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Alltracel Releases 2006 Full Year Preliminary ResultsDUBLIN and LONDON | Posted on April 13th, 2007
- Turnaround in profitability with a first time full year positive
Alltracel Pharmaceuticals PLC Consolidated Profit & Loss Account Unaudited Audited FOR THE YEAR ENDED 31 DECEMBER 2006 2006 2005 EUR EUR Turnover including share of associate turnover 20,054,717 19,244,673 Share of associate turnover (168,263) 0 Group turnover excluding share of associate turnover 19,886,454 19,244,673 Cost of sales (12,109,070) (12,547,970) Gross profit 7,777,384 6,696,703 Selling & Distribution Costs (2,705,743) (3,827,509) Administrative Expenses (4,756,364) (4,552,546) Operating Profit/ (Loss) - continuing operations 315,277 (1,683,352) Share of Loss in Associate undertaking (12,190) - (Loss) / profit on disposal of financial assets (17) (148,216) Interest receivable 62,034 81,727 Interest payable (485,880) (346,646) (Loss) on ordinary activities before taxation (120,776) (2,096,487) Taxation (519,734) (122,082) Minority Interests (968,072) (751,147) Loss for the financial period attributable to ordinary shareholders (1,608,582) (2,969,716) Loss brought forward at the beginning of period (19,452,487) (16,543,327) Translation 86,551 60,556 Loss carried forward at end of period (20,974,518) (19,452,487) Loss per ordinary share (cent) - basic (1.36) (2.76) Weighted average number of shares used in computing loss per ordinary share - basic 118,017,325 107,444,635 Statement of Total Recognised Gains and Losses Unaudited Audited FOR THE YEAR ENDED 31 DECEMBER 2006 2006 2005 EUR EUR Loss for the financial period (1,608,582) (2,969,716) Translation differences 86,551 60,556 Total Recognised Gains and Losses for the financial period (1,522,031) (2,909,160) Consolidated Balance Sheet AT 31 DECEMBER 2006 Unaudited Audited 2006 2005 EUR EUR Fixed Assets Intangible assets 5,320,146 5,094,644 Tangible assets 1,094,237 1,044,336 Financial Assets 1,018,302 917,341 7,432,685 7,056,321 Current Assets Stocks 3,949,456 3,836,664 Debtors 5,376,047 5,184,047 Cash at bank and in hand 3,004,437 2,047,679 12,329,940 11,068,390 Creditors (amounts falling due within one year) (6,679,244) (7,118,574) Net Current Assets 5,650,696 3,949,816 Total Assets Less Current Liabilities 13,083,381 11,006,137 Creditors (amounts falling due after more than one year) (2,536,782) (2,418,897) 10,546,599 8,587,240 Financed By Capital and Reserves Called up share capital 1,619,745 1,347,904 Share premium account 28,673,822 25,805,353 Capital conversion reserve fund 6,736 6,736 Other reserve 40,350 32,350 Profit and Loss account - deficit (20,974,518) (19,452,487) Foreign Exchange Reserve 19,533 (15,730) Shareholders' equity - all equity interests 9,385,668 7,724,126 Minority Interest 1,160,931 863,114 10,546,599 8,587,240 Consolidated Cash Flow FOR THE YEAR ENDED 31 DECEMBER 2006 Unaudited Audited 2006 2005 EUR EUR Net Cash Inflow/ (Outflow) From Operating Activities (12,389) (2,206,708) Returns on Investments and Servicing of Finance Interest received 62,034 81,727 Interest paid (485,880) (314,296) Paid to minority interest (716,852) (751,147) (1,140,698) (983,716) Taxation Taxation Paid (102,142) (362,687) Capital Expenditure and Financial Investments Payments to acquire tangible fixed assets (360,985) (534,702) Sale of tangible fixed assets 3,815 39,812 Payments to acquire intangible fixed assets (445,862) (591,903) (803,032) (1,086,793) Acquisations and disposals Purchase of subsidiary undertaking (1,553,216) (4,469,703) Cash acquired with subsidiary 0 2,583,454 Net cash outflow for acquisation (1,553,216) (1,886,249) Cash Outflow Before Management of Liquid Resources and Financing (3,611,477) (6,526,153) Management of Liquid Resources Disposal of current asset investments 0 539,858 Financing Issue of shares 3,343,983 58,034 Share issue expenses (203,673) (770) New secured Loans 2,789,766 4,232,321 Repayment of Loans (1,201,191) (600,895) Capital element of finance lease repaid (160,650) (38,530) 4,568,235 3,650,160 Increase/ (Decrease) in cash 956,758 (2,336,135) 1. Called Up Share Capital Unaudited Audited 2006 2005 EUR EUR Authorised: 50,000,000,000 ordinary shares of EUR0. 