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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Goldshield Grp | LSE:GSD | London | Ordinary Share | GB0002893823 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 486.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:7579Z Goldshield Group PLC 15 June 2004 For Immediate Release 15 June 2004 GOLDSHIELD GROUP plc Preliminary Results for the year ended 31st March 2004 Goldshield Group plc (LSE: GSD), the marketing-led pharmaceutical company, has pleasure in reporting its Preliminary Results for the year ended 31st March 2004. BUSINESS HIGHLIGHTS * Restructuring creating platform for future growth * Profit centres created with highly-motivated and incentivised teams * Cost base and talent pool radically improved through expansion in India - Headcount in India now over 500, expected to reach 700 by end of 2004 * No further information on SFO investigation or DoH litigation FINANCIAL HIGHLIGHTS * Bank debt reduced to #5.5 million from #13.7 million. * Group revenues of #87.5 million (2003: #105 million) * Profit before interest, tax, amortisation and exceptional costs of #13.8 million (2003: #19.9 million) * Loss per share down at (1.6p) ( 2003: (3.9p)) after high tax losses in US * Net cash inflow from operations of #18.4 million (2003: #11.2 million) * Final dividend 2.5p per share making 3.5p for the year, up 21% * Peter Brown appointed Non-Executive Chairman in August 2003 Commenting on the results, Peter Brown, Chairman of Goldshield Group, said: "It has been a difficult 24 months, but Goldshield is now on a firm footing with a structure that will be able to support sustained growth in the future. We are profitable and will soon be debt-free. Restructuring has left us with highly-motivated teams tightly focused on their markets. We still have much to do during the current year, but we are back on course to create shareholder value." For further information, please contact: Goldshield Group plc Ajit Patel, Chief Executive Officer Today: +44 (0) 20 7466 5000 Rakesh Patel, Finance Director Thereafter: +44 (0) 20 8649 8500 Buchanan Communications +44 (0) 20 7466 5000 Tim Anderson, Mark Court, Mary-Jane Johnson Chairman's Overview Your Company is recovering from a very difficult twenty four months. We have successfully moved virtually all support operations to Mumbai in India, reorganised the sales units in Europe and America and intend soon to be selling products in India. Your executive team has significantly improved cashflow with the result that we have reduced our borrowings by #8.2 million. Despite the fact that operating profits have fallen, current trading is as expected. Under the leadership of Ajit Patel the Company is moving towards a focused style of entrepreneurial business units that is already bringing benefits to shareholders. On your behalf I would like to thank directors, executives and all our staff for their hard and effective work over the last year. Russell Race, who has served you as an independent director since July 1998 is retiring from the board at the AGM as his other business responsibilities have increased. We are actively recruiting a new Independent Director to fill this vacancy. Full details of the Company's activities are contained in the Chief Executive's review and the Finance Director's report and I hope you will be pleased that your Board feel confident in recommending a final dividend of 2.5 pence which, with the 1 pence already paid, represents an increase of 21% over the previous year. Finally, you will be pleased to know that your company has donated surplus drugs, worth over #200,000, to the Bulgarian Red Cross and, for Jordan and surrounding territories, to the Jordanian Red Crescent for immediate distribution to families in these countries. Peter M Brown Chairman 14 June 2004 Chief Executive Officer's Operating Review Overview A year ago Goldshield embarked on a radical restructuring of its business. During many years of rapid growth, group infrastructure played catch-up as we recruited and adapted to try to cope with ever greater business demands. This ad hoc approach had to stop and we needed to rethink our structure and systems. Our Interims in December were also the occasion for the first statement from our non-executive Chairman, Peter Brown, another very important step in the development of Goldshield. Another top priority during the year was the reduction in our debt. I am pleased to report that our total bank debt and deferred acquisition costs have been reduced to #5.6 million at 31 March from #21.6 million a year ago. In order to achieve this we reduced marginal activities, drove operational efficiencies and concentrated on better cash management. Financially, the group is now in a much better position to build for the future. I am pleased to announce our results for the year ended March 2004. Overall sales are #87.1 million (2003: #104.9 million). They are a touch better than previously anticipated. Pre-exceptional earnings before interest, tax and amortisation (EBITA) were #13.8 million (2003: #19.9 million). The exceptional costs for the year were #1.2 million (2003: #1.0 million). I am pleased to announce that the board is recommending a final dividend of 2.5 pence (2003: 1.45 pence) bringing the total for the year to 3.5 pence (2003: 2.9 pence). As part of our ongoing efforts to integrate businesses and provide them with focus, we have reorganised them into smaller Strategic Units with a clearly defined cost structure and grouped by Channels of Distribution. The channels through which we distribute our products and services are: Direct to Consumer, Retail, Hospital, Country Distributors and the yet to be established Out- Licensing. We have also rescaled our operation in the USA giving us a better platform to build a profitable business in this lucrative market. All units, whether they are product or service led, are now profit centres. All support units are working with a clear understanding of generating revenues over and above servicing internal clients and contributing to the group bottom line. The Group is introducing new performance pay systems based on parameters that are scientifically measurable in terms of quality and quantity deliverable. The focus is on lifetime learning teams of entrepreneurs with the purpose of recruiting, retaining and enhancing the customer base. This coupled with a new system of profit accountability will have a significant impact on staff motivation. Plans for developing a Goldshield Academy to enhance technical and management skills at all levels have started. We are committed to recruit and develop people for both our immediate and our future business competencies and as such this initiative is very high on our strategic agenda. Our Indian operation, initiaily set up to handle outsourced processes from our operations in both the US and Europe, has created a number of new opportunities . Our operations here have seen a substantial expansion with over 500 staff located in Mumbai.We have been able to access high quality staff at much lower cost than in