Full Year 2022 China Yuchai International Ltd Earnings Call
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Yeah.
Yes.
Good day and thank you for standing by welcome to the China, You try International limited 23 to two and.
And so.
Children.
Paul.
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Thank you for joining today and welcome. Thank you.
China UGI International Limited's second half.
And full year ended December .
2022 conference call webcast joining us today.
Oh and Mr. John <unk>, President and Chief Financial Officer of C effectively.
In addition, we are having a tender Mr. Kelvin Lai VP of operations of <unk>.
Before we begin.
All listeners that throughout this call and make statements that contain forward.
Okay sure before macro name 95 the words.
Believe it.
We anticipate project.
Optimistic confident that continue to predict intend Inc.
Jim will or similar expressions are all intended to file for forward looking statements all statements other than statements of historical fact are statements.
Maybe deemed forward.
These forward looking statements include but are not limited to statements.
These operations and financial performance.
And are based on <unk>.
<unk>.
Lease assumptions that are subject to changes at any time.
Thanks.
Nature involved.
And uncertainty actual results may differ materially depending on a variety of important such as government and stock.
James regulations.
Okay.
Political economic and social.
Okay.
I mean, those description of 20.
Form 20-F under the risk.
Risk factors results of operations and business.
Our reports filed with the Securities and Exchange Commission from time to time.
Yes, I would 19 patent is not effectively controlled our business operations and financial condition may be materially and adversely affected due to a deteriorating market for automotive sales and economic slowed and abroad.
Protect the weakening of distinguishing customers taste adverse.
Adverse impact our suppliers and supply chain or other factors that we cannot foresee.
All forward looking statements are applicable only as of the date are made and the company specifically disclaims any obligation to maintain or forward looking information.
Neither of the nature contained in May.
During today's call or otherwise in the <unk>.
<unk>.
Mr. Hoh will begin will provide a brief overview and summary, then Mr. Lu will review the financial results for the second half and full year ended December 31 2022.
After we will conduct a question and answer session for.
For the purposes of today's call. The 2022, and 2021 second half financial results and the 2022 year financial results are unaudited and they will be presented in RMB and U S dollars.
'twenty one year results are audited.
All the financial information presented is reported using the international.
Reporting standards as issued by the International Accounting standards Board. Mr. Hoh. Please begin your prepared remarks.
Thank you Kevin.
Well as the sluggish still about 5% GDP.
Year over year.
The Chinese economy continued low growth right.
Wed like to thank year over year growth.
The third quarter.
Yes.
Paul.
One of the worst quarter your carload growth.
While the fourth quarter.
Well.
<unk>.
Yeah.
For fiscal year.
Any signs of growth.
I'll start.
12% growth.
Super.
The retail sales in China.
Line by Europe , I suppose assent.
The real estate development.
Yeah.
Thank you Scott.
For the year.
The data reported by China Association.
In the mobile business.
Victor Global Industrial unit sales of commercial vehicle.
Gasoline powered electric boat.
Well, if we get half of that black.
Black box.
Year over year with trucks and buses it sounds like that was about.
5%.
It is 4% respectively.
For the fiscal year thats been into commercial vehicle.
Net sales were down by 41, 4% year on year.
Got it.
Fueled by 9% lower.
So 1%.
Food related Lockdowns that February statistics.
Reduced demand volatility.
Please go ahead.
Hi.
And that will be later, Brent structure and constructive broker.
Our real estate book.
Turning to liquidity.
In addition, the interruption of the supply chain.
Got it.
Schedule.
This is the Chinese commercial vehicle environment, our subsidiary quality Chinese company with us.
Yeah.
Combined crop in Boston.
This lineup.
Year on year.
The first half of it has been to backfill for 32 questions within lower and busses declined by 11%.
However.
<unk> sales decreased by six 9%.
With group.
Your NPL sale in the us.
Segment return to normal.
With that said.
But then year over year.
Have a benefit to both industrial and agricultural.
Yes.
The first half of the year.
Yes.
On a more positive note.
Our new energy products.
Mexico.
Right.
Got it.
Cool.
Is there anybody until fiscal year <unk>.
Yes.
Is it sales of trucks and buses.
Goodbye.
