Sosei Announces Restatements of Previously Issued Quarterly and Full Year Accounts
02 Febbraio 2018 - 12:19PM
Business Wire
- Revenues and operating expenses are
not impacted by restatements
- Restatements limited to changes in
previous tax charge estimates under IFRS
- Q3 FY2017 results to be released on
14 February 2018
Sosei Group Corporation (“Sosei” or the “Company”; TSE Mothers
Index: 4565), the world leader in GPCR medicine design and
development, today announced that it will be restating selected
financial statements previously issued by the Company.
Revenues and operating expenses are not impacted by the
restatements.
The following periods will be subject to adjustments related to
estimated tax charges under IFRS and associated balance sheet
values1.
- Q2 FY2016 (three-month period ended 30
September 2016)
- Q3 FY2016 (three-month period ended 31
December 2016)
- Q4 FY2016 / FY2016 (three- and 12-month
periods ended 31 March 2017)
- Q1 FY2017 (three-month period ended 30
June 2017)
- Q2 FY2017 (three-month period ended 30
September 2017)
During 2017, the Company appointed new tax advisors and
conducted a comprehensive global tax review. The outcome of the
review indicated that tax advice previously received by the Company
was inconsistent with the current global tax environment and,
accordingly, the Company may have filed two erroneous tax returns
in Japan, related to an additional Japanese tax liability arising
from its UK operations. The Company has taken immediate and
voluntary action to amend the previously filed tax returns, and to
make all necessary disclosures to the relevant tax authorities.
The Company has assessed the total tax expense increase on
FY2016 reported earnings (Q2, Q3 and Q4 FY2016) to be less than JPY
500 million (before potential penalties which are capped2), and
will restate these accounts to reflect these changes. In addition,
Q1 and Q2 FY2017 tax expenses will see modest increases (estimated
to be less than JPY 200 million combined) which will be reflected
in restated accounts. It is important to note that revenues and
operating expenses are not impacted by the restatements in any
way.
The Company will release its Q3 FY2017 results (three-month
period ended 31 December 2017), together with all the restated
accounts on 14 February 2018.
1
The only items that are impacted are the tax expense/benefit
line in the Statement of Comprehensive Income, and the associated
deferred tax asset/liability and tax creditor values in the
Statement of Financial Position.
2
Potential penalties only apply to FY2016 and are capped at a
maximum amount of JPY 150 million. Management expect any potential
penalty amount to be less than this given the Company self-reported
the issue immediately and voluntarily to the relevant tax
authorities.
About SoseiSosei is an international biopharmaceutical
company focused on the design and development of new medicines
originating from its proprietary GPCR-targeted StaR® technology and
structure-based drug design platform capabilities. The Company is
advancing a broad and deep pipeline of partnered and wholly owned
product candidates in multiple therapeutic areas, including CNS,
cancer, metabolic diseases and other rare/specialty indications.
The Company’s leading clinical programs include a proprietary Phase
2 candidate for dementia with Lewy bodies (DLB) in Japan, together
with partnered candidates aimed at the symptomatic treatment of
Alzheimer’s disease (with Allergan) and immuno-oncology approaches
to treat cancer (with AstraZeneca). Sosei’s additional partners and
collaborators include Novartis, Teva, Pfizer, Daiichi-Sankyo,
PeptiDream, Kymab and MorphoSys. The Company is headquartered in
Japan with R&D facilities in the UK.
Sosei is listed on the Mothers Index of the Tokyo Stock Exchange
(ticker: 4565). For more information, please visit
http://www.sosei.com/en/.
Sosei Forward-looking statementsThis press release may
contain forward-looking statements, including statements about the
discovery, development and commercialisation of products. Various
risks may cause Sosei’s actual results to differ materially from
those expressed or implied by the forward-looking statements,
including: adverse results in clinical development programmes;
failure to obtain patent protection for inventions; commercial
limitations imposed by patents owned or controlled by third
parties; dependence upon strategic alliance partners to develop and
commercialise products and services; difficulties or delays in
obtaining regulatory approvals to market products and services
resulting from development efforts; the requirement for substantial
funding to conduct research and development and to expand
commercialisation activities; and product initiatives by
competitors. As a result of these factors, prospective investors
are cautioned not to rely on any forward-looking statements. We
disclaim any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20180202005206/en/
Sosei Group CorporationChris Cargill, +44 (0)7912 892 199Head of
Investor Relations and Corporate
Communicationsccargill@sosei.comorHarumi Banse, +81 3 5210
3399Corporate Communications (Japan)hbanse@sosei.comorCitigate Dewe
Rogerson (for International media)Mark Swallow / David Dible, +44
(0)20 7638 9571sosei@citigatedewerogerson.com