Final Results - Part 2.
28 Septembre 2000 - 9:02AM
UK Regulatory
RNS Number:6629R
Provalis PLC
28 September 2000
Part 2
Consolidated Profit and Loss Account
For the year ended 30 June 2000
Before Excepti Before Except
Exceptio onal Excepti ional
nal Items Total onal Items Total
Items Note 3 2000 Items Note 3 1999
2000 2000 #'m 1999 1999 #'m
#'m #'m #'m #'m
Turnover
- Continuing 6.6 - 6.6 7.6 - 7.6
activities
- Discontinued 0.2 - 0.2 1.6 - 1.6
activities
-------- ------- ------ ------- ------ ------
6.8 - 6.8 9.2 - 9.2
Cost of sales (3.6) - (3.6) (4.7) - (4.7)
-------- ------- ------ ------- ------ ------
Gross profit 3.2 - 3.2 4.5 - 4.5
Selling & (2.2) - (2.2) (2.3) - (2.3)
distribution
expenses
Administration (4.4) (0.4) (4.8) (6.3) (1.3) (7.6)
costs
Research & (3.3) (0.6) (3.9) (12.8) (3.7) (16.5)
development costs
-------- ------- ------ ------- ------ ------
Operating loss
- Continuing (6.5) (0.9) (7.4) (15.7) (5.0) (20.7)
activities
- Discontinued (0.2) (0.1) (0.3) (1.2) - (1.2)
activities
-------- ------- ------ ------- ------ ------
(6.7) (1.0) (7.7) (16.9) (5.0) (21.9)
Loss on sale or - - - - (1.4) (1.4)
termination of
discontinued
operations
-------- ------- ------ ------- ------ ------
Loss before in
terest (6.7) (1.0) (7.7) (16.9) (6.4) (23.3)
Interest receivable0.3 - 0.3 1.3 - 1.3
and similar income
Interest payable (0.1) - (0.1) (0.3) - (0.3)
and similar
charges
-------- ------- ------ ------- ------ ------
Loss on ordinary (6.5) (1.0) (7.5) (15.9) (6.4) (22.3)
activities before
taxation
Tax on loss on - - - - - -
ordinary
activities
-------- ------- ------ ------- ------ ------
Loss after (6.5) (1.0) (7.5) (15.9) (6.4) (22.3)
taxation
Minority interests - - - 0.2 - 0.2
-------- ------- ------ ------- ------ ------
Loss for the (6.5) (1.0) (7.5) (15.7) (6.4) (22.1)
financial year
-------- ------- ------ ------- ------ ------
-------- ------- ------ ------- ------ ------
Loss per share- (4.2p) (13.9p)
basic
------ ------
------ ------
No dilution of loss per share would arise from the
exercise of share options.
Statement of Total Recognised Gains and Losses
For the year ended 30 June 2000
2000 1999
#'m #'m
Loss for the financial year (7.5) (22.1)
Exchange difference on
retranslation of net assets - (0.2)
of foreign subsidiary undertakings
------ -------
Total recognised losses
for the year (7.5) (22.3)
------ -------
------ -------
Reconciliation of Movements in Group
Shareholders' Funds
For the year ended 30 June 2000
2000 1999
#'m #'m
Group shareholders' funds at
the beginning of the
year 6.7 28.9
Share capital issued 5.5 0.1
Share issue costs (0.5) -
Total recognised losses for the year (7.5) (22.3)
------ ------
Group shareholders' funds
at the end of the year 4.2 6.7
------ ------
------ ------
Consolidated Balance Sheet
At 30 June 2000
2000 1999
#'m #'m
Fixed assets
Intangible assets - 0.1
Tangible assets 1.1 2.5
Investments - restricted
deposits 10.2 9.7
------ -----
11.3 12.3
------ -----
------ -----
Current assets
Stocks 0.8 0.8
Debtors 1.9 3.3
Assets held for resale - 1.1
Cash and deposits 4.6 5.8
------ -----
7.3 11.0
Creditors: Amounts falling
due within one year (3.9) (6.3)
------ -----
Net current assets 3.4 4.7
------ -----
Total assets less current
liabilities 14.7 17.0
------ -----
Creditors: Amounts falling
due after more
than one year (0.3) (0.6)
Provisions for
liabilities and charges (10.2) (9.7)
------ -----
Net assets 4.2 6.7
------ -----
Capital and reserves
Called-up share capital 1.9 39.7
Share premium account 4.6 0.1
Merger reserve 96.3 96.3
Profit and loss account (98.6) (129.4)
------ -----
Equity shareholders' funds 4.2 6.7
------ -----
The accounts were approved on behalf of the
Board on 27th September 2000
Neil Kirkby
Finance Director
Consolidated Cash Flow Statement
For the year ended 30 June 2000
2000 1999
#'m #'m
Net cash outflow from
operating activities (7.7) (19.5)
------ ------
Returns on investments
and servicing of
finance
Interest received 0.3 1.3
Interest element of finance
lease rentals - (0.2)
Interest paid on unsecured
loans (0.1) (0.1)
------ ------
Net cash inflow from
returns on investments
and servicing of finance 0.2 1.0
------ ------
Capital expenditure and
financial investment
Purchase of tangible
fixed assets (0.2) (0.7)
Proceeds on sale of
fixed assets 0.9 -
Proceeds on sale of
assets held for resale 1.1 1.0
Net proceeds on sale of
business - 1.0
------ ------
Net cash inflow
from capital
expenditure and
financial investment 1.8 1.3
------ ------
Net cash outflow before
management of liquid
resources and financing (5.7) (17.2)
------ ------
Management of liquid resources
(Increase) decrease in
short term deposits (0.6) 17.5
------ ------
Financing
Issue of ordinary shares 5.5 0.1
Share issue costs (0.5) -
New unsecured loan - 1.0
Unsecured loan repayments (0.2) (0.2)
Capital element
payments of finance
lease rental (0.3) (2.1)
------ ------
Net cash inflow (outflow )
from financing 4.5 (1.2)
------ ------
Decrease in cash (1.8) (0.9)
------ ------
Consolidated Cash Flow Statement - Notes
For the year ended 30 June 2000
(a) Reconciliation of operating loss to operating cash
flows
2000 1999
#'m #'m
Operating loss (7.7) (21.9)
Depreciation and impairment of
tangible fixed assets 0.7 4.4
Loss on disposal of tangible
fixed assets - 0.1
Release of obligation under
loan agreements - (1.1)
Decrease in trade creditors (0.8) (1.2)
(Decrease) increase in other
creditors and accruals (1.3) 1.5
Decrease (increase) in trade
debtors 0.1 (0.1)
Decrease (increase) in other
debtors and prepayments 1.3 (1.5)
Decrease in inventories - 0.3
------------------------
Net cash outflow from
operating activities (7.7) (19.5)
------------------------
------------------------
(b) Reconciliation of net cash flow to
movements in net funds
2000 1999
#'m #'m
Decrease in cash in the year
- unrestricted (1.8) (0.5)
Decrease in cash in the year
- restricted - (0.4)
Decrease in cash in the year (1.8) (0.9)
Lease finance repayments 0.3 2.1
Repayments of unsecured loan 0.2 0.2
Proceeds of new unsecured loan - (1.0)
Cash used to increase (decrease)
liquid resources - not
restricted 0.6 (17.2)
Short term deposit - restricted - (4.2)
Cash used to decrease liquid
resources - restricted - (0.3)
Release of obligations under
loan agreements - 0.8
Exchange adjustment - 0.1
------------------------
Movement in net funds
in the year (0.7) (20.4)
Net funds at 1 July 1999 4.7 25.1
------------------------
Net funds at 30 June 2000 4.0 4.7
------------------------
------------------------
(c) Analysis of changes in net funds
As at As at
1 July 1999 Cash flow 30 June 2000
#'m #'m #'m
Cash 2.4 (1.8) 0.6
Short term deposits 3.4 0.6 4.0
--------- --------- ---------
Cash and deposits 5.8 (1.2) 4.6
Finance leases (0.3) 0.3 -
Unsecured loan due in under
one year (0.2) (0.1) (0.3)
Unsecured loan due in more than
one year (0.6) 0.3 (0.3)
--------- --------- ---------
Net funds 4.7 (0.7) 4.0
--------- --------- ---------
Notes to the Preliminary Results
For the year ended 30 June 2000
1. Basis of accounting and preparation
The information for the year ended 30 June 2000 is an
abridged version of the full accounts for that year,
which received an unqualified report from the auditors.
The preliminary financial information has been prepared
using accounting polices consistent with those adopted
in the previous statutory accounts (to 30 June 1999).
The financial information in this announcement does not
constitute statutory accounts as defined in Section 240
of the Companies Act 1985. Statutory accounts for the
previous financial year ended 30 June 1999 have been
delivered to the Registrar of Companies. The auditors'
report on those accounts was unqualified and did not
contain any statement under Section 237(2) or (3) of the
Companies Act 1985. A copy of the audited statutory
accounts for the year ended 30 June 2000 will be
available from the Company's registered office at
Newtech Square, Deeside Industrial Park, Deeside,
Flintshire, CH5 2NT from today. Copies of the statutory
accounts are being sent to shareholders today and will
be filed with the Registrar of Companies today.
