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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
FORM
20-F/A
Amendment No. 1
 
 
 
(Mark One)
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
 
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2021
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                to                
OR
 
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of event requiring this shell company report
                
Commission file number 001-39633
 
 
Abcam plc
(Exact name of Registrant as specified in its charter)
 
 
Not Applicable
(Translation of Registrant’s name into English)
United Kingdom
(Jurisdiction of incorporation or organization)
Discovery Drive
Cambridge Biomedical Campus
Cambridge, CB2 0AX
United Kingdom
(Address of principal executive offices)
Alan Hirzel
Chief Executive Officer
Telephone: +44 (0) 1223 696000
Discovery Drive
Cambridge Biomedical Campus
Cambridge, CB2 0AX
United Kingdom
(Name, Telephone,
E-mail
and/or Facsimile number and Address of Company Contact Person)
Securities registered or to be registered, pursuant to Section 12(b) of the Act
 
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Ordinary shares, nominal value £0.002 per share*
 
ABCM
 
The Nasdaq Global Select Market
 
*
The ordinary shares are represented by American Depositary Shares, which are exempt from registration under Section 12(b) of the Securities Exchange Act of 1934, as amended, pursuant to Rule
12a-8
thereunder.
Securities registered or to be registered pursuant to Section 12(g) of the Act: None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None
 
 
Indicate the number of outstanding shares of each of the issuer’s classes of capital stock or common stock as of the close of the period covered by the annual report:
    
228,883,639
ordinary shares, nominal value of £0.002 per share.
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  ☒    No  ☐

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.    Yes  ☐    No  ☒

Note—Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
 
S-T
 
(§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated
filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule
12b-2
of the Exchange Act.
 
☒  Large accelerated filer   ☐  Accelerated filer    ☐  Non-accelerated filer   ☐  Emerging growth company
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.  ☐

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  ☒

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
 
 
☐  U.S. GAAP    ☒  International Financial Reporting Standards as issued by the International Accounting Standards Board      ☐  Other
If “Other” has been checked in response to the previous question indicate by check mark which financial statement item the registrant has elected to follow. Item 17 ☐ Item 18 ☐
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act). Yes  ☐    No  ☒
 
Auditor Firm Id: 876   Auditor Name: PricewaterhouseCoopers LLP   Auditor Location: Cambridge, United Kingdom
 
 
 

Explanatory Note
This Amendment No. 1 to the Annual Report on Form
20-F
of Abcam plc (the “Company”) amends the Company’s Annual Report on Form
20-F
for the year ended December 31, 2021 (the “Original
20-F”),
which was filed with the Securities and Exchange Commission on March 14, 2022. The Company is filing this Amendment No. 1 solely to file Exhibit 101, which was not included in the Original
20-F,
in accordance with Rule 405 of Regulation
S-T.
Exhibit 101 contains interactive data files in Inline eXtensible Business Reporting Language (XBRL).
Except as described above, this Amendment No. 1 does not, and does not purport to, amend, modify, update or restate any information set forth in the Original
20-F,
and the Company has not updated disclosures included therein to reflect any events that occurred subsequent to March 14, 2022.

PART III
Item 19. Exhibits
 
Exhibit
No.
  
Description
   
101.INS*
  
Inline XBRL Instance Document — The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
   
101.SCH*
  
Inline XBRL Taxonomy Extension Schema Document
   
101.PRE*
  
Inline XBRL Taxonomy Presentation Linkbase Document
   
101.CAL*
  
Inline XBRL Taxonomy Calculation Linkbase Document
   
101.LAB*
  
Inline XBRL Taxonomy Label Linkbase Document
   
101.DEF*
  
Inline XBRL Taxonomy Extension Definition Linkbase Document
   
104*
  
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
 
*
Filed herewith.

SIGNATURES
The registrant hereby certifies that it meets all of the requirements for filing on Form
20-F
and that it has duly caused and authorized the undersigned to sign this Amendment No. 1 to Annual Report on Form
20-F
on its behalf.
 
ABCAM PLC
 
Date: April 8, 2022
   
By:
 
/s/ Alan Hirzel
Name:
 
Alan Hirzel
Title:
 
Chief Executive Officer


Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of Abcam plc
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheet of Abcam plc and its subsidiaries (the “Group”) as of December 31, 2021, December 31, 2020 and June 30, 2020, and the related consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated cash flow statement for the year ended December 31, 2021, six-months ended December 31, 2020 and years ended June 30, 2020 and June 30, 2019, including the related notes (collectively referred to as the “consolidated financial statements”). We also have audited the Group’s internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Group as of December 31, 2021, December 31, 2020 and June 30, 2020, and the results of its operations and its cash flows for the year ended December 31, 2021, six months ended December 31, 2020 and years ended June 30, 2020 and June 30, 2019 in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board. Also in our opinion, the Group did not maintain, in all material respects, effective internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO because material weaknesses in internal control over financial reporting existed as of that date. The material weaknesses related to (i) lack of controls over information technology systems that are relevant to the preparation of the consolidated financial statements, (ii) insufficient controls over the completeness and accuracy of records for the goods received not invoiced account, (iii) ineffective controls in pricing, quantities and discount rates in the revenue cycle including review and approval of manual invoices, (iv) ineffective controls over the completeness, accuracy, existence and valuation of inventory, (v) insufficient controls over the preparation and review of payroll, including completeness and accuracy of key data inputs and (vi) insufficient controls over the completeness and accuracy of key data inputs in manual journal entries.
A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis. The material weaknesses referred to above are described in Management’s Annual Report on Internal Control over Financial Reporting appearing under Item 15. We considered these material weaknesses in determining the nature, timing, and extent of audit tests applied in our audit of the December 31, 2021 consolidated financial statements, and our opinion regarding the effectiveness of the Group’s internal control over financial reporting does not affect our opinion on those consolidated financial statements.
Changes in Accounting Principles
As discussed in notes 1 and 3 to the consolidated financial statements, the Group changed the manner in which it accounts for cloud computing costs in 2021 and the manner in which it accounts for leases as of July 1, 2019.
Basis for Opinions
The Group’s management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in management’s report referred to above. Our responsibility is to express opinions on the Group’s consolidated financial statements and on the Group’s internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Group in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.
 
F-2


Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.
As described in Management’s Annual Report on Internal Control over Financial Reporting, management has excluded BioVision, Inc from its assessment of internal control over financial reporting as of December 31, 2021 because it was acquired by the Group in a purchase business combination during 2021. We have also excluded BioVision, Inc from our audit of internal control over financial reporting. BioVision, Inc is a wholly-owned subsidiary whose total assets and total revenues excluded from management’s assessment and our audit of internal control over financial reporting represent 2% and 1%, respectively, of the related consolidated financial statement amounts as of and for the year ended December 31, 2021.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Critical Audit Matters
The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
Valuation of BioVision, Inc. acquired intangible assets
As described in notes 4 and 29 to the consolidated financial statements, on October 26, 2021 the Group acquired NKY Biotech US, Inc and its 100% owned subsidiary, BioVision, Inc (collectively “BioVision”), for cash consideration of $349.9 million (£253.8 million), which resulted in the recognition of intangible assets of £80.6 million. Management made significant judgement in estimating the fair value of the intangible assets acquired, which involved the use of significant estimates and assumptions with respect to the future cash flows. The significant assumptions used by management included the revenue growth rate and the expected attrition rates associated with the acquired product portfolio.
The principal considerations for our determination that performing procedures relating to the valuation of BioVision acquired intangible assets is a critical audit matter are (i) the significant judgment made by management in determining the fair value of the intangible assets acquired; (ii) a high degree of auditor
 
