TIDMVENN
RNS Number : 3521O
Venn Life Sciences Holdings PLC
17 May 2018
17 May 2018
Venn Life Sciences Holdings Plc
("Venn", "Venn Life Sciences" or the "Company")
Preliminary Final Results for the year ended 31 December
2017
Venn Life Sciences (AIM: VENN), an Integrated Drug Development
Partner offering a combination of drug development expertise and
clinical trial design and management to pharmaceutical,
biotechnology and medical device clients, announces its audited
results for the year ended 31 December 2017.
Financial Highlights
-- Total income was EUR17.8m (2016: EUR18.2m)
-- EBITDA (before exceptional items) of EUR1.0m (2016: EUR0.4m)
-- Operating profit of EUR0.1m (2016: Loss EUR0.6m)
-- Loss for the year after tax of EUR1.5m (2016: profit of
EUR0.6m) after a charge of EUR1.7m (2016: EUR0.4m) being share of
losses and investment write-down on Integumen PLC in 2017
-- Cash and cash equivalents of EUR1.2m as at 31 December 2017 (2016: EUR3.5m)
Operational Highlights
-- Continued progress on key systems infrastructure
implementation and operational efficiency delivering improvements
in operating margins
-- Strategic review concluded that following a period of
investment and operational consolidation, the Company would look to
identify both organic and in-organic growth opportunities
-- Key project milestones achieved leading to client endorsements and increased repeat business
-- Strengthening of the Board and operations with the
appointment of Christian Milla as Chief Operating Officer as well
as new leadership hires in Information Technology and Quality
Assurance
-- Finalisation of Kinesis acquisition with no further consideration payable
Post period-end
-- Retirement of Jonathan Hartshorn as Chief Financial Officer
-- Acquisition of minority interest in VLS France
-- Dilution of stake in Integumen PLC to below associate threshold
Commenting on the Group's outlook, Tony Richardson, CEO of Venn,
said: "During 2017 our focus has been on the delivered improved
underlying EBITDA in the business through improved operational
efficiencies. Additional investment in systems means that we now
have both the expertise and infrastructure to profitably execute
new business in scale and our focus is now on the generation of new
business opportunities. We have invested significantly in business
development and engaged creatively with clients to develop deeper,
longer lasting partnerships and our pipeline of opportunities is
healthy. We continue to see an increasing number of opportunities
that require the full range of services now on offer in Venn.
Continued strong investment in the biotech sector and the clear
emergence of virtual drug companies both represent a significant
opportunity for Venn. Our size, flexibility, deep expertise and
breadth of service capability leaves us well positioned to benefit
from this shift in the drug development landscape."
Enquiries:
Venn Life Sciences Holdings Tel: +353 1 5499341
Plc
Allan Wood, Non-Executive
Chairman
Tony Richardson, Chief
Executive Officer
Cenkos (Nominated adviser Tel: +44 (0) 20 7397 8900
and joint broker)
Mark Connolly/Steve Cox
(Corporate Finance)
Davy (Nominated adviser Tel: +353 (1) 679 6363
and broker)
Fergal Meegan/Matthew de Vere
White (Corporate Finance)
Hybridan (Joint broker) Tel: +44 (0) 20 3764 2341
Claire Louise Noyce
Walbrook PR
Paul McManus/Anna Dunphy Tel: +44 (0) 20 7933 8780
Chairman's Statement
For the year ended 31 December 2017
Dear Fellow Shareholder,
I am pleased to report that 2017 has been another year of
progress for Venn, delivering improved EBITDA and a differentiated
positioning for the business that we believe will drive sustainable
order book growth. The completion of certain key integration
initiatives during 2017 has delivered a strong common identity
across all service lines and facilitated the generation of new
opportunities utilising the full spectrum of services on offer in
Venn. We continue to invest in knowledge development in order to
increase our value-add for clients and secure longer lasting
relationships.
