REG - Animalcare Group PLC - Proposed Acquisition of Ecuphar NV and Placing <Origin Href="QuoteRef">ANCR.L</Origin> - Part 5
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11,737 11,032 4,166 4,001
Other financial assets (non-current) 69 68 52 96 69 68 52 96
Other current assets 1,191 1,330 300 346 1,191 1,330 300 346
Cash & cash equivalents 951 749 966 1,154 951 749 966 1,154
-------- -------- -------- -------- -------- -------- -------- --------
Total loans and other receivables 13,948 13,179 5,484 5,597-------- -------- -------- -------- -------- -------- -------- -------- 13,948 13,179 5,484 5,597
The fair value of the financial assets has been determined on the basis of the following methods and assumptions:
· The carrying value of the cash and cash equivalents and the current receivables approximate their fair value due
to their short term character;
· The fair value of the financial assets at fair value through other comprehensive income is derived from market
observable data, namely stock and foreign exchange market data (level 1 inputs). The Ecuphar Group has no financial
instruments carried at fair value in the statement of financial position on 31 December 2016 except for an investment in a
company through publicly listed shares. The fair value of this investment is determined based on level 1 inputs.
· Trade and other receivables are being evaluated on the basis of their credit risk and interest rate. Their fair
value is not different from their carrying value on 31 December 2016, 2015 and 2014.
Financial liabilities:
The carrying value and fair value of the financial liabilities for 31 December 2016, 2015 and 2014 can be presented as
follows:
in £'000 Carrying value
2016 2015 2014 1 Jan 2014
Financial liabilities measured at amortized cost
Borrowings 24,733 28,629 10,745 11,484
Trade payables 10,012 8,406 3,512 3,433
Other liabilities 4,822 2,848 2,674 2,065
Total financial liabilities measured at amortized cost 39,567 39,883 16,931 16,982
Financial liabilities measured at fair value
Derivative financial instruments at
FV through PL − 16 30 41
Total financial liabilities measured at fair value − 16 30 41
Total non-current 24,102 2,035 3,867 4,061
Total current 15,465 37,848 13,064 12,921
in £'000 Fair value
2016 2015 2014 1 Jan 2014
Financial liabilities measured at amortized cost
Borrowings 24,733 28,629 10,745 11,484
Trade payables 10,012 8,406 3,512 3,433
Other liabilities 4,822 2,848 2,674 2,065
Total financial liabilities measured at amortized cost 39,567 39,883 16,931 16,982
Financial liabilities measured at fair value
Derivative financial instruments at
FV through PL − 16 30 41
Total financial liabilities measured at fair value − 16 30 41
Total non-current 24,102 2,035 3,867 4,061
Total current 15,465 37,848 13,064 12,921
The fair value of the financial liabilities has been determined on the basis of the following methods and assumptions:
· The carrying value of trade payables and other liabilities approximates their fair value due to the short term
character of these instruments;
· Loans and borrowings are evaluated based on their interest rates and maturity date. Most interest bearing debts
have floating interest rates and their fair value approximates to their amortized cost value.
Fair value hierarchy
The Ecuphar Group has no financial instruments carried at fair value in the statement of financial position on 31 December
2016 except for an investment in a company through publicly listed shares. The fair value of this investment is a level 1
fair value.
19 Segment information
For management purposes, the Ecuphar Group is organized into two segments: the Pharmaceuticals and the Wholesale segment.
The Pharmaceutical segment is active in the development and marketing of innovative pharmaceutical products that provide
significant benefits to animal health.
The Wholesale segment focusses on the sale of veterinary pharmaceuticals, supplies and instruments in the Belgian market.
The measurement principles used by the Ecuphar Group in preparing this segment reporting are also the basis for segment
performance assessment. The Chief Executive Officer of the Ecuphar Group acts as the chief operating decision maker. As a
performance indicator, the chief operating decision maker controls the performance by the Ecuphar Group's revenue, gross
margin, REBITDA and EBITDA. EBITDA is defined by the Ecuphar Group as net profit plus finance expenses, less financial
income, plus income taxes and deferred taxes, plus depreciation, amortization and impairment. REBITDA equals EBITDA plus
non-recurring expenses, less non-recurring income.
