SINGAPORE, Feb. 27, 2018 /PRNewswire/ -- China Yuchai
International Limited (NYSE: CYD) ("China Yuchai" or the
"Company"), a leading automotive manufacturer and distributor of
engines for on- and off-road applications in China through its main operating subsidiary,
Guangxi Yuchai Machinery Company Limited ("GYMCL"), announced today
its unaudited consolidated financial results for the fourth quarter
and the year ended December 31,
2017. The financial information presented herein for the
fourth quarter 2017 and 2016 is reported using International
Financial Reporting Standards ("IFRS") as issued by the
International Accounting Standards Board.
Financial Highlights for the Fourth Quarter of 2017
- Net revenue increased by 1.2% to RMB 3.8
billion (US$ 578.6 million)
compared with RMB 3.7 billion in the
fourth quarter of 2016;
- Gross profit rose by 6.1% to RMB 1.1
billion (US$ 165.4 million),
with gross margin increasing to 28.6%, compared with RMB 1.0 billion and a gross margin of 27.3% in
the fourth quarter of 2016;
- Operating profit increased by 96.5% to RMB 745.3 million (US$
114.1 million), including a net gain of RMB 367.8 million (US$
56.3 million) from one-time and extraordinary events,
compared with RMB 379.3 million in
the fourth quarter of 2016;
- Net earnings attributable to China Yuchai's shareholders
increased by 80.4% to RMB 407.9
million (US$ 62.4 million),
including a net gain of RMB 179.8
million (US$ 27.5 million)
from one-time and extraordinary events, compared with RMB 226.0 million in the fourth quarter of
2016;
- Basic and diluted earnings per share were RMB 9.99 (US$ 1.53)
and RMB 9.97 (US$ 1.53), including a net gain of RMB 4.40 (US$ 0.68)
and RMB 4.39 (US$ 0.68) from one-time and extraordinary events
respectively, compared with RMB 5.55
in the fourth quarter of 2016;
- The total number of engines sold was 73,610 units compared with
75,849 units in the fourth quarter of 2016.
Net revenue for the fourth quarter of 2017 increased by 1.2% to
RMB 3.8 billion (US$ 578.6 million) compared with RMB 3.7 billion in the same quarter last year.
The total number of engines sold by GYMCL in the fourth quarter
of 2017 decreased by 3.0% to 73,610 units compared with 75,849
units in the fourth quarter of 2016. According to data
reported by the China Association of Automobile Manufacturers
("CAAM"), in the fourth quarter of 2017, sales of commercial
vehicles (excluding gasoline-powered and electric-powered vehicles)
decreased by 0.4%. Truck sales decreased by 1.0% with
heavy-duty truck sales increasing by 0.6%. GYMCL's heavy-duty
truck engine sales in the fourth quarter of 2017 increased by
22.5%.
Gross profit increased by 6.1% to RMB 1.1
billion (US$ 165.4 million)
compared with RMB 1.0 billion in the
same quarter last year. Gross margin rose to 28.6% in the
fourth quarter of 2017 compared with 27.3% in the same quarter last
year. The gross profit increase was mainly attributable to
better product mix.
Other operating income was RMB 485.8
million (US$ 74.3 million)
compared with RMB 43.6 million in the
same quarter last year. The increase was mainly due to higher
bank interest income, and a one-time gain of RMB 115.2 million (US$
17.6 million) on the completion of engineering design
services for the YC6K heavy-duty engine platform for our joint
venture, Y&C Engine Company Limited ("Y&C"), and a one-time
gain of RMB 324.1 million
(US$ 49.6 million) on the sale of HL
Global Enterprises Limited's ("HLGE") hotel assets, compared with
the same quarter last year. Excluding these one-time items,
the other operating income was RMB 46.5
million (US$ 7.1 million)
compared with RMB 43.6 million in the
same quarter last year.
