中国南车股份有限公司H 股公告
加拿大上市公司Dynex 发布2009 年一季度业绩
中国南车股份有限公司（以下简称“本公司”或“公司”）及董事会全体成员保证信
息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。
本公司下属的株洲南车时代电气股份有限公司（H 股代码3898）控股的加拿大上市
公司Dynex Power Inc.（以下简称“Dynex”）发布2009 年第一季度业绩。
根据监管要求，现将Dynex 在加拿大多伦多证券交易所发布的公告转载（见附
件）。
特此公告。
中国南车股份有限公司董事会
2009 年6 月 2 日
2
PRESS RELEASE
2009.04
For more information:
Dr. Paul Taylor
President and Chief Executive Officer
or
Bob Lockwood
Finance Director and Chief Financial Officer
Dynex Power Inc.
Tel: +44 1522 500 500
Email: investorrelations@dynexsemi.com
FOR IMMEDIATE RELEASE
Listing: TSX Venture Exchange
Symbol: DNX
Dynex Power Announces First Quarter Results for 2009
Net Earnings Maintained Despite a Full Tax Charge
Lincoln, England, May 28th, 2009 - Dynex Power Inc., a leading specialist high power semiconductor
company, today announced results for the first quarter of 2009.
Summary financial information for the three months ended March 31st, 2009 is as follows:
Dollars (000’s) March 31, 2009 March 31, 2008
Revenue
Gross Margin
Net Earnings
Common shares outstanding 1 - diluted
Earnings per share - diluted
11,003
3,280
1,165
40,297,238
$0.03
8,084
2,549
1,171
41,678,582
$0.03
1 Weighted average for the period
First quarter revenue of $11.0 million was 36% higher than the corresponding quarter of 2008 and 19%
higher than the average quarterly revenue in 2008. There was a particularly strong performance from the
bipolar discrete business group, which recorded its highest quarterly revenue ever. The power module
business group reported modest growth against the corresponding quarter of last year, with small reductions
in turnover from the power electronic assemblies and integrated circuit business groups.
The gross margin of 29.8% was slightly lower than the 31.5% reported in the corresponding quarter of 2008
but was still above the average gross margin in 2008 of 28.2%.
3
Expenses of $1.6 million were 7% higher than in the corresponding quarter of last year but 3% lower than
the average expenses during 2008.
The Company incurred a $480,000 tax charge in the quarter. No tax charge had been incurred in 2008.
Despite having to provide for tax, net earnings were only 1% lower than in the corresponding quarter of last
year and were 2% higher than average quarterly earnings in 2008.
The growth in the order book continued during the quarter. Orders taken in the quarter of $12.7 million were
24% higher than the corresponding quarter of last year and gave a book to bill ratio of 1.1 to 1. Management
has seen little sign so far of the global recession affecting other businesses and a record order book gives
confidence that revenue will remain strong throughout the rest of 2009. However, a downturn in business
may develop in the coming months and management expects gross margins to reduce as a result of
competitive pressures and a less favourable product mix.
Dr. Paul Taylor, President and Chief Executive Officer commented, “at a time when so many other
businesses are encountering worsening conditions, we are delighted to be able to report that Dynex is
continuing to grow revenues and has a record order book. But we must not be complacent. Conditions
world-wide are difficult and we may feel the affects on our business at some stage in the future. However, the
expansion of our bipolar fabrication facilities will soon be complete and with the help of CSR Times Electric
we are planning an expansion of our power module fabrication facilities. We are therefore well positioned to
maintain our growth for as long as our markets remain strong.”
Bob Lockwood, Chief Financial Officer commented, “we are delighted to have been able to produce another
outstanding set of results, particularly given the current economic climate. To be able to maintain the level of
earnings after providing in full for tax is a tremendous achievement. But we will face a number of challenges
in the coming months. A less favourable product mix means that net earnings are expected to fall in the next
few quarters. We may yet feel the current recession that is affecting most of the world’s major economies a
little more.”
Mr Lu, Chairman of Dynex and President and Executive Director of CSR Times Electric, concluded, “CSR
Times Electric is delighted to see Dynex continuing to perform strongly. The management of Dynex has
delivered another excellent set of results and we look forward to working closely with them on the expansion
of their power module facility. CSR Times Electric will continue to give strong support to the development
of Dynex during these challenging economic times.”
About the Company
Dynex designs and manufactures high power bipolar semiconductors, high power insulated gate bipolar
transistor (IGBT) modules, high power electronic assemblies and radiation hard silicon-on-sapphire
integrated circuits (SOS IC’s). The company’s power products are used worldwide in power electronic
applications including electric power transmission and distribution, renewable and distributed energy, marine
and rail traction motor drives, aerospace, electric vehicles, industrial automation and controls and power
supplies. Our IC products are used in demanding applications in the aerospace industry. Dynex
Semiconductor Ltd is its only operating business and is based in Lincoln, England in a facility housing the
fully integrated silicon fabrication, assembly and test, sales, design and development operations. Dynex is
majority owned by Zhuzhou CSR Times Electric Co., Ltd.
Zhuzhou CSR Times Electric Co., Ltd. is based in Hunan Province in the People''''''''s Republic of China. It is
listed on the Hong Kong stock exchange. CSR Times Electric is the leading train-borne electrical system
provider and integrator for the railway industry in China. It is also engaged in developing, manufacturing and
selling train power converters, auxiliary power supply equipment and control systems for trains for urban rail
systems. In addition, CSR Times Electric designs, manufactures and sells electrical components including
power semiconductor devices.
4
Press announcements and other information about Dynex are available at www.dynexsemi.com.
