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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Accumuli | LSE:ACM | London | Ordinary Share | GB00B0YMTT32 | ORD 0.25P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 31.25 | 0.00 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
Hot Features
Premium
EMBARGO: NOT FOR PUBLICATION OR BROADCAST
BEFORE 7.00 AM BST ON TUESDAY, 16 SEPTEMBER 2003
Results for the second quarter and six months ended 30 June 2003
Cambridge, UK and Cambridge, Massachusetts - 16 September 2003- Acambis plc
("Acambis") (LSE: ACM, NASDAQ: ACAM) announces its results for the second
quarter and six months ended 30 June 2003 and provides an update on the
business.
Key points
Strong financial results in first six months:
Revenue up to £82.3m (2002 - £12.9m)
Profit before tax of £20.6m (2002 - loss of £6.1m)
Cash and short-term investments increased to £86.8m (2002 - £28.2m)
Production of all 155 million doses of smallpox vaccine for the US Government
completed
Positive results from ARILVAXTM Phase III paediatric trial
Acquisition of Berna Products Corporation to establish strategically important
sales, promotion and distribution organisation for travel vaccine franchise in
the US
IND submitted for Phase I trial of West Nile vaccine
Collaboration established with Cangene on West Nile treatment
IND submitted for trial of tetravalent dengue vaccine
Dr John Brown to step down as CEO (see separate news release)
Six months ended 30 June Three months ended 30 June
2003 2002 2003 2002
Revenue £82.3m £12.9m £40.5m £7.7m
Profit/(loss) £20.6m £(6.1)m £11.1m £(3.3)m
before tax
Earnings/(loss) 18.2p (6.5)p 9.5p (3.5)p
per share
Earnings/(loss) $3.00 $(0.99) $1.57 $(0.53)
per ADR
Cash £86.8m £28.2m £86.8m £28.2m
Commenting on the results, Dr John Brown, Chief Executive Officer, said:
"This was a very positive first half from Acambis, with a strong set of
financial results and completion of production of all 155 million doses of
smallpox vaccine under our contract with the US Government. We have also made
significant progress in our objective to achieve sustained profitability,
through the strengthening of our smallpox franchise and the acquisition of a
well-established distribution capability in the US for our travel vaccines as
they come to market. With continuing good progress elsewhere in our research
and development programmes, Acambis is well placed for future growth."
-ends-
A meeting and conference call for analysts will be held at 9.30 am BST today.
For details, contact Mo Noonan at Financial Dynamics on telephone number +44
(0) 20 7269 7116. An instant replay of the call will be available until
midnight on Tuesday, 23 September on telephone number: UK +44 (0) 20 8288 4459
and US +1 334 323 6222. The passcode is 601842. An audio webcast of the call
will also be available via Acambis' website at www.acambis.com.
Enquiries:
Acambis plc
Dr John Brown, Chief Executive Officer Today: +44 (0) 20 7831 3113
Lyndsay Wright, Director of Communications Thereafter: +44 (0) 1223 275 300
Gordon Cameron, Chief Financial Officer Today: +44 (0) 20 7831 3113
Thereafter: +1 (617) 761 4200
Financial Dynamics
David Yates/Jonathan Birt Tel: +44 (0) 20 7831 3113
Chairman's statement
Overview
In March, we outlined our strategy for the development of Acambis as a
sustainably profitable business, and we have made a number of significant steps
in these key areas, including:
producing all 155 million doses of smallpox vaccine for the US Government;
establishing, through the acquisition of Berna Products Corporation ("BPC") in
August, a strategically important sales, promotion and distribution
organisation in the US for our travel vaccine franchise;
submitting an Investigational New Drug ("IND") application to the US Food and
Drug Administration ("FDA") for a Phase I trial of our ChimeriVax-West Nile
vaccine; and
establishing a collaboration to develop a complementary West Nile treatment.
