Final Results

RNS Number : 7142X

Venn Life Sciences Holdings PLC

10 May 2016

 

Venn Life Sciences Holdings Plc

("Venn" or the "Company"or "Group")

Final Results

 for Year ended 31 December 2015

Venn Life Sciences (AIM: VENN), a growing Clinical Research Organisation (CRO) providing drug development, clinical trial management and resourcing solutions to pharmaceutical, biotechnology and medical device clients, announces its audited final results for the year ended 31 December 2015.

Financial Highlights

·     Revenue up 135% to €11.47m (2014: €4.88m)

·     EBITDA profit (before exceptional items) of €0.39m (2014: loss of €1.53m)

·     Loss for the year €0.20m (2014: €1.8m)

·     EBITDA profit attributable to CRO Business €0.8m (2014: loss of €0.96m)

·     EBITDA losses attributable to investment in Innovenn €0.44m (2014: loss of €0.57m)

·     Cash and cash equivalents as at 31 December 2015 of €3.8m (2014: €0.8m)

Operational Highlights

·     Acquisition of Kinesis Pharma BV, extending service capabilities into drug development

·     Resource base increased to 196 personnel

·     Re-location of existing Paris operations into "flagship" location

·     Piloting of new clinical trial management infrastructure

Post Period End

·     Strong rate of business wins and new proposals continues

·     €3.4m contract secured in January

·     Revenues of €4.4m booked for Q1 2016 (Q1 2015: €2.0m)

·     Successful cross selling of drug development and late phase services to expanded client base

·     Listing on Enterprise Securities Market

Commenting on the Group's outlook, Tony Richardson, CEO and Chairman of Venn said: 

"2015 has been a breakthrough year for Venn, delivering 135% revenue growth and importantly, delivering its first EBITDA profits. The acquisition of Kinesis Pharma BV in October 2015 has broadened the service offering of the business and opened up further opportunities for growth. With a strong start to 2016 Venn is well positioned for further growth.

"Significant progress has been made at Innovenn during 2015. As the business has now moved from its development phase into commercialisation, the board intends to reposition this business such that it has an independent footing, its own source of funding and a value that can be clearly established. The board intends implementing this repositioning in a manner that has a clear quantifiable benefit for Venn shareholders, and gives greater visibility to the strongly performing core CRO business."

Enquiries:

Venn Life Sciences Holdings Plc		www.vennlifesciences.com
Tony Richardson, Chief Executive Officer		Tel: [phone]
Aoife O Farrell, Marketing Manager		Tel: [phone]
Davy (Nominated Adviser, ESM Adviser and Joint Broker)		Tel: [phone]
Fergal Meegan / Matthew DeVere White (Corporate Finance)
Paul Burke (Corporate Broking)
Hybridan LLP (Joint-Broker)
Claire Louise Noyce		Tel: [phone]
Walbrook PR Ltd	Tel: [phone] or [e-mail]
Paul McManus		Mob: [phone]
Lianne Cawthorne		Mob: [phone]

About Venn Life Sciences Limited: Venn Life Sciences is a Contract Research Organisation providing drug development, clinical trial management and resourcing solutions to pharmaceutical, biotechnology and medical device organisations. With dedicated operations in France, Germany, the Netherlands, the UK, Ireland and Europe wide representation - Venn Life Sciences specialises in rapid deployment and management of multisite projects, across all phases. Venn Life Sciences also has an innovation division - Innovenn - focused primarily on breakthrough development opportunities in Skin Science.

For more information about the Company, please visit: www.vennlifesciences.com

CHAIRMAN AND CHIEF EXECUTIVE STATEMENT

FOR THE YEAR ENDED 31 DECMEBER 2015

I am pleased to report that 2015 has been another strong year for Venn, delivering revenue growth of 135% and maiden EBITDA profits. The year has also seen the successful extension of service capabilities and expertise though the acquisition of Kinesis Pharma BV ('Kinesis') and a continued step up in the size and value of projects undertaken.

