Interim Results -5-
23 March 2010 - 6:01PM
UK Regulatory
| Non-current liabilities | | | | | |
+------------------------------------+------+--+----------+----------+----------+
| Long-term provisions | | | - | (52) | - |
+------------------------------------+------+--+----------+----------+----------+
| Net assets | | | 6,127 | 9,508 | 7,257 |
+------------------------------------+------+--+----------+----------+----------+
| | | | | | |
+------------------------------------+------+--+----------+----------+----------+
| Equity | | | | | |
+------------------------------------+------+--+----------+----------+----------+
| Share capital | | | 3,154 | 3,154 | 3,154 |
+------------------------------------+------+--+----------+----------+----------+
| Share premium account | | | 17,269 | 17,269 | 17,269 |
+------------------------------------+------+--+----------+----------+----------+
| Other reserve | | | (607) | (607) | (607) |
+------------------------------------+------+--+----------+----------+----------+
| Foreign currency translation | | | 37 | - | 33 |
| reserve | | | | | |
+------------------------------------+------+--+----------+----------+----------+
| Retained loss | | | (14,899) | (11,248) | (13,674) |
+------------------------------------+------+--+----------+----------+----------+
| Share-based compensation | | | 1,173 | 940 | 1,082 |
+------------------------------------+------+--+----------+----------+----------+
| Total equity | | | 6,127 | 9,508 | 7,257 |
+------------------------------------+------+--+----------+----------+----------+
The financial statements were approved by the Board of Directors and authorised
for issue on 22 March 2010. They were signed on its behalf by:
Graham E Yeatman
Chief Financial Officer
22 March 2010
+------------------------------------+-------+---------+---------+---------+
| Consolidated Cash Flow Statement |
| Six months ended 31 December 2009 |
| |
+--------------------------------------------------------------------------+
| | Note | Six | Six | Year |
| | | months | months | ended |
| | | ended | ended | 30 |
| | | 31 Dec | 31 Dec | June |
| | | 2009 | 2008 | 2009 |
| | | GBP'000 | GBP'000 | GBP'000 |
+------------------------------------+-------+---------+---------+---------+
| | | | | |
+------------------------------------+-------+---------+---------+---------+
| Net cash used in operations | 8 | (1,479) | (4,032) | (7,393) |
+------------------------------------+-------+---------+---------+---------+
| | | | | |
+------------------------------------+-------+---------+---------+---------+
| Research and development tax | | 599 | 531 | 616 |
| credit received | | | | |
+------------------------------------+-------+---------+---------+---------+
| Net cash used in operating | | (880) | (3,501) | (6,777) |
| activities | | | | |
+------------------------------------+-------+---------+---------+---------+
| | | | | |
+------------------------------------+-------+---------+---------+---------+
| Investing activities | | | | |
+------------------------------------+-------+---------+---------+---------+
| Interest received | | 32 | 305 | 442 |
+------------------------------------+-------+---------+---------+---------+
| Proceeds from money market | | 1,000 | 3,010 | 8,510 |
| investments | | | | |
+------------------------------------+-------+---------+---------+---------+
| Purchases of property, plant and | | - | (5) | (12) |
| equipment | | | | |
+------------------------------------+-------+---------+---------+---------+
| Net cash from investing activities | | 1,032 | 3,310 | 8,940 |
+------------------------------------+-------+---------+---------+---------+
| Net increase/(decrease) in cash | | 152 | (191) | 2,163 |
| and cash equivalents | | | | |
+------------------------------------+-------+---------+---------+---------+
| | | | | |
+------------------------------------+-------+---------+---------+---------+
| Cash and cash equivalents at | | 6,037 | 3,148 | 3,148 |
| beginning of period | | | | |
+------------------------------------+-------+---------+---------+---------+
| Effect of foreign exchange rate | 4 | (7) | 719 | 726 |
| changes | | | | |
+------------------------------------+-------+---------+---------+---------+
| Cash and cash equivalents at end | | 6,182 | 3,676 | 6,037 |
| of period | | | | |
+------------------------------------+-------+---------+---------+---------+
Notes to the condensed consolidated financial statements
Six months ended 31 December 2009
1. BASIS OF PREPARATION
This condensed half-year financial information was approved by the Board on 22
March 2010 and does not constitute statutory financial information within the
meaning of Section 435 of the Companies Act 2006. A copy of the statutory
accounts for the year ended 30 June 2009 has been delivered to the Registrar of
Companies. The auditors' report on those accounts was not qualified, did not
include a reference to any matters to which the auditors drew attention by way
of emphasis without qualifying the report and did not contain statements under
Section 498(2) or (3) of the Companies Act 2006.
Results for the six month periods ended 31 December 2008 and 31 December 2009
have not been audited.
The half-year results for the six months ended 30 June 2009 can be found on the
Company's website at www.neuropharm.co.uk. The half-year results are not being
posted to shareholders.
2. SIGNIFICANT ACCOUNTING POLICIES
Basis of accounting
The significant accounting policies adopted in the preparation of the condensed
financial statements and methods of computation are consistent with those
intended to be used in the preparation of the Group's financial statements for
the year ended 30 June 2010 which will be prepared in accordance with IFRS as
adopted by the European Union.
In the current financial year, the Group has adopted IFRS 8 "Operating Segments"
and International Accounting Standard 1 "Presentation of Financial Statements"
(revised 2007).
IFRS 8 requires operating segments to be identified on the basis of, inter alia,
internal reports about the components of the Group that are regularly reviewed
by the chief operating decision maker to allocate resources to the segments and
to assess their performance. The previous standard, IAS 14 "Segment reporting",
required the Group to identify both business and geographical segments based on
a risks and rewards approach. The disclosure of segmental information required
by IAS 34 is included in note 3 below and is presented in accordance with IFRS
8.
IAS 1 (revised) requires the presentation of comprehensive income as a separate
component, either within the income statement or within the statement of changes
in equity. As a result, the statement of changes in equity has been reformatted
to show a separate subtotal representing comprehensive income.
Going concern
In determining the appropriate basis of preparation of the financial statements,
the Directors are required to consider whether the Group can continue in
operational existence for the foreseeable future, being a period of not less
than twelve months from the date of the approval of the financial statements.
During the half-year ended 31 December 2009, there was a continuing focus on the
management of costs within the Group. As at 31 December 2009 the Group had cash,
cash equivalents and money market investments of GBP6.2 million (30 June 2009:
GBP7.0 million) and net assets of GBP6.1 million (30 June 2009: GBP7.3 million).
Management prepares detailed cash flow forecasts which are reviewed by the Board
on a regular basis. The forecasts include assumptions regarding future income
and expenditure together with various scenarios which reflect opportunities,
risks and appropriate mitigating actions. The Directors are satisfied that there
is sufficient discretion and control as to the timing and quantum of cash
outflows to ensure that the Group is able to meet its liabilities as they fall
due for at least the next 12 months.
2, SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Going concern (continued)
As described in the Joint Statement from the Chairman and Chief Executive
Neuropharm (LSE:NPH)
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