the UK and US, taking advantage of the large numbers of well educated people , experienced in business and fluent in English. We have recruited people with many competencies other than call centres. These include medicine, commerce, IT and inventory control. A significant effort is being made to train these new staff, making sure they are well versed in corporate goals, capable of operating with a focus on profit and able to adapt to a system that rewards well those staff able to achieve internal targets. Our focus is to build a successful telemarketing business to serve Goldshield customers in Europe and the USA and leverage this knowledge by assisting in the expansion of call centres owned by other companies. The total space available there will provide over 400 call centre, 250 managerial and over 160 training seats. In addition Goldshield is accessing the increasing numbers of FDA and MHRA approved pharmaceutical plants in India. We will leverage these low cost manufacturing capabilities by contract manufacturing our porducts for sale in India, Europe, United States and other international markets which include the Middle East, South Africa and Australasia . Marketing and Sales Review Direct to Consumer - Europe Sales declined to #18.0 million (2003: #22.1million). Much of the decline is attributed to a maturing of the market and a shortage of new customers. However we have made good progress in the last six months in this important channel of distribution. Sales here have stabilised and the decline halted. A new telemarketing Centre was established in India in May 2003. Since this time we have enhanced our customer relationship approach, resulting in increased customer values and loyalty. We have now undertaken a strategic review of the business and as a result have become more customer orientated. We have also established a more focused customer recruitment group to enhance our database. The Internet business continues to grow and now represents over 10% of all orders processed. More initiatives are being developed to maximise the returns from the Internet. The French business continues to grow and during this period doubled its income through mailing and advertising activity. At the end of this year we moved our French Call Centre to France in order to move closer to our customers and optimise service levels. During the year, gross margins have increased through improved purchasing on key lines, selective introduction of price increases and the introduction of premium high margin products. Retail Generic - Europe The UK generics market has became increasing competitive. We are still primarily UK led in this distribution channel, however our European options are being evaluated. Despite tough competition, our generic business grew 11% over the previous year with sales of #8.8 million (2003: #7.9 million). Inventory management issues and lower selling prices limited growth. Better focus on the product mix, coverage and customer loyalty plan helped increase sales. New product launches, improvement in customer service levels and better management of cost will drive this business in the future. Hospital - Europe The hospital business in Europe has achieved sales of #12.7 million (2003: #11.1 million), an increase of 14% over the previous year. The core of this business remains the Antigen injectables product range in the UK and Ireland accounting for some 80% of its turnover. This element of our business was up 8% on the previous year with growth mainly due to extension of some existing NHS contracts and award of some new ones. Remodulin, prescribed for pulmonary arterial hypertension on a 'named patient' basis (due to not having completed registration in the UK), was subject to pricing negotiations with the NHS, resulting in a doubling of patients treated. Following the recent granting of European marketing rights to Goldshield by Indigo Orb Inc. USA of their spring loaded Autodetect Syringe for Epidural Procedures, a pilot study is planned in the UK prior to an autumn launch. This is the first step in developing a total hospital service provision extending beyond just injectable pharmaceutical products. The European business has seen the biggest growth with sales up 91% to #0.9 million. The supply problems with controlled drugs, particularly pethidine, has impacted similarly on this business with delays of orders which would have pushed the sales up further. Whilst many of these issues have now been resolved, we are focused on putting safeguards in place to prevent a reoccurrence in the future. The Goldshield oncology business was up 9% to #1.6 million. This growth was due to Methotrexate contract awards for both injectable and solid dose presentations. As reported in the Interim Statement, this year also saw the first award for an in-house developed oncology product complementing the products acquired from Wyeth. Within the coming year we will launch two further in house developed oncology products into the UK market, with introductions into other markets outside the UK planned. Direct to Consumer - North America During the period, we have reorganised our business in North America into two business units, Goldshield Elite which focuses on multilevel marketing and Goldshield Direct which carries out mailing and telemarketing activities. As reported earlier, we undertook considerable consolidation here and our total operations here have been trimmed down significantly. We had earlier in the year sold our products containing Ephedra, which together with rationalisation of other peripheral activities had a marked impact on our sales which closed at #10.9 million. (2003: #26.8 million). The sales are now stable in the last 3 months and we have started the recovery process. We are determined to build our presence here. Since inception in June 2003, Goldshield Elite's membership crossover from Changes International, Golden Pride International/W.T. Rawleigh and Achievers Unlimited was slower than anticipated. However, it increased during the first quarter of 2004 due to various enrolment campaigns offered to current members. Elite is in the process of consolidating all companies into one. We expect to complete this by the end of June 2004. Elite has adopted a new Corporate Customer Creation campaign to enrol new members. An outbound sales campaign originating from India and a mini-web page email campaign originating from the US will form the basis of this recruitment drive which aims to enrol 500,000 new Members by 2010. Both campaigns were released on 1 June 2004. Goldshield Direct, which was formed after merging PR Nutrition and Advanced Nutritional Products, has started on recruiting new customers through outbound telemarketing campaigns from India. This business is about a third of the size of Goldshield Elite. Retail Brands - Europe Sales in Retail Brands Europe reached #32.6 million this year, almost level with the previous year at #32.9 million. Sales in the UK increased from #22.2 million to #22.4 million, whilst in Europe, sales declined from #10.7 million to #10.2 million.The majority of this decline