China Yuchai International Announces Unaudited 2023 First Half-Year Financial Results
Financial Highlights for 1H 2023
- Revenue grew by
7.0% toRMB 9.2 billion (US ) compared with$ 1.3 billion RMB 8.6 billion in 1H 2022; - Gross profit increased by
14.1% toRMB 1.6 billion (US ) compared with$ 214.8 million RMB 1.4 billion in 1H 2022. Gross margin increased to16.9% in 1H 2023 compared with15.9% in 1H 2022; - Operating profit grew by
34.6% toRMB 387.7 million (US ) compared with$ 53.7 million RMB 288.0 million in 1H 2022; - Basic and diluted earnings per share increased by
90.8% toRMB 4.37 (US ) compared with$ 0.60 RMB 2.29 in 1H 2022; - Total number of engines sold decreased by
8.4% to 165,793 units compared with 180,911 units in 1H 2022.
Revenue was
The total number of engines sold by GYMCL in 1H 2023 declined by
According to data reported by the China Association of Automobile Manufacturers ("CAAM"), in
1H 2023, commercial vehicle unit sales (excluding gasoline-powered and electric-powered vehicles) increased by
Gross profit increased by
Other operating income increased by
Research and development ("R&D") expenses decreased slightly to
Selling, general and administrative ("SG&A") expenses increased by
(
Operating profit rose by
Finance costs declined by
The share of financial results of the associates and joint ventures was a profit of
Income tax expense was
Net profit attributable to equity holders of the Company was
Basic and diluted earnings per share were
Basic and diluted earnings per share for 1H 2023 and 1H 2022 were based on a weighted average of 40,858,290 shares.
Balance Sheet Highlights as at June 30, 2023
- Cash and bank balances were
RMB 5.6 billion (US ) compared with$ 777.2 million RMB 4.9 billion at the end of FY 2022; - Trade and bills receivables were
RMB 9.0 billion (US ) compared with$ 1.3 billion RMB 6.8 billion at the end of FY 2022; - Inventories were
RMB 4.9 billion (US ) compared with$ 682.4 million RMB 4.9 billion at the end of FY 2022; - Trade and bills payables were
RMB 8.0 billion (US ) compared with$ 1.1 billion RMB 6.9 billion at the end of FY 2022; - Short-term and long-term loans and borrowings were
RMB 3.0 billion (US ) compared with$ 419.7 million RMB 2.3 billion at the end of FY 2022.
Mr. Weng Ming Hoh, President of China Yuchai, commented, "We achieved better financial results, with higher revenue, margins and earnings per share than the same period last year despite uneven growth in the
"Our revenues in the first half of 2023 reflected the breadth of our product portfolio to serve our customers across a number of industries. We are confident that we can leverage the long-term growth potential of our businesses and create value for our shareholders," Mr. Hoh concluded.
Exchange Rate Information
The Company's functional currency is the
Unaudited 1H 2023 Conference Call
A conference call and audio webcast for the investment community has been scheduled for 8:00 A.M. Eastern Daylight Time on August 10, 2023. The call will be hosted by the President and Chief Financial Officer of China Yuchai, Mr. Weng Ming Hoh and Mr. Choon Sen Loo, respectively, who will present and discuss the financial results of the Company followed by a Q&A session.
Analysts and institutional investors may participate in the conference call by registering at: https://register.vevent.com/register/BI74bf52d8366e405fac48da1ef3a1942d at least one hour before the scheduled start time. A reply email will be sent with instructions and numbers to join the call.
For all other interested parties, a simultaneous webcast can be accessed at the investor relations section of the Company's website located at https://www.cyilimited.com. Participants are encouraged to join the webcast at least 10 minutes prior to the scheduled start time. The recorded webcast will be available on the website shortly after the earnings call.
