share as the freight activity continues to increase. One of the contributing factors is online trading which requires transportation of goods from one place to another. The slowing down in commercial vehicles segment is expected to be a temporary development in the Chinese markets. As the Chinese government continue to stimulate domestic demand, the demand for passenger vehicles increases. This is partly due to the increase of purchasing power of Chinese consumers. In addition, the increase is due to auto financing which is readily available for the consumers to finance their vehicle. RESULTS OF OPERATIONS The following table shows the income statement for the financial period ended June 30, 2014 compared to the income statement for the financial period ended June 30, On 22 January 2014, a general shareholder meeting was held and the Company s name changed from ectus 63. AG to JJ Auto AG. JJ Auto AG was registered in the Commercial Register on 10 March JJ Auto Group was formed on 8 April 2014 through a post-establishment agreement. With the formation of JJ Auto Group, business operations in subsidiaries are absorbed into JJ Auto Group. 7

8 INTERIM GROUP MANAGEMENT REPORT The legally relevant group company of JJ Auto exists since the date of its contribution (April 8, 2014). For the time period before the obligation for consolidated financial statements, the values were calculated under analogous application of the principles of reverse acquisition. Under analogous application of the principles of reverse acquisition, the income statement combines the JJ Auto Hong Kong (Jian Jiang International Trading Company Ltd.) consolidated statement with the income statement of JJ Auto AG for the period from 1 January 2014 to 30 June As for 1 January 2013 to 30 June 2013 the figures concern the consolidated statements of JJ Auto Hong Kong and presented for purposes of comparison. keur Q Q Change Change in % H H in % Revenue 30,786 29, ,221 48, Cost of sales (22,754) (22,982) 1.0 (39,892) (37,867) (5.3) Gross profit 8,032 6, ,329 10, Other income (80.4) (56.9) Selling and distribution expenses (283) (138) (105.1) (567) (262) (116.4) Administrative expenses (482) (336) (43.5) (867) (513) (69) Other operating expenses / income (16) 1 (1,700) (16) (130) 87.7 Profits from operations/ EBIT 7,271 6, ,935 10, Finance income Finance expenses (20) (20) 0 (38) (42) 9.5 Profit before income tax 7,282 6, ,957 10, Income tax (1,827) (1,695) (7.8) (2,796) (2,566) (9.0) Net profit for the period 5,455 4, ,161 7, Gross margin in % pp pp 3 The figures H concern the consolidated statements of JJ Auto Hong Kong and are presented for purposes of comparison. 8

9 INTERIM GROUP MANAGEMENT REPORT EBIT margin in % pp pp Net profit margin in % pp pp Revenue Revenue increased by keur 3,480 from keur 48,741 in H to keur 52,221 in H The increase represents 7.1% for the first six months of the year Revenue increase is mainly related to the increase of average selling price. The increase was less than expected in the second quarter of 2014 as there was a delay in sales at the end of June Revenue only increased by keur 824 in the second quarter of 2014 as compared with the previous year second quarter. This delay was caused by late delivery to customers. Measured in RMB, the functional currency of JJ Auto, revenue increased from krmb 397,442 by 10.6% in H to krmb 439,393 in H In the reporting period the average selling prices increased by 6.9%. Cost of sales Cost of sales consists of costs for raw materials, labour costs, manufacturing overheads, trading goods and outsourcing fees. The following table shows a breakdown of cost of sales for the period under review and as a percentage of total cost of sales for each category: H H keur % keur % Raw materials 23, , Labour costs , Manufacturing overheads 2, , Trading goods 12, , Outsourcing fees Total 39, , Raw material decreased from keur 25,594 in H to keur 23,981. The production volume decreased mainly in the heavy duty parts business as demand was slowing down. However, the production volume decrease was off-set by the increase in trading goods. The trading goods increased due to higher demand especially on automotive tools and parts. 4 The figures H concern the consolidated statements of JJ Auto Hong Kong and are presented for purposes of comparison. 9

