SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a - 16 OR 15d - 16 OF
THE SECURITIES EXCHANGE ACT OF 1934
For the month of June , 2004
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CHINA ENTERPRISES LIMITED
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(Translation of Registrant's Name Into English)
8/F., Paul Y. Centre, 51 Hung To Road, Kwun Tong, Kowloon, Hong Kong
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(Address of Principal Executive Offices)
(Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.)
Form 20-F X Form 40-F
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(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
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For immediate release
CHINA ENTERPRISES LIMITED
PRESS RELEASE
CONSOLIDATED RESULTS FOR THE YEAR ENDED DECEMBER 31, 2003
NEW YORK, June 8, 2004 - The Board of Directors of China Enterprises Limited
announces the following financial information of the Company for the year ended
December 31, 2003: -
Financial Highlights
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Year ended Year ended
December 31, 2002 December 31, 2003 Change %
Revenues Rmb2,610.1M Rmb2,808.4M + 7.6%
Loss from continuing operations Rmb(62.9M) Rmb(99.6M) + 58.3%
Loss from discontinued operations Rmb(199.8M) Rmb(7.8M) - 96.1%
Net loss Rmb(262.8M) Rmb(107.3M) - 59.2%
Net loss per common share Rmb(29.14) Rmb(11.90) - 59.2%
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The tire market in the People's Republic of China continued its strong growth in
fiscal year 2003. Along with the rapid development of the PRC economy and the
implementation of the construction of "five vertical and seven horizontal"
National Trunks System by the Chinese government, the development of roads and
highways accelerated in 2003 and resulted in increased demand for motor vehicles
and vehicle-related components, including tires.
Consolidated revenues arising from continuing operations amounted to Rmb2.81
billion, representing a 7.6% increase over the fiscal year 2002 revenues of
Rmb2.61 billion. This was mainly due to an increase in sales volume, especially
in the radial tire market. The demand for radial tires has remained high since
2001 and Hangzhou Zhongce continues to increase its productive volume of radial
tires. It sold a total of 5.3 million units of vehicle tires, 35.0 million units
of bicycle tires and 2.3 million units of wheelbarrow tires in the nine-month
period ended of fiscal 2003.
Loss from continuing operations increased to Rmb99.6 million in 2003 compared to
a loss of Rmb62.9 million in 2002. This is mainly contributed by the equity in
losses of affiliates amounting to Rmb120.2 million.
Loss from discontinued operations decreased to Rmb7.8 million in the fiscal year
2003 from Rmb199.8 million in fiscal year 2002 which was mainly due to the loss
on disposal of Yinchuan CSI and CSI Rubber.
For the year ended December 31, 2003, the Company recorded a consolidated net
loss of Rmb107.3 million. This represents a 59.2% decrease compared with
Rmb262.8 million in 2002. These improvements resulted mainly from divestitures
of non-performing assets and business in 2002 and early 2003.
The Annual General Meeting for China Enterprises will be held in Hong Kong on
June 29, 2004.
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Based on the record date of April 8, 2004, the Company will dispatch a notice of
the meeting and a proxy statement to shareholders in due course.
*** End ***
For more information, please contact:
Hong Kong New York
China Enterprises Limited Citigate Financial Intelligence
Mr. Chow Chun Man, Jimmy Tel: (1) 212 688 6840
Tel: (852) 2372 0130 Fax: (1) 212 838 3393
Fax: (852) 2537 6591
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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, thereunto duly authorised.
CHINA ENTERPRISES LIMITED
By /s/ Chow Chun Man, Jimmy
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Chow Chun Man, Jimmy
Chief Financial Officer
Dated: June 11, 2004
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