FUDANZHANGJIANG<08231> - Results Announcement (Final, 2002, Summary)
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. announced on: 21/03/2003
(stock code: 08231)
Year end date :31/12/2002
Currency :RMB
Auditors' report :Unqualified
Review of Quarterly Report by :N/A
Important Note :
This result announcement form only contains extracted information from
and should be read in conjunction with the detailed results announcement
of the issuer, which can be viewed on the GEM website at
http://www.hkgem.com
(Audited) (Audited)
Current Last Corresponding
Period Period
from 01/01/2002 from 01/01/2001
to 31/12/2002 to 31/12/2001
RMB'000 RMB'000
Turnover : 22,518 27,909
Profit/(Loss) from Operations : 704 13,922
Finance cost : 0 0
Share of Profit/(Loss) of Associates : 0 N/A
Share of Profit/(Loss) of Jointly
Controlled Entites : N/A N/A
Profit/(Loss) after Taxation & MI : 807 11,826
% Change Over the Last Period : (93.18)%
EPS / (LPS)
Basic (in dollar) : RMB 0.0013 RMB 0.0223
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : 807 11,826
Final Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for Final Dividends : N/A
Payable Date : N/A
B/C Dates for Annual General Meeting :20/05/2003 to 20/06/2003 bdi.
Other Distribution for Current Period : NIL
B/C Dates for Other Distribution : N/A
(bdi: both days inclusive)
For and on behalf of
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd.
Signature :
Name : Xu Yunlan
Title :Company Secretary
Responsibility statement
The directors of the Company (the "Directors") as at the date hereof
hereby collectively and individually accept full responsibility for the
accuracy of the information contained in this results announcement form
(the "Information") and confirm, having made all reasonable inquiries,
that to the best of their knowledge and belief the Information are
accurate and complete in all material respects and not misleading and
that there are no other matters the omission of which would make the
Information herein inaccurate or misleading. The Directors acknowledge
that the Stock Exchange has no responsibility whatsoever with regard
to the Information and undertake to indemnify the Exchange against all
liability incurred and all losses suffered by the Exchange in connection
with or relating to the Information.
Remarks:
1. General
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd.
was established in the PRC on 11 November, 1996 as a limited
liability company with an initial registered capital of
RMB5,295,000.
Pursuant to a series of capital injections on 10 November,
1997, 11 May, 2000, and 12 September, 2000 from the existing
or the then existing shareholders of the Company and the
capitalisation of reserves of the Company on 11 December,
1997 and 20 October, 2000, the registered capital of the
Company was increased from RMB 5,295,000 to
RMB53,000,000.
On 8 November, 2000, the Company was transformed into
a joint stock company with limited liability.
On 20 January, 2002, all of the shares of the Company,
being 53,000,000 ordinary shares with a par value of
RMB1.00 each, were subdivided into 530,000,000 ordinary
shares with a par value of RMB0.10 each.
On 13 August, 2002, the Company commenced the trading
of the newly issued 198,000,000 ordinary shares of Rmb0.1
each on the GEM of the Stock Exchange, including 18,000,000
H Shares converted from Domestic Shares. Therefore, the
registered capital of the Company was increased to Rmb
71,000,000.
As at the date of this report, the Company has a direct
interest of 62.5% in a subsidiary, Shanghai Morgan-Tan
International Center for Life Sciences, Co., Ltd.
2. Financial review
The Group is principally engaged in research, development
and selling of in-house generated bio-pharmaceutical
know-how, carrying out contracted research for customers,
manufacturing and selling of diagnostic reagent and the
provision of related ancillary services.
The Group¡¦s consolidated turnover for the year ended 31
December 2002 amounted to Rmb22.5 million, compared to
Rmb27.9 million for the previous year. The decrease in
turnover is mainly due to the decrease in technology
transfer revenue recognised by RMB7.4 million as compared
with the previous year.
The total costs and expenses of the Group for the year
ended 31 December 2002 was Rmb29.3 million, compared with
Rmb 22.3 million for the previous year. The increase in
total costs and expenses is mainly attributed to the
increase of cost of sales to Rmb9.8 million, compared
with Rmb4.9 million for the previous year. In addition,
as more resources have been devoted to research and
development activities than the previous year, the R&D
costs for the year ended 31 December 2002 amounts to Rmb10.1
million, representing 11% or Rmb1.1 million increase over
the previous year¡¦s figure.
A profit attributable to shareholders of Rmb0.8 million
was recorded for the year ended 31 December 2002, compared
with Rmb11.8 million for the previous year. The decrease
is mainly due to the decrease of technology transfer
revenue and the increase of relevant costs as mentioned
above. However, the Directors are of the opinion that
with the commercialization of the Group¡¦s self-developed
category I bio-pharmaceutical drugs and other R&D
projects in progress, the revenue and the operating result
will grow substantially.
3. Taxation
The Company is subject to the Income Tax of the PRC and
the normal income tax rate applicable is 33%. As the
Company is recognised as a New and High Technology
Enterprise, it is entitled to a reduced Income Tax rate
of 15%. Accordingly, the Company is subject to Income
Tax at a rate of 15%.
The subsidiary is subject to the Income Tax Law of the
PRC and the income tax rate applicable is 33%. No
provision for income tax has been made for the subsidiary
as it has no taxable income for the year.
4. Earnings per share
The calculation of the basic earnings per share for the
year ended 31 December, 2002 were based on the audited
profit attributable to shareholders of approximately
RMB807,000 (2001: RMB11,826,000) and the weighted average
of 599,534,000 shares (2001: 530,000,000) in issue during
the year ended 31 December, 2002 as if the subdivision
of the Company¡¦s shares, being 53,000,000 ordinary shares
with a par value of Rmb1.00 each subdivided into
530,000,000 ordinary shares with a par value of RMB0.10
each on 20 January, 2002, had taken place at the beginning
of the respective periods.
Diluted earnings per share has not been calculated for
the year ended 31 December, 2002 and 2001 as there were
no dilutive potential ordinary shares during the years
then ended.
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