Research and development ("R&D") expenses increased by 23.3%
to RMB 231.0 million (US$ 35.4 million) from RMB
187.3 million in the same quarter last year. As a
percentage of net revenue, R&D spending was 6.1% compared with
5.0% in the same quarter last year. R&D expenses
reflected increased development and testing costs for new engines
to meet higher emission standards and GYMCL's continued initiatives
to improve engine quality. In January
2018, 14 new engines were introduced that complied with the
more stringent National VI (equivalent to Euro VI) emission
standard, which is expected to be implemented by mid-2020 according
to the China Ministry of Environmental Protection requirement.
Selling, general & administrative ("SG&A") expenses
increased by 19.0% to RMB 590.0
million (US$ 90.3 million)
from RMB 495.7 million in the same
quarter last year. SG&A expenses represented 15.6% of net
revenue compared with 13.3% in the same quarter last year.
SG&A expenses in the fourth quarter of 2017 included an
impairment charge of RMB 40.0 million
(US$ 6.1 million) related to the
intellectual property for the 4Y20 engine platform, and also
included a staff severance cost of RMB 31.5
million (US$ 4.8 million) in
the fourth quarter of 2017, which are extraordinary events.
In the same quarter last year, a staff severance cost of
RMB 1.8 million was recorded.
Excluding these extraordinary events, the SG&A expenses
increased by 5.0% to RMB 518.5
million (US$79.4 million) from
RMB 493.9 million in the same quarter
last year. These expenses represented 13.7% of net revenue,
compared with 13.2% in 2016.
Operating profit increased by 96.5% to RMB 745.3 million (US$
114.1 million) from RMB 379.3
million in the same quarter last year. The increase
included a net gain of RMB 367.8
million (US$ 56.3 million)
from one-time and extraordinary events. The operating margin was
19.7% compared with 10.2% in the same quarter last year.
Excluding the one-time and extraordinary events, the
operating profit decreased by 1.0% to RMB
377.4 million (US$ 57.8
million) from RMB 381.1
million in the same quarter last year.
Finance costs increased to RMB 24.5
million (US$ 3.8 million) from
RMB 11.3 million in the same quarter
last year. Higher finance costs were mainly due to higher
bank borrowings and higher trade bills discounting.
In the fourth quarter of 2017, total net profit attributable to
China Yuchai's shareholders increased by 80.4% to RMB 407.9 million (US$
62.4 million) from RMB 226.0
million in the same quarter last year. Basic and diluted
earnings per share were RMB 9.99
(US$ 1.53) and RMB 9.97 (US$1.53)
respectively compared with basic and diluted earnings per share of
RMB 5.55 in the same quarter last
year. In the fourth quarter of 2017, net profit attributable
to China Yuchai's shareholders included a net gain of RMB 179.8 million (US$
27.5 million) from one-time and extraordinary events.
Adjusted total net profit attributable to China Yuchai's
shareholders in the fourth quarter of 2017, excluding the one-time
and extraordinary events, was RMB 228.1
million (US$ 34.9 million),
compared with RMB 227.2 million in
the same quarter last year. Adjusted basic and diluted
earnings per share were RMB 5.59
(US$ 0.85) and RMB 5.58 (US$ 0.85)
respectively compared with adjusted basic and diluted earnings per
share of RMB 5.58 in the same quarter
last year. A reconciliation table reflecting the impact of
the one-time and extraordinary events on the fourth quarter of 2017
results is attached at the end of the press release.
Basic earnings per share in the fourth quarter of 2017 was based
on a weighted average of 40,832,405 shares, and diluted earnings
per share based on a weighted average of 40,889,954 shares compared
with 40,712,100 basic and diluted shares in the same quarter last
year. In July 2017, 99,970 new
shares were issued to shareholders who elected to receive shares in
lieu of a dividend in cash.
