China Yuchai International Limited Announces Strong Performance for Q1 2004.Business Editors SINGAPORE--(BUSINESS WIRE)--May 11, 2004 China Yuchai International Limited (NYSE NYSE See: New York Stock Exchange :CYD CYD California Young Democrats CYD Calendar Year Deductible (health insurance) CYD Children and Youth Division CYD Crush Yiff Destroy CYD Constant Year Dollars ) today announced very strong performance for the quarter ended March 31, 2004 with net income increasing by 66% to Rmb 195.1 million (US $23.6 million) as compared to net income of Rmb 117.6 million (US $14.2 million) for the same period in 2003. This significant improvement in performance is due to particularly strong market demand for Guangxi Guangxi or Kuang-hsi conventional Kwangsi in full Zhuang Autonomous Region of Guangxi Autonomous region (pop., 2002 est.: 48,220,000), southern China. Yuchai Machinery Company Limited's (Yuchai) diesel engines, and in particular to increases in 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 Yuchai's 6108 medium-duty, 4-series light-duty adj. 1. not designed for heavy or demanding work; as, a light-duty detergent s>. Opposite of heavy-duty nt>. Adj. 1. light-duty - not designed for heavy work; "a light-duty detergent" diesel and industrial engines. 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 increased by approximately 31% to Rmb 1,577.1 million (US $190.5 million) for the quarter ended March 31, 2004 compared to same period last year of Rmb 1,207.2 million (US $145.8 million). Total unit sales of 64,401 diesel engines for the quarter ended March 31, 2004 was 24% higher than the same period last year. The overall gross margin of 32.3% for the quarter ended March 31, 2004 has declined by approximately 2.6% as compared to 34.9% gross margin for the first quarter of 2003 mainly due to the change in the product mix arising from more sales of the lower margin 4-series light-duty and industrial engines during the first quarter of 2004. For the quarter ended March 31, 2004, selling, general and administrative expenses decreased by approximately 9% due mainly to lower advertising, promotion and sales commission expenses. For the quarter ended March 31, 2004, trade account receivables account receivable Any amount owed to a business as the result of a purchase of goods or services from it on a credit basis. Although the firm making the sale receives no written promise of payment, it enters the amount due as a current asset in its books. and inventories increased as a result of higher sales volume and normal seasonality factors. Cash balances has decreased and bank borrowings have increased for the quarter ended March 31, 2004 mainly due to increased capital expenditure payments made during the first quarter of 2004. Basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. net income per share for the quarter ended March 31, 2004 was Rmb 5.52 (US $0.67) compared to a basic and diluted net income per share of Rmb 3.33 (US $0.40) for the same period in 2003. Mr. Wrixon F. Gasteen, President and Director stated that "the strong profit performance for the first quarter of 2004 is commendable com·mend tr.v. com·mend·ed, com·mend·ing, com·mends 1. To represent as worthy, qualified, or desirable; recommend. 2. To express approval of; praise. See Synonyms at praise. 3. . The fact that this was achieved prior to the full-scale full-scale adj. 1. Of actual or full size; not reduced: a full-scale model. 2. Employing all resources; not limited or partial: launch of the new 300+ horsepower horsepower, unit of power in the English system of units. It is equal to 33,000 foot-pounds per minute or 550 foot-pounds per second or approximately 746 watts. heavy duty 6113 series of diesel engines augurs augurs Roman officials who interpreted omens. [Rom. Hist.: Parrinder, 34] See : Prophecy well for the remainder of 2004. Despite recent announcements by the Chinese government Ever since Republic of China founded in January 1st, 1912, China has had several regional and national governments. List
An economy that is growing very quickly, with the risk of high inflation. of the economy, we expect that the market demand for diesel engines in China will increase with the continued expansion of the highways and toll roads The following is a list of toll roads. Toll roads are roads on which a toll authority collects a fee for use. This list also contains toll bridges and toll tunnels. Lists of these subsets of toll roads can be found in List of toll bridges and List of toll tunnels. in China leading to increasing demand for new trucks, buses and construction equipment." Mr. Gasteen further stated that "in the first quarter of 2004, Yuchai signed a technical co-operation agreement with Japan's Yamaha (company) Yamaha - A Japanese company best known for consumer electronics and motorbikes. They make music synthesizers, CD-Rom Writers and HiFi sound equipment. http://yamaha.com/. for the joint development of Yuchai's YC61082LC diesel engine for ships. The engine will be mainly used in high-speed powerboats and vessels with speeds of up to 110km/hr. This technical co-operation will enable Yuchai to further diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. the markets for its products." Yuchai has a strong brand name in China with an extensive sales and marketing network. Yuchai's products are of good quality and provide reliable performance. Yuchai has established itself as a major manufacturer of diesel engines in China with a significant market share. China Yuchai International Limited has filed with the U.S. Securities and Exchange Commission a copy of this press release on Form 6-K. A copy of such filing has also been sent to The New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . Reference is made to such filing for cautionary statements which identify factors that could affect the forward looking statements contained in this press release. Contact Information: China Yuchai International Limited Executive Office 16 Raffles Raffles leading Victorian criminal-hero. [Br. Lit.: Herman, 19–20] See : Thievery Quay QUAY, estates. A wharf at which to load or land goods, sometimes spelled key. 2. In its enlarged sense the word quay, means the whole space between the first row of houses of a city, and the sea or river 5 L. R. 152, 215. #26-00 Hong Leong Building Singapore 048581 Tel: (65) 6220 8411 Fax: (65) 6226 0502 Contact persons: Mr. Wrixon F. Gasteen, President Mr. Philip Ting, Chief Financial Officer Note 1: The Company's functional and reporting currency Reporting Currency The currency used in published reports and financial documents. Notes: All annual and quarterly reports state the currency in which their results are listed. is Renminbi, the translation of amounts from Renminbi to U.S. dollars is solely for the convenience of the reader. Translation of amounts from Renminbi to U.S. dollars has been made at the rate of Rmb 8.2771 = US$1.00, the rate quoted by the People's Bank of China The People's Bank of China (PBC or PBOC) (Simplified Chinese: 中国人民银行; Traditional Chinese: at the close of business on March 31, 2004. No representation is made that the Renminbi amounts could have been, or could be, converted into U.S. dollars at that rate or at any other certain rate on March 31, 2004 or at any other date. Note 2: All financial data (both in Renminbi and U.S. dollars) is unaudited.
CHINA YUCHAI INTERNATIONAL LIMITED
UNAUDITED CONSOLIDATED INCOME STATEMENTS
For the three months ended March 31, 2004
(RMB and US$ amounts expressed in thousands, except per share data)
For Quarter ended March 31,
------------------------------
2003 2004 2004
---------- ---------- --------
Rmb'000 Rmb'000 US$'000
Net sales 1,207,155 1,577,145 190,543
Cost of goods sold 785,533 1,067,790 129,005
---------- ---------- --------
Gross profit 421,622 509,355 61,538
Research and development cost 36,315 25,465 3,077
Selling, general and administrative
expenses 197,752 180,563 21,815
---------- ---------- --------
Operating income 187,555 303,327 36,646
Finance cost 5,558 5,944 718
Other net income - (1,557) (188)
---------- ---------- --------
Income before income taxes and
minority interests 181,997 298,940 36,116
Income tax expense 27,947 42,993 5,194
---------- ---------- --------
Income before minority interests 154,050 255,947 30,922
Minority interests in income of
consolidated subsidiaries 36,432 60,888 7,356
---------- ---------- --------
Net income 117,618 195,059 23,566
========== ========== ========
Net income attributable to common Rmb Rmb US$
shares
Basic and diluted 3.33 5.52 0.67
========== ========== ========
Note: The Company's functional and reporting currency is Renminbi,
the translation of amounts from Renminbi to U.S. dollars is
solely for the convenience of the reader. Translation of
amounts from Renminbi to U.S. dollars has been made at the
rate of Rmb 8.2771 = US $1.00, the rate quoted by the People's
Bank of China at the close of business on March 31, 2004. No
representation is made that the Renminbi amounts could have
been, or could be, converted into U.S. dollars at that rate or
at any other certain rate on March 31, 2004 or at any other
date.
CHINA YUCHAI INTERNATIONAL LIMITED
Selected Balance Sheet Items
(Rmb and US$ amounts expressed in thousands)
As of As of
December March 31,
31, 2003 2004
---------- -----------
(Audited) (Unaudited)
---------- -----------
RMB RMB US$
Cash Balances 631,938 478,077 57,759
Trade Accounts Receivable, Net 849,611 1,358,147 164,085
Inventories, Net 877,334 1,055,364 127,504
Working Capital 962,804 1,176,869 142,184
Total Assets 4,033,632 4,766,371 575,850
Trade Accounts Payable 731,966 1,043,927 126,122
Short-Term and Long-Term Borrowings 298,000 398,000 48,084
(including a loan from a related party)
Shareholders' Equity 1,991,687 2,186,746 264,192
Note: The Company's functional and reporting currency is Renminbi,
the translation of amounts from Renminbi to U.S. dollars is solely
for the convenience of the reader. Translation of amounts from
Renminbi to U.S. dollars has been made at the rate of Rmb 8.2771 =
US $1.00, the rate quoted by the People's Bank of China at the close
of business on March 31, 2004. 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 certain rate on March 31, 2004
or at any other date.
|
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion