REG - Hikma Pharmaceutical - Final Results <Origin Href="QuoteRef">HIK.L</Origin> - Part 3
15/03/2017 07:07
- Part 3: For the preceding part double click ID:nRSO4896Zb
- 11 447 - 458
Additions to intangible assets 1 40 28 3 72
Acquisition of business intangible assets (note 17) - 34 1,130 - 1,164
Total property, plant and equipment and intangible
assets (net book value) 397 576 1667 48 2,688
Depreciation and impairment of property, plant and equipment 21 28 26 3 78
Amortisation, impairment and write-down of intangible assets (including software) 10 26 32 - 68
Investment in associates and joint ventures - - - 7 7
Balance sheet
Total assets 1,019 880 2,306 158 4,363
Total liabilities 475 404 1,015 58 1,952
Branded Injectables Generics Corporate and others Group
Segment assets and liabilities 2015 $m $m $m $m $m
Additions to property, plant and equipment (cost) 24 39 15 7 85
Remeasurement of property plant and
equipment* - (1) - - (1)
Additions to intangible assets 5 41 8 2 56
Remeasurement of intangible assets* - (8) - - (8)
Total property, plant and equipment and intangible
assets (net book value) 478 532 81 23 1,114
Depreciation and impairment 22 19 8 2 51
Amortisation and impairment (including software) 9 11 1 1 22
Investment in associates and joint ventures - - - 7 7
Balance sheet
Total assets 1,108 829 165 495 2,597
Total liabilities 453 397 309 86 1,245
* Further to Bedford Laboratories ("Bedford") acquisition in 2014, a reduction
of $8 million was made to the provisional goodwill recognised on the
acquisition of Bedford as a result of the adjustment to inventory, property,
plant and equipment and deferred tax made prior to the end of the measurement
period on 15 July 2015.
The following table provides an analysis of the Group's sales by geographical
market, irrespective of the origin of the goods/services:
2016 2015
$m $m
United States 1,211 697
Middle East and North Africa 641 656
Europe and Rest of the World 95 82
United Kingdom 3 5
1,950 1,440
The top selling markets were as below:
2016 2015
$m $m
United States 1,211 697
Saudi Arabia 143 162
Algeria 115 113
1,469 972
Included in revenues arising from the Generics and Injectables segments are
revenues of approximately $253 million (2015: $173 million) which arose from
the Group's largest customer which is in the United States.
4. Exceptional items and other adjustments
Exceptional items and other adjustments are disclosed separately in the
consolidated income statement to assist in the understanding of the Group's
core performance.
2016 2015
Exceptional items $m $m
Acquisition, integration and other costs (41) (14)
Gain from sale of assets, net 18 6
Inventory related adjustments (27) -
Release of contingent liability 4 -
Impairment of property plant and equipment (10) -
Impairment of product related intangible assets (6) -
Write- down of product related intangible assets (18) -
Severance costs - (6)
Proceeds from legal claims - 2
Exceptional items included in operating profit (80) (12)
Impairment of investment in associates - (7)
Exceptional items included in profit (80) (19)
Other adjustments
Intangible amortisation other than software (37) (16)
Remeasurement of contingent consideration, financial liability and assets, net (32) (2)
Exceptional items and other adjustments (149) (37)
Tax effect 28 3
Impact on profit for the year (121) (34)
Exceptional items:
· Acquisition, integration and other costs are incurred in relation to
the acquisition of West-Ward Columbus which was completed on 29 February 2016.
Acquisition related expenses are included in the unallocated corporate
expenses, while integration and other expenses are included in the general and
administrative expense and cost of sales respectively. Acquisition related
expenses mainly comprise third party consulting services, legal and
professional fees, other costs represent severance and retention payments
paid.
· Gain from sale of assets relates to the divestiture of certain
products, and is included in other operating income.
· Inventory related adjustments reflect the amortisation of the fair
value uplift of the inventory acquired as part of West-Ward Columbus
acquisition, and are included in cost of sales.
· Release of contingent liability is due to not achieving certain
performance-related milestones in respect of a previous acquisition, and is
included in other operating income.
· Impairment loss of property, plant and equipment relates to the
write-off of machinery and equipment as a result of previous acquisition, and
is included in other operating expenses.
· Impairment of products-related intangible assets has been included in
the research and development expenses.
· Write-down of products related intangible assets relates to the
write-down of certain of research and devlopment elements associated with the
co-development agreements entered into with third parties since 2011 and has
been included in the research and development expenses.
Other adjustments:
· Remeasurement of contingent consideration, financial liability and
assets arising from acquisition represents the net difference resulting from
the valuation of the liabilities and assets associated with the future
contingent payments in respect to West-Ward Columbus acquisition (note 17) in
addition to the financial liability in relation to the co-development earnout
payment agreement (note 13).
In previous periods exceptional items and other adjustments are related to the
following:
· Acquisition and integration related costs were incurred in relation to
the acquisition of West-Ward Columbus, which was closed on 29 February 2016.
Acquisition related expenses were included in the unallocated corporate
expenses, while integration related expenses were included in the general and
administrative expense. Acquisition related expenses mainly comprise third
party consulting services, legal and professional fees.
· Gain from sale of the assets related to the sale of Bedford
manufacturing facilities to Xellia Pharmaceuticals for a cash consideration of
$30 million was included in other operating income. The gain is net of
hibernation costs related to the assets.
· Severance costs related to restructuring of management teams mainly in
MENA and were included in general and administrative expenses.
· Proceeds from legal claims refer to cash received in settlement of an
indemnification claim in the US, which was included in other operating
income.
· Impairment of investment in associates represented the impairment of
the remaining investment balance related to Unimark Remedies limited. Hikma's
share in Unimark Remedies Limited has been divested during 2016 for minimal
value.
· Remeasurement of the financial liability in relation to the
co-development earnout payment agreement represent the difference resulting
from the valuation of the liabilities associated with the future earnout
payments to be made (note 13).
5. Tax
2016 2015
$m $m
Current tax:
Foreign tax 115 68
Adjustments to prior year 2 (1)
Deferred tax:
Current year (57) (5)
Adjustments to prior year (8) 2
Tax 52 64
UK corporation tax is calculated at 20.0% (2015: 20.3%) of the estimated
assessable profit made in the UK for the year.
The Group incurred a tax expense of $52 million (2015: $64 million). The
effective tax rate is 24.8%, (2015: 20.1%). The increase in the effective tax
rate reflects increased earnings in higher taxed jurisdictions, particularly
in the US where the federal corporate tax rate is 35.0%.
Taxation for all jurisdictions is calculated at the rates prevailing in the
respective jurisdiction.
The charge for the year can be reconciled to profit before tax per the
consolidated income statement as follows:
2016 2015
$m $m
Profit before tax 210 318
Tax at the UK corporation tax rate of 20.0% (2015: 20.3%) 42 64
Profits taxed at different rates 13 (16)
Permanent differences
- non-taxable income (17) (17)
- non-deductible expenditures 13 6
- adjustment on intercompany stock (14) 4
- Other (1) (1)
State and local taxes 2 1
Temporary differences for which no benefit is recognised 13 11
Change in provision for uncertain tax positions 5 11
Unremitted earnings 2 -
Prior year adjustments (6) 1
Tax expense for the year 52 64
The format of the 2016 tax reconciliation has been expanded to clarify the
reconciling items. For consistency, we have re-classified the 2015
comparatives using the same methodology.
Profit taxed at different tax rates relates to profits arising in overseas
jurisdictions where the tax rate differs from the UK statutory rate.
Permanent differences relate to items which are non-taxable or no tax relief
is ever likely to be due. The major items are differences in GAAP between IFRS
and local territory GAAP, expenses and income disallowed where they are
covered by statutory exemptions, foreign exchange differences in some
territories and statutory reliefs such as R&D and manufacturing tax credits.
Temporary differences for which no benefit is recognised includes items on
which it is not possible to book deferred tax and comprise mainly of the
impact of creating / (utilising) unrecognised temporary differences.
The change in provision for uncertain provisions relates to the provisions the
Group takes in the event of a revenue authority successfully taking an adverse
view of the positions adopted by the Group in 2016 and primarily relates to a
transfer pricing adjustment.
Changes in deferred tax arise where a difference arises in the timing of the
tax and accounting treatment of items.
