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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| SEB SA | AQEU:SKP | Aquis Europe | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 87.60 | 87.60 | 87.60 | 0.00 | 00:00:00 |
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RNS Number:0445Q
Skyepharma PLC
23 September 2003
FOR IMMEDIATE RELEASE 23rd SEPTEMBER 2003
SkyePharma PLC
INTERIM FINANCIAL RESULTS
for the six months ended 30th June 2003
Part 2/2
CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the six months ended 30 June 2003
Unaudited Unaudited Audited
6 months to 6 months to 12 months to 31
Notes 30 June 2003 30 June 2002 December 2002
#'000 #'000 #'000
Turnover 2 22,586 27,676 69,573
Cost of sales 2 (12,702) (12,268) (24,830)
Gross profit 9,884 15,408 44,743
Selling, marketing and distribution (2,518) (2,140) (4,769)
expenses
Administration expenses
Amortisation (3,226) (2,808) (6,506)
Other administration expenses (7,478) (8,072) (13,686)
Exceptional items 4 (1,409) - -
(12,113) (10,880) (20,192)
Research and development expenses (16,420) (12,092) (29,285)
Other operating income 3 4,173 7,660 14,219
Operating (loss)/profit (16,994) (2,044) 4,716
Interest receivable 512 380 1,081
Interest payable (2,131) (2,336) (4,464)
(Loss)/profit on ordinary activities before 2 (18,613) (4,000) 1,333
taxation
Taxation (76) (165) (224)
Retained (loss)/profit (18,689) (4,165) 1,109
Earnings per Ordinary Share 5
Basic (3.1p) (0.7p) 0.2p
Diluted (3.1p) (0.7p) 0.2p
There was no material difference between the (loss)/profit on ordinary
activities before taxation and the historical cost (loss)/profit before taxation
in 2003 and 2002. All results represent continuing activities.
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
for the six months ended 30 June 2003
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30 June 2003 30 June 2002 31 December 2002
#'000 #'000 #'000
(Loss)/profit attributable to shareholders (18,689) (4,165) 1,109
Net currency translation effect (37) 2,523 903
Unrealised gain on contract development 1,645 - -
Lapse of warrants - - 1,096
Total recognised gains and losses for the period (17,081) (1,642) 3,108
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
for the six months ended 30 June 2003
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30 June 2003 30 June 2002 31 December 2002
#'000 #'000 #'000
Shareholders' funds at the beginning of the period 124,270 95,145 95,145
Total recognised gains and losses for the period (17,081) (1,642) 3,108
Goodwill adjustments on deferred consideration - (188) 4,837
Equity shares issued/allocated, net of expenses - 31,146 43,816
Exercise of share options, net of expenses 61 572 700
Non-equity shares converted to equity shares - - (11,310)
Increase/(decrease) in shares and warrants to be 2,565 (5,780) (5,780)
issued
Revaluation of shares and warrants to be issued - 188 (4,837)
Issue of warrants - - 311
Exercise of warrants - (37) (624)
Lapse of warrants - - (1,096)
Net movement in the period (14,455) 24,259 29,125
Shareholders' funds at the end of the period 109,815 119,404 124,270
CONSOLIDATED BALANCE SHEET
as at 30 June 2003
Unaudited Unaudited Audited
Notes 30 June 2003 30 June 2002 31 December 2002
#'000 #'000 #'000
Fixed assets
Intangible assets 6 101,572 101,453 100,015
Tangible assets 44,533 46,342 45,504
Investments 7 24,198 17,382 19,902
170,303 165,177 165,421
Current assets
Stock 1,156 1,342 1,256
Debtors 21,973 9,086 35,207
Investments 1,905 2,353 1,961
Cash and short-term bank deposits 22,181 51,233 28,061
47,215 64,014 66,485
Creditors: amounts falling due within one year
Deferred income (17,310) (16,073) (15,069)
Other creditors (18,520) (23,730) (19,402)
(35,830) (39,803) (34,471)
Net current assets 11,385 24,211 32,014
Total assets less current liabilities 181,688 189,388 197,435
Creditors: amounts due after more than one
year
Convertible bonds due 2005 (58,584) (58,169) (58,377)
Deferred income (1,843) - (2,960)
Other creditors (10,840) (11,636) (11,627)
(71,267) (69,805) (72,964)
Provisions for liabilities and charges 9 (606) (179) (201)
Net assets 109,815 119,404 124,270
Capital and reserves
Share capital 10 62,559 62,325 62,546
Share premium 316,467 315,152 316,419
Shares and warrants to be issued 11 2,565 5,025 -
Other reserves 9,311 10,683 9,311
Profit and loss account (281,087) (273,781) (264,006)
Shareholders' funds
Attributable to equity interests 98,505 96,784 112,960
Attributable to non-equity interests 11,310 22,620 11,310
109,815 119,404 124,270
CONSOLIDATED CASH FLOW STATEMENT
for the six months ended 30 June 2003
Unaudited Unaudited Audited
6 months to 30 6 months to 30 12 months to 31
June 2003 June 2002 December 2002
#'000 #'000 #'000
Operating (loss)/profit (16,994) (2,044) 4,716
Depreciation and amortisation 6,451 5,878 12,607
Decrease/(increase) in working capital 17,518 9,824 (15,771)