Further information on CSR Times Electric can be found at www.timeselectric.cn/en
All monetary values expressed in this release are in Canadian Dollars unless stated otherwise.
The TSX Venture Exchange has neither approved nor disapproved of the information in this press release.
5
DYNEX POWER INC.
Consolidated Statements of Earnings and Deficit (Unaudited)
Quarters Ended March 31st, 2009 and 2008
3 months 3 months
Mar 31st Mar 31st
2009 2008
Revenue $ 11,002,723 $ 8,084,138
Cost of sales 7,723,164 5,535,333
Gross margin 3,279,559 2,548,805
Expenses
General and administration 924,176 901,471
Sales and marketing 292,752 223,924
Research and development 255,919 212,469
Interest expense 136,595 172,220
1,609,442 1,510,084
Earnings before other income (expenses) and income taxes 1,670,117 1,038,721
Other income (expenses)
Interest and other income 38,622 46,569
Foreign exchange (loss) gain (64,233) 85,601
(25,611) 132,170
Earnings before income taxes 1,644,506 1,170,891
Income taxes (479,818) -
NET EARNINGS 1,164,688 1,170,891
DEFICIT, BEGINNING OF PERIOD (7,169,144) (11,730,827)
DEFICIT, END OF PERIOD $ (6,004,456) $ (10,559,936)
Earnings per share
Basic $ 0.03 $ 0.04
Diluted $ 0.03 $ 0.03
Weighted average number of shares
Basic 40,194,834 33,348,562
Diluted 40,297,238 41,678,582
6
DYNEX POWER INC.
Consolidated Statements of Comprehensive Income (Unaudited)
Quarters Ended March 31st, 2009 and 2008
3 months 3 months
Mar 31st Mar 31st
2009 2008
Net earnings $ 1,164,688 $ 1,170,891
Other Comprehensive income, net of tax:
Unrealized foreign exchange on translating financial
statements of self-sustaining foreign operations 129,434 112,129
OTHER COMPREHENSIVE INCOME 129,434 112,129
COMPREHENSIVE INCOME $ 1,294,122 $ 1,283,020
DYNEX POWER INC.
Consolidated Statements of Accumulated Other Comprehensive Loss and Deficit (Unaudited)
As at March 31st, 2009 and December 31st, 2008
Mar 31st Dec 31st
2009 2008
Accumulated other comprehensive loss, beginning of period $ (1,380,101) $ (760,787)
Other comprehensive income (loss) 129,434 (619,314)
Accumulated other comprehensive loss (1,250,667) (1,380,101)
Deficit
(6,004,456)
(7,169,144)
TOTAL ACCUMULATED OTHER COMPREHENSIVE LOSS
AND DEFICIT
$
(7,255,123)
$
(8,549,245)
7
DYNEX POWER INC.
Consolidated Balance Sheets (Unaudited)
As At March 31st, 2009 and December 31st, 2008
Mar 31st Dec 31st
2009 2008
CURRENT ASSETS
Cash $ 884,061 $ 404,638
Accounts receivable 7,733,021 6,081,965
Inventories 8,092,781 8,041,747
Income tax recoverable - 2,838
Prepaid expenses and deposits 680,656 696,625
17,390,519 15,227,813
PROPERTY, PLANT & EQUIPMENT 5,838,971 5,433,347
$ 23,229,490 $ 20,661,160
CURRENT LIABILITIES
Accounts payable and accrued liabilities $ 5,234,589 $ 5,688,807
Income tax payable 487,111 -
Amounts owing to parent company 2,270,529 -
Short-term loan 2,516,639 3,551,495
Current portion of long-term debt 47,715 45,610
Obligation under capital leases 117,439 114,146
Current portion of deferred revenue 139,475 137,271
10,813,497 9,537,329
LONG-TERM DEBT 2,880,058 2,846,811
LONG-TERM OBLIGATION UNDER CAPITAL
LEASES 624,135 642,659
LONG-TERM DEFERRED REVENUE 1,115,800 1,132,483
15,433,490 14,159,282
SHAREHOLDERS'''''''' EQUITY
Share capital 15,051,123 15,051,123
Deficit (6,004,456) (7,169,144)
Accumulated other comprehensive loss (1,250,667) (1,380,101)
7,796,000 6,501,878
$ 23,229,490 $ 20,661,160
8
DYNEX POWER INC.
Consolidated Statements of Cash Flows (Unaudited)
Quarters Ended March 31st, 2009 and 2008
3 months 3 months
Mar 31st Mar 31st
2009 2008
OPERATING
Net earnings $ 1,164,688 $ 1,170,891
Items not affecting cash
Amortization 121,010 44,051
Gain on disposal of property, plant and equipment (34,610) (38,406)
Shares and options issued for services - 2,558
Non-cash interest 2,054 26,483
Non-cash grant income - (2,355)
Provision for inventory obsolescence 55,981 326,995
Changes in non-cash operating working capital items (1,535,620) 360,593
(226,497) 1,890,810
FINANCING
Increase in amounts owing to parent company 2,521,141 -
Decrease in amounts owing to parent company (284,605) -
Repayment of short-term loan (1,075,536) (1,448,693)
Payments on capital leases (26,973) -
Repayment of long-term debt (12,980) (46,430)
1,121,047 (1,495,123)
INVESTING
Proceeds of disposal of property, plant and equipment 263 -
Purchase of property, plant and equipment (434,623) (286,541)
(434,360) (286,541)
NET INCREASE IN CASH 460,190 109,146
Effect of foreign currency translation on cash 19,233 6,192
Cash, beginning of period 404,638 140,867
CASH, END OF PERIOD $ 884,061 $ 256,205
