FUDANZHANGJIANG<08231> - Results Announcement (Final, 2003, Summary)
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. announced on 25/03/2004:
(stock code: 08231 )
Year end date :31/12/2003
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 01/01/2003 from 01/01/2002
to 31/12/2003 to 31/12/2002
RMB'000 RMB'000
Turnover : 8,131 22,518
Profit/(Loss) from Operations : (20,206) 704
Finance cost : 0 0
Share of Profit/(Loss) of Associates : (1,381) N/A
Share of Profit/(Loss) of Jointly
Controlled Entites : N/A N/A
Profit/(Loss) after Taxation & MI : (18,347) 807
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : (RMB 0.0258) RMB 0.0013
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : (18,347) 807
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 :25/05/2004 to 25/06/2004 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 :Wang Rui
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
RMB5,295,000 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
subdivded 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 direct interests of
68.75% 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,manufacturing and
selling of diagnostic reagent and the provision of related ancillary
services.
For the year ended 31 December 2003 total revenues of the Group
dropped to RMB 10,525,000 compared to RMB 23,236,000
for the year ended 31 December 2002.
The Group¡¦s turnover of RMB8,131,000 for the year ended 31 December
2003 was derived from the sales of diagnostic reagent, compared with
the turnover for the corresponding period within which
RMB14,560,000 (or 65% of total turnover) was derived from technology
transfer and the rest RMB7,958,000 (or 35% of total turnover)
from the sales of diagnostic reagent and the
provision of relevant service.
As compared with the year ended 31 December 2002, the Group's turnover
dropped for the year ended 31 December 2003, because there was no
technology transfer made throughout the whole year.
The sales of diagnostic reagents for the year ended 2003 ascended
slightly by 2% in contrast to that of for the year ended 2002, due to
the enhanced marketing efforts of the Group's sales agents.
The total costs and expenses of the Group for the year ended 31
December 2003 were approximately RMB36,116,000, compared with
RMB29,340,000 for the year ended 31 December 2002. The increase was
mainly attributed to the allocation of more resources to research and
development activities than the previous year.
The Group recorded a loss attributable to shareholders of approximately
RMB18,347,000 for the year ended 31 December 2003, compared
with a profit attributable to shareholders of approximately RMB807,000
for the year ended 31 December 2002.
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%.
4. (Loss)/earnings per share
The calculation of the loss per share for year ended 31 December
2003 were based on the loss of approximately RMB18,347,000
and the total shares of 710,000,000. The calculation of the earnings
per share for the year ended 31 December 2002 were based on the profit
of RMB807,000 and the weighted average number of ordinary shares in
issue during the year ended 31 December 2002 of 599,534,000 shares.
Diluted (loss)/earnings per share have not been calculated for the
the year ended 31 December 2003 and 31 December 2002 respectively
as there were no dilutive potential ordinary shares during the
years then ended.
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