F-3


judgment, subjectivity, and effort in performing procedures and evaluating the significant assumptions related to the future cash flows, revenue growth rate and expected attrition rates associated with the acquired product portfolio; and (iii) the audit effort involved the use of professionals with specialized skills and knowledge.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included, among others (i) reading the purchase agreement and assessing the completeness of intangible assets identified and (ii) testing management’s process for determining the fair value of the acquired intangible assets. Testing management’s process included (a) evaluating the appropriateness of the valuation methods, (b) testing the mathematical accuracy of the model, (c) testing the completeness and accuracy of data used in the model and (d) evaluating the reasonableness of significant assumptions used by management in estimating the future cash flows. Evaluating management’s assumptions related to the revenue growth rate and expected attrition rates with the acquired product portfolio involved evaluating whether the assumptions used were reasonable considering consistency with external market and industry data and historical revenue growth rates. Professionals with specialized skill and knowledge were used to assist in evaluating the appropriateness of the management’s valuation methods and evaluating the reasonableness of the expected attrition rates assumption.
Impairment assessment of acquired intangible assets
As described in notes 4 and 13 to the consolidated financial statements, the Group holds intangible assets with a carrying value of £234.2 million as of December 31, 2021 which included technology acquired in the Firefly BioWorks acquisition of £11.3 million. Management regularly reviews for indicators of impairment of acquired intangible assets against qualitative and quantitative factors. During the period ended December 31, 2021, management performed an impairment assessment of the Firefly intangible asset. Management utilized the fair value less costs to sell method to assess the recoverable amount of the intangible assets. Management estimated the fair value of the intangible asset utilizing market-based data from comparable companies and recent transactions in the industry. The result was a fair value that significantly exceeded the carrying value of the asset and management has concluded that there are no reasonable possible scenarios that would cause an impairment to be required.
The principal considerations for our determination that performing procedures relating to the impairment assessment of acquired intangible assets is a critical audit matter are (i) the significant judgement made by management in determining the recoverable amount of the Firefly intangible asset; and (ii) a high degree of auditor judgement, subjectivity, and effort in performing procedures and evaluating management’s significant assumptions related to the appropriate comparable companies and recent transactions.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included, among others, (i) testing management’s process for estimating the recoverable amount of the Firefly intangible asset; (ii) evaluating the appropriateness of the methodology used to determine the fair value; (iii) testing the completeness and accuracy of the underlying data used in the models, and (iv) evaluating the reasonableness of significant assumptions when estimating the fair value. Evaluating management’s assumptions involved (a) determining the appropriateness of the comparable companies and recent transactions used by management and (b) considering other sources that corroborated or contradicted management’s assumptions.
/s/ PricewaterhouseCoopers LLP
Cambridge, United Kingdom
March 14, 2022
We have served as the Group’s auditor since 2013 which includes periods before the Group became subject to SEC reporting requirements.
 
F-4


Consolidated income statements
For the year ended 31 December 2021, the six months ended 31 December 2020 and the years ended 30 June 2020 and 2019
 
     Note     
Year ended

31 December
2021

£m
    Six months
ended
31 December
2020
(revised*)
£m
    Year ended
30 June
2020
(revised*)
£m
    Year ended
30 June
2019
(revised*)
£m
 
Revenue
     5     
 
315.4
 
    147.5       260.0       259.9  
Cost of sales
           
 
(90.8
    (42.9     (79.8     (76.7
             
 
 
   
 
 
   
 
 
   
 
 
 
Gross profit
           
 
224.6
 
    104.6       180.2       183.2  
Selling, general and administrative expenses
           
 
(189.7
    (73.6     (131.5     (112.9
Research and development expenses
           
 
(27.8
    (13.7     (38.3     (15.0
             
 
 
   
 
 
   
 
 
   
 
 
 
Operating profit
     6     
 
7.1
 
    17.3       10.4       55.3  
Finance income
     9     
 
0.3
 
    0.2       0.7       0.6  
Finance costs
     9     
 
(2.7
    (1.9     (2.8     (0.3
             
 
 
   
 
 
   
 
 
   
 
 
 
Profit before tax
           
 
4.7
 
    15.6       8.3       55.6  
Tax (charge) / credit
     10     
 
(0.3
    (2.8     4.2       (11.2
             
 
 
   
 
 
   
 
 
   
 
 
 
Profit for the year / period attributable to equity shareholders of the parent
           
 
4.4
 
    12.8       12.5       44.4  
             
 
 
   
 
 
   
 
 
   
 
 
 
Earnings per share
                                         
Basic
     11     
 
1.9p
 
    5.8p       6.0p       21.7p  
Diluted
     11     
 
1.9p
 
    5.8p       6.0p       21.5p  
             
 
 
   
 
 
   
 
 
   
 
 
 
 
*
See note 1(d) for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs.
The accompanying accounting policies and notes form an integral part of these consolidated financial statements.
 
F-5


Consolidated statements of comprehensive income
For the year ended 31 December 2021, the six months ended 31 December 2020 and the years ended 30 June 2020 and 2019
 
     Note     
Year ended

31 December
2021

£m
    Six months
ended
31 December
2020
(revised*)
£m
    Year ended
30 June
2020
(revised*)
£m
    Year ended
30 June
2019
(revised*)
£m
 
Profit for the year / period attributable to equity shareholders of the parent
           
 
4.4
 
    12.8       12.5       44.4  
             
 
 
   
 
 
   
 
 
   
 
 
 
Items that may be reclassified to the income statement in subsequent years
                                         
Movement on cash flow hedges
     26     
 
(0.1
    1.1       0.7       (1.7
Exchange differences on translation of foreign operations
           
 
5.7
 
    (17.5     9.6       7.0  
Movement in fair value of investment
           
 
(0.1
    (3.1     4.0       (0.1
Tax relating to components of other comprehensive income
           
 
0.5
 
    0.6       (1.5     0.3  
             
 
 
   
 
 
   
 
 
   
 
 
 
Other comprehensive income / (expense) for the year / period
           
 
6.0
 
    (18.9     12.8       5.5  
             
 
 
   
 
 
   
 
 
   
 
 
 
Total comprehensive income / (expense) for the year / period
           
 
10.4
 
    (6.1     25.3       49.9  
             
 
 
   
 
 
   
 
 
   
 
 
 
 
*
See note 1(d) for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs.
The accompanying accounting policies and notes form an integral part of these consolidated financial statements.
 
F-6



Consolidated balance sheets
As at 31 December 2021, 31 December 2020 and 30 June 2020
 
     Note     
As at

31 December

2021

£m
    As at
31 December
2020
(revised*)
£m
    As at
30 June
2020
(revised*)
£m
 
Non-current
assets
                                 
Goodwill
     12     
 
364.8
 
    184.3       195.0  
Intangible assets
     13     
 
234.2
 
    151.8       150.1  
Property, plant and equipment
     14     
 
73.5
 
    48.5       43.3  
Right-of-use
assets
     15     
 
88.2
 
    108.8       121.4  
Investments
     16     
 
3.5
 
    3.4       7.0  
Deferred tax asset
     17     
 
10.4
 
    15.6       13.7  
             
 
 
   
 
 
   
 
 
 
             
 
774.6
 
    512.4       530.5  
             
 
 
   
 
 
   
 
 
 
Current assets
                                 
Inventories
     18     
 
58.2
 
    42.9       40.7  
Trade and other receivables
     19     
 
47.2
 
    47.3       44.4  
Current tax receivable
           
 
10.5
 
    3.8       6.4  
Derivative financial instruments
     20     
 
0.5
 
    0.3       —    
Cash and cash equivalents
           
 
95.1
 
    211.9       187.3  
             
 
 
   
 
 
   
 
 
 
             
 
211.5
 
    306.2       278.8  
             
 
 
   
 
 
   
 
 
 
Total assets
           
 
986.1
 
    818.6       809.3  
             
 
 
   
 
 
   
 
 