Through a combination of organic growth and acquisition the team now comprises nearly 200 personnel, representing a solid base on which we can now build. We have continued to improve our infrastructure with the piloting of new clinical trial management systems and the relocation of our Paris entities to a central flagship location. With this stronger base, comprehensive service offering and good geographical coverage we are now well positioned to develop deeper areas of specialism within the business and longer term more strategic client relationships. In 2015 we have worked on some cutting edge Rare Disease projects, experience I believe we can leverage in 2016 and beyond.

Innovenn has also delivered a strong year with progress on Labskin and Clarogel. Both technologies are now through their development phase and into commercialisation and the board intends to reposition this business such that it has an independent footing, its own source of funding and a value that can be clearly established. The board is actively looking at ways to realise shareholder value for these technologies in 2016. 

Results and Commentary

Fee income for the full year was to €11.47m (2014: €4.88m) amounting to an increase of 135% year on year. This increase in fee income is attributable to an effective business development effort delivering larger international projects coupled with an effective recruitment drive to support the workload. EBITDA profit before exceptional charges for the year was €0.39m (2014 loss of €1.53m). The EBITDA profit attributable to our CRO business was €0.8m (2014: loss of €0.96m) and what has been a year of significant investment in Innovenn has resulted in an EBIDA deficit of €0.44m (2014: loss of €0.57m) attributable to that part of the business. The consolidated balance sheet as at 31 December 2015 had total net assets of €10.2m, €3.8m (2014: €0.8m) of which was represented by cash and cash equivalents.

Post Period End

Venn has seen a solid start to 2016 demonstrated by booking €4.4m of revenues in the first quarter. The Company has achieved a strong rate of business wins with new proposals continuing to come in. As previously stated we execute work to a consistently high standard which brings significant rewards for the Company and I am delighted to see this pattern continuing in 2016. As announced in January we signed a €3.4m contract with a leading US based biotechnology client and the magnitude of this new business win demonstrates that our strategy of consolidation is effective and that Venn is well positioned to win more substantial contracts.

The acquisition of Kinesis has enabled us to successfully crosssell drug development and late phase services to our expanded client base, being able to offer the complete range of services. This in turn has allowed us to establish earlier and longer lasting client relationships and it is extremely pleasing to see the benefits of the October 2015 acquisition coming through so quickly.

It's also worth noting that we successfully listed on the Irish Stock Exchange's Enterprise Securities Market ('ESM') in January 2016 to utilise the ESMs dual listing with the London Stock Exchange's AIM. This has enabled us to expand our investor base by accessing both euro and sterling pools of capital and facilitate future growth. 

Plans and Outlook

We will continue to improve our knowledge base, expand our geographical coverage and further develop emerging areas of specialism during 2016. We continue to seek acquisition opportunities in Central and Eastern Europe and are exploring organic expansion into certain regions. Having developed into a genuine full service Company with the addition of Kinesis we will focus in 2016 on business integration and successful cross selling of early and late phase services into the newly expanded client base.

Anthony Richardson

Chief Executive Officer

10 May 2016

Consolidated Statement of Comprehensive Income

For the year ended 31 December 2015

		2015		2014
	Notes	€'000		€'000
Continuing operations
Revenue	2	11,474		4,883
Direct Project and Administrative Costs	3	(11,934)		(6,817)
Other operating income		175		167
Operating loss		(285)		(1,767)
Depreciation		(103)		(47)
Amortisation		(361)		(140)
Exceptional items	3	(209)		(47)
EBITDA before exceptional items	2	388		(1,533)
Finance income	4	2		9
Finance costs	4	(44)		(71)
Loss before income tax		(327)		(1,829)
Income tax credit	5	125		20
Loss for the year		(202)		(1,809)
Profit/(Loss) attributable
Owners of the parent		15		(1,533)
Non-controlling interest		(217)		(276)
Loss for the year		(202)		(1,809)
Currency translation differences		49		8
Total comprehensive loss for the year		(153)		(1,801)
Profit/(loss) per ordinary share	6
Basic and diluted		0.04c		(6.0c)