Board change
In a separate news release issued today, we have announced that Dr John Brown,
Chief Executive Officer, is to step down from his role. The Board wishes to
place on record its immense gratitude to John for the significant contribution
he has made to Acambis' success. Under John's leadership, the Company has
grown from an early-stage research company into one of the leading
biotechnology companies in Europe and one of the few that are profitable. John
commands the utmost respect from the Board, his management team, our employees
and peers in the industry. Understanding that he has spent a great deal of time
travelling on company business in the past few years, the Board recognises his
desire to base himself with his family in Scotland. We all wish him the best
of success with his future plans.
Smallpox vaccine update
US Government contracts
In August, we announced that we had completed the production all 155 million
doses of ACAM2000 smallpox vaccine required under our principal contract with
the US Centers for Disease Control and Prevention ("CDC").
At the time of that statement, we had delivered over half of the 155 million
doses to the US stockpile. We expect the balance of the doses will be delivered
in the coming weeks.
In May, we announced that the US Government had decided to consolidate our two
smallpox vaccine contracts, enabling us to focus resources on the ACAM2000
programme. At that time, the CDC indicated its intention to place orders for 54
million doses of ACAM2000 vaccine over the next 12 months. We expect to deliver
approximately the first third of those in 2003, with the balance being
delivered in 2004.
ACAM2000 trial results
Under the accelerated clinical trial programme, we have completed two Phase II
trials with ACAM2000 and are now in discussions with the FDA to finalise the
design of the Phase III trial. We expect to start the trial in Q4 2003. We aim
to apply for FDA licensure in 2004.
Modified Vaccinia Ankara
We are continuing to make progress with our US National Institute of Allergy
and Infectious Diseases ("NIAID") contract to develop, test and manufacture a
third-generation smallpox vaccine, Modified Vaccinia Ankara ("MVA"), a weakened
form of the current generation of smallpox vaccines that should allow the safe
inoculation of "at risk" people with weakened immune systems who would
otherwise be unable to be vaccinated against smallpox. We recently responded to
a Request for Information relating to the US Government's planned 25 to 30
million-dose stockpile.
HIV
Recently, George Mason University ("GMU") in Virginia, US reported preliminary
findings from a study that indicate smallpox vaccination may confer a
measurable degree of immunity to HIV infection. Recognising that these are
early data, we consider these findings to be very interesting and to warrant
further investigation. We have collaborated with GMU to review these data and
are aware that these findings have been discussed with a number of key experts
in the field. We are discussing with GMU collaborative work to corroborate the
data they have produced.
Travel vaccine franchise
ARILVAXTM
We have completed the first-ever randomised, double-blind controlled Phase III
paediatric clinical trial of a yellow fever vaccine. Although infants and
children represent the principal population for yellow fever vaccination in
endemic countries, a controlled clinical study of a yellow fever vaccine has
never before been carried out in this group.
The study, conducted in Peru, investigated the safety and immunogenicity of
ARILVAXTM, the yellow fever vaccine to which Acambis has US marketing rights.
Ninety-five percent of the subjects vaccinated with ARILVAXTM generated a
protective immune response with no serious adverse events.
A meeting is scheduled with the FDA in early October to discuss the package of
information being provided to support the Biologics License Application
("BLA").
Acquisition of Berna Products Corporation
In August, we announced the acquisition of Berna Products Corporation ("BPC"),
a leading travel vaccines business in the key North American market.
With operating profits of $1.0m in 2002, BPC's revenues today come from sales
of Vivotif®, an oral typhoid vaccine for which it has exclusive North American
sales and distribution rights. Manufactured by Berna Biotech AG ("Berna
Biotech"), Vivotif® is licensed in over 50 countries around the world and is
the only orally administered typhoid vaccine available. It has been registered
and sold in the US since 1990 and in Canada since 1994.
BPC's network of customers includes not only travel vaccine clinics and medical
practitioners with travel medicine practices, but also universities, federal,
state and county governments, international companies and the US army. It
employs 13 people and has operations in Miami and Toronto.
