m030416a.PDF

Transcription

1 2003 4

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4 ,714 44,478 1,618,973 1,584,367 (9,393) (12,671) - - 5,209 5,986 (38,646) (43,855) ,031 26,417 - (16,400) (7,591) (5,835) (3,884) - 10,433 - (117) (246) ,529 8,490 1,638,985 1,567,751

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17 01 ()

18 02 2,061,034,424 1,411,854,056 1,721,363,768 1,124,377,582

19 100,713,868 44,477, ,318,511 40,225,249

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62 R ± ± 2002

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64 (2003)842 ( )

65 () ( ) 1993 ( ) (A ) (B )1993 () ( ) ( ) 241,709, % () (1) (2) (3) (4) (5) - 8 -

66 () () (6) (7) (8) - 9 -

67 () () (9) (10) % 20% 20%

68 () () (11) 2, % 10% 2.57%4.85% % 10% 6% 9.7% 5 6 3% 10% 15% 19.4% 5 3% 10% 18% 19.4% (12)

69 () () (13) (14)

70 () () (15) (16) (17) (18)

71 () () (19) (20) (1995) (1996)2 10% 10% 50 (21) (22) (23)

72 () (1) ( ) (a) (b) (c) (d) (e) (f) (g) (h) 15% % ( 25T(1999)8063) % 33% ( (96)294 ) 15% (25T(2000)60002) % ( (2001)50032) % ( 25T(2001)50011) % 15% (2) 17% 13%17% (3) 3%-5% (4) 7%3%

73 () () () , , ,021, ,109, ,359, ,302,841 () 9,529, ,881,189 1,958, ,078,433 80,959, (a) 24,100,000 21,095,375 (b) 100,000, ,000, ,100, ,095, ,057 4,778,450 (146,057) 4,778, ,953, ,316,

74 () () 2 () (a) / 13,377,900 14,046,375 11,103,325 3,180,000 3,339,000 2,448,600 3,500,000 3,710,000 2,765,000 21,095,375 16,316,925 (b) ,000,000-50,000,000 50,000,000-70,000, ,000, ,000,000 7%8%(20019%9.5%) ,412, ,606, , ,412, ,970,922 5%(5%)

75 () () 4 (a) (%) (%) 1 188,253, (7,041,907)184,087, (3,338,684) ,113,033 6 (7,949,036)18,156,989 8 (6,752,707) ,812,785 4 (8,229,236)15,677,873 6 (11,109,904) 3 37,164,702 15(33,383,086)26,942, (26,942,071) 252,344, (56,603,265)244,864, (48,143,366) (b) (c) 77,913,398 31% 5%(5%) 5 (a) (%) (%) 1 13,650, (828,259) 11,901, (3,124,900) 1-2 1,492,293 8 (291,465)7,228, (568,016) 2-3 3,206, (42,849) 210,065 1 (204,592) 3 482,242 3 (468,877) 274,840 1 (216,557) 18,831, (1,631,450) 19,614, (4,114,065) (b) (c) 10,309,268 55% 5%(5%)

76 - 19 -

77 () () 6 (a) (%) (%) 1 21,105, ,644, , , ,388-1,191, ,037, , ,674, ,698, (b) (c) 16,043,207 71% 5%(5%) ,315, ,993, ,364, ,252, ,179, ,653, ,858, ,899, ,203,297 10,114,752-18,318,049 7,391,158 6,273,477-13,664,635 14,903,752 3,779,004 (5,322,469) 13,360,287 30,498,207 20,167,233 (5,322,469) 45,342, ,360, ,556,351 4,349, ,

78 () () (a) 4,449, ,449,600 - (b) 16,194,498 (2,354,555) 5,996,521 (400,000) (8,313,273) 836,186 13,876,746 (1,918,369) (c) 9,577,189 (1,353,654) 6,015,995 - (2,392,715) - 13,200,469 (1,353,654) (d) 22,917,694 (780,000) 863,180 (200,000) (2,236,650) 780,000 21,544,224 (200,000) 53,138,981 (4,488,209) 12,875,696 (600,000) (12,942,638) 1,616,186 53,071,039 (3,472,023) (e) 14, ,000-53,152,981 (4,488,209) 12,875,696 (600,000) (12,942,638) 1,616,186 53,085,039 (3,472,023)

79 () () 8 () (a) ( ) 1,400 1% 3,650, % 550, % 249,600-4,449,

80 () () 8 () (b) ( ) % 4,000,000 8,460,586-5,554,129 (3,039,406) - 10,975,309 - ( ) % 1,000, , , (836,184) - - ( ) % 600, ,870-42,392 (115,000) - 518,262 (84,680) ( ) % 600, , ,357 (156,871) ( ) % 3,600,600 3,873, (3,873,683) - - ( ) % 1,000,000 1,676, ,676,818 (1,676,818) % 450, , (450,000) - - ( ) ,250,600 16,194, ,000 5,596,521 (3,154,406) (5,159,867) 13,876,746 (1,918,369) 51%90% 33%45%

81 - 24 -

82 () () 8 () (c) % 4,900,000 6,474, , ,294, ( ) % 1,600,000 1,748, ,723 (108,074) (1,930,580) - - ( ) ( ) % 100,000 69, ,610 (69,610) ( ) % 313, , ,611 (224,611) ( ) % 2,050,000-2,050,000 (568,750) - - 1,481,250 - ( ) ( ) % 2,329,800-2,602, ,920 (354,061) - 2,608, % 450, ,000 12, ,320 - ( ) % 1,059,433 1,059, ,059,433 (1,059,433) 12,802,703 9,577,189 5,102, ,112 (462,135) (1,930,580) 13,200,469 (1,353,654), 40% 19%

83 () () 8 () (d) % 11,529, % 7,940,000-2,075,224 (200,000) 21,544,224 (200,000) (e) 14,000-14,

84 () () ,711, ,612,436 46,371,792 92,846,153 1,723,542,166 25,367,977 41,013,325 5,754,016 9,125,264 81,260,582 (9,399,478) (47,693,028) (5,564,758) (5,930,408) (68,587,672) ,680, ,932,733 46,561,050 96,041,009 1,736,215, ,148, ,148,690 31,577,643 57,456, ,331,129 30,910,598 69,960,977 4,238,633 13,501, ,612,011-1,585, ,585,321 (8,356,168) (35,269,908) (4,104,205) (4,888,364) (52,618,645) ,702, ,425,080 31,712,071 66,070, ,909,816 8,482,907 15,023, ,597 24,331, ,358 4,420, ,390,108 (2,047,621) (290,019) - (319,529) (2,657,169) - (1,585,321) - - (1,585,321) 7,404,644 17,569, ,068 25,478, ,572, ,938,469 14,848,979 29,465, ,826, ,080, ,439,972 14,794,149 34,564, ,879,

85 () () 11 D114 36,692,109 7,597,902 (18,334,342) 25,955, ,000,000 95% 7,207,738 16,009,092 (4,815,941) 18,400,889 27,680,000 70% 1,317,510 14,823,921 (4,275,586) 11,865,845 13,660,000 87% 8,628,301 1,484,437 (9,796,168) 316,570 58,000,000 98% 10,668,142 8,639,637 (12,146,324) 7,161,455 28,000,000???? 70% ( 100) 20,088,319 6,720,700 (13,789,110) 13,019,909 84,602,119 55,275,689 (63,157,471) 76,720, , ,129 - (324,129) (324,129) - 4,362,173 2,416,218 (53,138) 6,725,253 80,239,946 69,995,

86 () () 12 31,345,881 (18,962,359) 8,857,912 6,157,682 (2,632,072) 12,383, ,428,100 (3,553,413) 1,946,790 - (72,103) 1,874, , , , ,880,981 (22,515,772) 10,804,702 6,264,682 (2,704,175) 14,365,

87 () () ,675,442 83,755,166 5%(5%) (%) (%) 1 217,322, ,091, ,975, , , , ,118, , ,907, ,848, %(5%) (%) (%) 1 19,973, ,016, ,894, ,854, , ,229, ,132, ,057, ,213, %(5%)

