WEICHAI POWER<02338> - Results Announcement
Weichai Power Co., Limited announced on 06/04/2005:
(stock code: 02338 )
Year end date: 31/12/2004
Currency: RMB
Auditors' Report: Unqualified
(Audited )
(Audited ) Last
Current Corresponding
Period Period
from 01/01/2004 from 01/01/2003
to 31/12/2004 to 31/12/2003
Note ('000 ) ('000 )
Turnover : 6,155,779 3,555,670
Profit/(Loss) from Operations : 797,523 485,918
Finance cost : (53,159) (30,425)
Share of Profit/(Loss) of
Associates : N/A N/A
Share of Profit/(Loss) of
Jointly Controlled Entities : N/A N/A
Profit/(Loss) after Tax & MI : 538,880 277,468
% Change over Last Period : +94.2 %
EPS/(LPS)-Basic (in dollars) : 1.75 1.29
-Diluted (in dollars) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit/(Loss) after ETD Items : 538,880 277,468
Final Dividend : RMB 0.15 N/A
per Share
(Specify if with other : N/A N/A
options)
B/C Dates for
Final Dividend : 27/04/2005 to 27/05/2005 bdi.
Payable Date : 24/06/2005
B/C Dates for Annual
General Meeting : 27/04/2005 to 27/05/2005 bdi.
Other Distribution for : N/A
Current Period
B/C Dates for Other
Distribution : N/A
Remarks:
1. GENERAL
Weichai Power Co., Ltd. ("The Company") was incorporated on 23rd December,
2002 as a joint stock limited company with limited liability in the
People's Republic of China (the "PRC").
The principal activities of the Company are the manufacture and sale of
diesel engines.
The H shares of the Company were listed on The Stock Exchange of Hong Kong
Limited with effect from 11th March, 2004.
2. FINANCE COSTS
The finance costs for both years represent interest expenses on bank
borrowings wholly repayable within five years.
3. INCOME TAX EXPENSE
2004 2003
RMB'000 RMB'000
PRC Enterprise Income Tax:
Current year 269,371 178,025
Overprovision in prior year (240) -
Tax credit (63,647)-
---------------
205,484 178,025
===============
PRC Enterprise Income Tax is calculated at statutory income tax rate of
33% (2003: 33%) of the assessable profit except that the Company's
Chongqing branch is taxed at a preferential rate of 15% (2003: 15%)
pursuant to the relevant laws and regulations in the PRC.
During the year ended 31st December, 2004, the Company established
a branch in Hong Kong which is subject to Hong Kong Profits Tax at 17.5%
on its estimated assessable profit. No provision for Hong Kong Profits
Tax has been made as the branch had no assessable profit for the year.
Pursuant to notices dated 29th February, 2004 and 25th February, 2005
issued by the Weifang Municipal Tax Bureau, the Company is entitled to
total tax credit of approximately RMB 63,647,000 in respect of eligible
additions of domestic machinery and equipment for production use.
4. FINAL DIVIDEND
A final dividend of RMB0.15 for the year ended 31st December, 2004 (2003:
RMB0.105 per share which was declared on 18 February, 2004) has been
proposed by the board of directors of the Company and is subject to
approval by the shareholders in the annual general meeting to be held on
27th May, 2005.
5. BASIC EARNINGS PER SHARE
The calculation of basic earnings per share is based on the profit
for the year of approximately RMB538,880,000 (2003: RMB277,468,000) and on
the weighted average number of 308,005,000 (2003: 215,000,000) ordinary
shares in issue during the year.
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