BPC was established in 1990 by Berna Biotech and Andres Murai, currently
President and Chief Executive Officer of BPC. In 2001, Mr Murai acquired Berna
Biotech's shareholding under a restructuring agreement, resulting in BPC being
wholly owned by members of the Murai family. We have acquired 100% of BPC's
share capital for US$8.4m in cash and may pay up to an additional US$3.75m in
milestones, subject to the achievement of key sales targets for Vivotif® and
ARILVAXTM.
BPC's expertise and existing relationships, structures and procedures provide
Acambis with the infrastructure through which we will sell and distribute the
travel vaccines we have in our pipeline. We will also be looking to acquire
additional products to channel through this infrastructure.
We are delighted that Mr Murai is continuing in his position as President and
Chief Executive Officer of BPC, and welcome him and his team to Acambis.
West Nile update
According to the US CDC, the number of cases of West Nile this year is higher
than during the same period last year. In 2002, 44 US States were affected by
the virus, resulting in 4,156 diagnosed cases and the death of 284 people. So
far this year, 44 States have been affected, 3,370 cases have been diagnosed
and 65 people have died.
We have submitted an IND application to the FDA for a Phase I trial of our
ChimeriVax-West Nile vaccine. This 60-subject trial will explore the safety and
immunogenicity of ChimeriVax-West Nile at three different dose levels, and, as
with other ChimeriVax vaccine trials, will include a comparison with a yellow
fever vaccine because this technology uses a yellow fever vaccine backbone.
Recently, we announced that we have entered into a collaboration with Cangene
Corporation ("Cangene") to develop a hyperimmune globulin against West Nile
virus disease. Hyperimmune globulins are highly purified antibodies produced
from human plasma. A hyperimmune globulin against West Nile could be used to
treat people who have become infected with the virus and to give immediate
protection to individuals, such as the elderly, whose immune systems may not be
able to generate a sufficient immune response. This product would be
complementary to our ChimeriVax-West Nile vaccine.
The agreement brings together our vaccine and Cangene's capability in the
development and manufacture of hyperimmune globulins. Acambis and Cangene will
both participate in the development work for the West Nile hyperimmune globulin
and share the costs of funding the project. We will make available to Cangene
our ChimeriVax-West Nile vaccine, which will be used to vaccinate plasma donors
to generate the hyperimmune globulin against West Nile virus, then Cangene will
manufacture the product.
Other R&D highlights
The long-term future of Acambis depends upon maintaining a broad pipeline of
products in development.
We have already completed two Phase II trials of our ChimeriVax-JE vaccine
against Japanese encephalitis and are continuing a two-year clinical trial in
Australia to investigate the duration of immunity, in addition to generating
additional safety and immunogenicity data.
We have taken the strategic decision to bring manufacture of this product
in-house to give us greater control over the process and timelines. For this,
we are using the proprietary serum-free vero cell technology of our corporate
partner, Baxter Healthcare Corporation ("Baxter"), and have transferred this
technology to our Canton, Massachusetts facility. Manufacture of the vaccine,
sufficient for Phase III clinical trial material and post-approval sales, is
expected to be complete in the first half of next year. As this material has
been manufactured differently from that used in previous clinical trials, we
need to conduct a bridging trial to ensure that the vaccine produces safety and
immunogenicity results equivalent to those already seen. We aim to start this
trial around the middle of 2004 and to start the Phase III trial around the end
of that year.
We recently submitted an IND to the FDA for a Phase I trial of our tetravalent
(four-component) dengue vaccine, ChimeriVax-Dengue. This will be the first-ever
clinical trial of a chimeric tetravalent dengue vaccine. As there are four
dengue serotypes, a successful vaccine will need to protect against all four
serotypes. This project is partnered with Aventis Pasteur.
