|
Condensed Consolidated Balance Sheets as of December 31, 2020 and March 31, 2021 | | | | | F-2 | | |
|
Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2020 and 2021 | | | | | F-3 | | |
|
Condensed Consolidated Statements of Comprehensive Loss for the Three Months Ended March 31, 2020 and 2021 | | | | | F-4 | | |
|
Condensed Consolidated Statements of Changes in Shareholders' Equity for the Three Months Ended March 31, 2020 and 2021 | | | | | F-5 | | |
|
Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2020 and 2021 | | | | | F-6 | | |
|
Notes to the Interim Unaudited Condensed Consolidated Financial Statements | | | | | F-7 | | |
(in US$'000, except share data)
| | |
Note
| | |
December 31, 2020 | | |
March 31, 2021 | | |||||||||
| | | | | | | | | | | | | | |
(Unaudited)
| | |||
Assets | | | | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
| | | | | 3 | | | | | | 235,630 | | | | | | 346,133 | | |
Short-term investments
| | | | | 4 | | | | | | 199,546 | | | | | | 49,939 | | |
Accounts receivable - third parties
| | | | | 5 | | | | | | 46,648 | | | | | | 53,128 | | |
Inventories
| | | | | 6 | | | | | | 19,766 | | | | | | 19,757 | | |
Other current assets
| | | | | | | | | | | 29,150 | | | | | | 27,273 | | |
Total current assets
| | | | | | | | | | | 530,740 | | | | | | 496,230 | | |
Property, plant and equipment
| | | | | | | | | | | 24,170 | | | | | | 26,257 | | |
Right-of-use assets
| | | | | 7 | | | | | | 8,016 | | | | | | 9,849 | | |
Investments in equity investees
| | | | | 8 | | | | | | 139,505 | | | | | | 133,816 | | |
Other non-current assets
| | | | | | | | | | | 21,687 | | | | | | 26,965 | | |
Total assets
| | | | | | | | | | | 724,118 | | | | | | 693,117 | | |
Liabilities and shareholders' equity | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | |
Accounts payable
| | | | | 9 | | | | | | 31,612 | | | | | | 28,636 | | |
Other payables, accruals and advance receipts
| | | | | 10 | | | | | | 120,882 | | | | | | 150,332 | | |
Lease liabilities
| | | | | 7 | | | | | | 2,785 | | | | | | 3,970 | | |
Other current liabilities
| | | | | | | | | | | 3,118 | | | | | | 5,577 | | |
Total current liabilities
| | | | | | | | | | | 158,397 | | | | | | 188,515 | | |
Lease liabilities
| | | | | 7 | | | | | | 6,064 | | | | | | 6,529 | | |
Long-term bank borrowings
| | | | | 11 | | | | | | 26,861 | | | | | | 26,872 | | |
Other non-current liabilities
| | | | | | | | | | | 13,847 | | | | | | 6,806 | | |
Total liabilities
| | | | | | | | | | | 205,169 | | | | | | 228,722 | | |
Commitments and contingencies
| | | | | 12 | | | | | | | | | | | | | | |
Company's shareholders' equity | | | | | | | | | | | | | | | | | | | |
Ordinary shares; $0.10 par value; 1,500,000,000 shares authorized; 727,722,215 and 728,122,215 shares issued at December 31, 2020 and March 31, 2021 respectively
| | | | | | | | | | | 72,772 | | | | | | 72,812 | | |
Additional paid-in capital
| | | | | | | | | | | 822,458 | | | | | | 808,776 | | |
Accumulated losses
| | | | | | | | | | | (415,591) | | | | | | (456,742) | | |
Accumulated other comprehensive income
| | | | | | | | | | | 4,477 | | | | | | 3,425 | | |
Total Company's shareholders' equity
| | | | | | | | | | | 484,116 | | | | | | 428,271 | | |
Non-controlling interests
| | | | | | | | | | | 34,833 | | | | | | 36,124 | | |
Total shareholders' equity
| | | | | | | | | | | 518,949 | | | | | | 464,395 | | |
Total liabilities and shareholders' equity
| | | | | | | | | | | 724,118 | | | | | | 693,117 | | |
consolidated financial statements.
(Unaudited, in US$'000, except share and per share data)
| | | | | | | | |
Three Months Ended March 31,
| | |||||||||
| | |
Note
| | |
2020
| | |
2021
| | |||||||||
Revenues | | | | | | | | | | | | | | | | | | | |
Goods - third parties
| | | | | | | | | | | 45,971 | | | | | | 67,060 | | |
- related parties
| | | | | 16(i) | | | | | | 767 | | | | | | 1,306 | | |
Services
| | | | | | | | | | | | | | | | | | | |
- commercialization - third parties
| | | | | | | | | | | - | | | | | | 7,406 | | |
- collaboration research and development - third parties
| | | | | | | | | | | 3,618 | | | | | | 2,706 | | |
- research and development - related parties
| | | | | 16(i) | | | | | | 121 | | | | | | 130 | | |
Other collaboration revenue - royalties - third parties
| | | | | | | | | | | 1,093 | | | | | | 2,948 | | |
Total revenues
| | | | | 14 | | | | |
|
51,570
| | | | |
|
81,556
| | |
Operating expenses | | | | | | | | | | | | | | | | | | | |
Costs of goods - third parties
| | | | | | | | | | | (40,778) | | | | | | (54,872) | | |
Costs of goods - related parties
| | | | | | | | | | | (512) | | | | | | (954) | | |
Costs of services - commercialization - third parties
| | | | | | | | | | | - | | | | | | (9,114) | | |
Research and development expenses
| | | | | 15 | | | | | | (30,511) | | | | | | (57,059) | | |
Selling expenses
| | | | | | | | | | | (2,594) | | | | | | (5,733) | | |
Administrative expenses
| | | | | | | | | | | (9,667) | | | | | | (17,024) | | |
Total operating expenses
| | | | | | | | | | | (84,062) | | | | | | (144,756) | | |
| | | | | | | | | | | (32,492) | | | | | | (63,200) | | |
Other income, net of other expenses
| | | | | | | | | | | 1,172 | | | | | | 293 | | |
Loss before income taxes and equity in earnings of equity investees
| | | | | | | | | | | (31,320) | | | | | | (62,907) | | |
Income tax expense
| | | | | 17 | | | | | | (1,045) | | | | | | (1,939) | | |
Equity in earnings of equity investees, net of tax
| | | | | 8 | | | | | | 16,939 | | | | | | 24,993 | | |
Net loss
| | | | | | | | | | | (15,426) | | | | | | (39,853) | | |
Less: Net income attributable to non-controlling interests
| | | | | | | | | | | (715) | | | | | | (1,290) | | |
Net loss attributable to the Company
| | | | | | | | | | | (16,141) | | | | | | (41,143) | | |
Losses per share attributable to the Company - basic and diluted (US$ per share)
| | | |
|
18
| | | | |
|
(0.02)
| | | | |
|
(0.06)
| | |
Number of shares used in per share calculation - basic and diluted
| | | | | 18 | | | | | | 683,855,237 | | | | | | 723,176,387 | | |
consolidated financial statements.
