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Name | Symbol | Market | Type |
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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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0.0761 | 0.17% | 45.91 | 45.97 | 45.87 | 45.97 | 38,233 | 20:14:19 |
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 END QRFTBMBTMMTBBTJ
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