We are also continuing to conduct a series of trials of the various components
of our pentavalent (five-component) E. coli vaccine against travellers'
diarrhoea.
Financial review
The financial results for the three months ("Q2") and six months ("H1") ended
30 June 2003 are presented below. Unless otherwise stated, the comparative
figures in parentheses relate to the equivalent period in 2002.
Trading results
Revenue for Q2 was £40.5m (2002 - £7.7m) and for H1 was £82.3m (2002 - £12.9m).
The increase arose primarily from the 155 million-dose ACAM2000 contract with
the CDC. Activity on this contract increased sharply in 2003 as we continued to
manufacture vaccine for the US Government stockpile. Due to the labelling
discussions referred to in "Smallpox vaccine update" (above), revenues relating
to the delivery of the remaining vials of smallpox vaccine that had previously
been expected in the second quarter of 2003 are now expected to arise in the
third and fourth quarters of this year. During Q2 and H1 we also recorded
income from sales of ACAM2000 smallpox vaccine to other foreign governments,
the NIAID in respect of our MVA contract, Aventis Pasteur for our
ChimeriVax-Dengue vaccine programme and the CDC on the ACAM1000 smallpox
vaccine contract (which we announced on 8 May 2003 is being wound down and
consolidated into the ACAM2000 contract).
Cost of sales in Q2 and H1, representing costs in relation to all of the above
revenue excluding the ChimeriVax-Dengue programme, amounted to £24.8m and £
49.7m respectively (2002 - £5.4m and £8.7m respectively), the sharp increase
being directly attributable to the increase in ACAM2000 activity.
Expenditure on R&D in Q2 was £3.8m (2002 - £4.8m) and in H1 was £10.1m (2002 -
£8.2m). The expenditure in Q2 is lower in 2003 following the completion in Q1
2003 of the field work relating to the ARILVAXTM 1,050-subject paediatric trial
in Peru.
Administrative costs, including amortisation of goodwill, increased marginally
in Q2 to £1.1m (2002 - £1.0m), H1 also increased marginally to £2.2m (2002 - £
2.0m). Interest receivable increased to £0.4m for Q2 (2002 - £0.2m) and to £
0.7m for H1 (2002 - £0.3m) as a result of higher average levels of cash held
throughout the period. Interest payable was £0.3m for Q2 (2002 - £0.3m) and £
0.5m for H1 (2002 - £0.6m). During Q2 and H1 exchange gains of £0.2m and £0.1m
respectively were recorded (2002 - £0.3m and £0.2m respectively) as a result of
the revaluation of the amounts outstanding under our US dollar-denominated
overdraft facility for our ARILVAXTM programme.
The pre-tax profit for Q2 and H1 was £11.1m and £20.6m respectively (2002 -
losses of £3.3m and £6.1m respectively). The improvement over 2002 was achieved
primarily as a result of increased revenues under our ACAM2000 smallpox vaccine
programme, which generated the associated higher profits.
During Q2 the Group recorded a tax charge of £1.2m (2002 - £nil). We expect
that the tax losses available to be used within the Group will be fully
utilised during 2003 and that the effective tax rate on our forecast 2003
profits will be between 10% and 15%.
Capital expenditure
Capital expenditure for Q2 was £2.2m (2002 - £1.6m) and for H1 was £3.4m (2002
- £4.5m) arising primarily from final works on the reactivation of the Canton
manufacturing plant and costs to restructure office and laboratory space at our
Cambridge, Massachusetts facility.
