Brilliance China Automotive Holdings Limited Announces Interim Results; Semi-Annual Dividend.Business Editors NEW YORK--(BUSINESS WIRE)--Sept. 5, 2001 Brilliance China Automotive Holdings Limited (the "Company") (NYSE NYSE See: New York Stock Exchange : CBA See Capital Builder Account. ; SEHK SEHK See: Stock Exchange of Hong Kong : 1114) announced today interim results for the six months ended June 30, 2001 and the payment of a semi-annual dividend. Consolidated net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of the Company and its operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , Shenyang JinBei Passenger Vehicle Manufacturing Company Ltd. ("Shenyang Automotive"), Shenyang XingYuanDong Automotive Component Co., Ltd. ("Xing Yuan Yuan (yüän), river, 540 mi (869 km) long, rising in S Guizhou prov. and flowing generally NE to Donting lake, Hunan prov., SE China. Navigation above Changde is limited by rapids to small craft. Dong") Ningbo Brilliance Ruixing Auto Components Co., Ltd. ("Ningbo Ruixing"), Mianyang Brilliance Ruian Automotive Components Co., Ltd. ("Mianyang Ruian") and Ningbo Yuming Machinery Industrial Company Ltd. ("Ningbo Yuming") in the first six months of 2001 were Rmb 3,264.6 million (US$394.3 million), a 9.2% increase from sales of Rmb 2,989.7 million (US$361.1 million) for the same period in 2000. The increase in sales was primarily attributable to the increase in the unit sales unit sales Sales measured in terms of physical units rather than dollars. Unit sales data are often used by financial analysts when evaluating the health of a company. of Shenyang Automotive's Mid-priced Minibus min·i·bus n. pl. min·i·bus·es or min·i·bus·ses A small bus typically used for short trips. minibus Noun a small bus Noun 1. and Deluxe de·luxe also de luxe adj. Particularly elegant and luxurious; sumptuous: deluxe accommodations; a de luxe automobile. adv. Minibus. Shenyang Automotive sold a total of 32,000 minibuses in the first half of 2001, a 6.6% increase over the 30,008 minibuses sold during the same period in 2000. Shenyang Automotive sold 27,193 of its Mid-priced Minibuses in the first six months of 2001, an increase of 6.1% over the 25,638 units sold during the same period in 2000. Unit sales of the Deluxe Minibus increased 10.0% from 4,370 in the first six months of 2000 to 4,807 units for the same period in 2001. Consolidated operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the first six months of 2001 increased 6.5% to Rmb 660.3 million (US$79.7 million) from Rmb 620.0 million (US$74.9 million) for the same period in 2000. The increase was due primarily to the decrease in stock-based compensation expenses included in the selling and administrative expenses. Cost of sales as a percentage of sales were 69.7% in the first half of 2001, compared with 67.2% for the first half of 2000. Selling and administrative expenses were Rmb 329.8 million (US$39.8 million), or 10.1% of sales, in the first half of 2001, compared with Rmb 359.9 million (US$43.5 million), or 12.0% of sales, for the same period in 2000. Net income increased 30.4% to Rmb 474.9 million (US$57.4 million) in the first half of 2001 from Rmb 364.2 million (US$44.0 million) in the first half of 2000. This increase in net income mainly resulted from the decrease in income taxes. Basic earnings per ADS were US$1.69 for the first half of 2001, a 16.6% increase over the basic earnings of US$1.45 in the first half of 2000. Mr. Yang Rong Yang Rong 楊騏? Age: 45 (as of 2000) Birth Place: Anhui Education: Doctorate Main company: Brilliance China Holdings Company headquarters: ' Shanghai , Chairman and President of the Company, said "The growth in the first half of this year was achieved in an environment of increased competition and a slow-down in the growth of the minibus market in the PRC. With the measures we have already put into place towards improving efficiency, new product launches and sales, we are confident in our ability to maintain growth momentum for the remainder of the year." The Company adopted a resolution at a meeting of its Board of Directors on September 5, 2001 to pay a cash dividend of HK$0.004 per ordinary share of the Company's common stock (HK$0.40 per ADS). The dividend will be paid on October 31, 2001 to holders of record on October 16, 2001. The Company, incorporated in Bermuda, was established in 1992 to own a 51% interest in Shenyang Automotive, a Sino-foreign joint venture enterprise established in 1991. Shenyang Automotive, located in Shenyang, the capital of Liaoning Province and the commercial center of the northeastern region of China, is the leading manufacturer and distributor of minibuses in China. In October 1998, in June and July 2000, the Company established Xing Yuan Dong, Ningbo Ruixing and Mianyang Ruian as its wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. to centralize cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. and consolidate the sourcing of auto parts Auto parts are components of automobiles. They mainly are, in alphabetic order (only car specific articles or articles with car section):
gasoline engine Most widely used form of internal-combustion engine, found in most automobiles and many other vehicles. for use in passenger vehicles and light duty trucks. Translation of amounts from Renminbi (Rmb) to U.S. dollars (US$) for the convenience of the reader has been made at the rate of US$1.00=Rmb 8.28, which is the rate announced by the People's Bank of China The People's Bank of China (PBC or PBOC) (Simplified Chinese: 中国人民银行; Traditional Chinese: on June 30, 2001. No representation is made that the Renminbi amounts could have been, or could be converted into U.S. dollars at that rate or at any other rate. In addition, all financial information presented herein has been prepared in accordance with United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting .
BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE PERIODS ENDED JUNE 30, 2001 AND 2000
(Expressed in thousands of Rmb, except for share and ADS data)
2 0 0 1 2 0 0 0
(unaudited) (unaudited)
Sales to third parties 1,191,674 541,706
Sales to
affiliated companies 2,072,953 2,448,021
Cost of sales (2,274,583) (2,009,793)
Gross profit 990,044 979,934
Selling and
administrative expenses (329,782) (359,900)
Operating income 660,262 620,034
Equity in earnings of
associated
companies, net 22,835 29,541
Other (expenses)
income, net (2,777) 26,132
Income before income
taxes and minority
interests 680,320 678,671
Income taxes (75,281) (163,223)
Income before
minority interests 605,039 512,484
Minority interests in
consolidated
subsidiaries (130,175) (148,284)
Net income 474,864 364,200
Basic earnings
per share in Rmb Rmb 0.1396 Rmb 0.1197
Basic earnings
per share in US$ US$ 0.0169 US$ 0.0145
Basic earnings per
ADS in US$ US$ 1.6855 US$ 1.4451
Diluted earnings
per share in Rmb Rmb 0.1395 Rmb 0.1094
Diluted earnings
per share in US$ US$ 0.0169 US$ 0.0132
Diluted earnings
per ADS in US$ US$ 1.6852 US$ 1.3216
Weighted average number
of shares outstanding 3,402,516,988 3,043,692,900
Weighted average number
of ADSs outstanding 34,025,170 30,436,929
Adjusted weighted average
number of shares
outstanding 3,403,263,143 3,328,094,867
Adjusted weighted average
number of ADSs
outstanding 34,032,631 33,280,949
The calculation of earnings per ADS is based on the weighted average number of ADSs outstanding during the periods presented. The weighted average number of ADSs outstanding is calculated based on the assumptions that the ADSs had been in existence throughout all the periods presented and that all of the outstanding shares were held in the form of ADSs (at the ratio of 100 shares for each ADS). Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of (per ADS) were calculated based on the weighted average number of common shares (ADSs) outstanding plus the weighted average number of shares (ADSs) deemed to be issued as if all outstanding share options granted on June 2, 2001 had been exercised. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion