RNS Number:6235D
Alltracel Pharmaceuticals Plc
10 September 2007
Alltracel Pharmaceuticals plc
- Alltracel announces interim results for the six months ended June 30th, 2007 -
- Significant improvement in profitability, EBITDA up to Euro592k versus Euro360k in
H1 2006 -
- Gross margin increased to 40% versus 36% in H1 06 -
- Continued strong oral care trading and acquisition of Synpart AG (post the
period end)-
- Technology development progress in Cardiovascular Health and Nanotechnology
sectors -
September 11, 2007: London, UK & Dublin, Ireland
Alltracel Pharmaceuticals Plc., ("Alltracel "), (AIM:AP.L), the Healthcare
Innovation Group focused on the Oral Care, Wound Care, Cardiovascular Health and
Dermal Health markets, today announces interim financial results for the six
months ended June 30th, 2007.
2007 First Half (H1 2007) Financial Highlights: Last years profitability growth
continues into the first half of 2007.
* Operating profit of Euro387k versus Euro71k in H1 2006
* EBITDA of Euro592k versus Euro360k in H1 2006
* Gross margin increased to 40% versus 36% in H1 2006
* Revenue of Euro10.1M versus Euro9.5M in H1 2006
* Closing cash balance of Euro2.3M
Summary Commentary
Commenting on the company's half year performance and recent developments, Chief
Executive Officer, Tony Richardson said:
"The first half of 2007 has seen significant developments in trading
profitability, scientific and commercial breakthroughs and significant M&A
activity.
The profitability momentum achieved throughout last year has continued into this
half year with all measures of profitability improving versus last year. This is
attributable to generating higher margin sales revenues from the licensing and
exploitation of technological know how through partnership arrangements.
Post the period end we announced on 31st August 2007 the acquisition of Synpart
AG. We plan to integrate this acquisition with our existing specialist oral care
division Westone and our consumer wound care business of m.docTM to form Synpart
Limited, a specialist consumer products division. Once established, Synpart
Limited will be the leading Sourcing & Development Partner for private label and
proprietary brands in the European specialist oral care and wound care markets
and will have a particular focus on technological innovation serviced by the
recently established division, Alltracel Healthcare Services.
Our nanotechnology subsidiary Nanopeutics s.r.o continues to make encouraging
scientific and commercial progress with previously announced breakthroughs in
the professional and military markets. The concept development nanotechnology
partnership with a global leader in professional wound care has now been
officially extended following the successful conclusion of the first agreed
stage. The revenue license deal with HemCon Medical Technologies, Inc., the
haemorrhage control market leaders in military markets, is also progressing well
and we remain on schedule for the market introduction of the resultant
Chitosan-NanospiderTM technology in 2008. We will update the market on these two
significant collaborations as appropriate.
Also partnership discussions are advancing with market leading potential
partners in the consumer and industrial woundcare sectors incorporating
nano-m.docTM.
Following formulation breakthrough on our patented bioactive technology for the
Cardiovascular Health sector and subsequent development of a number of exciting
novel delivery formats, we have formally extended partnership discussions to a
number of new large scale potential partners. These partners now include Irish
based global leaders in the functional ingredients and finished food markets. We
remain on schedule and will update the market by year end.
PhytopeuticsTM - Dermal Health Solutions for Cosmeceuticals - is progressing in
its six month co-funded product development programme and we expect to make
further announcements on this in the fourth quarter.
Our priority for the remainder of the year will be to integrate the recent
acquisition and focus on driving increased profitable revenue growth across the
Group. However we will also consider additional appropriate earnings enhancing
bolt-on acquisitions within our core specialties.
We remain confident in the outlook for the full year, and believe the new
enlarged company is well positioned within each of the sectors that we operate."
Cautionary Statement Regarding Forward-Looking Statements
This announcement contains forward-looking statements. We have based these
forward-looking statements on our current plans, expectations and projections
about future events. Words like; "intend", "expect", "seek", "will", "plan",
"could", "may", and similar expressions often identify forward-looking
statements but are not the only ways of doing so. Forward-looking statements
involve inherent risks and uncertainties arising from factors outside of our
control, such as; financial conditions, regulatory developments, technological
developments, activities of our competitors and other factors. We caution you
that such factors may cause actual results to materially differ from those
contained in forward-looking statements. The forward-looking statements are made
only as of the date of this announcement and we do not intend, except as
required by law, to update any forward-looking statements to reflect new
information or subsequent events or circumstances.
