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| Name | Symbol | Market | Type |
|---|---|---|---|
| SPDR SSgA Global Allocation ETF | AMEX:GAL | AMEX | Exchange Traded Fund |
| Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
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| 0.00 | 0.00% | 45.8619 | 0 | 09:00:02 |
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RNS Number:3268H
Galen Holdings PLC
11 February 2003
GALEN HOLDINGS GROUP PLC - Q1 RESULTS - PART 2
Unaudited results for the period ended 31 December 2002
Consolidated profit and loss account - UK GAAP
Unaudited Audited
Quarter Year
ended ended
31 December 30 September
2002 2001 2002
$'000 $'000 $'000
_____ _____ _____
Turnover
Pharmaceutical products 68,643 54,890 235,221
Pharmaceutical services - discontinued operations - 22,529 61,325
_____ _____ _____
Total turnover 68,643 77,419 296,546
Cost of sales 15,328 26,192 89,983
_____ _____ _____
Gross profit 53,315 51,227 206,563
_____ _____ _____
Net operating expenses
Selling, general and administrative expenses 22,937 23,464 81,433
Research and development 5,437 4,419 20,565
Goodwill amortisation 5,763 5,844 23,255
Intangibles amortisation 4,752 3,993 17,197
_____ _____ _____
Total net operating expenses 38,889 37,720 142,450
_____ _____ _____
Operating profit
Before amortisation of goodwill and intangibles:
Pharmaceutical products 24,941 18,322 94,690
Pharmaceutical services - discontinued operations - 5,022 9,875
_____ _____ _____
Total before goodwill and intangibles amortisation 24,941 23,344 104,565
Goodwill amortisation (5,763) (5,844) (23,255)
Intangibles amortisation (4,752) (3,993) (17,197)
_____ _____ _____
Total operating profit
Pharmaceutical products 14,426 9,054 55,584
Pharmaceutical services - discontinued operations - 4,453 8,529
_____ _____ _____
14,426 13,507 64,113
_____ _____ _____
Gain on sale of discontinued operations - 10,852 104,984
_____ _____ _____
Investment income 2,484 2,513 10,894
_____ _____ _____
Profit on ordinary activities before interest 16,910 26,872 179,991
Interest payable and similar charges 1,660 8,224 30,592
_____ _____ _____
Profit on ordinary activities before taxation 15,250 18,648 149,399
Tax on profit on ordinary activities 2,479 4,686 13,461
_____ _____ _____
Profit on ordinary activities after taxation 12,771 13,962 135,938
Minority interests - 46 46
_____ _____ _____
Profit for the financial period 12,771 13,916 135,892
Dividends - - 8,353
_____ _____ _____
Retained profit for the financial period 12,771 13,916 127,539
_____ _____ _____
Earnings per share (cents) 7.0 7.6 73.4
Diluted earnings per share (cents) 6.9 7.6 72.9
Adjusted earnings per share (cents) 12.7 9.4 47.8
Adjusted diluted earnings per share (cents) 12.7 9.4 47.5
_____ _____ _____
Unaudited results for the period ended 31 December 2002
Consolidated balance sheet - UK GAAP
Unaudited Audited
31 December 30 September
2002 2001 2002
$'000 $'000 $'000
_____ _____ _____
Fixed assets
Intangible assets 730,018 734,730 756,672
Tangible assets 63,019 107,826 60,840
_____ _____ _____
793,037 842,556 817,512
_____ _____ _____
Current assets
Stocks 26,165 26,486 26,902
Debtors 37,715 57,107 37,260
Cash at bank and in hand 331,251 348,221 313,012
_____ _____ _____
395,131 431,814 377,174
Creditors: amounts falling due within one year 72,098 101,526 75,866
_____ _____ _____
Net current assets 323,033 330,288 301,308
_____ _____ _____
Total assets less current liabilities 1,116,070 1,172,844 1,118,820
Creditors: amounts falling due after more than one year 50,650 265,796 50,953
Provisions for liabilities and charges 3,921 8,688 3,410
Deferred income 6,072 6,470 6,189
_____ _____ _____
Net assets 1,055,427 891,890 1,058,268
_____ _____ _____
Capital and reserves
