SINO BIOPHARM<08027> - Results Announcement (Q1, 2003, Summary)
Sino Biopharmaceutical Limited announced on 13/05/2003
(stock codes: 08027)
Year end date :31/12/2003
Currency :HKD
Auditors' report :N/A
Review of 1st Quarterly Report by :Auditors
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 31/03/2003 to 31/03/2002
$'000 $'000
Turnover : 203,652 138,486
Profit/(Loss) from Operations : 37,901 28,468
Finance cost : (240) (562)
Share of Profit/(Loss) of Associates : 0 0
Share of Profit/(Loss) of Jointly
Controlled Entites : 0 0
Profit/(Loss) after Taxation & MI : 20,274 12,154
% Change Over the Last Period : +66.81%
EPS / (LPS)
Basic (in dollar) : HKD 0.0613 HKD 0.0405
Diluted (in dollar) : HKD 0.0551 HKD 0.038
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : 20,274 12,154
1st Quarterly Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for 1st 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
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.
Remarks:
(1) Basis of preparation
The Group・s financial statements have been prepared in accordance
with the 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 remeasurment of certain fixed assets.
(2) Turnover
Turnover represents the net invoiced value of goods sold, after
allowances for sales returns and discounts, and dividend income.
All significant intra-group transactions have been eliminated on
consolidation.
The Group・s turnover arose from the following activities:
For the three months
ended 31 March,
2003 2002
Unaudited Unaudited
HK$・000 HK$・000
Sales of goods 196,861 138,486
Dividend income from an 6,791 -
unlisted investment
--------- ---------
Total 203,652 138,486
========= =========
(3) Tax
For the three months
ended 31 March,
2003 2002
Unaudited Unaudited
HK$・000 HK$・000
Hong Kong Profits Tax - -
PRC income tax 3,270 2,670
--------- ---------
Total 3,270 2,670
========= =========
No Hong Kong profits tax has been provided for in the three months
ended 31 March, 2003 as there was no assessable profit arising
in or derived from Hong Kong during the period (2002: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 enterprise
is qualified as a ：High and New Technology Enterprise； or 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
Enterprises； for 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. Those Foreign Investment Enterprises are qualified as
：High and New Technology Enterprises；, they can extend three more
years for 50% tax reduction, but the minimum tax rate should not
be lower than 10%
As of 31 March, 2003, the Group・s principal operating subsidiaries
are subject to income tax rate of 10% (2002:7.5%-10%).
There are no material potential deferred tax liabilities for which
provision has not been made (2002:Nil).
(4) Dividends
The Board does not recommend the payment of an interim dividend
for the three months ended 31 March, 2003 (2002: Nil).
(5) Earnings per share
The calculation of the basic earnings per share is based
on net profit attributable to shareholders for the
three months ended 31 March, 2003 of HK$20,274,000(three
months ended 31 March, 2002:HK$12,154,000) and the weighted
average of 330,933,333 (2002:300,000,000) ordinary shares
in issued during the period.
The diluted earnings per share amount for the period is
based on net profit attributable to shareholders for the
period of HK$20,274,000 (2002:HK$12,154,000) and interest of
HK$98,280 (2002: Nil) on convertible bonds and 369,505,836
(2002: 319,897,611) ordinary shares which was the weighted average
number of ordinary shares in issue during the period plus the
weighted average number of 11,204,082 (2002: 19,897,611) ordinary
shares deemed to be issued at average fair value if all outstanding
options were exercised during the period and the weighted average
of 27,368,421 (2002: Nil) ordinary shares assumed to have been
issued at no consideration on the deemed exercise of all
convertible bonds during the period.
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