(Unaudited, in US$'000)
| | |
Three Months Ended March 31,
| | |||||||||
| | |
2020
| | |
2021
| | ||||||
Net loss
| | | | | (15,426) | | | | | | (39,853) | | |
Other comprehensive loss | | | | | | | | | | | | | |
Foreign currency translation loss
| | | | | (1,655) | | | | | | (1,062) | | |
Total comprehensive loss
| | | | | (17,081) | | | | | | (40,915) | | |
Less: Comprehensive income attributable to non-controlling interests
| | | | | (570) | | | | | | (1,280) | | |
Total comprehensive loss attributable to the Company
| | | | | (17,651) | | | | | | (42,195) | | |
consolidated financial statements.
(Unaudited, in US$'000, except share data in '000)
| | |
Ordinary Shares Number | | |
Ordinary Shares Value | | |
Additional Paid-in Capital | | |
Accumulated Losses | | |
Accumulated Other Comprehensive (Loss)/Income | | |
Total Company's Shareholders' Equity | | |
Non- controlling Interests | | |
Total Shareholders' Equity | | ||||||||||||||||||||||||
As at January 1, 2020
| | | | | 666,906 | | | | | | 66,691 | | | | | | 514,904 | | | | | | (289,734) | | | | | | (3,849) | | | | | | 288,012 | | | | | | 24,891 | | | | | | 312,903 | | |
Net (loss)/income
| | | | | - | | | | | | - | | | | | | - | | | | | | (16,141) | | | | | | - | | | | | | (16,141) | | | | | | 715 | | | | | | (15,426) | | |
Issuance in relation to public offering
| | | | | 23,669 | | | | | | 2,366 | | | | | | 115,975 | | | | | | - | | | | | | - | | | | | | 118,341 | | | | | | - | | | | | | 118,341 | | |
Issuance cost
| | | | | - | | | | | | - | | | | | | (8,047) | | | | | | - | | | | | | - | | | | | | (8,047) | | | | | | - | | | | | | (8,047) | | |
Share-based compensation Share options | | | | | - | | | | | | - | | | | | | 345 | | | | | | - | | | | | | - | | | | | | 345 | | | | | | - | | | | | | 345 | | |
Long-term incentive plan ('LTIP')
| | | | | - | | | | | | - | | | | | | 4,200 | | | | | | - | | | | | | - | | | | | | 4,200 | | | | | | (12) | | | | | | 4,188 | | |
| | | | | - | | | | | | - | | | | | | 4,545 | | | | | | - | | | | | | - | | | | | | 4,545 | | | | | | (12) | | | | | | 4,533 | | |
Transfer between reserves
| | | | | - | | | | | | - | | | | | | 10 | | | | | | (10) | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | |
Foreign currency translation adjustments
| | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | (1,510) | | | | | | (1,510) | | | | | | (145) | | | | | | (1,655) | | |
As at March 31, 2020
| | | | | 690,575 | | | | | | 69,057 | | | | | | 627,387 | | | | | | (305,885) | | | | | | (5,359) | | | | | | 385,200 | | | | | | 25,449 | | | | | | 410,649 | | |
As at January 1, 2021
| | | | | 727,722 | | | | | | 72,772 | | | | | | 822,458 | | | | | | (415,591) | | | | | | 4,477 | | | | | | 484,116 | | | | | | 34,833 | | | | | | 518,949 | | |
Net (loss)/income
| | | | | - | | | | | | - | | | | | | - | | | | | | (41,143) | | | | | | - | | | | | | (41,143) | | | | | | 1,290 | | | | | | (39,853) | | |
Issuances in relation to share option exercises
| | | | | 400 | | | | | | 40 | | | | | | 202 | | | | | | - | | | | | | - | | | | | | 242 | | | | | | - | | | | | | 242 | | |
Share-based compensation Share options | | | | | - | | | | | | - | | | | | | 2,942 | | | | | | - | | | | | | - | | | | | | 2,942 | | | | | | 6 | | | | | | 2,948 | | |
LTIP
| | | | | - | | | | | | - | | | | | | 9,924 | | | | | | - | | | | | | - | | | | | | 9,924 | | | | | | 5 | | | | | | 9,929 | | |
| | | | | - | | | | | | - | | | | | | 12,866 | | | | | | - | | | | | | - | | | | | | 12,866 | | | | | | 11 | | | | | | 12,877 | | |
LTIP - treasury shares acquired and held by Trustee
| | | | | - | | | | | | - | | | | | | (26,758) | | | | | | - | | | | | | - | | | | | | (26,758) | | | | | | - | | | | | | (26,758) | | |
Transfer between reserves
| | | | | - | | | | | | - | | | | | | 8 | | | | | | (8) | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | |
Foreign currency translation adjustments
| | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | (1,052) | | | | | | (1,052) | | | | | | (10) | | | | | | (1,062) | | |
As at March 31, 2021
| | | | | 728,122 | | | | | | 72,812 | | | | | | 808,776 | | | | | | (456,742) | | | | | | 3,425 | | | | | | 428,271 | | | | | | 36,124 | | | | | | 464,395 | | |
consolidated financial statements.
(Unaudited, in US$'000)
| | | | | | | | |
Three Months Ended March 31,
| | |||||||||
| | |
Note
| | |
2020
| | |
2021
| | |||||||||
Net cash used in operating activities
| | | | | 20 | | | | | | (1,757) | | | | | | (22,356) | | |
Investing activities | | | | | | | | | | | | | | | | | | | |
Purchases of property, plant and equipment
| | | | | | | | | | | (2,087) | | | | | | (6,057) | | |
Deposits in short-term investments
| | | | | | | | | | | (191,764) | | | | | | (49,943) | | |
Proceeds from short-term investments
| | | | | | | | | | | 96,011 | | | | | | 199,549 | | |
Deposit received for divestment of HBYS
| | | | | 8 | | | | | | - | | | | | | 15,912 | | |
Purchase of leasehold land
| | | | | | | | | | | - | | | | | | (355) | | |
Refund of leasehold land deposit
| | | | | | | | | | | - | | | | | | 930 | | |
Net cash (used in)/generated from investing activities
| | | | | | | | | | | (97,840) | | | | | | 160,036 | | |
Financing activities | | | | | | | | | | | | | | | | | | | |
Proceeds from issuance of ordinary shares
| | | | | | | | | | | 118,341 | | | | | | 242 | | |
Purchases of treasury shares
| | | | | 13(ii) | | | | | | - | | | | | | (26,758) | | |
Payment of issuance costs
| | | | | | | | | | | (7,643) | | | | | | (231) | | |
Net cash generated from/(used in) financing activities
| | | | | | | | | | | 110,698 | | | | | | (26,747) | | |
Net increase in cash and cash equivalents
| | | | | | | | | | | 11,101 | | | | | | 110,933 | | |
Effect of exchange rate changes on cash and cash equivalents
| | | | | | | | | | | (18) | | | | | | (430) | | |
| | | | | | | | | | | 11,083 | | | | | | 110,503 | | |
Cash and cash equivalents | | | | | |||||||||||||||
Cash and cash equivalents at beginning of period
| | | | | | | | | | | 121,157 | | | | | | 235,630 | | |
Cash and cash equivalents at end of period
| | | | | | | | | | | 132,240 | | | | | | 346,133 | | |
consolidated financial statements.