Balance sheet highlights
i) Cash/debtors
Cash and short-term investments of the Group at 30 June 2003 amounted to £86.8m
(31 December 2002 - £11.8m). The large increase in cash in the first six months
of 2003 resulted primarily from the net cash receipts arising from further
deliveries of smallpox vaccine to the CDC under the 155 million-dose ACAM2000
contract. Debtors (receivable within one year) reduced to £15.2m at 30 June
2003 (31 December 2002 - £54.0m). We still expect to have over £125m in cash by
the end of the year.
ii) Stock/creditors: amounts falling due within one year
Stock held at 30 June 2003 amounted to £43.5m (31 December 2002 - £48.4m). This
balance principally represented work-in-progress and finished goods in relation
to work being carried out under the ACAM2000 contract. Since payments for
certain stock items do not take place until after delivery of the vaccine
stocks to the US Government, this results in a high level of trade creditors at
£28.4m (31 December 2002 - £54.8m). The levels of both stock and trade
creditors will reduce as we recognise revenue under the ACAM2000 contract.
Our adopted method for recognising revenue under the 155 million-dose ACAM2000
contract with the CDC, the percentage of cost-to-completion method, continues
to give rise to a significant deferred income balance, representing the
difference between invoices submitted and amounts recognised as revenue. At 30
June 2003, deferred income relating to this contract was £39.4m (31 December
2002 - £21.1m).
iii) Lease financing and overdraft facilities
During 2003, and in accordance with the terms of the facility, we started to
repay the interest accruing on the US dollar-denominated lease-financing
facility secured via Baxter in December 2001 for the reactivation of our
manufacturing plant. The balance on the facility at 30 June 2003 was £13.7m (31
December 2002 - £14.0m). The balance on the ARILVAXTM overdraft facility at 30
June 2003 was £4.2m (31 December 2002 - £4.3m).
Alan Smith
Chairman
This results statement was agreed by the Board of Directors on 15 September
2003.
Notes to editors:
Acambis is a leading developer of vaccines to prevent and treat infectious
diseases. Recognised internationally as the leading producer of smallpox
vaccines, Acambis is able to provide governments around the world with the full
portfolio of related smallpox vaccine products required to protect their
citizens against the threat of smallpox virus being used as a bioterrorist
weapon. Acambis is establishing a travel vaccines franchise, including vaccines
against yellow fever, Japanese encephalitis, dengue fever and typhoid. Acambis
also has the most advanced vaccine in development targeting the West Nile
virus, which has spread to over 40 US States in the last four years.
Acambis is based in Cambridge, UK and Cambridge, Massachusetts, US. Its primary
listing is on the London Stock Exchange (ACM) and its shares are listed in the
form of American Depositary Receipts on Nasdaq (ACAM). More information is
available at www.acambis.com.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of
1995:
The statements in this news release that are not historical facts are
forward-looking statements that involve risks and uncertainties, including the
timing and results of clinical trials, product development, manufacturing and
commercialisation risks, the risks of satisfying the regulatory approval
process in a timely manner, the need for and the availability of additional
capital. For a discussion of these and other risks and uncertainties see "Risk
factors" in the Company's Annual Report and Form 20-F for the most recently
ended fiscal year, in addition to those detailed in the Company's filings made
with the Securities and Exchange Commission from time to time. These
forward-looking statements are based on estimates and assumptions made by the
management of Acambis and are believed to be reasonable, though are inherently
uncertain and difficult to predict. Actual results or experience could differ
materially from the forward-looking statements.
