SINO BIOPHARM<08027> - Results Announcement (Q2, 2003, Summary)
Sino Biopharmaceutical Limited announced on 08/08/2003:
(stock code: 08027 )
Year end date :31 December 2003
Currency :HKD
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
$'000 $'000
Turnover : 397,251 310,616
Profit/(Loss) from Operations : 81,352 74,084
Finance cost : (865) (752)
Share of Profit/(Loss) of Associates : 0 0
Share of Profit/(Loss) of Jointly
Controlled Entites : 0 0
Profit/(Loss) after Taxation & MI : 44,067 34,389
% Change Over the Last Period : +28.14%
EPS / (LPS)
Basic (in dollar) : HKD 13.3 cents HKD 11.5 cents
Diluted (in dollar) : HKD 12.0 cents HKD 10.8 cents
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : 44,067 34,389
2nd Quarterly Dividends per Share : 5.0 cents 5.0 cents
(specify if with other options) : N/A N/A
B/C Dates for 2nd Quarterly Dividends :02/09/2003 to 04/09/2003 bdi.
Payable Date : 15/09/2003
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
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 preparation
The Group・s financial statements have been prepared in accordance
with the Hong Kong Statements of Standard Accounting Practice
Number 25 ：Interim Financial Reporting； issued by the Hong Kong
Society of Accountants and disclosure requirements set out in
Chapter 18 of the GEM Listing Rules.
The principal accounting policies adopted in preparing the
consolidated interim financial statements are consistent with those
followed in the Group・s annual financial statements for the year
ended 31 December,2002.
(2) Turnover
Turnover represents the 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:
2003 2002
HK$・000 HK$・000
Sales of goods 390,460 310,616
Dividend income 6,791 -
-------- --------
Total 397,251 310,616
======== ========
(3) Taxation
2003 2002
HK$・000 HK$・000
Hong Kong - -
PRC income tax 7,233 6,746
-------- --------
Total 7,233 6,746
======== ========
No Hong Kong profits tax has been provided for the six months ended
30 June, 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, 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； to which
a preferential tax rate of 15% applies and are 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 more years. Those Foreign
Investment Enterprises are qualified as ：Advanced Technology
Enterprises；,they can extend three more years for 50% tax reduction,
and the minimum tax rate should not be lower than 10%.
For the period from 1 January to 3O June, 2003, the Group・s
principal operating subsidiaries are subject to income tax rate
of 10% (2002:7.5% to 10%).
There are no material potential deferred tax liabilities for
which provision has not been made.
(4) Dividends
The Board of Directors has recommended an interim dividend of HK5.0
cents per ordinary share. The dividend will be paid on Monday,
15 September 2003 to shareholders whose names appear on the
Register of Members of the Company on Thursday, 4 September,2003.
The Register of Members of the Company will be closed from Tuesday,
2 September,2003 to Thursday, 4 September, 2003, both days
inclusive, during which period no transfer of shares of the Company
will be effected. In order to qualify for the interim dividend,
all transfers accompanied by the relevant share certificates must
be lodged with the Company・s branch share registrar,Tengis Limited,
Ground Floor, Bank of East Asia Harbour View Centre, 56 Gloucester
Road, Wanchai, Hong Kong by 4:00 p.m. on Monday, 1 September, 2003.
(5) Earnings per share
The calculation of the basic earnings per share is based on net
profit attributable to shareholders for the three months and six
months ended 30 June, 2003 of HK$23,793,000(2002:HK$22,235,000)
and HK$44,067,000(2002:HK$34,389,000) respectively and the weighted
average of 331,469,613(2002:300,000,000)ordinary shares in issue
during the period.
Diluted earnings per share amount for the three months and six
months ended 30 June, 2003 is based on net profit attributable
to shareholders for the three months and six months ended 30 June
2003 of HK$23,793,000 (2002: HK$22,235,000) and HK$44,067,000
(2002:34,389,000) respectively and interest of HK$262,080
(2002: Nil) on convertible bonds and 331,469,613 ordinary
shares which were the weighted average number of ordinary shares
in issue during the period plus the weighted average number of
11,942,013 shares (2002: 19,844,465 shares) deemed to be issued at
average fair value if all outstanding options had been exercised
during the period and weighted average of 27,368,421 ordinary
shares (2002:Nil) assumed to have been issued at nil consideration
on the deemed exercises of all convertible bonds during the period.
(6) Reserves
During the period,the Group・s reserves had the following movements:
(i) Transfer of HK$16,359,000(2002:HK$9,089,000) from retained
earnings to statutory reserve funds; and
(ii)On 8 January,2003, an aggregate of 12,000,000 share options
of HK$0.1 each has been exercised at HK$0.74, the proceeds
before expenses amounted to HK$8,880,000 and the share
premium account was increased by HK$7,680,000.
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