| | |
December 31, 2020 | | |
March 31, 2021 | | ||||||
| | |
(in US$'000)
| | |||||||||
Cash at bank and on hand (note (a))
| | | | | 87,828 | | | | | | 143,290 | | |
Bank deposits maturing in three months or less (note (a))
| | | | | 147,802 | | | | | | 202,843 | | |
| | | | | 235,630 | | | | | | 346,133 | | |
Denominated in: | | | | ||||||||||
U.S. dollar ('US$') (note (b))
| | | | | 164,201 | | | | | | 199,336 | | |
Renminbi ('RMB') (note (b))
| | | | | 64,258 | | | | | | 125,820 | | |
UK Pound Sterling ('£') (note (b))
| | | | | 954 | | | | | | 2,026 | | |
Hong Kong dollar ('HK$')
| | | | | 5,907 | | | | | | 18,907 | | |
Euro
| | | | | 310 | | | | | | 44 | | |
| | | | | 235,630 | | | | | | 346,133 | | |
| | |
December 31, 2020 | | |
March 31, 2021 | | ||||||
| | |
(in US$'000)
| | |||||||||
Bank deposits maturing over three months (note) | | | | | | | | | | | | | |
Denominated in: | | | | ||||||||||
US$
| | | | | 187,961 | | | | | | 44,169 | | |
RMB
| | | | | 612 | | | | | | 1,924 | | |
HK$
| | | | | 10,973 | | | | | | 3,846 | | |
| | | | | 199,546 | | | | | | 49,939 | | |
| | |
December 31, 2020 | | |
March 31, 2021 | | ||||||
| | |
(in US$'000)
| | |||||||||
Accounts receivable, gross
| | | | | 46,743 | | | | | | 53,268 | | |
Allowance for credit losses
| | | | | (95) | | | | | | (140) | | |
Accounts receivable, net
| | | | | 46,648 | | | | | | 53,128 | | |
| | |
2020
| | |
2021
| | ||||||
| | |
(in US$'000)
| | |||||||||
As at January 1
| | | | | 16 | | | | | | 95 | | |
Increase in allowance for credit losses (note)
| | | | | 71 | | | | | | 57 | | |
Decrease in allowance due to subsequent collection
| | | | | (6) | | | | | | (12) | | |
Exchange difference
| | | | | (1) | | | | | | - | | |
As at March 31
| | | | | 80 | | | | | | 140 | | |
| | |
December 31, 2020 | | |
March 31, 2021 | | ||||||
| | |
(in US$'000)
| | |||||||||
Not later than 3 months
| | | | | 42,434 | | | | | | 48,206 | | |
Between 3 months to 6 months
| | | | | 3,118 | | | | | | 3,903 | | |
Between 6 months to 1 year
| | | | | 23 | | | | | | 19 | | |
Later than 1 year
| | | | | 1,168 | | | | | | 1,140 | | |
Accounts receivable, gross
| | | | | 46,743 | | | | | | 53,268 | | |
| | |
December 31, 2020 | | |
March 31, 2021 | | ||||||
| | |
(in US$'000)
| | |||||||||
Raw materials
| | | | | 4,502 | | | | | | 4,261 | | |
Finished goods
| | | | | 15,264 | | | | | | 15,496 | | |
| | | | | 19,766 | | | | | | 19,757 | | |
| | |
December 31, 2020 | | |
March 31, 2021 | | ||||||
| | |
(in US$'000)
| | |||||||||
Right-of-use assets | | | | | | | | | | | | | |
Offices (note)
| | | | | 6,789 | | | | | | 8,707 | | |
Factories
| | | | | 945 | | | | | | 882 | | |
Warehouse
| | | | | 197 | | | | | | 182 | | |
Others
| | | | | 85 | | | | | | 78 | | |
Total right-of-use assets
| | | | | 8,016 | | | | | | 9,849 | | |
| | |
December 31, 2020 | | |
March 31, 2021 | | ||||||
| | |
(in US$ '000)
| | |||||||||
Lease liabilities - current
| | | | | 2,785 | | | | | | 3,970 | | |
Lease liabilities - non-current
| | | | | 6,064 | | | | | | 6,529 | | |
Total lease liabilities
| | | | | 8,849 | | | | | | 10,499 | | |
| | |
Three Months Ended March 31, | | |||||||||
| | |
2020
| | |
2021
| | ||||||
| | |
(in US$ '000)
| | |||||||||
Lease expenses: | | | | | | | | | | | | | |
Short-term leases with lease terms equal or less than 12 months
| | | | | 144 | | | | | | 22 | | |
Leases with lease terms greater than 12 months (note)
| | | | | 821 | | | | | | 938 | | |
| | | | | 965 | | | | | | 960 | | |
Cash paid on lease liabilities
| | | | | 1,074 | | | | | | 1,151 | | |
Non-cash: Lease liabilities recognized from obtaining right-of-use assets
| | | | | 50 | | | | | | 2,686 | | |
Non-cash: Lease liabilities changed in relation to modifications
| | | | | (54) | | | | | | - | | |
| | |
December 31, 2021 | | |
March 31, 2020 | | ||||||
| | |
(in US$'000)
| | |||||||||
Lease payments: | | | | | | | | | | | | | |
Not later than 1 year
| | | | | 3,059 | | | | | | 4,297 | | |
Between 1 to 2 years
| | | | | 2,429 | | | | | | 3,431 | | |
Between 2 to 3 years
| | | | | 2,222 | | | | | | 2,161 | | |
Between 3 to 4 years
| | | | | 1,046 | | | | | | 587 | | |
Between 4 to 5 years
| | | | | 216 | | | | | | 217 | | |
Later than 5 years
| | | | | 484 | | | | | | 429 | | |
Total lease payments (note)
| | | | | 9,456 | | | | | | 11,122 | | |
Less: Discount factor
| | | | | (607) | | | | | | (623) | | |
Total lease liabilities
| | | | | 8,849 | | | | | | 10,499 | | |
| | |
December 31, 2020 | | |
March 31, 2021 | | ||||||
| | |
(in US$'000)
| | |||||||||
Hutchison Whampoa Guangzhou Baiyunshan Chinese | | | | | | | | | | | | | |
Medicine Company Limited ('HBYS') (note)
| | | | | 59,712 | | | | | | 63,969 | | |
Shanghai Hutchison Pharmaceuticals Limited ('SHPL')
| | | | | 79,408 | | | | | | 69,432 | | |
Other
| | | | | 385 | | | | | | 415 | | |
| | | | | 139,505 | | | | | | 133,816 | | |
| | |
HBYS
| | |
SHPL
| | ||||||||||||||||||
| | |
December 31, 2020 | | |
March 31, 2021 | | |
December 31, 2020 | | |
March 31, 2021 | | ||||||||||||
| | |
(in US$'000)
| | |||||||||||||||||||||
Current assets
| | | | | 177,888 | | | | | | 202,601 | | | | | | 175,965 | | | | | | 198,158 | | |
Non-current assets