We have underpinned our initiatives on integration and business
positioning with a significant investment in business development
and marketing, adding experienced new business professionals with
proven track records and supporting them with additional lead
generation resources. Our plan includes the broadening of our
revenue base and delivering a better balanced book of business. I
am pleased to report that we are making progress in this regard
with the progression of certain smaller accounts to key account
status.
During the year we completed a strategic review of growth
options for the business and concluded that it makes sense to
better leverage the infrastructure we have, through delivering both
organic and inorganic business growth. We will look at inorganic
opportunities that extend both our footprint and service lines,
consistent with our objective of positioning the business as full
service and full coverage in Europe.
Allan Wood
Chairman
17 May 2018
Chief Executive's Statement
For the year ended 31 December 2017
Dear Fellow Shareholder,
Results and Commentary
Total income for the full year was EUR17.8m (2016: EUR18.2m).
The revenue mix remained similar year on year across the two
principal service lines in the business. Early Development Services
(EDS) delivered revenues of EUR6m and Clinical Research Services
(CRS) delivered revenues of EUR11.8m. EBITDA before exceptional
charges was EUR1.0m (2016: EUR0.4m). Improved EDBITDA was driven
principally by greater operational efficiency resulting in improved
project margins. We expect that increased billable resources and
continued improvements in operational efficiency will drive further
growth in EBITDA during 2018. Exceptional charges have been
minimised at EUR0.03m (2016: EUR0.1m). The consolidated balance
sheet as at 31 December 2017 had gross assets of EUR12.2m (2016:
EUR14.7m), EUR1.2m (2016: EUR3.5m) of which was represented by cash
and cash equivalents.
Group operating profit for the year was EUR0.1m (2016: loss
EUR0.6m). Loss after tax was EUR1.5m (2016: Loss EUR0.7m) accounted
for by our share of losses in Integumen plc and a write down to
market value in the carrying value of our investment. The combined
share of losses and investment write down was EUR1.7m (2016:
EUR0.36m). In future periods we will mark this investment to
market.
We continue to see benefits and opportunities from the
integration of EDS and CRS and have secured projects spanning all
service areas of the business. We have strengthened our business
development team and now have a fully integrated offering with a
common Venn identity.
We are focussed on deepening our connections and engagement with
our clients offering higher value adding consulting in the early
days of the engagement resulting in committed, longer lasting
relationships. There are clear opportunities with a number of
clients to develop a genuine partner relationship. In recent months
we have participated in consortia focussed on collaborative drug
development initiatives. This approach supports an innovative
business model moving from transactional relations with our clients
to R&D partnerships supported by our unique drug development
capabilities.
Anthony Richardson
Chief Executive Officer
17 May 2017
Consolidated Statement of Comprehensive Income
For the year ended 31 December 2017
2017 2016
EUR'000 EUR'000
--------------------------------------- --------- ---------
Continuing operations
Revenue 17,405 17,909
Direct Project and Administrative
Costs (17,763) (18,805)
Other operating income 410 335
Operating profit/(loss) 52 (561)
--------- ---------
Depreciation (99) (133)
Amortisation (792) (689)
Exceptional items (25) (125)
EBITDA before exceptional items 968 386
---------
Finance income - 12
Finance costs - -
Share of loss of investments
accounted for using the equity
method (923)
Impairment of fixed asset investments (794) (364)
---------------------------------------- --------- ---------
Profit/(loss) before income
tax (1,665) (913)
Income tax credit 127 169
---------------------------------------- --------- ---------
Profit/(loss) for the year from
continuing operations (1,538) (744)
---------------------------------------- --------- ---------
Discontinued operations
Profit for the year from discontinued
operations - 1,295
---------------------------------------- --------- ---------
Profit/(loss) for the year (1,538) 551
---------------------------------------- --------- ---------