88 () () ,170,928 13,294,010 (A ) 2,160,000 1,188,000 (B ) 21,700,000 11,935,000 5,554,266 2,985,390 53,585,194 29,402, (2,640,316) 18,368, ,279 53,025 4,453, ,751 6,331, ,694 8,898,131 19,286, ,042,849 42,510,010 21,415,591 15,928,050 1,570,722 5,467,163 24,903,839 20,803,899 78,933,001 84,709,

89 () () 18 () (a) (%) (%) 1 46,563, ,403, ,094, ,470, ,271, ,311, ,003, ,523, ,933, ,709, (b) ( (e)) 5%(5%) (a) 4,467,850 3,000, ,000 41, ,609 4,509,350 4,041,609 (a)

90 () () ,024,364 16,024, , ,883 16,923,247 16,923,247 (1997)2543 [2000] ,674,126 7,739,360 17,413, % 27% ( (1))

91 () () ,709, ,709,280-21,600,000 21,600, ,000, ,000, ,600, ,600, ,309, ,309, ,126, ,126,417 6,141,025 - (1,143,719) 4,997,306 (a) 35,908,024 - (9,393,422) 26,514,602 (b) 54,820,470 - (7,739,360) 47,081,110 10,709, ,958-10,908, ,705, ,958 (18,276,501) 728,627,868 (a) (b) 1993 [1998]

92 () () 26 97,860,057 96,397, ,790, ,048,073 15,152,286 14,395,951 13,573,822 43,122, ,012, ,793, ,363, ,170,132 10%, 50% 10% 27 18,304, ,713,868 (15,152,286) (14,395,951) (13,573,822) (48,030,928) 27,865, % ,030,

93 () () ,646, ,743 2,676,534 2,246, , , , ,580 5,460,450 4,352, ,309,290 76,516,561 (75,196,735) (72,945,031) 1,112,555 3,571,530 16,761,155 33,916,623 (18,461,421) (42,665,580) (1,700,266) (8,748,957) 1,532, ,323 (947,997) (645,177) (3,102) (5,474,281)

94 () () ,405,938 17,266,854 (3,431,002) (2,586,942) 69, ,251 2,420,073 (831,994) 3,464,783 14,266, , ,049 4,099,464 13,572,500-6,509,633 3,946,408-1,195,547 1,006,919 - (119,393) - (5,378,450) (3,574,833) 6,355,720 15,069,

95 () () ,750,295 1,651, ( 25) 9,393,422 12,671,079 1,804,502 5,275,321 2,615, ,080 13,813,549 18,482, ,806,326 4,702,313 6,637,397 2,023, ,620 3,492,591 3,160,122-3,921,320 5,165,209 21,777,785 15,383, ,528,639 4,490,088 (15,330,400) - 22,198,239 4,490,088 (2002) ,330,

96 () (%) (%) 1 144,721, ,542, (363,443) ,852 - (23,852) 2-3 8,841 - (4,469) 5,508,108 2 (5,508,108) 3 15,792,887 10(15,792,887) 10,499,956 5(10,499,956) 160,523, (15,797,356)235,574, (16,395,359) (%) (%) 1 18,893, (828,259) 19,860, (3,124,900) 1-2 2,996, (291,465) 5,269, (568,016) ,597 - (42,849) 210,066 1 (204,592) 3 482,242 3 (468,877) 272,320 1 (216,557) 22,421, (1,631,450) 25,612, (4,114,065)

97 () () ,449, ,449, ,210,487-37,139,919 - (18,702,499) -315,647,907-10,309,006 (1,342,230) 5,596,521 - (3,590,591) 436,186 12,314,936 (906,044) 8,517,752 (294,221) 2,590,873 - (2,038,653) - 9,069,972 (294,221) 22,117,696-11,724,472 (200,000) (1,456,653) - 32,385,515 (200,000) 342,604,541 (1,636,451) 57,051,785 (200,000) (25,788,396) 436,186373,867,930(1,400,265) 14, , ,618,541 (1,636,451) 57,051,785 (200,000) (25,788,396) 436,186373,881,930(1,400,265)

98 () () , ,049 4,099,464 13,572,500-37,139,919 7,868,171-6,137,394 3,846,180-1,195,547 1,006,919 - (188,737) - (4,978,450) (1,782,508) 43,454,056 24,629,

99 () (a) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( )

100 () (a) () () ( ) ( ) ( ) ( ) ( ) ( ) ( )

101 () (b) () 461, ,130 5, , , ,000 13, ,143 22, ,330 21, ,500 20, ,000 18, ,000 28, ,000 9, ,000 5, ,600 15, ,000 1, ,000 5, ,000 1,000 - (1,000) - 1, ,000 1, ,000 7, ,

102 () (c) () : % % % % 2, (2,718) , , , , , , , , , , , , , (974) - 15, , (2,209) - 22, , (905) - 9, , , , , , , , , , , (836) (100) (73) , (3,874) (51) (450) (90) - - (d) ()8(c)

103 () () (e) ,697,020 4,782,164-31,306,133 20,413,430-20,806,818 14,231,171-1,539, ,769 72,349,182 39,610,534-55,542,909 49,343, ,609 2,762,080-25,014,360 11,484,130-8,327,721 9,787,969-8,059,556 7,612,559-4,063, , ,637,181 81,886, ,487 2,011, ( ,256,392 )3% ( %)

104 () () (e) () (42,510,010) (58,061,317) - (9,017,148) (139,487) (2,011,564) 11,606,648 26,580,019 (31,042,849) (42,510,010) /( ) - (3,645,493) (3,017,316) - 3,804,215 2,902, ,095,787-1,309,121 2,450,550 - (7,204,608) (2,877,872) - (3,227,910) (245,956) , ,957 - (8,156,718) 3,351,199 () ( )

105 ( ) ,049,152 14,306,348 ( ) 12,640,486 15,800,608 3,160,

106 2002

107 1 (%) / 558,695, ,840, ,713, ,961, ,420,127 ( ) 21,777,785 4,099, ,093 15,330, ,257,431 7,832,5 (1,855,293) 58,234, ,143,366 8,459,8-56,603, ,114,065 (627,32 2) (1,855,293) 1,631, ,057 4,778,4 (146,057) 4,778, ,057 4,778,4 50 (146,057) 4,778, ,498,207 20,167, (5,322,469) 45,342, ,903,752 3,779,0 04 (5,322,469) 13,360,287 7,391,158 6,273, ,664,635

108 8,203,297 10,114, ,318,049 4,488, ,000 (1,616,186) 3,472,023 4,488, ,000 (1,616,186) 3,472, ,331,278 5,390,108 (4,242,490) 25,478,896 8,482, ,358 (2,047,621) 7,404,644 15,023,774 4,420,7 (1,875,340) 17,569, ,597 - (319,529) 505, ,362,173 2,416,2 (53,138) 6,725,

109 5 30%(30%) 5%(5%) 10%(10%) ,359, ,302,841 76,056, (a) 228,412, ,970, ,441, (b) 158,675,442 83,755,166 74,920, (c) 223,907,035 77,848, ,058, (c) ,061,034,4241,411,854, ,180, (d) 1,496,878,9151,074,563, ,315, (d) 89,656,155 52,121,079 37,535, (e) 333,730, ,458, ,271, (f) 22,198,239 4,490,088 17,708, (g) (a) (b) (e) (f)

110 (e) (f) (g) , ,100 5,960 3, ,582 15% 27%

111 ,714 44,478 1,618,973 1,584,367 (9,393) (12,671) - - 5,209 5,986 (38,646) (43,855) ,031 26,417 - (16,400) (7,591) (5,835) (3,884) - 10,433 - (117) (246) ,529 8,490 1,638,985 1,567,751

112 ( )

113 : +86 (21) : +86 (21) ( ) ( ) ( )