Prior year adjustments include differences between the tax liability recorded
in the tax returns submitted for previous years and estimated tax provision
reported in a prior period's financial statements. This category also includes
adjustments (favourable or adverse) in respect of uncertain tax positions
following agreement of the tax returns with the relevant tax authorities.
6. Dividends on ordinary shares
2016 2015
$m $m
Amounts recognised as distributions to equity holders in the year:
Final dividend for the year ended 31 December 2015 of 21.0 cents (2014: 15.0 cents) per share 51 30
Interim dividend for the year ended 31 December 2016 of 11.0 cents (2015: 11.0) per share 26 22
Special final dividend for the year ended 31 December 2014 of 6.0 cents - 12
77 64
The proposed final dividend for the year ended 31 December 2016 is 22.0 cents
(2015: 21.0 cents).
The proposed final dividend is subject to approval by shareholders at the
Annual General Meeting on 19 May 2017 and has not been included as a liability
in these financial statements. Based on the number of shares in issue at 31
December 2016 (239,955,000), the unrecognised liability is $53 million.
7. Earnings per share
Earnings per share is calculated by dividing the profit attributable to equity
holders of the parent by the weighted average number of ordinary shares. The
number of ordinary shares used for the basic and diluted calculations is shown
in the table below. Core basic earnings per share and Core diluted earnings
per share are intended to highlight the Core results of the Group before
exceptional items and other adjustments. A reconciliation of the reported and
core earnings used is also set out below:
2016 2016 2016 2015 2015 2015
Core results Exceptional items and other adjustments (note 4) Reported results Core results Exceptional items and other adjustments (note 4) Reported results
$m $m $m $m $m $m
Earnings for the purposes of basic and
diluted earnings per share being net profit
attributable to equity holders of the parents 276 (121) 155 286 (34) 252
Number Number
Number of shares 'm 'm
Weighted average number of Ordinary Shares for the purposes of basic earnings per share 233 199
Effect of dilutive potential Ordinary Shares:
Share-based awards 1 2
Weighted average number of Ordinary Shares for the purposes of diluted earnings per share 234 201
2016 2016 2015 2015
Core earnings per share Reported earnings per share Core earnings per share Reported earnings per share
cents cents cents cents
Basic 118.5 66.5 143.7 126.6
Diluted 117.9 66.2 142.3 125.4
8. Inventories
As at 31 December
2016 2015
$m $m
Finished goods 120 55
Work-in-progress 73 33
Raw and packing materials 229 144
Goods in transit 18 11
Spare parts 19 8
459 251
9. Trade and other receivables
As at 31 December
2016 2015
$m $m
Trade receivables 699 432
Prepayments 44 39
VAT and sales tax recoverable 14 15
Employee advances 2 2
759 488
10. Trade and other payables
As at 31 December
2016 2015
$m $m
Trade payables 172 139
Accrued expenses 157 122
Other payables 14 15
343 276
Other payables mainly include employees' provident fund liability of $5
million (31 December 2015: $5 million), which mainly represents the
outstanding contributions to the Hikma Pharmaceuticals Ltd (Jordan) retirement
benefit plan, on which the fund receives 3.5% interest.
11. Other current liabilities
As at 31 December
2016 2015
$m $m
Deferred revenue 13 16
Return and free goods provision 109 49
Co-development and earnout payment 4 3
Contingent consideration and liability 123 -
Finance lease obligations 1 1
Others 69 29
319 98
12. Long-term financial debts
As at 31 December
2016 2015
$m $m
Long-term loans 270 141
Long-term borrowings (Eurobond) 495 494
Less: current portion of long term loans (44) (45)
Long-term financial loans 721 590
Breakdown by maturity:
Within one year 44 45
In the second year 29 35
In the third year 171 20
In the fourth year 519 17
In the fifth year 2 513
Thereafter - 5
765 635
Breakdown by currency:
US Dollar 746 589
Euro 1 3
Algerian Dinar 2 6
Saudi Riyal 1 1
Egyptian Pound 13 33
Tunisian Dinar 2 3
765 635
The loans are held at amortised cost.
Long term loans amounting to $3 million (2015: $8 million) are secured.
