================================================================================ 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 August 2003 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. ================================================================================
TABLE OF CONTENTS This Report on Form 6-K shall be deemed to be incorporated by reference in the prospectus, dated August 26, 1996, of China Yuchai International Limited (the "Company" or "CYI") included in the Company's Registration Statement (Registration No. 333-05478) on Form F-3 and to be part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished by the Company with the U.S. Securities and Exchange Commission (the "SEC").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 August 26, 2003 in Singapore, the Company issued a press release announcing its interim results for the six months ended June 30, 2003. A copy of the press release dated August 26, 2003 is attached hereto as Exhibit 1.1 and is incorporated herein by reference. 2. Exhibits 1.1 Press release dated August 26, 2003.
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: August 26, 2003 CHINA YUCHAI INTERNATIONAL LIMITED By: /s/ Philip Ting Sii Tien ------------------------------------ Name: Philip Ting Sii Tien Title: Chief Financial Officer
EXHIBIT INDEX 1.1 Press release dated August 26, 2003.
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 2003 INTERIM PROFIT Singapore, August 26, 2003 - China Yuchai International Limited ("CYI") today announced good performance for the six months ended June 30, 2003, with net income of Rmb242.5 million (US$29.5 million) as compared to net income of Rmb229.7 million (US$27.8 million) for the same period in 2002. This improvement in performance is due to the continued strong market demand for the engines produced by its subsidiary company in China, Guangxi Yuchai Machinery Company Limited ("Yuchai"), and customer acceptance of the engines. Yuchai's net sales of Rmb2,374.0 million (US$288.6 million) for the six months ended June 30, 2003 represents an increase of approximately 37% compared to Rmb1,731.7 million (US$209.2 million) for the same period last year. Total unit sales of 94,931 diesel engines for the six months ended June 30, 2003 was 39% higher than for the same period last year. Yuchai's unit sales in the first half of 2003 reached a peak in first quarter 2003, but slowed down in second quarter 2003 due to the negative effects of the Severe Acute Respiratory Syndrome ("SARS") outbreak. However, effective anti-SARS measures put in place by the Chinese authorities allowed business conditions to return to normal fairly quickly. The growth in unit sales is accounted for mainly by the 4 series light-duty engines, which achieved a growth of 224% with 18,740 diesel engines sold for the six months ended June 30, 2003 as compared to 5,780 diesel engines for the same period last year, and industrial engines where a growth of 172% was achieved with 13,810 diesel engines unit sales for this period as compared to 5,080 engines sold over the corresponding period last year. Both the 4 series light duty and the industrial engines have margins that are generally lower than the medium and heavy-duty engines. The gross margin for the first half of 2003 is slightly lower when compared to the same period in 2002, because of these factors. Selling, general and administrative expenses including R&D have increased by approximately 26% for the six months ended June 30, 2003 due mainly to higher staff costs, transport charges and sales commissions arising from higher unit sales. Finance costs declined to Rmb10.2 million (US$1.2 million) for the six months ended June 30, 2003 compared to Rmb12.6 million (US$1.5 million) for same period last year due to the repayment of bank loans during the period. Government industry statistics show that in the first half of 2003 there was an increase in the sales of trucks and buses in China of over 15% compared to the same period last year. The light goods vehicles market registered the biggest increase of approximately 30%. Yuchai was able to achieve an increase of approximately 39% in unit sales due to its successful marketing programs for its engines, with much of the increase coming from 4 series light-duty engines. We expect that the market demand for diesel engines in China will continue to increase for the remainder of 2003. We expect that the ongoing expansion of its highways and toll roads will lead to an increased demand for new trucks and buses in China. We also expect that Yuchai, as one of the top three manufacturers of diesel engines in China, will be able to take advantage of this growing demand. As reported in its August 8, 2003 press release, CYI will pay a dividend of US$0.75 per share, consisting of an interim ordinary dividend of US$0.20 per share and a special dividend of US$0.55 per share for the year ending December 31, 2003. These dividends will be paid to members whose names appeared on the register of members of CYI on August 22, 2003. The payment date of these dividends will be September 2, 2003.
Basic and diluted net income per share for the six months ended June 30, 2003 was Rmb6.86 (US$0.83) compared to a basic and diluted net income per share of Rmb6.50 (US$0.79) for the same period in 2002. 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
CHINA YUCHAI INTERNATIONAL LIMITED UNAUDITED CONSOLIDATED INCOME STATEMENTS FOR THE PERIOD ENDED 30 JUNE 2003 For six months ended June 30, ----------------------------------------- 2002 2003 2003 --------- --------- ------- Rmb'000 Rmb'000 US'000 Net sales.............................................. 1,731,736 2,373,961 288,557 Cost of goods sold..................................... 1,111,808 1,671,339 203,153 --------- --------- ------- Gross profit........................................... 619,928 702,622 85,404 Research and development cost.......................... 42,199 30,009 3,648 Selling, general and administrative expenses........... 208,173 285,948 34,756 --------- --------- ------- Operating income....................................... 369,556 386,665 47,000 Finance Cost........................................... 12,560 10,164 1,235 Other non-operating (income)/expenses, net............. 3,336 (6,964) (846) --------- --------- ------- Income before income taxes and minority interest..................................... 353,660 383,465 46,611 Income tax expense..................................... 52,717 61,236 7,443 --------- --------- ------- Income before minority interest........................ 300,943 322,229 39,168 Minority interest in profit of consolidated subsidiaries.......................................... 71,257 79,698 9,687 --------- --------- ------- Net income............................................. 229,686 242,531 29,481 ========= ========= ======= 2002 June 2003 June 2003 June --------- --------- --------- Rmb Rmb US$ Net income attributable to common share Basic and diluted ........................................ 6.50 6.86 0.83 ========= ========= =========
SELECTED BALANCE SHEET ITEMS (UNAUDITED) (RMB AND US$ AMOUNTS EXPRESSED IN THOUSANDS) As of As of December 31, 2002 June 30, 2003 ----------------- ------------------------ RMB RMB US$ Cash Balances 643,200 470,128 57,145 Trade Accounts Receivables, Net 1,003,135 1,138,974 138,443 Net Current Assets 1,340,832 1,343,941 163,357 Total Assets 3,985,459 4,089,663 497,103 Trade Accounts Payable 628,901 633,988 77,062 Short-term and long-term bank loans 315,000 190,100 23,107 Shareholders' Equity 2,161,903 2,288,137 278,125