is due to a combination of delays in technical transfers and out-of-stock situations. In the UK, the Dispensing Doctor sales operation grew by 15% over the previous year. In January, the Representatives started promoting Flexeze, a Glucosamine/ Chondroitin product to General Practitioners. The changes in the NHS resulted in more work focusing on Nurses, now an important source of influence, who prescribe several Goldshield products. The Own Label business has shown an increase in sales of 62% from #1.6 million to #2.6 million. In Ireland, traditional Goldshield products have shown a 9% growth. In Europe, we have obtained a registration for Flexeze Capsules in Hungary and sales are expected shortly. In Poland, we have submitted a registration for Flexeze Gel and in Kosovo, 8 registrations were submitted for a variety of pharmaceutical products. As a result of Malta joining the EU, we have had to register our products and we submitted 26 registrations. During the year, we have identified many opportunities in the retail sector throughout Europe, which we will capitalise on. Over the last year, the major change in the business has been the move away from a purely prescription product business to one which markets a wider range of the Group's products actively through the retail channel and secondly to focus the unit on being a European wide business ready for the expansion of the EU. Country Distributors - Rest of World This part of our portfolio saw a 3% decline in sales at #3.8million (2003: #3.9 million). Whilst the Smith Kline Beecham (SKB) acquired products, which still account for more than 50% of this Channel's sales, grew by 11% it did not compensate for the downward sales trend in the Antigen and Regina product sales. South Africa was a source of excellent growth of over 63% over last year with Ecotrin (enteric coated aspirin) remaining the leading product in its class for preventative use post-myocardial infarction, coupled with the launch into the GP sector of various Flexeze (glucosamine) formulations. Sales in Pakistan were up 34% fuelled by local sales growth across the SKB product range. Australia/New Zealand saw a 15% growth attributable to the Goldshield product range and the last quarter saw preparations being finalized for the re-launch of Ecotrin in the New Year. Thailand, which last year saw sales restricted due to product availability, recovered as soon as supplies recommenced. Regina business, which is mostly dependent on Duty Free Sales in the Far East, was down 18% despite increased sales resulting from product inclusion with Thai Airways. The sales continued to be hit by lower passenger air traffic post the SARS epidemic and compounded during the year by world-wide shortages in supply of raw material. Services - Global This is a very new area of business for us. During the last 18 months of consolidation, management restructure and the move of some of our back office functions to India, we have developed many competencies in the service sector. Most of these are simply an extension of what is required for better functioning of our internal operations. Since all our service functions have been broken down into smaller profit centre units, it makes sense to offer these services externally from our low cost base in India. In addition to incremental revenues, it will bring in better learning and provide benchmarking against standards of others. Whilst this is not our core business, we expect revenues to increase in the coming months. Product Development As part of the overall reorganisation, we have taken a fresh look at how Product Development functions within the group. In order to fully maximize the potential of our acquired and own developed products, we have created two product groups. Both of these are focused on their core competencies which centre around the ability to get product registered and approved for sale. The unlicensed product group focuses on products that require minimum registrations and are a lot quicker to market, whilst the licensed product group manages the traditional prescription product portfolio. Both these groups will not only aim to maximize sales through all the internal Business Units but also form relationships with external customers and promote out-licensing and sales of Goldshield products under 'own label' supply. These groups are responsible for researching and developing new products, increasing existing product leverage and developing marketing plans for all new and selected existing products to be implemented by the internal Business Units. Within the unlicensed product group, we already have several exciting products in the pipeline, focusing less on 'me too' and more on innovative and unique formulations, several of which will be selected to undergo clinical evaluation in the coming months. The focus for the Group with respect to Product Development for Licensed products over the last 12 months has been to consolidate the large number of product acquisitions made prior to March 2002. Effort has largely been concerned with transferring production into new manufacturing sites to ensure long term continuity of supplies. This has involved the co-ordination of Technical and Regulatory activity for these transfers especially on the significant number of injectable licenses acquired through the purchase of Antigen Pharmaceuticals. Despite the focus on product transfers, the licensed product group has over the last 12 months, submitted product license applications for 12 new molecules each representing a number of different presentations. A number of new product licenses have also been granted within European and some International markets. The number of approvals achieved was less than our target, mainly as a result of internal problems within the authorities. Current Trading and Future Prospects This year we will conclude the restructuring of the Group. We can then return to organic growth and acquisitions. We now have a high-quality, highly-motivated team whose remuneration is closely linked to their performance. Each business unit is tightly focused on its products and markets. Our goal still remains that of better cash management. We expect to be debt free during the current year. There is a great temptation to focus on immediate and short term results. Nevertheless it is right to continue with the process of change started last year. I am confident that with a better balance sheet, a more organised and efficient infrastructure and a better quality and motivated team, sales growth will resume during 2005/06 financial year. There is nothing new to report on either the SFO investigation or the DoH litigation. An update on the changes in the legal matters arising from our Irish acquisitions is set out in note 26 to the financial statements. We expect to continue defending our position until a proper and satisfactory resolution has been achieved. Ajit Patel Chief Executive Officer 14 June 2004 Consolidated Profit and Loss Account for the year ended 31 March 2004 Before Notes exceptional Exceptional Total Total items items 2004 2003 (Note 3) #000 #000 #000 #000 Turnover 2 87,063 - 87,063 104,920 Cost of sales (34,878) - (34,878) (30,838) Gross profit 52,185 - 52,185 74,082 Other operating income 3 418 - 418 - Distribution costs (5,253) - (5,253) (11,092) Impairment losses - - - (4,864) Exceptional legal and professional - (1,154) (1,154) (951) costs Other administrative expenses (42,320) - (42,320) (52,903) Administrative expenses (42,320) (1,154) (43,474) (58,718) Operating profit 5,030 (1,154) 3,876 4,272 Net interest 4 (561) - (561) (744) Profit on ordinary activities 3 4,469 (1,154) 3,315 3,528 before taxation Tax on profit on ordinary 6 (3,917) - (3,917) (5,004) activities Profit/(Loss) on ordinary 552 (1,154) (602) (1,476) activities after taxation Equity minority interests 20 - 20 24 Profit/(Loss) for the financial 572 (1,154) (582) (1,452) year Equity dividends 8 (1,295) - (1,295) (1,069) (Loss) transferred from reserves 19 (723) (1,154) (1,877) (2,521) Earnings per share Basic (pence) 9 (1.6) (3.9) Diluted (pence) 9 - - Dividend per share (pence) 8 3.5 2.9 All operations are continuing. A statement of movement of reserves is given in note 19. The accompanying accounting policies and notes form an integral part of these financial statements. Consolidated Statement of Total Recognised Gains and Losses for the year ended 31 March 2004 Group 2004 2003 #000 #000 (Loss) for the financial year (582) (1,452) Currency differences on foreign currency net investments (2,513) (1,118) Total recognised gains and losses for the year and total gains and (3,095) (2,570) losses recognised since the last financial statements The accompanying accounting policies and notes form an integral part of these financial statements. Consolidated Balance Sheet at 31 March 2004 Notes 2004 2003 #000 #000 Fixed assets Goodwill 10 21,456 26,744 Other intangible assets 10 27,300 32,620 Intangible assets 10 48,756 59,364 Tangible assets 11 1,333 1,258 50,089 60,622 Current assets Stocks 13 13,991 15,444 Debtors: due within one year 14 13,426 16,648 Cash at bank and in hand 24 186 2,433 27,603 34,525 Creditors: amounts falling due within one year 15 (33,658) (36,770) Net current (liabilities) (6,055) (2,245) Total assets less current liabilities 44,034 58,377 Creditors: amounts falling due after more than one year 16 - (7,500) Provisions for liabilities and charges 17 (589) (3,186) 43,455 47,691 Capital and reserves Called up share capital 18 1,851 1,846 Share premium account 19 21,234 21,075 Profit and loss account 19 20,254 24,644 Shareholders' funds 20 43,339 47,565 Equity minority interests 21 106 126 Total capital employed 43,445 47,691 The financial statements were approved by the Board of Directors on 14 June 2004, and signed on their behalf by: Ajit Patel, Chief Executive Officer R V Patel, Finance Director The accompanying accounting policies and notes form an integral part of these financial statements. Company Balance Sheet at 31 March 2004 Notes 2004 2003 #000 #000 Fixed assets Investments 12 7,274 5,642 Current assets Debtors: due after more than one year 14 22,332 11,444 Debtors: due within one year 14 7,361 21,591 29,693 33,035 Creditors: amounts falling due within one year 15 (9,562) (5,183) Net current assets 20,131 27,852 Total assets less current liabilities 27,405 33,494 Creditors: amounts falling due after more than one year 16 - (7,500) 27,405 25,994 Capital and reserves Called up share capital 18 1,851 1,846 Share premium account 19 21,234 21,075 Profit and loss account 19 4,320 3,073 Shareholders' funds 27,405 25,994 The financial statements were approved by the Board on 14 June 2004 and signed on their behalf by: A R Patel, Chief Executive Officer R V Patel, Finance Director The accompanying accounting policies and notes form an integral part of these financial statements. Consolidated Cash Flow Statement for the year ended 31 March 2004 Notes 2004 2003 #000 #000 Net cash inflow from operating activities 22 18,397 11,232 Returns on investments and servicing of finance Interest received 32 81 Interest paid (593) (825) Net cash outflow from returns on investments and servicing of (561) (744) finance Taxation Corporation tax paid (3,098) (4,582) Capital expenditure and financial investment Purchase of tangible fixed assets (703) (1,177) Purchase of intangible fixed assets - (2,626) Proceeds on disposal of tangible fixed assets - 106 Net cash outflow from capital expenditure and financial investment (703) (3,697) Acquisitions and disposals Purchase of businesses and deferred consideration (7,207) (5,917) Equity dividends paid (905) (1,605) Net cash outflow before financing 5,923 (5,313) Financing New bank loan - 1,234 Bank loan payment (8,180) (2,838) Issue of shares 10 30 Cash(outflow) from financing (8,170) (1,574) (Decrease) in cash 23 (2,247) (6,887) The accompanying accounting policies and notes form an integral part of these financial statements. Notes to the Financial Statements 1 PRINCIPAL ACCOUNTING POLICIES Basis of preparation The financial statements have been prepared in accordance with applicable United Kingdom accounting standards and under the historic cost convention. The Directors have reviewed the principal accounting policies and consider they remain the most appropriate for the Group. The principal accounting policies of the Group have remained unchanged from the previous year and are set out below. Basis of consolidation The Group financial statements consolidate those of the Company and of its subsidiary undertakings drawn up to 31 March 2004. Profits or losses on intra-group transactions are eliminated in full. The results of the subsidiary undertakings acquired during the year have been included from the date of acquisition. On acquisition of a subsidiary, all of the subsidiary's assets and liabilities which exist at the date of acquisition are recorded at the fair values reflecting their condition at that date. Goodwill arising on consolidation, representing the excess of the fair value of the consideration given over the fair values of the identifiable net assets acquired, is capitalised net of any provision for impairment and is amortised on a straight line basis over its estimated useful economic life. Investments Investments in subsidiary undertakings in the balance sheet of the Company are included at the cost of the shares held less amounts written off. Turnover Turnover is the total amount receivable by the Group for goods supplied and services provided, excluding value added tax and trade discounts. Turnover is recognised as the delivery of goods and services to customers. Intangible fixed assets Brand names, know-how, licences, trademarks and similar intangible items are capitalised at historical cost net of any provision for impairment and amortised on a straight line basis over their estimated useful economic lives, which range between seven and ten years. Depreciation Depreciation is calculated to write down the cost, less estimated residual value, of all tangible fixed assets other than freehold land over their expected useful economic lives. The rates generally applicable are: Freehold buildings 4% p.a. straight line