Financial Highlights for the Financial Year of 2017
- Net revenue increased by 18.7% to RMB
16.2 billion (US$ 2.5 billion)
from RMB 13.7 billion in 2016;
- Gross profit increased by 18.6% to RMB
3.5 billion (US$ 537.9
million) with a gross margin of 21.7%, compared with
RMB 3.0 billion and a gross margin of
21.7% in 2016;
- Operating profit increased by 77.4% to RMB 1.7 billion (US$ 262.6
million), including a net gain of RMB
291.6 million (US$ 44.6
million) from one-time and extraordinary events, compared
with RMB 967.2 million in 2016;
- Earnings per share rose by 81.6% to RMB
23.40 (US$ 3.58) including a
net gain of RMB 3.19 (US$ 0.49) from one-time and extraordinary
events, compared with RMB 12.89 in
2016;
- The total number of engines sold increased by 14.6% to 367,097
units compared with 320,424 units in 2016.
Net revenue was RMB 16.2 billion
(US$ 2.5 billion) compared with
RMB 13.7 billion in 2016.
The total number of engines sold by GYMCL in 2017 was 367,097
units compared with 320,424 units in 2016, representing an increase
of 14.6%. According to CAAM, sales of commercial vehicles
(excluding gasoline-powered and electric-powered vehicles)
increased by 16.9% in 2017. The truck market grew by 19.5%
led by a 52.4% increase in heavy-duty truck sales. The bus
market remained weak experiencing a 0.7% decline in overall sales
with heavy-duty bus sales up 0.1%.
Gross profit increased by 18.6% to RMB
3.5 billion (US$ 537.9
million) compared with RMB 3.0
billion in 2016. The gross profit margin was 21.7% in
2017 and 2016.
Other operating income was RMB 624.6
million (US$ 95.6 million)
compared with RMB 95.4 million in
2016. This increase was mainly due to higher foreign exchange
gains and higher bank interest income and a one-time gain of
RMB 115.2 million (US$ 17.6 million) on the completion of
engineering design services for the YC6K heavy-duty engine platform
for our joint venture, Y&C, and a one-time gain of RMB 324.1 million (US$
49.6 million) from the sale of HLGE's hotel assets in 2017.
Excluding these one-time items, the other operating income
was RMB 185.3 million (US$ 28.4 million) compared with RMB 95.4 million in 2016.
R&D expenses increased by 3.4% to RMB
608.2 million (US$ 93.1
million) compared with RMB 588.0
million in 2016. As a percentage of net revenue,
R&D spending was 3.7% compared with 4.3% in 2016. R&D
expenses increased mainly due to the ongoing research and
development of new and existing engine products as well as
continued initiatives to improve engine quality. The Company
remains committed to its R&D programs and continues to
introduce new engine models for both the on-road and off-road
markets compliant with increasingly stringent emission standards.
In January 2018, 14 new engine
models were introduced that are compliant with the more stringent
National VI (equivalent to Euro VI) emission standard.
SG&A expenses increased by 20.7% to RMB 1.8 billion (US$ 277.9
million) from RMB 1.5 billion
in 2016. These expenses represented 11.2% of net revenue, compared
with 11.0% in 2016. SG&A expenses included an impairment
charge of RMB 40.0 million
(US$ 6.1 million) related to the
intellectual property for the 4Y20 engine platform, and also
included a staff severance cost of RMB 107.7
million (US$ 16.5 million) in
2017, which are extraordinary events. In 2016, a staff
severance cost of RMB 12.9 million
was recorded. Excluding these extraordinary events, the
SG&A expenses increased by 11.8% to RMB
1.7 billion (US$ 255.3
million) from RMB 1.5 billion
in 2016. These expenses represented 10.3% of net revenue,
compared with 10.9% in 2016.
Operating profit increased by 77.4% to RMB 1.7 billion (US$ 262.6
million) from RMB 967.2
million in 2016. The increase was mainly due to the
net gain of RMB 291.6 million
(US$ 44.6 million) from one-time and
extraordinary events. The operating margin was 10.6% compared
with 7.1% in 2016. Excluding the one-time and extraordinary
events, the operating profit increased by 45.3% to RMB 1.4 billion (US$ 217.9
million) from RMB 980.0
million in 2016.
