KINETANA INT'L<08031> - Results Announcement (Final, 2002/2003, Summary)
KINETANA INTERNATIONAL BIOTECH PHARMA LIMITED announced on 16/05/2003:
(stock code :08031)
Year end date :28/02/2003
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 01/03/2002 from 11/7/2001
to 28/02/2003 to 28/02/2002
$'000 $'000
Turnover : 717 750
Profit/(Loss) from Operations : (26,963) (11,162)
Finance cost : (160) (112)
Share of Profit/(Loss) of Associates : N/A N/A
Share of Profit/(Loss) of Jointly
Controlled Entites : (22) 14
Profit/(Loss) after Taxation & MI : (27,145) (11,260)
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : (HKD 0.056) (HKD 0.032)
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : N/A N/A
Profit (Loss) after ETD Items : (27,145) (11,260)
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 (-) General Meeting : N/A
Other Distribution for Current Period : NIL
B/C Dates for Other Distribution : N/A
For and on behalf of
KINETANA INTERNATIONAL BIOTECH PHARMA LIMITED
Signature :
Name : Mr. May Tai Keung
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. Group reorganisation
Pursuant to a group reorganisation (the "Reorganisation") completed on
13 May 2002 to rationalise the Group's structure in preparation for the
listing of the Company's shares on the Growth Enterprise Market of The
Stock Exchange of Hong Kong Limited (the "GEM"), the Company became the
ultimate holding company of the companies now comprising the Group.
The Reorganisation was accomplished by:
(i) the acquisitions by Kinetana Holdings (BVI) Limited ("KBVI") in 2001
of the entire issued share capital of Kinetana International
Pharmaceuticals Limited, Kinetana Group Inc. ("KGI") and Kinetana
Pharmaceuticals Commercial Holdings (BVI) Limited, the then holding
companies of other subsidiaries and a jointly-controlled entity of the
Group (the "KBVI Reorganisation"); and
(ii) the acquisition by the Company of the entire issued share capital
of KBVI from its then shareholders on 13 May 2002 (the "KIBPL
Reorganisation").
Further details of the Reorganisation, together with the details of the
subsidiaries and the jointly-controlled entity acquired pursuant
thereto, are set out in the prospectus of the Company dated 22 May 2002.
2. Basis of presentation and consolidation
The KBVI Reorganisation as referred to in note 1 resulted in changes in
the rights of each of the then ultimate shareholders relative to each
other. Accordingly, the acquisition basis of accounting was applied, in
accordance with SSAP 27 "Accounting for group reconstructions", for the
consolidation of the results of the subsidiaries acquired pursuant
thereto.
The KIBPL Reorganisation as referred to in note 1 involved companies
under common control and therefore, the merger basis of accounting has
been applied in the preparation of the consolidated financial statements
in accordance with SSAP 27. On this basis, the Company has been treated
as the holding company of its subsidiaries since 11 July 2001 (date of
incorporation of KBVI, the then ultimate holding company) rather than
from the date of its acquisition of KBVI pursuant to the Reorganisation.
Accordingly, the consolidated results of the Group for the period from
11 July 2001 to 28 February 2002 and for the year ended 28 February 2003
include the results of the Company and its subsidiaries with effect from
11 July 2001 or since their respective dates of incorporation or
acquisition, whether under the KBVI Reorganisation or otherwise,
where this is a shorter period.
Since the principal activities of the Group were carried out by those
subsidiaries acquired pursuant to the Reorganisation, in the opinion
of the directors, for information purposes, it is appropriate to present
a pro forma combined profit and loss account for the year ended 28
February 2002, which include the results of the Company and its
subsidiaries with effect from 1 March 2001 or since their respective
dates of incorporation, where there is a shorter period, on a combined
basis as if the current Group structure had been in existence since
1 March 2001.
All significant inter-company transactions and balances within the Group
are eliminated on consolidation.
3. Turnover
Turnover represents the net invoiced value of goods sold, after
allownances for return and trade discounts; and an appropriate
proportion of contract revenue from absorption screening services
rendered.
4. Loss per share
The calculation of basic loss per share for the year ended 28 February
2003 is based on the net loss from ordinary activities attributable to
shareholders for the year ended 28 February 2003 of HK$27,145,000
(period ended 28 February 2002: HK$11,260,000) and the weighted average
of 486,750,478 (period ended 28 February 2002: 349,333,954) ordinary
shares deemed to be in issue during the year as if the capitalisation
issue of 383,644,643 ordinary shares made to the then shareholders
of the Company upon the completion of the public offer and placing of
120,000,000 ordinary shares in the Company had been in issue from the
respective dates the related existing shares were issued.
No diluted loss per share amount for the year ended 28 February 2003 and
the period ended 28 February 2002 has been presented as the share
options of the Company and share options and warrants of KGI, which can
be exchanged for ordinary shares of the Company when exercised, which
were outstanding during the year and the prior period had anti-dilutive
effects on the respective basic loss per share.
5. Dividend
The Board does not recommend payment of any dividend for the year ended
28 February 2003.
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