Office equipment 20% p.a. straight line Plant and equipment 15% p.a. straight line Motor vehicles 20% p.a. straight line Depreciation commences in the month of purchase and is calculated on a pro rata basis in the year of acquisition. Stocks Stocks are stated at the lower of cost and net realisable value. Deferred taxation Deferred tax is recognised on all timing differences where the transactions or events that give the group an obligation to pay more tax in the future, or a right to pay less tax in the future have occurred by the balance sheet date. Deferred tax assets are recognised when it is more likely than not that they will be recovered. Deferred tax is measured using rates of tax that have been enacted or substantially enacted by the balance sheet date. Pensions The Group operates a defined contribution pension scheme whereby contributions are made to individual employee pension plans of certain employees. These costs are charged against profits in respect of the accounting period in which they are paid. Leased assets Payments made under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease. Foreign currencies Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities in foreign currencies are translated at the rates of exchange ruling at the balance sheet date. The financial statements of foreign subsidiaries are translated at the rate of exchange ruling at the balance sheet date. The exchange differences arising from the re-translation of the opening net investment in subsidiaries are taken directly to reserves. Where exchange differences result from the translation of foreign currency borrowings raised to acquire foreign assets (including equity investments) they are taken to reserves and offset against the differences arising from the translation of those assets. All other exchange differences are dealt with through the profit and loss account. This accounting policy is as prescribed by Statement of Standard Accounting Practice 20. Research and development expenditure All research and development expenditure is written off to the profit and loss account in the period in which it is incurred. Financial instruments Financial assets are recognised in the balance sheet at the lower of cost or net realisable value. Provision is made for diminution in value where appropriate. Interest receivable is accrued and credited to the profit and loss account in the period to which it relates. Share options The estimated cost of share options granted (being the difference between exercise price and market rate on the date of grant) are accrued over the period to which the benefit relates. 2 SEGMENTAL REPORTING Turnover and profit on ordinary activities before taxation are attributable to the principal activity of the Group. 2004 2003 #000 #000 Turnover by destination: United Kingdom 59,294 61,440 Western Europe Excluding the United Kingdom 11,062 11,108 North America 10,851 26,845 Rest of the World 5,856 5,527 87,063 104,920 Turnover by origin: United Kingdom 62,798 65,802 North America 10,851 26,844 Ireland 12,598 12,274 India 816 - 87,063 104,920 Operating profit: United Kingdom 1,758 7,513 North America (3,191) (6,123) Ireland 4,679 2,882 India 630 - 3,876 4,272 Net assets: United Kingdom 35,917 59,216 North America (3,778) (1,022) Ireland 16,654 3,177 India 152 - Unallocated (5,500) (13,680) 43,445 47,691 3 PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION The profit on ordinary activities is stated after charging/(crediting): 2004 2003 #000 #000 Auditors' remuneration: - Audit services 133 147 - Non audit services (see below) 109 74 Depreciation and amortisation: - Intangible fixed assets 8,734 9,828 - Tangible fixed assets 514 477 Hire of plant and machinery 76 60 Loss on disposal of tangible fixed assets: - 40 Impairment losses - 4,864 Exceptional legal and professional costs 1,154 951 Operating lease rentals 706 894 Other operating Income 418 - Foreign exchange gains (52) (61) Research and development: - current year expenditure 613 969 Auditors remuneration for non audit services principally consists of the review and reporting on the Group's interim results, compliance work for corporation taxes and sales taxes in jurisdictions in which the Group has a presence. Exceptional legal and professional costs relate to fees in connection with the Serious Fraud Office investigation, Department of Health claim and issues arising out of the Irish operations, detailed in note 26. Other operating Income relates to income arising from the disposal of assets in respect of the right to the sale of products containing Ephedra. 4 NET INTEREST 2004 2003 #000 #000 Interest payable on bank loans and overdrafts (593) (825) Interest receivable and similar income 32 81 (561) (744) 5 DIRECTORS AND EMPLOYEES Employees Staff costs during the year were as follows: 2004 2003 #000 #000 Wages and salaries 7,907 11,060 Social security costs 677 1,056 Other pension costs 100 340 8,684 12,456 The average number of employees is analysed below: 2004 2003 Administration 161 121 Marketing and Selling 418 227 Management 25 24 Warehouse 44 35 648 407 The Group contributes to employee money pension schemes at a precentage of pay (depending on grade) Directors' Remuneration The emoluments of the Directors were as follows: 2004 2003 #000 #000 Emoluments 1,193 1,107 Payments to third parties for consultancy services 28 28 Gain on exercise of share options 26 - Pension contributions to money purchase pension schemes 71 95 1,318 1,230 During the year five Directors (2003: five Directors) participated in money purchase pension schemes. The amounts set out above include remuneration in respect of the highest paid Director as follows: 2004 2003 #000 #000 Emoluments 350 347 Pension contributions to money purchase pension schemes 8 31 358 378 6 TAX ON PROFIT ON ORDINARY ACTIVITIES 2004 2003 #000 #000 United Kingdom corporation tax at 30% (2003: 30%) 6,033 3,624 Adjustment in respect of prior periods 447 (393) Overseas taxation 34 1,098 Total current tax 6,514 4,329 Origination and reversal of timing differences (2,597) 239 Adjustment to estimated recoverable amount of deferred tax assets - 436 Total deferred tax (2,597) 675 Tax on profit on ordinary activities 3,917 5,004 The tax assessed for the year is higher than the standard rate of corporation tax in the United Kingdom at 30% (2003: 30%). The differences are explained as follows:- 2004 2003 #000 #000 Profit on ordinary activities before tax 3,315 3,528 Profit on ordinary activities multiplied by the standard rate of 994 1,058 corporation tax in the United Kingdom of 30% (2003: 30%) Effect of Expenses not deductible for tax purposes 2,260 1,175 Impairment provision not qualifying for tax relief - 1,459 Capital allowances for the year in excess of depreciation (81) (209) Utilisation of tax losses - (3) Tax losses carried forward 1,139 1,242 Other short term timing differences 1,755 - Adjustments to tax charge in respect of prior periods 447 (393) Total current tax 6,514 4,329 7 PROFIT FOR THE FINANCIAL YEAR The Parent Company has taken advantage of Section 230 of the Companies Act 1985 and has not included its own profit and loss account in these financial statements. The profit after tax for the year of the Company was #1,247,000 (2003: #1,128,000) which is dealt with in the financial statements of the Company. 