114 ( ) ,061,034 1,411,854 (1,493,754) (1,071,439) 567, ,415 5 (21,749) (28,004) (89,656) (52,121) (331,975) (230,761) 3 123,900 29,529 / ( ) 736 (2,402) 6 (3,465) (14,266) 13,14 6,566 3, ,737 16,829 7 (26,138) (4,638) 101,599 12, (9,070) (3,701) 92,529 8,490 ( /)

115 ( ) , , ,117 88, ,874 1, ,302 8, ,958 13, ,847 8, ,808 26, ,312 1,004, , , , ,104 16,317 23, , ,303 1,323,596 1,088,719 2,274,908 2,092, , , ,062,175 1,020,355 96,501 67,087 1,638,985 1,567, ,907 53, ,980 9, ,966 17,977 26,946 27, , ,

116 4, , , , , , ,607 2,274,908 2,092,

117 ( ) ( 19) ( 19) , ,911 98, ,446 96,975 1,034,747 68,153 1,583,209 (a) - (12,671) (12,671) 12, ,490 8, ,352 2,249 2,329 6,930 (6,930) (24,015) (24,015) - 67 (2,906) (2,906) (2,906) (8,651) 8, , ,307 97, ,789 96,398 1,020,355 67,087 1,567, , ,307 97, ,789 96,398 1,020,355 67,087 1,567,751 (a) - (9,393) (9,393) 9, ,529 92, ,152 13,574 14,396 43,122 (43,122) (26,417) (26,417) ( 23) - 9, ,036 (2,969) 6,067 - (945) (945) - (945) , , , , ,794 1,062,175 96,501 1,638,985 (a) - 4 -

118 ( ) ( 28) 321, ,886 3,431 2,587 (18,178) (5,971) 307, ,502-2,300 (78,678) (60,666) (2,050) (450) 7,688 46, ,486 4, (67,936) (7,090) 110, ,000 (239,750) (370,000) (26,417) (24,015) (2,611) (2,517) (4,406) (15,549) (163,184) (197,081) 76, , , , , ,

119 ( )1993 (A ) (B ) ( ) 241,709, % 2 (a) (b) - 6 -

120 () (b) 30 (c) (d)

121 2 () (d) (e) (f)

122 2 () (g) (1) (2) 5 10 (h) (i) ( ) - 9 -

123 2 () (j) (1) (2) (k) (l) ( ) (m) () ( 28) ( 5)

124 2 () (n) (o) (p) (q) (r)

125 2 () (s) (1) (2) (3) (4) (t)

126 ( ) ,493,754 1,071,439 ( 9) 113,809 97,810 16,736 18,430 30,418 15,176 ( 4) 342, ,084-7,833 5,276-15,818 1,997 - ( 11) ( 12) 2,617 1,873 - ( 9) 5,390 24,331 - ( 10) 2,415 4,363 - ( 12) - 5,835 - /( ) 4,833 (3,252) - 4, (4,099) (13,573) , ,941-36,603 33, ,275 47, , , ,151 8,

127 ( )

128 ( ) ,178 (4,099) (13,573) ( 9) 5,390 24,331 ( 10) 2,415 4,363 ( 12) - 5,835 / ( ) 4,833 (3,252) 4, ,845 4,976 21,749 28, ,406 17,267 (3,431) (2,587) ,420 (832) 3,465 14, ,198 4,490 ( 23) 3, ( 13) 1 21 ( 14) 55-26,138 4,638 15% % 33%

129 ( )

130 ( ) 7 () ,737 16,829 27% (200115%) 34,489 2,524 11,398 2,900 (a) (15,331) - 2,477 - (6,895) (786) 26,138 4,638 (a) (2002) ,529 8, ,309, ,309,

131 ( ) , ,344 42,335 79,678 1,518, , ,362 5,209 11, , (28,055) (31,657) (2,473) (120) (62,305) ,862880,049 45,071 90,879 1,671, ,368 41,014 5,754 9,125 81, (9,399) (47,693) (5,565) (5,931) (68,588) ,831873,370 45,260 94,073 1,684, , ,387 29,120 45, , ,648 56,665 3,025 10,472 97, (1,027) (16,369) (1,121) (279) (18,796) ,980412,683 31,024 56, , ,329 69,908 4,157 13, , , , (8,356) (35,270) (4,104) (4,888) (52,618) ,953448,906 31,077 64, , ,482 15, , ,482 15, ,

132 ( ) , , (2,047) (290) - (320) (2,657) (1,585) - - (1,585) ,405 17, , ,400452,342 14,047 33, , ,473406,895 14,183 28, ,

133 ( ) , ,729 59,344 61,401 (63,157) (215,475) 88,842 92,655 4,363-2,415 4,363 (53) - 6,725 4,363 82,117 88, ,163 2, ,874 1,

134 ( )

135 ( ) ,957 2,415 18, ,255 3, (2,582) (3,253) (5,835) ,375 2,417 15, , , ,533 2,524 22, ,192 2,073 5, , , ,721 2,417 7, ,617-2, ,338 2,417 9, ,582 3,252 5, (2,582) (3,252) (5,835) ,654-8, , ,

136 ( ) ,840 13,714-5,597 3,890 - ( 7) (1) (21) - (3,154) (3,515) 400 2,126 (5,160) (2,354) 11,958 13,840 30(b) ,224 8, ( 7) (55) - - (464) (63) 5,103 1,060 (1,930) - - (1,354) 11,847 8,224 30(c)

137 ( ) ,601 20, ,940 (2,237) (1,190) 580 (780) 25,808 26,601 5% 11, % 7,940 6,339 25, () 75, ,050 ( ) 8, ( ) 124, ,159 ( ) 819 3,243 ( ) 159,496 97,932 ( ) 30,796 33, , ,

138 ( ) , ,499 (56,603) (48,143) 418, ,356 37,885 45,279 (1,631) (4,114) 36,254 41,165 ( 29(b)) 5,114 13,198 ( 29(b)) 4,746 6, , , , , , , ( ) ( ) 241, , , ,709 (A ) 21,600 21,600 21,600 21,600

139 ( ) (B ) 217, , , , , , , , , , , ,

140 ( ) 20 (a) (i) (ii) (iii) (iv) (b) ( ) 10% 50% 25% 10% (c) 10% ( 31)

141 ( ) ,575 50,091-2,300 9,070 3,701 (2,611) (2,517) (127) - 59,907 53, (a) 16,024 16,024 3,942 1,953 19,966 17,977 (a) [1997]2543 [2000] ,163 9,036 (6,067) - ( 7) 3, ,980 9, %

142 ( ) 27%

143 ( ) , ,575 ( 29(b)) 31,043 42,510 ( 29(b)) 3,645 7,013 ( 29(b)) 14,372 9, , , , ,284 (3 12 ) (2001 ) ,049 14,

144 ( ) ,737 16,829 ( 3) 113,809 97,810 ( 3) 2,689 1,945 ( 3) 7,805 34,529 ( )/ ( 3) 4,833 (3,252) 4, /( ) (736) 2,402 ( 6) (3,431) (2,587) ( 6) 4,406 17,267 ( 3) 7,833 5,276 ( 3) 15,818 1,997 (6,566) (3,968) 278, ,394 ( )/ (130,589) 158,343 3,005 4,097 ( )/ (64,700) 71,022 /( ) 235,193 (50,137) ( ) /( ) 41 (17,833) 321, ,

145 ( ) 29 (a) (i) - 55,543 49, ,762-25,014 11,484-8,328 9,788-8,060 7,613-4, ,638 81,887 (ii) - 18,697 4,782-31,306 20,413-20,807 14,231-1, ,349 39,610 (iii) ,012 3%( %)

146 ( ) 29 () (b) ,510 58,061-9, ,012 (11,606) (26,580) 31,043 42,510 /() - (3,645) (3,018) - 3,804 2, ,096-1,309 2,451 -(3,228) (246) - (7,205) (2,878) (8,157) 3,351 (c) ,000 ( ,000 )

147 ( ) 30 (a) % % ,000 5, ,861 10, ,798 15, ,620 14, , , ,000 16, ,920 13, ,000 28, ,000 9, ,600 5, ,700 12,