Consolidated and Company's Statement of Financial Position

As at 31 December 2015

		Group	Group	Company	Company
		2015	2014	2015	2014
	Notes	€'000	€'000	€'000	€'000
Assets
Non-current assets
Property, plant and equipment		381	194	-	-
Intangible assets	7	5,437	2,820	-	-
Investments in subsidiaries		-	-	7,468	4,432
Investments		31	31	31	31
Total non-current assets		5,849	3,045	7,499	4,463
Current assets
Trade and other receivables		5,560	2,097	8,220	3,531
Income tax recoverable		23	32	-	-
Cash and cash equivalents		3,798	806	554	-
Total current assets		9,381	2,935	8,774	3,531
Total assets		15,230	5,980	16,273	7,994
Equity attributable to owners
Share capital		155	112	155	112
Share premium account		14,011	5,483	14,011	5,483
Group re-organisation reserve		(541)	(541)	-	-
Merger relief reserve		-	-	3,531	3,531
Reverse acquisition reserve		45	45	-	-
Foreign currency reserves		49	-	-	-
Share option reserve		13	-	13	-
Retained earnings		(3,826)	(3,841)	(2,351)	(2,015)
		9,906	1,258	15,361	7,111
Non-controlling interest		327	544	-	-
Total equity		10,233	1,802	15,361	7,111
Liabilities
Non-current liabilities
Borrowings		52	99	-	-
Total non-current liabilities		52	99	-	-
Current liabilities
Trade and other payables		4,218	3,302	912	670
Deferred taxation		692	271	-	-
Deferred consideration		-	213	-	213
Borrowings		35	293	-	-
Total current liabilities		4,945	4,079	912	883
Total liabilities		4,997	4,178	912	883
Total equity and liabilities		15,230	5,980	16,273	7,994

Consolidated and Company's Statement of Cash Flows

For the year ended 31 December 2015

		Group	Group	Company	Company
		2015	2014	2015	2014
	Notes	€'000	€'000	€'000	€'000
Cash Flow from operating activities
Cash used in operations	8	(2,275)	(994)	(4,736)	(1,071)
Interest paid		-	(54)	-	(9)
Income tax received/(paid)		125	20	(31)	-
Net cash used in operating activities		(2,150)	(1,028)	(4,767)	(1,080)
Cash flow from investing activities
Acquisition of subsidiaries, net of cash acquired		(1,893)	(307)	-	(424)
Acquisition of investments		-	-	-
Exceptional costs		(209)	-	-
Purchase of property, plant and equipment		(713)	(99)	(3,037)	-
Proceeds from sale of property, plant and equipment		-	5	-	-
Interest received		-	9	-	-
Net cash used in investing activities		(2,815)	(392)	(3,037)	(424)
Cash flow from financing activities
Proceeds from issuance of ordinary shares		8,571	1,194	8,571	1,194
Payment of deferred consideration		(310)	(154)	(213)	(154)
Financing from non-controlling interests		-	800	-	-
Repayments on borrowings		(94)	(40)	-	-
Net cash generated by financing activities		8,167	1,800	8,358	1,040
Net increase/ (decrease) in cash and cash equivalents			380	554	(464)
Cash and cash equivalents at beginning of year		596	216	-	464
Exchange losses on cash and cash equivalents		-	-	-	-
Cash and cash equivalents at end of year		3,798	596	554	-

Consolidated and Company's Statement of Changes in Shareholders' Equity

Group
	Share capital	Share premium	Re-organisation  & Reverse acquisition reserve	Share Option reserve	Foreign currency reserve	Retained earnings	Total	Non-controlling interests	Total
	€'000	€'000	€'000	€'000	€'000	€'000	€'000	€'000	€'000
At 1 January 2014	102	3,431	(496)	0	(8)	(2,308)	721	-	721
Changes in equity for the year ended 31 December 2014
Loss for the year	-	-	-	-	-	(1,533)	(1,533)	(276)	(1,809)
Currency translation differences	-	-	-	-	8	-	8	-	8
Total comprehensive loss for the year	-	-	-	-	8	(1,533)	(1,525)	(276)	(1,801)
Transactions with the owners
Shares issued	10	2,052	-	-	-	-	2,062	820	2,882
Total contributions by and distributions to owners	10	2,052	-	-	-	-	2,062	820	2,882
At 31 December 2014	112	5,483	(496)	0	-	(3,841)	1,258	544	1,802
Changes in equity for the year ended 31 December 2015
Profit/ (Loss) for the year	-	-	-	-	-	15	15	(217)	(202)
Currency translation differences	-	-	-	-	49	-	49	-	49
Total comprehensive profit /(loss) for the year	-	-	-	-	49	15	64	(217)	(153)
Transactions with the owners
Shares issued	43	8,528	-	-	-	-	8,571	-	8,571
Options issued	-	-	-	13	-	-	13	-	13
Total contributions by and distributions to owners	43	8,528	-	-	-	-	8,584	-	8,584
At 31 December 2015	155	14,011	(496)	13	49	(3,826)	9,906	327	10,233