About China Yuchai International
China Yuchai International Limited, through its subsidiary, Guangxi Yuchai Machinery Company Limited ("GYMCL"), engages in the manufacture, assembly, and sale of a wide variety of light-, medium- and heavy-duty engines for trucks, buses, passenger vehicles, construction equipment, marine and agriculture applications in China. GYMCL also produces diesel power generators. The engines produced by GYMCL range from diesel to natural gas and hybrid engines. Through its regional sales offices and authorized customer service centers, GYMCL distributes its engines directly to auto OEMs and retailers and provides maintenance and retrofitting services throughout China. Founded in 1951, GYMCL has established a reputable brand name, strong research and development teams and significant market share in
Safe Harbor Statement:
This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "believe", "expect", "anticipate", "project", "targets", "optimistic", "confident that", "continue to", "predict", "intend", "aim", "will" or similar expressions are intended to identify forward-looking statements. All statements other than statements of historical fact are statements that may be deemed forward-looking statements. These forward-looking statements including, but not limited to, statements concerning China Yuchai's and the joint ventures' operations, financial performance and condition are based on current expectations, beliefs and assumptions which are subject to change at any time. China Yuchai cautions that these statements by their nature involve risks and uncertainties, and actual results may differ materially depending on a variety of important factors such as government and stock exchange regulations, competition, political, economic and social conditions around the world and in
For more information:
Investor Relations
Kevin Theiss
Tel: +1-212-510-8922
Email: cyd@bluefocus.com
-- Tables Follow –
CHINA YUCHAI INTERNATIONAL LIMITED |
UNAUDITED CONSOLIDATED INCOME STATEMENTS |
For the first half – years ended June 30, 2023 and 2022 |
June 30, 2023 | June 30, 2022 | ||||
RMB '000 | US$ '000 | RMB '000 | US$ '000 | ||
Revenue | 9,171,003 | 1,269,202 | 8,568,505 | 1,185,821 | |
Cost of sales | (7,618,986) | (1,054,414) | (7,207,874) | (997,519) | |
Gross profit | 1,552,017 | 214,788 | 1,360,631 | 188,302 | |
Other operating income, net | 136,201 | 18,849 | 85,492 | 11,831 | |
Research and development expenses | (406,047) | (56,194) | (408,481) | (56,531) | |
Selling, general and administrative expenses | (894,485) | (123,790) | (749,604) | (103,740) | |
Operating profit | 387,686 | 53,653 | 288,038 | 39,862 | |
Finance costs | (53,642) | (7,424) | (55,231) | (7,644) | |
Share of results of associates and joint ventures | 29,626 | 4,100 | (30,942) | (4,282) | |
Profit before tax | 363,670 | 50,329 | 201,865 | 27,936 | |
Income tax expense | (110,627) | (15,310) | (56,487) | (7,817) | |
Profit for the period | 253,043 | 35,019 | 145,378 | 20,119 | |
Attributable to: | |||||
Equity holders of the Company | 178,377 | 24,686 | 93,724 | 12,970 | |
Non-controlling interests | 74,666 | 10,333 | 51,654 | 7,149 | |
253,043 | 35,019 | 145,378 | 20,119 | ||
Net earnings per share | |||||
- Basic | 4.37 | 0.60 | 2.29 | 0.32 | |
- Diluted | 4.37 | 0.60 | 2.29 | 0.32 | |
Unit sales | 165,793 | 180,911 |
CHINA YUCHAI INTERNATIONAL LIMITED |
SELECTED UNAUDITED CONSOLIDATED BALANCE SHEET ITEMS |
For the periods ended June 30, 2023 and December 31, 2022 |
(RMB and US$ amounts expressed in thousands) |
June 30, 2023 (Unaudited) | December 31, 2022 | ||
RMB '000 | US$ '000 | RMB '000 | |
Cash and bank balances | 5,616,231 | 777,247 | 4,850,743 |
Trade and bills receivables | 9,049,354 | 1,252,367 | 6,792,958 |
Inventories | 4,931,085 | 682,428 | 4,937,755 |
Trade and bills payables | 8,002,430 | 1,107,480 | 6,919,421 |
Short-term and long-term loans and borrowings | 3,032,581 | 419,688 | 2,341,432 |
Equity attributable to equity holders of the | 9,230,044 | 1,277,373 | 9,008,946 |
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SOURCE China Yuchai International Limited