The following table summarizes the segment reporting for each of the reportable periods ended 31 December. As management's
controlling instrument is mainly revenue-based, the reporting information does not include assets and liabilities by
segment and is as such not available per segment.
in £'000For the year ended 31 December 2016 Ecuphar Wholesales Total Adjustments & eliminations Consolidated
Pharma segments
Revenues 48,355 21,831 70,186 (1,825) 68,361
Gross Margin 26,007 2,272 28,279 (4) 28,275
Gross Margin % 54% 10% 40% 41%
Segment REBITDA 8,420 485 8,905 8 8,913
Segment REBITDA % 17% 2% 13% 13%
Segment EBITDA 10,235 484 10,719 8 10,727
Segment EBITDA % 21% 2% 15% 16%
For the year ended 31 December
2015
Revenues 30,542 17,987 48,529 (1,432) 47,097
Gross Margin 14,628 1,906 16,534 (3) 16,531
Gross Margin % 48% 11% 34% 35%
Segment REBITDA 4,501 318 4,819 3 4,822
Segment REBITDA % 15% 2% 10% 10%
Segment EBITDA 3,125 319 3,444 3 3,447
Segment EBITDA % 10% 2% 7% 7%
For the year ended 31 December
2014
Revenues 15,708 20,393 36,101 (1,623) 34,478
Gross Margin 8,445 2,193 10,638 (2) 10,636
Gross Margin % 54% 11% 29% 31%
Segment REBITDA 3,844 379 4,223 (2) 4,221
Segment REBITDA % 24% 2% 12% 12%
Segment EBITDA 3,546 379 3,925 (2) 3,923
Segment EBITDA % 23% 2% 11% 11%
The segment EBITDA is reconciled with the consolidated net profit (loss) of the year as follows:
in £'000 For the year ended 31 December
2016 2015 2014
Segment EBITDA 10,727 3,447 3,923
Depreciation, amortization and impairment (4,690) (3,745) (2,319)
Operating (loss) profit 6,037 (298) 1,604
Financial expenses (988) (668) (341)
Financial income 97 74 46
Income taxes (1,305) (537) (466)
Deferred taxes (327) 735 53
Net (loss) profit 3,515 (694) 896
Non-current assets excluding deferred tax assets and financial instruments located in Belgium, Spain and other geographies
are as follows:
For the year ended 31 December 1 January
2016 2015 2014 2014
Belgium 21,378 19,435 8,035 8,014
Spain 2,229 1,827 − −
Portugal 3,913 3,371 − −
Other 4,474 4,486 1,765 2,067
Non-current assets excluding deferred tax assets and financial instruments 31,994 29,119 9,800 10,081
Entity-wide disclosures
We refer to the Note 20.1 for the revenue by geographical area, based on location of the customer. The total revenue
realized in the country of domicile (Belgium) amounts to £27,797k in 2016 (2015: £23,213k; 2014: £26,399k).
20 Income and expenses20.1 RevenueRevenue by geographical area is presentedin £'000 as follows:For the year ended 31 December
2016 2015 2014
Europe 67,842 46,546 33,977
Belgium 27,797 23,213 26,399
The Netherlands 1,434 1,277 1,308
United Kingdom 2,516 1,906 969
Germany 6,714 3,840 3,358
Spain 18,695 10,215 197
Italy 3,559 1,930 111
Portugal 4,044 2,262 96
European Union - other 3,083 1,903 1,539
Asia 309 284 308
Middle East Africa 5 21 157
Other 205 246 36
Total 68,361 47,097 34,478
The Ecuphar Group has no customers with individual sales larger than 10% of the total revenue.
The revenue by category is presented as follows:in £'000 For the year ended 31 December
2016 2015 2014
Product sales 67,656 46,081 33,928
Services sales 705 296 550
Total 68,361 47,097 34,478
The revenue by product category is presented as follows:in £'000 For the year ended 31 December
2016 2015 2014
Companion animals 30,799 20,092 14,027
Production animals 22,668 15,353 8,796
Horses 5,567 3,522 2,166
Other 9,327 8,130 9,489
Total 68,361 47,097 34,478
Other product sales represent sales of wholesale products unrelated to companion animals, production animals or horses as
well as sales of equipment.