Profit for the year is attributable
to:
Owners of the parent (1,538) 532
Non-controlling interests - 19
---------------------------------------- --------- ---------
(1,538) 551
--------------------------------------- --------- ---------
Other comprehensive income
--------------------------------------- --------- ---------
Currency translation differences 60 (36)
---------------------------------------- --------- ---------
Total comprehensive gain/(loss)
for the year (1,478) 515
---------------------------------------- --------- ---------
Total comprehensive gain/(loss)
for the year is attributable
to:
Owners of the parent (1,478) 496
Non-controlling interests - 19
---------------------------------------- --------- ---------
(1,478) 515
--------------------------------------- --------- ---------
Total comprehensive gain/(loss)
for the year attributable to
owners of the parent arises
from:
Continuing operations (1,478) (799)
Discontinued operations - 1,295
---------------------------------------- --------- ---------
(1,478) 496
--------------------------------------- --------- ---------
Earnings per share from continuing
and discontinued operations
attributable to owners of the
parent during the year
Basic profit/(loss) per ordinary
share
From continuing operations (2.55c) (1.26c)
From discontinued operations - 2.14c
---------------------------------------- --------- ---------
From profit/(loss) for the year (2.55c) 0.88c
---------------------------------------- --------- ---------
Diluted profit/(loss) per ordinary
share
From continuing operations (2.35c) (1.14)
From discontinued operations - 1.93c
---------------------------------------- --------- ---------
From profit/(loss) for the year (2.35c) 0.79c
---------------------------------------- --------- ---------
Consolidated and Company's Statement of Financial Position
As at 31 December 2017
Group Group Company Company
2017 2016 2017 2016
EUR'000 EUR'000 EUR'000 EUR'000
------------------------------- -------- -------- -------- --------
Assets
Non-current assets
Property, plant and
equipment 312 191 - -
Intangible assets 4,034 4,499 - -
Investments in subsidiaries - - 7,778 7,908
Assets held for sale 680
Investments 31 2,038 31 31
Total non-current assets 5,057 6,728 7,809 7,939
-------------------------------- -------- -------- -------- --------
Current assets
Trade and other receivables 5,874 4,402 8,960 8,664
Income tax recoverable 107 43 - -
Cash and cash equivalents 1,175 3,541 15 206
-------------------------------- -------- -------- -------- --------
Total current assets 7,156 7,986 8,975 8,870
-------------------------------- -------- -------- -------- --------
Total assets 12,213 14,714 16,784 16,809
-------------------------------- -------- -------- -------- --------
Equity attributable
to owners
Share capital 155 155 155 155
Share premium account 14,026 14,026 14,026 14,026
Group re-organisation
reserve (541) (541) - -
Merger relief reserve - - 3,531 3,531
Reverse acquisition
reserve 45 45 - -
Foreign currency reserves (48) 13 - -
Share option reserve - 28 - 28
Retained earnings (4,882) (3,294) (1,312) (1,824)
-------------------------------- -------- -------- -------- --------
8,755 10,432 16,400 15,916
Non-controlling interest - - - -
------------------------------- -------- -------- -------- --------
Total equity 8,755 10,432 16,400 15,916
-------------------------------- -------- -------- -------- --------
Liabilities
Non-current liabilities
Borrowings - 25 - -
Total non-current liabilities - 25 - -
------------------------------- -------- -------- -------- --------
Current liabilities
Trade and other payables 2,999 3,661 384 893
Deferred taxation 434 561 - -
Deferred consideration - - - -
Borrowings 25 35 - -
Total current liabilities 3,458 4,257 384 893
-------------------------------- -------- -------- -------- --------
Total liabilities 3,458 4,282 384 893
-------------------------------- -------- -------- -------- --------
Total equity and liabilities 12,213 14,714 16,784 16,809
-------------------------------- -------- -------- -------- --------
Consolidated and Company's Statement of Cash Flows
For the year ended 31 December 2017
Group Group Company Company
2017 2016 2017 2016
Notes EUR'000 EUR'000 EUR'000 EUR'000
Cash Flow from operating activities
Continuing operations
Cash used in operations (1,255) (219) (321) (377)
Income tax received/(paid) (64) 38 - -