2. Segmental analysis by class of business
The analysis by class of business segment of the Group's
turnover, loss on ordinary activities before taxation
and net assets is set out below (the analysis of the
prior period's results has been restated to reflect the
Group's activities following restructuring in late
1999):
2000 1999
Turnover #'m #'m
Continuing business activities:
- Healthcare 5.1 4.7
- Medical Diagnostics 0.9 0.9
- Therapeutics R&D 0.6 2.0
------ ------
6.6 7.6
Discontinued activities* 0.2 1.6
------ ------
6.8 9.2
------- ------
* Discontinued activities relate
to the Food Diagnostics business of Provalis
Diagnostics Limited and the business of
Cortecs (Berger) Limited, disposed of in June
1999 and the OTC Division of the Healthcare
business, disposed of in January 2000.
2000 1999
Ordinary Excepti Total Ordin Excepti Total
Activities onal ary onal
#'m Items #'m Activ Items #'m
#'m ities #'m
#'m
Profit(loss) on
ordinary
activities
before taxation
Continuing business
activities:
- Healthcare 0.5 - 0.5 (0.1) - (0.1)
- Medical
Diagnostics (2.1) - (2.1) (1.5) - (1.5)
-Therapeutics
R&D (1.8) (0.6) (2.4) (9.2) (3.7) (12.9)
- Common costs (3.1) (0.3) (3.4) (4.9) (1.3) (6.2)
- Net interest
receivable 0.2 - 0.2 1.0 - 1.0
----- ------- ----- ----- ------- -----
(6.3) (0.9) (7.2) (14.7) (5.0) (19.7
Discontinued
activities* (0.2) (0.1) (0.3) (1.2) (1.4) (2.6)
----- ------- ----- ----- ------- -----
(6.5) (1.0) (7.5) (15.9) (6.4) (22.3)
----- ------- ----- ----- ------- -----
2000 1999
Net assets #'m #'m
- Healthcare 0.4 0.6
- Medical Diagnostics 1.1 0.8
- Therapeutics R&D (0.3) 1.7
-------- --------
1.2 3.1
Discontinued activities* - 1.5
--------- --------
1.2 4.6
Unallocated assets including
cash and deposits 4.6 5.8
Unallocated common liabilities (1.6) (3.7)
--------- ---------
Net assets 4.2 6.7
--------- ---------
Analysis of continuing and discontinued business
2000
Continu Disconti Total
ing nued #'m
#'m #'m
Turnover 6.6 0.2 6.8
Cost of sales (3.5) (0.1) (3.6)
_______ _______ ______
Gross profit 3.1 0.1 3.2
Selling & (2.1) (0.1) (2.2)
distribution
expenses
Administration (4.5) (0.3) (4.8)
costs
Research & (3.9) - (3.9)
development
costs
_______ _______ ______
Operating loss (7.4) (0.3) (7.7)
_______ _______ ______
1999
Continui Disconti- Total
nued ued
#'m #'m #'m
Turnover 7.6 1.6 9.2
Cost of sales (3.9) (0.8) (4.7)
Gross profit 3.7 0.8 4.5
Selling &
distribution
expenses (2.0) (0.3) (2.3)
Administration
costs (6.9) (0.7) (7.6)
Research &
development
costs (15.5) (1.0) (16.5)
_______ _______ _______
Operating loss (20.7) (1.2) (21.9)
_______ _______ _______
3. Exceptional Items
(a) Exceptional items included
in operating loss
2000 1999
#'m #'m
Redundancies (1) (1.0) (0.6)
Costs associated with
the departure of a former
Director (2) - (1.8)
Impairment of research
and development tangible fixed
assets (1) - (3.4)
Release of obligations under
loan agreements - 0.8
_________ ________
(1.0) (5.0)
========= ========
(b) Exceptional items reported after operating loss
(Loss) profit on the sale or
termination
of operations
Write down of assets of OraTol
Limited to net
realisable value (3) - (1.9)
Disposal of businesses (4)
- 0.5
__________ __________
- (1.4)
========= ==========
(1)The exceptional research and development costs in
1999 relate to the impairment of tangible fixed assets
and #0.3 million of the #0.6 million redundancy costs.
The redundancies in 2000 have resulted from the
reorganisation.
(2)The costs associated with the departure of a former
Director include the costs of settlement and related
expenses arising from the legal proceedings seeking
compensation for loss of office and an accrual in
respect of tax claims in relation to his contracts of
employment.
(3)This relates to the write down of assets in OraTol
Limited prior to the disposal of it in October 1999.
(4)The profit arising on disposal of businesses
relates to the sale of the Food Diagnostics business of
Provalis Diagnostics Limited and the business of Cortecs
(Berger) Limited for a total consideration of #1 million
on 18 June 1999.
(5)There are no taxation consequences of the above
exceptional items due to the availability of current and
prior year tax losses.
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