20.2 Cost of sales
Cost of sales includes the following expenses:in £'000 For the year ended 31 December
2016 2015 2014
Purchase of goods and services 38,917 29,561 23,331
Inventory & other write-downs 682 669 228
Payroll expenses 242 198 141
Other expenses 245 138 143
Total 40,086 30,566 23,842
20.3 Research and development expenses
Research and development expenses include the following expenses:in £'000 For the year ended 31 December
2016 2015 2014
Amortization and depreciation 269 159 (73)
Payroll expenses 1,507 905 35
Other − − −
Total 1,776 1,064 284
20.4 Selling and marketing expenses
Selling and marketing expenses include the following expenses:
in £'000 For the year ended 31 December
2016 2015 2014
Transport costs sold goods 907 416 473
Promotion costs 2,002 1,095 312
Payroll expenses 6,081 4,913 2,368
Amortization and depreciation 23 20 9
Other 727 238 228
Total 9,740 6,682 3,390
20.5 General and administrative expensesGeneral and administrative expenses include the following expenses:For the year ended 31 December
in £'000 2016 2015 2014
Amortization and depreciation 3,962 2,917 2,280
Payroll expenses 3,448 1,286 739
Other 5,197 4,535 2,062
Total 12,607 8,738 5,081
20.6 Net other operating income (expense)
The net other operating income (expense) can be detailed as follows:
in £'000 For the year ended 31 December
2016 2015 2014
Re-invoicing costs 11 639 20
Gains/losses on disposals of fixed assets − 7 4
Other operating income 2,453 245 18
Impairments (29) (145) −
Other operating expenses (548) (1,091) (319)
Total 1,887 (345) (277)
Other operating income for 2016 mainly relates to a gain of £2,432k on the sale of Nutriscience Ltd on 31 October 2016.
Impairments were recorded in 2016 and 2015 on certain intangible assets for £29k and £145k respectively.
Other operating expenses incurred during 2016 mostly relate to the loss on disposal of intangibles related to Nutriscience
Ltd and Sogeval.
20.7 Expenses by nature
Expenses by nature for the period 31 December 2016
in £'000 For the year ended 31 December 2016
Research and Sales and General & Other Total
development marketing administrative operating
expenses expenses expenses (income)/
expense, net
Rentals − 295 1,070 − 1,365
Maintenance and repair − 58 275 − 333
Personnel expenses 1,507 6,081 3,448 − 11,036
Utilities − − 58 − 58
Travel and representation − − 973 − 973
Transport costs goods sold − 1,046 − − 1,046
Car expenses − − 162 − 162
Promotion costs − 2,207 − − 2,207
Office expenses − − 292 − 292
Fees − − 1,909 − 1,909
Insurance − 26 140 − 166
Depreciation & amortization 269 23 3,962 − 4,254
Fixed assets retirements − − − − −
Re-invoicing costs − − − (11) (11)
Extraordinary depreciation and amortization − − − 29 29
Gain on sale Nutriscience − − − (2,676) (2,676)
Other 4 318 771 1,093
-------Expenses by nature for the period 31 December 2015Total expenses 1,776 9,740 12,607 (1,887) 22,236
-------in £'000 For the year ended 31 December 2015
Research and Sales and General & Other Total
development marketing administrative operating
expenses expenses expenses (income)/
expense, net
Rentals − 2 604 − 606
Maintenance and repair − 34 91 − 125
Personnel expenses 905 4,913 1,286 − 7,104
Utilities − − 35 − 35
Travel and representation − − 350 − 350
Transport costs goods sold − 468 − − 468
Car expenses − − 110 − 110
Promotion costs − 1,182 − − 1,182
Office expenses − − 139 − 139
Fees − − 3,097 − 3,097
Insurance − 15 89 − 104
Depreciation & amortization 159 20 2,917 − 3,096
Fixed assets retirements − − − (7) (7)
Re-invoicing costs − − − (684) (684)
Extraordinary depreciation and amortization − − − 145 145
Other − 48 20 891 959
Total expenses 1,064 6,682 8,738 345 16,829
Expenses by nature for the period 31 December 2014
-------in £'000 For the year ended 31 December 2014
Research and Sales and General & Other Total
development marketing administrative operating
expenses expenses expenses (income)/
expense, net
Rentals − (1) 469 − 468
Maintenance and repair − 45 78 − 123
Personnel expenses 357 2,368 739 − 3,464
Utilities − − 48 − 48