10 INTERIM GROUP MANAGEMENT REPORT Gross profit and gross margin The gross profit for the period of H increased by keur 1,455 to keur 12,329 from keur 10,874 in H The gross profit margin increased by 1.2 percentage points to 23.6% in H as compared to 22.4% in H The increase in gross profit margin is mainly due to higher average selling price as the company is promoting higher quality products with a higher selling price. Other income Other income decreased keur 74 by 56.9% to keur 56 in H as compared with keur 130 in H because less scrap steel was sold in H as compared with H Selling and distribution expenses The major cost attributed to selling and distribution expenses comprised of advertisement costs which accounted for 65.1% and travelling costs which accounted for 19.2% of the total selling and distribution expenses in H Selling and distribution expenses increased by keur 305 or by 116.4% to keur 567 in H as compared to keur 262 in H The increase was mainly due to an increase in advertisement expenses to expand the company s distribution network and to further increase the company s revenue. Administrative expenses Administrative expenses are mainly comprised of payroll related expenses and office expenses. Payroll related expenses accounted for 30.6% and office expenses accounted for 48.1% respectively in H Administrative expenses increased by keur 354 by 69.0% to keur 867 in H as compared to keur 513 in H The increase in administrative expenses was mainly due to IPO expenses and additional expenses from the listed company in Germany. Other operating expenses Other operating expenses are the losses incurred on loss of disposal of machineries. Other operating expenses decreased by keur 114 from keur 130 in H to keur 16 in H This is mainly due to lesser disposal of machineries in H as compared with H EBIT EBIT increased by keur 836 from keur 10,099 in H to keur 10,935 in H EBIT increased mainly because of higher gross profit margin which was partially off-set by the increase of distribution and administrative expenses. Income tax Income tax increased from keur 2,566 in H to keur 2,796 in H The increase in income tax is due to higher pre-tax profits. Net profit and net profit margin Net profit increased by keur 638 from keur 7,523 in H to keur 8,161 in H The net profit margin increased from 15.4% in H to 15.6% in H The profit 10

11 INTERIM GROUP MANAGEMENT REPORT increased in H as compared with H mainly because of increase in gross profit margin. The gross profit margin increased from 22.3% in H to 23.6% in H

12 INTERIM GROUP MANAGEMENT REPORT OPERATING SEGMENTS DEVELOPMENT In H and H1 2013, the Group s three segments revenue and gross profit developed as follows: keur H H Change in % Commercial vehicle fasteners Revenue 25,611 23, % of total revenue pp Gross profit 6,338 5, Gross profit margin % pp Heavy-duty machine parts Revenue 12,390 15,252 (18.8) % of total revenue (7.6pp) Gross profit 3,193 3,617 (11.7) Gross profit margin % pp Automotive tools and other parts Revenue 14,154 9, % of total revenue pp Gross profit 2,791 1, Gross profit margin % pp Others Revenue (68.9) % of total revenue (0.3pp) Gross profit 7 23 (69.6) Gross profit margin % pp 5 The figures H concern the consolidated statements of JJ Auto Hong Kong and are presented for purposes of comparison. 12

13 INTERIM GROUP MANAGEMENT REPORT Commercial vehicle fasteners The sales of commercial vehicle fasteners increased by 9.9% from EUR 23.3 million in H to EUR 25.6 million in H The gross profit increased by 13.6% from keur 5,578 in H to keur 6,338 in H The gross profit margin increased by 0.9 percentage points from 23.9% in H to 24.8% in H The increase was mainly due to increase in high quality products with higher prices. Heavy-duty machine parts The sales of heavy-duty machine parts decreased by 18.8% from EUR 15.3 million in H to EUR 12.4 million in H The main reason for the decrease is orders in second quarter which sales will be recognized in the third quarter due to delayed delivery to customers. The gross profit decreased by 11.7% from keur 3,617 in H to keur 3,193 in H The gross profit margin increased by 2.1 percentage points from 23.7% in H to 25.8% in H The increase in gross profit margin was due to higher selling price. Automotive tools and other parts The sales of automotive tools and other parts increased by 41.9% from EUR 10.0 million in H to EUR 14.2 million in H The increase is due to higher demand in the market as the sales of passenger cars are increasing in China. The gross profit margin increased 68.5% from keur 1,656 in H to keur 2,791 in H The gross profit margin increased by 3.1 percentage points from 16.6% in H to 19.7% in H Higher demand from customers for automotive tools and other parts resulted in higher selling price for the products. 13

14 INTERIM GROUP MANAGEMENT REPORT NET ASSETS AND FINANCIAL POSITION Capital structure The company capital increased from EUR 57.4 million as of 31 December 2013 to EUR 66.4 million as of 30 June The equity ratio increased from 82.5% as of 31 December 2013 to 83.4% as of 30 June Given the continuing cash flow from operations, the management is planning to utilize the accumulated cash flow for future expansions. There is no financing from a local bank to provide long term investment for the company. Capital expenditures The table below shows the cash flows from capital expenditure for H compared to the capital expenditure for H1 2013: keur H H in % Change Machinery Total There were no capital expenditures incurred during first half of 2014 as compared with first half of 2013 where the management purchased machineries that amounted to keur 371. The company managed to issue 100,240 of new share at Euro 7.17 per share during an initial public offering. The company is planning to expand in capacity up to 130,000 tons per annum. 6 The figures H concern the consolidated statements of JJ Auto Hong Kong and presented for purposes of comparison. 14

