Alliance Pharma PLC Preliminary Results -4-
25 March 2015 - 6:01PM
UK Regulatory
income for the period - - - - (453) 8,384 7,931
-------------------------- --------- --------- --------- ---------- --------- ---------- --------
Balance 31 December
2014 2,641 29,388 1,995 (329) (103) 37,188 70,780
-------------------------- --------- --------- --------- ---------- --------- ---------- --------
Consolidated Cash Flow Statements
Year ended
Year ended 31 December
31 December 2013
2014 Restated*
Note GBP 000s GBP 000s
Cash flows from operating activities
Cash generated from operations 9 13,451 11,897
Tax paid (2,028) (2,516)
Cash flows from operating activities 11,423 9,381
---------------------------------------------- ------------ ------------
Investing activities
Interest received 48 50
Dividend received 72 420
Payment of deferred consideration - (20)
Development costs capitalised (58) (63)
Purchase of property, plant and equipment (111) (298)
Purchase of other intangible assets (2,817) (9,534)
Investment in joint venture (499) -
---------------------------------------------- ------------ ------------
Net cash used in investing activities (3,365) (9,445)
---------------------------------------------- ------------ ------------
Financing activities
Interest paid and similar charges (986) (1,232)
Loan issue costs - (500)
Loan to joint venture (503) -
Proceeds from exercise of share options 8 82
Dividend paid (2,398) (2,040)
Receipt from borrowings 2,750 28,500
Repayment of borrowings (4,500) (30,725)
Net cash used in financing activities (5,629) (5,915)
---------------------------------------------- ------------ ------------
Net movement in cash and cash equivalents 2,429 (5,979)
Cash and cash equivalents at the beginning
of the period (1,438) 4,613
Exchange gains / (losses)on cash and cash
equivalents 29 (72)
---------------------------------------------- ------------ ------------
Cash and cash equivalents at the end of
the period 10 (1,020) (1,438)
------------------------------------------ ------ ------------ ------------
*Restated due to the adoption of IFRS 11, please see note 11
1. Basis of preparation
The financial information set out in the announcement does not
constitute the Group's statutory accounts for the year ended 31
December 2014 or 31 December 2013. The auditors reported on those
accounts; their report was (i) unqualified, (ii) did not include
references to any matters to which the auditors drew attention by
way of emphasis without qualifying their report and (iii) did not
contain statements under section 498 (2) or (3) of the Companies
Act 2006. The statutory accounts for the year ended 31 December
2014 have not yet been delivered to the Registrar of Companies. The
statutory accounts for the year ended 31 December 2013 were
delivered to the Registrar of Companies as published on the Group's
website on 10 April 2014.
2. Finance costs
Year ended
Year ended 31 December
31 December 2013
2014 Restated
GBP 000s GBP 000s
----------------------------------------------------- ------------ ------------
Interest payable and similar charges
On loans and overdrafts (968) (1,222)
Amortised finance issue costs (104) (22)
Notional interest (18) (37)
----------------------------------------------------- ------------ ------------
(1,090) (1,281)
Interest income 48 50
Other finance income / (charges)
Foreign exchange movement on euro denominated
debt 28 (72)
28 (72)
Finance costs - net (1,014) (1,303)
----------------------------------------------------- ------------ ------------
Notional interest relates to the unwinding of the discount
applied to provisions.
3. Taxation
Analysis of charge in period.
Year ended Year ended
31 December 31 December
2014 2013
GBP 000s GBP 000s
---------------------------------------- ------------ ------------
United Kingdom corporation tax at 21.5%
(2013: 23.25%)
In respect of current period 1,870 2,242
Adjustment in respect of prior periods (38) 106
1,832 2,348
Deferred tax
Origination and reversal of temporary
differences (60) 77
Taxation 1,772 2,425
---------------------------------------- ------------ ------------
4. Dividends
Year ended Year ended
31 December 31 December
2014 2013
GBP
Pence/share 000s Pence/share GBP 000s
Amounts recognised as distributions
to owners in the year
Interim dividend for the prior financial
year 0.303 800 0.275 666
Final dividend for the prior financial
year 0.605 1,598 0.550 1,374
----------------------------------------- ----------- ----- ----------- ------------
2,398 2,040
Interim dividend for the current
financial year 0.333 880 0.303 800
----------------------------------------- ----------- ----- ----------- ------------
The proposed final dividend of 0.667 pence per share for the
current financial year was approved by the Board of Directors on 24
March 2015 and is subject to the approval of shareholders at the
Annual General Meeting. The proposed dividend has not been included
as a liability as at 31 December 2014 in accordance with IAS 10
Events After the Balance Sheet Date. The interim dividend for the
current financial year was paid on 15 January 2015. Subject to
shareholder approval, the final dividend will be paid on 15 July
2015 to shareholders who are on the register of members on 19 June
2015.
5. Earnings per share (EPS)
Basic EPS is calculated by dividing the earnings attributable to
ordinary shareholders by the weighted average number of ordinary
shares in issue during the year. For diluted EPS, the weighted
average number of ordinary shares in issue is adjusted to assume
conversion of all dilutive potential ordinary shares.
A reconciliation of the weighted average number of ordinary
shares used in the measures is given below:
Year ended Year ended
31 December 31 December
2014 2013
For basic EPS calculation 264,148,367 250,836,337
Employee share options 1,454,986 2,020,036
Conversion of Convertible Unsecured
Loan Stock (CULS) - 12,154,481
-------------------------------------- ------------ ------------
For diluted EPS calculation 265,603,353 265,010,854
-------------------------------------- ------------ ------------
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