8 EQUITY DIVIDENDS 2004 2003 #000 #000 Ordinary shares - interim dividend of 1.00p per share paid 20 January 2004 370 534 (2003: 1.45p paid 20 January 2003) Ordinary shares - proposed final dividend of 2.50p per share payable on 15 925 535 October 2004 (2003: 1.45p paid 17 October 2003) 1,295 1,069 9 EARNINGS PER SHARE The calculation of the basic earnings per share is based on the earnings attributable to ordinary shareholders divided by the weighted average number of shares in issue during the year. The calculation of diluted earnings per share is based on the basic earnings per share, adjusted to allow for the issue of shares and the post tax effect of dividends, on the assumed conversion of all dilutive options. There is no diluted earnings per share as share options would not have a dilutive effect on the loss for the year. Reconciliations of the earnings and weighted average number of shares used in the calculations are set out below. 2004 2003 Weighted Weighted average average number Per share number Per share Earnings of shares amount Earnings of shares amount #000 000 pence #000 000 pence (Loss) attributable to (582) 36,936 (1,452) 36,879 shareholders Basic earnings per share (1.6) (3.9) 10 INTANGIBLE FIXED ASSETS Group Brand names know-how licences and trade marks Goodwill Total #000 #000 #000 Cost At 1 April 2003 50,299 43,059 93,358 Exchange differences (14) (2,406) (2,420) Additions 3 - 3 Adjustment to purchase consideration (550) - (550) At 31 March 2004 49,738 40,653 90,391 Amortisation At 1 April 2003 17,679 16,314 33,993 Exchange differences (12) (1,080) (1,092) Provided in the year 4,771 3,963 8,734 At 31 March 2004 22,438 19,197 41,635 Net book amount At 31 March 2004 27,300 21,456 48,756 Net book amount At 31 March 2003 32,620 26,744 59,365 The Board has reviewed the value of all of the intangible assets and is of this view that there is no need to provide for impairment losses against the intangible assets. In considering the value of goodwill attaching to the US business, a future growth rate of 15% has been assumed, which exceeds the average growth rate for that territory. The Board considers this appropriate in view of their future plans for the recently restructured business. The Board has considered the useful economic life for significant acquisitions and concluded in each case that the useful economic life ranges between 8 and 10 years. 11 TANGIBLE FIXED ASSETS Group Freehold land Office Plant & Motor & buildings equipment equipment vehicles Total #000 #000 #000 #000 #000 Cost At 1 April 2003 32 1,586 408 63 2,089 Exchange differences (7) (145) (7) (2) (161) Additions 45 471 187 - 703 At 31 March 2004 70 1,912 588 61 2,631 Depreciation At 1 April 2003 - 661 144 28 832 Exchange differences - (56) 10 (2) (48) Charge for the year 6 456 24 28 514 At 31 March 2004 6 1,060 178 54 1,298 Net book amount At 31 March 2004 64 852 410 7 1,333 Net book amount At 31 March 2003 32 926 264 35 1,258 12 FIXED ASSET INVESTMENTS Company 2004 2003 #000 #000 Investments in Group undertakings at cost 7,274 5,642 Company 2004 #000 Cost At 1 April 2003 5,642 Additions 1,632 At 31 March 2004 7,274 Amounts written off in year ended 31 March 2004 - Net book amount at 31 March 2004 7,274 Shares in Subsidiary undertakings At 31 March 2004 the Group held more than 20% of the allotted share capital of the following significant undertakings: Name Country of Class of share Proportion Nature of registration or capital held held business incorporation Goldshield Pharmaceuticals England and Wales #1 ordinary 100% Marketing, and distribution of Limited shares pharmaceutical products Goldshield Limited England and Wales #1 ordinary 100% Marketing and distribution of shares vitamins and health supplements Goldshield Management England and Wales #1 ordinary 100% Management services Services Limited shares Vitamins Direct Limited England and Wales #1 ordinary 100% Marketing and distribution of shares vitamins and health supplements Regina Health Limited England and Wales #1 ordinary 100% Marketing and distribution of shares vitamins and health supplements B&S House of Health England and Wales #1 ordinary 100% Marketing and distribution of Limited shares vitamins and health supplements Natural Essentials Limited England and Wales #1 ordinary 100% Marketing and distribution of shares vitamins and health supplements One World Supplements Jersey #1 ordinary 100% Marketing and distribution of Limited shares vitamins and health supplements Forley Generics Limited England and Wales #1 ordinary 100% Marketing of pharmaceutical shares products Goldshield USA, Inc USA Ordinary shares 100% Intermediate holding company Golden Pride, Inc USA Ordinary shares 100% Marketing and distribution of vitamins and health supplements WT Rawleigh, Co Canada Ordinary shares 100% Marketing and distribution of vitamins and health supplements Achievers Unlimited, Inc USA Ordinary shares 100% Marketing and distribution of vitamins and health supplements Changes International, Inc USA Ordinary shares 100% Marketing and distribution of vitamins and health supplements PR Nutritional, Inc USA Ordinary shares 100% Marketing and distribution of vitamins and health supplements Advance Nutritional USA Ordinary shares 100% Marketing and distribution of Products, Inc vitamins and health supplements Vitamins Direct, Inc USA Ordinary shares 100% Marketing and distribution of vitamins and health supplements Goldshield Services Pvt India Ordinary shares 100% Management Services Limited Goldshield Teleservices USA Ordinary shares 100% Telemarketing Management Inc Services Health & Beauty Direct England and Wales #1 ordinary 70% Marketing and distribution by Limited shares mail order Antigen Pharmaceuticals Ireland Ordinary shares 100% Intermediate holding company Limited Antigen International Ireland Ordinary shares 100% Marketing and distribution of Limited pharmaceutical products Antigen Overseas Limited Ireland Ordinary shares 100% Marketing and distribution of pharmaceutical products Anpharm Limited Ireland Ordinary shares 100% Marketing and distribution of pharmaceutical products Goldshield (Australia) Australia Ordinary shares 100% Marketing and distribution of (Pty) Limited pharmaceutical products Goldshield (Hong Kong) Hong Hong Ordinary shares 100% Marketing and distribution of Limited pharmaceutical products 13 STOCKS Group 2004 2003 #000 #000 Finished goods and goods for resale 13,991 15,444 14 DEBTORS Debtors due after more than one year Group Company 2004 2003 2004 2003 #000 #000 #000 #000 Amounts owing by subsidiary undertakings - - 22,332 11,444 Debtors due within one year Group Company 2004 2003 2004 2003 #000 #000 #000 #000 Trade debtors 12,755 14,499 - - Amounts owing by subsidiary undertakings - - 7,308 21,538 Prepayments and accrued income 671 2,149 53 53 13,426 16,648 7,361 21,591 15 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group Company 2004 2003 2004 2003 #000 #000 #000 #000 Bank overdraft - - 1,159 600 Bank loan 5,500 6,180 5,500 4,000 Trade creditors 7,374 7,642 - - Deferred purchase consideration 110 7,898 - - Current taxation 6,093 2,618 1,596 - Social security and other taxes 1,302 1,383 - - Other creditors 1,878 1,429 - - Accruals 10,474 9,085 382 48 Dividends payable 925 535 925 535 33,658 36,770 9,562 5,183 16 CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR Group Company 2004 2003 2004 2003 #000 #000 #000 #000 Bank loan - 7,500 - 7,500 Bank borrowings are secured by a fixed and floating charge over current and future assets of the Group. Interest is charged at up to 2.4% above the Royal Bank of Scotland plc base rate on bank loans and overdraft borrowings. 17 PROVISIONS FOR LIABILITIES AND CHARGES Group 2004 2003 #000 #000 Deferred taxation 589 3,186 Deferred taxation provided for in the financial statements is set out below. Group 2004 2003 #000 #000 Accelerated capital allowances 3,079 3,426 Other short term timing differences (2,250) - Tax losses (240) (240) Total 589 3,186 Group 2004 2003 #000 #000 At 1 April 2003 3,186 3,426 Movement in the year (2,597) (240) At 31 March 2004 589 3,186 The Group has not recognised deferred tax assets amounting to #5,200,000 (2003: #2,286,000) in respect of tax losses available for offset against future profits. 18 CALLED UP SHARE CAPITAL Group 2004 2003 #000 #000 Authorised 100,000,000 ordinary shares of 5 pence each (2003: 100,000,000) 5,000 5,000 Group 2004 2003 #000 #000 Allotted, called up and fully paid 37,017,738 ordinary shares of 5 pence each (2003: 36,921,989) 1,851 1,846 During the year 95,749 shares were issued under the unapproved employee share option scheme and the employee share save scheme. The difference between the total consideration of #163,348 and the nominal value of #4,787 has been credited to the share premium account. Share options The market price at 31 March 2004 was 232 pence and the range during the year ended 31 March 2004 was 137.5 pence to 245 pence. The following share options which have been granted by the Company were outstanding at the year end: Earliest Latest Date of date of date of 2004 2003 grant exercise exercise Number Number The 'existing scheme' 5p Ordinary shares at 13.75 pence 1 Apr 1998 1 Apr 2001 31 Mar 2005 - 39,176 The 'unapproved scheme' 5p Ordinary Shares at 180 pence 3 Jun 1998 3 Jun 2001 2 Jun 2008 735,000 785,000 5p Ordinary Shares at 480.5 pence 11 Aug 1999 11 Aug 2002 10 Aug 2009 37,982 60,893 5p Ordinary Shares at 640 pence 11 Jan 2000 11 Jan 2003 10 Jan 2010 181,183 267,213 5p Ordinary Shares at 871 pence 10 July 2000 10 Jul 2003 9 Jul 2010 18,179 161,517 5p Ordinary Shares at 775 pence 18 Dec 2000 18 Dec 2003 17 Dec 2010 6,751 47,629 5p Ordinary Shares at 686 pence 18 Jul 2001 18 Jul 2004 17 Jul 2011 145,394 344,511 5p Ordinary Shares at 586.5 pence 3 Dec 2001 3 Dec 2004 2 Dec 2011 17,094 173,792 5p Ordinary Shares at 366 pence 23 Jul 2002 3 Jul 2005 22 Jul 2012 426,320 506,303 5p Ordinary Shares at 196 pence 04 Aug 2003 04 Aug 2006 04 Aug 2013 209,462 - INDIA The 'unapproved scheme' 5p Ordinary Shares at 157.5 pence 04 Aug 2003 04 Aug 2006 04 Aug 2013 188,298 - The employee share save scheme 5p Ordinary Shares at 180 pence 9 Oct 1998 1 Dec 2005 31 May 2006 17,766 23,515 5p Ordinary Shares at 375 pence 24 Aug 1999 1 Oct 2004 31 Mar 2005 1,800 10,113 5p Ordinary Shares at 696 pence 23 Aug 2000 1 Oct 2007 31 Mar 2008 1,056 1,667 5p Ordinary Shares at 620 pence 15 Feb 2001 1 Apr 2004 30 Sep 2006 482 4,538 5p Ordinary Shares at 555 pence 10 Aug 2001 1 Oct 2004 31 Mar 2007 2,308 5,662 5p Ordinary Shares at 436 pence 7 Feb 2002 1 Apr 2005 30 Sep 2005 1,307 4,339 5p Ordinary Shares at 275.2 pence 2 July 2002 1 Aug 2005 31 Jan 2010 45,327 125,902 5p Ordinary Shares at 266 pence 10 Jan 2003 1 Feb 2006 31 Jul 2008 6,940 13,333 5p Ordinary Shares at 126 pence 15 Aug 2003 1 Sep 2006 28 Feb 2009 94,443 - 5p Ordinary Shares at 174 pence 2 Feb 2004 1 Mar 2007 31 Aug 2009 28,827 - 19 SHARE PREMIUM ACCOUNT AND RESERVES Group & Group Company Company Profit Profit Share & loss & loss premium account account account #000 #000 #000 At 1 April 2003 24,644 3,073 21,075 Retained (loss)/profit for the year (1,877) 1,247 - Premium on allotment during the year - - 159 Currency difference on foreign currency net investments (2,513) - - At 31 March 2004 20,254 4,320 21,234 20 RECONCILIATION OF MOVEMENTS IN EQUITY SHAREHOLDERS' FUNDS Group 2004 2003 #000 #000 (Loss) for the financial year after taxation (582) (1,452) Dividends (1,295) (1,069) Issue of shares 164 30 Currency difference on foreign currency net investments (2,513) (1,118) Net (decrease) in Shareholders' funds (4,226) (3,609) Shareholders' funds at 1 April 2003 47,565 51,174 Shareholders' funds at 31 March 2004 43,339 47,565 21 EQUITY MINORITY INTERESTS Equity minority interests represent a holding of 30% in Health and Beauty Direct Limited and the holders of these shares have no other rights against any other Group undertaking. 22 NET CASH INFLOW FROM OPERATING ACTIVITIES Group 2004 2003 #000 #000 Operating profit 3,876 4,272 Depreciation 514 477 Amortisation 8,734 9,828 Impairment losses - 4,864 Decease/(increase) in stocks 1,453 (3,214) Loss on disposal of fixed assets: - Tangible fixed assets - 40 Decrease/(increase) in debtors 3,221 (2,794) Increase/(decrease) in creditors 599 (2,241) Net cash inflow from operating activities 18,397 11,232 23 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT Group 2004 2003 #000 #000 (Decrease) in cash for the year (2,247) (6,887) Cash outflow from debt financing 8,180 1,604 Change in net debt arising from cash flows 5,933 (5,283) Net debt at 1 April 2003 (11,247) (5,964) Net debt at 31 March 2004 (5,314) (11,247) 24 ANALYSIS OF CHANGES IN NET DEBT Group 2004 Cash flow 2003 #000 #000 #000 Cash in hand and at bank 186 (2,247) 2,433 Bank loan (5,500) 8,180 (13,680) (5,314) 5,933 (11,247) 25 LEASING COMMITMENTS Operating lease payments amounting to #909,000 (2003: #1,186,000) are due within one year. The leases to which these amounts relate expire as follows: Group Group 2004 2003 Land & Land & buildings Other buildings Other #000 #000 #000 #000 In one year or less 195 1 252 38 Between one and five years 553 102 712 126 In five years or more 58 - 58 - 806 103 1,022 164 The Company did not have any operating leases at 31 March 2004 (31 March 2003: nil). 