Year on year.
Sales declined by 49, 6%.
Sales were down.
We put them.
Is it still declining by 9% year on year.
Yes.
300 unit from a low base.
Newport.
Our revenue, but they can have a 30 day well.
Our additional $5 billion or less.
But $1 billion.
This was a flip them decline compared with RMB.
Yes.
We'll update you with one.
For fiscal year, two revenue was RMB 16 billion followed by <unk>.
R&D for the one question.
With luck.
Roughly RMB.
RMB, one 3 billion.
Our U S 180 throughput formula.
Compared to the same.
Last year Oliver.
The gross margin growth was 17% as compared with 54%.
Wow.
The increase in gross margin was mainly attributable to the change in revenue mix with higher upfront revenue cost reductions, especially.
Materials that but that's not related.
Bill.
Well if there is any full year gross profit decreased by six 9% year over year to RMB, two but will at all yet.
But the mid <unk>.
The gross margin increase of 54.
With that.
9%.
We are especially pleased to report a 41, 2% year over year increase in operating profit to RMB 231.
Are your thoughts for the sequel.
At a higher operating margin in the second half of <unk>.
Despite the lower sales.
Sure.
Operating roughly at one five.
$519 3 million.
That is 12 months.
As part of our cost savings initiative.
General and administrative expenses were reduced by approximately eight 2% year over year.
Yes.
31 <unk>.
Research and development expenses decreased by one 5%.
Got it.
At this point for mid August .
What it will do.
Sure.
Well, let's again half a penny to a basic and diluted earnings per share of RMB.
We had a solid playbook.
<unk> increased by 500 to five 2%.
Europe .
In the face.
Sure.
So these are the two.
Fiscal year basic and diluted earnings per share were RMB 535.
Yes.
Sure.
In summary.
Financial results once again demonstrated the strong resilience of our people.
And our presence and diversified and give them up.
The deals Brian we had some local mobile other input to the.
Cynthia mopped up more than 600, new energy bus.
With each site, which extended.
Feel fully delivered to and been operator biomarker.
For the group.
You Mcl, one and other for 100 heavy duty truck.
Why.
The truck market picking up licenses.
Right.
Licensee lever and likely case.
These gains are recognized for the low fuel consumption low noise and high reliability.
Our balance sheet with Jeff why heavy duty truck.
We've expanded to other types.
On slide model.
Why is that.
It's a heavy duty.
<unk> looked at is the power 800, oncotype upward shift amongst the rate Mexico.
I think the logic.
Got it.
And provides a more environmentally friendly.
Sure.
We will allow some progress in the new England.
Interesting.
These high quarter likely.
As both Alan and hybrid ended up book value and it does get electric buses produced by the larger.
Producers in China, <unk> group and deliver to a bump up.
In the COVID-19.
This is still a new LNG about decoupling.
Right.
Successfully integrate simplify.
Excellent bracket.
For the first time into EV liked but Robert Buckley, some low in the first quarter.
Ooh.
Each IC line.
High power range extended powertrains system.
Integrated number easily.
No.
Let's say spend money.
<unk> product.
Yes.
Third quarter.
But yes, 200 titles, both domestically made that metric ton.
Got.
He just really improve management efficiency.
I'll cover the ambition is for what.
That was it.
After introducing first hydrogen engine for commercial vehicles in <unk> one.
Yes.
The new heavy duty hydrogen and gaming devices.
At this stage.
Okay.
Each IC mantech team a total of RMB.
Typical from this new CBOE vector.
This slide.
Then we will take that.
With the enhanced development I follow up.
Drive system for.
For hybrid and then there correctly.
On an upward expectation.
As of December 31.
Cash and bank balances of RMB, four 9 billion.
It's around $96 5 million and we maintained a strong balance sheet.
During the year the board of directors declared a dividend cash dividend of <unk>.
Thank you Ed.
The ratio for the year ended December 31.
You'll see it on July 15.
We are cautiously optimistic.
Three.
Mr Policy changes include Youre speaking of.
With you now.
Lockdowns in February the switches, which will improve the pizza and investment activity.
Including the supply chain.
Any new quality continues we're helping improve the investment environment for both domestic and export market.
Credit environment.