625,000,000 625,000,000 125 each Issued: As at 31 December 2005 129,579,598 shares of EUR0.125 each 1,619,745 As at 31 December 2005 107,832,325 shares of EUR0.125 each 1,347,904 2. Share Premium Unaudited Audited 2006 2005 EUR EUR Balance at beginning of period 25,805,353 23,899,356 Premium on shares issued during the period 3,072,142 1,947,801 Share issue expenses (203,673) (41,804) Balance at end of period 28,673,822 25,805,353 3. Reconciliation of Movement in Shareholders' Unaudited Audited Funds 2006 2005 Group EUR EUR Shareholders' funds at beginning of period 7,724,126 8,631,665 Loss for the year (1,608,582) (2,969,716) Transfer to Other reserves 43,263 32,350 Translation 86,551 44,826 Net proceeds from issue of share capita 3,140,310 1,985,001 Shareholders' funds at end of period 9,385,668 7,724,126 4. Reconcilation of operating profit to net cash flow from operating activities Unaudited Audited 2006 2005 EUR EUR Operating Profit / (Loss) 315,277 (1,683,352) Depreciation 498,181 404,369 Amortisation of Intangibles 124,860 127,029 Amortisation of Goodwill 232,921 188,000 Share in Loss of Associate 12,190 - Gain on sale of fixed asset (17) (19,132) Increase in stocks (112,792) (1,216,817) Increase/ (Decrease) in debtors (191,998) 1,254,537 (Decrease)/ Increase in creditors (1,068,105) (1,261,342) Movement in provisions 177,095 - Net cash outflow from operating activities (12,389) (2,206,708) 5. Analysis of Net Funds Non Cash 01/01/2006 Cashflow movement 31/12/2006 Cash 2,047,679 956,758 3,004,437 Total 2,047,679 956,758 0 3,004,437 Bank & third party loans (3,631,426) (1,588,626) (5,220,052) Finance Leases (326,066) 160,649 (317,084) (482,501) (1,909,813) (471,219) (317,084) (2,698,116)
1. The results for the year ended 31 December 2006 are extracted from the Company's Draft statutory financial statements which will be sent to shareholders upon finalisation. The above preliminary announcement constitutes abbreviated group accounts under regulation 40 of the European Communities Group Accounts Regulations 1992. The abbreviated accounts do not constitute group accounts, copies of which are required by law to be annexed to the annual return of the company. Full accounts for the year ended 31 December 2006, upon which the auditors have not yet issued their opinion, have accordingly not yet been filed with the Registrar of Companies. Full accounts for the year ended 31 December 2005 containing an unqualified opinion have been delivered to the Registrar of Companies.
2. These financial statements have been prepared under Irish GAAP on the basis of the policies as set out in the financial statements for the year ended 31 December 2005 published in Alltracel's 2005 annual report.
3. Earnings per ordinary share is computed by dividing the loss on ordinary activities after taxation of EUR1,608,582 (2005: EUR2,969,716) for the financial year by the weighted average number of ordinary shares in issue of 118,017,235 (2005: 107,444,635). Diluted earnings per share are not disclosed as it is anti-dilutive.
The results announcement was approved by the Board of Directors of Alltracel plc on 12 April 2007.
Notes to Editors
Alltracel, (AIM: AP.L) ( http://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 Technologies is focused on the commercialisation effort behind proven innovation 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, Cardiovascular Health.
- Alltracel's specialist Oralcare subsidiary Westone ( http://www.westone.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 brandsinternationally.
- Alltracel's specialist Nanotechnology subsidiary Nanopeutics(TM) ( http://www.nanopeutics.net ) is headquartered in Liberec in the Czech Republic and is dedicated to the commercialisation of Nanospider(TM) technology for the global healthcare market.
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.
m-doc(TM) is a trademark of Alltracel Pharmaceuticals PLC.
Nanospider(TM) and Nanopeutics(TM) are trademarks controlled by Nanopeutics s.r.o.
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.
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