Results for the quarter and six months ended 30 June 2003
Group profit and loss account
Three Three Six Six Year
months months months Months ended
ended ended ended ended 31 Dec
30 June 30 June 30 June 30 June 2002
2003 2002 2003 2002 (audited)
(unaudited) (unaudited) (unaudited) (unaudited) £m
£m
£m £m £m
Turnover 40.5 7.7 82.3 12.9 79.7
Cost of sales (24.8) (5.4) (49.7) (8.7) (49.2)
_____ _____ _____ _____ _____
Gross profit 15.7 2.3 32.6 4.2 30.5
Research and development costs (3.8) (4.8) (10.1) (8.2) (16.5)
Administrative costs (including amortisation of goodwill) (1.1) (1.0) (2.2) (2.0) (4.3)
_____ _____ _____ _____ _____
Group operating profit/(loss) before exceptional items 10.8 (3.5) 20.3 (6.0) 9.7
Exceptional items:
Amounts written off fixed asset investment - - - - (0.1)
_____ _____ _____ _____ _____
Profit/(loss) on ordinary activities before finance charges 10.8 (3.5) 20.3 (6.0) 9.6
_____ _____ _____ _____ _____
Interest receivable 0.4 0.2 0.7 0.3 0.7
Interest payable and similar charges (0.3) (0.3) (0.5) (0.6) (1.2)
Exchange gain on foreign currency borrowings 0.2 0.3 0.1 0.2 0.5
_____ _____ _____ _____ _____
Profit/(loss) on ordinary activities before taxation 11.1 (3.3) 20.6 (6.1) 9.6
_____ _____ _____ _____ _____
Taxation (1.2) - (2.1) - -
_____ _____ _____ _____ _____
Profit/(loss) on ordinary activities after taxation (being 9.9 (3.3) 18.5 (6.1) 9.6
retained profit/(loss) for the period)
_____ _____ _____ _____ _____
Earnings/(loss) per ordinary share (basic, note 2) 9.5p (3.5)p 18.2p (6.5)p 10.0p
_____ _____ _____ _____ _____
Earnings/(loss) per ADR (basic, note 3) $1.57 $(0.53) $3.00 $(0.99) $1.61
_____ _____ _____ _____ _____
Earnings/(loss) per ordinary share 9.2p (3.5)p 17.7p (6.5)p 9.7p
(diluted, notes 2 and 4) _____ _____ _____ _____ _____
Group statement of total recognised gains and losses
Three Three Six Six Year
months months months months ended
ended ended ended ended 31 Dec
30 June 30 June 30 June 30 June 2002
2003 2002 2003 2002 (audited)
(unaudited) (unaudited) (unaudited) (unaudited) £m
£m £m £m £m
Profit/(loss) for the period 9.9 (3.3) 18.5 (6.1) 9.6
(Loss)/gain on foreign currency translation (2.3) 2.1 (0.5) 1.5 1.3
_____ _____ _____ _____ _____
Total recognised gains and losses for the period 7.6 (1.2) 18.0 (4.6) 10.9
_____ _____ _____ _____ _____
Results for the quarter and six months ended 30 June 2003
Group balance sheet
As at As at
30 June 31 Dec
2003 2002
(unaudited)
(audited)
£m
£m
Fixed assets
Goodwill 13.0 13.6
Tangible assets 21.7 20.0
Other investments 1.1 1.1
_____ _____
35.8 34.7
_____ _____
Current assets
Stock 43.5 48.4
Debtors: amounts receivable within one year 15.2 54.0
Debtors: amounts receivable after one year 4.6 4.9
Short-term investments 0.1 0.1
Cash at bank and in hand 86.7 11.7
_____ _____
150.1 119.1
_____ _____
Creditors: amounts falling due within one year (96.7) (88.4)
_____ _____
Net current assets 53.4 30.7
_____ _____
Total assets less current liabilities 89.2 65.4
_____ _____
Creditors: amounts falling due after one year (16.7) (18.9)
_____ _____
Provisions for liabilities and charges
Investment in joint ventures:
- share of assets 0.9 0.9
- share of liabilities (1.2) (1.1)
_____ _____
(0.3) (0.2)
_____ _____
Net assets 72.2 46.3
_____ _____
Capital and reserves
Called-up share capital 10.5 9.9
Share premium account 95.1 87.8
Profit and loss account (33.4) (51.4)
_____ _____
Shareholders' funds - all equity 72.2 46.3