Finance costs increased by 26.0% to RMB
100.4 million (US$ 15.4
million) from RMB 79.7 million
in 2016. Higher finance costs mainly resulted from increased
bank borrowings and higher trade bills discounting during the
year.
The net profit attributable to China Yuchai's shareholders
increased by 85.0% to RMB 953.9
million (US$ 146.0 million),
or earnings per share of RMB 23.40
(US$ 3.58), compared with
RMB 515.7 million, or earnings per
share of RMB 12.89 in 2016. Net
profit attributable to China Yuchai's shareholders in 2017 included
a net gain of RMB 130.3 million
(US$ 19.9 million) from the one-time
and extraordinary events. Adjusted total net profit
attributable to China Yuchai's shareholders in 2017, excluding the
one-time and extraordinary events, was RMB
823.7 million (US$ 126.1
million), compared with RMB 524.1
million in 2016. Adjusted basic and diluted earnings
per share were RMB 20.21 (US$ 3.09), compared with adjusted basic and
diluted earnings per share of RMB
13.10 in 2016.
Basic and diluted earnings per share were based on a weighted
average of 40,764,569 shares in 2017. Basic and diluted
earnings per share were based on a weighted average of 40,016,808
shares in 2016. In July 2017,
99,970 new shares were issued to shareholders who elected to
receive shares in lieu of a dividend in cash.
Balance Sheet Highlights as at December 31, 2017
- Cash and bank balances were RMB 6.0
billion (US$ 922.7 million)
compared with RMB 4.1 billion at the
end of 2016;
- Trade and bills receivables were RMB 7.0
billion (US$ 1.1 billion)
compared with RMB 7.1 billion at the
end of 2016;
- Inventories were RMB 2.6 billion
(US$ 393.7 million) compared with
RMB 1.7 billion at the end of
2016;
- Trade and bills payables were RMB 5.2
billion (US$ 792.3 million)
compared with RMB 4.7 billion at the
end of 2016;
- Short- and long-term borrowings were RMB
1.6 billion (US$ 248.9
million) compared with RMB 910.4
million at the end of 2016.
Mr. Weng Ming Hoh, President of
China Yuchai, commented, "2017 was a year of growth with robust
unit sale increases in on-road heavy-duty and light-duty, and in
industrial and agricultural engines. In addition, we
increased our overall average selling price in 2017. Our
engine export sales continued to improve in 2017. We are in a
better position with our broad portfolio of advanced diesel,
natural gas and hybrid engines, and our extensive service network,
to serve the needs of the on-road and off-road markets in
China."
"We continue to generate positive cash flow from operations to
strengthen our financial position. We remain focused on
improving our operational efficiency even as we introduce new
engines with advanced emissions technology well before the
scheduled implementation date to enhance our market leadership
position," Mr. Hoh concluded.
Disclaimer Regarding Unaudited Financial Results
Investors should note that the Company has not yet finalized its
consolidated financial results for fiscal year 2017. The financial
information of the Company presented above is unaudited and may
differ materially from the audited financial statements of the
Company for fiscal year 2017 to be released when it is
available.
Exchange Rate Information
The Company's functional currency is the U.S. dollar and its
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 6.5342 =
US$ 1.00, the rate quoted by the
People's Bank of China at the
close of business on December 31,
2017. 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 December 31, 2017 or at any other date.
Unaudited Full Year 2017 Conference Call
A conference call and audio webcast for the investment community
has been scheduled for 8:00 A.M. Eastern
Standard Time on February 27,
2018. The call will be hosted by Mr. Weng Ming HOH,
President, and Dr. Thomas Phung,
Chief Financial Officer of China Yuchai. They will present and
discuss the financial results and business outlook of the Company
followed with a Q&A session.
Analysts and institutional investors may participate in the
conference call by dialing +1-866-519-4004 (United States), +800-906-601 (Hong Kong), 400-620-8038 (China) or +65 67135090 (International),
Conference Code: 9928669 approximately five to ten minutes
before the call start time.
