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<SEC-DOCUMENT>0001145549-04-000608.txt : 20040511
<SEC-HEADER>0001145549-04-000608.hdr.sgml : 20040511
<ACCEPTANCE-DATETIME>20040511090649
ACCESSION NUMBER:		0001145549-04-000608
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040511
FILED AS OF DATE:		20040511

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CHINA YUCHAI INTERNATIONAL LTD
		CENTRAL INDEX KEY:			0000932695
		STANDARD INDUSTRIAL CLASSIFICATION:	ENGINES & TURBINES [3510]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13522
		FILM NUMBER:		04795010

	BUSINESS ADDRESS:	
		STREET 1:		16 RAFFLES QUAY #26-00
		STREET 2:		HONG LEONG BLDG
		CITY:			SINGAPORE 0104 SINGA
		STATE:			U0
		BUSINESS PHONE:		0116563226220

	MAIL ADDRESS:	
		STREET 1:		16 RAFFLES QUARY #26-00
		CITY:			SINGAPORE
		STATE:			U0
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>u92338e6vk.txt
<DESCRIPTION>CHINA YUCHAI INTERNATIONAL LIMITED
<TEXT>
<PAGE>
================================================================================

                United States Securities and Exchange Commission
                             Washington, D.C. 20549


                                    Form 6-K

                        Report of Foreign Private Issuer

                      Pursuant to Rule 13a-16 or 15d-16 of
                       the Securities Exchange Act of 1934

                            For the Month of May 2004

                         Commission File Number 1-13522

                       CHINA YUCHAI INTERNATIONAL LIMITED
                 (Translation of registrant's name into English)

                             16 Raffles Quay #26-00
                               Hong Leong Building
                                Singapore 048581
                    (Address of principal executive offices)

     (Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.)

              Form 20-F  X                     Form 40-F
                       ------                           ------

     (Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the information to
the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.)

              Yes                              No         X
                       ------                           ------

If "Yes" is marked, indicate below the file number assigned to registrant in
connection with Rule 12g3-2(b): Not applicable.

================================================================================
<PAGE>
This Report on Form 6-K shall be deemed to be incorporated by reference in the
prospectus, dated March 24, 2004, of China Yuchai International Limited (the
"Company" or "CYI") included in the Company's Registration Statement
(Registration No. 333-111106) on Form F-3 and to be part thereof from the date
on which this report is filed, to the extent not superseded by documents or
reports subsequently filed or furnished by the Company with the U.S. Securities
and Exchange Commission (the "SEC").

The Company wishes to caution readers that the forward-looking statements
contained in the press release, included herein as Exhibit 1.1, involve risks
and uncertainties, and are subject to material change based on various important
factors including, among others, political, economic and social conditions in
China such as government policies with respect to foreign investment, economic
growth, inflation and the availability of credit, the effects of competition in
the diesel engine market, the effects of inflation, the ability of Guangxi
Yuchai Machinery Company Limited, a subsidiary of the Company, to control its
expenses, capital expenditures and receivables, finance its working capital and
capital expenditures and commercially introduce new products in the future, the
effects of uncertainties in the Chinese legal system which could limit the legal
protections available to foreign investors, including with respect to the
enforcement of foreign judgments in China, and the effects of China becoming a
member of the World Trade Organization. These and other factors, and their
effects on the Company's results of operations and financial condition, are more
fully described in the Company's Form 20-F filings with the SEC under the
Securities Exchange Act of 1934, as amended.

1.   Other Events

     On May 11, 2004 in Singapore, the Company issued a news release announcing
its interim results for the three months ended March 31, 2004. A copy of the
news release dated May 11, 2004 is attached hereto as Exhibit 1.1 and is
incorporated herein by reference.

2.   Exhibits

     1.1  Press Release of the Company dated May 11, 2004.
<PAGE>
                                   SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunder duly authorized.


Date: May  11, 2004

                                         CHINA YUCHAI INTERNATIONAL LIMITED


                                         By:     /s/  Philip Ting Sii Tien
                                            ------------------------------------
                                            Name: Philip Ting Sii Tien
                                            Title: Chief Financial Officer
                                                   and Director
<PAGE>
                                  EXHIBIT INDEX

1.1  Press Release of the Company dated May 11, 2004.

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-1.1
<SEQUENCE>2
<FILENAME>u92338exv1w1.txt
<DESCRIPTION>EX-1.1 PRESS RELEASE OF COMPANY, DATED MAY 11,2004
<TEXT>
<PAGE>
                                                                     Exhibit 1.1



                       CHINA YUCHAI INTERNATIONAL LIMITED
           16 RAFFLES QUAY #26-00 HONG LEONG BUILDING SINGAPORE 048581
                    TEL: (65) 6220 8411  FAX: (65) 6226 0502


