CAMBRIDGE ANTIBODY TECHNOLOGY GROUP plc
RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2003
CONSOLIDATED PROFIT AND LOSS ACCOUNT
(unaudited) Convenience Six months Six months Year ended
translation ended 31 ended 31 30
Six months March 2003 March 2002 September
ended 31 2002
March 2003 (audited)
US$'000 '000 pounds '000 pounds '000 pounds
Turnover 6,280 3,977 4,852 9,471
Direct costs (39) (25) (64) (80)
Gross profit 6,241 3,952 4,788 9,391
Research and
development expenses (33,704) (21,345) (13,762) (31,307)
Drug Royalty
Corporation
transaction costs -- -- (1,235) (7,913)
Other general and
administration
expenses (6,193) (3,922) (3,283) (8,321)
General and
administration
expenses (6,193) (3,922) (4,518) (16,234)
Operating loss (33,656) (21,315) (13,492) (38,150)
Interest receivable
(net) 3,913 2,478 3,424 6,386
Loss on ordinary
activities before
taxation (29,743) (18,837) (10,068) (31,764)
Taxation on loss
on ordinary
activities -- -- 920 3,557
Loss for the
financial period (29,743) (18,837) (9,148) (28,207)
Loss per share -
basic and diluted
(pence) 51.9p 25.7p 78.7p
CONSOLIDATED STATEMENT OF TOTAL RECOGNISED GAINS AND LOSSES
(unaudited) Convenience Six months Six months Year ended
translation ended 31 ended 31 30
Six months March 2003 March 2002 September
ended 31 2002
March 2003 (audited)
US$'000 '000 pounds '000 pounds '000 pounds
Loss for the
financial period (29,743) (18,837) (9,148) (28,207)
Gain (loss) on
foreign exchange
translation 129 82 (61) 96
Total recognised
losses relating
to the period (29,614) (18,755) (9,209) (28,111)
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
RESULTS FOR THE SIX MONTHS ENDED 31 March 2003
CONSOLIDATED BALANCE SHEET
(unaudited) Convenience As at 31 As at 31 As at 30
translation March 2003 March 2002 September
as at 2002
31 March 2003 (audited)
US$'000 '000 pounds '000 pounds '000 pounds
Fixed assets
Intangible assets 11,697 7,408 8,459 7,933
Tangible fixed assets 23,027 14,583 7,589 12,429
Investments 339 215 215 215
35,063 22,206 16,263 20,577
Current assets
Debtors 6,583 4,169 5,950 6,556
Short term
investments 185,215 117,299 144,222 126,694
Cash at bank
and in hand 2,790 1,766 3,099 3,081
194,588 123,234 153,271 136,331
Creditors
Amounts falling
due within one year (25,163) (15,936) (13,309) (12,563)
Net current assets 169,425 107,298 139,962 123,768
Total assets less
current liabilities 204,488 129,504 156,225 144,345
Creditors
Amounts falling due
after more than
one year (18,612) (11,787) (7,787) (8,580)
Net assets 185,876 117,717 148,438 135,765
Capital and reserves
Called-up share
capital 5,741 3,636 3,572 3,621
Share premium account 320,894 203,226 196,359 202,534
Other reserve 21,247 13,456 13,451 13,456
Profit and loss
account (162,006) (102,601) (64,944) (83,846)
Shareholders'
funds - all equity 185,876 117,717 148,438 135,765
This financial information has been prepared in accordance with UK GAAP. The dollar translations are solely for the convenience of the reader.
CAMBRIDGE ANTIBODY TECHNOLOGY GROUP plc
RESULTS FOR THE SIX MONTHS ENDED 31 MARCH 2003
CONSOLIDATED CASH FLOW STATEMENT
(unaudited) Convenience Six months Six months Year ended
translation ended 31 ended 31 30
Six months March 2003 March 2002 September
ended 31 2002
March 2003 (audited)
US$'000 '000 pounds '000 pounds '000 pounds
Net cash outflow
from operations (19,717) (12,487) (10,866) (26,808)
Returns on
investments and
servicing of finance
Interest received 5,661 3,585 4,081 7,558
Interest paid (16) (10) -- --
5,645 3,575 4,081 7,558
Taxation 4,162 2,636 -- 920
Capital expenditure
and financial
investment
Purchase of intangible
assets (4,221) (2,673) -- (2,067)
Purchase of tangible
fixed assets (6,734) (4,265) (3,932) (7,894)
Sale of tangible
fixed assets 5 3 -- --
(10,950) (6,935) (3,932) (9,961)
Net cash outflow
before management of
liquid resources
and financing (20,860) (13,211) (10,717) (28,291)
Management of liquid
resources 14,835 9,395 12,006 29,534
Financing
Issue of ordinary
share capital 1,116 707 1,368 1,448
Proceeds from new
finance lease
commitments 1,699 1,076 -- --
Capital elements
of finance lease
rental payments (162) (103) -- --
2,653 1,680 1,368 1,448
(Decrease)/increase
in cash (3,372) (2,136) 2,657 2,691
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 2002.
Convenience translation
The consolidated financial statements are presented in pounds sterling. The consolidated financial statements as of and for the period ended 31 March 2003 are also presented in United States 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$1.579, the noon buying rate as of 31 March 2003. No representation is made that the amounts could have been or could be converted into United States Dollars at this or any other rates.