 

Company
		Share capital		Share premium		Share Option reserve		Merger relief reserve		Retained earnings		Total
		€'000		€'000		€'000		€'000		€'000		€'000
As at 1 January 2014		102		3,431		-		3,531		(1,815)		5,249
Changes in equity for the year ended 31 December 2014
Total comprehensive loss for the year		-		-		-		-		(200)		(200)
Proceeds from shares issued		10		2,052		-		-		-		2,062
At 31 December 2014		112		5,483		-		3,531		(2,105)		7,111
Changes in equity for the year ended 31 December 2015
Total comprehensive loss for the year		-		-		-		-		(336)		(336)
Issued in year		43		8,528		13		-		-		8,584
At 31 December 2015		155		14,011		13		3,531		(2,351)		15,359

 

Notes to the Financial Statements

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. 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 and Germany.

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 as set out in note 18.

The registered number of the Company is 07514939.

2. Segmental reporting

Management has determined the Group's operating segments based on the monthly management reports presented to the Chief Operating Decision Maker ('CODM'). The CODM is the Executive Directors and the monthly management reports are used by the Group to make strategic decisions and allocate resources.

The principal activity of the Group is that of a Clinical Research Organisation (CRO) providing a suite of consulting and clinical trial services to pharmaceutical, biotechnology and medical device organisations.  Prior to 2015, the CODM considered the Groups operating segments to be the individual Countries of operation.  However, as the majority of the Group's contracts are now larger, multi-country contracts, pulling resources from many different locations, the CODM now considers this a single business unit.

The Group also has an innovation division focussed on skin technologies and continues to undertake developments in this arena.  2015 saw the re-launch and initial sales of Labskin and the CODM consider this the second business unit.

Both business units have separate managers and report performance to the CODM separately.

Currently the key operating performance measures used by the CODM are Revenue and adjusted EBITDA (before exceptionals).

The segment information provided to the Board for the reportable segments for the year ended 31 December 2015 is as follows:

 

	2015	2015	2015	2014	2014	2014
	Venn	Innovenn	Total	Venn	Innovenn	Total
	€'000	€'000	€'000	€'000	€'000	€'000
Income statement
External revenue	11,468	6	11,474	4,883	-	4,883
Adjusted EBITDA	834	(446)	388	(960)	(573)	(1,533)
Exceptional items	(209)	-	(209)	(47)	-	(47)
EBITDA	625	(446)	179	(1,007)	(573)	(1,580)
Depreciation	(75)	(28)	(103)	(46)	(1)	(47)
Amortisation	(311)	(50)	(361)	(135)	(5)	(140)
Operating profit/(loss)	239	(524)	(285)	(1,188)	(579)	(1,767)
Net finance costs	(39)	(3)	(42)	(62)	-	(62)
Retained profit/(loss) before tax	200	(527)	(327)	(1,250)	(579)	(1,829)
Segment assets
Intangibles, Goodwill,	4,743	693	5,436	2,601	219	2,820
PPE	223	158	381	141	53	194
Investments	31	-	31	31	-	31
Trade and other debtors	5,455	128	5,583	2,078	51	2,129
Inter segment debtors	999	-	999	418	182	600
Cash	3,768	30	3,798	492	314	806
Total assets	15,220	1,009	16,228	5,761	819	6,580
Segment liabilities
Operating liabilities	(4,737)	(174)	(4,911)	(3,756)	(30)	(3,786)
Inter segment liabilities	-	(999)	(999)	(182)	(418)	(600)
	(4,737)	(1,173)	(5,910)	(3,938)	(448)	(4,386)
Borrowings	(87)	-	(87)	(392)	-	(392)
Total liabilities	(4,824)	(1,173)	(5,997)	(4,330)	(448)	(4,778)