 
Current liabilities
                                 
Trade and other payables
     21     
 
(54.2
    (43.4     (43.8
Derivative financial instruments
     20     
 
(0.2
    (0.1     (1.2
Lease liabilities
     15     
 
(9.2
    (7.1     (7.3
Borrowings
     22     
 
(119.2
    —         (106.4
Current tax liabilities
           
 
(4.4
    (1.4     (0.9
             
 
 
   
 
 
   
 
 
 
             
 
(187.2
    (52.0     (159.6
             
 
 
   
 
 
   
 
 
 
Net current assets
           
 
24.3
 
    254.2       119.2  
             
 
 
   
 
 
   
 
 
 
Non-current
liabilities
                                 
Deferred tax liability
     17     
 
(41.5
    (27.6     (28.3
Lease liabilities
     15     
 
(101.3
    (109.9     (120.5
             
 
 
   
 
 
   
 
 
 
             
 
(142.8
    (137.5     (148.8
             
 
 
   
 
 
   
 
 
 
Total liabilities
           
 
(330.0
    (189.5     (308.4
             
 
 
   
 
 
   
 
 
 
Net assets
           
 
656.1
 
    629.1       500.9  
             
 
 
   
 
 
   
 
 
 
Equity
                                 
Share capital
     23     
 
0.5
 
    0.5       0.4  
Share premium account
           
 
268.3
 
    265.1       138.2  
Merger reserve
     23     
 
68.6
 
    68.6       68.6  
Own shares
     23     
 
(2.2
    (2.4     (2.5
Translation reserve
     23     
 
31.1
 
    25.4       42.9  
Hedging reserve
     23     
 
0.2
 
    0.2       (0.7
Retained earnings
           
 
289.6
 
    271.7       254.0  
             
 
 
   
 
 
   
 
 
 
Total equity attributable to the equity shareholders of the parent
           
 
656.1
 
    629.1       500.9  
             
 
 
   
 
 
   
 
 
 
 
*
See note 1(d) for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs.
The accompanying accounting policies and notes form an integral part of these consolidated financial statements.
 
F-7


Consolidated statements of changes in equity
For the year ended 31 December 2021, the six months ended 31 December 2020 and the years ended 30 June 2020 and 2019
 
     Note      Share
capital
£m
     Share
premium
account
£m
     Merger
reserve
£m
     Own
shares
£m
    Translation
Reserve
£m
    Hedging
reserve
£m
    Retained
Earnings
£m
    Total
£m
 
Balance as at 1 July 2018
              0.4        25.6        68.1        (3.2     26.3       0.1       234.4       351.7  
Revision

              —          —          —          —         —         —         (1.1     (1.1
Balance as at 1 July 2018 (revised*)
             
0.4
  
      
25.6
      
68.1
      
(3.2
)
 
   
26.3
     
0.1
      233.3       350.6  
Profit for the year (revised*)
              —          —          —          —         —         —         44.4       44.4  
Other comprehensive
 income /
(expense) (revised*)
              —          —          —          —         7.0       (1.4     (0.1     5.5  
Total comprehensive income / (expense) for the year (revised*)
              —          —          —          —         7.0       (1.4     44.3       49.9  
Issue of ordinary shares, net of share issue costs
              —          1.4        —          0.4       —         —         (0.4     1.4  
Share-based payments inclusive of deferred tax
              —          —          —          —         —         —         6.3       6.3  
Purchase of own shares
              —          —          —          —         —         —         (0.2     (0.2
Equity dividends
     24        —          —          —          —         —         —         (24.9     (24.9
Balance as at 30 June 2019 (revised*)
              0.4        27.0        68.1        (2.8     33.3       (1.3     258.4       383.1  
Implementation of IFRS16
              —          —          —          —         —         —         (1.5     (1.5
Balance as at 1 July 2019
              0.4        27.0        68.1        (2.8     33.3       (1.3     256.9       381.6  
Profit for the year (revised*)
              —          —          —          —         —         —         12.5       12.5  
Other comprehensive income (revised*)
              —          —          —          —         9.6       0.6       2.6       12.8  
Total comprehensive
income
for the year (revised*)
              —          —          —          —         9.6       0.6       15.1       25.3  
Issue of ordinary shares, net of share issue costs
              —          111.2        0.5        0.3       —         —         (0.3     111.7  
Share-based payments inclusive of deferred tax
              —          —          —          —         —         —         7.4       7.4  
Purchase of own shares
              —          —          —          —         —         —         (0.1     (0.1
Equity dividends
     24        —          —          —          —         —         —         (25.0     (25.0
Balance as at 30 June 2020 (revised*)
              0.4        138.2        68.6        (2.5     42.9       (0.7     254.0       500.9  
Profit for the period (revised*)
              —          —          —          —         —         —         12.8       12.8  
Other comprehensive (expense) / income (revised*)
              —          —          —          —         (17.5     0.9       (2.3     (18.9
Total comprehensive (expense) / income for the period (revised*)
              —          —          —          —         (17.5     0.9       10.5       (6.1
Issue of ordinary shares, net of share issue costs
              0.1        126.9        —          0.1       —         —         (0.1     127.0  
Share-based payments inclusive of deferred tax
              —          —          —          —         —         —         7.4       7.4  
Purchase of own shares
              —          —          —          —         —         —         (0.1     (0.1
Balance as at 31 December 2020 (revised*)
              0.5        265.1        68.6        (2.4     25.4       0.2       271.7       629.1  
Profit for the year
           
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
4.4
 
 
 
4.4
 
Other comprehensive income
           
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
 
 
5.7
 
 
 
—  
 
 
 
0.3
 
 
 
6.0
 
Total comprehensive income for the year
           
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
 
 
5.7
 
 
 
—  
 
 
 
4.7
 
 
 
10.4
 
Issue of ordinary shares, net of share issue costs
           
 
—  
 
  
 
3.2
 
  
 
—  
 
  
 
0.2
 
 
 
—  
 
 
 
—  
 
 
 
(0.2
 
 
3.2
 
Share-based payments inclusive of deferred tax
           
 
—  
 
  
 
—  
 
  
 
—  
 
  
 
—  
 
 
 
—  
 
 
 
—  
 
 
 
13.4
 
 
 
13.4
 
Balance as at 31 December 2021
           
 
0.5
 
  
 
268.3
 
  
 
68.6
 
  
 
(2.2
 
 
31.1
 
 
 
0.2
 
 
 
289.6
 
 
 
656.1
 
 
*
See note 1
(
d)
for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs.
The accompanying accounting policies and notes form an integral part of these consolidated financial statements.
 
F-8

Consolidated cash flow statements
For the year ended 31 December 2021, the six months ended 31 December 2020 and the years ended 30 June 2020 and 2019
 
     Note     
Year ended

31 December
2021

£m
    Six months
ended
31 December
2020
(revised*)
£m
    Year ended
30 June
2020
(revised*)
£m
    Year ended
30 June
2019
(revised*)
£m
 
Cash generated from operations
     25     
 
72.2
 
    33.1       65.4       82.8  
Net income taxes
(paid) /
received
           
 
(9.3
    0.2       (2.4     (13.5
             
 
 
   
 
 
   
 
 
   
 
 
 
Net cash inflow from operating activities
           
 
62.9
 
    33.3       63.0       69.3  
             
 
 
   
 
 
   
 
 
   
 
 
 
Investing activities
                                         
Investment income
           
 
0.3
 
    0.2       0.7       0.6  
Purchase of property, plant and equipment
           
 
(34.5
    (11.5     (12.7     (17.7
Purchase of intangible assets
           
 
(25.3
    (13.0     (23.0     (21.8
Transfer of cash from / (to) escrow in respect of future capital expenditure
           
 
—  
 
    0.4       (0.6     4.5  
Purchase of investments
     16     
 
(0.1
    —         (2.2     —    
Reimbursement of leasehold improvement costs

           
 
13.2
 
    1.7       —         —    
Net cash outflow arising from acquisitions
     29     
 
(245.1
    —         (110.3     (14.6
             
 
 
   
 
 
   
 
 