Travel and representation − − 132 − 132
Transport costs goods sold − 535 − − 535
Car expenses − − 89 − 89
Promotion costs − 363 − − 363
Office expenses − − 127 − 127
Fees − − 1,003 − 1,003
Insurance − 18 79 − 97
Depreciation & amortization (73) 9 2,280 − 2,216
Fixed assets retirements − − − (4) (4)
Re-invoicing costs − − − (20) (20)
Extraordinary depreciation and amortization − − − − −
Other − 53 37 301 391
Total expenses 284 3,390 5,081 277 9,032
20.8 Payroll expensesThe following table shows the breakdown of payroll expenses for 2016, 2015 and 2014:For the year ended 31 December
in £'000 2016 2015 2014
Gross employee benefits 8,421 5,521 2,582
Social security expenses 1,875 1,221 680
Other employee expenses 982 560 343
Total 11,278 7,302 3,605
Average registered employees during the period 179 155 83
20.9 Financial expenses
Financial expenses includes the following elements:
in £'000 For the year ended 31 December
2016 2015 2014
Interest expense 663 498 287
Foreign currency losses 81 81 28
Change in fair value - losses on financial instruments − − −
Other financial expenses 244 89 26
Total 988 668 341
20.10 Financial income
Financial income includes the following elements:
in £'000 For the year ended 31 December
2016 2015 2014
Foreign currency exchange gains 28 49 32
Change in fair value - gains on financial instruments 18 12 9
Other financial income 51 13 5
Total 97 74 46
20.11 Income taxes
Current income tax
The following table shows the breakdown of the tax expense for 2016, 2015 and 2014:
in £'000 For the year ended 31 December
2016 2015 2014
Current tax expense for the period (1,384) (533) (488)
Tax adjustments to the previous period 30 − −
Other 49 (4) 22
Total tax income (loss) for the period (1,305) (537) (466)
The current tax expense is equal to the amount of income tax owed to the tax authorities for the year, under the applicable
tax laws and rates in effect in the various countries.
Deferred tax
Deferred tax is presented in the statement of financial position under non-current assets and non-current liabilities, as
applicable. The following table shows the breakdown of the deferred tax assets, deferred tax liability and the deferred tax
expense for 2016, 2015, and 2014:
Statement of financial position Statement of
comprehensive income
in £'000 At 31 December At 1 January For the year ended 31 December
2016 2015 2014 2014 2016 2015 2014
Goodwill 44 91 (13) − 59 23 13
Intangible assets 175 194 149 372 44 (495) 192
Property, plant & equipment 13 2 − − (11) (1) −
Financial fixed assets 1 1 1 − − − −
Inventory 43 26 (4) 1 (18) (141) 6
Trade an other payables 565 759 645 426 302 (151) (253)
Accruals & deferred income 173 103 26 4 (51) (78) (23)
Derivatives − 6 10 14 6 4 3
Tax losses carry forward 255 58 142 152 (182) 19 12
Total deferred tax assets 1,269 1,240 956 969 149 (820) (50)
in £'000 At 31 December At 1 January For the year ended 31 December
2016 2015 2014 2014 2016 2015 2014
Goodwill (264) (98) − − 145 90 −
Intangible assets − − − (15) − − (3)
Financial fixed assets − − − 1 − − −
Inventory 3 − (1) (1) 3 (7) −
Borrowings − 23 − − 26 (23) −
Tax losses carry forward 37 31 − 13 4 25 −
Total deferred tax liabilities (224) (44) (1) (2) 178 85 (3)
Total deferred tax expense (income) 327 (735) (53)
The Ecuphar Group has unused tax losses, tax credits and notional interest deduction available in an amount of £1,045k for
2016 (2015: £291k; 2014: £461k).
Deferred tax assets have been recognized on all available tax loss carry forwards, resulting in amounts recognized of £292k
(2015: £89k; 2014: £142k). This was based on management's estimate that sufficient positive taxable basis will be generated
in the near future for the related legal entities with fiscal losses.
The Ecuphar Group has unrecognized temporary differences relating to investments in subsidiaries for which deferred tax
liabilities have not been recognized in an amount of £5,155k (2015: £4,822k; 2014: £3,847k). The corresponding deferred tax
liability would be minor because of the dividend received deduction regime applicable in Belgium.