Consolidated interim income statement
for the six months ended 30 June 2007
Unaudited Unaudited Audited
Six Months Six Months 12 Months
30-Jun-07 30-Jun-06 31-Dec-06
Euro Euro Euro
Turnover 10,128,148 9,472,469 19,886,454
Cost of sales (6,114,507) (6,021,140) (12,109,070)
Gross profit 4,013,641 3,451,329 7,777,384
Selling & Distribution (1,246,848) (1,156,100) (2,705,743)
Administration (2,380,144) (2,223,783) (4,515,923)
Operating Profit 386,649 71,446 555,718
Finance Income 23,160 17,030 62,034
Finance Expense (223,185) (219,482) (485,880)
Profit/ (Loss) on ordinary activities before taxation 186,624 (131,006) 131,871
Group share of operating result of associate undertaking 13,810 (11,402) (12,190)
Taxation (130,697) (134,413) (519,734)
Profit/ (Loss) for the financial period 69,737 (276,821) (400,053)
Attributable to:
Ordinary Equity Holders (514,039) (612,282) (1,368,124)
Minority Interests 583,776 335,461 968,071
EBITDA 592,058 360,000 1,200,000
Basic EPS (0.40) (0.53) (1.16)
Diluted EPS is not disclosed as it is antidilutive
Consolidated Interim Balance Sheet
as at 30 June 2007
Unaudited Unaudited Audited
30-Jun-07 30-Jun-06 31-Dec-06
Assets
Euro Euro Euro
Non Current Assets
Plant, Property & Equipment 888,794 877,810 912,156
Goodwill 3,659,404 3,659,404 3,659,404
Other Intangible Assets 2,007,134 1,900,389 2,038,894
Investment in Associates 1,055,152 905,939 1,055,152
Total Non Current Assets 7,610,484 7,343,542 7,665,606
Current Assets
Inventories 4,274,012 3,468,976 3,949,456
Trade & Other receivables 4,843,924 5,489,038 5,376,047
Cash & Cash equivalents 2,300,396 738,494 3,004,437
Total Current Assets 11,418,332 9,696,508 12,329,940
Total Assets 19,028,816 17,040,050 19,995,546
Equity
Share capital 1,623,023 1,473,495 1,619,745
Share premium 28,713,744 27,198,051 28,673,822
Capital conversion reserve 6,736 6,736 6,736
Retained earnings (21,264,227) (20,017,058) (20,750,188)
Share Option Reserve 40,350 32,350 40,350
Total Equity attributable to the Ordinary Shareholders 9,119,626 8,693,574 9,590,465
Minority Interests 1,446,512 979,933 1,160,931
Total Equity 10,566,138 9,673,507 10,751,396
Liabilities
Non Current Liabilities
Borrowings 2,000,013 2,667,164 2,536,782
Total Non Current Liabilities 2,000,013 2,667,164 2,536,782
Current Liabilities
Trade & Other payables 2,975,737 2,838,981 2,994,537
Borrowings 2,807,583 1,699,720 3,165,771
Current tax 679,345 160,679 547,060
Total Current Liabilities 6,462,665 4,699,379 6,707,368
Total Liabilities 8,462,678 7,366,543 9,244,150
Total Equity & Liabilities 19,028,816 17,040,050 19,995,546
Consolidated interim cashflow statement
for the six months to 30 June 2007 Unaudited Unaudited Audited
Six Months Six Months 12 Months
30-Jun-07 30-Jun-06 31-Dec-06
Cashflows from operating activities
Operating Profit 386,649 71,446 555,718
Adjustments for:
Depreciation 153,739 226,099 498,181
Amortisation of Intangibles 51,670 64,439 124,860
Decrease/ (Increase) in trade & other receivables 532,123 (304,992) (191,998)
(Increase)/ Decrease in Inventories (324,556) 367,688 (112,792)
Increase/ (Decrease) in trade payables 18,800 (1,102,816) (1,075,643)
Movement in provisions - - 177,095
Interest paid (223,185) (219,482) (485,880)
Results of Share of associate (13,810) (11,402) 12,190
Income tax expense - (95,415) (102,142)
Net Cash from operating activities 581,430 (1,004,435) (600,411)
Cashflow from investing activities
Purchase of property, plant & equipment (130,377) (136,580) (360,985)
Purchase of intangible assets (19,910) (309,590) (445,862)
Proceeds from Sale of Equipment 3,815
Payment of Deferred Consideration (1,549,318) (1,553,216)
Interest Received 23,160 17,030 62,034
Dividends received
Net cash used in investing activities (127,127) (1,978,458) (2,294,214)
Cashflows from financing activities
Proceeds from issue of Share Capital - 1,518,289 3,140,310
Proceeds from long term borrowings - 445,863 2,789,766
Repayment of Loans (791,141) - (1,201,191)
Payment of finance leases liabilities (103,765) (71,902) (160,650)
Dividends paid (263,438) (218,542) (716,852)
Net cash used in financing activities (1,158,344) 1,673,708 3,851,383
Net Increase in cash & cash equivalents (704,041) (1,309,185) 956,758
Cash & Cash equivalents at beginning of period 3,004,437 2,047,679 2,047,679
Cash & Cash equivalents at end of period 2,300,396 738,494 3,004,437
Statement in relation to accounting policies
Basis of preparation
Previously, the Group prepared its annual consolidated financial statements
under Irish GAAP. From 1 January 2007 the Group is required to present its
annual consolidated financial statements in accordance with IFRS issued by the
IASB adopted by the EU.