---------------------------------------------------------------- -------- -------- -------- --------
Net cash used in operating activities (1,319) 181 (321) (377)
---------------------------------------------------------------- -------- -------- -------- --------
Cash flow from investing activities
Investment in associate (465) - - -
Purchase of intellectual property (327) (79) (7) -
Purchase of property, plant and equipment (220) - - -
Refund of Escrow - - 137 -
Interest received - 12 - -
------------------------------------------------------- ------- -------- -------- -------- --------
Net cash used in investing activities (1,012) (67) 130 -
---------------------------------------------------------------- -------- -------- -------- --------
Cash flow from financing activities
Proceeds from issuance of ordinary shares - 15 - 30
Repayments on borrowings (35) (27) - -
Net cash generated by financing activities (35) (12) - 30
---------------------------------------------------------------- -------- -------- -------- --------
Net increase/ (decrease) in cash and cash equivalents (2,366) (260) (191) (347)
Cash and cash equivalents at beginning of year 3,541 3,798 206 554
Exchange losses on cash and cash equivalents - 3 - 1
---------------------------------------------------------------- -------- -------- -------- --------
Cash and cash equivalents at end of year 1,175 3,541 15 206
---------------------------------------------------------------- -------- -------- -------- --------
Consolidated and Company's Statement of Changes in Shareholders'
Equity
Group
Re-organisation
& Reverse Share Foreign
Share Share acquisition Option currency Retained Non-controlling
capital premium reserve reserve reserve earnings Total interests Total
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
--------------- --------- --------- ---------------- -------- ---------- ---------- --------- ----------------- --------
At 1 January
2016 155 14,011 (496) 13 49 (3,826) 9,906 327 10,233
--------------- --------- --------- ---------------- -------- ---------- ---------- --------- ----------------- --------
Changes in
equity for the
year
ended 31
December 2016
Profit/ (Loss)
for the year - - - - - 532 532 (327) 205
Currency
translation
differences - - - - (36) - (36) - (36)
--------------- --------- --------- ---------------- -------- ---------- ---------- --------- ----------------- --------
Total
comprehensive
profit
/(loss) for
the year - - - - (36) 532 496 (327) 169
--------------- --------- --------- ---------------- -------- ---------- ---------- --------- ----------------- --------
Transactions
with the
owners
Shares issued - 15 - - - - 15 - 15
Options issued - - - 15 - - 15 - 15
--------------- --------- --------- ---------------- -------- ---------- ---------- --------- ----------------- --------
Total
contributions
by and
distributions
to owners - 15 - 15 - - 30 - 30
--------------- --------- --------- ---------------- -------- ---------- ---------- --------- ----------------- --------
At 31 December
2016 155 14,026 (496) 28 13 (3,294) 10,432 - 10,432
--------------- --------- --------- ---------------- -------- ---------- ---------- --------- ----------------- --------
Changes in
equity for the
year
ended 31
December 2017
Profit/ (Loss)
for the year - - - - - (1,538) (1,538) (-) (1,538)
Prior year
adjustment (78) (78) (78)
--------------- --------- --------- ---------------- -------- ---------- ---------- --------- ----------------- --------
Currency
translation
differences - - - - (61) - (61) - (61)
--------------- --------- --------- ---------------- -------- ---------- ---------- --------- ----------------- --------
Total
comprehensive
profit
/(loss) for
the year - - - - (61) (1,616) (1,677) (-) (1,677)
--------------- --------- --------- ---------------- -------- ---------- ---------- --------- ----------------- --------
Transactions
with the
owners
Shares issued - - - - - - - - -
Share option
provision
reversed - - - (28) - 28 (-) - (-)
Total - - - - - - - - -
contributions
by and
distributions
to owners
--------------- --------- --------- ---------------- -------- ---------- ---------- --------- ----------------- --------
At 31 December
2017 155 14,026 (496) - (48) (4,882) 8,755 (-) 8,755
--------------- --------- --------- ---------------- -------- ---------- ---------- --------- ----------------- --------
Company Merger
Share Share relief Retained
Share capital premium Option reserve reserve earnings Total