Net cash inflow from operating activities 6,975 13,658 1,552
Returns on investments and servicing of finance
Interest received 473 308 943
Interest paid (3,752) (3,963) (3,913)
Interest element of finance lease payments (15) (65) (130)
(3,294) (3,720) (3,100)
Taxation (5) - (224)
Capital expenditure and financial investment
Purchase of intangible fixed assets (2,239) (433) (3,035)
Purchase of tangible fixed assets (2,385) (2,152) (3,238)
Purchase of fixed asset investments (4,498) (3,356) (6,285)
(9,122) (5,941) (12,558)
Acquisitions
Purchase of drug delivery business of Bioglan AB - (3,595) (3,595)
Cash (outflow)/inflow before use of liquid resources and (5,446) 402 (17,925)
financing
Management of liquid resources
Net decrease/(increase) in amounts held on short-term 1,734 (23,135) (3,872)
bank deposit
Financing
Issue of Ordinary Share capital 61 25,902 26,168
Issue of warrants 672 - 311
Debt due within one year:
Repayment of loans - (72) (2,992)
Debt due beyond one year:
Repayment of loans (137) (139) (929)
Capital element of finance lease payments (550) (458) (937)
46 25,233 21,621
(Decrease)/increase in cash (3,666) 2,500 (176)
NOTES TO THE INTERIM FINANCIAL STATEMENTS
for the six months ended 30 June 2003
1 ACCOUNTING POLICIES AND THE BASIS OF PREPARATION
The interim financial statements have been prepared using accounting
policies consistent with those adopted by the Group in its financial statements
for the year ended 31 December 2002.
The interim report is unaudited and does not constitute statutory
financial statements within the meaning of section 240 of the Companies Act
1985. The results for the period to 30 June 2003 have been formally reviewed and
reported upon by the auditors on page 21 to this report. The figures for the
year ended 31 December 2002 are an extract from the audited financial statements
for that period which have been delivered to the Registrar of Companies and on
which the auditors have issued an unqualified report which contained no
statement therein under section 237(2) or section 237(3) of the Companies Act
1985.
Consolidation
The consolidated financial information includes the financial
statements for the Company and its subsidiary undertakings. Intra-group sales
and profits are eliminated fully on consolidation. The results of subsidiaries
sold or acquired are included in the consolidated profit and loss account up to
the date of their sale or from their date of acquisition respectively.
Revenue recognition
Turnover comprises contract development and licensing, royalty and
manufacturing and distribution income. Contract development and licensing income
represents amounts invoiced to customers for services rendered under development
and licensing agreements, including milestone payments and technology access
fees. Contract revenue is recognised when earned and non-refundable and to the
extent that there are no future obligations pursuant to the revenue, in
accordance with the contract terms. Refundable contract revenue is treated as
deferred until such time as it is no longer refundable. Royalty income
represents income earned as a percentage of product sales. Advance royalties
received are treated as deferred income until earned, when they are recognised
as income. Manufacturing and distribution revenues principally comprise
contract manufacturing fees invoiced to third parties and income from product
sales.
Research and development costs
Research costs are charged as an expense in the period in which they
are incurred. Development costs are also recognised as an expense in the period
in which they are incurred, unless all of the criteria are met for asset
recognition. The major asset recognition criteria include: the ability to
define clearly the product or process, demonstration of its technical
feasibility and that a commercial market for it exists. Development costs
recognised as an asset do not exceed the probable net amount to be recovered in
marketing the product or process and they are amortised over the estimated
economic life.
Intangible fixed assets
Intangible fixed assets comprise goodwill, intellectual property and
capitalised development costs. Goodwill, being the difference between the fair
value of the purchase consideration and the Group's share of the fair value of
the net assets acquired, is capitalised and amortised over a period of 20 years
or less in line with the Directors' view of its useful economic life. Prior to
the introduction of FRS 10; Goodwill and intangible assets, the policy adopted
was to write off goodwill to reserves. As permitted by FRS 10 goodwill written
off to reserves in previous years has not been reinstated on the balance sheet
and adjustments to such goodwill have been taken directly to reserves. Goodwill
previously written off to reserves is charged to the profit and loss account in
the event of disposal of the related business.