   
 
 
 
Net cash outflow from investing activities
           
 
(291.5
    (22.2     (148.1     (49.0
             
 
 
   
 
 
   
 
 
   
 
 
 
Financing activities
                                         
Dividends paid
     24     
 
—  
 
    —         (25.0     (24.9
Principal element of lease obligations
           
 
(8.8
    (3.8     (6.8     —    
Interest element of lease obligations
           
 
(1.5
    (0.5     (0.9     —    
Interest paid
           
 
(0.7
    (0.6     (0.8     (0.1
Proceeds on issue of shares, net of issue costs
           
 
3.2
 
    127.0       111.2       1.4  
Facility arrangement fees
           
 
(0.8
    —         —         (0.9
Utilisation of revolving credit facility
     22     
 
120.0
 
    —         127.0       —    
Repayment of revolving credit facility
     22     
 
—  
 
    (107.0     (20.0     —    
Purchase of own shares
           
 
—  
 
    (0.1     (0.1     (0.2
             
 
 
   
 
 
   
 
 
   
 
 
 
Net cash inflow / (outflow) from financing activities
           
 
111.4
 
    15.0       184.6       (24.7
             
 
 
   
 
 
   
 
 
   
 
 
 
Net (decrease) / increase cash and cash equivalents
           
 
(117.2
    26.1       99.5       (4.4
             
 
 
   
 
 
   
 
 
   
 
 
 
Cash and cash equivalents at beginning of
the
year / period
           
 
211.9
 
    187.3       87.1       90.2  
Effect of foreign exchange rates on cash and cash equivalents
           
 
0.4
 
    (1.5     0.7       1.3  
             
 
 
   
 
 
   
 
 
   
 
 
 
Cash and cash equivalents at end of the year / period
     (i)     
 
95.1
 
    211.9       187.3       87.1  
             
 
 
   
 
 
   
 
 
   
 
 
 
 
*
See note 1
(d)
 for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs.
i)
Within cash and cash equivalents at 31 December 2021 is £nil (31 December 2020: £1.3m; 30 June 2020: £0.9m; 30 June 2019: £0.4m) of cash relating to employee contributions to the Group’s share scheme ‘AbShare’, which is reserved for the purpose of purchasing shares upon vesting.
 
F-9

Notes to the consolidated financial statements
For the year ended 31 December 2021, the six months ended 31 December 2020 and the years ended 30 June 2020 and 2019
 
1.
Presentation of financial statements
 
a)
General information
Abcam plc (the Company) is a public limited company, incorporated and domiciled in the UK and is registered in England under the Companies Act 2006. Abcam’s ordinary shares are listed on the Alternative Investment Market (AIM) of the London Stock Exchange and its American Depositary Shares trade on the Nasdaq Global Market.
 
b)
Basis of preparation and consolidation
On 2 June 2021, the Group announced that it was amending its financial year end date from 30 June to 31 December. These financial statements are therefore presented for the year ended 31 December 2021, the six months ended 31 December 2020 and the years ended 30 June 2020 and 2019.
The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board.
The consolidated financial statements have been presented in Sterling, the functional currency of the Company, and on the historical cost basis, except for the revaluation of certain financial instruments.
The consolidated financial statements incorporate the financial statements of the Company and entities under its control (together the ‘Group’).
Control is achieved when the Company has power to control the financial and operating policies of an entity either directly or indirectly and the ability to use that power to affect the returns it receives from its involvement with the entity.
Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies in line with those used by the Group. All intra-group transactions, balances, equity, income and expenses are eliminated on consolidation.
The Group’s subsidiary undertakings are shown in note 16 to these financial statements.
 
c)
Going concern
The Group meets its
day-to-day
working capital requirements from the cash surpluses generated as a result of normal trading. In considering going concern, the Directors have reviewed the Group’s forecasts and projections, taking account of reasonably possible changes in trading performance. These show that the Group should be able to operate within the limits of its available resources.
Accordingly, the Directors have a reasonable expectation that the Group has adequate resources to continue in operation for the foreseeable future and at least one year from the date of approval of the financial statements. For this reason, they continue to adopt the going concern basis in preparing its consolidated financial statements.
 
d)
Change in accounting policy—Software as a Service (‘SaaS’) arrangements
In March 2021, the IFRS Interpretations Committee (‘IFRIC’) published an agenda decision on how an entity should account for costs of configuring or customizing application software in a Cloud Computing or Software as a Service (‘SaaS’) arrangement.
Previously, internal and external costs incurred in connection with the various phases of the Group’s ERP implementation and other projects, have been capitalized as an intangible asset in line with IAS 38 ‘Intangible Assets’.
Following an internal review of the impact of adoption of the IFRIC, for those arrangements where the Group does not have control of the developed software, to the extent that the services were performed by third parties, the Group has derecognized the intangible asset previously capitalized.
 
F-
10


This change in accounting policy has led to adjustments amounting to a £
2.7
m, £
2.1
m, and £
2.1
m reduction in the intangible assets recognized in the
31
 
December 2020, 30
 
June 2020
and
30
 
June 2019
balance sheets, and to a net £
0.6
m, £
0.1
m and £
0.8
m increase in selling, general and administrative expenses in those respective periods.
The following tables summarize the impact of the adjustment to results for each comparative period presented:
Six months ended 31 December 2020:
 
 
  
As previously
reported

£m
 
 
Adjustment

£m
 
 
Revised

£m
 
Impact on income statement
  
     
 
     
 
     
Selling, general and administrative expenses
     (73.0     (0.6  
 
(73.6
Operating profit
     17.9       (0.6  
 
17.3
 
Profit before tax
     16.2       (0.6  
 
15.6
 
Tax
     (2.9     0.1    
 
(2.8
Profit for the period
     13.3       (0.5  
 
12.8
 
    
 
 
   
 
 
   
 
 
 
Impact on statement of comprehensive income
                        
Total comprehensive expense
     (5.6     (0.5  
 
(6.1
    
 
 
   
 
 
   
 
 
 
Earnings per share
                        
Basic
     6.1     (0.3 )p   
 
5.8
Diluted
     6.0     (0.2 )p   
 
5.8
    
 
 
   
 
 
   
 
 
 
Impact on balance sheet
                        
Intangible assets
     154.5       (2.7  
 
151.8
 
Total
non-current
assets
     515.1       (2.7  
 
512.4
 
Deferred tax liability
     (28.1     0.5    
 
(27.6
)
Total
non-current
liabilities
     (138.0     0.5    
 
(137.5
)
Net assets
     631.3       (2.2  
 
629.1
 
Retained earnings
     273.9       (2.2  
 
271.7
 
Total equity
     631.3       (2.2  
 
629.1
 
    
 
 
   
 
 
   
 
 
 
Impact on cash flow statement
                        
Cash generated from operations
     33.7       (0.6  
 
33.1
 
Net cash inflow from operating activities
     33.9       (0.6  
 
33.3
 
Purchase of intangible assets
     (13.6     0.6    
 
(13.0
Net cash outflow from investing activities
     (22.8     0.6    
 
(22.2
    
 
 
   
 
 
   
 
 
 

F-
11


Year ended 30 June 2020:

 
  
As previously
reported

£m
 
 
Adjustment

£m
 
 
Revised

£m
 
Impact on income statement
  
     
 
     
 
     
Selling, general and administrative expenses
     (131.4     (0.1  
 
(131.5
Operating profit
     10.5       (0.1  
 
10.4
 
Profit before tax
     8.4       (0.1  
 
8.3
 
Tax
     4.1       0.1    
 
4.2
 
Profit for the period
     12.5       —      
 
12.5
 
    
 
 
   
 
 
   
 
 
 
Impact on statement of comprehensive income
                        
Total comprehensive income
     25.3       —      
 
25.3
 
    
 
 
   
 
 
   
 
 
 
