INTERIM STATEMENT OF RESULTS FOR
THE SIX MONTHS ENDED 31 MARCH 2004
CONSOLIDATED PROFIT AND LOSS ACCOUNT
(unaudited)
Six months Six months Six months Year
ended ended ended ended
31 March 31 March 31 March 30 September
2004 2004 2003 2003
Convenience
translation
US$'000 '000 pounds '000 pounds '000 pounds
Turnover 15,581 8,468 3,977 8,743
Direct costs (2,802) (1,523) (25) (690)
Gross profit 12,779 6,945 3,952 8,053
Research and development
expenses (39,534) (21,486) (21,345) (44,981)
General and administration
expenses (10,083) (5,480) (3,922) (9,196)
Operating loss (36,838) (20,021) (21,315) (46,124)
Interest receivable (net) 3,778 2,053 2,478 4,360
Loss on ordinary activities
before taxation (33,060) (17,968) (18,837) (41,764)
Taxation on loss on
ordinary activities -- -- -- 2,573
Loss for the financial
period (33,060) (17,968) (18,837) (39,191)
Loss per share -
basic and diluted (pence) 41.9p 51.9p 107.5p
Consolidated Statement of Total Recognised Gains and Losses
Six months Six months Six months Year
ended ended ended ended
31 March 31 March 31 March 30 September
2004 2004 2003 2003
Convenience
translation
US$'000 '000 pounds '000 pounds '000 pounds
Loss for the financial
period (33,060) (17,968) (18,837) (39,191)
Gain on foreign exchange
translation 2,403 1,306 82 606
Total recognised losses
relating to the period (30,657) (16,662) (18,755) (38,585)
The losses for all periods arise from continuing operations.
This financial information has been prepared in accordance with UK GAAP. The dollar translations are solely for the convenience of the reader.
CAMBRIDGE ANTIBODY TECHNOLOGY GROUP PLC
INTERIM STATEMENT OF RESULTS FOR
THE SIX MONTHS ENDED 31 MARCH 2004
CONSOLIDATED BALANCE SHEET
(unaudited)
As at As at As at As at
31 March 31 March 31 March 30 September
2004 2004 2003 2003
Convenience
translation
US$'000 '000 pounds '000 pounds '000 pounds
Fixed assets
Intangible assets 11,697 6,357 7,408 6,883
Tangible assets 24,577 13,357 14,583 14,366
Investments 5,809 3,157 215 3,373
42,083 22,871 22,206 24,622
Current assets
Debtors 13,138 7,140 4,169 4,526
Short term investments 198,733 108,007 117,299 108,347
Cash at bank and
in hand 1,185 644 1,766 1,056
213,056 115,791 123,234 113,929
Creditors
Amounts falling due
within one year (23,627) (12,841) (15,936) (12,657)
Net current assets 189,429 102,950 107,298 101,272
Total assets less
current liabilities 231,512 125,821 129,504 125,894
Creditors
Amounts falling due
after more than
one year (37,952) (20,626) (11,787) (18,152)
Net assets 193,560 105,195 117,717 107,742
Capital and reserves
Called-up share capital 7,557 4,107 3,636 3,834
Share premium account 417,174 226,725 203,226 212,883
Other reserve 24,759 13,456 13,456 13,456
Profit and loss
account (255,930) (139,093) (102,601) (122,431)
Shareholders' funds -
all equity 193,560 105,195 117,717 107,742
CAMBRIDGE ANTIBODY TECHNOLOGY GROUP PLC
INTERIM STATEMENT OF RESULTS FOR
THE SIX MONTHS ENDED 31 MARCH 2004
CONSOLIDATED CASH FLOW STATEMENT
(unaudited)
Six months Six months Six months Year
ended ended ended ended
31 March 31 March 31 March 30 September
2004 2004 2003 2003
Convenience
translation
US$'000 '000 pounds '000 pounds '000 pounds
Net cash outflow from
operations (29,006) (15,764) (12,487) (35,819)
Returns on investments
and servicing of finance
Interest received 4,116 2,237 3,585 5,095
Interest element of
finance leases (79) (43) (10) (46)
4,037 2,194 3,575 5,049
Taxation -- -- 2,636 5,210
Capital expenditure and
financial investment
Purchase of intangible
fixed assets -- -- (2,673) (2,673)
Purchase of tangible
fixed assets (1,102) (599) (4,265) (5,413)
Sale of tangible
fixed assets -- -- 3 4
(1,102) (599) (6,935) (8,082)
Net cash outflow before
management of liquid resources
and financing
(26,071) (14,169) (13,211) (33,642)
Management of liquid
resources 1,021 555 9,395 18,778
Financing
Issue of ordinary share
capital 25,972 14,115 707 10,562
Proceeds from new finance
lease commitment -- -- 1,076 1,389
Capital elements of finance
lease rental payments (313) (170) (103) (221)
25,659 13,945 1,680 11,730
Increase/(decrease) in cash 609 331 (2,136) (3,134)
This financial information has been prepared in accordance with UK GAAP. The dollar translations are solely for the convenience of the reader.
