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BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LIMITED ANNOUNCES CONSOLIDATED SIX MONTH EARNINGS

 NEW YORK, March 15 /PRNewswire/ -- Brilliance China Automotive Holdings Limited (NYSE: CBA) announced today its consolidated earnings for the six months ended Dec. 31, 1992.
 The announcement covers the first six months after Brilliance China Automotive Holdings Limited (Brilliance China) acquired a 51 percent interest in Shenyang JinBei Passenger Vehicle Manufacturing Company Limited (Shenyang Automotive). It is also the first announcement issued by Brilliance China since its stock was listed on the New York Stock Exchange in October 1992.
 Shenyang Automotive is a joint venture enterprise located in Shenyang, Liaoning Province, People's Republic of China. Shenyang Automotive is China's largest domestic producer of minibuses and the sole producer of luxury minibuses, with a 40 percent share of the 11- to 15-seat domestic minibus market.
 Brilliance China reported earnings of Rmb 37,433,000 (U.S.$6,549,000)(A) on sales of Rmb 681,089,000 (U.S.$119,161,000). Sales income for the previous six months totalled Rmb 504,579,000 (U.S.$88,279,476). Earnings per share totalled Rmb 2.56 (U.S.$0.45)
 Yang Rong, chairman and president of Brilliance China, said: "We are pleased with the results, which reflect increases in production capacity and improved operations. Unlike many enterprises in the PRC, managers at Shenyang Automotive have the authority and responsibility to make and implement their own decisions. The strengthening of our management supplements our continuing drive to modernize production processes.
 "In addition to this, financial, management and training systems are being strengthened with advice from international consultants Arthur Andersen & Co.
 "The proceeds of the October listing are being applied in part to this process, which is designed to increase output. A portion of the proceeds is being applied to increasing production capacity from some 20,000 vehicles a year currently to 40,000 a year by the end of 1994. Another substantial amount is being invested to increase the percentage of domestic components used in each vehicle."
 Brilliance China is the first NYSE-listed company whose operations are based in the PRC. With the completion of the October 1992 offering international investors own approximately 30 percent of Brilliance China.
 BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LIMITED AND SUBSIDIARY
 CONSOLIDATED STATEMENT OF INCOME
 (Figures in thousands, except for capital stock data)
 Six months ended Dec. 31 1992
 Rmb U.S.$(A)
 Sales, net of sales tax 681,089 119,161
 Cost of sales (541,593) (94,755)
 Depreciation and amortization
 of fixed assets (15,990) (2,798)
 Selling and administration expenses (46,721) (8,174)
 Interest expenses, net (16,531) (2,892)
 Total costs and expenses (620,835) (108,619)
 Other income (C)(B) 17,821 3,118
 Income before taxes and minority interest 78,075 13,660
 Provision for income taxes (D)(B) -- --
 Minority interests in consolidated
 subsidiary (40,642) (7,111)
 Net income 37,433 6,549
 Earnings per capital stock
 (Renminbi Yuan & U.S. Dollar) 2.56 0.45
 Average number of capital stock
 outstanding 14,641,304
 (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 U.S. $1 equals Rmb 5.7157 announced by the PRC State Administration for Exchange Control on March 12, 1993. The floating market exchange rate in the Shanghai swap center was U.S.$1 equals Rmb 8.1800 on March 12, 1993.
 (B) The accompanying notes are an integral part of this unaudited consolidated statement of income.
 (C) Other income
 Shenyang JinBei Passenger Vehicle Manufacturing Company, Ltd. (Shenyang Automotive), the 51 percent subsidiary of Brilliance China Automotive Holdings Limited. (The company), had been paying Value Added Taxes on the import of certain components into the People's Republic of China (the PRC) during the six months ended June 30, 1992. In December 1992, the Tax Bureau of the PRC had ruled that the subsidiary should have been subject to Industrial and Commercial Consolidated Taxes instead. As a result, a total of Rmb 17,821,000 was refunded to the subsidiary in the six months ended Dec. 31, 1992 which was included in other income.
 (D) Taxation
 The company was incorporated under the laws of Bermuda and under current Bermuda law, is not subject to tax on income or on capital gains.
 The company has received an undertaking from the Minister of Finance in Bermuda pursuant to the provisions of the Exempted Undertakings Tax Protection Act, 1966, which exempts the ordinary resident in Bermuda from any Bermuda taxes computed on profit, income or any capital assets, gain or appreciation or any tax in the nature of estate duty or inheritance tax, at least until the year 2016.
 Shenyang Automotive is subject to Chinese income taxes at the applicable tax rate (currently 27 percent: 24 percent basic plus 3 percent local) on taxable income as reported in its Chinese statutory accounts in accordance with the relevant income tax laws applicable to Sino-foreign equity joint venture enterprises. However, pursuant to the same tax laws, Shenyang Automotive will be fully exempted from Chinese income tax of 24 percent for two years starting from the first profit- making year followed by a 50 percent exemption for the next three years and exempted from the local income tax of 3 percent for seven years, followed by a 50 percent reduction for the next three years. Accordingly, Shenyang Automotive was exempted from income tax for the six months ended Dec. 31, 1992.
 -0- 3/15/93
 /CONTACT: Lloyd Xing Hong of Brilliance China Automotive Holdings Limited, 011-852-523-7227, or Anthony Payne (Hong Kong), 011-852-856-1737, or Robert Grieves (New York), 212-614-4951, both of Burson-Marsteller, for Brilliance China Automotive Holdings/
 (CBA)


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

PS-LO -- NY024 -- 6005 03/15/93 11:45 EST
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