15 INTERIM GROUP MANAGEMENT REPORT Net assets The following table shows the consolidated statement of financial position as of June 30, 2014 compared to the consolidated statement of financial position as of December 31, 2013: keur Jun 30, 2014 Dec 31, Change in % Non-current assets 8,047 8,414 (4.4) Current assets 71,612 61, Total assets 79,659 69, Equity and reserves 66,399 57, Current liabilities 13,260 12, Total liabilities 79,659 69, Total assets increased from EUR 69.5 million as of 31 December 2013 to EUR 79.7 million as of 30 June The increase was due to continuing profit from the operations. Non-current assets Non-current assets consist of property, plant, equipment, land use rights and prepayments for land use rights. Property, plant and equipment accounted for 79.9% in the non-current assets as of 30 June Whereas land use rights and prepayments for land use rights accounted for 16.1% and 4.0% respectively as of 30 June Depreciation and amortization reduced non-current assets from EUR 8.4 million as of 31 December 2013 to EUR 8.0 million as of 30 June Property, plant and equipment accounted for 80.6% in the non-current assets as of 31 December Whereas land use rights and prepayments for land use rights accounted for 15.6% and 3.8% respectively as of 31 December The figures for 2013 concern the Consolidated Statements of JJ Auto Hong Kong and are presented for purposes of comparison. 15

16 INTERIM GROUP MANAGEMENT REPORT Current assets Total current assets increased from EUR 61.1 million as of 31 December 2013 to EUR 71.6 million as of 30 June Current assets are mainly comprised of inventories, trade receivables, other current assets, cash and bank balances. As of 30 June 2014, inventories, trade receivables, cash and bank balances accounted for 16.9%, 34.2% and 48.5% from the total current assets as compared to 7.9%, 42.4% and 48.8% as of 31 December Inventories Inventories increased from EUR 4.9 million as of 31 December 2013 to EUR 12.1 million as of 30 June There is a significant increase of 146.9% for the first half of The company has increased the production in June 2014 due to increasing orders from customers. Higher inventories for the finished goods at the end of June 2014 are for the sales on subsequent months. Trade receivables Trade receivables decreased from EUR 25.9 million as of 31 December 2013 to EUR 24.5 million as of 30 June The slight decrease is due to improvement in the collection from the customers. Other current assets Other current assets decreased from EUR 0.6 million as of 31 December 2013 to EUR 0.3 million as of 30 June The decrease resulted from the deduction of advertisement prepayments which were charged to selling and distribution expenses. Cash and cash equivalents Cash and cash equivalents amounted to EUR 34.7 million as of 30 June For a description of the changes in cash and cash equivalents in the first six months of 2014, see section Cash Flow Statement. Equity Our Group equity increased from EUR 57.4 million as of 31 December 2013 to EUR 66.4 million as of 30 June This represents an equity ratio of 83.4% as of 30 June The increase in equity is due to the profits generated from operations. Current liabilities Current liabilities increased from EUR 12.2 million as of 31 December 2013 to EUR 13.3 million as of 30 June Current liabilities are comprised of trade payables, other financial liabilities, other current liabilities, borrowings and tax payables. As of 30 June 2014, they accounted for 61.1%, 11.8%, 4.3%, 9.0%, 13.8% and as of 31 December 2013, they accounted for 55.6%, 12.0%, 8.2%, 9.8%, 14.4%. 16

17 INTERIM GROUP MANAGEMENT REPORT Trade payables Trade payables increased from EUR 6.8 million as of 31 December 2013 to EUR 8.1 million. The increase is primarily due to an increase in purchase of raw materials because there will be an increase of production at the end of June Other financial liabilities Other financial liabilities increased slightly from EUR 1.5 million as of 31 December 2013 to EUR 1.6 million. The increase is due to increase of accruals on production utilities. Other current liabilities Other current liabilities are comprised of VAT payable. Other current liabilities decreased from EUR 1.0 million as of 31 December 2013 to EUR 0.6 million as of 30 June The Company purchases were higher which resulted in lower VAT payable at the end of June Borrowings Borrowings are short term revolving credit and the company borrowings amounted to EUR 1.2 million as of 30 June 2014 and 31 December Tax payable Tax payable of Company amounted to EUR 1.8 million as of 30 June 2014 and 31 December Financial position Cash Flow Statement keur H H Change in % Cash inflow/(outflow) from operating activities 4,633 3, Cash inflow/(outflow) from investing activities 0 (535) Cash inflow/(outflow) from financing activities 681 (42) The figures for H concern the Consolidated Statements of JJ Auto Hong Kong and are presented for purposes of comparison. 17