13. Other non-current liabilities
As at 31 December
2016 2015
$m $m
Contingent consideration and liability 226 -
Supply manufacturing agreement 33 -
Co-development and earnout payment 14 18
Others 4 2
277 20
Contingent consideration and liability: In respect to note 11, the non-current
portion of the year-end balance is $146 million related to the contingent
consideration and another $80 million related to the opening balance sheet
contingent liability.
Supply Manufacturing Agreement: As part of the acquisition of West-Ward
Columbus, the Group entered into supply and manufacturing contracts with
Boehringer.
Co-development and earnout payment agreement: In respect to note 11, the
non-current portion of the year-end balance is $14 million.
14. Share capital
Issued and fully paid - included in shareholders' equity:
2016 2015
Number 'm $m Number 'm $m
At 1 January 200 35 199 35
Issued during the year (ordinary shares of 10p each) 41 5 1 -
At 31 December 241 40 200 35
15. Net cash from operating activities
2016 2015
$m $m
Profit before tax 210 318
Adjustments for:
Depreciation, amortisation, impairment and write down of:
Property, plant and equipment 78 51
Intangible assets 68 22
Investment in associates - 7
Gain on disposal of property, plant and equipment - (11)
Gain on disposal of intangible assets (note 4) (18) -
Movement on provisions (1) 3
Cost of equity-settled employee share scheme 22 15
Finance income (12) (3)
Interest and bank charges 102 57
Results from associates - 2
Foreign exchange loss* 19 -
Release of contingent Liability (4) -
Cash flow before working capital 464 461
Change in trade and other receivables (128) (78)
Change in other current assets 1 (1)
Change in inventories (32) 4
Change in trade and other payables 46 28
Change in other current liabilities 15 3
Change in other non-current liabilities 3 -
Cash generated by operations 369 417
Income tax paid (76) (51)
Net cash generated from operating activities 293 366
* The presentation of 2016 has been amended to show the foreign exchange loss
in a separate line item. We have not restated the 2015 comparatives in this
respect on the basis that it is only a disclosure as the amount was immaterial
and embedded in the net cash generated from operating activities.
16. Related parties
Transactions between the Company and its subsidiaries have been eliminated on
consolidation and are not disclosed in this note. Transactions between the
Group and its associates and other related parties are disclosed below.
Trading transactions:
During the year, Group companies entered into the following transactions with
related parties:
Boehringer Ingelheim GmbH ('BI'): is a related party of Hikma because BI owns
16.7% (2015: 0.0%) of the share capital of Hikma, controls 11.7% (2015: 0.0%)
of the voting capital of Hikma, has the right to appoint a director of Hikma
and a senior executive of BI holds a directorship of Hikma. During the year,
the Group total sales to BI amounted to $90.1 million (2015: $nil) and the
Group total purchases from BI amounted to $10.3 million. As at the year end,
the amount owed from BI to the Group was $45.2 million (2015: $nil).
Additionally, balances arising from the acquisition of West-Ward Columbus from
BI relating to contingent consideration and purchase price adjustments which
are outstanding are disclosed in note 17.
Capital Bank, Jordan ('Capital Bank'): is a related party of Hikma because one
director of Hikma is a director, the founder and former Chief Executive
Officer of Capital Bank. At the year end, total cash balance at Capital Bank
was $11.3 million (2015: $9.4 million) and utilisation of facilities granted
by Capital Bank to the Group amounted to $8.3 million (2015: $nil). The
interest expense/income is within market rate.
Darhold Limited ('Darhold'): is a related party of Hikma because three
directors of Hikma jointly constitute the majority of directors and
shareholders (with immediate family members) in Darhold and because Darhold
owns 25.00% (2015: 29.06%) of the share and voting capital of Hikma.
Other than dividends (as paid to all shareholders), there were no transactions
between the Group and Darhold Limited during the year.
HikmaCure Limited ('HikmaCure'): is a related part of Hikma because HikmaCure
is a 50:50 joint venture (JV) with MIDROC Pharmaceuticals Limited ('MIDROC').
Hikma and MIDROC invested in HikmaCure in equal proportions and have committed
to provide up to $22 million each in cash, of which $2.5 million has been paid
(2015: $2.5 million).