Drug Royalty Corporation transaction costs
General and administration expenses include 7.9 million pounds of costs incurred in the year ended 30 September 2002 relating to the two transactions entered into with Drug Royalty Corporation Inc. of Canada (DRC) during that year. In January 2002, CAT announced a recommended offer for the whole of DRC. A competing offer was made by Inwest Investments Ltd of Canada which was accepted in April 2002. Under an agreement with DRC, the Group received a payment of 1.5 million pounds in 1994 in return for rights to a percentage of revenues (and certain other payments) received by the Group over a period terminating in 2009. The 1.5 million pounds was deferred and recognised over the period for which the rights were purchased. On 2 May 2002, CAT bought out this royalty obligation to DRC for 6.1 million pounds (C$14 million) with the issue of 463,818 CAT shares to DRC. The remaining balance of 0.6 million pounds of deferred income was all released in 2002. The professional fees incurred in the Group's bid and royalty buy-back were 1.8 million pounds.
Loss per share
The loss per ordinary share and diluted loss per share are equal because share options are only included in the calculation of diluted earnings per share if their issue would decrease the net profit per share or increase the net loss per share. The calculation is based on the following for the six months ended 31 March 2003, the six months ended 31 March 2002 and the year ended 30 September 2002 respectively: losses of 18,837,000 pounds, 9,148,000 pounds, and 28,207,000 pounds. Weighted average number of shares in issue of 36,307,483, 35,533,453 and 35,828,446. The Company has ordinary shares in issue of 36,359,874 and a total of 1,748,727 ordinary shares under option as of 31 March 2003.
Reconciliation of operating loss to operating cash outflow
Convenience Six months Six months Year ended
translation ended 31 ended 31 30
Six months March 2003 March 2002 September
ended 31 2002
March 2003 (audited)
US$'000 '000 pounds '000 pounds '000 pounds
Operating loss (33,656) (21,315) (13,492) (38,150)
Depreciation charge 2,372 1,502 1,429 2,617
Amortisation of
intangible
fixed assets 829 525 356 882
Shares issued to
buy out DRC
royalty agreement -- -- -- 6,149
Loss on disposal
of fixed assets 148 94 -- --
Increase in debtors (2,125) (1,346) (747) (158)
Increase in creditors 12,715 8,053 1,588 1,852
(19,717) (12,487) (10,866) (26,808)
Analysis and reconciliation of net funds
1 October Cash Exchange 31
2002 flow movement March 2003
'000 pounds '000 pounds '000 pounds '000 pounds
Cash at bank
and in hand 3,081 (1,320) 5 1,766
Overdrafts -- (816) -- (816)
(2,136)
Finance leases -- (973) -- (973)
Liquid resources 126,694 (9,395) -- 117,299
Net funds 129,775 (12,504) 5 117,276
Six months Year
ended 31 ended 30
March 2003 September 2002
'000 pounds '000 pounds
(Decrease)/increase in cash in the period (2,136) 2,691
Cash inflow from increase in lease financing (973) --
Decrease in liquid resources (9,395) (29,534)
Change in net funds resulting from cash flows (12,504) (26,843)
Exchange movement 5 (32)
Movement in net funds in period (12,499) (26,875)
Net funds at 1 October 2002 129,775 156,650
Net funds at 31 March 2003 117,276 129,775
Reconciliation of movements in group shareholders' funds
Six months Year
ended 31 ended 30
March 2003 September 2002
'000 pounds '000 pounds
Loss for the financial period (18,837) (28,207)
Other recognised gains and losses
relating to the period 82 325
(18,755) (27,882)
New shares issued 707 7,597
Net decrease in shareholders' funds (18,048) (20,285)
Opening shareholders' funds 135,765 156,050
Closing shareholders' funds 117,717 135,765
Financial Statements
The preceding information, comprising the Consolidated Profit and Loss Account, Consolidated Statement of Total Recognised Gains and Losses, Consolidated Balance Street, Consolidated Cash Flow Statement and associated notes, does not constitute the Company's statutory financial statements for the year ended 30 September 2002 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 2003 and 31 March 2002 have not been audited. The results for the year ended 30 September 2002 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 2002 are available from the Company's registered office:
The Company Secretary
Cambridge Antibody Technology Group plc
Milstein Building
Granta Park
Cambridge
CB1 6GH, UK
Tel: +44 (0) 1223 471471
Quarterly financial information
Three months Three months
ended 31 ended 31
March 2003 December 2002
'000 pounds '000 pounds
Consolidated profit and
loss account (unaudited):
Turnover 2,572 1,405
Direct costs (16) (9)
Gross profit 2,556 1,396
Research and development expenses (10,111) (11,234)
General and administration expenses (1,914) (2,008)
Operating loss (9,469) (11,846)
Interest receivable (net) 1,172 1,306
Loss on ordinary activities before taxation (8,297) (10,540)
Taxation on loss on ordinary activities -- --
Loss for the financial period (8,297) (10,540)
Consolidated cash flow statement (unaudited):
Net cash outflow from operations (7,073) (5,414)
Returns on investments and servicing of finance
Interest received 2,537 1,048
Interest paid (10) --
2,527 1,048
Taxation -- 2,636
Capital expenditure and financial investment
Purchase of intangible assets -- (2,673)
Purchase of tangible fixed assets (1,439) (2,826)
Sale of tangible fixed assets 3 --
(1,436) (5,499)
Net cash outflow before management of
liquid resources and financing (5,982) (7,229)
Management of liquid resources (850) 10,245
Financing
Issue of ordinary share capital 19 688
Proceeds from new finance lease commitments 572 504
Capital elements of finance lease rental payments (67) (36)
524 1,156
(Decrease) /increase in cash (6,308) 4,172
|
