FUDANZHANGJIANG<08231> - Results Announcement (Q2, 2003, Summary)
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. announced on 08/08/2003:
(stock code: 08231 )
Year end date :31/12/2003
Currency :RMB
Auditors' report :N/A
Review of 2nd Quarterly Report by :Audit Committee
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
(Unaudited) (Unaudited)
Current Last Corresponding
Period Period
from 01/01/2003 from 01/01/2002
to 30/06/2003 to 30/06/2002
RMB'000 RMB'000
Turnover : 4,978 11,290
Profit/(Loss) from Operations : (7,208) 1,068
Finance cost : 0 0
Share of Profit/(Loss) of Associates : (232) N/A
Share of Profit/(Loss) of Jointly
Controlled Entites : N/A N/A
Profit/(Loss) after Taxation & MI : (6,831) 1,082
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : (RMB 0.0096) RMB 0.002
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : (6,831) 1,082
2nd Quarterly Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for 2nd Quarterly Dividends : N/A
Payable Date : N/A
B/C Dates for (-) General Meeting : N/A
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.
Remark:
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
62.5% and 65% in two subsidiaries, namely Shanghai Morgan-Tan
International Center for Life Sciences, Co., Ltd. and Shanghai Ba
Dian Medicine Co., Ltd., respectively.
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 Groupˇ¦s consolidated turnover for the six months ended 30 June
2003 amounted to approximately Rmb5 million, compared to Rmb11.3
million for the corresponding period previous year.
The Groupˇ¦s turnover dropped during the first half of 2003 as there
was no technology transfer throughout the two quarters whereas RMB7
millionˇ¦s technology transfer revenue was recognised the same period
last year.
The total expenses of the Group for the six months ended 30 June
2003 was approximately RMB15 million, compared with RMB13.9 million
for the corresponding period in 2002. The rise was mainly attributed
to the allocation of more resources to research and development
activities than the previous corresponding period.
The Group recorded a loss attributable to shareholders of
approximately RMB 6.8 million for the six months ended 30 June 2003,
compared with a profit attributable to shareholders of approximately
RMB1.1 million for the corresponding period in 2002. The decline
is mainly due to the decrease of technology transfer revenue as
mentioned above. However, the Directors are of the opinion that with
the commercialization of the Groupˇ¦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 subsidiaries are 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 subsidiaries, as they have no taxable income
during those periods.
4. (Loss)/earnings per share
The calculation of the (loss)/earnings per share for the three months
ended 30 June 2003 and 30 June 2002 were based on the unaudited loss
of approximately RMB5.025million (three months ended 30 June 2002:
profit attributable to shareholders of approximately RMB1.41 million)
and the weighted average of 710,000,000 shares (three months ended
30 June 2002: 530,000,000 shares) in issue during the three months
ended 30 June 2003.
The calculation of the (loss)/earnings per share for the six months
ended 30 June 2003 and 30 June 2002 were based on the unaudited loss
of approximately RMB6.831million (six months ended 30 June 2002:
profit attributable to shareholders of approximately RMB1.08 million)
and the weighted average of 710,000,000 shares (six months ended
30 June 2002: 530,000,000 shares) in issue during the six months
ended 30 June 2003.
Diluted (loss)/earnings per share have not been calculated for the
three months and six months ended 30 June 2003 respectively and the
corresponding periods as there were no dilutive potential ordinary
shares during those periods.
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