Chiroscience Group - Final Results - Part 2
29 Aprile 1998 - 9:32AM
UK Regulatory
RNS No 6888c
CHIROSCIENCE GROUP PLC
29th April 1998
PART TWO
CONSOLIDATED PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 28 FEBRUARY 1998
1998 1997 1997
#m #m #m
Revenues 26.2 11.5
Cost of sales (i) (9.4) (8.8)
Gross profit 16.8 2.7
Research and development
expenses (i)
- existing operations (17.3)
- acquisition (1.5)
(36.4) (18.8)
Selling, general and
administrative expenses (ii)
- existing operations (5.3)
- acquisition (0.2)
(6.1) (5.5)
Operating loss - note 1
- existing operations (19.9)
- acquisitions (1.7)
(25.7) (21.6)
Net interest receivable 2.4 2.3
Loss on ordinary activities (23.3) (19.3)
before taxation
Tax on loss on ordinary - -
activities
Retained loss for the year
attributable to (23.3) (19.3)
Members of Chiroscience Group
plc
Loss per share - basic - (21.6p) (22.5p)
note 2
The expenses shown as relating to the acquisition in 1997
relate to the operations of Darwin Molecular Corporation for
the 2 month period from its acquisition in December 1996.
During that period Darwin Molecular Corporation had no
revenues or cost of sales.
(i) The allocation of certain costs between research and
development and cost of sales has been restated to
reflect the developing commercial activities of the Group
(seen note 3).
(ii) In accordance with UITF17 the financial statements now
reflect an income statement charge representing an
appropriate proportion of the value of the discount
element of share options issued in prior years and the
value of shares allocated under the long term incentive
plan. The charge to the income statement is offset by a
credit to the reserves and the prior year figures have
been adjusted to reflect this change. The amounts so
charged are #0.3m in the current year and #0.6m in 1997.
CONSOLIDATED BALANCE SHEET
AS AT 28 FEBRUARY 1998
1998 1997
#m #m
Fixed assets
Tangible assets 8.1 9.1
Investments 3.9 3.9
12.0 13.0
Current assets
Stock 1.3 1.0
Debtors 8.9 3.6
Investments 21.8 50.8
Cash at bank and in hand 4.9 0.6
36.9 56.0
Creditors: amounts falling due (11.7) (9.6)
within one year
Net current assets 25.2 46.4
37.2 59.4
Capital and reserves
Called up share capital 5.4 5.3
Share premium account 76.0 75.3
Other reserves 23.6 23.5
Profit and loss account (67.8) (44.7)
37.2 59.4
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 28 FEBRUARY 1998
1998 1997
#m #m
Cashflow from operating activities (25.8) (16.3)
- note (a)
Returns on investments and
servicing of finance
Interest received 2.3 2.3
Capital expenditure and financial
investments
Fixed assets acquired (2.2) (1.1)
Proceeds from sale of fixed assets 0.1 0.1
(2.1) (1.0)
Acquisitions
Pilot plant - (4.6)
Darwin Molecular - expenses of - (1.8)
acquisition - note (b)
Net cash acquired with Darwin - 0.3
Molecular Corporation
- (6.1)
Management of liquid resources
Net transfers between cash and 29.0 (20.0)
investments
Cash inflow/(outflow) before 3.4 (41.1)
financing
Financing
Proceeds of open offer - 42.3
Exercise of share options 0.9 1.0
Expenses of share issues - (2.0)
0.9 41.3
Increase in cash in the year 4.3 0.2
Reconciliation of net cashflow to
movement in net funds
Increase in cash in the year as 4.3 0.2
above
Cash (outflow)/inflow from change (29.0) 20.0
in liquid resources
Change in net funds resulting from (24.7) 20.2
cash flows
Current investments acquired with - 13.7
subsidiary
Exchange gain - 0.3
Movement in net funds in year (24.7) 34.2
Net funds at start of year 51.4 17.2
Net funds at end of year - note 26.7 51.4
(c)
NOTES
(a) Reconciliation of operating loss to net cash flows from
operating activities
1998 1997
#m #m
Operating loss (25.7) (21.6)
Depreciation 3.0 2.2
Loss on disposal of fixed assets 0.1 -
Discount on share options 0.3 0.6
Provision of free of charge (0.5) (0.5)
services
(Increase)/decrease in stocks (0.3) 0.7
Increase in debtors (5.3) (0.4)
Increase in creditors 2.6 2.7
Net cash outflow from operating (25.8) (16.3)
activities
(b) Acquisition of Darwin Molecular Corporation in December
1996
1997
#m
Fair value of net assets acquired
Tangible fixed assets 3.0
Debtors and other assets 0.8
Cash and short-term investments 13.9
Creditors payable within one year (2.3)
15.4
Goodwill 57.9
Total cost of acquisition as above 73.3
Less: shares allotted (67.1)
Less: share options issued in (4.4)
exchange for Darwin share options
Net cash expenses of the acquisition 1.8
The cashflows of Darwin Molecular Corporation, during
the period from acquisition to 28 February 1997 and
included in the Group cashflows, included outflows of
#1.5m on operating activities and #0.2m for capital
expenditure offset by interest income received of #0.2m.