Called up share capital 29,981 27,458 29,578
Share premium account 382,762 349,747 382,749
Capital redemption reserve 323 - 323
Merger reserve 457,800 421,203 457,800
Profit and loss account 184,561 93,482 187,818
_____ _____ _____
Equity shareholders' funds 1,055,427 891,890 1,058,268
_____ _____ _____
Unaudited results for the period ended 31 December 2002
Consolidated cash flow statement - UK GAAP
Unaudited Audited
Quarter ended Year ended
31 December 30 September
2002 2001 2002
$'000 $'000 $'000
_____ _____ _____
Net cash inflow from operating activities 22,697 19,564 93,451
_____ _____ _____
Returns on investments and servicing of finance
Interest paid (113) (8,400) (35,174)
Interest received 1,710 2,690 10,815
_____ _____ _____
1,597 (5,710) (24,359)
_____ _____ _____
Taxation
Corporation tax paid (2,166) (1,254) (6,634)
_____ _____ _____
Capital expenditure
Purchase of tangible fixed assets (2,518) (7,068) (17,086)
Purchase of intangible fixed assets - (2,327) (43,694)
Government grant received - - 2,161
_____ _____ _____
(2,518) (9,395) (58,619)
_____ _____ _____
Acquisitions and disposals
Sale of businesses (net of costs) (324) 35,581 230,789
Acquisition costs and deferred consideration payments - - (9,118)
_____ _____ _____
(324) 35,581 221,671
_____ _____ _____
Equity dividends paid - - (7,449)
_____ _____ _____
Net cash flow before management of liquid resources and 19,286 38,786 218,061
financing
_____ _____ _____
Management of liquid resources
(Increase)/decrease in short term deposits (18,000) 13,697 27,523
_____ _____ _____
Financing
Issue of ordinary share capital (net of expenses) (769) (2,203) 247
Purchase of own shares - - (11,813)
Loan notes repaid - (19,901) (112,623)
Loans repaid (net) (138) - (132,126)
Principal repayment under hire purchase agreements (139) (142) (549)
_____ _____ _____
(1,046) (22,246) (256,864)
_____ _____ _____
Increase /(decrease) in cash in the period 240 30,237 (11,280)
_____ _____ _____
Unaudited results for the period ended 31 December 2002
Notes to results
1 Basis of preparation
The financial information for the quarter ended 31 December 2002 and 2001, which
is unaudited and does not constitute statutory accounts, has been prepared using
accounting policies consistent with those set out in the group's 30 September
2002 statutory accounts.
The abridged financial information for the year ended 30 September 2002 has been
extracted from the group's statutory accounts for that year, which have been
filed with the Registrar of Companies. The report of the auditors on those
accounts was unqualified.
As stated in the 2002 preliminary results, the predominant focus for Galen's
pharmaceutical activities is now the US where market opportunities exceed those
in Europe and other territories. The US accounts for more than 70% of Galen's
total revenues. The Group has decided to adopt the US Dollar as its functional
currency and has reported this first quarter's financial results in US dollars
for the first time. Attached are the sterling equivalents of the dollar
financial statements. .
2 Earnings per share
Earnings per ordinary share is based on profit for the financial period and on
the weighted average number of ordinary shares in issue during the period,
excluding those held in the employee share trust. Diluted earnings per share is
calculated using an adjusted number of shares reflecting the number of dilutive
shares under option. Adjusted earnings per share figures reflecting the results
from continuing operations before the impact of exceptional items and goodwill
and intangibles amortisation have been calculated to provide shareholders with a
clearer understanding of the underlying trading performance of the group (see
below).