| | | | | 95,731 | | | | | | 94,700 | | | | | | 93,361 | | | | | | 94,691 | | |
Current liabilities
| | | | | (137,179) | | | | | | (152,727) | | | | | | (109,873) | | | | | | (151,065) | | |
Non-current liabilities
| | | | | (16,034) | | | | | | (15,670) | | | | | | (6,739) | | | | | | (9,022) | | |
Net assets
| | | | | 120,406 | | | | | | 128,904 | | | | | | 152,714 | | | | | | 132,762 | | |
Non-controlling interests
| | | | | (982) | | | | | | (966) | | | | | | - | | | | | | - | | |
| | | | | 119,424 | | | | | | 127,938 | | | | | | 152,714 | | | | | | 132,762 | | |
| | |
HBYS
| | |
SHPL
| | ||||||||||||||||||
| | |
Three Months Ended March 31,
| | |||||||||||||||||||||
| | |
2020
| | |
2021
| | |
2020
| | |
2021
| | ||||||||||||
| | |
(in US$'000)
| | |||||||||||||||||||||
Revenue
| | | | | 67,605 | | | | | | 88,549 | | | | | | 76,701 | | | | | | 106,055 | | |
Gross profit
| | | | | 32,632 | | | | | | 47,578 | | | | | | 57,389 | | | | | | 82,559 | | |
Interest income
| | | | | 60 | | | | | | 42 | | | | | | 196 | | | | | | 492 | | |
Finance cost
| | | | | (3) | | | | | | - | | | | | | - | | | | | | - | | |
Profit before taxation
| | | | | 8,364 | | | | | | 10,054 | | | | | | 30,096 | | | | | | 48,226 | | |
Income tax expense (note)
| | | | | (1,284) | | | | | | (1,492) | | | | | | (3,436) | | | | | | (6,878) | | |
Net income
| | | | | 7,080 | | | | | | 8,562 | | | | | | 26,660 | | | | | | 41,348 | | |
Non-controlling interests
| | | | | 68 | | | | | | 14 | | | | | | - | | | | | | - | | |
Net income attributable to the shareholders of equity investee
| | | | | 7,148 | | | | | | 8,576 | | | | | | 26,660 | | | | | | 41,348 | | |
| | |
HBYS
| | |
SHPL
| | ||||||||||||||||||
| | |
2020
| | |
2021
| | |
2020
| | |
2021
| | ||||||||||||
| | |
(in US$'000)
| | |||||||||||||||||||||
Opening net assets after non-controlling interests as at January 1
| | | | | 44,541 | | | | | | 119,424 | | | | | | 146,759 | | | | | | 152,714 | | |
Net income attributable to the shareholders of equity investee
| | | | | 7,148 | | | | | | 8,576 | | | | | | 26,660 | | | | | | 41,348 | | |
Dividends declared
| | | | | - | | | | | | - | | | | | | (28,205) | | | | | | (61,026) | | |
Other comprehensive loss
| | | | | (506) | | | | | | (62) | | | | | | (1,638) | | | | | | (274) | | |
Closing net assets after non-controlling interests as at March 31
| | | | | 51,183 | | | | | | 127,938 | | | | | | 143,576 | | | | | | 132,762 | | |
Group's share of net assets
| | | | | 25,592 | | | | | | 63,969 | | | | | | 71,788 | | | | | | 66,381 | | |
Goodwill
| | | | | - | | | | | | - | | | | | | 2,821 | | | | | | 3,051 | | |
Carrying amount of investments as at March 31
| | | | | 25,592 | | | | | | 63,969 | | | | | | 74,609 | | | | | | 69,432 | | |
| | |
March 31, 2021
| | |||
| | |
(in US$'000)
| | |||
Property, plant and equipment | | | |||||
Contracted but not provided for
| | | | | 2,348 | | |
| | |
December 31, 2020 | | |
March 31, 2021 | | ||||||
| | |
(in US$'000)
| | |||||||||
Accounts payable - third parties
| | | | | 26,756 | | | | | | 23,330 | | |
Accounts payable - non-controlling shareholders of subsidiaries (Note 16(iv))
| | | | | 4,856 | | | | | | 5,306 | | |
| | | | | 31,612 | | | | | | 28,636 | | |
| | |
December 31, 2020 | | |
March 31, 2021 | | ||||||
| | |
(in US$'000)
| | |||||||||
Not later than 3 months
| | | | | 26,270 | | | | | | 23,561 | | |
Between 3 months to 6 months
| | | | | 3,364 | | | | | | 3,269 | | |
Between 6 months to 1 year
| | | | | 782 | | | | | | 513 | | |
Later than 1 year
| | | | | 1,196 | | | | | | 1,293 | | |
| | | | | 31,612 | | | | | | 28,636 | | |
| | |
December 31, 2020 | | |
March 31, 2021 | | ||||||
| | |
(in US$'000)
| | |||||||||
Accrued salaries and benefits
| | | | | 21,982 | | | | | | 12,919 | | |
Accrued research and development expenses
| | | | | 72,697 | | | | | | 78,092 | | |
Accrued selling and marketing expenses
| | | | | 5,747 | | | | | | 9,493 | | |
Accrued administrative and other general expenses
| | | | | 10,319 | | | | | | 11,946 | | |
Deferred government grants
| | | | | 374 | | | | | | 6,898 | | |
Deposits
| | | | | 1,408 | | | | | | 1,603 | | |
Deposit received for divestment of HBYS (Note 8)
| | | | | - | | | | | | 15,912 | | |
Others
| | | | | 8,355 | | | | | | 13,469 | | |
| | | | | 120,882 | | | | | | 150,332 | | |
| | |
December 31, 2020 | | |
March 31, 2021 | | ||||||
| | |
(in US$'000)
| | |||||||||
Non-current
| | | | | 26,861 | | | | | | 26,872 | | |
| | |
December 31, 2020 | | |
March 31, 2021 | | ||||||
| | |
(in US$'000)
| | |||||||||
Not later than 1 year
| | | | | - | | | | | | - | | |
Between 1 to 2 years
| | | | | 26,923 | | | | | | 26,923 | | |
| | | | | 26,923 | | | | | | 26,923 | | |
| | |
March 31, 2021 | | |||
| | |
(in US$'000)
| | |||
Property, plant and equipment | | | | | | | |
Contracted but not provided for
| | | | | 44,183 | | |
| | |
Number of share options | | |
Weighted average exercise price in £ per share | | |
Weighted average remaining contractual life (years) | | |
Aggregate intrinsic value (in £'000) | | ||||||||||||
Outstanding at December 31, 2019
| | | | | 19,432,560 | | | | | | 3.27 | | | | | | 6.67 | | | | | | 18,668 | | |
Granted
| | | | | 15,437,080 | | | | | | 3.71 | | | | | | | | | | | | | | |
