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濰 柴 動 力 股 份 有 限 公 司 Weichai Power Co., Ltd

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濰 柴 動 力 股 份 有 限 公 司 Weichai Power Co., Ltd Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. 濰柴動力股份有限公司 WEICHAI POWER CO., LTD. (a joint stock company incorporated in the People’s Republic of China with limited liability) (Stock Code: 2338) ANNOUNCEMENT OF FINAL RESULTS FOR THE YEAR ENDED 31ST DECEMBER, 2010 FINANCIAL HIGHLIGHTS • Turnover amounted to approximately RMB62,666 million, up by approximately 77.72%. • Profit attributable to equity holders of the Company amounted to approximately RMB6,781 million, up by approximately 99.03%. • Basic earnings per share was approximately RMB4.07, up by approximately 99.51%. – 1 – The board of directors (the “Board”) of Weichai Power Co., Ltd. (the “Company”) is pleased to announce the audited consolidated results of the Company and its subsidiaries (the “Group”) for the year ended 31st December, 2010 (the “Year”), prepared in accordance with Hong Kong Financial Reporting Standards (which include all Hong Kong Financial Reporting Standards, Hong Kong Accounting Standards (“HKASs”) and Interpretations) issued by the Hong Kong Institute of Certified Public Accountants, and accounting principles generally accepted in Hong Kong, together with comparative figures for the year of 2009 as follows: CONSOLIDATED INCOME STATEMENT For the year ended 31st December, 2010 2010 2009 Note RMB’000 RMB’000 REVENUE 4 62,665,521 35,260,899 Cost of sales (49,194,751) (27,628,689) Gross profit 13,470,770 7,632,210 Other income and gains 4 379,858 345,691 Selling and distribution costs (1,382,810) (1,021,391) Administrative expenses (1,670,026) (1,264,787) Research and development costs (887,580) (450,217) Loss on disposal of disposal group held for sale – (5,677) Other expenses (326,796) (305,648) Finance costs 5 (197,978) (247,507) Share of profits and losses of: A jointly-controlled entity – 2,343 Associates 9,605 (5,773) PROFIT BEFORE TAX 6 9,395,043 4,679,244 Income tax expense 7 (1,397,553) (732,380) PROFIT FOR THE YEAR 7,997,490 3,946,864 Attributable to: Owners of the parent 6,780,935 3,406,935 Non-controlling interests 1,216,555 539,929 7,997,490 3,946,864 EARNINGS PER SHARE ATTRIBUTABLE TO ORDINARY EQUITY HOLDERS OF THE PARENT Basic — For profit for the year 9 RMB4.07 RMB2.04 – 2 – CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Year ended 31st December, 2010 2010 2009 RMB’000 RMB’000 PROFIT FOR THE YEAR 7,997,490 3,946,864 OTHER COMPREHENSIVE INCOME Available-for-sale assets: Changes in fair value 402,748 289,255 Income tax effect (15,344) (43,834) 387,404 245,421 Exchange differences on translation of foreign operations (6,830) 6,056 OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF TAX 380,574 251,477 TOTAL COMPREHENSIVE INCOME FOR THE YEAR 8,378,064 4,198,341 Attributable to: Owners of the parent 7,161,509 3,658,412 Non-controlling interests 1,216,555 539,929 8,378,064 4,198,341 – 3 – CONSOLIDATED STATEMENT OF FINANCIAL POSITION At 31st December, 2010 2010 2009 Note RMB’000 RMB’000 NON-CURRENT ASSETS Property, plant and equipment 9,278,677 8,039,811 Investment properties 149,812 83,668 Prepaid land lease payments 729,291 577,569 Goodwill 538,016 538,016 Other intangible assets 288,530 302,371 Investment in a jointly-controlled entity – 23,275 Investments in associates 920,692 172,559 Available-for-sale investments 636,038 477,430 Held-to-maturity investment 19,584 – Deposits paid for acquisition of property, plant and equipment 1,972,398 914,618 Deferred tax assets 819,210 434,763 Total non-current assets 15,352,248 11,564,080 CURRENT ASSETS Inventories 10 8,793,347 5,806,642 Trade and bills receivables 11 15,866,733 11,352,945 Prepayments, deposits and other receivables 1,284,382 1,059,084 Prepaid land lease payments 15,699 14,455 Derivatives financial instruments 3,672 – Pledged deposits 2,410,944 2,979,932 Cash and cash equivalents 8,747,622 3,598,339 Total current assets 37,122,399 24,811,397 CURRENT LIABILITIES Trade and bills payables 12 17,247,314 11,830,642 Other payables and accruals 6,024,668 3,574,003 Dividend payable to non-controlling shareholders 72,964 42,622 Interest-bearing bank and other borrowings 577,166 1,515,664 Tax payable 1,835,075 956,315 Warranty provision 1,017,418 497,231 Total current liabilities 26,774,605 18,416,477 – 4 – 2010 2009 Note RMB’000 RMB’000 NET CURRENT ASSETS 10,347,794 6,394,920 TOTAL ASSETS LESS CURRENT LIABILITIES 25,700,042 17,959,000 NON-CURRENT LIABILITIES Debentures 1,285,240 1,281,669 Interest-bearing bank and other borrowings 954,727 942,200 Deferred tax liabilities 89,946 73,816 Total non-current liabilities 2,329,913 2,297,685 Net assets 23,370,129 15,661,315 EQUITY Equity attributable to owners