FUDANZHANGJIANG<08231> - Results Announcement (Final, 2004, Summary)
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. announced on 29/03/2005:
(stock code: 08231 )
Year end date :31/12/2004
Currency :RMB
Auditors' report :Unqualified
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 01/01/2004 from 01/01/2003
to 31/12/2004 to 31/12/2003
RMB'000 RMB'000
Turnover : 10,567 8,131
Profit/(Loss) from Operations : (24,446) (20,206)
Finance cost : 0 0
Share of Profit/(Loss) of Associates : (2,240) (1,381)
Share of Profit/(Loss) of Jointly
Controlled Entites : N/A N/A
Profit/(Loss) after Taxation & MI : (24,901) (18,347)
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : (RMB 0.0351) (RMB 0.0258)
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : (24,901) (18,347)
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 Annual General Meeting :24/05/2005 to 24/06/2005 bdi.
Other Distribution for Current Period : NIL
B/C Dates for Other Distribution : N/A
(bdi: both days inclusive)
For and on behalf of
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd.
Signature :
Name : Wang Rui
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 consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards ("IFRS").
These financial statements are prepared under the historical cost
convention, except that the available-for-sale investments are shown at
fair value.
The results are audited and have also been reviewed by the Audit Committee.
2. Financial review
The Groupˇ¦s consolidated turnover for the year ended 31
December 2004 amounted to RMB10,567,000, compared to
RMB8,131,000 for the previous year. During the year under
review, RMB4,200,000(or 40% of the total turnover) was derived
from the income of technology transfer, and the rest of
approximately RMB6,367,000 (or 60% of the total turnover) came from
the sale of diagnostic products and the provision of the ancillary
services. In contrast, the total turnover for the year 2003 was
generated from the sale of diagnostic products.
In comparison to RMB6,155,000 for the same period last year,
the cost of sales for the year ended 31 December 2004 was
RMB8,325,000, raised by 35% from that of last year. This has
been growing in line with the enhancing revenues.
Operating loss for the year ended 31 December 2004 was
approximately RMB24,446,000, whereas the same figure for last
year was RMB20,206,000. Several factors contributed to the
exacerbated situation. Firstly, the interest income as
reflected in other revenues was cut by half for the reason
that large sums of capital has been invested in R&D, resulting
in a reduction of cash deposited in banks. Secondly, the
distribution costs increased by 14%, due to the fact mentioned
above, that the Group employed more resources on the launch
of new products. Thirdly, the Group purchased a technology
used in developing and manufacturing of the new product during
the year, and amortization of this technology know-how boosted
administrative expenses by 18% over last financial year. And
lastly, the excessive other operating expenses were caused
by a provision for impairment of a technology Oxymatrine of
RMB1,000,000, which was the impairment loss provided for by
the management from a cautious perspective, taking into
account the uncertainty of the projectˇ¦s future development.
3. Loss per share
The calculation of the loss per share for the year ended 31
December 2004 was based on the loss of approximately RMB24,901,000
and the total shares of 710,000,000 as at 31 December 2004. The
calculation of the loss per share for the year ended 31 December
2003 was based on the loss of RMB18,347,000 and the total shares
of 710,000,000 as at 31 December 2003.
Diluted loss per share has not been calculated for the
year ended 31 December 2004 and year ended 31 December 2003
respectively as there was no dilutive potential ordinary share during
those periods.
|