Exercised
| | | | | (480,780) | | | | | | 0.96 | | | | | | | | | | | | | | |
Cancelled
| | | | | (4,486,200) | | | | | | 3.85 | | | | | | | | | | | | | | |
Expired
| | | | | (741,670) | | | | | | 4.62 | | | | | | | | | | | | | | |
Outstanding at December 31, 2020
| | | | | 29,160,990 | | | | | | 3.40 | | | | | | 7.21 | | | | | | 35,654 | | |
Granted
| | | | | 8,279,900 | | | | | | 4.05 | | | | | | | | | | | | | | |
Exercised
| | | | | (400,000) | | | | | | 0.44 | | | | | | | | | | | | | | |
Cancelled
| | | | | (428,400) | | | | | | 4.60 | | | | | | | | | | | | | | |
Expired
| | | | | (25,000) | | | | | | 4.86 | | | | | | | | | | | | | | |
Outstanding at March 31, 2021
| | | | | 36,587,490 | | | | | | 3.56 | | | | | | 7.68 | | | | | | 23,153 | | |
Vested and exercisable at December 31, 2020
| | | | | 11,529,280 | | | | | | 2.73 | | | | | | 4.57 | | | | | | 21,864 | | |
Vested and exercisable at March 31, 2021
| | | | | 11,604,280 | | | | | | 2.87 | | | | | | 4.54 | | | | | | 16,269 | | |
| | |
Year Ended December 31, 2020 | | |
Three Months Ended March 31, 2021 | | ||||||
Weighted average grant date fair value of share options (in £ per share)
| | | | | 1.40 | | | | | | 1.51 | | |
Significant inputs into the valuation model (weighted average): | | | | | | | | | | | | | |
Exercise price (in £ per share)
| | | | | 3.71 | | | | | | 4.05 | | |
Share price at effective date of grant (in £ per share)
| | | | | 3.71 | | | | | | 4.01 | | |
Expected volatility (note (a))
| | | | | 42.6% | | | | | | 40.8% | | |
Risk-free interest rate (note (b))
| | | | | 0.59% | | | | | | 1.68% | | |
Contractual life of share options (in years)
| | | | | 10 | | | | | | 10 | | |
Expected dividend yield (note (c))
| | | | | 0% | | | | | | 0% | | |
| | |
Three Months Ended March 31, | | |||||||||
| | |
2020
| | |
2021
| | ||||||
| | |
(in US$'000)
| | |||||||||
Cash received from share option exercises
| | | | | - | | | | | | 242 | | |
Total intrinsic value of share option exercises
| | | | | - | | | | | | 2,012 | | |
| | |
Three Months Ended March 31, | | |||||||||
| | |
2020
| | |
2021
| | ||||||
| | |
(in US$'000)
| | |||||||||
Research and development expenses
| | | | | 109 | | | | | | 1,474 | | |
Selling and administrative expenses
| | | | | 186 | | | | | | 1,434 | | |
Cost of revenues
| | | | | 50 | | | | | | 40 | | |
| | | | | 345 | | | | | | 2,948 | | |
Grant date
| | |
Maximum cash amount per annum (in US$ millions) | | |
Covered financial years | | |
Performance target determination date | | |||
April 20, 2020
| | | | | 5.3 | | | |
2019
| | |
note (d)
| |
April 20, 2020
| | | | | 37.4 | | | |
2020
| | |
note (a)
| |
April 20, 2020
| | | | | 1.9 | | | |
note (b)
| | |
note (b)
| |
April 20, 2020
| | | | | 0.2 | | | |
note (c)
| | |
note (c)
| |
August 12, 2020
| | | | | 2.1 | | | |
2020
| | |
note (a)
| |
August 12, 2020
| | | | | 0.3 | | | |
note (b)
| | |
note (b)
| |
March 26, 2021
| | | | | 57.3 | | | |
2021
| | |
note (a)
| |
| | |
Number of treasury shares | | |
Cost (in US$'000) | | ||||||
As at December 31, 2019
| | | | | 941,310 | | | | | | 6,079 | | |
Purchased
| | | | | 3,281,920 | | | | | | 12,904 | | |
Vested
| | | | | (712,555) | | | | | | (4,828) | | |
As at December 31, 2020
| | | | | 3,510,675 | | | | | | 14,155 | | |
Purchased
| | | | | 4,821,680 | | | | | | 26,758 | | |
Vested
| | | | | (173,485) | | | | | | (926) | | |
As at March 31, 2021
| | | | | 8,158,870 | | | | | | 39,987 | | |
| | |
Three Months Ended March 31, | | |||||||||
| | |
2020
| | |
2021
| | ||||||
| | |
(in US$'000)
| | |||||||||
Research and development expenses
| | | | | 721 | | | | | | 1,682 | | |
Selling and administrative expenses
| | | | | 25 | | | | | | 1,180 | | |
Cost of revenues
| | | | | 39 | | | | | | 82 | | |
| | | | | 785 | | | | | | 2,944 | | |
Recorded with a corresponding credit to:
| | | | | | | | | | | | | |
Liability
| | | | | 689 | | | | | | 1,531 | | |
Additional paid-in capital
| | | | | 96 | | | | | | 1,413 | | |
| | | | | 785 | | | | | | 2,944 | | |
| | |
Three Months Ended March 31, 2020
| | |||||||||||||||
| | |
Oncology/ Immunology | | |
Other Ventures | | |
Total
| | |||||||||
| | |
(in US$'000)
| | |||||||||||||||
Goods - Marketed Products
| | | | | 1,791 | | | | | | - | | | | | | 1,791 | | |
| | |
Three Months Ended March 31, 2020
| | |||||||||||||||
| | |
Oncology/ Immunology | | |
Other Ventures | | |
Total
| | |||||||||
| | |
(in US$'000)
| | |||||||||||||||
Goods - Distribution
| | | | | - | | | | | | 44,947 | | | | | | 44,947 | | |
Services - Collaboration Research and Development
| | | | | 3,618 | | | | | | - | | | | | | 3,618 | | |
- Research and Development
| | | | | 121 | | | | | | - | | | | | | 121 | | |
Royalties
| | | | | 1,093 | | | | | | - | | | | | | 1,093 | | |
| | | | | 6,623 | | | | | | 44,947 | | | | | | 51,570 | | |
Third parties
| | | | | 6,502 | | | | | | 44,180 | | | | | | 50,682 | | |
Related parties (Note 16(i))
| | | | | 121 | | | | | | 767 | | | | | | 888 | | |
| | | | | 6,623 | | | | | | 44,947 | | | | | | 51,570 | | |
|
| | |
Three Months Ended March 31, 2021
| | |||||||||||||||
| | |
Oncology/ Immunology | | |
Other Ventures | | |
Total
| | |||||||||
| | |
(in US$'000)