148 ( ) 30 (b) % % ,975 8, , ,958 13,840 (c) ,294 6, , CIS , , ,847 8,

149 ( ) : ,714 44,478 1,618,973 1,584,367 (9,393) (12,671) - - 5,209 5,986 (38,646) (43,855) ,031 26,417 - (16,400) (7,591) (5,835) (3,884) - 10,433 - (117) (246) ,529 8,490 1,638,985 1,567,751

150 ( ) SHANGHAI DIESEL ENGINE COMPANY LIMITED (incorporated in the People s Republic of China with limited liability) CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER

151 Mailing Address: 12th Floor Shui On Plaza 333 Huai Hai Zhong Lu Shanghai People s Republic of China Telephone: +86 (21) Facsimile: +86 (21) AUDITORS REPORT Shanghai Diesel Engine Company Limited (incorporated in the People s Republic of China with limited liability) We have audited the accompanying consolidated balance sheet of Shanghai Diesel Engine Company Limited ( the Company ) and its subsidiaries ( the Group ) as of 31 December 2002 and the related consolidated income and cash flow statements for the year then ended. These financial statements set out on pages 2 to 26 are the responsibility of the Company s management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Group as of 31 December 2002 and of the results of its operations and its cash flows for the year then ended in accordance with International Financial Reporting Standards. Business is undertaken in the registered name of PricewaterhouseCoopers China limited, incorporated in Bermuda with limited liabilities. Registered address is Clarendon House. 2 Church Street, Hamilton, Bermuda.

152 Mailing Address: 12th Floor Shui On Plaza 333 Huai Hai Zhong Lu Shanghai People s Republic of China Telephone: +86 (21) Facsimile: +86 (21) PricewaterhouseCoopers China Limited Shanghai, China 24 April 2003 Business is undertaken in the registered name of PricewaterhouseCoopers China limited, incorporated in Bermuda with limited liabilities. Registered address is Clarendon House. 2 Church Street, Hamilton, Bermuda.

153 CONSOLIDATED INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2002 (All amounts in Renminbi thousands unless otherwise stated) Notes Sales 2,061,034 1,411,854 Cost of sales (1,493,754) (1,071,439) Gross profit 567, ,415 Other operating loss 5 (21,749) (28,004) Distribution costs (89,656) (52,121) Administrative expenses (331,975) (230,761) Profit from operation 3 123,900 29,529 Profit/(Loss) from available-for-sale investments 736 (2,402) Finance costs, net 6 (3,465) (14,266) Share of result of unconsolidated subsidiaries and associates 13,14 6,566 3,968 Profit before tax 127,737 16,829 Income tax expense 7 (26,138) (4,638) Group profit before minority interest 101,599 12,191 Minority interest 21 (9,070) (3,701) Net profit 92,529 8,490 Basic and diluted earnings per share (Rmb Yuan per share) 8 RMB 0.19 RMB 0.02 The accompanying notes form an integral part of these consolidated financial statements

154 SHANGHAI DIESEL ENGINE COMPANY LIMITED CONSOLIDATED BALANCE SHEET AS OF 31 DECEMBER 2002 (All amounts in Renminbi thousands) ASSETS Notes Non-current assets Property, plant and equipment Construction in progress 9805, , ,657 88,292 Land use rights 11 1,874 1,946 Intangible assets Investments in unconsolidated subsidiaries 12 12, ,958 8,654 13,840 Investments in associates 14 11,847 8,224 Available-for-sale investments 15 25,808 26, ,312 1,004,214 Current assets Inventories 16399, ,361 Receivables and prepayments Trading investments 17584,362 16, ,104 23,951 Cash and cash equivalents 18323, ,303 1,323,596 1,088,719 Total assets 2,274,908 2,092,933 EQUITY AND LIABILITIES Capital and reserves Share capital 19480, ,309 Reserves 201,062,175 1,020,355 Retained earnings 96,501 67,087 1,638,985 1,567,751 Minority interest 21 59,907 53,575 LIABILITIES Non-current liabilities Deferred tax liabilities Other liabilities 23 6, ,966 9,163 17,977 26,946 27,140 Current liabilities Trade and other payables 24537, ,284 Current tax liabilities Borrowings 4, ,750 Provisions 25 6, , ,467 Total liabilities 576, ,607 Total equity and liabilities 2,274,908 2,092,933 On 24 April 2003, the Board of Directors of Shanghai Diesel Engine Company Limited authorized these financial statements for issue. The accompanying notes form an integral part of these consolidated financial statements

155 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2002 (All amounts in Renminbi thousands) Statutory Discretionary Statutory Share capital Capital surplus common reserve funds common reserve funds public w elfare funds Total reserves (Note 19) (Note 19) Retained earnings Total equity and reserves Balance at 1 January , ,911 98, ,446 96,975 1,034,747 68,153 1,583,209 Transfer to retained earnings (a) - (12,671) (12,671) 12,671 - Net profit for ,490 8,490 Appropriation to reserves - - 2,352 2,249 2,329 6,930 (6,930) - Dividends relating to (24,015) (24,015) Others - 67 (2,906) (2,906) (2,906) (8,651) 8, Balance at 31 December , ,307 97, ,789 96,398 1,020,355 67,087 1,567,751 Balance at 1 January , ,307 97, ,789 96,398 1,020,355 67,087 1,567,751 Transfer to retained earnings (a) - (9,393) (9,393) 9,393 - Net profit for ,529 92,529 Appropriation to reserves ,152 13,574 14,396 43,122 (43,122) - Dividends relating to (26,417) (26,417) Deferred tax (Note 23) - 9, ,036 (2,969) 6,067 Others - (945) (945) - (945) Balance at 31 December , , , , ,794 1,062,175 96,501 1,638,985 (a) The transfer to the retained earnings from the capital surplus represents the realisation of revaluation surplus of revalued assets. The accompanying notes form an integral part of these consolidated financial statements

156 CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2002 (All amounts in Renminbi thousands) CASH FLOWS FROM OPERATING ACTIVITIES Cash generated from operations (Note 28) 321, ,886 Interest received 3,431 2,587 Tax paid (18,178) (5,971) Net cash generated from operating activities 307, ,502 Acquisition of subsidiary, net of cash acquired - 2,300 Purchase of property, plant and equipment, intangible assets and payments on construction projects (78,678) (60,666) Additional investments in unconsolidated subsidiaries and associates (2,050) (450) Proceeds from sale of property, plant and equipment 7,688 46,761 Disposal of unconsolidated subsidiaries and associates Dividends received 4,486 4,585 Principal of debt securities received Net cash used in investing activities (67,936) (7,090) Proceeds from borrowings 110, ,000 Repayments of borrowings (239,750) (370,000) Dividends paid to group shareholders (26,417) (24,015) Dividends paid to minority interest (2,611) (2,517) Interest paid (4,406) (15,549) Net cash used in financing activities (163,184) (197,081) Increase in cash and cash equivalents 76, ,331 Cash and cash equivalents at beginning of year 247, ,972

157 Cash and cash equivalents at end of year 323, ,303 The accompanying notes form an integral part of these consolidated financial statements

158 SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) 1 GENERAL INFORMATION Shanghai Diesel Engine Company Limited ( the Company ) was established as a joint stock limited company in the People s Republic of China (the PRC ) in 1993 subsequent to a reorganisation to rationalise its structure in preparation for the listing of its shares. Its domestically listed Renminbi shares (A shares) and domestically listed foreign investment shares (B shares) have been listed on the Shanghai Securities Exchange since The Company, together with its subsidiaries, are hereinafter collectively referred to as the Group. The principal activities of the Group are the manufacture and sale of diesel engines, fuel injection pumps and components of diesel engines, using Dong Feng as the trademark. Operating assets of the Group are primarily located in the PRC. Particulars of the Company s principal subsidiaries and its associates are set out in Note 30. Shanghai Dongfeng Machinery (Group) Company, who holds 241,709,280 shares of the Company s state-owned shares, or 50.32% of total capital, is regarded as the Company s holding company. 2 ACCOUNTING POLICIES (a) Basis of preparation The consolidated financial statements have been prepared based on the management accounts of the Company and its consolidated subsidiaries. Those management accounts are prepared in accordance with the PRC accounting regulations, which differ in certain respects from International Financial Reporting Standards ( IFRS ). These financial statements have incorporated adjustments made to the management accounts in order to conform with IFRS. These financial statements have been prepared under the historical convention unless otherwise disclosed in the accounting policies below. The preparation of financial statements in conformity with generally accepted accounting principles requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on - 7 -