With that I would like to turn the call over to <unk>, Liu our Chief Financial Officer, who will provide more details on the financial results.
Mid single.
Thank you remain now let me review our.
Six months results.
Okay.
<unk>.
Revenue was RMB seven 5 billion.
Dollar $1 1 billion compared with RMB eight 6 billion.
Second half two was due to one the total number of LNG, so by Jim CL opportunity.
<unk> declined by 18, 1% 240235 units compared with 1449 unit in second half of 2021.
Kris was mainly due to lower Agco's, the truck bus marine and power generation application market, partially offset by higher assumed.
Cultural and industrial engine.
According to data reported by the China Association of automobile manufacturers.
And the.
Second half clinically to commercial vehicle unit sales, excluding sales of equity our electric power we still.
Decreased by 26.3.
<unk>, 3% compared to the second half of 'twenty one.
Sales of truck and buses declined by seven 5% and 54%, respectively, reflecting weak demand in this market segment.
Gross profit was RMB, one 3 billion.
<unk> hundred $82 4 million compared with the same amount of R&D.
RMB, one 3 billion in second half strengthening one gross margin increased to 17% as compared with 15, 4% and for the half.
When you want.
The increase in gross margin was mainly attributable to a change in revenue mix.
The increase in.
It was the settlement cost reductions and lower skills.
Other operating income increased by 22, 9%.
RMB $251 3 million or U S.
Paula $36 1 million compared with.
<unk>.
And $4 5 million in the second half 2021.
The increase was mainly.
Due to higher demand driver.
Research and development.
<unk> expenses decreased by 19, 7% to RMB, four 8 million or U S dollars with $1 4 million compared with RMB $533 1 million in the second half of 2021 due to lower R&D.
Mr Cook.
Commercial still LNG that will partially offset by higher expense.
Cutting marine engines, and power generation engine and new engine product.
Total R&D expenditure, including capitalized costs were RMB, $548 8 million or U S dollar $77 6 million, representing seven 3% revenue.
May 22 as compared to RMB.
At $12 2 million, representing eight 3% of revenue.
Two zero to one.
Selling general and administrative.
<unk> expenses increased slightly to RMB currently $2 1 million or U S dollar $123 8 million.
RMB $835 9 million in the second half 2021.
The increase was mainly due to increased <unk> expenses compared with the same period last year.
SG&A expenses represented 11, 6% of revenue.
So in Italy, two compared with nine 7%.
Strength in one.
Operating profit rose by 41, 2% to RMB, $231 3 million or U S. Dollar.
$33 2 million from RMB, Alright, I think $3 8 million and second half.
<unk>.
The operating margin.
Three 1% compared with one 9% in the second half two zero to one.
Finance costs decreased by 15 three.
3%.
To RMB, $40 2 million or $5 8 million from RMB.
$47 5 million.
Two zero to one.
The shell financial results Echo.
And joint ventures was a profit of RMB, one 8 million.
<unk> 3 million compared with a loss of RMB.
$8 4 million in second half 2021.
<unk> was largely due to higher profit.
And to your Chinese power company limited and the shelf lower losses at NGL commodity.
In terms of expense was RMB.
RMB, two 6 million <unk> dollars 4 million as compared with an income tax credit of $42 4 million.
And the one the change was mainly due to the higher equipment company.
Jason <unk> net.
Net profit attributable to equity holders of the company was RMB $134 9 million or U S dollars $13 90 day compared with $19 million.
Second half 2021.
Basic and diluted earnings per share were RMB three doses of <unk>.
Paula USD 44 billion compared with RMB four six.
Anything you want.
Basic and diluted earnings per share for 2002.
They can be one where based on the average of $14 million in California.
Let me shift now we review the unaudited financial results.
Total fiscal year ended December 31.
<unk>.
Revenue was RMB $16 billion, $2 3 billion compared with RMB $31 3 billion in full year 221.
Not the total number of <unk> by <unk>.
But as you get to Q2 decreased by 39, 7% to 371256 units compared with 406700.
91 unit in financial year 'twenty one.
Decrease was mainly due to weakness in the truck and bus market and the market of marine and power gesture in June .
Turning to key.