FOR IMMEDIATE RELEASE



                  CHINA YUCHAI INTERNATIONAL LIMITED ANNOUNCES
                         STRONG PERFORMANCE FOR Q1 2004


SINGAPORE, MAY 11, 2004 - China Yuchai International Limited (CYI) today
announced very strong performance for the quarter ended March 31, 2004 with net
income increasing by 66% to Rmb195.1 million (US$23.6 million) as compared to
net income of Rmb117.6 million (US$14.2 million) for the same period in 2003.
This significant improvement in performance is due to particularly strong market
demand for Guangxi Yuchai Machinery Company Limited's (Yuchai) diesel engines,
and in particular due to increases in unit sales of Yuchai's 6108 medium-duty,
4-series light-duty diesel and industrial engines.

Net sales increased by approximately 31% to Rmb1,577.1 million (US$190.5
million) for the quarter ended March 31, 2004 compared to same period last year
of Rmb1,207.2 million (US$145.8 million). Total unit sales of 64,401 diesel
engines for the quarter ended March 31, 2004 was 24% higher than the same period
last year.

The overall gross margin of 32.3% for the quarter ended March 31, 2004 has
declined by approximately 2.6% as compared to 34.9% gross margin for the first
quarter of 2003 mainly due to the change in the product mix arising from more
sales of the lower margin 4-series light-duty and industrial engines during the
first quarter of 2004.

For the quarter ended March 31, 2004, selling, general and administrative
expenses decreased by approximately 9% due mainly to lower advertising,
promotion and sales commission expenses.

For the quarter ended March 31, 2004, trade account receivables and inventories
increased as a result of higher sales volume and normal seasonality factors.
Cash balances has decreased and bank borrowings have increased for the quarter
ended March 31, 2004 mainly due to increased capital expenditure payments made
during the first quarter of 2004.

Basic and diluted net income per share for the quarter ended March 31, 2004 was
Rmb5.52 (US$0.67) compared to a basic and diluted net income per share of
Rmb3.33 (US$0.40) for the same period in 2003.

Mr Wrixon F. Gasteen, President and Director stated that "the strong profit
performance for the first quarter of 2004 is commendable. The fact that this was
achieved prior to the full-scale launch of the new 300+ horsepower heavy duty
6113 series of diesel engines augurs well for the remainder of 2004. Despite
recent announcements by the Chinese government to introduce measures on certain
sectors to avoid overheating of the economy, we expect that the market demand
for diesel engines in China will increase with the continued expansion of the
highways and toll roads in China leading to increasing demand for new trucks,
buses and construction equipment."
<PAGE>
                       CHINA YUCHAI INTERNATIONAL LIMITED
           16 RAFFLES QUAY #26-00 HONG LEONG BUILDING SINGAPORE 048581
                    TEL: (65) 6220 8411  FAX: (65) 6226 0502

Mr Gasteen further stated that "in the first quarter of 2004, Yuchai signed a
technical co-operation agreement with Japan's Yamaha for the joint development
of Yuchai's YC61082LC diesel engine for ships. The engine will be mainly used in
high-speed powerboats and vessels with speeds of up to 110km/hr. This technical
co-operation will enable Yuchai to further diversify the markets for its
products."

Other Events

As previously disclosed, in July 2003, representatives of CYI agreed with
representatives of Yuchai and the Yulin City Government to resolve certain
disputed matters relating to CYI's investment in Yuchai. As part of this
agreement, CYI and Yuchai withdrew their respective legal and arbitrational
claims against each other and the related parties, and agreed to work together
in trying to jointly promote mutual plans to enhance shareholder value in CYI.

For the past several months, the parties to the settlement agreement and their
advisors have been actively seeking to agree on a restructuring plan for CYI, as
contemplated in the settlement agreement. However, CYI believes that the parties
will not be able to implement a restructuring of CYI in the manner contemplated
in the settlement agreement in the near future. CYI remains committed to work
towards an agreed plan with the parties to the settlement agreement with the
goal of enhancing value for its shareholders as expeditiously as possible.
Discussion with the parties concerned and their professional advisers are
ongoing.

CYI is unable to determine at this point in time when such restructuring will
likely be completed and the form that it is likely to take. No assurance can be
given that CYI will be able to secure the agreement of the Chinese stakeholders
to any alternative restructuring arrangement, or that implementation of any such
restructuring will effectively resolve all of the difficulties faced by CYI with
respect to its investment in Yuchai. If CYI does undertake a restructuring, no
assurance can be given that the implementation thereof will not have an
unintended material adverse effect on CYI's financial condition, results of
operations, business or prospects.