_____ _____
Reconciliation of movements in Group shareholders' funds
As at As at
30 June 31 Dec
2003 2002
(unaudited) (audited)
£m £m
Retained profit for the period 18.5 9.6
(Loss)/gain on foreign currency exchange (0.5) 1.3
New share capital subscribed 7.9 7.7
_____ _____
Net increase in shareholders' funds 25.9 18.6
Opening shareholders' funds 46.3 27.7
_____ _____
Closing shareholders' funds 72.2 46.3
_____ _____
Results for the quarter and six months ended 30 June 2003
Group cash flow statement
Three Three Six Six Year
months months months months ended
ended ended ended ended 31 Dec
30 June 30 June 30 June 30 June 2002
2003 2002 2003 2002 (audited)
(unaudited) (unaudited) (unaudited) (unaudited) £m
£m £m £m £m
Net cash in/(out) flow from operating activities 39.6 5.2 72.2 3.8 (6.2)
_____ _____ _____ _____ _____
Returns on investments and servicing of finance
Interest received 0.5 0.2 0.7 0.3 0.7
Interest paid (0.3) - (0.5) - (0.1)
_____ _____ _____ _____ _____
Net cash inflow from returns on investments and 0.2 0.2 0.2 0.3 0.6
servicing of finance
_____ _____ _____ _____ _____
Taxation (1.9) - (1.9) - 0.1
_____ _____ _____ _____ _____
Capital expenditure and financial investment
Purchase of tangible fixed assets (2.2) (1.6) (3.4) (4.5) (11.5)
Net cash outflow from capital expenditure and (2.2) (1.6) (3.4) (4.5) (11.5)
financial investment
_____ _____ _____ _____ _____
Net cash in/(out)flow before management of 35.7 3.8 67.1 (0.4) (17.0)
liquid resources and financing
_____ _____ _____ _____ _____
Management of liquid resources 0.1 - - - -
_____ _____ _____ _____ _____
Financing
Net proceeds from issue of new shares:
- Baxter subscription - 7.0 7.0 7.0 7.0
- Other 0.9 - 0.9 - 0.8
_____ _____ _____ _____ _____
Net cash inflow from financing 0.9 7.0 7.9 7.0 7.8
_____ _____ _____ _____ _____
Increase/(decrease) in cash for the period 36.7 10.8 75.0 6.6 (9.2)
_____ _____ _____ _____ _____
Analysis of net funds/(debt)
1 Jan 2003 Cash flow Exchange movement 30 June 2003
£m £m £m £m
Cash 11.7 75.0 - 86.7
Liquid resources 0.1 - - 0.1
Overdraft facility (4.3) - 0.1 (4.2)
Finance leases (14.0) _____ 0.3 (13.7)
_____ _____ _____
Net funds/(debt) (6.5) 75.0 0.4 68.9
_____ _____ _____ _____
Results for the quarter and six months ended 30 June 2003
Reconciliation of operating profit/(loss) to net cash in/(out) flow from
operating activities
Three Three Six Six Year
months months months months ended
ended ended ended ended 31 Dec
30 June 30 June 30 June 30 June 2002
2003 2002 2003 2002 (audited)
(unaudited) (unaudited) (unaudited) (unaudited) £m
£m £m £m £m
Operating profit/ 10.8 (3.5) 20.3 (6.0) 9.7
(loss)
Depreciation and 1.0 0.4 1.8 1.0 2.6
amortisation
Decrease/(increase) 5.2 (33.2) 3.9 (37.6) (52.6)
in stock
Decrease/(increase) 24.5 3.0 46.0 (4.5) (50.6)
in debtors
(Decrease)/increase (1.2) 37.4 0.5 49.4 82.0
in creditors
Exchange differences 1.1 (0.5) (0.1) - 1.3
on inter-company
balances
Other (1.8) 1.6 (0.2) 1.5 1.4
_____ _____ _____ _____ _____
Net cash in/(out)flow 39.6 5.2 72.2 3.8 (6.2)
from operating
activities _____ _____ _____ _____ _____
Notes
1. Basis of preparation
The financial information for the three and six months ended 30 June 2003 is
unaudited, and has been prepared in accordance with the accounting policies set
out in the Annual Report for the year ended 31 December 2002. The financial
information for the three and six months ended 30 June 2002 is also unaudited.