Notes to the financial information
Accounting policies
This financial information has been prepared in accordance with the policies set out in the statutory financial statements for the year ended 30 September 2003.
Convenience translation
The consolidated financial statements are presented in Sterling. The consolidated financial statements as of and for the period ended 31 March 2004 are also presented in US Dollars as a convenience translation. The Dollar amounts are presented solely for the convenience of the reader and have been calculated using an exchange rate of 1 pound:US$1.84, the noon buying rate as of 31 March 2004. No representation is made that the amounts could have been or could be converted into US Dollars at this or any other rates.
Loss per share
The loss per ordinary share and diluted loss per share are equal because share options are only included in the calculation of diluted earnings per share if their issue would decrease the net profit per share or increase the net loss per share. The calculation is based on the following for the six months ended 31 March 2004, the six months ended 31 March 2003 and the year ended 30 September 2003 respectively: losses of 17,968,000 pounds, 18,837,000 pounds, and 39,191,000 pounds; weighted average number of shares in issue of 42,913,700, 36,307,483 and 36,440,993. The Company had ordinary shares in issue of 41,077,807 and a total of 2,047,621 ordinary shares under option as of 31 March 2004.
Reconciliation of operating loss to operating cash outflow
Six months Six months Six months Year
ended ended ended ended
31 March 31 March 31 March 30 September
2004 2004 2003 2003
Convenience
translation
US$'000 '000 pounds '000 pounds '000 pounds
Operating loss (36,838) (20,021) (21,315) (46,124)
Depreciation charge 2,671 1,452 1,502 2,989
Amortisation of intangible
fixed assets 968 526 525 1,050
Loss on disposal of
fixed assets -- -- 94 94
Shares received from
MorphoSys -- -- -- (3,589)
Increase in debtors (5,074) (2,757) (1,346) (1,285)
Increase in deferred income 6,011 3,267 2,684 10,597
Increase in creditors
(excluding deferred income) 3,256 1,769 5,369 449
(29,006) (15,764) (12,487) (35,819)
Analysis and reconciliation of net funds
1 October Cash flow Exchange 31 March
2003 movement 2004
'000 pounds '000 pounds '000 pounds '000 pounds
Cash at bank and in hand 1,056 (367) (45) 644
Overdrafts (1,144) 698 -- (446)
331 (45)
Liquid resources 107,916 (555) -- 107,361
Net cash and liquid
resources 107,828 (224) (45) 107,559
Finance leases (1,168) 170 -- (998)
Net funds 106,660 (54) (45) 106,561
Reconciliation of movements in group shareholders' funds
Six months Year
ended ended
31 March 30 September
2004 2003
'000 pounds '000 pounds
Loss for the financial period (17,968) (39,191)
Other recognised gains and losses
relating to the period 1,306 606
(16,662) (38,585)
New shares issued 14,115 10,562
Net decrease in shareholders' funds (2,547) (28,023)
Opening shareholders' funds 107,742 135,765
Closing shareholders' funds 105,195 107,742
Financial Statements
The preceding information, comprising the Consolidated Profit and Loss Account, Consolidated Statement of Total Recognised Gains and Losses, Consolidated Balance Sheet, Consolidated Cash Flow Statement and associated notes, does not constitute the Company's statutory financial statements for the year ended 30 September 2003 within the meaning of section 240 of the Companies Act 1985, but is derived from those financial statements. Results for the six month periods ended 31 March 2004 and 31 March 2003 have not been audited. The results for the year ended 30 September 2003 have been extracted from the statutory financial statements which have been filed with the Registrar of Companies and upon which the auditors reported without qualification.
The annual report and financial statements for the year ended 30 September 2003 are available from the Corporate Communications Department at the Company's registered office:
Cambridge Antibody Technology Group plc
Milstein Building
Granta Park
Cambridge
CB1 6GH
UK
Tel: +44 (0) 1223 471 471
E-mail: investor.relations@cambridgeantibody.com
Quarterly financial information
Three months Three months
ended ended
31 March 31 December
2004 2003
'000 pounds '000 pounds
Consolidated profit and loss account (unaudited):
Turnover 4,650 3,818
Direct costs (1,275) (248)
Gross profit 3,375 3,570
Research and development expenses (11,066) (10,420)
General and administration expenses (2,283) (3,197)
Operating loss (9,974) (10,047)
Interest receivable (net) 1,070 983
Loss on ordinary activities before taxation (8,904) (9,064)
Taxation on loss on ordinary activities -- --
Loss for the financial period (8,904) (9,064)
Consolidated cash flow statement (unaudited):
Net cash outflow from operations (8,355) (7,409)
Returns on investments and servicing of finance
Interest received 1,032 1,205
Interest paid (21) (22)
1,011 1,183
Taxation -- --
Capital expenditure and financial investment
Purchase of tangible fixed assets (226) (373)
Net cash outflow before management of
liquid resources and financing (7,570) (6,599)
Management of liquid resources 5,241 (4,686)
Financing
Issue of ordinary share capital 235 13,880
Proceeds from new finance lease commitments -- --
Capital elements of finance lease rental payments (86) (84)
149 13,796
(Decrease) /increase in cash (2,180) 2,511
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