The weighted average numbers of shares used in the calculation of earnings per
share are as follows:
Quarter ended Year ended
31 December 30 September
2002 2001 2002
Number Number Number
_____ _____ _____
Weighted average number of shares:
Basic 183,188,688 184,549,646 185,244,963
Diluted 183,930,198 186,208,162 186,330,634
_____ _____ _____
Quarter ended Year ended
31 December 30 September
Adjusted earnings per share (cents) 2002 2001 2002
_____ _____ _____
Earnings per ordinary share 7.0 7.6 73.4
Adjustments (net of tax):
Gain on sale of businesses - (4.7) (54.5)
Goodwill and intangibles amortisation 5.7 5.2 21.8
Exceptional costs of notes redemption - 1.3 7.1
_____ _____ _____
Adjusted earnings per share - basic 12.7 9.4 47.8
_____ _____ _____
Summary of differences between UK and US Generally Accepted Accounting
Principles ("GAAP")
(1) Profit for the financial year and shareholders' funds
The group financial statements are prepared in accordance with UK GAAP which
differs in certain significant respects from US GAAP. The effect of the US GAAP
adjustments to profit for the financial period and equity shareholders' funds
are set out in the tables below:
3 months to
31 December
2002 2001
$'000 $'000
Unaudited
_________
(a) Reconciliation of profit for the financial year to US GAAP
Profit for the financial period under UK GAAP 12,771 13,916
_____ _____
US GAAP adjustments:
Amortisation of goodwill 5,763 5,844
Amortisation of intangibles (545) (448)
Depreciation of interest capitalised (13) (13)
Deferred taxation (3,440) (2,757)
Compensation expense (82) (81)
Deferred tax effect of US GAAP adjustments 394 195
_____ _____
US GAAP adjustments total 2,077 2,740
_____ _____
Profit for the financial period under US GAAP 14,848 16,656
_____ _____
As at As at
31 December 30 September
2002 2002
$'000 $'000
Unaudited
________
(b) Effect on equity shareholders' funds of differences between UK GAAP
and US GAAP
Equity shareholders' funds under UK GAAP 1,055,427 1,058,268
_____ _____
US GAAP adjustments:
Acquisition accounting (129,829) (135,047)
Amortisation of goodwill relating to contingent consideration 1,665 1,665
Capitalisation of interest 2,541 2,554
Deferred taxation (27,246) (24,200)
Employee benefit trust (11,083) (11,153)
Share premium account 11,083 11,153
Dividends 5,767 5,767
_____ _____
US GAAP adjustments total (147,102) (149,261)
_____ _____
Equity shareholders' funds under US GAAP 908,325 909,007
_____ _____
Unaudited consolidated balance sheets - US GAAP
(In thousands of US dollars)
Audited
As at As at
December 31 September 30
2002 2002
$'000 $'000
_____ _____
Assets
Current assets:
Cash and cash equivalents 331,251 313,012
Accounts receivable, net 28,072 32,869
Inventories 26,165 26,902
Deferred tax asset 7,590 7,718
Prepaid expense and other assets 9,650 4,397
_____ _____
402,728 384,898
_____ _____
Property, plant and equipment, net 65,560 63,394
Intangible assets, net 602,553 623,939
_____ _____
Total assets 1,070,841 1,072,231
_____ _____
Liabilities
Current liabilities:
Accounts payable 13,313 14,007
Accrued and other liabilities 41,032 44,053
Current instalments of long-term debt 627 616
Current instalments of obligation under capital leases 399 392
Income taxes 10,982 11,052
_____ _____
Total current liabilities 66,353 70,120
_____ _____
Other liabilities:
Long-term debt, excluding current instalments 50,561 50,729
Long-term obligations under capital leases, excluding current 89 224
instalments
Deferred income taxes 39,441 35,962
Other non-current liabilities 6,072 6,189
_____ _____
Total liabilities 162,516 163,224
_____ _____
Shareholders' equity
Ordinary shares, par value (pounds sterling) 0.10 per share; 250,000,000 29,981 29,981
(September 30, 2002;250,000,000) shares authorised, 187,818,782 shares
issued and outstanding at December 31, 2002 and 187,805,263 issued and
outstanding at September 30, 2002
Additional paid in capital 677,512 677,417
Retained earnings 206,654 191,806
Treasury stock (23,893) (23,893)
Accumulated other comprehensive income 18,071 33,696
_____ _____
Total shareholders' equity 908,325 909,007
_____ _____
Total liabilities and shareholders' equity 1,070,841 1,072,231
_____ _____
Unaudited consolidated statement of operations - US GAAP
(In thousands of US dollars, except per share data)
Quarter ended
December 31
2002 2001
