SINO BIOPHARM<08027> - Results Announcement (Q3, 2003, Summary)
Sino Biopharmaceutical Limited announced on 06/11/2003:
(stock code: 08027 )
Year end date :31 December 2003
Currency :HKD
Auditors' report :N/A
Review of 3rd 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 30/09/2003 to 30/09/2002
$'000 $'000
Turnover : 643,210 525,142
Profit/(Loss) from Operations : 141,945 119,490
Finance cost : (1,037) (784)
Share of Profit/(Loss) of Associates : 0 0
Share of Profit/(Loss) of Jointly
Controlled Entites : 0 0
Profit/(Loss) after Taxation & MI : 73,897 56,146
% Change Over the Last Period : +31.62%
EPS / (LPS)
Basic (in dollar) : HKD 22.3cents HKD 18.7cents
Diluted (in dollar) : HKD 20.1cents HKD 17.6cents
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : 73,897 56,146
3rd Quarterly Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for 3rd 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 :Yu Chau Ling
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 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.
(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.
Segment information
The Group¡¦s turnover analysis by principal activities:
For the three months For the nine months
ended 30 September, ended 30 September,
2003 2002 2003 2002
Unaudited Unaudited Unaudited Unaudited
HK$¡¦000 HK$¡¦000 HK$¡¦000 HKD¡¦000
Sales of goods 245,959 214,526 636,373 525,142
Dividend income - - 6,837 -
________ ________ ________ ________
Total 245,959 214,526 643,210 525,142
======== ======== ======== ========
More than 90% of the Group¡¦s turnover was derived from the
principal activities carried out in the PRC.
(3) Tax
For the three months For the nine months
ended 30 September, ended 30 September,
2003 2002 2003 2002
Unaudited Unaudited Unaudited Unaudited
HK$¡¦000 HK$¡¦000 HK$¡¦000 HKD¡¦000
Hong Kong - - - -
PRC income tax 7,238 4,251 14,471 10,997
________ ________ ________ ________
Total 7,238 4,251 14,471 10,997
======== ======== ======== ========
No Hong Kong profits tax has been provided for in the three months
and nine months ended 30 September, 2003 as there was no assessable
profit arising in or derived from Hong Kong during these periods
(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¢M (30¢M state income taxes plus
3¢M local income taxes) unless the enterprise is qualified as a
¡§High and New Technology Enterprises¡¨ 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¢Mapplies 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. These 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 30 September, 2003, the Group¡¦s
principal operating subsidiaries are subject to an income tax rate
of 10% (2002: 7.5%-10%).
There are no material potential deferred tax liabilities for which
provision has not been made.
(4) Dividends
The Board does not recommend the payment of a dividend
for the three months ended 30 September, 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 and the
nine months ended 30 September, 2003 of HK$29,830,000¡]2002:
HK$21,757,000¡^and HK$73,897,000¡]2002:HK$56,146,000¡^respectively
and the weighted average of 331,648,352¡]2002:300,000,000¡^ordinary
shares in issue during the period.
Diluted earnings per share for the three months and nine months
ended 30 September,2003 is based on net profit attributable to
shareholders for the three months and nine months ended 30
September,2003 of HK$29,830,000 (2002:HK$21,757,000) and
HK$73,897,000 (2002: HK$56,146,000) and interest of HK$163,800
(2002:Nil) and HK$425,880 (2002:Nil)on convertible bonds
respectively and 323,956,044 and 331,648,352 ordinary shares
which were the weighted average number of ordinary shares in issue
during the respective periods plus the weighted average number
of 12,290,503 shares (2002:19,528,302 shares) 11,605,533 share
(2002:19,722,222 shares) deemed to be issued at average fair value
if all outstanding options had been exercised during the
respective periods and the 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
respective periods.
(6) Reserves
During the period,the Group¡¦s reserves had the following movements:
(i) Transfer of HK$16,242,000 (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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