| | |||||||||||||||
Goods - Marketed Products
| | | | | 8,486 | | | | | | - | | | | | | 8,486 | | |
Goods - Distribution
| | | | | - | | | | | | 59,880 | | | | | | 59,880 | | |
Services - Commercialization - Marketed Products
| | | | | 7,406 | | | | | | - | | | | | | 7,406 | | |
- Collaboration Research and Development
| | | | | 2,706 | | | | | | - | | | | | | 2,706 | | |
- Research and Development
| | | | | 130 | | | | | | - | | | | | | 130 | | |
Royalties
| | | | | 2,948 | | | | | | - | | | | | | 2,948 | | |
| | | | | 21,676 | | | | | | 59,880 | | | | | | 81,556 | | |
Third parties
| | | | | 21,546 | | | | | | 58,574 | | | | | | 80,120 | | |
Related parties (Note 16(i))
| | | | | 130 | | | | | | 1,306 | | | | | | 1,436 | | |
| | | | | 21,676 | | | | | | 59,880 | | | | | | 81,556 | | |
| | |
Three Months Ended March 31,
| | |||||||||
| | |
2020
| | |
2021
| | ||||||
| | |
(in US$'000)
| | |||||||||
Clinical trial related costs
| | | | | 16,898 | | | | | | 34,120 | | |
Personnel compensation and related costs
| | | | | 12,471 | | | | | | 18,491 | | |
Other research and development expenses
| | | | | 1,142 | | | | | | 4,448 | | |
| | | | | 30,511 | | | | | | 57,059 | | |
| | |
Three Months Ended March 31, | | |||||||||
| | |
2020
| | |
2021
| | ||||||
| | |
(in US$'000)
| | |||||||||
Sales to: | | | | | | | | | | | | | |
Indirect subsidiaries of CK Hutchison
| | | | | 767 | | | | | | 1,306 | | |
Revenue from research and development services from: | | | | | | | | | | | | | |
An equity investee
| | | | | 121 | | | | | | 130 | | |
Purchases from: | | | | | | | | | | | | | |
Equity investees
| | | | | 892 | | | | | | 1,036 | | |
Rendering of marketing services from: | | | | | | | | | | | | | |
Indirect subsidiaries of CK Hutchison
| | | | | 42 | | | | | | 91 | | |
Rendering of management services from: | | | | | | | | | | | | | |
An indirect subsidiary of CK Hutchison
| | | | | 239 | | | | | | 243 | | |
| | |
December 31, 2020 | | |
March 31, 2021 | | ||||||
| | |
(in US$'000)
| | |||||||||
Accounts receivable - related parties | | | | | | | | | | | | | |
Indirect subsidiaries of CK Hutchison (note (a))
| | | | | 1,222 | | | | | | 564 | | |
An equity investee (note (a))
| | | | | - | | | | | | 130 | | |
| | | | | 1,222 | | | | | | 694 | | |
Amounts due from related parties | | | | | | | | | | | | | |
Equity investees (note (a))
| | | | | 1,142 | | | | | | 1,142 | | |
Amounts due to a related party | | | | | | | | | | | | | |
An indirect subsidiary of CK Hutchison (note (b))
| | | | | 401 | | | | | | 718 | | |
Other deferred income | | | | | | | | | | | | | |
An equity investee (note (c))
| | | | | 950 | | | | | | 892 | | |
| | |
Three Months Ended March 31, | | |||||||||
| | |
2020
| | |
2021
| | ||||||
| | |
(in US$'000)
| | |||||||||
Sales
| | | | | 8,124 | | | | | | 10,119 | | |
| | |
Three Months Ended March 31, | | |||||||||
| | |
2020
| | |
2021
| | ||||||
| | |
(in US$'000)
| | |||||||||
Purchases
| | | | | 2,888 | | | | | | 3,697 | | |
|
| | |
December 31, 2020 | | |
March 31, 2021 | | ||||||
| | |
(in US$'000)
| | |||||||||
Accounts receivable
| | | | | 6,184 | | | | | | 4,760 | | |
Accounts payable
| | | | | 4,856 | | | | | | 5,306 | | |
Other non-current liabilities | | | | | | | | | | | | | |
Loan
| | | | | 579 | | | | | | 579 | | |
| | |
Three Months Ended March 31, | | |||||||||
| | |
2020
| | |
2021
| | ||||||
| | |
(in US$'000)
| | |||||||||
Current tax | | | | | | | | | | | | | |
HK (note (a))
| | | | | 78 | | | | | | 192 | | |
PRC (note (b))
| | | | | (46) | | | | | | 1,174 | | |
U.S. and others (note (c))
| | | | | 212 | | | | | | 414 | | |
Total current tax
| | | | | 244 | | | | | | 1,780 | | |
Deferred income tax
| | | | | 801 | | | | | | 159 | | |
Income tax expense
| | | | | 1,045 | | | | | | 1,939 | | |
| | |
Three Months Ended March 31,
| | |||||||||
| | |
2020
| | |
2021
| | ||||||
| | |
(in US$'000)
| | |||||||||
| | | | | | | | | | | | | |
Loss before income taxes and equity in earnings of equity investees
| | | | | (31,320) | | | | | | (62,907) | | |
Tax calculated at the statutory tax rate of the Company
| | | | | (5,168) | | | | | | (10,380) | | |
Tax effects of: | | | | | | | | | | | | | |
Different tax rates applicable in different jurisdictions
| | | | | 304 | | | | | | 1,591 | | |
Tax valuation allowance
| | | | | 7,273 | | | | | | 14,952 | | |
Preferential tax rate difference
| | | | | (107) | | | | | | (21) | | |
Preferential tax deduction and credits
| | | | | (1,772) | | | | | | (5,723) | | |
Expenses not deductible for tax purposes
| | | | | 591 | | | | | | 1,094 | | |
Utilization of previously unrecognized tax losses
| | | | | (47) | | | | | | (4) | | |
Withholding tax on undistributed earnings of PRC entities
| | | | | 846 | | | | | | 1,235 | | |
Others
| | | | | (875) | | | | | | (805) | | |
Income tax expense
| | | | | 1,045 | | | | | | 1,939 | | |
| | |
Three Months Ended March 31,
| | |||||||||
| | |
2020
| | |
2021
| | ||||||
Weighted average number of outstanding ordinary shares in issue
| | | | | 683,855,237 | | | | | | 723,176,387 | | |
Net loss attributable to the Company (US$'000)
| | | | | (16,141) | | | | | | (41,143) | | |
Losses per share attributable to the Company (US$ per share)