3. Exceptional items

Included within Administrative expenses are exceptional items as shown below:

		2015	2014
		€'000	€'000
Exceptional items includes:
- Transaction costs relating to business combinations and acquisitions		209	47
Total exceptional items		209	47

4. Finance income and costs

	2015	2014
	€'000	€'000
Interest expense:
- Bank borrowings	27	29
- Deferred consideration unwinding of discount	-	17
- Interest on other loans	17	25
Finance costs	44	71
Finance income
- Interest income on cash and short-term deposits	2	9
Finance income	2	9
Net finance costs	42	62

5. Income tax expense

	2015	2014
Group	€'000	€'000
Current tax:
Current tax for the year	-	-
Tax refund (prior year)	(65)	-
Total current tax (credit)/charge	(65)	-
Deferred tax (note 24):
Origination and reversal of temporary differences	(60)	(20)
Total deferred tax	(60)	(20)
Income tax (credit)/charge	(125)	(20)

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:

	2015	2014
	€'000	€'000
Loss before tax	(262)	(1,829)
Tax calculated at domestic tax rates applicable to UK standard rate of tax of 20% (2013 - 20%)	(52)	(366)
Tax effects of:
- Expenses not deductible for tax purposes	30	35
- Losses carried forward/(utilised)	(38)	311
Tax (credit)/charge	(60)	(20)

There are no tax effects on the items in the statement of comprehensive income.

6. 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.

	2015	2014
	€'000	€'000
Profit/(loss) attributable to equity holders of the Company	15	(1,533)
Weighted average number of Ordinary Shares in issue	41,261,849	26,960,835
Basic profit/ (loss) per share	0.04c	(6.0c)

 (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. No share options or warrants outstanding at 31 December 2015 or 31 December 2014 were dilutive and all such potential ordinary shares are therefore excluded from the weighted average number of ordinary shares for the purposes of calculating diluted earnings per share.

7. Intangible fixed assets

Group	Customer relationships €'000	Trade secrets €'000	Goodwill €'000	Intellectual Property Rights €'000	Workforce €'000	Total €'000
Cost
At 1 January 2014	24	37	980	-	-	1,041
Addition	420	-	180	224	-	824
Exchange differences	1	2	10	-	-	13
On acquisition of subsidiary undertaking (note 34)	160	670	150	-	104	1,084
At 31 December 2014	605	709	1,320	224	104	2,962
Amortisation
At 1 January 2014	1	1	-	-	-	2
Charge for the year	94	32	-	5	9	140
At 31 December 2014	95	33	-	5	9	142
Net book value
At 31 December 2014	510	676	1,320	219	95	2,820
Cost
At 1 January 2015	605	709	1,320	224	104	2,962
Addition				525		525
Exchange differences	2	3	11	(9)		7
Adjustment			(48)			(48)
On acquisition of subsidiary undertaking (note 34)	1,032		117		1,345	2,494
At 31 December 2015	1,639	712	1,400	740	1,449	5,940
Amortisation
At 1 January 2015	95	33	-	5	9	142
Charge for the year	164	71	-	49	77	361
At 31 December 2015	259	104	-	54	86	503
Net book value
At 31 December 2015	1,380	608	1,400	686	1,363	5,437

No amortisation charge has been charged on the goodwill in the income statement (2014 - €nil).

On 16 October 2015 the Company acquired Kinesis Pharma B.V, a Dutch pre-clinical/early clinical research organisation for initial consideration of €3,324,137, satisfied through €1,846,620 cash and the issue of 4,780,320 Ordinary shares of 0.01p each (Note 34). A fair value exercise has been conducted on the Kinesis acquisition.

