INNOVATIVE PHARMACEUTICAL BIOTECH LIMITED Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
INNOVATIVE PHARMACEUTICAL BIOTECH LIMITED領航醫藥及生物科技有限公司
(Incorporated in the Cayman Islands and continued in Bermuda with limited liability)
(Stock Code: 399)
ANNOUNCEMENT OF ANNUAL RESULTS FOR THE YEAR ENDED 31 MARCH 2017The board (the "Board") of directors (the "Directors") of Innovative Pharmaceutical Biotech Limited (the "Company") hereby announces the audited consolidated annual results of the Company and its subsidiaries (the "Group") for the year ended 31 March 2017 (the "Financial Year") together with the comparative figures for the year ended 31 March 2016 (the "Previous Financial Year") as follows:
CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOMEFor the year ended 31 March 2017
2017 2016Notes HK$'000 HK$'000
Revenue | 3 | 9,187 | 19,908 |
Cost of sales | (8,460) | (19,319) | |
Gross profit | 727 | 589 | |
Other income | 4 | 11,813 | 13,112 |
Other gains and losses, net | 4 | (69,478) | (146,263) |
Selling expenses | (195) | (248) | |
Administrative expenses | (22,557) | (30,011) | |
Research and development expenses | (629) | (1,347) | |
Other expenses | - | (5,162) | |
Share of results of associates | 10,011 | 7,945 | |
Finance costs | 5 | (108,034) | (79,562) |
Loss before tax | (178,342) (240,947) | ||
Income tax expense | 6 | - - | |
Loss for the year | (178,342) | (240,947) | |
Notes HK$'000 HK$'000
Other comprehensive income/(expenses):
Items that may be reclassified subsequently to profit or loss:
Available-for-sale financial assets: net movement in the investment revaluation
reserve 442 (475)
Share of other comprehensive income of
associates (1,600) -
Exchange differences on translation of
foreign operations | (1,204) | (702) |
(2,362) | (1,177) | |
Items that will not be reclassified subsequently |
to profit or loss:
(Loss)/gain on revaluation on land and
buildings (1,128) 1,082
Deferred taxation arising on revaluation of
land and buildings | 282 | (271) |
(846) | 811 | |
Other comprehensive expense for the year | (3,208) | (366) |
Total comprehensive expense for the year | (181,550) | (241,313) |
Loss for the year attributable to: | ||
Owners of the Company | (169,788) | (236,865) |
Non-controlling interests | (8,554) | (4,082) |
(178,342) | (240,947) | |
Total comprehensive expense for the year attributable to: | ||
Owners of the Company | (172,397) | (237,231) |
Non-controlling interests | (9,153) | (4,082) |
(181,550) | (241,313) | |
HK cents | HK cents | |
Loss per share | 9 | |
Basic | (11.60) | (16.85) |
Diluted | (11.60) | (16.85) |
As at 31 March 2017
Notes | 2017 HK$'000 | 2016 HK$'000 | |
Non-current assets Property, plant and equipment | 32,385 | 35,833 | |
Interests in associates | 10 | 113,462 | 128,103 |
Investments in convertible bonds | 225,245 | 259,555 | |
Intangible asset | 11 | 1,373,224 | 1,373,224 |
Available-for-sale financial assets | 22,501 | 6,921 | |
Loan to a non-controlling interest | - | 4,646 | |
Amount due from the subsidiary of an associate | 8,125 | 16,192 | |
1,774,942 | 1,824,474 | ||
Current assets Trade receivables | 12 | 6,375 | - |
Prepayments, deposits and other receivables | 8,333 | 153,259 | |
Bank balances and cash | 61,316 | 32,459 | |
76,024 | 185,718 | ||
Current liabilities Trade payables | 13 | 2,237 | 8 |
Fund received in advance | - | 50,000 | |
Accruals and other payables | 5,863 | 5,291 | |
Amounts due to non-controlling interests | 22,871 | 22,871 | |
Amounts due to former non-controlling interests | 823 | 823 | |
Amount due to the subsidiary of an associate | 41,947 | 41,947 | |
73,741 | 120,940 | ||
Net current assets | 2,283 | 64,778 | |
Total assets less current liabilities | 1,777,225 | 1,889,252 |
2017 HK$'000 | 2016 HK$'000 | |
Non-current liabilities Convertible bonds | 470,671 | 403,146 |
Deferred tax liabilities | 2,162 | 2,444 |
Loan from a non-controlling interest | 6,067 | 4,646 |
478,900 | 410,236 | |
NET ASSETS | 1,298,325 | 1,479,016 |
Capital and reserves Share capital | 14,642 | 14,642 |
Reserves | 413,332 | 584,870 |
Equity attributable to owners of the Company | 427,974 | 599,512 |
Non-controlling interests | 870,351 | 879,504 |
TOTAL EQUITY | 1,298,325 | 1,479,016 |
Innovative Pharmaceutical Biotech Limited published this content on 30 June 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 29 June 2017 23:40:08 UTC.
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