固定资产评估.doc

Appendix 1 For the six months ended 30 June 2007RMB000As previously reportedAdjustment for TAGC as a subsidiaryAs restatedTurnover9,308,412.00 5,026,821.00 14,335,233.00 Profit before tax1,250,623.00 350,586.00 1,601,209.00 Profit for the period1,072,134.00 245,761.00 1,317,895.00 ATTRIBUTABLE TO:Equity holders of the Company926,158.00 (77,667.00) 48,491.00 Minority interests145,976.00 323,428.00 69,404.00 1,072,134.00 245,761.00 1,317,895.00 Appendix 2 Balance Sheet2008.6200720062008/20072007/2006NON-CURRENT ASSETSProperty, plant and equipment6,564,771 5,826,338 5,058,459 12.67%15.18%Prepaid land lease payments327,432 268,767 184,931 21.83%45.33%Goodwill538,016 538,016 599,552 0.00%-10.26%Deposits paid for acquisition of property, plant and equipment618,912 926,571 320,565 -33.20%189.04%Deferred tax assets315,267 189,761 66.14%Total non-current assets8,952,507 8,330,739 6,755,774 7.46%23.31%CURRENT ASSETSInventories4,700,308 4,200,010 2,839,480 11.91%47.91%Trade and bills receivables9,645,588 5,909,502 4,001,876 63.22%47.67%Prepayments, deposits and other receivables1,154,120 861,269 728,753 34.00%18.18%Restricted deposits1,507,163 856,109 459,653 76.05%86.25%Cash and cash equivalents2,504,984 1,819,554 1,625,913 37.67%11.91%Net assets of a disposal group classified as held for sale284,261 278,462 444,066 2.08%-37.29%Total current assets19,796,424 13,924,906 10,099,739 42.17%37.87%CURRENT LIABILITIESTrade and bills payables10,266,275 7,264,773 5,215,458 41.32%39.29%Other payables and accruals2,611,740 2,180,004 1,483,900 19.80%46.91%Tax payable671,922 438,252 333,074 53.32%31.58%Dividend payables to minority shareholders17,053 31,765 -46.32%Dividend payables229,094 Interest-bearing bank and other borrowings1,680,678 1,540,584 1,939,274 9.09%-20.56%Debentures800,000 900,000 -11.11%Warranty provision407,067 210,093 81,242 93.76%158.60%Total current liabilities16,750,281 12,631,128 9,119,177 32.61%38.51%NET CURRENT ASSETS3,046,143 1,293,778 980,562 135.45%31.94%TOTAL ASSETS LESS CURRENT LIABILITIES11,998,650 9,624,517 7,736,336 24.67%24.41%NON-CURRENT LIABILITIESInterest-bearing bank and other borrowings823,200 161,307 1,247,662 410.33%-87.07%Deferred tax liabilities70,494 65,022 67,800 8.42%-4.10%Total non-current liabilities893,694 226,329 1,376,972 294.86%-83.56%Net assets11,104,956 9,398,188 6,359,364 18.16%47.79%EQUITYEquity attributable to equity holders of the Company Issued capital520,654 520,654 330,000 0.00%57.77%Reserves7,222,399 5,862,818 2,654,562 23.19%120.86%Minority interests3,361,903 3,014,716 3,374,802 11.52%-10.67%Total equity11,104,956 9,398,188 6,359,364 18.16%47.79%Appendix 3 Income Statement2008.62007.62008/2007200720062007/2006REVENUE20,049,751 14,335,233 39.86%27,424,960 6,633,668 313.42%Cost of sales(15,663,672)(10,905,372)43.63%(20,792,486)(4,742,383)338.44%Gross profit4,386,079 3,429,861 27.88%6,632,474 1,891,285 250.69%Other income and gains183,227 64,423 184.41%243,141 99,329 144.78%Selling and distribution costs(981,324)(771,508)27.20%(1,536,982)(485,562)216.54%Administrative expenses(563,503)(632,019)-10.84%(1,536,982)(485,562)216.54%Research and development expenses(152,873)(161,911)-5.58%(323,225)(169,201)91.03%Other expenses(243,901)(184,521)32.18%(184,521)(1,617)11311.32%Finance