On 13 January 2014 the Group completed the acquisition of trade and certain business assets and liabilities of a German based CRO for €600,000 satisfied through issue of 1,962,583 Ordinary shares of 0.01p each. A fair value exercise was conducted on the acquisition of the German based CRO.

On March 2014 the Group acquired intellectual property rights in Labskin^TM for €224,000 satisfied through issue of 864,706 Ordinary shares of 0.01p each.

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.

	2015	2014
	€'000	€'000
CRO	1,400	1,320
Innovenn	-	-
Total	1,400	1,320

Goodwill is tested for impairment at the balance sheet date. The recoverable amount of goodwill at 31 December 2015 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 year were used followed by an extrapolation of expected cash flows at a constant growth rate for a further four 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 2015 were as follows:

		%
Longer-term growth rate (after 2015)		5
Discount rate		20

The Group has been loss making for the last 4 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.

 

8. Cash used in operations

	Group	Group	Company	Company
	2015	2014	2015	2014
	€'000	€'000	€'000	€'000
Loss before income tax	(327)	(1,829)	(336)	(200)
Adjustments for:
- Depreciation and amortisation	464	187	-	-
- Foreign currency translation of net assets	(204)	(22)	(164)	11
- Exceptional Item	209	47	209	-
- Net finance costs	42	62	-	26
Changes in working capital
- Trade and other receivables	(3,463)	(892)	(4,689)	(1,394)
- Trade and other payables	1,004	1,453	243	486
Net cash used in operations	(2,275)	(994)	(4,737)	(1,071)

Exceptional Item

2014 Group comparative has been restated to disclose exceptional items and Foreign exchange separately

9. Business combinations

Acquisition of Kinesis Pharma B.V.

On 16 October 2015 the Company acquired 100% of Kinesis Pharma B.V, a Dutch pre-clinical and early clinical research organisation, and Kinesis Singapore (100% subsidiary). The final terms of the initial consideration for the acquisition, following the adjustment mechanism set out in the sale and purchase agreement, plus the crystallised contingent consideration from the 2015 performance is €3,083,746. The Company has performed a fair value exercise of the remaining contingent consideration, reflecting the time value of money and the likelihood of this consideration crystallising.

The goodwill of €117,000 arising from the acquisition is attributable to the expected future profitability of the acquired business and synergies expected to arrive from the incorporation of the business within the Group.

The following table summarises the consideration paid and the amounts of the assets acquired and liabilities assumed at the acquisition date.

	€'000
Fair value consideration at 16 October 2016
Cash	1,847
Share issue (4,780,320 Ordinary shares of 0.01p each)	1,477
Initial consideration (note 17)	3,324
Adjustment to consideration and crystallised 2015 contingent consideration	(240)
Total fair value consideration	3,084
Recognised amounts of identifiable assets acquired and liabilities assumed
Cash and cash equivalents	1
Property, plant and equipment (note 16)	72
Investment in Subsidiary	76
Customer relations -  included in intangibles  (note 17)	1,032
Workforce - included in intangibles (note 17)	1,345
Trade and other receivables	2,005
Trade and other payables	(896)
Borrowings	(184)
Tax	(484)
Total identifiable net assets	2,967
Goodwill	117

The revenue included in the consolidated statement of comprehensive income since 16 October 2015 contributed by Kinesis Pharma B.V. was €1.4m. Kinesis Pharma B.V. also contributed a profit of €103,000 over the same period.  Had Kinesis Pharma B.V. been consolidated from 1 January 2015, the consolidated statement of comprehensive income, would show approximately revenue of €16.4m and €0.4m profit before tax.

10. Post balance sheet events

The following events have taken place since the year end:

(a)   On 8 January 2016, Non-Executive Chairman David Evans, aged 55, resigned his position on the Board in line with his personal commitment to reduce the number of Non-Executive Chairman roles undertaken.     

11. Annual Report & Accounts

Copies of the audited Annual Report & Accounts for the year ended 31 December 2015 will be posted to shareholders shortly and may also be obtained from the Company's head office at 19 Railway Road, Dalkey, Dublin, Ireland.

 

END

 

 

FR UKSKRNWAVRAR