For all other interested parties, a simultaneous webcast can be
accessed at the investor relations section of the Company's website
located at http://www.cyilimited.com. Participants are requested to
log into 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, the
Company 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
team and significant market share in China with high-quality products and reliable
after-sales support. In 2017, GYMCL sold 367,097 engines and is
recognized as a leading manufacturer and distributor of engines in
China. For more information,
please visit http://www.cyilimited.com.
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 the Company's
operations, financial performance and condition are based on
current expectations, beliefs and assumptions which are subject to
change at any time. The Company 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
China including those discussed in
the Company's Form 20-Fs under the headings "Risk Factors",
"Results of Operations" and "Business Overview" and other reports
filed with the Securities and Exchange Commission from time to
time. All forward looking statements are applicable only as of the
date it is made and the Company specifically disclaims any
obligation to maintain or update the forward-looking information,
whether of the nature contained in this release or otherwise, in
the future.
For more information, please contact:
Kevin Theiss
Tel: +1-646-726-6511
Email: cyd@bluefocus.com
-- Tables Follow --
CHINA YUCHAI
INTERNATIONAL LIMITED
|
UNAUDITED
CONSOLIDATED INCOME STATEMENTS
|
For the quarters
ended December 31, 2017 and 2016
|
(RMB and US$
amounts expressed in thousands, except per share
data)
|
|
|
December 31,
2017
|
December 31,
2016
|
|
RMB
'000
|
US$
'000
|
RMB
'000
|
US$
'000
|
Revenue
|
3,780,812
|
578,619
|
3,735,859
|
571,739
|
Cost of goods
sold
|
(2,700,322)
|
(413,260)
|
(2,717,159)
|
(415,837)
|
Gross
profit
|
1,080,490
|
165,359
|
1,018,700
|
155,902
|
Other operating
income, net
|
485,797
|
74,347
|
43,605
|
6,673
|
Research and
development costs
|
(230,984)
|
(35,350)
|
(187,345)
|
(28,671)
|
Selling, general and
administrative costs
|
(590,020)
|
(90,297)
|
(495,650)
|
(75,855)
|
Operating
profit
|
745,283
|
114,059
|
379,310
|
58,049
|
Finance
costs
|
(24,521)
|
(3,753)
|
(11,298)
|
(1,729)
|
Share of (loss) /
profit of associates
|
(77)
|
(12)
|
445
|
68
|
Share of (loss) /
profit of joint ventures
|
(655)
|
(100)
|
1,788
|
274
|
Profit before
tax
|
720,030
|
110,194
|
370,245
|
56,662
|
Income tax
expense
|
(54,148)
|
(8,287)
|
(51,433)
|
(7,871)
|
Profit for the
period
|
665,882
|
101,907
|
318,812
|
48,791
|
Attributable
to:
|
|
|
|
|
Equity holders of the
parent
|
407,855
|
62,420
|
226,029
|
34,592
|
Non-controlling
interests
|
258,027
|
39,487
|
92,783
|
14,199
|
|
665,882
|
101,907
|
318,812
|
48,791
|
Net earnings per
common share
|
|
|
|
|
- Basic
|
9.99
|
1.53
|
5.55
|
0.85
|
- Diluted
|
9.97
|
1.53
|
5.55
|
0.85
|
Unit sales
|
73,610
|
|
75,849
|
|
CHINA YUCHAI
INTERNATIONAL LIMITED
|
UNAUDITED
CONSOLIDATED INCOME STATEMENTS
|
For the years
ended December 31, 2017 and 2016