costs(166,236)(141,934)17.12%(253,120)(63,160)300.76%Share of profits/(losses) of associates5,292 (1,182)-547.72%(3,169)32,094 -109.87%PROFIT BEFORE TAX2,466,761 1,601,209 54.06%3,273,142 889,109 268.14%Tax(378,856)(283,314)33.72%(479,566)(181,099)164.81%PROFIT FOR THE PERIOD2,087,905 1,317,895 58.43%2,793,576 708,010 294.57%ATTRIBUTABLE TO:Equity holders of the Company1,659,215 848,491 95.55%2,014,904 702,695 186.74%Minority interests428,690 469,404 -8.67%778,672 5,315 14550.46%Earnings per share attributable to ordinary equity holders of the company-basic3.19 2.11 51.18%4.36 2.13 104.69%Appendix 4 Cash Flow Statement2008.62007.62008/2007200720062007/2006Net cash flow from operating activities1,272,327 90,864 1300.25%2,953,944 1,356,125 117.82%Net cash flow from investing activities(1,042,911)(326,621)219.30%(2,369,434)(305,665)675.17%Net cash flow from financing activities448,454 776,201 -42.22%(397,615)(86,066)361.99%Net increase in cash and cash equivalents677,870 540,444 25.43%186,895 964,394 -80.62%Appendix 5 Ratio Analysis SummaryWeichai and Sino Truck1. Common Sized Income Statement of Weichai PowerCommon Sized Income Statement2008 (Interim)20072006(RMB000)Jun 30% chgDec 31% ChgDec 31% ChgTurnover (Revenue)20,049,751100.00%27,424,960100.00%6,633,668100.00%Cost of Sales15,663,67278.12%20,792,48675.82%4,742,38371.49%Gross Profit4,386,07921.88%6,632,47424.18%1,891,28528.51%Total Operating Expenses1,758,3748.77%3,103,04311.31%971,11014.64%Opearting Income2,627,70513.11%3,529,43112.87%920,17513.87%Pretax Earnings From Continuing Operations2,466,76112.30%3,273,14211.93%889,10913.40%Tax Expenses378,8561.89%479,5661.75%181,0992.73%Net Income From Continuing Operations2,087,90510.41%2,793,57610.19%708,01010.67%Net Income1,659,2158.28%2,014,9047.35%702,69510.59%2. Weichai Power Ration Analysis- Rations are derived based on average of 2008(Interim) and 2007(Annual)2008 (Interim)2007Dec 2006Jun 30% ChgDec 31% ChgDec 31I. LiquidityCurrent Ratio1.187.20%1.10-0.46%1.11Quick Ratio0.9017.06%0.77-3.30%0.80Cash Ratio11.00-39.48%18.17II. ActivityAccounts Receivable Turnover2.58-53.42%5.53115.40%2.57Average Collection Period of AR141.59114.67%65.96-53.57%142.07Inventory Turnover3.52-40.42%5.91117.06%2.72Average Collection Period of Inventory103.7067.83%61.79-53.93%134.11Asset turnover0.79-43.94%1.40137.49%0.59III. ProfitabilityProfit margin on sales8.28%12.64%7.35%-30.64%10.59%Rate of return on assets6.51%-36.85%10.30%64.72%6.26%Rate of return on equity39.00%-9.34%43.02%64.76%26.11%Basic earnings per share$ 3.19 -26.83%$4.36 104.69%2.13 IV. CoverageDebt to total assets61.37%6.23%57.77%-7.23%62.27%P/E ratio3.15-74.20%12.21-5.57%12.932. SinoTruck Power Ration Analysis- Rations are derived based on average of 2008(Interim) and 2007(Annual)2008 (Interim)2007Dec 2006Jun 30% ChgDec 31% ChgDec 31I. LiquidityCurrent Ratio1.52-11.79%1.7386.66%0.93Quick Ratio1.24-8.07%1.3584.61%0.73Cash Ratio-2.340.02-99.77%6.76II. ActivityAccounts Receivable Turnover2.58-55.04%5.7325.02%4.59Average Collection Period of AR141.61122.44%63.66-20.01%79.59Inventory Turnover3.36-33.68%5.0723.62%4.10Average Collection Period of Inventory108.4950.79%71.95-19.11%88.95Asset turnover0.63-40.88%1.0731.55%0.82III. ProfitabilityProfit margin on sales4.54%-12.88%5.21%4.15%5.00%Rate of return on assets2.88%-48.49%