In addition, CYI is experiencing certain difficulties again in obtaining the
cooperation of the Chinese shareholders of Yuchai in the management and
operation of Yuchai. Although CYI is currently seeking to resolve these
difficulties through continued dialogue with representatives of Yuchai's Chinese
shareholders, CYI has to date been unable to do so and there is no assurance
that it will be able to do so. CYI is considering alternatives to address these
difficulties, including the commencement of litigation and/or arbitration.


General Information

Yuchai has a strong brand name in China with an extensive sales and marketing
network. Yuchai's products are of good quality and provide reliable performance.
Yuchai has established itself as a major manufacturer of diesel engines in China
with a significant market share.

CYI has filed with the U.S. Securities and Exchange Commission a copy of this
press release on Form 6-K. A copy of such filing has also been sent to The New
York Stock Exchange. Reference is made to such filing for cautionary statements
which identify factors that could affect the forward-looking statements
contained in this press release.



China Yuchai International Limited
Executive Office
16 Raffles Quay
#26-00 Hong Leong Building
Singapore 048581
Tel: (65) 6220 8411
Fax: (65) 6226 0502

Contact persons:  Mr Wrixon F. Gasteen, President
                  Mr Philip Ting, Chief Financial Officer and Director


Note 1: CYI's functional and 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 8.2771 = US$1.00, the rate quoted by the
People's Bank of China at the close of business on March 31, 2004. 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 March
31, 2004 or at any other date.

Note 2:  All financial data (both in Renminbi and U.S. dollars) is unaudited.
<PAGE>
CHINA YUCHAI INTERNATIONAL LIMITED
UNAUDITED CONSOLIDATED INCOME STATEMENTS
FOR THE THREE MONTHS ENDED MARCH 31, 2004
(RMB AND US$ AMOUNTS EXPRESSED IN THOUSANDS, EXCEPT PER SHARE DATA)

<TABLE>
<CAPTION>
                                                  For Quarter ended March 31,
                                               ---------------------------------
                                                 2003        2004        2004
                                               ---------   ---------    -------
                                                Rmb'000     Rmb'000     US$'000
<S>                                            <C>         <C>          <C>
Net sales ..................................   1,207,155   1,577,145    190,543
Cost of goods sold .........................     785,533   1,067,790    129,005
                                               ---------   ---------    -------
Gross profit ...............................     421,622     509,355     61,538

Research and development cost ..............      36,315      25,465      3,077
Selling, general and administrative expenses     197,752     180,563     21,815
                                               ---------   ---------    -------
Operating income ...........................     187,555     303,327     36,646
Finance cost ...............................       5,558       5,944        718
Other net income ...........................           -      (1,557)      (188)
                                               ---------   ---------    -------
Income before income taxes and
 minority interests ........................     181,997     298,940     36,116
Income tax expense .........................      27,947      42,993      5,194
                                               ---------   ---------    -------
Income before minority interests ...........     154,050     255,947     30,922

Minority interests in income of consolidated
 subsidiaries ..............................      36,432      60,888      7,356
                                               ---------   ---------    -------
Net income .................................     117,618     195,059     23,566
                                               =========   =========    =======


Net income attributable to common shares          Rmb         Rmb          US$
  Basic and diluted.........................        3.33        5.52       0.67
                                               =========   =========    =======
</TABLE>

Note: The Company's functional and 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 8.2771 = US$1.00, the rate quoted by the
People's Bank of China at the close of business on March 31, 2004. No
representation is made that the Renminbi amounts could have been, or could be,
converted into U.S. dollars at that rate or at any other certain rate on March
31, 2004 or at any other date.
<PAGE>
CHINA YUCHAI INTERNATIONAL LIMITED
SELECTED BALANCE SHEET ITEMS
(RMB AND US$ AMOUNTS EXPRESSED IN THOUSANDS)

<TABLE>
<CAPTION>
                                                 As of                  As of
                                           December 31, 2003        March 31, 2004
                                           -----------------    ---------------------
                                               (Audited)             (Unaudited)

                                                  RMB              RMB          US$
<S>                                           <C>               <C>           <C>
Cash Balances                                   631,938           478,077      57,759

Trade Accounts Receivable, Net                  849,611         1,358,147     164,085

Inventories, Net                                877,334         1,055,364     127,504

Working Capital                                 962,804         1,176,869     142,184

Total Assets                                  4,033,632         4,766,371     575,850

Trade Accounts Payable                          731,966         1,043,927     126,122

Short-Term and Long-Term Borrowings             298,000           398,000      48,084
(including a loan from a related party)

Shareholders' Equity                          1,991,687         2,186,746     264,192
</TABLE>

Note: The Company's functional and 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 8.2771 = US$1.00, the rate quoted by the
People's Bank of China at the close of business on March 31, 2004. 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 March
31, 2004 or at any other date.

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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