of the parent Issued capital 1,666,092 833,046 Reserves 16,132,409 10,521,710 Proposed final dividend 8 716,419 399,862 18,514,920 11,754,618 Non-controlling interests 4,855,209 3,906,697 Total equity 23,370,129 15,661,315 – 5 – NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 1. GENERAL Weichai Power Co., Ltd. (the “Company”) is a joint stock limited liability company established in the People’s Republic of China (the “PRC”) on 23 December 2002. The Company’s “H” shares and “A” shares are listed on The Stock Exchange of Hong Kong Limited (the ‘’Hong Kong Stock Exchange”) and The Shenzhen Stock Exchange from 11 March 2004 and 30 April 2007 onwards, respectively. The registered office of the Company is located at 197, Section A, Fu Shou East Street, High Technology Industry Development Zone, Weifang, Shandong Province, the PRC. During the year, the Company and its subsidiaries (the “Group”) were involved in the following principal activities: • manufacture and sale of diesel engines and related parts; • manufacture and sale of automobiles and major automobile components other than diesel engines; • manufacture and sale of non-major automobile components; and • import and export services. 2. IMPACT OF NEW AND REVISED HONG KONG FINANCIAL REPORTING STANDARDS (“HKFRS”) The Group has adopted the following new and revised HKFRSs for the first time for the current year’s financial statements. HKFRS 1 (Revised) First-time Adoption of Hong Kong Financial Reporting Standards HKFRS 1 Amendments Amendments to HKFRS 1 First-time Adoption of Hong Kong Financial Reporting Standards – Additional Exemptions for First-time Adopters HKFRS 2 Amendments Amendments to HKFRS 2 Share-based Payment – Group Cash- settled Share-based Payment Transactions HKFRS 3 (Revised) Business Combinations HKAS 27 (Revised) Consolidated and Separate Financial Statements HKAS 39 Amendment Amendment to HKAS 39 Financial Instruments: Recognition and Measurement – Eligible Hedged Items HK(IFRIC)-Int 17 Distributions of Non-cash Assets to Owners HKFRS 5 Amendments included in Amendments to HKFRS 5 Non-current Assets Held for Sale and Improvements to HKFRSs Discontinued Operations – Plan to sell the controlling interest issued in October 2008 in a subsidiary Improvements to HKFRSs 2009 Amendments to a number of HKFRSs issued in May 2009 HK Interpretation 4 Amendment Amendment to HK Interpretation 4 Leases – Determination of the Length of Lease Term in respect of Hong Kong Land Leases HK Interpretation 5 Presentation of Financial Statements – Classification by the Borrower of Term Loan that Contains a Repayment on Demand Clause – 6 – The Group has not applied the following new and revised HKFRSs, that have been issued but are not yet effective, in these financial statements. HKFRS 1 Amendment Amendment to HKFRS 1 First-time Adoption of Hong Kong Financial Reporting Standards – Limited Exemption from Comparative HKFRS 7 Disclosures for First-time Adopters 2 HKFRS 7 Amendments Amendments to HKFRS 7 Financial Instruments: Disclosures – Transfers of Financial Assets 4 HKFRS 9 Financial Instruments 6 HKAS 12 Amendments Amendments to HKAS 12 Income Taxes – Deferred Tax: Recovery of underlying Assets 5 HKAS 24 (Revised) Related Party Disclosures 3 HKAS 32 Amendment Amendment to HKAS 32 Financial Instruments: Presentation – Classification of Rights Issues 1 HK(IFRIC)-Int 14 Amendments Amendments to HK(IFRIC)-Int 14 Prepayments of a Minimum Funding Requirement 3 HK(IFRIC)-Int 19 Extinguishing Financial Liabilities with Equity Instruments 2 Apart from the above, the HKICPA has issued Improvements to HKFRSs 2010 which sets out amendments to a number of HKFRSs primarily with a view to removing inconsistencies and clarifying wording. The amendments to HKFRS 3 and HKAS 27 are effective for annual periods beginning on or after 1 July 2010, whereas the amendments to HKFRS 1, HKFRS 7, HKAS 1, HKAS 34 and HK(IFRIC)-Int 13 are effective for annual periods beginning on or after 1 January 2011 although there are separate transitional provisions for each standard. 1 Effective for annual periods beginning on or after 1 February 2010 2 Effective for annual periods beginning on or after 1 July 2010 3 Effective for annual periods beginning on or after 1 January 2011 4 Effective for annual periods beginning on or after 1 July 2011 5 Effective for annual periods beginning on or after 1 January 2012 6 Effective for annual periods beginning on or after 1 January 2013 Other than as further explained at the annual report regarding the impact of HKFRS 3 (Revised), HKAS 27 (Revised), amendments to HKAS 7 and HKAS 17 included in Improvements to HKFRSs 2009, the adoption of the new and revised HKFRSs has had no significant financial effect on these financial statements.
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