Intellectual property comprises acquired patents, trade marks,
know-how and other similarly identified rights. These are recorded at their fair
value at acquisition date and are amortised in equal instalments over their
estimated useful economic lives, from the date when the transfer of technology
is complete. The period over which the Group expects to derive economic
benefits does not exceed 20 years. Costs associated with internally developed
intellectual property are generally treated as research and development costs.
Development costs are recognised under the criteria stated above.
Fixed asset investments
Investments that are held for continuing use in the business are
classified as fixed asset investments and recorded in the balance sheet at cost
or Directors' valuation, less provision for permanent diminution in value.
Impairment of fixed assets
The carrying values of fixed assets are reviewed for impairment when
there is an indication that the assets may be impaired. First year impairment
reviews are conducted for acquired goodwill and intangible assets. Impairment
is determined by reference to the higher of net realisable value and value in
use, which is measured by reference to discounted future cash flows. Any
provision for impairment is charged to the profit and loss account in the year
concerned.
2 SEGMENTAL ANALYSIS
The Group's operations relate wholly to one class of business,
pharmaceuticals. Further analysis of turnover and loss/profit on ordinary
activities before taxation by geographical area is set out below, together with
an analysis of cost of sales.
Unaudited Unaudited Audited
6 months to 30 6 months to 30 12 months to 31
June 2003 June 2002 December 2002
#'000 #'000 #'000
(a) Turnover
By class of business:
Pharmaceuticals
Contract development and licensing
Milestone payments 8,581 18,138 47,736
Research and development costs recharged 2,793 4,582 7,705
11,374 22,720 55,441
Royalties receivable 8,027 1,818 6,751
Manufacturing and distribution 3,185 3,138 7,381
22,586 27,676 69,573
By location of customer:
North America 4,618 3,878 34,047
UK 7,103 17,050 21,000
Europe 8,222 4,913 10,333
Rest of the world 2,643 1,835 4,193
22,586 27,676 69,573
By location of operation:
Europe 19,019 19,611 34,449
North America 3,567 8,065 35,124
22,586 27,676 69,573
(b) Cost of sales
By class of business:
Pharmaceuticals
Contract development and licensing (4,076) (6,399) (12,649)
Royalties payable (1,737) (666) (1,374)
Manufacturing and distribution (6,889) (5,203) (10,807)
(12,702) (12,268) (24,830)
(c) (Loss)/profit on ordinary activities before
taxation
By class of business:
Pharmaceuticals (18,613) (4,000) 1,333
By location of operation:
UK (5,198) (4,633) (7,695)
Europe 3,317 7,515 7,652
North America (15,113) (4,926) 4,759
Operating (loss)/profit (16,994) (2,044) 4,716
Net interest payable (1,619) (1,956) (3,383)
(Loss)/profit on ordinary activities before (18,613) (4,000) 1,333
taxation
3 OTHER OPERATING INCOME
Paul Capital Royalty Acquisition Fund provided a total of $30
million between 2000 and 2002, in return for the sale of a portion of future
royalty and revenue streams from DepoMorphine, Xatral OD, Solaraze and DepoCyt.
Income of #1.2 million was recognised as other operating income under this
agreement on a cost to complete basis. All of the income under this agreement
has now been recognised. Royalty payments of #0.4 million have been expensed
during the period.
In 2002 the Group announced another transaction under which Paul
Capital will pay SkyePharma a further $30 million during 2002 and 2003, in
return for a portion of the potential future royalty and revenue streams from
nine products from the Group's drug pipeline. Income of #3.0 million was
recognised as other operating income under this agreement on a cost to complete
basis. Royalty payments of #0.9 million have been expensed during the period.
4 EXCEPTIONAL ITEMS
Following a strategic reorganisation of research centres involving a
substantial reduction in staff at SkyePharma Canada, with certain activities
outsourced to other sites in San Diego and Muttenz, provisions of #0.7 million
were established against the cost of the reorganisation (note 9; Provisions for
Liabilities and Charges). In addition #0.7 million was written down against
fixed assets.
5 EARNINGS PER ORDINARY SHARE
Unaudited Unaudited Audited
6 months to 30 6 months to 30 12 months to 31
June 2003 June 2002 December 2002
Basic and diluted attributable (loss)/profit (18,689) (4,165) 1,109
(#'000)
Basic weighted average number of shares in issue (' 609,177 566,452 577,018
000)
Dilutive potential Ordinary Shares ('000) - - 20,077
Diluted weighted average number of shares in issue 609,177 566,452 597,095
('000)
Earnings per Ordinary Share
Basic (3.1p) (0.7p) 0.2p
Diluted (3.1p) (0.7p) 0.2p
In the half years 2003 and 2002 there was no difference between
basic and diluted earnings per Ordinary Share since all potential Ordinary
Shares were anti-dilutive. In 2002 the weighted average number of Ordinary
Shares in issue was adjusted to assume conversion of all dilutive potential
Ordinary Shares. Shares held by the SkyePharma PLC General Employee Benefit
Trust are excluded from the weighted average number of shares.
