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BRILLIANCE CHINA AUTOMOTIVE ANNOUNCES INTERIM RESULTS

 NEW YORK, Oct. 22 /PRNewswire/ -- Brilliance China Automotive Holdings Limited (NYSE: CBA) announced today interim results for the six months ended June 30, 1993.
 Sales in the 1993 period were Rmb 651.7 million ($113.1 million(A)), a 29 percent increase over the Rmb 504.6 million ($87.6 million) in the 1992 period on a pro forma basis. Sales of Deluxe Minibuses rose 40 percent from Rmb 263 million ($46 million) to Rmb 368 million ($64 million), while sales of Standard Minibuses increased from Rmb 242 million ($42 million) to Rmb 284 million ($49 million), a 17 percent increase.
 Operating income for the most recent six months ended June 30, 1993 increased 6.9 percent to Rmb 58.2 million ($10.1 million) from Rmb 54.4 million ($9.4 million), on a pro forma basis, for the 1992 six months period. Net income during the 1993 period jumped 168 percent to Rmb 74.6 million ($13.0 million) or Rmb 4.3 ($0.75) per share, compared to Rmb 27.8 million ($4.8 million) or Rmb 2.24 ($0.39) per share, on a pro forma basis, in the same period a year before. Rmb 45 million ($7.8 million) of net income represented unrealized exchange gains on the revaluation of net foreign currency monetary assets of Shenyang Automotive, the company's operating subsidiary. Pro forma figures for the 1992 period give effect to the company's acquisition of Shenyang Automotive as if it had been consummated on Jan. 1, 1992.
 Commenting on the results, Yang Rong, chairman and president of Brilliance China Automotive, said, "We are satisfied with these results, given the challenges in the macroeconomic climate in China. The government's macroeconomic readjustment program has stabilized the value of the Renminbi. This has helped limit the cost of the imported components for the Deluxe Minibus produced by Shenyang Automotive. Although the government's efforts to control inflation and speculation have been accompanied by a slowdown in auto sales, we are hopeful that sales will recover once the national economy resumes a stable, sustained growth pattern. We are encouraged by indications that the readjustment policies are accomplishing their purposes."
 Brilliance China Automotive is the first New York Stock Exchange listed company whose operations are based in the People's Republic of China. It owns a 51 percent interest in Shenyang JinBei Passenger Vehicle Manufacturing Company, Ltd. ("Shenyang Automotive"). Shenyang Automotive, a Sino-foreign equity joint venture enterprise, is China's largest domestic producer of 11-15 seat minibuses.
 (A) -- Translation of amounts from Renminbi (Rmb) to U.S. dollars ($) for the convenience of the reader has been made based on the official exchange rate of US$1.00 equals Rmb 5.76 announced by the PRC State Administration for Exchange Control on June 30, 1993. The floating market exchange rate on the Shanghai swap center was US$1.00 equals Rmb 10.46 on said date.
 BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LIMITED AND SUBSIDIARY
 Consolidated Balance Sheet
 as of Dec. 31, 1992 and June 30, 1993
 (Amounts in thousands, except per share data)
 6/30/93 12/31/92
 Rmb Rmb
 (Unaudited)
 ASSETS
 Current Assets:
 Cash and cash equivalents 728,542 127,168
 Short-term bank deposits 16,446 354,950
 Due from JinBei and affiliated
 companies 68,867 146,166
 Accounts receivable, net 32,640 14,235
 Inventories, net 301,250 87,834
 Prepayments and other current
 assets 202,833 72,031
 Total current assets 1,350,578 802,384
 Long-term bank deposits -- 169,400
 Prepayments for equipment 91,427 25,646
 Property, plant and equipment, net 492,811 454,702
 Other assets 32,940 30,502
 Total assets 1,967,756 1,482,634
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Current Liabilities:
 Short-term bank loans 307,200 26,300
 Accounts payable 159,396 21,448
 Accrued expenses and other
 payables 81,160 69,925
 Loans from JinBei and affiliated
 companies 10,538 165,376
 Due to JinBei and affiliated
 companies 15,042 22,369
 Tax payable 4,946 3,255