159 SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) management s best knowledge of current event and actions, actual results ultimately may differ from those estimates. (b) Consolidated subsidiaries, unconsolidated subsidiaries and associates Subsidiaries are those entities in which the Group has an interest of more than one half of the voting rights or otherwise has power to govern the financial and operating policies. The existence and effect of potential voting rights that are presently exercisable or presently convertible are considered when assessing whether the Group controls another entity. Subsidiaries are consolidated from the date on which control is transferred to the Group and are no longer consolidated from the date that control ceases. Certain relatively insignificant and non-core business subsidiaries are not consolidated. All material intercompany transactions, balances and unrealised gains on transactions between the Company and its consolidated subsidiaries are eliminated; unrealized losses are also eliminated unless cost can not be recovered. Where necessary, accounting policies of consolidated subsidiaries have been changed to ensure consistency with the policies adopted by the Group

160 SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) 2 ACCOUNTING POLICIES (continued) (b) Consolidated subsidiaries, unconsolidated subsidiaries and associates (continued) Investments in unconsolidated subsidiaries and associates are accounted for by the equity method of accounting. Under this method the Company s share of the post-acquisition profits or losses of unconsolidated subsidiaries and associates is recognized in the income statement and its share of post-acquisition movements in reserves is recognized in reserves. The cumulative post-acquisition movements are adjusted against the cost of the investment. Associates are entities over which the Group generally has between 20% and 50% of the voting rights, or over which the Group has significant influence, but which it does not control. Unrealised gains on transactions between the Group and its unconsolidated subsidiaries and associates are eliminated to the extent of the Group s interest in unconsolidated subsidiaries and associates; unrealized losses also eliminated unless the transactions provides evidence of an impairment of the asset transferred. When the Group s share of losses in an unconsolidated subsidiary and associate equals or exceeds its interest in the unconsolidated subsidiary and associate, the Group does not recognise further losses, unless the Group has incurred obligations or made payments on behalf of the unconsolidated subsidiaries and associates. Provisions are recorded for long-term impairment in value. A listing of the Group s consolidated subsidiaries, unconsolidated subsidiaries and associates is set out in Note 30. (c) Foreign currency translation Foreign currency transactions are translated into Renminbi using the exchange rates stipulated by the People s Bank of China prevailing on the first day of the month in which the transactions took place. Foreign exchange gains and losses resulted from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies into Renminbi at the exchange rates stipulated by the People s Bank of China at the balance sheet date are recognised in the income statement. (d) Property, plant and equipment - 9 -

161 SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) All property, plant and equipment are stated at historical cost less depreciation except for those existed on the reorganization of the Company, which are shown at revalued amount according to valuation by external independent valuers less subsequent depreciation. Each year the difference between depreciation based on the revalued amount of the asset (the depreciation charged to the income statement) and depreciation based on the asset s original cost is transferred from capital surplus to retained earnings. Depreciation is calculated on the straight-line method to write off the cost of each asset to their residual values over their estimated useful lives as follows: Buildings Plant and machinery Motor vehicles Furniture, fixtures and office equipment years years 5-6 years 5 years Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount

162 SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) 2 ACCOUNTING POLICIES (continued) (d) Property, plant and equipment(continued) Gains and losses on disposals are determined by comparing proceeds with carrying amount and are included in operating profit. When revalued assets are sold, the amounts included in capital surplus are transferred to retained earnings. Repairs and maintenance are charged to the income statement during the financial period in which they are incurred. The cost of major renovations is included in the carrying amount of the asset when it is probable that future economic benefits in excess of the originally assessed standard of performance of the existing asset will flow to the Group. Major renovations are depreciated over the remaining useful life of the related asset. (e) Construction in progress Construction in progress represents capital assets under construction, being installed or tested and is stated at cost. Cost comprises cost of machinery and equipment, installation, testing and other direct costs including interest costs on borrowings to finance the construction of property, plant and equipment, which are capitalized during the period of time that is required to complete and prepare the asset for its intended use. Other borrowing costs are expensed. Construction in progress is transferred to property, plant and equipment upon completion. Where the carrying amount of an asset is greater than its estimated recoverable amount, it is written down immediately to its recoverable amount. (f) Land use rights Land use rights are stated at cost less accumulated amortization. Amortization is calculated using the straight-line method over the approved use period of 50 years. (g) Intangible assets (1) Research and development Research expenditure is recognised as an expense as incurred. Costs incurred on development projects (relating to the design and testing of new or improved products) are recognised as intangible assets when it is probable that the project will be a success considering its commercial and technological feasibility, and only if the cost can be measured reliably. Other development

163 SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) expenditures are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. Development costs that have been capitalised are amortised from the commencement of the commercial production of the product on a straight-line basis over the period of its expected benefit. (2) Other intangible assets Other intangible assets, including design fee and computer software, are stated at acquired cost less accumulated amortization. Amortization is calculated using the straight-line method over their beneficial periods, typically between 5 to 10 years

164 SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) 2 ACCOUNTING POLICIES(continued) (h) Available-for-sale investments Investments intended to be held for an indefinite period of time, which may be sold in response to needs for liquidity or changes in interest rates, are classified as available-for-sale; and are included in non-current assets unless management has the express intention of holding the investment for less than twelve months from the balance sheet date or unless they will need to be sold to raise operating capital, in which case they are included in current assets. (i) Impairment of long lived assets Property, plant and equipment and other non-current assets, including intangible assets are reviewed for impairment losses whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the carrying amount of the asset exceeds its recoverable amount which is the higher of an asset s net selling price and value in use. For the purposes of assessing impairment, assets are grouped at the lowest level for which there are separately identifiable cash flows. (j) Operating leases (1) A Group company is the lessee Leases where a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives received from the lessor) are charged to the income statement on a straight-line basis over the period of the lease. (2) A Group company is the lessor Assets leased out under operating leases are included in property, plant and equipment in the balance sheet. They are depreciated over their expected useful lives on a basis consistent with similar owned property, plant and equipment. Rental income (net of any incentives given to lessees) is recognised on a straight-line basis over the lease term. (k) Inventories Inventories are stated at the lower of cost and net realisable value. Cost is determined using the weighted average method. The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and related production overheads. Net realisable value is the estimated selling price in the ordinary course of business, less the costs to completion and selling expenses. (l) Trade receivables Trade receivables are carried at original invoice amount less provision made for impairment of these receivables. A provision for impairment of trade receivables is established when there is an objective evidence that the Group will not be able to collect all amounts due according to the original terms of

165 SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) receivables. The amount of the provision is the difference between the carrying amount and the recoverable amount, being the present value of expected cash flows, discounted at the market rate of interest for similar borrowers

166 SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) 2 ACCOUNTING POLICIES(continued) (m) Trading investments The trading investments are traded in active markets and are valued at market value at the close of business on 31 December by reference of Securities Exchange quoted bid prices. Trading investments are classified as current assets because they are expected to be realized within twelve months of the balance sheet date. In the cash flow statement, trading investments are presented within the section on operating activities as part of changes in working capital (Note 28). In the income statement, changes in fair values of trading investments are recorded in other operating loss (Note 5). (n) Cash and cash equivalents Cash and cash equivalents are carried in the balance sheet at cost. For the purposes of the cash flow statement, cash and cash equivalents comprise cash on hand and deposits held at call with banks. (o) Deferred income tax Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Currently enacted tax rates are used in the determination of deferred income tax. Deferred tax assets are recognized to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. (p) Employee benefits The Group participates in a government defined contribution retirement scheme, under which the Group pays contributions into a government unified retirement fund at fixed percentage of wages and salaries of existing full time employees and will have no legal or constructive obligations to pay further contributions. The regular contributions of the Group constitute net periodic cost for the year in which they are due and as such are included in staff cost. (q) Provisions Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events, it is probable that an