Relationship between Tax Expense and Accounting Profit
For the year ended 31 December
in £'000 2016 2015 2014
Profit (loss) before tax 5,147 (893) 1,309
Income tax at weighted average tax rate (1,310) 339 (376)
Non-deductible expenses (90) (49) (19)
Other tax credits and tax deductions 62 18 32
Other permanent tax differences (73) (69) (78)
Other (29) (41) 28
Changes in statutory enacted tax rate (68) − −
Withholding taxes on acquisition treasury shares (154) − −
Prior year tax adjustments 30 − −
Income tax expense as reported in the consolidated income statement (1,632) 198 (413)
21 Earnings per share
Basic earnings per share amounts are calculated by dividing the net profit for the year attributable to ordinary equity
holders of the parent company by the weighted average number of ordinary shares outstanding during the year.
Diluted earnings per share amounts are calculated by dividing the net profit attributable to ordinary equity holder of the
parent company by the weighted average number of ordinary shares outstanding during the year plus the weighted average
number of ordinary shares that would be issued on conversion of all warrants.
The net profit for the year used for the basic and diluted earnings per share are reconciled as follows:
in £'000Net profit attributable to ordinary equity holders For the year ended 31 December
2016 2015 2014
of the parent for basic earnings 3,515 (694) 896
Dilutive effects − − −
Net profit attributable to ordinary equity holders of the parent adjusted for the effect of dilution 3,515 (694) 896
The following reflects the share data used in the basic and diluted earnings per share computations:
For the year ended 31 December
2016 2015 2014
Weighted average number of ordinary shares for basic earnings per share 13,957,720 12,566,103 11,471,249
Effect of dilution:
− − −
− − −
Weighted average number of ordinary shares adjusted for effect of dilution 13,957,720 12,566,103 11,471,249
The earnings per share are as follows:
For the year ended 31 December
2016 2015 2014
Earnings per share attributable to ordinary owners of the parent
Basic 0.25 (0.06) 0.08
Diluted 0.25 (0.06) 0.08
22 Commitments and contingent liabilities
Operating lease commitments
The Ecuphar Group has operating lease commitments mainly related to buildings as follows:
in £'000 For the year ended 31 December
2016 2015 2014
Within one year 510 352 226
Between two and three years 884 339 30
Between four and five years 678 325 −
More than 5 years 687 26 −
Total 2,759 1,042 256
The total operating lease payments recognized in the consolidated income statement are £1,365k in 2016 (2015: £606k; 2014:
£468k).
Finance lease commitments
The Ecuphar Group has finance leases for the building and various other items of plant and equipment. Future minimum lease
payments under finance lease with the present value of the net minimum lease payments are, as follows:
31 December 2016 31 December 2015 31 December 2014
in £'000 Minimum Present Minimum Present Minimum Present
lease value of lease value of lease value of
payments payments payments payments payments payments
Within one year 25 26 21 22 − −
Between two and three years 40 41 44 45 − −
Between four and five years 8 8 19 20 − −
More than five years − − − − − −
Total 73 75 84 87 − −
Less finance charges 2 − 3 − − −
Present value of minimum lease payments 75 75 87 87 − −
23 Risks
In the exercise of its business activity the Ecuphar Group is exposed to credit, liquidity and market risks.
Credit risk
As at 31 December 2016 the Ecuphar Group's maximum exposure to credit risk is £10,781k, which is the amount of the trade
receivables in the consolidated accounts (2015: £9,801k; 2014: £3,889k).
To control this risk, the Ecuphar Group has set up a strict credit collection process. Historically, no major bad debts
have been recorded. The Ecuphar Group has no individual customers who represent a significant part of the consolidated
turnover, nor of the trade receivables at year-end.
