Singapore, Singapore – February 25, 2010 – China Yuchai International Limited (NYSE: CYD) (“China Yuchai” or the “Company”), the leading manufacturer and distributor of diesel engines in China, announced today its unaudited consolidated financial results for 2009 and selected key financial data for the fourth quarter of 2009.
The consolidated financial results for fiscal year 2009 have been prepared in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS”). Prior to Q4/2009, the Company prepared its consolidated financial results in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”), which differs in certain significant respects from IFRS. The Company’s Board of Directors approved the change in the Company’s financial reporting standards from U.S. GAAP to IFRS to more closely align China Yuchai’s financial reporting with its main operating subsidiary, Guangxi Yuchai Machinery Company Limited (“GYMCL”) and HL Global Enterprises Limited (“HLGE”), as their financial results are prepared in accordance with PRC GAAP and Singapore Financial Reporting Standards, respectively, which are closely aligned with IFRS. HLGE is considered a subsidiary of China Yuchai under IFRS. With retroactive effect from the beginning of FY 2008, China Yuchai will be reporting its consolidated financial results using IFRS in its FY 2009 Form 20-F which will be filed in accordance with the requirements of the U.S. Securities and Exchange Commission (“SEC”). In March 2008, the SEC adopted rule amendments permitting foreign private issuers to file their financial statements in accordance with IFRS.
Unaudited Full Year 2009 Financial Results Web Cast
An audio web cast for the investment community has been scheduled for 8:30 A.M. Eastern Standard Time today, February 25, 2010. The call will be hosted by Mr. Boo Guan Saw, President, and Mr. Weng Ming Hoh, Chief Financial Officer, who will present and discuss the financial results and business outlook of the Company, followed by a Q&A session.
The web cast can be accessed at the investor relations section of the Company’s website located at
http://www.cyilimited.com/. Participants are requested to log into the web cast at least 5 minutes prior to the scheduled start time. The recorded web cast will be available on the website shortly after the earnings call.
See attachments for details:
Attachment 1 - CYI_6K_unaudited_2009_financial_results