CHANGCHUNDAXING<08067> - Results Announcement (Final, 2003, Summary)
Changchun Da Xing Pharmaceutical Company Limited announced on 18/3/2004:
(stock code: 08067 )
Year end date :31/12/2003
Currency :RMB
Auditors' report :Unqualified
Interim Report Reviewed 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 1/1/2003 from 1/1/2002
to 31/12/2003 to 31/12/2002
RMB'000 RMB'000
Turnover : 64,730 71,220
Profit/(Loss) from Operations : 23,832 39,949
Finance cost : (2,512) (549)
Share of Profit/(Loss) of Associates : N/A N/A
Share of Profit/(Loss) of Jointly
Controlled Entites : N/A N/A
Profit/(Loss) after Taxation & MI : 21,334 34,669
% Change Over the Last Period : -38.46%
EPS / (LPS)
Basic (in dollar) : RMB 0.038 RMB 0.072
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : 21,334 34,669
Final Dividends per Share : RMB 0.005 NIL
(specify if with other options) : N/A N/A
B/C Dates for Final Dividends : 14/04/2004 to 14/05/2004 bdi.
Payable Date : 31/08/2004
B/C Dates for Annual General Meeting : 14/04/2004 to 14/05/2004 bdi.
Other Distribution for Current Period : NIL
B/C Dates for Other Distribution : N/A
(bdi: both days inclusive)
For and on behalf of
Changchun Da Xing Pharmaceutical Company Limited
Signature :
Name :Yau Wing Yiu
Title :Qualified Accountant
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 presentation
The Company was incorporated as a joint stock limited company
in the People's Republic of China ("PRC") on 27 December 1993 under
the provisions of the PRC Company Law. The Company's H shares were
listed on the Growth Enterprise Market of The Stock Exchange of
Hong Kong Limited on 28 June 2002.
The Company is principally engaged in the manufacture and sale of
medicine in the PRC.
On 17 January 2003, the Company set up a new company in the PRC,
Changchun Zhong Da Healthcare Product Company Limited
with one of its major shareholders, Changchun Kuancheng Pharmaceutircal Factory.
The Company is 60% owned by the Company and 40% by
Changchun Kuancheng Pharmaceutircal Factory. The principal activity of
the Company is production of healthcare medication products.
The principal accounting policies adopted in preparing the
audited results conform with accounting standards issued by the
Hong Kong Society of Accountants.
2.Turnover
Turnover represents the invoiced value of goods sold, net of
value-added tax, trade discounts and returns.
The Group's turnover and operating profit are entirely derived
from the PRC on the sales of pharmaceutical products. Accordingly,
no analysis by business or geographical segment is provided.
3. Taxation
Year ended 31 December
2003 2002
RMB'000 RMB'000
Hong Kong 0 0
PRC 0 4,731
------- -------
Tax charge for the period 0 4,731
======= =======
The PRC income tax is computed according to the relevant laws and
regulations in the PRC. The applicable income tax rate was 15%
(2002:15%). The Company was registered as a Sino-Foreign joint
stock limited company on 20 December 2002, it is exempted from
income tax for two years starting from year ended
31 December 2003, its first profit-making year after the
registration, followed by a 50% reduction of income tax for the
next three years. The subidiary, Changchun Zhong Da Healthcare
Product Company Limited had not commenced business during
the year. Thus, it had no assessable profits and hence no PRC income tax
was provided for the year ended 31 December 2003
The taxation charge for the year can be reconciled to the profit
as stated in the financial statements as follows:
Year ended 31 December
2003 2002
RMB'000 RMB'000
Profit before taxation 21,320 39,400
======= =======
Taxation calculated at PRC profits
tax of 33%(2002:33%) 7,036 13,002
Tax effect of tax exemption/reduction of
income tax under preferential tax treatment (8,227) (5,600)
Tax effect of non-taxable item - (2,735)
Tax effect of expenses not deductible for
taxation purposes 1,191 -
Others - 64
------- -------
Taxation for the year - 4,731
======= =======
4. Earnings per share
The calculation of basic earnings per share is based on the
profit attributable to shareholders for the year
ended 31 December 2003 of approximately RMB 21,334,000
(2002: RMB 34,669,000) and on the weighted average of 561,000,000
shares in issue during the year ended 31 December 2003
(2002: 481,276,712 shares)
5. Final dividend
The Board recommended the payment of final cash dividend of RMB0.5Cent per share
to shareholders whose names appear on the register of shareholders
of the Company on 14 April 2004
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