18 INTERIM GROUP MANAGEMENT REPORT Cash inflow from operating activities increased by 53.7% from keur 3,015 in H to keur 4,633 in H Cash flow from operating activities increased mainly due to cash inflow from collection of trade receivables in H of keur 1,145 as compared with H which had cash out flow due to increase of trade receivables of keur 4,803. The effect is compensated by increase of inventory in H There are no investing activities in H as compared with H where cash used in investing activities amounted to keur 715 and cash generated from disposal of machineries amounted to keur 216. The results is net cash outflow of keur 535 in H Cash flow from financing activities increased by 1,721.4% from outflow of keur 42 in H to inflow of keur 681 in H The cash inflow was mainly from the proceeds of issue of new shares during the initial public offering in H On the other hand the cash out flow was due to interest paid to the bank for revolving credit in H The net increase of cash and cash equivalents is keur 5,314 in H and keur 2,438 in H respectively. Cash and cash equivalents at the end of H amounted to keur 34,710 as compared to keur 19,165 at the end of H Given that there is sufficient amount of cash and cash equivalents available in the Group, there are no liquidity problems in the foreseeable future. 18

19 INTERIM GROUP MANAGEMENT REPORT NON-FINANCIAL KEY PERFORMANCE INDICATORS Human resources Number of employees H H Production Sales and marketing Quality control 6 6 Research, design and development 7 7 Administration Finance 7 6 Purchase 3 3 Total employees The number of employees decreased by 17 from 605 in H to 588 in H The decrease in the production department is due to some employees voluntary leave of the company due to personal reasons. Research & Development ( R&D ) Research and development expenses are related to payroll, moulding and raw materials. Research and development expenses decreased from keur 69 in H to keur 44 in H The decrease in research and development expenses were followed by no investment in machineries in H as compared with H Research and development expenses are expected to increase as the management are planning to invest in machineries to increase capacity. The management will continue to invest in research and development in order to improve production efficiency and to produce new high quality products. RISK AND OPPORTUNITY REPORT The management is aware of the importance of risk management system as part of good corporate governance. The management is in the course of implementing a risk managment system. In order to implement a comprehensive risk management system, the management is going to engage with external consultants to carry out the implementation. For information on risks and opportunities, please refer to our risk report in the prospectus. There are no significant changes in risks and opportunities as of 30 June

20 INTERIM GROUP MANAGEMENT REPORT DEVELOPMENTS AFTER THE END OF THE REPORTING PERIOD There are no other significant events subsequent to June 30, 2014 until the date of this report. OUTLOOK As China is one of the world s largest markets for automotive industry, it is expected that more and more foreign automotive manufacturer are targeting the Chinese automotive market to compete with domestic automotive manufacturers. The slowing economy in China has not hampered the growth for automotive industry especially for the passenger cars. Overall, the sales for automotive vehicles have increased through the end of first half year. For the next few months, the Chinese government will continue its easing measures to sustain growth. The growth of automotive industry is likely to continue as the purchasing power of the Chinese population continues to rise. This indication is from automotive manufacturers like Ford where the company is very bullish on China and continues to invest heavily in China. It has just opened a transmission plant in Chongqing, China in June It is anticipated that other companies will follow the trend to invest in China. The price of steel as the main raw material for automotive industry is lower. As the steel price lowers, the profitability for automotive industry increases. With the potential profitability and huge market in China, the automotive industry is perceived as a growing industry with promising opportunities for both, domestic and foreign companies. China s automotive industry continue to power ahead in the first half of the year which surprised industry executives and analysts who expected China s automotive market would cool after growing significantly in the previous year. The growth is expected to continue as the economy structure continued to be optimized. JJ Auto is planning to expand its production capacity for the next few months. It is to foresee that demand for the automotive parts will improve in the next few months. The quality of JJ Auto products are well accepted in the market and the demand will continue to grow in the foreseeable future. The management expects to achieve growth in revenue of above 15% in RMB terms in the full financial year The gross profit margin is expected be maintained at least at 23% and EBIT margin is expected to be approximately 21%. Berlin, August 28, 2014 JJ Auto AG The Management Board Jianhui YE (CEO) Clement Hoo (CFO) Barong YE (COO) 20

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