In preparing this financial information, management has used its best knowledge
of the expected standards and interpretations, facts and circumstances, and
accounting policies that will be applied when the Group prepares its first set
of financial statements for the year ending 31 December 2007, in accordance with
accounting standards adopted by the EU. As a result, although this information
is based on management's best knowledge of expected standards and
interpretations, and current facts and circumstances, this may change. IFRS
standards and International Financial Reporting Interpretations Committee ('
IFRIC') interpretations are subject to ongoing review and possible amendment or
interpretative guidance. Accordingly, further standards may be issued that could
be applicable for financial years beginning on or after 1 January 2007, or are
applicable to later periods, but with the option for companies to adopt for
earlier periods. As a result, additional adjustments could be required to the
2006 financial information prior to its inclusion as comparative figures in the
2007 final financial statements.
Therefore, until the Group prepares its first set of financial statements in
accordance with accounting standards adopted for use in the EU, the possibility
cannot be excluded that the accompanying financial information is subject to
change.
The interim financial information has been prepared in accordance with the
accounting policies set out in the Group's IFRS transition document which were
prepared in accordance with International Financial Reporting Standards (IFRS)
as endorsed by the European Commission. The Group's IFRS transition document is
available on the company website at www.alltracel.com
The consolidated interim financial information is presented in euro which is the
functional currency of the parent and the Group's operations.
Consolidated interim statement of changes in equity
for the six months ended 30 June 2007
Share Share Capital Share Retained Total Minority Total Equity
Capital Premium Conversion Option Earnings Interest
Reserve Reserve
Opening 01 January 1,619,745 28,673,822 6,736 40,350 (20,750,188) 9,590,465 1,160,931 10,751,396
2007
Profit for the period - - - - (514,039) (514,039) 583,776 69,737
Total Income & Expense 1,619,745 28,673,822 6,736 40,350 (21,264,227) 9,076,426 1,744,707 10,821,133
for the period
Dividends - (298,195) (298,195)
Issue of Share Capital 3,278 39,922 - - - 43,200 43,200
Closing 30 June 2007 1,623,023 28,713,744 6,736 40,350 (21,264,227) 9,119,626 1,446,512 10,566,138
Consolidated interim Analysis of Net Debt
for the six months ended 30 June 2007
31-Dec-06 Cashflow Non Cash 30-Jun-07
Movement
Cash 3,004,437 (704,041) - 2,300,396
Total 3,004,437 (704,041) - 2,300,396
Bank & Third Party (5,220,052) 791,141 - (4,428,911)
Loans
Finance Leases (482,501) 103,765 - (378,736)
(2,698,116) 190,865 - (2,507,251)
ENDS
For Further Information Contact:
Dublin: Karen Muldowney Alltracel: +353 1 235 2162 press@alltracel.com
London: Deborah Scott Financial Dynamics: +44 207 831 3113
Notes to Editors:
Alltracel, (AIM: AP.L) (www.alltracel.com) the Healthcare Innovation Group is
focused on taking proprietary technology from research right through to
commercialisation in the global healthcare market.
Alltracel Pharmaceuticals Plc., ("Alltracel") was founded in 1996 and is a
public company which listed on London's Alternative Investment Market in July
2001.
With corporate headquarters in Dublin, Ireland; Alltracel has a commercial
office in London, England; R&D subsidiary in the Czech Republic and
manufacturing facilities in Shenzhen, China. Alltracel also has a wide network
of research, development and manufacturing partners in Europe, Asia and North
America.
Alltracel operates via two main divisions Alltracel Healthcare Group and
Alltracel Healthcare Technologies:
Alltracel Healthcare Group is focused on the commercialisation effort behind
proven innovative technologies and services for the global healthcare market.
Alltracel Healthcare Group has a range of stake holdings, joint ventures and
wholly owned business units operating in a variety of healthcare categories
including Wound Care, Oral Care, Dermal Health and Cardiovascular Health.
* Alltracel's specialist Oral Care subsidiary Westone
(www.westoneproducts.com) is headquartered in London, England and is the leading
contract supply and manufacturing partner for the European private label
inter-dental market. Westone also partners with a number of leading oral care
brands internationally.
* Alltracel's specialist Nanotechnology subsidiary Nanopeutics s.r.o.
(www.nanopeutics.net) is headquartered in Liberec in the Czech Republic and is
dedicated to the commercialisation of NanospiderTM technology for the global
healthcare market.
* Alltracel Healthcare Services provides Scientific Research, Clinical
Trial & Development Services for Healthcare companies seeking a step up in speed
of Healthcare Innovation.
Alltracel Healthcare Technologies specialises in innovation, research,
development and the deployment of proprietary technology in the global
healthcare market. Alltracel Healthcare Technologies has established a
substantial intellectual property portfolio with patents in a number of
healthcare applications areas such as Wound Care, Oral Care, Cardiovascular
Health and Dermal Health.
m*docTM & PhytopeuticsTM are trademarks of Alltracel Pharmaceuticals plc.
NanospiderTM and NanopeuticsTM are trademarks controlled by Nanopeutics s.r.o.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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