6 INTANGIBLE FIXED ASSETS
Intellectual Development
Goodwill property costs Total
#'000 #'000 #'000 #'000
Cost
At 1 January 2003 80,017 34,560 1,778 116,355
Exchange adjustments - (335) (24) (359)
Additions 2,713 2,437 - 5,150
At 30 June 2003 82,730 36,662 1,754 121,146
Amortisation
At 1 January 2003 9,953 5,539 848 16,340
Exchange adjustments - 23 (15) 8
Charge for the period 2,004 1,112 110 3,226
At 30 June 2003 11,957 6,674 943 19,574
Net book value at 31 December 2002 70,064 29,021 930 100,015
Net book value at 30 June 2003 70,773 29,988 811 101,572
As part of the 2001 RTP acquisition, deferred consideration became
payable at 30 June 2003. In July 2003 3,690,211 SkyePharma Ordinary Shares were
issued to the former RTP shareholders.
During the period the Group paid Enzon #2.2 million ($3.5 million)
for access to its PEG modification technology, which has been included within
intellectual property.
7 FIXED ASSET INVESTMENTS
Unlisted
investments
Own shares Total
Cost #'000 #'000 #'000
At 1 January 2003 18,874 1,028 19,902
Additions 3,572 925 4,497
Charge for the period - (201) (201)
At 30 June 2003 22,446 1,752 24,198
Astralis Limited
During the period the Group acquired the final 250,000 series A
convertible preferred shares of Astralis Limited, an emerging biotechnology
company based in the US, for #1.6 million ($2.5 million). The total holding as
at 30 June 2003 was 200,000 common shares, 20,000 warrants and 2,000,000 series
A convertible preferred shares.
Micap plc
During the period the Group acquired 5,000,000 ordinary shares of
Micap plc, a science based technology company, for #2 million. Micap plc was
listed on the Alternative Investment Market in August 2003.
Own shares
During the period the SkyePharma PLC General Employee Benefit Trust
purchased 2 million shares.
8 ANALYSIS OF NET DEBT
At 1 January Non-cash Exchange At 30 June
2003 changes movements
Cash flow 2003
#000's #000's #'000 #000's #000's
Cash at bank and in hand 7,394 (3,394) - (696) 3,304
Bank overdraft - (272) - 5 (267)
Short-term bank deposits 20,667 (1,734) - (56) 18,877
28,061 (5,400) - (747) 21,914
Debt due within one year (1,842) - (606) 6 (2,442)
Debt due after one year (8,123) 137 606 36 (7,344)
Convertible bonds (58,377) - (207) - (58,584)
Finance leases (1,320) 550 (23) (67) (860)
(69,662) 687 (230) (25) (69,230)
Total (41,601) (4,713) (230) (772) (47,316)
Cash at bank and in hand and short-term bank deposits are aggregated on the
balance sheet.
9 PROVISIONS FOR LIABILITIES AND CHARGES
Pension Restructuring Total
#'000 #'000 #'000
At 1 January 2003 201 - 201
Exchange adjustments 23 14 37
Charge in the period 34 670 704
Utilised - (336) (336)
At 30 June 2003 258 348 606
Restructuring Provision
The restructuring provision relates to the reorganisation of
research centres involving a substantial reduction in staff at SkyePharma Canada
(note 4; Exceptional items).
10 SHARE CAPITAL
Equity share capital
Ordinary Shares
of 10p each Nominal value
Number #'000
Issued, allotted and fully paid
At 1 January 2003 613,458,067 61,346
Exercise of share options 130,020 13
At 30 June 2003 613,588,087 61,359
Non-equity share capital
Deferred
'B' Shares
of 10p each Nominal value
Number #'000
Authorised and issued
At 1 January 2003 and 30 June 2003 12,000,000 1,200
11 SHARE AND WARRANTS TO BE ISSUED
#'000
At 1 January 2003 -
Shares to be issued in respect of RTP Pharma Inc. 2,565
At 30 June 2003 2,565
As part of the 2001 RTP acquisition, deferred consideration became
payable at 30 June 2003. In July 2003. 3,690,211 SkyePharma Ordinary Shares
were issued to the former RTP shareholders.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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