| | | | | (0.02) | | | | | | (0.06) | | |
| | |
Three Months Ended March 31, 2020
| | |||||||||||||||||||||||||||||||||||||||||||||
| | |
Oncology/Immunology
| | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||
| | |
R&D
| | |
Marketed Products | | | | | | | | |
Other Ventures | | | | | | | | | | | | | | |||||||||||||||||||||
| | |
PRC
| | |
U.S. and Others | | |
Subtotal
| | |
PRC
| | |
Subtotal
| | |
PRC
| | |
Unallocated
| | |
Total
| | ||||||||||||||||||||||||
| | |
(in US$'000)
| | |||||||||||||||||||||||||||||||||||||||||||||
Revenue from external customers
| | | | | 3,739 | | | | | | - | | | | | | 3,739 | | | | | | 2,884 | | | | | | 6,623 | | | | | | 44,947 | | | | | | - | | | | | | 51,570 | | |
Interest income
| | | | | 64 | | | | | | - | | | | | | 64 | | | | | | - | | | | | | 64 | | | | | | 30 | | | | | | 981 | | | | | | 1,075 | | |
Equity in earnings of equity investees, net of tax
| | | | | 35 | | | | | | - | | | | | | 35 | | | | | | - | | | | | | 35 | | | | | | 16,904 | | | | | | - | | | | | | 16,939 | | |
Segment operating (loss)/profit
| | | | | (21,686) | | | | | | (8,035) | | | | | | (29,721) | | | | | | 1,869 | | | | | | (27,852) | | | | | | 17,767 | | | | | | (4,009) | | | | | | (14,094) | | |
Interest expense
| | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 287 | | | | | | 287 | | |
Income tax expense
| | | | | 60 | | | | | | 65 | | | | | | 125 | | | | | | - | | | | | | 125 | | | | | | 34 | | | | | | 886 | | | | | | 1,045 | | |
Net (loss)/income attributable to the Company | | | | | (21,725) | | | | | | (8,080) | | | | | | (29,805) | | | | | | 1,864 | | | | | | (27,941) | | | | | | 16,838 | | | | | | (5,038) | | | | | | (16,141) | | |
Depreciation/amortization
| | | | | 1,307 | | | | | | 29 | | | | | | 1,336 | | | | | | - | | | | | | 1,336 | | | | | | 71 | | | | | | 47 | | | | | | 1,454 | | |
Additions to non-current assets (other than financial instruments and deferred tax assets) | | | | | 1,134 | | | | | | 6 | | | | | | 1,140 | | | | | | - | | | | | | 1,140 | | | | | | 72 | | | | | | 3 | | | | | | 1,215 | | |
| | |
December 31, 2020
| | |||||||||||||||||||||||||||||||||||||||||||||
| | |
Oncology/Immunology
| | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||
| | |
R&D
| | |
Marketed Products | | | | | | | | |
Other Ventures | | | | | | | | | | | | | | |||||||||||||||||||||
| | |
PRC
| | |
U.S. and Others | | |
Subtotal
| | |
PRC
| | |
Subtotal
| | |
PRC
| | |
Unallocated
| | |
Total
| | ||||||||||||||||||||||||
| | |
(in US$'000)
| | |||||||||||||||||||||||||||||||||||||||||||||
Total assets
| | | | | 127,637 | | | | | | 9,957 | | | | | | 137,594 | | | | | | 5,728 | | | | | | 143,322 | | | | | | 231,234 | | | | | | 349,562 | | | | | | 724,118 | | |
Property, plant and equipment
| | | | | 22,554 | | | | | | 454 | | | | | | 23,008 | | | | | | - | | | | | | 23,008 | | | | | | 688 | | | | | | 474 | | | | | | 24,170 | | |
Right-of-use assets
| | | | | 2,782 | | | | | | 1,375 | | | | | | 4,157 | | | | | | - | | | | | | 4,157 | | | | | | 2,582 | | | | | | 1,277 | | | | | | 8,016 | | |
Leasehold land
| | | | | 13,121 | | | | | | - | | | | | | 13,121 | | | | | | - | | | | | | 13,121 | | | | | | - | | | | | | - | | | | | | 13,121 | | |
Goodwill
| | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 3,307 | | | | | | - | | | | | | 3,307 | | |
Other intangible asset
| | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 227 | | | | | | - | | | | | | 227 | | |
Investments in equity investees
| | | | | 385 | | | | | | - | | | | | | 385 | | | | | | - | | | | | | 385 | | | | | | 139,120 | | | | | | - | | | | | | 139,505 | | |
| | |
Three Months Ended March 31, 2021
| | |||||||||||||||||||||||||||||||||||||||||||||
| | |
Oncology/Immunology
| | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||
| | |
R&D
| | |
Marketed Products | | | | | | | | |
Other Ventures | | | | | | | | | | | | | | |||||||||||||||||||||
| | |
PRC
| | |
U.S. and Others | | |
Subtotal
| | |
PRC
| | |
Subtotal
| | |
PRC
| | |
Unallocated
| | |
Total
| | ||||||||||||||||||||||||
| | |
(in US$'000)
| | |||||||||||||||||||||||||||||||||||||||||||||
Revenue from external customers
| | | | | 2,836 | | | | | | - | | | | | | 2,836 | | | | | | 18,840 | | | | | | 21,676 | | | | | | 59,880 | | | | | | - | | | | | | 81,556 | | |
Interest income
| | | | | 283 | | | | | | 2 | | | | | | 285 | | | | | | - | | | | | | 285 | | | | | | 59 | | | | | | 213 | | | | | | 557 | | |
Equity in earnings of equity investees, net of tax
| | | | | 31 | | | | | | - | | | | | | 31 | | | | | | - | | | | | | 31 | | | | | | 24,962 | | | | | | - | | | | | | 24,993 | | |
Segment operating (loss)/profit
| | | | | (29,178) | | | | | | (31,961) | | | | | | (61,139) | | | | | | 4,006 | | | | | | (57,133) | | | | | | 26,704 | | | | | | (7,362) | | | | | | (37,791) | | |
Interest expense
| | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 123 | | | | | | 123 | | |
Income tax expense
| | | | | 34 | | | | | | 114 | | | | | | 148 | | | | | | 247 | | | | | | 395 | | | | | | 269 | | | | | | 1,275 | | | | | | 1,939 | | |
Net (loss)/income attributable to the Company
| | | | | (29,140) | | | | | | (31,996) | | | | | | (61,136) | | | | | | 3,525 | | | | | | (57,611) | | | | | | 25,137 | | | | | | (8,669) | | | | | | (41,143) | | |