Commercial vehicle unit sales, excluding sales of power and electric powered vehicles decreased by 41, 4%.
Financial year since your Q2.
Sales of trucks declined by 32, 9%, while sales of bus pass us.
Bye.
1%.
Kind of quite likely in the session.
And with the supply chain disruption impact of market conditions in China.
It's an important market.
Gross profit decreased by 10, 9% to RMB, two 6 billion of U S dollar $37 7 million compared with RMB 3 billion.
Financially it's easier to run.
Gross margin increased to 16, 4% compared with.
The three 9%.
In FY 2021 the increase in gross margin was mainly attributable to a change in revenue mix with higher <unk>.
<unk> revenue as a greater proportion of the total revenue and lower sales debate.
Other operating income increased by six 5% to RMB 200.
The $6 8 million or USD, $8 4 million compared with RMB $316 2 million.
Thank you <unk>.
<unk> was mainly due to higher carbon growth.
Alright.
Leased by one 4%.
RMB $836 4 million.
Yes, Paula correct.
Alright, thank you.
1 million compared with RMB $848 eight yet.
Was there anything one.
ACO continue with initiatives to improve energy performances and the prices of these engines compliant with.
China National and tier four emission standards.
And to develop new energy product.
In.
Q2, total R&D expenditure, including.
Capitalized cost was RMB 1 billion.
Although our California, $6 1 million compared with RMB, one to deviate in financial year, 'twenty, one representing six 4% of revenue compared with five 5% in financial year <unk>.
SG&A expenses were RMB, one 6 billion U S dollar.
$231 4 million, representing 10, 1% of revenue compared with RMB, one 2 billion.
8 billion, representing eight 3% for <unk>.
Full year, two zero to one.
Kris was mainly due to lowest rate now and warranty expenses.
Operating profit was RMB.
Brian I think <unk> 3 million or USD, $74 6 million down from RMB $633 5 million in financial year 'twenty one.
The operating margin was three 2% as compared with three 1% in FY 'twenty.
Thank you Juan.
Finance costs decreased by 36% to RMB, $95 5 million or USD 13, 7 million from RMB $115 9 million.
One <unk>.
Two zero to one.
The share of financial results.
And joint ventures was a loss of RMB, $39 1 million or USD, $4 2 million compared with a loss of RMB 90 598.
Financially. It seems that you are a decreased loss was primarily attributable to higher profit.
The MCU you chart, our commitment and the shelf lower losses.
Whereas PNG completing a bit.
Income tax expense was RMB, $69 1 million or USD, $8 5 million as compared with RMB four.
$3 8 million.
Why two to one.
Net profit attributable to China, <unk> shareholders was RMB 280.
Yes.
$6 million.
But a $1 4 million compared with RMB 272 7 million.
120 to one.
Basic and diluted earnings per share were RMB 535.
Our USD, 77% compared with RMB six 6 billion.
Two zero to one.
Basic and diluted earnings per share for FY, <unk> and FY <unk>.
One 2%.
Total FY two zero to one where based on the weighted average of $40 million.
And for Nike Chip.
Now, let me walk you through our backlog as of December 30 <unk>.
You too.
Cash and bank balances were RMB, four 9 billion USD $686 5 million compared with RMB.
$5 3 billion at the end of FY <unk>.
Okay.
Thank you I need to be there at the end of <unk>.
She has 2021.
I will know clinical over to savings for a comment before we begin our <unk>.
Thank you. Please note some officers of China, H I R remotely coin into the conference call.
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Okay ma'am.
Okay.
Thank you all for participating in our conference call we wish you.
Good health so please be safe.
During this pandemic, we look forward to speaking with you again.
Bye.
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Good day and thank you for standing by welcome to try not to try International limited 2022 and.
The cough and cold.
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Be good today, having faith. Please go ahead.
Thank you for joining today and welcome to China.
Limited second half.
And full year ended December .
2022 conference call webcast joining us to.
Oh.
President and Chief financial officer of seats, respectively.
Additionally, having a tender capital V.
V P of operations Oh C y.
Before we begin Idaho and all listeners that throughout this call to make statements contained.
Sure before macro 1995.
Believe.
Anticipate project.
Optimistic confident that danger to predict.