Earnings per share
                        
Basic
     6.0     —      
 
6.0
Diluted
     6.0     —      
 
6.0
    
 
 
   
 
 
   
 
 
 
Impact on balance sheet
                        
Intangible assets
     154.4       (2.1  
 
152.3
 
Total
non-current
assets
     532.6       (2.1  
 
530.5
 
Deferred tax liability
     (28.7     0.4    
 
(28.3
Total
non-current
liabilities
     (149.2     0.4    
 
(148.8
Net assets
     502.6       (1.7  
 
500.9
 
Retained earnings
     255.7       (1.7  
 
254.0
 
Total equity
     502.6       (1.7  
 
500.9
 
    
 
 
   
 
 
   
 
 
 
Impact on cash flow statement
                        
Cash generated from operations
     65.4       —      
 
65.4
 
Net cash inflow from operating activities
     63.0       —      
 
63.0
 
Purchase of intangible assets
     (23.0     —      
 
(23.0
Net cash outflow from investing activities
     (148.1     —      
 
(148.1
    
 
 
   
 
 
   
 
 
 

F-
12


Year ended 30 June 2019:​​​​​​​​​​​​​​
 
 
  
As previously
reported

£m
 
 
Adjustment

£m
 
 
Revised

£m
 
Impact on income statement
  
     
 
     
 
     
Selling, general and administrative expenses
     (112.1     (0.8  
 
(112.9
Operating profit
     56.1       (0.8  
 
55.3
 
Profit before tax
     56.4       (0.8  
 
55.6
 
Tax
     (11.4     0.2    
 
(11.2
Profit for the period
     45.0       (0.6  
 
44.4
 
    
 
 
   
 
 
   
 
 
 
Earnings per share
                        
Basic
     22.0     (0.3 )p   
 
21.7
Diluted
     21.8     (0.3 )p   
 
21.5
    
 
 
   
 
 
   
 
 
 
Impact on statement of comprehensive income
                        
Total comprehensive income
     50.5       (0.6  
 
49.9
 
    
 
 
   
 
 
   
 
 
 
Impact on balance sheet
                        
Intangible assets
     106.7       (2.1  
 
104.6
 
Total
non-current
assets
     274.9       (2.1  
 
272.8
 
Deferred tax liability
     (16.5     0.4    
 
(16.1
Total
non-current
liabilities
     (16.6     0.4    
 
(16.2
Net assets
     384.8       (1.7  
 
383.1
 
Retained earnings
     260.1       (1.7  
 
258.4
 
Total equity
     384.8       (1.7  
 
383.1
 
    
 
 
   
 
 
   
 
 
 
Impact on cash flow statement
                        
Cash generated from operations
     83.7       (0.9  
 
82.2
 
Net cash inflow from operating activities
     70.2       (0.9  
 
69.3
 
Purchase of intangible assets
     (22.7     0.9    
 
(21.8
)
Net cash outflow from investing activities
     (49.9     0.9    
 
(49.0
    
 
 
   
 
 
   
 
 
 
Decrease in cash and cash equivalents
     (4.4     —      
 
(4.4
)

2.
New accounting standards, amendments and interpretations
Standards, amendments and interpretations effective or adopted
The following standards and amendments are effective in the group’s consolidated financial statements:
 
   
Amendments to IFRS 9, IAS 39 and IFRS 7 ‘Interest rate benchmark reform’;
 
   
Amendments to IAS 1 and IAS 8 ‘Definition of material’;
 
   
Amendments to IFRS 3 ‘Definition of a business’;
 
   
Amendments to references to the Conceptual Framework in IFRS standards; and
 
   
Amendments to IFRS 16
‘Covid-19-related
rent concessions’.
Amendments effective during the reporting period did not have any significant impact on adoption.
Standards, amendments and interpretations not yet effective and not early adopted
The following standards and amendments have not been adopted in the group’s consolidated financial statements as they are not yet effective:
 
 
 
Amendments to IFRS 16
‘Covid-19-related
rent concessions beyond 30 June 2021’ (effective from 1 April 2021);
 
 
 
Interest Rate Benchmark Reform—Phase 2 - Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (mandatory for accounting periods beginning after 1 January 2021);
 
 
 
Amendments to IFRS 3 ‘References to the Conceptual Framework’ (effective from 1 January 2022, endorsed for use in the EU but not in the UK);
 
F-1
3


   
Amendments to IAS 16 ‘Property, plant and equipment—proceeds before intended use’ (effective from 1 January 2022, endorsed for use in the EU but not in the UK);
 
   
Amendments to IAS 37 ‘Onerous contracts—cost of fulfilling a contract’ (effective 1 January 2022, endorsed for use in the EU but not in the UK);
 
   
Annual Improvements 2018-2020 Cycle—amendments to IFRS 1, IFRS 9, IFRS 16 and IAS 41 (effective from 1 January 2022, endorsed for use in the EU but not in the UK);
 
   
Amendments to IFRS 17 ‘Insurance contracts’ (effective from 1 January 2023, not yet endorsed in the EU or UK);
 
   
Amendments to IAS 1 ‘Classification of liabilities as current or
non-current’
(effective from 1 January 2023, not yet endorsed in the EU or UK);
 
   
Amendments to IAS 1 and IFRS Practice Statement 2 ‘Disclosure of accounting policies’ (effective from 1 January 2023, not yet endorsed in the EU or UK);
 
   
Amendments to IAS 8 ‘Definition of accounting estimates’ (effective from 1 January 2023, not yet endorsed in the EU or UK);
 and
 
   
Amendments to IAS 12 ‘Deferred tax related to assets and liabilities arising from a single transaction’ (effective from 1 January 2023, not yet endorsed in the EU or UK).
The amendments listed above are not expected to have a material impact on the financial statements of the Group in future periods.
 
3.
Principal accounting policies
Revenue and income recognition
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services, net of discounts, VAT and other sales-related taxes.
Revenue from sales of goods, including revenue generated from products sold from the Group’s catalogue and IVD and which represents the significant majority of the Group’s revenue, is recognized upon delivery to the customer or the point at which the customer takes control of the goods if this is sooner.
Custom product and service revenue, which can be the provision of a service or the development of products for customers, is recognized at the point at which a milestone, as defined in the contract, has been completed. Each milestone is typically aligned to a customer deliverable, for example, the amount of services provided, a deliverable arising from the services or the number of products successfully developed and provided to customers, and accordingly is considered to be a performance obligation. Every milestone has a defined transaction price. If it is identified that the costs will be in excess of the contract revenue, the expected loss is recognized as an expense immediately.
Licence fee income is recognized upon delivery of the licensed technology where the Group’s continued performance or future research and development services are not required. Royalty revenue is recognized on an accruals basis based on the contractual terms and the substance of the agreements with the counterparty, provided that the amount can be reliably measured and it is probable that the economic benefit will flow to the Group.
Leasing
Accounting policy applied from 1 July 2019 (IFRS 16)
Leased assets are capitalized on inception of the lease as
right-of-use
assets. A corresponding lease liability, representing the present value of the lease payments is also recognized and split between current and
non-current
liabilities accordingly.
The lease liability includes; fixed payments, variable lease payments dependent on an index or rate (initially measured using the index or rate on the lease commencement date) and in substance fixed payments. The variable aspect of variable payments are recognized when the rate or index takes effect resulting in an adjustment to the liability and
right-of-use
asset. Currently the Group’s lease portfolio does not contain variable or in substance lease payments.
 