|
(RMB and US$
amounts expressed in thousands, except per share
data)
|
|
|
December 31,
2017
|
December 31,
2016
|
|
RMB
'000
|
US$
'000
|
RMB
'000
|
US$
'000
|
Revenue
|
16,222,442
|
2,482,697
|
13,664,840
|
2,091,280
|
Cost of goods
sold
|
(12,707,419)
|
(1,944,755)
|
(10,700,655)
|
(1,637,638)
|
Gross
profit
|
3,515,023
|
537,942
|
2,964,185
|
453,642
|
Other operating
income, net
|
624,633
|
95,595
|
95,355
|
14,593
|
Research and
development costs
|
(608,181)
|
(93,077)
|
(588,007)
|
(89,989)
|
Selling, general and
administrative costs
|
(1,815,853)
|
(277,900)
|
(1,504,360)
|
(230,229)
|
Operating
profit
|
1,715,622
|
262,560
|
967,173
|
148,017
|
Finance
costs
|
(100,439)
|
(15,371)
|
(79,683)
|
(12,195)
|
Share of (loss) /
profit of associates
|
(28)
|
(4)
|
456
|
70
|
Share of profit /
(loss) of joint ventures
|
10,082
|
1,543
|
(4,068)
|
(623)
|
Profit before
tax
|
1,625,237
|
248,728
|
883,878
|
135,269
|
Income tax
expense
|
(220,167)
|
(33,695)
|
(160,270)
|
(24,528)
|
Profit for the
year
|
1,405,070
|
215,033
|
723,608
|
110,741
|
Attributable
to:
|
|
|
|
|
Equity holders of the
parent
|
953,922
|
145,989
|
515,737
|
78,929
|
Non-controlling
interests
|
451,148
|
69,044
|
207,871
|
31,812
|
|
1,405,070
|
215,033
|
723,608
|
110,741
|
Net earnings per
common share
|
|
|
|
|
- Basic
|
23.40
|
3.58
|
12.89
|
1.97
|
- Diluted
|
23.40
|
3.58
|
12.89
|
1.97
|
Unit sales
|
367,097
|
|
320,424
|
|
CHINA YUCHAI
INTERNATIONAL LIMITED
|
SELECTED UNAUDITED
CONSOLIDATED BALANCE SHEET ITEMS
|
For the years
ended December 31, 2017 and 2016
|
(RMB and US$
amounts expressed in thousands)
|
|
|
As of December 31,
2017
|
As of
December 31,
2016
(Audited)
|
|
RMB
'000
|
US$
'000
|
RMB
'000
|
|
|
|
|
Cash and bank
balances
|
6,029,207
|
922,715
|
4,052,957
|
Trade and bills
receivables
|
7,031,544
|
1,076,114
|
7,057,256
|
Inventories
|
2,572,745
|
393,735
|
1,663,879
|
Trade and bills
payables
|
5,177,123
|
792,312
|
4,672,750
|
Short-term and
long-term interest-bearing loans and
borrowings
|
1,626,341
|
248,897
|
910,406
|
Equity attributable
to equity holders of the parent
|
8,347,563
|
1,277,519
|
7,683,834
|
Non-IFRS Financial Measures
This press release makes reference to certain non-IFRS measures.
Management uses these non-IFRS financial measures for
purposes of comparison to prior periods and development of future
projections and earnings growth prospects. This information
is also used by management to measure the profitability of ongoing
operations and in analyzing the Company's business performance and
trends. These measures are not recognized measures under IFRS, do
not have a standardized meaning prescribed by IFRS and are
therefore unlikely to be comparable to similar measures presented
by other companies. Rather, these measures are provided as
additional information to complement those IFRS measures by
providing further understanding of the Company's results of
operations from management's perspective. Accordingly, they
should not be considered in isolation nor as a substitute for
analysis of the Company's financial information reported under
IFRS.