<unk>.
<unk> will or similar expressions are all intended to plan a forward looking statements.
All statements other statements of historical fact, Seamus maybe came forward.
These forward looking statements include but are not limited to speak with.
Police operations and financial performance.
And are based on expectations.
Assumptions that are subject to change at any time.
So is that the.
Nature involved uncertainty actual results may differ mateer, depending on a variety of important such as government.
Change regulations.
Mhm.
Political economic and social connections.
I mean, those discussing nikko 20.
[noise] form 20th <unk> under the risk factors results of operations and business.
Okay Ah reports filed with the Securities and Exchange Commission from time to time.
Yes, I would 19 painting is not effectively controlled.
Business operations and financial condition may be Mexican really and adversely affected due to a deteriorating market for promoting sales.
Economic slower and abroad are.
Pretending to wake me up by next ambition customers.
Adverse impact.
Suppliers and supply chain or other factors that we cannot foresee.
Four world statements are applicable only as of the date or made and specifically disclaims any obligation to maintain our up forward looking information.
The nature contained in pressure made during today's call or otherwise.
<unk>.
Mr. How it will begin will provide a brief overview and summary, then Mr. Lu will review the financial results for the second half and full year ended December 31, 2022 thereafter, we will conduct a question and answer session for.
For the purposes of today's call. The 2022, and 2021 second half financial results and the 2022 year financial results are unaudited and they will be presented R&B N U S dollars.
21 year results are added.
All the financial information presented as reported using the international financial reporting standards as issued by the International Accounting standards Board Mister Hoke. Please begin your prepared remarks.
Thank you.
Well is this luggage <unk> growth year over year.
Uhm.
The Chinese economy.
Right.
<unk>.
So.
The third.
Ooh.
What are you proud of growth.
Wow.
Oh.
Uh-huh.
Okay.
Alrighty.
Right now it's not legal.
4% grocery.
Yeah.
Yeah.
W.
China.
Declined by 0.2%.
For the real estate development.
Yeah.
30 days of the year.
According to data, we pull up your advice.
<unk> with respect to total investments.
Excluding gasoline.
Oh.
Wanted to get an Apple.
Right.
Yes.
<unk>.
Well.
<unk>.
It it feels about lack 44% year on year.
Yeah.
<unk> <unk> <unk> <unk>.
South.
Okay.
Really really good.
February statistics.
Reduce demand for illegal logging.
Okay that will be later, perhaps up to and.
Yeah.
Ooh.
Monthly financial.
870.
<unk>.
Would like to schedule.
<unk> environment.
I also see here as well as the Chinese.
Yeah.
Right.
So.
We fly off with a C.
Year on year.
Ooh.
33 by Super Pillow and Bob.
Right.
Okay.
However.
Immediately above sales decreased by 59%.
Mexico.
You Mcl.
<unk> is that <unk>.
No mother.
But then you have a year.
It looks like I have a pretty good too.
Agricultural.
In the second half of the debate.
Basically.
On a more positive note.
Our new energy for that.
Mexico.
Alright.
<unk>.
Ooh.
What are their fiscal year.
They are reported.
Dr Pepper.
Double 8% year over year, perhaps sales reply back for the ninth.
About.
Sales are down for the paper.
Oh Dear.
Sure.
Right, let me put that in here.
Neil and the year before that.
Ooh.
A little bit.
But.
Revenue fell to go have a great day.
Ah repeat number 5 billion.
But <unk>.
<unk>.
Well good.
Good luck.
Okay.
Revenue.
<unk> <unk> <unk>.
<unk> <unk> <unk>.
Roughly.
<unk> are you as well as 180 formula.
Ooh.
Last year.
Taylor.
Maggie grocery 70 per cent.
Compared with the ZIP code for protecting the second half.
What.
Create a growth might be <unk> excuse me the <unk> the changes will meet with higher revenue cost reductions, especially.
So that's a relief.
Sure.
<unk>.
What does it really truly year roughly.
Roughly decreased by 6.9% a year or two.
<unk>.
<unk> <unk> <unk>.
<unk> okay.
That is <unk>.
Yeah, especially three.
41.3% a year are you in prison.
Roughly.
231.