F-1
4


The discounted lease liability is calculated where possible using the interest rate implicit in the lease or where this is not attainable the incremental borrowing rate is utilized. The incremental borrowing rate is the rate the Group would have to pay to borrow the funds necessary to obtain a similar asset under similar conditions. The Group calculates the incremental borrowing rate using risk free rate of the country where the asset is held, adjusted for length of the lease and a risk premium.
Lease payments are allocated against the principal and finance cost. Finance costs, representing the unwinding of the discount on the lease liability are charged to the income statement to produce a constant periodic rate of interest on the remaining liability.
Right-of-use
assets are measured at cost including; the discounted initial lease liability, lease payments made at or before the commencement date, any initial direct costs reduced any lease incentives received.
Right-of-use
assets are depreciated over the shorter of the
non-cancellable
lease period and any extension options that are considered reasonably certain to be taken or the useful life of the asset. The Group’s current leases run from
1-17
years.
Modifications to lease agreements result in remeasurement of the lease liability and
right-of-use
asset.
Short term leases, defined as less than one year, and also of low value are recognized on a straight-line basis in the income statement.
There are no material lease agreements where the Group acts as a lessor.
Contracts may contain both lease and
non-lease
components. The Group allocates the contract consideration based on the relative stand alone selling prices or if this is not readily determinable based on the best estimates of the stand alone selling prices.
Accounting policy applied until 30 June 2019
To the extent that the terms of a lease transferred substantially all the risks and rewards of ownership to the lessee, leases were classified as finance leases. All other leases were classified as operating leases.
Rentals payable under operating leases were charged to the income statement on a straight-line basis over the fixed term of the relevant lease. Benefits received and receivable as an incentive to enter into an operating lease were also spread on a straight-line basis over the lease term.
Foreign currencies
Foreign currency transactions are booked at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currency are retranslated at the rates of exchange ruling at the balance sheet date. Exchange differences arising on settlement or retranslation of monetary assets and liabilities are included in the income statement.
The results of overseas subsidiaries are translated into Sterling using the average exchange rates during the year. Assets and liabilities are translated at the rates ruling at the balance sheet date. Goodwill arising on the acquisition of a foreign operation is treated as an asset of that foreign operation and as such is translated at the relevant foreign exchange rate at the balance sheet date. Exchange differences arising on this translation are recognized in the translation reserve.
Other exchange differences are recognized in the income statement in the period in which they arise except for where items are designated as hedging instruments or where there is a net investment hedge.
Retirement benefit costs
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. The Group has no further obligations once the contributions have been paid.
Taxation
Current tax payable is based on taxable profit for the year using tax rates that have been enacted or substantively enacted by the balance sheet date. Taxable profit differs from net profit as reported in the income
 
F-1
5

statement because it excludes certain items of income or expense that are taxable or deductible in other years and further excludes items that are never taxable or deductible. Where the current tax deduction in respect of share option exercises exceeds the share option accounting charge for the period, the excess is recorded in equity rather than the income statement.
The benefit of UK research and development is recognized under the UK’s Research and Development Expenditure Credit (RDEC) scheme. The benefit is recorded as income included in profit before tax, netted against research and development expenses, as the RDEC is of the nature of a government grant.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences and deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilized. Such assets and liabilities are not recognized if the temporary difference arises from the initial recognition of goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
Deferred tax liabilities are recognized for taxable temporary differences arising on investments in subsidiaries except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The Group’s liability for deferred tax is calculated using tax rates that have been enacted or substantively enacted by the balance sheet date that are expected to apply in the period when the liability is settled or the asset is realized. Deferred tax is charged or credited in the income statement, except where it relates to items charged or credited directly to other comprehensive income or reserves, in which case the deferred tax is also dealt with in other comprehensive income or reserves respectively.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities, they relate to income taxes levied by the same taxation authority and the Group intends to settle on a net basis.
Business combinations
Business combinations are accounted for using the acquisition method. On the acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be reliably measured in which case the value is subsumed into goodwill.
If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period or additional assets or liabilities are recognized to reflect new information obtained about facts and circumstances that existed as at the acquisition date that, if known, would have affected the amounts recognized as of that date. The measurement period is the period from the date of acquisition to the date the Group obtains complete information about facts and circumstances that existed as of the acquisition date – and is subject to a maximum of one year.
Acquisition-related costs are expensed to the consolidated income statement in the period they are incurred.
Goodwill
Goodwill represents the excess of the fair value of the consideration over the fair value of the net assets acquired. Where the fair value of the consideration is less than the fair value of the acquired net assets, the deficit is recognized immediately in the income statement as a bargain purchase.
Goodwill is not amortized, but is subject to an impairment review at least annually and is carried at cost less accumulated impairment losses. Any impairment is recognized immediately in the income statement and is not subsequently reversed.
For the purpose of impairment testing, goodwill is allocated to cash generating units (CGUs). The CGU to which goodwill has been allocated is tested for impairment annually, or more frequently when there is an indication that the carrying value may not be recoverable.
 
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Intangible assets
Acquisition intangibles:
Acquisition intangibles comprise licence fees, customer relationships and distribution rights, patents, technology and
know-how
and trade names. These are capitalized at fair value and amortized on a straight-line basis over their estimated useful lives. The principal expected useful lives are as follows:
 
Licence fees
   Term of licence
Customer relationships and distribution rights
   4 to 10 years
Patents, technology and
know-how
   10 to 16 years
Trade names
   8 to 11 years
Patents, technology and
know-how
assets are only amortized once the development is complete and being utilized for their intended purpose; until this point the assets are deemed to be in progress.
Other intangibles:
These comprise software and expenditure on capitalized internally developed technology. Internally developed technology costs are recognized as an asset if and only if they meet the recognition criteria set out in IAS 38 ‘Intangible Assets’:
 
   
the project must be technically feasible;
 
   
there must be the intention to complete the project;
 
   
there must be adequate resources to be able to complete the project;
 
   
the ability to use or sell the asset or product is secure;
 
   
the future economic benefits must exceed the costs; and
 
   
the ability to reliably measure costs.
Intangible assets under construction are not amortized.
The principal expected useful lives are as follows:
 
Software
   3 to 10 years
Internally developed technology
   3 to 16 years
Patents and licences
   2 to 3 years
During the year ended 31 December 2021, the Group revised its estimate of the useful life of its software assets from
 3 to 5 years to 3 to 10 years. Further details are shown in note 13.
Property, plant and equipment
Property, plant and equipment is stated at cost less accumulated depreciation and, where appropriate, provision for impairment in value. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is charged so as to write off the cost of assets over their estimated useful lives, using the straight-line method, as follows:
 
Laboratory equipment
   2 to 5 years
Cell Line assets
   10 years
Office fixtures, fittings and other equipment
   2 to 5 years
Leasehold improvements
   Term of lease
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in the income statement. Residual values of assets and their useful lives are assessed on an ongoing basis and adjusted, if appropriate, at each balance sheet date. Assets under the course of construction are not depreciated.
Impairment of property, plant and equipment and intangible assets excluding goodwill
A review is undertaken upon the occurrence of events or circumstances which indicate that the carrying amount may not be recoverable. In addition, any assets not yet available for use are tested for impairment annually.
 
F-1
7

The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a
pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If it is not possible to determine the recoverable amount for an individual asset, the assessment is made for the asset’s cash-generating unit (CGU).
Inventories
Inventories and work in progress are stated at the lower of cost and net realizable value. Cost comprises direct materials and, where applicable, direct labour costs and an attributable portion of production overheads that have been incurred in bringing the inventories to their present location and condition. The valuation methodology is on a first in first out or a weighted average cost basis, depending on the nature of the inventory, and net realizable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. Provision is made for obsolete, slow-moving or defective items where appropriate.
Financial assets
Financial assets and financial liabilities are recognized on the Group’s balance sheet when the Group becomes a party to the contractual provisions of the instrument. The Group’s financial assets comprise cash and cash equivalents, receivables which involve a contractual right to receive cash from external parties, and investments.
Investments
Investments in shares are held at fair market value, with any revaluation gain or loss recorded through other comprehensive income.
Trade and other receivables
Trade receivables (excluding derivative financial assets) are recognized at cost less allowances for the expected credit loss to align their cost to fair value. The provision is based on the Group’s expected credit loss.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and demand deposits and other short-term, highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value.
Financial liabilities
Financial liabilities are those which involve a contractual obligation to deliver cash to external parties at a future date.
Trade and other payables
Trade payables (excluding derivative financial liabilities) are
non-interest
bearing and are stated at cost which equates to their fair value.
Equity instruments
Equity instruments issued by the Group are recorded as the proceeds received, net of direct issue costs.
Derivative financial instruments
The Group uses forward contracts to manage the exposure to fluctuating foreign exchange rates in relation to forecast future transactions.
Derivatives are initially recognized at fair value at the date a contract is entered into and are subsequently remeasured to their fair value at each balance sheet date. The resulting gain or loss is recognized in the income statement immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in the income statement depends on the nature of the hedge relationship.
 