The financial information relating to the year ended 31 December 2002 does not
constitute statutory accounts within the meaning of Section 240 of the
Companies Act 1985. This has been extracted from the full report for that year
which has been filed with the Registrar of Companies. The report of the
auditors on these accounts was unqualified. The Board approved the financial
statements for the year ended 31 December 2002 on 27 March 2003. The statutory
accounts for the year ended 31 December 2002 along with the Notice of Annual
General Meeting was sent to shareholders on 8 April 2003. The 2003 Annual
General Meeting at which the statutory accounts for the year ended 31 December
2002 were laid was held on 13 May 2003.
2. Earnings/(loss) per ordinary share (basic)
The basic earnings per ordinary share for the three and six months ended 30
June 2003 is based on a Group profit of £9.9 million and £18.5 million
respectively (2002 - loss of £3.3 million and £6.1 million respectively,
December 2002 - profit of £9.6 million). This has been calculated on the
weighted average ordinary shares in issue and ranking for dividend during the
period of 104,324,067 and 101,808,239 for the three and six months ended 30
June 2003 (2002 - 94,528,671 and 93,805,295; December 2002 - 96,101,507).
3. Earnings/(loss) per ADR (basic)
Each American Depository Receipt ("ADR") represents 10 ordinary shares. The
basic earnings/(loss) per ADR is calculated by multiplying the earnings/(loss)
per ordinary share by a factor of 10 and then multiplying by the prevailing US
dollar exchange rate at the end of the relevant period. The exchange rates used
are 1.6502, 1.5258 and 1.6095 for 30 June 2003, 30 June 2002 and 31 December
2002 respectively.
4. Earnings/(loss) per ordinary share (diluted)
Diluted earnings per ordinary share for the three and six months ended 30 June
2003 is based on the weighted average number of ordinary shares outstanding of
107,617,548 and 104,740,325 respectively (December 2002 - 98,976,882) after
adjusting for the effect of all dilutive potential ordinary shares. Basic and
diluted earnings per ordinary share were the same for the three and six months
ended 30 June 2002 as the Company was loss-making during this period.
Independent review report to Acambis plc
Introduction
We have been instructed by the company to review the financial information
which comprises the Group profit and loss account, the Group statement of total
recognised gains and losses, the Group balance sheet, the reconciliation of
movements in Group shareholders' funds, the Group cash flow statement, the
analysis of net funds, the reconciliation of operating profit to net cash flow
from operating activities and related notes. We have read the other information
contained in the interim report and considered whether it contains any apparent
misstatements or material inconsistencies with the financial information.
Directors' responsibilities
The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by the directors. The directors
are responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
policies and presentation applied to the interim figures should be consistent
with those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.
Review work performed
We conducted our review in accordance with guidance contained in Bulletin 1999/
4 issued by the Auditing Practices Board for use in the United Kingdom. A
review consists principally of making enquiries of group management and
applying analytical procedures to the financial information and underlying
financial data and, based thereon, assessing whether the accounting policies
and presentation have been consistently applied unless otherwise disclosed. A
review excludes audit procedures such as tests of controls and verification of
assets, liabilities and transactions. It is substantially less in scope than an
audit performed in accordance with United Kingdom Auditing Standards and
therefore provides a lower level of assurance than an audit. Accordingly we do
not express an audit opinion on the financial information. This report,
including the conclusion, has been prepared for and only for the company for
the purpose of the Listing Rules of the Financial Services Authority and for no
other purpose. We do not, in producing this report, accept or assume
responsibility for any other purpose or to any other person to whom this report
is shown or into whose hands it may come save where expressly agreed by our
prior consent in writing.
Review conclusion
On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 30 June 2003.
PricewaterhouseCoopers LLP
Chartered Accountants
Cambridge
15 September 2003
END
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