Depreciation/amortization
| | | | | 1,588 | | | | | | 32 | | | | | | 1,620 | | | | | | - | | | | | | 1,620 | | | | | | 75 | | | | | | 49 | | | | | | 1,744 | | |
Additions to non-current assets (other than financial instruments and deferred tax assets) | | | | | 6,360 | | | | | | 59 | | | | | | 6,419 | | | | | | - | | | | | | 6,419 | | | | | | 10 | | | | | | 14 | | | | | | 6,443 | | |
| | |
March 31, 2021
| | |||||||||||||||||||||||||||||||||||||||||||||
| | |
Oncology/Immunology
| | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||
| | |
R&D
| | |
Marketed Products | | | | | | | | |
Other Ventures | | | | | | | | | | | | | | |||||||||||||||||||||
| | |
PRC
| | |
U.S. and Others | | |
Subtotal
| | |
PRC
| | |
Subtotal
| | |
PRC
| | |
Unallocated
| | |
Total
| | ||||||||||||||||||||||||
| | |
(in US$'000)
| | |||||||||||||||||||||||||||||||||||||||||||||
Total assets
| | | | | 161,905 | | | | | | 8,112 | | | | | | 170,017 | | | | | | 13,999 | | | | | | 184,016 | | | | | | 228,705 | | | | | | 280,396 | | | | | | 693,117 | | |
Property, plant and equipment
| | | | | 24,697 | | | | | | 481 | | | | | | 25,178 | | | | | | - | | | | | | 25,178 | | | | | | 640 | | | | | | 439 | | | | | | 26,257 | | |
Right-of-use assets
| | | | | 4,936 | | | | | | 1,330 | | | | | | 6,266 | | | | | | - | | | | | | 6,266 | | | | | | 2,395 | | | | | | 1,188 | | | | | | 9,849 | | |
Leasehold land
| | | | | 13,052 | | | | | | - | | | | | | 13,052 | | | | | | - | | | | | | 13,052 | | | | | | - | | | | | | - | | | | | | 13,052 | | |
Goodwill
| | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 3,307 | | | | | | - | | | | | | 3,307 | | |
Other intangible asset
| | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 210 | | | | | | - | | | | | | 210 | | |
Investments in equity investees
| | | | | 415 | | | | | | - | | | | | | 415 | | | | | | - | | | | | | 415 | | | | | | 133,401 | | | | | | - | | | | | | 133,816 | | |
| | |
Three Months Ended March 31, | | |||||||||
| | |
2020
| | |
2021
| | ||||||
| | |
(in US$'000)
| | |||||||||
Segment operating loss
| | | | | (14,094) | | | | | | (37,791) | | |
Interest expense
| | | | | (287) | | | | | | (123) | | |
Income tax expense
| | | | | (1,045) | | | | | | (1,939) | | |
Net loss
| | | | | (15,426) | | | | | | (39,853) | | |
| | |
Three Months Ended March 31, | | |||||||||
| | |
2020
| | |
2021
| | ||||||
| | |
(in US$'000)
| | |||||||||
Net loss
| | | | | (15,426) | | | | | | (39,853) | | |
Adjustments to reconcile net loss to net cash used in operating activities | | | | | | | | | | | | | |
Share-based compensation expense - share options
| | | | | 345 | | | | | | 2,948 | | |
Share-based compensation expense - LTIP
| | | | | 785 | | | | | | 2,944 | | |
Equity in earnings of equity investees, net of tax
| | | | | (16,939) | | | | | | (24,993) | | |
Dividends received from SHPL and HBYS
| | | | | 28,270 | | | | | | 30,513 | | |
Changes in right-of-use assets
| | | | | 765 | | | | | | (1,852) | | |
Other adjustments
| | | | | 511 | | | | | | 1,467 | | |
Changes in working capital | | | | | | | | | | | | | |
Accounts receivable - third parties
| | | | | 1,715 | | | | | | (6,525) | | |
Inventories
| | | | | (436) | | | | | | (64) | | |
Accounts payable
| | | | | (1,159) | | | | | | (2,976) | | |
Other payables, accruals and advance receipts
| | | | | 1,060 | | | | | | 9,944 | | |
Lease liabilities
| | | | | (874) | | | | | | 1,662 | | |
Other changes in working capital
| | | | | (374) | | | | | | 4,429 | | |
Total changes in working capital
| | | | | (68) | | | | | | 6,470 | | |
Net cash used in operating activities
| | | | | (1,757) | | | | | | (22,356) | | |
| | |
Three Months Ended March 31, | | |||||||||
| | |
2020
| | |
2021
| | ||||||
| | |
(in US$'000)
| | |||||||||
Reconciliation of net loss attributable to the Company in the condensed consolidated statements of operations
| | | | | | | | | | | | | |
Net loss attributable to the Company as reported under U.S. GAAP
| | | | | (16,141) | | | | | | (41,143) | | |
IFRS adjustments: | | | | | | | | | | | | | |
Leases amortization (note (a))
| | | | | 9 | | | | | | (31) | | |
Issuance costs (note (b))
| | | | | - | | | | | | 329 | | |
Net loss attributable to the Company as reported under IFRS
| | | | | (16,132) | | | | | | (40,845) | | |
| | |
December 31, 2021 | | |
March 31, 2020 | | ||||||
| | |
(in US$'000)
| | |||||||||
Reconciliation of total shareholders' equity in the condensed consolidated balance sheets
| | | | | | | | | | | | | |
Total shareholders' equity as reported under U.S. GAAP
| | | | | 518,949 | | | | | | 464,395 | | |
IFRS adjustments: | | | | | | | | | | | | | |
Leases amortization (note (a))
| | | | | (162) | | | | | | (196) | | |
Issuance costs (note (b))
| | | | | 860 | | | | | | 1,189 | | |
LTIP classification (note (c))
| | | | | 7,089 | | | | | | 104 | | |
Total shareholders' equity as reported under IFRS
| | | | | 526,736 | | | | | | 465,492 | | |
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Disclaimer
Hutchison China Meditech Limited published this content on 21 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 June 2021 10:16:27 UTC.