$'000 $'000
_____ _____
Revenues
Product revenue 68,643 54,890
_____ _____
Operating expenses
Cost of sales (excluding depreciation shown separately below) 14,274 13,038
Selling, general and administrative 22,630 18,122
Research and development 5,437 4,262
Depreciation 1,455 1,248
Amortisation 5,297 4,441
_____ _____
Total operating expenses 49,093 41,111
_____ _____
Operating income 19,550 13,779
_____ _____
Other income (expense)
Interest income 2,484 2,487
Interest expense (1,660) (7,937)
_____ _____
Total other income (expense) 824 (5,450)
_____ _____
Income before taxes 20,374 8,329
_____ _____
Provision for income taxes 5,526 3,802
_____ _____
Income from continuing operations 14,848 4,368
Discontinued operations:
Earnings from discontinued operations (net of tax charge of $1,283) - 3,598
Gain on disposal of discontinued operations (net of tax charge of $2,163) - 8,690
_____ _____
Net income 14,848 16,656
_____ _____
Basic and diluted net income per ordinary share:
- continuing operations 0.08 0.02
- earnings and gain on disposal of discontinued operations - 0.07
_____ _____
Basic and diluted net income per ordinary share 0.08 0.09
_____ _____
Basic and diluted net income per ADS equivalent:
- continuing operations 0.32 0.09
- earnings and gain on disposal of discontinued operations - 0.27
_____ _____
Basic and diluted net income per ADS equivalent 0.32 0.36
_____ _____
Weighted average ordinary shares outstanding
Basic 183,188,688 184,549,646
_____ _____
Diluted 183,930,198 186,208,162
_____ _____
Weighted average ADS equivalents outstanding
Basic 45,797,172 46,137,412
_____ _____
Diluted 45,982,550 46,552,040
_____ _____
Unaudited consolidated statements of cash flows - US GAAP
(In thousands of US dollars)
Quarter ended
December 31
2002 2001
$'000 $'000
_____ _____
Cash flows from operating activities
Net income 14,848 16,656
Adjustment to reconcile net income to net cash provided by operating
activities:
Depreciation 1,455 2,102
Amortisation of intangibles 5,297 4,440
Profit on sale of business - (10,853)
Amortisation of government grants (226) (549)
Minority interest - 47
Changes in assets and liabilities:
Increase in accounts receivable, prepaid expense and other assets (334) (6,266)
Decrease/(increase) in inventories 737 (2,236)
(Decrease)/increase in accounts payable, accrued liabilities and other (2,561) 3,216
liabilities
Income taxes 3,537 5,656
Foreign exchange (loss)/gain (626) 1,410
_____ _____
Net cash provided by operating activities 22,127 13,623
_____ _____
Cash flows from investing activities
Purchase of tangible fixed assets (2,518) (7,068)
Purchase of intangible fixed assets - (2,327)
Proceeds from sale of businesses (net of costs) (324) 35,758
_____ _____
Net cash (used in)/provided by investing activities (2,842) 26,363
_____ _____
Cash flows from financing activities
Long term debt (repaid)/obtained (138) 7,355
Loan notes repaid - (20,000)
Payments under capital leases (139) (141)
Proceeds from share capital issue (net of expenses) (769) (1,251)
_____ _____
Net cash used in inancing activities (1,046) (14,037)
_____ _____
Net increase in cash and cash equivalents 18,239 25,949
Cash and cash equivalents, beginning of period 313,012 326,076
Foreign exchange adjustment on cash and cash equivalents - (3,805)
_____ _____
Cash and cash equivalents, end of period 331,251 348,220
_____ _____
Unaudited results for the period ended 31 December 2002
Consolidated profit and loss account - UK GAAP
Unaudited Audited
Quarter ended Year ended
31 December 30 September
2002 2001 2002
#'000 #'000 #'000
_____ _____ _____
Turnover
Pharmaceutical products 43,590 38,076 160,028
Pharmaceutical services - discontinued operations - 15,620 41,534
_____ _____ _____
Total turnover 43,590 53,696 201,562
Cost of sales 9,734 18,166 61,250
_____ _____ _____
Gross profit 33,856 35,530 140,312
_____ _____ _____
Net operating expenses
Selling, general & administrative expenses 14,565 16,274 55,809
Research and development 3,454 3,065 13,914
Goodwill amortisation 3,659 4,054 15,774
Intangible amortisation 3,018 2,769 11,631
_____ _____ _____
Total net operating expenses 24,696 26,162 97,128
_____ _____ _____
Operating profit
Before amortisation of goodwill and intangibles:
Pharmaceutical products 15,837 12,708 63,708
Pharmaceutical services - discontinued operations - 3,483 6,881