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
---------------- -------------------- ---------------- -------------------- ---------- --------- ---------------------------
As at 1 January
2016 155 14,011 13 3,531 (2,351) 15,359
---------------- -------------------- ---------------- -------------------- ---------- --------- ---------------------------
Changes in
equity for the
year ended
31 December
2015
Total
comprehensive
loss for the
year - - - - 527 527
Issued in year - 15 15 - - 30
At 31 December
2016 155 14,026 28 3,531 (1,824) 15,916
---------------- -------------------- ---------------- -------------------- ---------- --------- ---------------------------
Changes in
equity for the
year ended
31 December
2017
Total
comprehensive
gain for the
year - - (28) - 512 484
Issued in year - - - - - -
At 31 December
2017 155 14,026 - 3,531 (1,340) 16,372
---------------- -------------------- ---------------- -------------------- ---------- --------- ---------------------------
1. General information
Venn Life Sciences Holdings Plc is a company incorporated in
England and Wales. The Company is a public limited company listed
on the AIM market of the London Stock Exchange. On 18 January 2016,
the company also listed on the ESM market of the Irish Stock
Exchange. The address of the registered office is 1 Berkeley
Street, London, W1J 8DJ.
The principal activity of the Group is that of a Clinical
Research Organisation providing a suite of consulting and clinical
trial services to pharmaceutical, biotechnology and medical device
organisations. The Group has a presence in the UK, Ireland, France,
Netherlands, Germany and Singapore.
The financial statements are presented in Euros, the currency of
the primary economic environment in which the Group's trading
companies operate. The Group comprises Venn Life Sciences Holdings
Plc and its subsidiary companies.
The registered number of the Company is 07514939.
2. Exceptional items
Included within Administrative expenses are exceptional items as
shown below:
2017 2016
EUR'000 EUR'000
----------------------------------------- -------- --------
Exceptional items includes:
- Transaction costs relating to
business combinations and acquisitions 25 79
- office relocation - 46
Total exceptional items 25 125
------------------------------------------ -------- --------
3. Finance income and costs
2017 2016
EUR'000 EUR'000
------------------------------------------ -------- --------
Interest expense:
- Bank borrowings - -
- Interest on other loans - -
------------------------------------------ -------- --------
Finance costs - -
------------------------------------------ -------- --------
Finance income
- Interest income on cash and short-term
deposits - 12
------------------------------------------ -------- --------
Finance income - 12
------------------------------------------ -------- --------
Net finance costs - 12
------------------------------------------ -------- --------
4. Income tax expense
2017 2016
Group EUR'000 EUR'000
--------------------------------------------------- -------- --------
Current tax:
Current tax for the year - (38)
Overprovision of prior year tax charge (127)
Total current tax (credit)/charge (127) (38)
--------------------------------------------------- -------- --------
Deferred tax:
Origination and reversal of temporary differences - (131)
--------------------------------------------------- -------- --------
Total deferred tax - (131)
--------------------------------------------------- -------- --------
Income tax (credit)/charge (127) (169)
--------------------------------------------------- -------- --------
The tax on the Group's results before tax differs from the
theoretical amount that would arise using the standard tax rate
applicable to the profits of the consolidated entities as
follows:
2017 2016
EUR'000 EUR'000
------------------------------------------------- -------------- --------
Loss before tax (1,665) (913)
------------------------------------------------- -------------- --------
Tax calculated at domestic tax rates applicable
to UK standard rate of tax of 19% (2016
- 20%) (316) (183)
Tax effects of:
- Expenses not deductible for tax purposes 28 26
- Temporary timing differences (127) (131)
- Losses carried forward/(utilised) 288 118
Tax (credit)/charge (127) (169)
------------------------------------------------- -------------- --------
There are no tax effects on the items in the statement of
comprehensive income.