167 SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) outflow of resources will be required to settle the obligation, and a reliable estimate of the amount can be made. Where the Group expects a provision to be reimbursed, the reimbursement is recognised as a separate asset but only when the reimbursement is virtually certain

168 SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) 2 ACCOUNTING POLICIES(continued) (r) Revenue recognition Revenue comprises the invoiced value for the sale of goods net of value-added tax, rebates and discounts, and after eliminating sales between the Company and its consolidated subsidiaries. Revenue from the sale of goods is recognised when significant risks and rewards of ownership of the goods are transferred to the buyer. (s) Financial risk management Financial instruments carried on the balance sheet include cash and cash equivalents, investments in unconsolidated subsidiaries, investment in associates, other long-term investments, receivables and prepayments, trading investments, payables and borrowings. The particular recognition methods adopted are disclosed in the individual policy statements associated with each item. Financial risks The Group s activities expose it to a variety of financial risks, including: (1) Credit risk The Group has no significant concentrations of credit risk. Cash is put in different banks and financial institution. Trade receivables are spread among a number of customers. The Group has policies in place to ensure that sale of products are made to customers with an appropriate credit history. (2) Interest rate risk The Group s income and operating cash flows are substantially independent of changes in market interest rate. The Group has no balance of borrowings as at 31 December Other financial assets and liabilities do not have material interest rate risk. (3) Foreign exchange risk

169 SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) The Group operates mainly domestically and therefore is not exposed to significant foreign exchange risks. (4) Fair value The face values less any estimated credit adjustment for financial assets and liabilities with a maturity of less than one year are assumed to approximate their fair values. The fair value of financial assets and liabilities for disclosure purposes is estimated by discounting the future cash flows at the current market rate available to the Group for similar financial instruments. (t) Comparatives Where necessary, comparative figures have been adjusted to conform with changes in presentation in the current year. 3 PROFIT FROM OPERATION The following items have been included in arriving at profit from operation: Cost of inventory recognized as expense 1,493,754 1,071,439 Depreciation on property, plant and equipment (Note 9)113,809 97,810 Research and development expenditure 16,736 18,430 Warranty expense 30,418 15,176 Staff costs (Note 4) 342, ,084 Included in Administrative expenses : - Increase in provision for doubtful debts 7,833 5,276 - Increase in provision for inventory obsolescence 15,818 1,997 - Amortisation of land use rights (Note 11)

170 SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) - Amortisation of intangible assets (Note 12) 2,617 1,873 Included in Other operating loss : - Impairment of property, plant and equipment (Note 9)5,390 24,331 - Impairment of construction in progress (Note 10) 2,415 4,363 - Impairment of intangible assets (Note 12) - 5,835 - Losses/ (Gains) on sale of property, plant and equipment 4,833 (3,252) - Fair value losses on trading investments 4, Income from deposits placed with financial institutions and trading investments (4,099) (13,573) 4 STAFF COSTS Wages and salaries 189, ,941 Pension costs - defined contribution plans 36,603 33,992 Others 116,275 47, , ,084 Since the Group achieved good performance, additional welfare of Rmb 59.6 million was granted to staff and included in other staff costs for the year. Average number of full time employees during the year 9,151 8,687 5 OTHER OPERATING LOSS Loss on resale of raw material and other goods 587 5,178 Income from deposits placed with financial institutions and trading investments (4,099) (13,573) Impairment of property, plant and equipment (Note 9)5,390 24,331 Impairment of construction in progress (Note 10) 2,415 4,363 Impairment of intangible assets (Note 12) - 5,835 Loss/(Gain) on disposal of property, plant and equipment 4,833 (3,252) Fair value loss on trading investments 4, Others 7,845 4,

171 SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) 6 FINANCE COSTS, NET 21,749 28, Interest expense - bank borrowings 4,406 17,267 Interest income (3,431) (2,587) Net foreign exchange transaction losses Others 2,420 (832) Finance costs, net 3,465 14,266 7 INCOME TAX EXPENSE Current tax 22,198 4,490 Deferred tax (Note 23) 3, Share of tax of unconsolidated subsidiaries (Note 13) Share of tax of associates (Note 14) ,138 4,638 The Company was subject to income tax at an applicable rate of 15 percent in prior years according to relevant regulation in Shanghai. However, as confirmed by tax authority, the income tax rate of the Company is changed to 27% since Subsidiaries and associates are subject to income tax at rates ranging from zero to 33 percent. The tax on the Group s profit before tax differs from the theoretical amount that would arise using the tax rate of the Company as follows: Profit before tax 127,737 16,829 Tax calculated at the applicable tax rate of 27% (2001: 15%) Income and expense items which are not 34,489 2,524 subject to or deductible for tax purposes 11,398 2,900 Tax credit arising from purchase of domestic equipment (a) (15,331) - Impact of change in income tax rate on deferred tax liabilities 2,477 - Effect of different tax rates for certain consolidated subsidiaries (6,895) (78 Tax charge 26,138 4,

172 SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) (a) According to circular(2002) HWZS No.40 of Shanghai Foreign Investment Commission and the approval of the first branch of Shanghai State Tax Bureau, the Company is subject to tax credit of Rmb 15.3 million from purchase of domestic equipment in EARNINGS PER SHARE Basic earnings per share is calculated by dividing the net profit for the year by the weighted average number of shares in issue during the year. The Company has no dilutive ordinary shares. As a result, basic and diluted earnings per share are the same Net profit for the year 92,529 8,490 Number of shares in issue 480,309, ,309,000 Basic and diluted earnings per share Rmb 0.19 Rmb

173 SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) 9 PROPERTY, PLANT AND EQUIPMENT Furniture, fixture Plant and Motor and office At 1 January , ,344 42,335 79,678 1,518,238 Additions in , ,362 5,209 11, ,928 Disposals in 2001 (28,055) (31,657) (2,473) (120) (62,305) At 31 December , ,049 45,071 90,879 1,671,861 Additions in ,368 41,014 5,754 9,125 81,261 Disposals in 2002 (9,399) (47,693) (5,565) (5,931) (68,588) At 31 December , ,370 45,260 94,073 1,684,534 Accumulated depreciation At 1 January , ,387 29,120 45, ,859 Charge for ,648 56,665 3,025 10,472 97,810 Disposals in 2001 (1,027) (16,369) (1,121) (279) (18,796) At 31 December , ,683 31,024 56, ,873 Charge for ,329 69,908 4,157 13, ,809 Transfer-in in , ,585 Disposals in 2002 (8,356) (35,270) (4,104) (4,888) (52,618) At 31 December , ,906 31,077 64, ,649 Impairment provision At 1 January Charge for ,482 15, ,331 At 31 December ,482 15, ,331 Charge for , ,390 Disposals in 2002 (2,047) (290) - (320) (2,657) Transfer-out in (1,585) - - (1,585) At 31 December ,405 17, ,479 Net book value At 31 December , ,342 14,047 33, ,657 At 31 December , ,895 14,183 28, ,

174 SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) Cost 10 CONSTRUCTION IN PROGRESS At beginning of year 92, ,729 Additions during the year 59,344 61,401 Transfer to property, plant and equipment (63,157) (215,475) At end of year 88,842 92,655 Impairment provision At beginning of year 4,363 - Charge for the year 2,415 4,363 Disposals (53) - At end of year 6,725 4,363 Net book value 82,117 88, LAND USE RIGHTS Cost At beginning and end of year 2,163 2,163 Accumulated amortisation At beginning of year Charge for the year At end of year Net book value at end of year 1,874 1,