The following is an ageing schedule of trade receivables:
in £'000 Total Non-due < 30 days 31-60 days 61-90 days 91-180 days > 181 days
31 December 2016 10,781 9,966 710 25 44 10 26
31 December 2015 9,801 9,260 474 46 9 − 12
31 December 2014 3,889 3,221 237 169 29 212 21
1 January 2014 3,699 2,698 785 101 (2) (2) 119
Liquidity risk
Liquidity risk is the risk that the company may not be able to meet its financial obligations as they fall due. The Ecuphar
Group expects to meet its obligations related to the financing agreements through operating cash flows. Additionally, the
Ecuphar Group ensures there is sufficient headroom on the existing credit lines to have an additional working capital
buffer. At 31 December 2016 the Ecuphar Group had the following sources of liquidity available:
Cash and cash equivalents: £423k
Undrawn credit facilities with a several banks: £13,895k
Undrawn acquisition financing: £8,525k
The table below provides an analysis of the maturity dates of the financial liabilities:
in £'000At 31 December 2016 < 1 year 1 to 3 years 4-5 years > 5 years Total
Borrowings 631 1,259 1,210 21,633 24,733
Trade payables 10,012 − − − 10,012
Other current liabilities 2,237 − − − 2,237
Total 12,880 1,259 1,210 21,633 36,982
in £'000At 31 December 2015 < 1 year 1 to 3 years 4-5 years > 5 years Total
Borrowings 26,609 2,019 − − 28,628
Trade payables 8,406 − − − 8,406
Other current liabilities 1,588 − − − 1,588
Total 36,603 2,019 − − 38,622
in £'000At 31 December 2014 < 1 year 1 to 3 years 4-5 years > 5 years Total
Borrowings 6,908 3,258 579 − 10,745
Trade payables 3,512 − − − 3,512
Other current liabilities 2,157 − − − 2,157
Total 12,577 3,258 579 − 16,414
in £'000At 1 January 2014 < 1 year 1 to 3 years 4-5 years > 5 years Total
Borrowings 7,464 2,643 1,377 − 11,484
Trade payables 3,433 − − − 3,433
Other current liabilities 1,538 − − − 1,538
Total 12,435 2,643 1,377 − 16,455
The Parent Company has an international cash pool with different banks to limit excess cash. The Parent Company closely
monitors cash balances within the group and uses short term withdrawals on the credit lines to minimize the cash balances.
Foreign exchange risk
Given the fact that the Ecuphar Group operates in the Eurozone the functional currency is determined to be the Euro. Given
its Euro functional currency and the fact that most transactions occur in that currency, foreign currency transactional
risks are deemed to be limited.
Transactional exposures are mainly related to the USD. During 2016, 2015 and 2014, the fluctuations in the USD did not have
a significant impact on the operating profit of the Ecuphar Group. In view of the limited exposure, no foreign currency
hedging has been entered into. If the USD had increased (decreased) by 10% during 2016, the 2016 operating profit for that
year would have been £163k lower (higher).
The cumulative effect of the foreign currency translation effects is reported under other comprehensive income in the
statement of financial position and amounts to £2,003k (2015: £(507)k; 2014: £(354)k).
Interest rate risk
The maturity dates and interest rates of the financial debts and liabilities are detailed in Note 14. The exposure to
interest rate risks is mainly related to existing borrowing facilities. The current loans of credit institutions have
variable interest rates. There are no significant differences between the nominal interest rates as listed in Notes 14 and
the effective interest rates of the loans.
If the interest rates had been 100 basis points higher (lower), the financial result would have been £287k lower (higher)
in 2016, £205k lower (higher) in 2015 and £50k lower (higher) in 2014.
Capital management
The primary objective of the Ecuphar Group's shareholders' capital management strategy is to ensure it maintains healthy
capital ratios to support its business and maximize shareholder value. Additionally, minimum solvency ratios are agreed
upon in the financing agreements. Capital is defined as the Ecuphar Group shareholders' equity which amounts to £19,853k at
31 December 2016 (2015: £15,297k; 2014: £5,323k).
The Ecuphar Group consistently reviews its capital structure and makes adjustments in light of changing economic conditions
and performances of the Ecuphar Group. The Ecuphar Group made no changes to its capital management objectives, policies or
processes during the years ended 31 December 2016, 2015 and 2014.
24 Related party transactions
This disclosure provides an overview of all transactions with related parties.
Transactions between the Parent Company and its subsidiaries, which are related parties, are eliminated in the consolidated
account and no information is provided hereon in this section.
Ecuphar NV is controlled by MC3 Health NV, which currently holds approximately 96% of the Ecuphar shares. The two
shareholders of MC3 Health NV are Ecuphar Invest NV (with ultimate controlling party Chris Cardon) and Alychlo NV (with
ultimate controlling party Marc Coucke). Both Ecuphar Invest NV
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