5. Loss per share
(a) Basic
Basic loss per share is calculated by dividing the loss
attributable to equity holders of the Company by the weighted
average number of ordinary shares in issue during the year.
2017 2016
EUR'000 EUR'000
Profit/(loss) from continuing operations
attributable to equity holders of
the Company (1,538) (763)
Profit from discontinued operations
attributable to equity holders of
the Company - 1,295
Total (1,538) 532
Weighted average number of Ordinary
Shares in issue 60,284,263 60,264,907
Basic profit/ (loss) per share (2.55c) 0.88c
(b) Diluted
Diluted earnings per share is calculated by adjusting the
weighted average number of ordinary shares outstanding to assume
conversion of all dilutive potential ordinary shares.
Weighted average number of shares used as the denominator
2017 2016
Weighted average number of ordinary
shares used as the denominator in
calculating basic earnings per share 60,284,263 60,264,907
Adjustments for calculation of diluted
earnings per share:
Options 4,985,288 3,675,000
Warrants 166,000 166,000
Total 65,436,117 64,106,573
6. Intangible fixed assets
Group Customer Intellectual
relationships Trade secrets Goodwill Property Rights Workforce Total
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
---------------------- --------------------- -------------- --------- --------------------- ---------- ---------
Cost
At 1 January 2016 1,639 712 1,400 740 1,449 5,940
Addition - 29 440 - - 469
Exchange differences (5) (6) (22) (57) - (90)
On Disposal - - - (683) - (683)
At 31 December 2016 1,634 735 1,818 - 1,449 5,636
---------------------- --------------------- -------------- --------- --------------------- ---------- ---------
Amortisation
At 1 January 2016 258 104 54 86 502
Charge for year 328 71 - - 290 689
Disposal of
subsidiary - - - (54) - (54)
---------------------- --------------------- -------------- --------- --------------------- ---------- ---------
At 31 December 2016 586 175 - - 376 1,137
---------------------- --------------------- -------------- --------- --------------------- ---------- ---------
Net book value
At 31 December 2016 1,048 560 1,818 - 1,073 4,499
---------------------- --------------------- -------------- --------- --------------------- ---------- ---------
Cost
At 1 January 2017 1,634 735 1,818 - 1,449 5,636
Addition - - - 360 360
Exchange differences 2 (2) (3) - 1 (2)
On disposal - (28) - - - (28)
At 31 December 2017 1,636 705 1,815 360 1,450 5,966
---------------------- --------------------- -------------- --------- --------------------- ---------- ---------
Amortisation
At 1 January 2016 586 175 - - 376 1,137
Charge for the year 327 71 - 105 292 792
On disposal of - - - - - -
subsidiary
---------------------- --------------------- -------------- --------- --------------------- ---------- ---------
At 31 December 2017 913 246 - 105 668 1,932
---------------------- --------------------- -------------- --------- --------------------- ---------- ---------
Net book value
At 31 December 2017 723 459 1,815 255 782 4,034
---------------------- --------------------- -------------- --------- --------------------- ---------- ---------
No amortisation charge has been charged on the goodwill in the
income statement (2016 - EURnil).
Goodwill is allocated to the Group's cash-generating units
(CGU's) identified according to operating segment. An operating
segment-level summary of the goodwill allocation is presented
below.
2017 2016
EUR'000 EUR'000
------- -------- --------
CRO 1,815 1,818
Total 1,815 1,818
------- -------- --------
Goodwill is tested for impairment at the balance sheet date. The
recoverable amount of goodwill at 31 December 2017 was assessed on
the basis of value in use. As this exceeded carrying value no
impairment loss was recognised.
The key assumptions in the calculation to assess value in use
are the future revenues and the ability to generate future cash
flows. The most recent financial results and forecast approved by
management for the next three years were used followed by an
extrapolation of expected cash flows at a constant growth rate for
a further two years. The projected results were discounted at a
rate which is a prudent evaluation of the pre-tax rate that
reflects current market assessments of the time value of money and
the risks specific to the cash-generating units.