175 SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) 12 INTANGIBLE ASSETS Cost Design fee Others Total At 1 January ,957 2,415 18,372 Additions in ,255 3,255 Disposals in 2001 (2,582) (3,253) (5,835) At 31 December ,375 2,417 15,792 Additions in , ,265 Disposals in At 31 December ,533 2,524 22,057 At 1 January ,192 2,073 5,265 Charge for , ,873 At 31 December ,721 2,417 7,138 Charge for ,617-2,617 At 31 December ,338 2,417 9,755 At 1 January Charge for ,582 3,252 5,835 Disposals in 2001 (2,582) (3,252) (5,835) At 31 December Charge for At 31 December Net book value At 31 December ,654-8,

176 SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) At 31 December , ,302 There are no internally generated intangible assets included in the above balances

177 SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) 13 INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES At beginning of year 13,840 13,714 Equity accounting for: - share of result before tax 5,597 3,890 - share of tax (Note 7) (1) (21) - dividends received (3,154) (3,515) Additions 400 2,126 Disposals (5,160) - Impairment charge 436 (2,354) At end of year 11,958 13,840 The details of unconsolidated subsidiaries are set out in Note 30(b). 14 INVESTMENTS IN ASSOCIATES At beginning of year 8,224 8,503 Equity accounting for: - share of result before tax share of tax (Note 7) (55) - - dividends received (464) (63) Additions 5,103 1,060 Disposals (1,930) - Impairment charge - (1,354) At end of year 11,847 8,224 The details of associates are set out in Note 30(c). 15 AVAILABLE-FOR-SALE INVESTMENTS At beginning of year 26,601 20,631 Additions 864 7,940 Disposals (2,237) (1,190) Impairment charge 580 (780) At end of year 25,808 26,601 Available-for-sale investments mainly represent: Name of investee Percentage of equity Cost Shanghai Dianqi Group Finance Company Limited 5% 11,529 Qinhai Qingong Machinery Company Limited 12.5% 7,940 Others 6,339 25,808 Available-for-sale investments are stated at cost and not subsequently fair valued because they do not have quoted market prices in active

178 SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) markets and whose fair values cannot be reliably measured. These investments are subject to review for impairment

179 SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) 16 INVENTORIES Raw materials (at cost) 75, ,050 Raw materials (at net realizable value) 8, Work in progress (at cost) 124, ,159 Work in progress (at net realizable value) 819 3,243 Finished goods (at cost) 159,496 97,932 Finished goods (at net realizable value) 30,796 33, , , RECEIVABLES AND PREPAYMENTS Trade receivables 474, ,499 Less: Provision for doubtful debts (56,603) (48,143) Trade receivables, net 418, ,356 Prepayments and other receivables 37,885 45,279 Less: Provision for doubtful debts (1,631) (4,114) Prepayments and other receivables, net 36,254 41,165 Receivables from unconsolidated subsidiaries (Note 29(b)) 5,114 13,198 Receivables from associates (Note 29(b)) 4,746 6,385 Deposits placed with financial institutions 120, , , , CASH AND CASH EQUIVALENTS Cash at bank and in hand 323, ,

180 SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) 19 SHARE CAPITAL No. of shares Amount No. of shares Amount Issued and fully paid Unlisted shares of Rmb 1 each: State-owned shares 241, , , ,709 Listed shares of Rmb 1 each: Domestically listed Renminbi ordinary shares (A Shares) 21,600 21,600 21,600 21,600 Domestically listed foreign currency ordinary shares (B shares) 217, , , , , , , , , , , , RESERVES (a) Capital surplus Generally, transactions of the following nature are recorded in the Capital surplus: i) Share premium arising on the issue of shares at prices in excess of their par value; ii) Donations received; iii) Surplus arising from the revaluation of assets; and iv) Any other items required by the PRC regulations to be so treated. Amounts in the Capital surplus can be utilised to offset prior years losses or for issue of bonus shares. (b) Statutory common reserve funds and Statutory public welfare funds Statutory reserves include both the Statutory common reserve funds and the Statutory public welfare funds. In 2002, Rmb 15.2 million and Rmb 14.4 million had been appropriated to the Statutory common reserve funds and the Statutory public welfare funds respectively

181 SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) According to the Articles of Association of the Company, 10 percent of its profit for the year computed in accordance with the PRC accounting regulations (after offsetting any prior years' losses) should be appropriated to the Statutory common reserve funds. When the balance of such fund reaches 50 percent of the Company's registered share capital, any further appropriation is optional. The Statutory common reserve funds can be utilised to offset prior years' losses or for issuance of bonus shares, however, the fund must be maintained at a minimum of 25 percent of the registered share capital after any such issue. According to the Articles of Association of the Company, 10% of its profit for the year computed in accordance with the PRC accounting regulations should be appropriated to the Statutory public welfare funds. The fund shall be utilised for the collective benefits of the workforce

182 SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) 20 RESERVES(continued) (c) Discretionary common reserve funds and dividends The Board of Directors of the Company recommends that: Rmb 13.6 million or 10% of the Company s profit for the year computed in accordance with the PRC accounting regulations, be appropriated to Discretionary common reserve funds; and Rmb 48 million, or Rmb 0.10 per share, of cash dividend be distributed (Note 31). The above proposals are subject to approval by the shareholders in the Company s annual general meeting of shareholders to be held in year MINORITY INTERESTS At beginning of year 53,575 50,091 Acquisition - 2,300 Share of net profit of subsidiaries 9,070 3,701 Dividend paid (2,611) (2,517) Disposal (127) - At end of year 59,907 53, OTHER LIABILITIES Government loans (a) 16,024 16,024 Others 3,942 1,953 19,966 17,977 (a) Government loans were transferred from long-term loans of Rmb 6.5 million and Rmb 9.5 million in 1997 and 2000 respectively. Pursuant to the circular [1997] 2543 issued by the State Development Planning Committee and the Ministry of Finance and another circular CJ [2000] 600 issued by the Ministry of Finance, these government loans should be converted to state-owned shares. They are temporarily recorded as other liabilities before they are converted to state-owned shares. 23 DEFERRED TAX LIABILITIES At beginning of year 9,163 9,

183 SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) Reversal (6,067) - Income statement charge (Note7) 3, At end of year 6,980 9,163 Above deferred tax liabilities are provided on temporary differences arising between depreciation under PRC accounting regulations and depreciation under IFRS. The income statement charge for year 2002 includes Rmb 2.5 million, which arises from the change in income tax rate from 15% to 27%

184 SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) 24 TRADE AND OTHER PAYABLES Trade payables 365, ,575 Amounts due to holding company(note 29(b)) 31,043 42,510 Amounts due to unconsolidated Subsidiaries (Note 29(b)) 3,645 7,013 Amounts due to associates (Note 29(b)) 14,372 9,219 Accruals and other current liabilities 123, , , , PROVISION Provision represents warranty. The Group gives warranties (from 3 months to 12 months) on certain products and undertakes to repair or replace items that fail to perform satisfactorily. A provision has been recognized at year-end for expected warranty claims based on past experienced level of repairs and returns. 26 CONTINGENCIES At 31 December 2002, the Group had no significant contingent liabilities (2001: none). 27 CAPITAL COMMITMENTS Capital expenditure contracted for at the balance sheet date but not recognised in the financial statements is as follows: Property, plant and equipment 16,049 14,

185 SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) 28 CASH GENERATED FROM OPERATIONS Profit before tax 127,737 16,829 Adjustments for: Depreciation of property, plant and equipment (Note 3) 113,809 97,810 Amortization of land use rights and intangible assets (Note 3) 2,689 1,945 Impairment charge (Note 3) 7,805 34,529 (Gain)/Loss on sale of property, plant and equipment (Note 3) 4,833 (3,252) Fair value losses on trading investment (Note 3) 4, Profit/(Loss) from available-for-sale investments (736) 2,402 Interest income (Note 6) (3,431) (2,587) Interest expense (Note 6) 4,406 17,267 Increase in provision for doubtful debts (Note 3) 7,833 5,276 Increase in provision for inventory obsolescence (Note 3) 15,818 1,997 Share of results of unconsolidated subsidiaries and associates (6,566) (3,968) Operating income before working capital changes 278, ,394 Changes in working capital: (Increase)/Decrease in receivables and prepayments (130,589) 158,343 Disposal of trading investments 3,005 4,097 (Increase)/Decrease in inventories (64,700) 71,022 Increase/(Decrease) in trade and other payables 235,193 (50,137) Increase/(Decrease) in amounts due to (net of amounts due from) related parties 41 (17,833) Cash generated from operations 321, ,886

