FUDANZHANGJIANG<08231> - Results Announcement (Q1, 2005, Summary)
Shanghai Fudan-Zhangjiang Bio-Pharmaceutical Co., Ltd. announced on 11/05/2005:
(stock code: 08231 )
Year end date :31/12/2005
Currency :RMB
Auditors' report :N/A
1st Quarterly Report Reviewed 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 01/01/2005 from 01/01/2004
to 31/03/2005 to 31/03/2004
RMB'000 RMB'000
Turnover : 4,419 2,960
Profit/(Loss) from Operations : (5,540) (4,262)
Finance cost : 0 0
Share of Profit/(Loss) of Associates : (229) (595)
Share of Profit/(Loss) of Jointly
Controlled Entites : N/A N/A
Profit/(Loss) after Taxation & MI : (4,950) (4,098)
% Change Over the Last Period : N/A
EPS / (LPS)
Basic (in dollar) : (RMB 0.007) (RMB 0.0058)
Diluted (in dollar) : N/A N/A
Extraordinary (ETD) Gain/(Loss) : 0 0
Profit (Loss) after ETD Items : (4,950) (4,098)
1st Quarter Dividends per Share : NIL NIL
(specify if with other options) : N/A N/A
B/C Dates for 1st Quarter 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
(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 unaudited consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards (¡§IFRS¡¨),
including International Accounting Standards and Interpretations issued
by the International Accounting Standards Board. They have been
prepared under the historical cost convention except that the
available-for-sale investments are adjusted to fair value.
The results are unaudited and have been reviewed by the Audit Committee.
2. Financial review
For the three months ended 31 March 2005, the Group recorded a turnover
of approximately RMB4,419,000, whereas the figure for the same period
in 2004 was RMB2,960,000.
Of the total turnover of the Group for the first quarter of 2005,
approximately RMB3,219,000 (or 73% of total turnover) was derived from
the sale of medical diagnostic products and the provision of related
ancillary services, and RMB1,200,000 (or 27% of total turnover)
represented the income of technology transfer. In contrast, out of
the total turnover for the same period last year, RMB2,760,000 (or
93% of total turnover) came from the sales of medical diagnostic
products, and RMB200,000 (or 7% of total turnover) represented the
income of technology transfer.
Comparing with the correspondent period last year, turnover of the
Group for the first quarter 2005 enhanced by 49%, of which, sales of
the diagnostic products raised by 17% over that of last year. This
is because the new product, Down¡¦s Syndrome antenatal screening system
launched by the Group, has accomplished initial market entry wherein
some sales revenues have been realized, and has been gradually stepping
into its growth stage. Besides, pursuant to the contract entered into
by Shanghai Morgan-Tan International Center for Life Sciences, Co.,
Ltd. (¡§Morgan-Tan¡¨), a subsidiary of the Group, to transfer the
technology Mycophenolate Mofetil to a pharmaceutical company based
in Shandong, the economic benefits flowed into the Group as a result
of the completion of certain stages of the contract amounted to
RMB1,200,000 was also recognized within the period under review.
Cost of sales of the Group for the three months ended 31 March 2005
amounted to approximately RMB3,858,000, compared to RMB2,072,000 for
the same period in 2004. The increase in cost of sales was mainly caused
by the increased expenditure on product quality control, with an aim
to safeguard company image, so as to obtain a bigger market share for
the products in the future.
Operating loss of the Group within the period under review was
approximately RMB5,540,000, whereas the figure for the corresponding
period last year was 4,262,000. The reasons for the increased loss
are, in addition to the above mentioned risen cost of sales, research
and development (R&D) costs and distribution costs have also increased
by 13% and 113 respectively over those of the same period of last year.
The new aggressive marketing strategy calls for more resources to be
devoted into market expansion and sales team sustaining, resulting
in an increase of the distribution costs. On the other hand, efficient
control has reduced the administrative expenses by 29% from that of
the same period last year.
For the three months ended 31 March 2005, the Group recorded a loss
attributable to shareholders of approximately RMB4,950,000, compared
to a loss of approximately RMB4,098,000 for the same period in 2004.
3. Loss per share
The calculation of the loss per share for the three months ended 31
March 2005 was based on the unaudited loss of approximately
RMB4,950,000 (unaudited loss attributable to shareholders for the
three months ended 31 March 2004 of approximately RMB4,098,000) and
total shares issued of 710,000,000 shares as at 31 March 2005 (as at
31 March 2004: 710,000,000 shares).
Diluted loss per share has not been calculated for the three months
ended 31 March 2005 and 31 March 2004 as there were no dilutive potential
ordinary shares during those periods.
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