SINO BIOPHARM<08027> - Results Announcement (Final, 2002, Summary)
Sino Biopharmaceutical Limited announced on 18/03/2003
(stock code: 08027)
Year end date :31/12/2002
Currency :HKD
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
$'000 $'000
Turnover : 692,320 539,910
Profit/(Loss) from Operations : 136,710 119,562
Finance cost : (1,124) (1,913)
Share of Profit/(Loss) of Associates : 0 0
Share of Profit/(Loss) of Jointly
Controlled Entites : 0 0
Profit/(Loss) after Taxation & MI : 57,369 61,735
% Change Over the Last Period : -7.07%
EPS / (LPS)
Basic (in dollar) : HKD 0.189 HKD 0.206
Diluted (in dollar) : HKD 0.169 HKD 0.194
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : 57,369 61,735
Final Dividends per Share :HK$0.09 per share HK$0.1 per share
(specify if with other options) : N/A N/A
B/C Dates for Final Dividends :17/04/2003 to 23/04/2003 bdi.
Payable Date : 05/05/2003
B/C Dates for Annual General Meeting :17/04/2003 to 23/04/2003 bdi.
Other Distribution for Current Period : NIL
B/C Dates for Other Distribution : N/A
(bdi: both days inclusive)
For and on behalf of
Sino Biopharmaceutical Limited
Signature :
Name : Wong Pui Shan
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) Basis of Consolidation
The consolidated financial statements include the financial
statements of the Company and its subsidiaries for the year. The
results of subsidiaries acquired or disposed of during the year are
consolidated from or to their effective dates of acquisition or
disposal, respectively.
All significant intercompany transactions and balances within the
Group are eliminated on consolidation
The Group・s financial statements have been prepared in accordance
with Hong Kong Statements of Standard Accounting Practice,
accounting principles generally accepted in Hong Kong and the
disclosure requirements of the Hong Kong Companies Ordinance. They
have been prepared under the historical cost convention, except for
the periodic remeasurement of certain fixed assets.
During the year, the Group consistently applied the accounting
policies stated in the annual report for the year ended 31 December
2002
(2) Turnover
Turnover represents the invoiced value of goods sold, net of
discounts and returns, and dividend income. All significant
intra-Group transactions have been eliminated on consolidation.
Segment information
The Group・s turnover analysis by principal activities:
2002 2001
HK$・000 HK$・000
Sales of goods 692,320 530,006
Dividend income from unlisted investment - 9,904
--------- ---------
Total 692,320 539,910
========= =========
More than 90% of the Group・s turnover was derived from the
principal activities carried out in Mainland China.
(3) Tax
2002 2001
HK$・000 HK$・000
PRC income tax 17,175 8,184
========= =========
No Hong Kong profits tax has been provided for the year ended
31 December, 2002 as there was no assessable profit arising in
or derived from Hong Kong during the years. (2001:Nil)
PRC income tax is provided at the rates applicable to enterprises
in the PRC on the income for statutory reporting purposes,
adjusted for income and expenses items which are not assessable
or deductible for income tax purposes based on existing PRC
income tax regulations, practices and interpretation thereof.
Pursuant to the Income Tax Law of the PRC concerning Foreign
Investment Enterprises and Foreign Enterprises and various local
income tax laws (the ：Income Tax Laws；), joint venture companies
are subject to the statutory income tax rate of 33%. (30% state
income taxes plus 3% local income taxes) unless the enterprises
is qualified as a ：High and New Technology Enterprise；or is located
in specially designated regions or cities for which more
favorable effective tax rates apply. The Group・s principal
operating subsidiaries are qualified as ：High and New Technology
Enterprise； to which a preferential tax rate of 15% applies and
one subsidiary is entitled to an income tax exemption for two
years commencing from the first profitable year (after deducting
losses carried forward), and a 50% reduction for the succeeding
three years.
As of 31 December, 2002, JCTT and CTF are subject to income tax
rate of 7.5% and 10% respectively (2001 both JCTT and CTF:7.5%)
There are no material potential deferred tax liabilities for
which provision has not been made (2001:Nil).
(4) Dividends
2002 2001
HK$・000 HK$・000
Interim dividend
HK$0.05(2001:HK$0.04 per ordinary share 15,000 12,000
========= =========
Proposed final dividend
HK$0.09(2001:HK$0.10)per ordinary share 29,880 30,000
========= =========
The Board has recommended a final dividend of HKD9 cents per
ordinary share for the year ended 31 December 2002(2001:HK$10 cents
per ordinary shares). Subject to the approval of shareholders at
the forthcoming Annual General Meeting,the dividend will be paid
to shareholders whose names appear on the Register of Members of
the Company on 23rd April 2003.
The Register of Members of the Company will be closed from 17th
April 2003 to 23rd April 2003, both days inclusive, during which
period no transfer of share of the Company will be effected. In
order to qualify for the final dividend, all transfers accompanied
by the relevant shares certificates must be lodged with the Company's
branch share registrar,Tengis Limited, G/F., Bank of East Asia
Harbour View Centre,56 Gloucester Road,Wanchai,Hong Kong by 4:30p.m.
on 16th April,2003.
(5) Earnings per share
The calculation of the basic earnings per share is based on profit
from the ordinary activities attributable to shareholders for the
year ended 31 December,2002 of HK$57,369,000 (2001:HK$61,735,000)
and the 304,166,667 (2001:300,000,000) weighted average number of
ordinary shares in issue during the respective years.
Diluted earnings per share for the year ended 31 December, 2002 is
based on 304,166,667 (2001:300,000,000) ordinary shares which was
the weighted average number of ordinary shares in issue during the
year plus the weighted average number of 19,416,476 shares
(2001:17,714,535 shares),deemed to be issued at average fair value
if all outstanding options had been exercised during respective
years and the weighted average of 16,421,053(2001: Nil) ordinary
shares assumed to have been issued at no consideration on deemed
exercise of all convertible bonds during the year.
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