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- notes to the financial statements
- 1. Accounting Policies
- 2. Financial risk management
- 3. Segmental information
- 4. Exceptional operating items
- 5. Operating profit/(loss)
- 6. Employees and Directors
- 7. Finance Income and costs
- 8. Taxation on Loss on ordinary activites
- 9. Loss for the financial year
- 10. Earnings/(Loss) per Share
- 11. Goodwill
- 12. Intangible assets
- 13. Property, plant and equipment
- 14. Investments
- 15. Inventories
- 16. Trade and other receivables
- 17. Trade and other payables
- 18. Borrowings
- 19. Non-current tax
- 20. Financial Instruments
- 21. Called-up share capital
- 22. Options and Warrants over Shares of Sinclair Pharma plc
- 23. Share-based payments
- 24. Other Reserves
- 25. Cash Flows from Operating Activities
- 26. Operating lease commitments
- 27. Capital Commitments
- 28. Related Party Transactions
- corporate advisors
14. INVESTMENTS
Shares in |
Loans to |
||
subsidiary |
Group |
||
undertakings |
undertakings |
Total |
|
| Company | £'000 |
£'000 |
£'000 |
| Cost | |||
| At 1 July 2006 | 25,931 |
38,258 |
64,189 |
| Additions | 1,394 |
269 |
1,663 |
| Capitalisation of existing loans | 14,837 |
(14,837) |
— |
| Capital contribution re employee share options | 118 |
— |
118 |
| Exchange adjustments | — |
(823) |
(823) |
| At June 2007 | 42,280 |
22,867 |
65,147 |
| Additions | 67 |
8,782 |
8,849 |
| Loan waiver | — |
(571) |
(571) |
| Capital contribution re employee share options | 560 |
— |
560 |
| Exchange adjustments | — |
3,699 |
3,699 |
| At 30 June 2008 | 42,907 |
34,777 |
77,684 |
| Impairment | |||
| At 1 July 2006 | (5,100) |
— |
(5,100) |
| Charge for the year | (1,325) |
(660) |
(1,985) |
| At 30 June 2008 | (6,425) |
(660) |
(7,085) |
| Net book value | |||
| At 30 June 2008 | 36,482 |
34,117 |
70,599 |
| At 30 June 2007 | 37,180 |
22,867 |
60,047 |
| At 30 June 2006 | 25,931 |
38,258 |
64,189 |
Additions to cost of investments in subsidiary undertakings include £53,000 from a revision to the earn-out provision relating to the acquisition of Groupe CS Dermatologie (now part of Sinclair Pharma France Holding SAS), and £14,000 from paying up unpaid share capital in Sinclair Pharma Srl. Additions to loans to Group undertakings include a reclassification of balances previously included in trade and other receivables, to reflect the long-term nature of these balances. The impairment charges in the year relate to the cost of investment in, and loan balance due from Sinclair Pharma UK Limited and follow the decision to restructure the operations and exit the dispensing doctors market.
The Company’s subsidiary undertakings and investments as at 30 June 2008 are as follows:
Country of |
Proportion |
Nature of |
||
incorporation |
Holding |
held |
business |
|
| Sinclair Pharmaceuticals Ltd | England |
Ordinary shares |
100% |
Pharmaceutical products |
| Pharmarights Ltd | England |
Ordinary shares |
100% |
Distribution rights |
| Sinclair Pharma UK Ltd | ||||
| (formerly Ashbourne Pharmaceuticals Ltd) | England |
Ordinary shares |
100% |
Pharmaceutical products |
| Sinclair Pharma Srl* | Italy |
Ordinary shares |
100% |
Pharmaceutical products |
| Salix Pharma AB | Sweden |
Ordinary shares |
100% |
Pharmaceutical products |
| Sinclair Pharma AB | Sweden |
Ordinary shares |
100% |
Pharmaceutical products |
| Sinclair Srl | Italy |
Ordinary shares |
100% |
Pharmaceutical products |
| Sinclair Pharma France Holding SAS | France |
Ordinary shares |
100% |
Holding comapny |
| (formerly Sinclair Pharma France SAS) | ||||
| Sinclair Pharma France Distribution SAS | France |
Ordinary shares |
100% |
Dormant |
| Sinclair Pharma France Fabrication SAS | France |
Ordinary shares |
100% |
Dormant |
| Sinclair Pharma France SAS (formerly CS SAS) | France |
Ordinary shares |
100% |
Pharmaceutical products |
| Laboratories Novopharma Srl | Spain |
Ordinary shares |
50.01% |
Pharmaceutical products |
| CS Portugal LDA | Portugal |
Ordinary shares |
100% |
Pharmaceutical products |
*90% of the issued share capital is held by Sinclair Pharma plc, 10% is held by Sinclair Pharmaceuticals Ltd.