F-1
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Hedge accounting
At the inception of a hedge relationship, the Group documents the relationship between the hedging instrument and the hedged item, its effectiveness along with its risk management objectives, and its strategy for undertaking various hedge transactions. The effectiveness is repeated on an ongoing basis during the life of the instrument to ensure that the instrument remains effective.​​​​​​​
Cash flow hedges
The Group designates certain derivatives as cash flow hedges of highly probable forecast foreign currency transactions.
The effective portion of changes in the fair value of derivatives which are designated and qualify as cash flow hedges is deferred in other comprehensive income. Gains or losses relating to the ineffective portion are recognized immediately in the income statement.
Amounts deferred in other comprehensive income are recycled to the income statement in the periods when the hedged item is recognized in the income statement.
Hedge accounting is discontinued when the Group revokes the hedging relationship, the hedging instrument expires or is sold, terminated or exercised, or it no longer qualifies for hedge accounting. Any cumulative gain or loss in other comprehensive income at that time remains in other comprehensive income and is recognized when the forecast transaction is ultimately recognized in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss in other comprehensive income is recognized immediately in the income statement.
Share-based payments
Equity settled share-based payments (SBPs) are measured at fair value (excluding the effect of
non-market-based
vesting conditions) at the date of grant and is expensed on a straight-line basis over the vesting period, based on the Group’s estimate of the number of shares that will eventually vest.
Share-based payments where vesting is by reference to external performance criteria (such as growth in an external index) are measured using the Monte Carlo simulation. Those which are subject only to internal performance criteria or service conditions are measured using the Black-Scholes model.
For all schemes, the number of options expected to vest is recalculated at each balance sheet date based on expectations of leavers prior to vesting. The number of options expected to vest for schemes with internal performance criteria is also adjusted based on expectations of performance against targets. No adjustments are made for expected performance against external or ‘market-based’ targets. Charges made to the income statement in respect of equity settled share-based payments are credited to equity.
For cash settled share-based payments, the Group recognizes a liability for the services acquired, measured initially at the fair value of the liability. This liability is remeasured at each balance sheet date and at the date of settlement, with any changes in fair value recognized in the income statement.
Own shares
No gain or loss is recognized in the income statement on the purchase, sale, issue or cancellation of the Group’s own shares. Any difference between the carrying amount and the consideration is recognized in equity.
4. Critical accounting judgements and sources of estimation uncertainty
The preparation of financial statements requires management to make judgements, estimates and assumptions about the application of its accounting policies which affect the reported amounts of assets, liabilities, revenue and expenses. Actual amounts and results may differ from those estimates.
Judgements and estimates are evaluated regularly and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Any revisions to accounting estimates are recognized in the period in which the estimate is revised.
 
F-1
9

a) Key accounting judgements
Capitalization of intangible assets—internal software development
The Group
capitalizes
internal software development costs, in particular internal staff costs, relating to the enhancement of the Group’s core IT systems architecture and developments. Judgement is required in applying the capitalization criteria of IAS 38 ‘Intangible Assets’, differentiating between enhancements and maintenance. Those costs which are not treated as capital but are directly attributable to the Group’s system and process improvement project are treated as adjusting items.
In establishing the principles on which costs are capitalized, consideration is given to the nature of work being performed, whether the costs and the activities are incremental and whether the associated deliverables meet the characteristics of an asset. Processes are in place to evaluate this, and the same processes are used to confirm whether the expensed costs are related to the system and process improvement project so that classification as an adjusting item is appropriate.
A review of historical capitalized spend on software assets was undertaken, to ascertain whether they met the criteria for capitalization following adoption of the IFRIC, published in March 2021, relating to SaaS arrangements. Identifying the software assets that were impacted and the classification of costs between customization and configuration, was judgemental and technically complex, in particular around the allocation of costs to the appropriate category. As the application of the IFRIC required an historical application, the rationale of recent projects was applied to historical projects and the same estimation and judgements applied.
The review resulted in a restatement of prior year financial statements in line with the IFRIC requirements, details of which can be found in note 
1d
.
Capitalization of intangible assets—internally developed technology
The Group capitalizes internal costs associated with internally developed technology as intangible assets as described further in notes 3 and 13. This requires judgement to determine that the characteristics of such assets meet the relevant criteria if IAS 38 ‘Intangible Assets’ for classification as an intangible asset.
Internal costs are capitalized as internally developed technology within intangible assets which are used to generate antibodies and kits. The point at which such internal costs are capitalized as well as their magnitude (whereby the amount capitalized comprises mainly of attributable salary costs and consumables used in the manufacture process) is a key area of judgement. A key area in respect of the stage of development of internally developed technology is subject to judgement as to when a product’s future economic value justifies capitalization. Management reviews regularly these factors in order to determine that the costs meet the criteria for capitalization as intangible assets.
During the year, an impairment was booked for assets relating to AxioMx where changes in scope of the project impacted on the usability of the historical work performed, details of which can be seen in note 7 and 13.
Assessment of cash generating units (CGUs)
For the purposes of impairment testing, the Group identifies the CGU that is appropriate for the asset to be measured against if it is not possible to estimate the recoverable amount individually. The goodwill acquired in a business combination is allocated at acquisition to the CGU which is expected to benefit from that business combination.
The Group applies judgement in determining how integrated the acquired business is within the Group. Consideration is given to the product branding and ranges, whether the manufacturing and research and development has broadened since acquisition, whether sales and marketing activity is separate from the
Group
and how the business is monitored.
For the BioVision acquisition in October 2021, the Group has determined that the business is not sufficiently integrated into the Group and therefore the acquired goodwill has been tested at a BioVision CGU level. Full details can be found in note 12.
 
F-
20


b) Key sources of estimation uncertainty
Valuation of acquired intangible assets
During the current and prior periods, the Group has made a number of acquisitions (see note 29 for further details). Accounting for these in line with IFRS 3 ‘Business Combinations’ requires the use of a number of assumptions and estimates in relation to the future cash flows associated with acquisition intangibles and the use of valuation techniques in order to arrive at the fair value of the intangible assets acquired. The assumptions applied were based on the best information available to management and valuation techniques were supported by third party valuation experts.
In the current period, acquired intangibles totaling
 
£
80.6
million
were recognized in relation to the acquisition of BioVision, of which the intangible recognized in relation to the acquired technology was the most significant
77.0
 million).
Key assumptions in determining the valuation of this included the revenue growth rate and cash flows associated with this asset, its expected useful economic life and the expected attrition rates associated with the acquired product portfolio.
Nevertheless, the actual performance of these assets may differ from the valuations derived through this exercise.
Impairment assessment of acquired intangible assets
As described in note 13 to the consolidated financial statements, the Group holds various intangible assets. As required by IAS 36 ‘Impairment of Assets’, the Group reviews for indicators of impairment regularly by assessing the performance of the assets against qualitative and quantitative factors including the estimates used to value intangibles on acquisition or appropriate business cases.
Examples of impairment indicators are: there is a change in business strategy; asset is not meeting the acquisition forecasts; or the business is approaching the route to market differently. If any of these or other factors are present, a detailed impairment review is undertaken.
A detailed impairment assessment can be performed by either assessing the asset’s value in use or assessing the carrying value as fair value less cost to sell. Either method requires management to make a number of estimates, the most sensitive estimates being:
 