Oh, yes.
At a higher operating largely the second half of this.
The lower field.
202 operating roughly.
593 million.
34.
As part of a cost savings.
Savings Initialy that is January and February .
Really deals by approximately April 2% year over year.
What are your thoughts.
Yeah.
We appreciate it.
Then we get increased by one plus 5% a year or two.
For a minute.
What year.
Yeah.
So can you please do.
Ooh.
Available.
Sure.
Oh please.
Qualified for state.
555.2%.
In the face.
40.
Two.
So you're basically a valued the earnings per share will be 535 or use that.
That.
In summary.
Okay furniture results once again demonstrated withdrawal with billions of what you prefer.
Hello, Brian diversified and give them up.
Are the deals Brian .
The double meal is pretty big boot.
The city is mapped out more than 600, new energy, but.
Great. Thank you.
We feel free delivery is pretty bad too and been upgraded by myself.
Pretty good.
You obviously are one of our other 100, maybe you'll be properly.
Illegal disrupt the license plate.
K O eight.
They are likely to itself.
Indians are recognized for the loyalty of the assumption, Illinois and high reliability.
Partnership with Jeff <unk>.
With a standard to other <unk> applied mother reality.
You will go ahead.
<unk>.
<unk> <unk> <unk>.
It gives the power.
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Monterrey, Mexico that.
Logically.
Why.
<unk> provides a more environmentally friendly.
Solution.
Below are some progress in the new England and 30.
These guys mother lives a.
Ned hybrid indeed Apple.
<unk> electric hybrid produced by the largest <unk>.
You said in China.
I believe it through a bad properly.
In the city up 90.
<unk> okay.
That's actually.
Saint Paul.
You would like to echo.
Right.
For the first time into a easy life, but.
<unk> date of birth.
With a group.
HIV land.
Hi power range Extender poetry system integrated.
Integrated into in Vermont.
You'll have Netflix plan.
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<unk> Hello.
Low carbon emissions.
Intelligent.
Updating surgery with hydrogen engine for commercial visa plenty vanilla.
N P. R interview.
You'll be happy with the white.
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And your ticket.
Uh-huh.
Which I assume that has received a total of RMB now with the million typically work on this new.
U S.
These files available then we'll take care.
Greg has the level high power.
Drive system, if a hybrid and reach extender grabbed it.
On an upward recommendation.
You said December 31st.
Two.
<unk> bank balance as of Ibuprofen Nyquil.
Is there a 93 for five minutes and they maintained a strong balance sheet.
During the year.
<unk>.
<unk> what did you say.
A vanilla shake with a year in the city <unk>.
State of July .
We are cautiously optimistic.
Two three.
All of the changes include USCG, hopefully with you it was nice.
Locked out in February the switcher, which will improve the visa and.
Rebecca SPV with.
Activities, including the supply chain.
Qualities engineers will help improve the rest of the environment for the message and what <unk>, what it has to be operating environment.
Does that I would like to <unk> the call will be Tuesday, Lou occupied itself.
We will provide you with on the financial results.
Okay.
Good luck.
Thank you remain now.
Now, let me review, our six months visa and does.
<unk> <unk> <unk>.
<unk> what.
I V 7.5 billion.
<unk> <unk> <unk>.
60 days.
2021, the total number.
So by G M C L.
Can you tell it to decline by one.
1% 240500.
<unk> 1449.
That unique.
Of 30 31.
Ah decreased walk mainly due to lower still.
The truck.
Murray and power generation application market, partially offset by how you assume.
Cultural and industrial in June .
According to data reported by the China Association of automobile manufacturers.
A N.
Half clinically too commercial vehicle unique skills as can be.
Sales of equity our electric power.
Decreased by 26.3% Copay for the second half of can you tell me what.
Of trucks and buses described by a 7.5%.
E 44%.
Reflecting.
Vermont.
Okay walk I V $1.3 billion.
A U S dollars and $82.4 million compared with the same amount of I D.
One <unk>.
Can you tell me, what what module increased to 17% as compared with 54% instead of help Nathan.
When you want.
The increase.
Walk Margie walk mainly attributable to a change that mimic visa increase in.
<unk> was the call.
Cost reduction and Lois deals with it.
