SINGAPORE, June 30 CYD-On-20-F-Filings
SINGAPORE, June 30 /Xinhua-PRNewswire-FirstCall/ -- China Yuchai
International Limited (NYSE: CYD) ("China Yuchai" or the "Company"), announced
today that it is in the final stages of completing its consolidated financial
statements for the fiscal year ended December 31, 2006 and believes that it
will be able to complete the filing of its 2006 annual report on Form 20-F
containing its consolidated financial statements for the fiscal year ended
December 31, 2006 (the "2006 Annual Report"), with the U.S. Securities and
Exchange Commission ("SEC") on or before July 17, 2008, within the additional
six (6) months extension granted by the New York Stock Exchange as prescribed
by its rules, which was announced by the Company on 29 January, 2008.
The Company also advises that it will be unable to file its annual report
on Form 20-F containing its consolidated financial statements for the fiscal
year ended December 31, 2007 ("2007 Annual Report") with the SEC by the filing
deadline of June 30, 2008. The Company has recently completed the restatement
of its 2005 consolidated financial statements and on May 30, 2008, filed with
the SEC an amendment to its annual report on Form 20-F for the year ended
December 31, 2005. The Company is now working on finalizing its 2006 Annual
Report. CYI has, today filed a notification of late filing on Form 12b-25 with
the SEC in relation to its 2007 Annual Report.
Pending the filing of the 2006 Annual Report, the Company wishes to
announce that its unaudited sales revenues for 2006 was approximately Rmb6.9
billion, reflecting a 19% increase from 2005 where sales revenues was Rmb5.8
billion. The unit sales for 2006 was 283,000 compared to 230,000 for 2005,
representing a 23% increase.
The Company further announces that the unaudited sales revenues of its
majority-owned subsidiary, Guangxi Yuchai Machinery Company Limited ("Guangxi")
for 2007 was approximately RMB 9.4 billion, reflecting a 36% increase from
2006. Guangxi's unit sales for 2007 was 383,000 representing a 35% increase.
Based on the foregoing, China Yuchai anticipates the net income it expects to
report for 2007 will show an improvement over the net income it expects to
report for 2006.
China Yuchai is working diligently to complete and file the 2006 and 2007
Annual Reports as soon as possible. Until its 2006 and 2007 Annual Reports are
filed in a compliant manner with the SEC, the Company could be subject to
enforcement action by the SEC and/or the suspension of trading or de-listing
of its shares on the New York Stock Exchange, and the Company's ability to
access the international financial markets could be hampered, all of which
could have a material adverse effect on the Company.
Disclosure Regarding Unaudited Financial Results
The results of the Company and Guangxi presented above are unaudited. The
historical information may not be indicative of the Company's and Guangxi's
future performance and the unaudited results may not be necessarily indicative
of results that may be expected for the audited results. In addition,
Guangxi's results have been prepared under Chinese GAAP which may differ
significantly from the US GAAP under which the Company prepares its
consolidated financial statements. The extent or degree to which Guangxi
Chinese GAAP results will provide meaningful information is dependent on the
reader's level of familiarity with Chinese GAAP and other financial reporting
regulations in China. Investors should be aware that audited US GAAP results
for Guangxi may be significantly different from those presented above. No
attempt has been made by the Company to quantify the effects of the
differences between Chinese GAAP and US GAAP as they apply to Guangxi's
results nor a complete reconciliation of Chinese GAAP to US GAAP has yet been
undertaken by the Company. Upon any such quantification or reconciliation,
potential significant accounting and disclosure differences may come to the
Company's attention. Reliance by investors on the results presented above
should be limited accordingly.
About China Yuchai International
China Yuchai International Limited, through its subsidiary, Guangxi
engages in the manufacture, assembly, and sale of a wide array of light-duty,
medium-sized and heavy-duty diesel engines for construction equipment, trucks,
buses, and cars in China. Guangxi also produces diesel power generators, which
are primarily used in the construction and mining industries. Through its
regional sales offices and authorized customer service centers, Guangxi
distributes its diesel engines directly to auto OEMs and retailers and
provides maintenance and retrofitting services throughout China. Founded in
1951, Guangxi has established a reputable brand name, strong research &
development team and significant market share in China with high-quality
products and reliable after-sales support. In 2007, Guangxi sold approximately
383,000 diesel engines and was consistently ranked No. 1 in unit sales by
China Association of Automobile Manufacturers. For more information, please
visit http://www.hlcorp.com.sg/cyi
Safe Harbor Statement
This news release contains forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. The words "believe,"
"expect," "anticipate," "project," "targets," "optimistic," "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 are based on current expectations or beliefs, including,
but not limited to, statements concerning the Company's operations, financial
performance and, condition. 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, including those
discussed in the Company's reports filed with the Securities and Exchange
Commission from time to time. The Company specifically disclaims any
obligation to update the forward-looking information in the future.
For more information, please contact:
Kevin Theiss / Dixon Chen
Grayling Global
Tel: +1-646-284-9409
Email: ktheiss@hfgcg.com/dchen@hfgcg.com
SOURCE China Yuchai International Limited