186 SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated)

187 SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) 29 RELATED PARTY TRANSACTIONS (a) The following transactions were carried out with related parties: (i) Sales of components and parts of diesel engine to: - Shanghai Diesel Engine Materials Co., Ltd. 55,543 49,344 - Guangzhou Diesel Engine Trading Co., Ltd ,762 - Wuhan Dongfeng Diesel Engine Trading Co., Ltd.25,014 11,484 - Shenyang Dongfeng Diesel Engine Trading Co., Ltd.8,328 9,788 - Nantong SDEC Wiedson Fuel Injection Equipment Co., Ltd.8,060 7,613 - Shanghai Dongji Hydraulic Pressure Co. Ltd. 4, ,638 81,887 Sales were carried out on commercial terms and conditions and at market prices. (ii) Purchases of components and parts of diesel engine from: - Shanghai Diesel Engine Materials Co., Ltd.18,697 4,782 - Shanghai Yifa Industrial Development Co., Ltd. 31,306 20,413 - Nantong SDEC Wiedson Fuel Injection Equipment Co., Ltd. 20,807 14,231 - Shanghai Dongji Hydraulic Pressure Co. Ltd. 1, ,349 39,610 Purchases were carried out on commercial terms and conditions and at market prices. (iii) Interest expenses paid or payable 139 2,012 - Holding company Interest is charged at the rate of 3% per annum (2001: 5.5%). (b) Balances with related parties: Amount due to holding company

188 SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) Amount due to holding company at beginning of year 42,510 58,061 Purchase of property, plant and equipment - 9,017 Charge of interest expenses 139 2,012 Repayments during the year (11,606) (26,580) Amount due to holding company at end of year 31,043 42,

189 SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) 29 RELATED PARTY TRANSACTIONS (CONTINUED) Amount due from/(to) unconsolidated subsidiaries and associates: - Shanghai Diesel Engine Materials Co., Ltd. (3,645) (3,018) - Wuhan Dongfeng Diesel Engine Trading Co., Ltd. 3,804 2,902 - Guangzhou Diesel Engine Trading Co., Ltd. - 4,096 - Shenyang Dongfeng Diesel Engine Trading Co., Ltd.1,309 2,451 - Nantong SDEC Wiedson Fuel Injection Equipment Co.,Ltd (3,228) (246) - Shanghai Yifa Electrical Co., Ltd. (7,205) (2,878) - Shanghai Dongji Hydraulic Pressure Co. Ltd Shanghai Diesel Property Management Co., Ltd (8,157) 3,351 Balances with unconsolidated subsidiaries and associates arose from the above transactions as well as payments made on their behalf. They are interest-free and have no fixed repayment dates. (c) Directors remuneration In 2002 the total remuneration of the Directors of the Company was Rmb 642,000 (2001: Rmb 135,000). 30 SUBSIDIARIES AND ASSOCIATES Particulars of the Company s subsidiaries and associates, all incorporated in the PRC, are as follows: (a) Consolidated subsidiaries Percentage of equity interests Cost of investment Name of subsidiary Principal activities % % Shanghai Dongfeng Diesel ,000 5,000 Trading of diesel engines, fuel Engine Trading Company injection pumps and components Shanghai Diesel Engine ,861 10,861 Manufacturing of fuel injection Works Yangjing Fuel pumps and components Pump Factory Shanghai Diesel Engine ,798 15,798 Manufacturing of cylinder liners Jinshan Cylinder for diesel engines Liner Factory Shanghai Diesel Engine ,620 14,620 Processing of diesel engine parts Molin Machinery and components Manufacturing Factory Shanghai Pudong EV Fuel , ,000 Manufacturing and sale of fuel Injection Co., Ltd. injection pumps

190 SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) Shanghai Yihua Electrical ,000 16,000 Manufacturing and sale of power Co., Ltd. generators Shanghai Chaifa Forge ,920 13,920 Manufacturing of models, auxiliary forge Co., Ltd. machinery and specific machinery

191 SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) 30 SUBSIDIARIES AND ASSOCIATES (continued) (a) Consolidated subsidiaries (continued) Percentage of equity interests Cost of investment Name of subsidiary Principal activities % % Shanghai Boda Machinery ,000 28,000 Manufacturing, sale and maintain Co., Ltd. the standard and specific technical equipment Shanghai Diesel Supercharge ,000 9,000 Design, manufacturing and sale of Co., Ltd. supercharges Shanghai Diesel Transportation ,600 5,600 Providing transportation, vehicle Co., Ltd. maintenance services Shanghai Dong Wei Fuel ,700 12,700 Research, manufacturing and sale of Injection Co., Ltd. fuel injection products (b) Unconsolidated subsidiaries Percentage of equity interests Carrying amount Name of subsidiary Principal activities % % Shanghai Shang Feng Trading of diesel engines, diesel Generator Trading Co. generators, mechanical and electronic products Shanghai Diesel Engine ,975 8,461 Trading of metal and chemical material Materials Co., Ltd. and fuel injection pump components Guangzhou Diesel Engine Trading of diesel engines, diesel Trading Co., Ltd. power generators Wuhan Dongfeng Diesel Trading of diesel engines, Engine Trading Co., Ltd. diesel power generators Shenyang Dongfeng Diesel Trading of diesel engines, Engine Trading Co., Ltd. diesel components Nantong SDEC Wiedson ,873 Manufacturing and trading of fuel Fuel Injection Equipment Co., Ltd injection pump components Shanghai Diesel Property Provision of property management Management Co., Ltd. service 11,958 13,

192 SHANGHAI DIESEL ENGINE COMPANY LIMITED NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2002 (In the notes all amounts are shown in Renminbi thousands unless otherwise stated) 30 SUBSIDIARIES AND ASSOCIATES (continued) (c) Associates Percentage of equity interestscarrying amount Principal activity Name of associate % % Shanghai Yifa Industrial ,2946,475Repair and maintenance Development Co. of diesel engines and related construction Shanghai Dongji Hydraulic Pressure Co ,749 Manufacture of construction machinery components and mining machinery Shanghai Dongji Advertisement Co CIS planning and advertisement designing Shanghai Shengnong Engineering Design and installation of electrical Equipment Co. equipment Shanghai Suoqing 41-1,481 - Develop and sale of computer Accessory Co. hardware and software Nantong SDEC Wiedson 33-2,609 - Manufacturing and trading of fuel Fuel Injection Equipment Co., Ltd injection pump components Shanghai Diesel Property Provision of property management Management Co., Ltd. service 11,847 8, SUBSEQUENT EVENT On 24 April 2003, the Board of Directors of the Company recommended that approximately Rmb 48 million, or Rmb 0.10 per share, of cash dividend be distributed

193 SHANGHAI DIESEL ENGINE COMPANY LIMITED FOR THE YEAR ENDED 31 DECEMBER 2002 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (All amounts are shown in Renminbi thousands) Impact of IFRS adjustments on net income for the years and net assets December Net income for Net assets as of the years ended 31 December As reported in the statutory accounts of the Group 100,714 44,4781,618,9731,584,367 Reversal of property, plant and equipment revaluation surplus realised through profit and loss account as stipulated by the PRC regulations (9,393) (12,671) - - Elimination of the deferred gain from the assets invested into subsidiaries upon consolidation and adjustments of the related amortisation 5,209 5,986 (38,646) (43,855) Treatment for dividends declared after the balance sheet date as non-adjusting event after balance sheet date ,031 26,417 Impairment of property, plant and machinery - (16,400) - - Impairment of construction in progress- (7,591) - - Impairment of intangible assets - (5,835) - - Impairment losses shared by minority interests Deferred tax (3,884) - 10,433 - Others (117) (246) As restated to IFRS for the Group92,529 8,4901,638,9851,567,751