   
The five-year business plan – forecasted cashflows require management’s estimates of the assets’ performance in future periods and judgement as to the CGU to which the flows belong;
 
   
Discount rate – judgement is required in estimating the appropriate weighted average cost of capital (WACC) of a typical market participant; and
 
   
Market-based data – judgement is required to ensure companies and
recent
transactions are comparable in nature when estimating the fair value. 
During the year ended 31 December 2021, the assets relating to Firefly BioWorks multiplex and assay technology were tested for impairment. Given the nascent state of the technology, management used the fair value less costs to sell method of assessing the recoverable amount of the intangible assets and management is satisfied that the fair value significantly exceeds the carrying value of the asset. Details can be found in note 13.
During the year to 30 June 2020, an assessment of the
acquired
intangible in respect of In Vitro monoclonal antibody production technology acquired with AxioMx, Inc. in 2015 was undertaken. This also included further smaller amounts in respect of this technology which have been
capitalized
since acquisition as certain commercial feasibility milestones had been achieved.
An appraisal of the ability to utilize at scale this technology has been undertaken whereby although technical feasibility remains valid, the challenges to realize material commercial returns have resulted in the conclusion not to pursue further active development and substantive utilization of this technology. As a result of this, the intangible asset in respect of this technology has been fully impaired.
Details of the impairment can be found in note 13.

Useful economic life (UEL) of software assets
The Group determines the UEL of all assets by estimating the length of time the asset is expected to be in use or generating income. The Group’s policy for software assets was determined as 3 to 5 years.
 
F-
21

During the
 year ended 31 December 2021, the Group revised its estimate of the useful economic life of its ERP software from 5 years to 10 years, changing the Group’s policy from 3 to 5 years to 3 to 10 years. This was due to the complexity of the programme, the investment involved, and the nature of the technology implemented. See note 12 for further details.
Provision for slow-moving or defective inventory
The provision for slow-moving inventory is based on the Directors’ estimation of the future sales of each of the Group’s products over the period from the balance sheet date to the expiry date of the product. Estimated future sales are based on historical actual sales and a growth rate assumption which is derived from the average annual growth over the product life to date.
If actual unit sales growth rates differ from those estimated by management, both the level of provision against existing inventory and the rates of provision applied to inventory in future periods would need to be revised.
5. Operating segments
Products and services from which reportable segments derive their revenues
The Directors consider that there is only one core business activity and there are no separately identifiable business segments which are engaged in providing individual products or services or a group of related products and services which are subject to separate risks and returns. The information reported to the Group’s Chief Executive Officer, who is considered the chief operating decision maker, for the purposes of resource allocation and assessment of performance is based wholly on the overall activities of the Group. The Group has therefore determined that it has only one reportable segment, which is ‘sales of antibodies and related products’. The Group’s revenue and assets for this one reportable segment can be determined by reference to the Group’s income statement and balance sheet.
The Group has no individual product or customer which contributes more than 10% of its revenues.
 
F-
22

Geographical information
Revenues are attributed to regions based primarily on customers’ location. The Group’s revenue from external customers and information about its
non-current
segment assets (excluding deferred tax) is set out below:
 
          Revenue     
Non-current
assets
 
         
Year
ended
31 December
2021
    
Six months
ended
31 December
2020
    
As at
31 December
2021
    
As at
31 December
2020
(revised*)
 
          £m      £m      £m      £m  
The Americas
       
 
130.4
 
     58.6     
 
464.3
 
     200.2  
EMEA
   (i)   
 
84.3
 
     40.2     
 
231.8
 
     227.8  
China
       
 
58.2
 
     27.4     
 
8.6
 
     6.7  
Japan
       
 
18.7
 
     9.9     
 
0.2
 
     0.5  
Rest of Asia Pacific
   (i)   
 
23.8
 
     11.4     
 
59.3
 
     61.6  
         
 
 
    
 
 
    
 
 
    
 
 
 
         
 
315.4
 
     147.5     
 
764.2
 
     496.8  
         
 
 
    
 
 
    
 
 
    
 
 
 
       
          Revenue     
Non-current
assets
 
         
Year
ended
30 June
2020
    
Year
ended
30 June
2019
    
As at
30 June
2020
(revised*)
    
As at
30 June
2019
(revised*)
 
          £m      £m      £m      £m  
The Americas
          112.4        117.5        224.8        169.9  
EMEA
   (i)      69.3        67.1        222.3        89.5  
China
          39.5        39.9        7.4        3.8  
Japan
          18.8        16.9        0.6        0.1  
Rest of Asia Pacific
   (i)      20.0        18.5        61.7        0.1  
         
 
 
    
 
 
    
 
 
    
 
 
 
            260.0        259.9        516.8        263.4  
         
 
 
    
 
 
    
 
 
    
 
 
 
 
*
See note 1(d) for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs.
(i)
Revenues for the
sub-region
of Central Asia have been reclassified from EMEA to Asia Pacific for the year ended 31 December 2021 and the six months ended 31 December 2020. This is to better align our data reporting to sales performance and geographical location. The value attributable to Central Asia is £1.6m (six months ended 31 December 2020: £0.6m; year ended 30 June 2020: £1.5m; year ended 30 June 2019: £1.4m). The comparatives presented for 30 June 2020 and 30 June 2019 have not been updated for this change.
Revenue by type is shown below:
 
     Year
ended
31 December
2021
£m
     Six months
ended
31 December
2020
£m
     Year
ended
30 June
2020
£m
     Year
ended
30 June
2019
£m
 
Catalogue revenue
  
 
296.4
 
     139.0        243.1        242.8  
Custom products and services
  
 
5.7
 
     2.7        6.3        5.4  
IVD
  
 
6.3
 
     2.6        4.7        6.9  
Royalties and licenses
  
 
7.0
 
     3.2        5.9        4.8  
    
 
 
    
 
 
    
 
 
    
 
 
 
Custom products and licensing
  
 
19.0
 
     8.5        16.9        17.1  
    
 
 
    
 
 
    
 
 
    
 
 
 
Total reported revenue
  
 
315.4
 
     147.5        260.0        259.9  
    
 
 
    
 
 
    
 
 
    
 
 
 
Because all custom products and services projects within a contract had an original expected duration of one year or less, the Group has taken advantage of the exemption not to disclose outstanding amounts in respect of uncompleted contracts.
The information reported to the Group’s Chief Executive Officer, who as described above is considered the chief operating decision maker, also includes adjusted operating profit which comprises operating profit before exceptional items, share-based payments and amortization of acquisition intangibles.
 
F-2
3

The following table presents the reconciliation of this measure to profit for the year / period:
 
     Note      Year
ended
31 December
2021
£m
    Six months
ended
31 December
2020
(revised*)
£m
    Year
ended
30 June
2020
(revised*)
£m
    Year
ended
30 June
2019
(revised*)
£m
 
Profit for the year / period
           
 
4.4
 
    12.8       12.5       44.4  
Tax
              0.3
      2.8       (4.2     11.2  
Finance income
           
 
(0.3
    (0.2     (0.7     (0.6
Finance costs
           
 
2.7
 
    1.9       2.8       0.3  
             
 
 
   
 
 
   
 
 
   
 
 
 
Operating profit
           
 
7.1
 
    17.3       10.4       55.3  
Exceptional items, share-based payments and amortization of acquisition
intangibles

     7     
 
53.3
 
    17.8       43.6       34.9  
             
 
 
   
 
 
   
 
 
   
 
 
 
Adjusted operating profit for the year / period
           
 
60.4
 
    35.1       54.0       90.2  
             
 
 
   
 
 
   
 
 
   
 
 
 
 
*
See note 1(d) for details related to the retrospective impact of a change in the Group’s accounting policy for cloud computing costs.
6. Operating profit