The key assumptions used for value in use calculations in 2017
were as follows:
%
-------------------------------------- ---
Longer-term growth rate (after 2019) 5
Discount rate 20
--------------------------------------- ---
The Group has been loss making for the last 6 years and in 2014
the Directors transformed the infrastructure and capabilities of
the Group in order to work as a Group in providing services to
clinical research and development markets as one unit rather than
separate units. This meant that the impairment review is prepared
on the group basis rather than a single unit basis. The Directors
have made significant estimates on future revenues and EBITDA
growth over the next three years based on the Group's budgeted
investment in recruiting key employees and marketing the
services.
The Directors have performed a sensitivity analysis to assess
the impact of downside risk of the key assumptions underpinning the
projected results of the Group. The projections and associated
headroom used for the group is sensitive to the EBITDA growth
assumptions that have been applied. A 50% reduction in EBITDA
growth; in the first five years of the management projections would
not result in any impairment at the group level.
The Company has no intangible assets.
7. Investments in associates
Company 2017 2016
Shares in associated undertakings EUR'000 EUR'000
----------------------------------- -------- -------------
At 1 January 2,007 -
Additions 465 2,371
Share of losses (923) (364)
Impairment (869) -
----------------------------------- -------- -------------
At 31 December 2017 680 2,007
----------------------------------- -------- -------------
On 24 October 2016 the Company's wholly owned subsidiary Venn
Life Sciences Limited acquired a 41.51% holding in Integumen
Limited, as consideration for the disposal of its holding in
Innovenn UK Limited.
After the IPO of Integumen Plc on 5(th) April 2017, Venn Life
Sciences invested an additional EUR465k to offset dilution of the
original stake post IPO down to 25.59%. The stake was further
diluted to 22.19% after a round 2 investment in which Venn Life
Sciences did not participate .
The final valuation of the Integument Plc investment of EUR680k
was determined based on the market price as at 31 December
2017.
The group has no other associates.
Name of Company Note Proportion Held Class of Shareholding
Nature of Business
Integumen Limited 1 22.19% (indirect) Ordinary Human Surface
Science
Notes
1. Incorporated and registered in England and Wales.
8. Cash used in operations
Group Group Company Company
2017 2016 2017 2016
EUR'000 EUR'000 EUR'000 EUR'000
--------------------------------- -------- -------- -------- --------
(Loss)/Profit before
income tax (1,665) (913) 484 565
Discontinued operations - 1,295 - -
Adjustments for:
- Depreciation and amortisation 891 822 - -
- Foreign currency translation
of net assets (61) 134 - (38)
- Exceptional Item 25 79 - 137
- Net finance costs - (12) - -
- Share options charge (28) 15 - -
- Share in associated
undertakings 923 (364) - -
Changes in working capital
- Financial assets 794 (2,007) - -
- Trade and other receivables (1,424) 1,289 (296) (967)
- Trade and other payables (662) (557) (509) (74)
--------------------------------- -------- -------- -------- --------
Net cash used in operations (1,255) (219) (321) (377)
--------------------------------- -------- -------- -------- --------
9. Post balance sheet events
An additional 11.0% of the shares in Venn Life Sciences (France)
S.A.S were purchased with effect from 1 January 2018, bringing the
total proportion of shares held in that company to 100%. 277,550
Shares in Venn Life Sciences Holdings Plc were issued in
consideration for the purchase
The percentage holding in Integumen PLC fell from 22.19% to
18.89% on 6 January 2018 as a result of Integumen PLC issuing new
shares.
10. Annual Report and Accounts
Copies of the audited Annual Report and Accounts for the year
ended 31 December 2017 will be posted to shareholders shortly and
may also be obtained from the Company's head office at 19 Railway
Road, Dalkey, Dublin, Ireland
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR UNRURWSAVAUR
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May 17, 2018 02:01 ET (06:01 GMT)
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