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30 September 2013 Taihua plc ("Taihua" or the "Company") Interim Results for the six months ended 30 June, 2013 Highlights Loss in 2013 H1 was RMB (79,000) (2012 H1: loss of RMB (71,000)) Continued strengthening of RMB against GBP resulted in Comprehensive Income of RMB 548,000 (2012 H1: Comprehensive Loss of RMB (101,000)) Paclitaxel return to profitability Cashflow stable Commencement of management of second forsythia plantation Summary The supply of Traditional Chinese Medicine (TCM) raw materials is a seasonal business. All the harvesting and sales take place in the second half of the year. As such, the first half of the year's financial performance is largely as a result of the supply and sale of the Company's Paclitaxel and Homoharringtonine products along with its range of prescription-only finished TCM products. Forsythia The first half of the year is a period of plantation cultivation and as such, all costs associated with this are included in inventory for release when sales are made later in the year. Therefore the forsythia plantation has no effect on the consolidated statement on comprehensive income. As at the end of the reporting period, Trade Debtors generated from forsythia sales were RMB 27,982,000. Of these, RMB 6,480,000 was sold on 6 months credit and this has been received since the end of 2013 H1. The remainder was sold on 10 month credit terms and as such is not yet due. With the second plantation under our control we now have a strong position in the supply of this raw material. The wholesale price remains stable. The Company is aware that the growing conditions in 2013 were not optimal. The region suffered a drought during the Spring and there were two frosts during the flowering season. We do not yet have sufficient visibility to determine what, if any, effect this has had on the 2013 harvest. The Company intends to provide further updates on this matter as and when information becomes available. Bian Tong Pian Having previously reported our success in obtaining government approval to distribute this product in additional markets the Company has been in discussions with several interested parties regarding securing distribution agreements. To date, these have not resulted in a distribution agreement. The interested parties all cite the problems surrounding GlaxoSmithKline (GSK) in China and are apprehensive to take on new products in their range. For the time being, given the government focus on this industry, they prefer to adopt a very conservative approach and only distribute their existing products. Paclitaxel As previously reported, 2012 saw the maiden harvest of raw material from the Company's yew tree plantation. 2010 and 2011 saw a significant increase in the competition for supply of this Active Pharmaceutical Ingredient (API) which resulted in the selling price falling from US$115/g to US$70/g. However paclitaxel sales in the pe