 Obligations under capital leases
 with JinBei -- 20,171
 Dividend payable 4,968 --
 Total current liabilities 583,250 328,844
 Long-term bank loan 29,348 --
 Long-term obligations under capital
 leases with JinBei -- 306,968
 Minority interests 594,958 150,102
 SHAREHOLDERS' EQUITY:
 Capital stock
 Supervoting Common Stock, par
 value US$0.01 per share,
 30,000,000 shares authorized;
 12,328,034 shares outstanding 813 813
 Common Stock, par value US$0.01
 per share, 50,000,000 shares
 authorized; 5,063,000 shares
 outstanding 362 362
 Additional paid-in capital 618,933 618,933
 Cumulative translation adjustments 105,966 39,179
 Retained earnings 34,126 37,433
 Total shareholders' equity 760,200 696,720
 Total liabilities and
 shareholders' equity 1,967,756 1,482,634
 BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LIMITED AND SUBSIDIARY
 Selected Pro Forma Consolidated Financial Information
 For the Six Months Ended June 30, 1992
 The following selected unaudited pro forma consolidated financial information of the company is derived from the unaudited pro forma consolidated income statement of the company for the six months ended June 30, 1992, and has been prepared to reflect the acquisition by the company of Shenyang Automotive as if the acquisition had been consummated on Jan. 1, 1992. Such information is provided for information and comparative purposes only and does not purport to be indicative of the company's results of operations had such transaction been completed on the aforesaid date.
 Rmb
 Sales 504,579
 Costs 386,702
 Depreciation and amortization 9,569
 Selling and administrative expenses 31,902
 Pension expense 1,777
 Interest expense 20,204
 Total costs and expenses 450,154
 Income before income taxes and
 minority interests 54,425
 Provision for income taxes ---
 Total 54,425
 Minority interests (26,668)
 Net income 27,757
 Earnings per share Rmb 2.24
 Weighted average number of shares
 outstanding 12,391,304
 BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LIMITED AND SUBSIDIARY
 AND SHENYANG JINBEI PASSENGER VEHICLE MANUFACTURING COMPANY, LTD.
 Consolidated and Combined Statements of Income
 For the Six Months Ended June 30, 1993 and 1992
 (In thousands, except number of shares and per share data)
 Brilliance China Automotive Holdings Limited (the "company") acquired in a business combination accounted for as a purchase of a 51 percent interest in Shenyang JinBei Passenger Vehicle Manufacturing Company, Ltd. ("Shenyang Automotive" or the "predecessor") on June 30, 1992. As a result of the acquisition, the consolidated financial statements of the company reflect certain charges, principally for minority interest, that were not reflected in the combined financial statements of the predecessor. Accordingly, the results of operations and cash flows of the predecessor are generally not comparable with the results of operations and cash flows of the company.
 Brilliance China Shenyang JinBei
 Automotive Passenger Vehicle
 Holdings Ltd. and Manufacturing
 subsidiary (successor) Company, Ltd
 (Unaudited) (predecessor)
 1993 Rmb 1992 Rmb
 Sales 651,686 504,579
 Costs 510,979 386,702
 Depreciation of property,
 plant and equipment 21,785 7,799
 Amortization of
 special tools 1,689 1,770
 Selling and administrative
 expenses 44,388 26,002
 Pension expense 2,658 1,777
 Interest expense, net 12,023 20,204
 Total costs and expenses 593,522 444,254
 Other income, net 88,536 ---
 Income before tax and
 minority interest 146,700 60,325
 Provision for income tax --- ---
 Profit after provision
 for income tax 146,700 60,325
 Minority interest 72,102 ---
 Net income 74,598 60,325
 Earnings per share Rmb 4.3 N/A
 Dividends per share US$ 0.04 N/A
 Weighted average number of
 shares outstanding 17,391,034 N/A
 -0- 10/22/93
 /CONTACT: Lloyd X. Hong of Brilliance China Automotive Holdings Limited, 212-682-7870; or Bill Kelley of the Financial Relations Board, 212-661-8030/
 (CBA)


CO: Brilliance China Automotive Holdings Limited ST: IN: AUT SU: ERN

GK-MP -- NY066 -- 5876 10/22/93 16:18 EDT
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