Darwin contributed #1.2m in respect of use of liquid
resources in that period.
(c) Analysis of changes in net funds
At 1 At 28
March Cash Feb
1997 flow 1998
#m #m #m
Cash at bank and in hand 0.6 4.3 4.9
Current asset 50.8 (29.0) 21.8
51.4 (24.7) 26.7
STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
FOR THE YEAR ENDED 28 FEBRUARY 1998
1998 1997
#m #m
Consolidated loss for the year (23.3) (19.3)
Discount on share options 0.3 0.6
Exchange adjustments on foreign (0.1) 0.4
currency investments
Total recognised gains and (23.1) (18.3)
losses for the year
RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
FOR THE YEAR ENDED 28 FEBRUARY 1998
1998 1997
#m #m
Total recognised gains and (23.1) (18.3)
losses for the year
Share capital issued 0.9 108.4
Options issued on acquisition of - 4.4
Darwin Molecular
Goodwill written off on - (60.5)
acquisitions
Net (decrease)/increase in (22.2) 34.0
shareholders' funds
Shareholders' funds at start of 59.4 25.4
year
Shareholders' funds at end of 37.2 59.4
year
NOTES TO THE ACCOUNTS
1. ANALYSIS OF REVENUES, OPERATING LOSS AND NET ASSETS
(a) An analysis of revenues is given by location of the
customer:
1998 1997
#m #m
United Kingdom 14.5 8.3
Rest of Europe 3.7 2.0
United States of America 7.3 1.2
Rest of World 0.7 -
26.2 11.5
(b) Segmental analysis by business:
Revenues Operating Loss Net Assets
1998 1997 1998 1997 1998 1997
#m #m #m #m #m #m
Drug
Discovery 10.2 2.3 (29.5) (20.4) 7.2 7.3
and
development
ChiroTech 16.0 9.2 7.1 1.2 2.8 0.5
26.2 11.5 (22.4) (19.2) 10.0 7.8
Central (3.3) (2.4) 27.2 51.6
activities
Group (25.7) (21.6) 37.2 59.4
operating
loss
Group net funds are not allocated and are included in net
assets relating to central activities.
(c) Geographical analysis by country of origin:
Operating Net
Revenues Loss Assets
1998 1997 1998 1997 1998 1997
#m #m #m #m #m #m
UK 25.7 11.5 (14.7) (17.5) 7.4 6.3
US 0.5 - (7.7) (1.7) 2.6 1.5
26.2 11.5 (22.4) (19.2) 10.0 7.8
Central (3.3) (2.4) 27.2 51.6
activities
(25.7) (21.6) 37.2 59.4
Central activities represent the cost of the Group's central
management activities.
2. LOSS PER SHARE
The loss per share is based on losses of #23.3m (1997: loss of
#19.3m) and on 106.9m Ordinary Shares (1997: 85.4m Ordinary
Shares) being the weighted average number of shares in issue
during the year.
3. CHANGES IN PRESENTATION AND ACCOUNTING POLICY
The allocation of certain costs between research and
development and cost of sales has been restated to reflect the
developing commercial activities of the Group. The effect of
the restatements in the current and prior year are as follows:
1998 1997
#m #m
Cost of sales
Current year presentation 9.4 8.8
Costs previously allocated to (3.1) (3.4)
research and development
Prior year presentation 6.3 5.4
Research and development costs
Current year presentation 36.4 18.8
Costs now allocated to cost of 3.1 3.4
sales
Prior year presentation 39.5 22.2
In accordance with UITF17 the financial statements now reflect
an income statement charge representing an appropriate
proportion of the value of the discount element of share
options issued in prior years and the value of the shares
allocated under the long term incentive plan. The charge to
the income statement is offset by the credit to the reserves.
The prior year figures have been adjusted to reflect this
change. The charges and adjustments are as follows:
1998 1997
#m #m
Charge to profit and loss (0.3) (0.6)
Credit to reserves 0.3 0.6
4. STATUTORY ACCOUNTS
The preceding information does not constitute the Company's
statutory accounts for the years ended 28 February 1998 or 28
February 1997 but is derived from those accounts. 1998
statutory accounts will be posted to shareholders on 8 May
1998 and will be available from the Company Secretary,
Chiroscience Group plc, 283 Cambridge Science Park, Milton
Road, Cambridge CB4 4WE, telephone 01223 420 430 shortly
thereafter. Statutory accounts for 1997 have been delivered
to the Registrar of Companies, and those for 1998 will be
delivered following the Company's Annual General Meeting. The
auditors have reported on these accounts and their reports
were unqualified.
END
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