Non-IFRS Financial
Measures
|
|
To supplement our
consolidated financial statements, we provide the following
additional information
|
on the
adjustments:
|
|
UNAUDITED
Reconciliation of adjusted net profit for the quarters ended
December 31, 2017 and 2016
|
(RMB and US$
amounts expressed in thousands, except per share
data)
|
|
|
Quarter
Ended
December 31,
2017
|
Quarter
Ended
December 31,
2016
|
|
RMB
'000
|
US$
'000
|
RMB
'000
|
US$
'000
|
Net profit
|
665,882
|
101,907
|
318,812
|
48,791
|
Adjustments to net
profit:
|
|
|
|
|
Completion of the
engineering design services
of YC6K
|
(115,235)
|
(17,636)
|
–
|
–
|
Sales of hotel
assets
|
(324,092)
|
(49,599)
|
–
|
–
|
Staff Severance
cost
|
31,485
|
4,818
|
1,755
|
269
|
Impairment charge on
intellectual property
|
40,000
|
6,122
|
–
|
–
|
Related income tax
effects
|
21,271
|
3,255
|
(263)
|
(40)
|
Adjusted net
profit
|
319,311
|
48,867
|
320,304
|
49,020
|
Adjusted net profit
attributable to:
|
|
|
|
|
Equity holders of the
parent
|
228,081
|
34,905
|
227,169
|
34,766
|
Non-controlling
interests
|
91,230
|
13,962
|
93,135
|
14,254
|
|
319,311
|
48,867
|
320,304
|
49,020
|
Net earnings per
common share
|
|
|
|
|
- Basic
|
9.99
|
1.53
|
5.55
|
0.85
|
- Diluted
|
9.97
|
1.53
|
5.55
|
0.85
|
Net earnings per
common share adjustment
due to one-time and extraordinary events
|
|
|
|
|
- Basic
|
(4.40)
|
(0.68)
|
0.03
|
0.00
|
- Diluted
|
(4.39)
|
(0.68)
|
0.03
|
0.00
|
Adjusted net
earnings per common share
excluding one-time and extraordinary events
|
|
|
|
|
- Basic
|
5.59
|
0.85
|
5.58
|
0.85
|
- Diluted
|
5.58
|
0.85
|
5.58
|
0.85
|
Non-IFRS Financial
Measures
|
|
To supplement our
consolidated financial statements, we provide the following
additional information
|
on the
adjustments:
|
|
UNAUDITED
Reconciliation of adjusted net profit for the years ended December
31, 2017 and 2016
|
(RMB and US$
amounts expressed in thousands, except per share
data)
|
|
|
Year
ended
December 31,
2017
|
Year
ended
December 31,
2016
|
|
RMB
'000
|
US$
'000
|
RMB
'000
|
US$
'000
|
Net profit
|
1,405,070
|
215,033
|
723,608
|
110,741
|
Adjustments to net
profit:
|
|
|
|
|
Completion of the
engineering design services
of YC6K
|
(115,235)
|
(17,636)
|
–
|
–
|
Sales of hotel
assets
|
(324,092)
|
(49,599)
|
–
|
–
|
Staff severance
cost
|
107,732
|
16,487
|
12,864
|
1,969
|
Impairment charge on
intellectual property
|
40,000
|
6,122
|
–
|
–
|
Related income tax
effects
|
9,834
|
1,505
|
(1,930)
|
(295)
|
Adjusted net
profit
|
1,123,309
|
171,912
|
734,542
|
112,415
|
Adjusted net profit
attributable to:
|
|
|
|
|
Equity holders of the
parent
|
823,670
|
126,055
|
524,092
|
80,208
|
Non-controlling
interests
|
299,639
|
45,857
|
210,450
|
32,207
|
|
1,123,309
|
171,912
|
734,542
|
112,415
|
Net earnings per
common share
|
|
|
|
|
- Basic
|
23.40
|
3.58
|
12.89
|
1.97
|
- Diluted
|
23.40
|
3.58
|
12.89
|
1.97
|
Net earnings per
common share adjustment
due to one-time and extraordinary events
|
|
|
|
|
- Basic
|
(3.19)
|
(0.49)
|
0.21
|
0.03
|
- Diluted
|
(3.19)
|
(0.49)
|
0.21
|
0.03
|
Adjusted net
earnings per common share
excluding one-time and extraordinary events
|
|
|
|
|
- Basic
|
20.21
|
3.09
|
13.10
|
2.00
|
- Diluted
|
20.21
|
3.09
|
13.10
|
2.00
|
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content:http://www.prnewswire.com/news-releases/china-yuchai-international-announces-unaudited-fourth-quarter-2017-financial-results-300604663.html
SOURCE China Yuchai International Limited