_____ _____ _____
Total before goodwill and intangibles amortisation 15,837 16,191 70,589
Goodwill amortisation 3,659 4,054 15,774
Intangible amortisation 3,018 2,769 11,631
_____ _____ _____
Total operating profit
Pharmaceutical products 9,160 6,280 37,439
Pharmaceutical services - discontinued operations - 3,088 5,745
_____ _____ _____
9,160 9,368 43,184
_____ _____ _____
Gain on sale of discontinued operations - 7,527 71,388
_____ _____ _____
Investment income 1,578 1,743 7,327
_____ _____ _____
Profit on ordinary activities before interest 10,738 18,638 121,899
Interest payable and similar charges 1,054 5,703 20,808
_____ _____ _____
Profit on ordinary activities before taxation 9,684 12,935 101,091
Tax on profit on ordinary activities 1,574 3,250 9,049
_____ _____ _____
Profit on ordinary activities after taxation 8,110 9,685 92,042
Minority interests - 32 32
_____ _____ _____
Profit for the financial period 8,110 9,653 92,010
Dividends - - 5,518
_____ _____ _____
Retained profit for the financial period 8,110 9,653 86,492
_____ _____ _____
Earnings per share 4.4p 5.2p 49.7p
Diluted earnings per share 4.4p 5.2p 49.4p
Adjusted earnings per share 8.1p 6.6p 32.2p
Adjusted diluted earnings per share 8.1p 6.6p 32.0p
_____ _____ _____
Unaudited results for the period ended 31 December 2002
Consolidated balance sheet - UK GAAP
Unaudited Audited
31 December 30 September
2002 2001 2002
#'000 #'000 #'000
_____ _____ _____
Fixed assets
Intangible assets 455,521 507,060 480,457
Tangible assets 39,323 74,414 38,631
_____ _____ _____
494,844 581,474 519,088
_____ _____ _____
Current assets
Stocks 16,326 18,279 17,082
Debtors 23,534 39,411 23,658
Cash at bank and in hand 204,200 240,318 198,751
_____ _____ _____
244,060 298,008 239,491
Creditors: amounts falling due within one year 42,492 70,066 48,172
_____ _____ _____
Net current assets 201,568 227,942 191,319
_____ _____ _____
Total assets less current liabilities 696,412 809,416 710,407
Creditors: amounts falling due after more than one year 31,605 183,434 32,353
Provisions for liabilities and charges 2,447 5,996 2,165
Deferred income 3,789 4,465 3,930
_____ _____ _____
Net assets 658,571 615,521 671,959
_____ _____ _____
Capital and reserves
Called up share capital 18,781 18,950 18,781
Share premium account 243,039 241,371 243,031
Capital redemption reserve 205 - 205
Merger reserve 290,685 290,685 290,685
Profit and loss account 105,861 64,515 119,257
_____ _____ _____
Equity shareholders' funds 658,571 615,521 671,959
_____ _____ _____
Unaudited results for the period ended 31 December 2002
Consolidated cash flow statement - UK GAAP
Unaudited Audited
Quarter ended Year ended
31 December 30 September
2002 2001 2002
#'000 #'000 #'000
_____ _____ _____
Net cash inflow from operating activities 14,413 13,569 63,292
_____ _____ _____
Returns on investments and servicing of finance
Interest paid (72) (5,826) (23,823)
Interest received 1,086 1,866 7,325
_____ _____ _____
1,014 (3,960) (16,498)
_____ _____ _____
Taxation
Corporation tax paid (1,375) (870) (4,493)
_____ _____ _____
Capital expenditure
Purchase of tangible fixed assets (1,599) (4,902) (11,572)
Purchase of intangible fixed assets - (1,614) (29,593)
Government grant received - - 1,464
_____ _____ ______
(1,599) (6,516) (39,701)
_____ _____ ______
Acquisitions and disposals
Sale of businesses (net of costs) (206) 24,678 156,308
Acquisition costs and deferred consideration payments - - (6,175)
_____ _____ _____
(206) 24,678 150,133
_____ _____ _____
Equity dividends paid - - (5,045)
_____ _____ _____
Net cash flow before management of liquid resources and 12,247 26,901 147,688
financing
_____ _____ _____
Management of liquid resources
(Increase)/decrease in short term deposits (11,431) 9,500 18,641
_____ _____ _____
Financing
Issue of ordinary share capital (net of expenses) (488) (1,528) 167
Purchase of own shares - - (8,001)
Loan notes repaid - (13,803) (76,277)
Loans repaid (net) (88) - (89,486)
Principal repayment under hire purchase agreements (88) (98) (372)
_____ _____ _____
(664) (15,429) (173,969)
_____ _____ _____
Increase/(decrease) in cash in the period 152 20,972 (7,640)
_____ _____ _____
This information is provided by RNS
The company news service from the London Stock Exchange
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