Other operating income increased by 22.9% to be 251.3 million.
Dollar one.
$1 million co pay me.
Two and $4.5 million and you said that how can you tell me what that is.
Greece, what many.
You too <unk>.
Research and development.
D as prices decreased by 19.7 per cent.
Two four.
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8 million U S dollars 1.4 million.
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548 million U S dollars.
776 needed representing.
3% revenue in the second half.
As compared to.
B a.
At 12.2 million, representing 3% of revenue.
2021.
Sterling Kengo initiative.
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Expenses increased slightly to I V. A currently $2.1 million or U S dollars 173.8 million four lb currently 590 million.
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SG&A affect us represented 60 level.
6% of revenue.
Cynically to compared with my phone Sir per se.
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Albeit coffee rose by 41.2%.
251.3 million U S dollars.
$33 2 million from Ivy, Alright, $3.8 million second half.
The operating margin walk, 3.1% compared with 1.9% in the second half 2021.
Friday's cost decreased by 16.3%.
Two IV 14.2 million a year.
5484.
Ivy.
47.5 million.
Half of Tuesday.
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Lots of 40 of R D 1.8 million.
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MCU, New Chinese power Company limited.
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$2.6 million point 4 million as compared with income tax credit of $42.4 million.
Great and we won the case was mainly due to the highest extra income.
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Of a company walk I D 174.9 million U S dollars.
13, 90 million compared with 19 million.
They can help to anything what.
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B 3.06.
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Revenue.
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The I D 313.
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The total number and do so by <unk>.
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256 unique compared with.
456007.
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One coffee decreased by 10.9% to Ivy Street.
Millions of your total for this all point 7 million.
Pay my I D 3 billion.
Phoenicia Tuesday to what.
Margie increased to 16.4% copay.
Between 9%.
At 130 31.
Increased walk module walk me extra pickles changed W mixed with higher up.
Revenue at a greater proportion of the total revenue and lower sales debate.
Other operating income increased by 6.5% to IP tier.
Eight minutes of USD 484 million co pay with I D $316 to me yet.
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131.
Yo <unk> initiative to improve the pharmacist and the prices of the energy company.
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China National sticks and tier for emissions.
And to develop new.
New energy for that.
E F Y 2022 total expenditures, including.
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Hello, Hello, $46 1 million compared.
Compared with five G one too.
Financial <unk>, representing 6.4% of the venue, okay, with 5.5% and financial <unk>.
S J a X S as well.
One six period.
To call it the the $1.4 million, representing 10, 41% of the revenue compared with I'm be 128.
Representing a 0.3% so W E.
Yeah 2021.
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I D E.
<unk>, all USD $74.6 million.
From I V 600, a $3.5 million <unk>.
Operating margin of 3.2% as compared with pre once a day.
128.
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Finance cost decreased by 36% two IV 95.5 million, all USC $13.7 million.
RMB hundred $15 98.
2021.
The sheriff I assure results.
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598.
Financial <unk> that'd.
Decreased loss was primarily.
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Income tax expense walk.
Life on one leg at USC 8.5, G N as compared with Ivy.
43.
At Y 2021.
Fluffy attributable to China, you try shareholders.
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Six needed August 30.
314.
<unk> R M B, two <unk> $2.7 billion in FY 2021.
<unk> for sure it will be 535, or USD 77 cents compared with 6.67 F.
F y 2021.
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Cash on bank, but is this what Ivy for 90 days.
Six 6.5 million, okay with Ivy.
Five three.
L F y 2021.
<unk> will be $6.
<unk> <unk> 25.4 million compared with.
Six.
At the end of <unk>.
You basically what Ivy for liability.
<unk> 700.
$9 million compared with Ivy.
Five 2 billion at the end of FY 202.
Sure, a pillow or IV 6.9 billion or U S dollar <unk> 3.5 million compared with.
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Sorry.
Thank you.
<unk> at the end of financial year 2021.
I will now turn the call over to savings for a comment before we begin our <unk>.
Thank you. Please note some officers of China, H I R remotely coin into the conference call. This may result in a slight delay in providing answers to some questions. We apologize for any inconvenience and thank you for your patience.
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<unk>.