26 CONTINGENT LIABILITIES Indemnities and guarantees At 31 March 2004, the Company had undertaken to provide support to certain subsidiary undertakings. There is a contingent liability in respect of bank borrowings of all companies within the Group which are secured by an inter company cross guarantee. The aggregate Group liability at 31 March 2004 amounted to #5,500,000 (2003: #13,680,000). The Group has given indemnities in respect of advance payments, deferred purchase consideration and import duty guarantees issued on its behalf in the normal course of business. The indemnities given at 31 March 2004 were #331,540 (2003: #535,156). Irish Operations On 28 November 2001 the Group acquired the sales, marketing and distribution rights for the Antigen brand from Antigen Holdings Limited. The companies and assets were acquired at an estimated cost of #9.4 million. The estimated consideration was to be settled in two parts, firstly by the payment of #5.2 million and secondly by an obligation to discharge the wider scheme of arrangement covering all Antigen companies (including those not acquired by the Group). The directors obtained legal opinion that the Group's exposure to the debts covered by the scheme was restricted to the debts borne by the companies it acquired. On 29 October 2002, Miza Ireland Limited and each of its Irish subsidiaries, parties to the wider scheme of arrangement, were placed into examinership. During the current year the liquidator of Miza Ireland Limited claimed the sum of Euro20.8 million although no grounds for claim have been specified in detail. Liability for the claim has been denied. The Directors have received legal opinion that no basis for claim has been presented by the liquidator which could result in a liability on the part of the company and that the subsidiaries concerned have grounds for defending the claim. Serious Fraud Office (SFO) Investigation On 10 April 2002 the Group's premises and those of the Chief Executive were visited by the SFO and certain documentation taken away. A press statement issued by the SFO stated that its operations formed part of an investigation into suspected conspiracy to defraud the National Health Service (NHS) concerning the prices charged for penicillin based antibiotics and Warfarin between 1 January 1996 and 31 December 2000. The Directors do not believe the Group has acted in an unlawful or improper manner, nor has it at any time conspired to defraud the NHS and no provision has been made accordingly. Until any formal charges are made against the Group, its maximum potential exposure under relevant legislation for the alleged offences cannot be quantified. Legal and professional costs in this matter are expensed as incurred. Department of Health (DoH) claim On 20 December 2002, the DoH issued a legal claim against the Group and three other companies (Norton Healthcare Limited, Norton Pharmaceuticals Limited and Regent - GM Laboratories Limited) amounting to #28.6 million for alleged anti-competitive practices involving the fixing of selling prices and controlling the market and production of Warfarin between January 1997 and September 2000. The Directors believe the Group is free from wrong-doing in respect of these allegations. A defence has been filed and no provision has been made for amounts potentially due under this claim. The expected legal and professional costs for this action have been accrued. US operations Changes Inc , which was acquired by Goldshield from Twinlabs Inc, has been named in a legal action brought by the estate of a deceased customer of Twinlabs Inc for a sum of around $ 8 milllion. The action relates to a period prior to the acquisition of Changes . Goldshield only acquired the assets of Changes Inc. The Directors have received US legal advice to the effect that the prospects of success against Changes are remote. There were no other material contingent liabilities at 31 March 2004 or 31 March 2003. 27 FINANCIAL INSTRUMENTS The Group uses financial instruments, comprising cash, short term borrowings, trade debtors and trade creditors, which arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Group's operations. Short term debtors and creditors Short term debtors and creditors have been excluded from the following disclosures except those relating to currency risk. Interest rate risk The Group finances its operations through a mixture of retained profits and bank facilities. Bank borrowings are made using variable interest rates. Liquidity risk The Group seeks to manage financial risk, to ensure sufficient liquidity is available to meet foreseeable needs and to invest cash assets safely and profitably. Short-term flexibility is achieved through overdraft facilities and short/medium term borrowings. Maturity of financial liabilities The Group financial liabilities analysis at 31 March 2004 was as follows: Group Company 2004 2003 2004 2003 #000 #000 #000 #000 In less than one year or on demand Bank and other borrowings payable by instalments 5,500 6,180 5,500 4,600 Deferred purchase consideration 110 7,898 - - In more than two years but less than five years Bank and other borrowings - 7,500 - 7,500 5,610 21,578 5,500 12,100 Borrowing facilities The Group has undrawn facilities available of #250,000 expiring within one year (2003: #500,000). Currency risk The Group is exposed to translation and transaction foreign exchange risk. In relation to translation risk the proportion of assets held in the foreign currency are matched to an appropriate level of borrowings in the same currency. Transaction exposures are hedged when known, mainly using the forward exchange hedge market. The Group seeks to hedge its exposure using a variety of financial instruments, with the objective of minimising the impact of fluctuations in exchange rates on future transactions and cash flows. The Group has overseas subsidiaries operating in Ireland where reserves and expenses are denominated in Euros. The Group has funded the acquisition cost and working capital by a Euro loan. As the Group receives net cash inflows in Euros this loan is being reduced and replaced, as necessary, by funding denominated in Sterling. #16.9 million (2003: #16.6 million) of the sales of the Group's business is to customers in continental Europe/foreign markets excluding North American operations. The majority of these sales are invoiced in the currencies of the customers involved. The Group policy is to minimise all currency exposures on any balance not expected to mature within 30 days of its arising through the use of forward currency contracts. All other sales of UK business are denominated in sterling. The tables below show the extent to which Group companies have monetary assets and liabilities in currencies other than their local currency. Functional currency of operation Net foreign currency monetary assets/(liabilities) Other US Dollar Euro currencies Total #000 #000 #000 #000 2004 Sterling 1,611 2,619 901 5,131 Dollar 1,134 - 298 1,432 Euro (94) 11,950 178 12,034 2,651 14,569 1,377 18,597 2003 Sterling (227) (3,992) 692 (3,527) Dollar 1,477 - 22 1,499 Euro 334 974 (132) 1,176 1,584 (3,018) 582 (852) Fair values The fair values of the Group's financial instruments are considered equal to the book value. 28 RELATED PARTY TRANSACTIONS Golden Pride, Inc. occupy a building owned by First Sunrise LLC (previously Hersey Family Limited Partnership), in which Harry Hersey Jr. a member of the group senior management team has a beneficial interest. In the year ended 31 March 2004 net payments of #136,000 (2003: #127,000) were paid to the related parties. This information is provided by RNS The company news service from the London Stock Exchange END FR USUARSVRNAUR
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