Hubei Haosun Pharmaceutical Co., Ltd ('Haosun'): is a related part of Hikma
because the Group holds a non-controlling interest of 30.1% (2015: 30.1%) in
Haosun. During 2016, total purchases from Haosun were $0.4 million (2015: $0.6
million). At 31 December 2016, the amount owed from Hubei Haosun
Pharmaceutical to the Group amounted to $1.7 million (2015: $nil).
Labatec Pharma ('Labatec'): is a related party of the Group because Labatec is
owned by the family of two directors of Hikma. During 2016, total Group sales
to Labatec amounted to $1.4 million (2015: $0.9 million). As at the year end,
the amount owed by Labatec to the Group was $0.3 (2015: $0.2 million).
17. Acquisition of a business
During the year, Hikma acquired two businesses: West-Ward Columbus and EUP.
West-Ward Columbus
On 28 July 2015 Hikma announced that it had agreed to acquire West-Ward
Columbus, from Boehringer Ingelheim (Boehringer).WestWard Columbus is a
well-established US specialty generics company with a highly differentiated
product portfolio and best-in-class R&D capabilities.
The acquisition of West-Ward Columbus will transform Hikma's position and
scale in the US generics market, expand the manufacturing capacity and
technological capabilities, add significant breadth to Hikma's US portfolio,
create sustainable long-term growth potential.
On 29 February 2016, Hikma completed the acquisition of West-Ward Columbus.
The total fair value of the consideration was $1,725 million comprising of net
cash consideration of $575 million (net of certain working capital and other
adjustments); 40 million Ordinary Shares issued to Boehringer based on Hikma's
share price of £18.81 and the US: GBP exchange rate of 1.3879:1 (representing
an estimated 16.71 per cent. of Hikma issued share capital immediately
following the issuance); a contingent consideration of $224 million based on
future performance; and a purchase price adjustment of $118 million reflecting
further working capital adjustments as well as amounts receivable from
Boehringer in respect of milestones and other conditions.
The goodwill arising represents the sustainable long-term growth, the addition
of West-Ward's Columbus experienced R&D team with a successful track record of
bringing new and differentiated products to market, the possibility to launch
additional pipeline products including those to launch beyond 2020 (future
potential unidentified assets) and expected synergies not attributable to
intangible assets.
The net assets acquired in the transaction and the goodwill arising have been
valued by a third party expert as set out below.
Fair value
Net assets acquired $m
Trade and other receivables 170 a
Inventories 200 b
Other Current Assets 4
Intangible assets 723 c
Property, plant and equipment 447 d
Deferred tax assets 60
Trade and other payables (34)
Other current liabilities (85)
Deferred tax liabilities (15)
Other non current liabilities (152) e
Net assets acquired 1,318
Goodwill 407
Total consideration 1,725
Discharged by:
Cash consideration 575
Issuance of share 1,044
Contingent consideration 224 f
Adjustment to purchase price (118) g
1,725
Cash consideration 575
Cash and cash equivalents acquired -
a. Trade and other receivables include a prepayment related to the
Transitional Service Agreement between the Group and Boehringer.
The fair value of trade and other receivables is $170 million and includes
trade receivables with a fair value of $158 million. The gross contractual
amount for trade receivables due is $158 million.
b. Inventories have been valued as follows:
· Raw materials at the current replacement cost.
· Finished goods and work in process at the estimated selling prices less
a cost to dispose of and complete, less a reasonable profit attributable to
the selling effort, this results in an inventory step-up amounted to $27
million (note 4).
c. Intangible assets represent:
· Fair value of ''marketed products'' which present the outcome of the
R&D efforts, material and formulas. The Multi Period Excess Earnings Method
("MEEM") of the Income Approach has been used to value those products. Useful
lives of 9 -14 years have been determined.
· Fair value of products in various stages of development ("Pipeline
Products"). The Multi Period Excess Earnings Method ("MEEM") of the Income
Approach has been used to value those products. Useful lives of 7 -15 years
have been determined.
d. The Property, plant and equipment acquired have been valued by a third
party expert at current market values on the basis of Fair Value as defined in
IFRS 13 and in accordance with IFRS 3 Business Combinations.
e. As part of the acquisition, Hikma assumed a contingent liability related to
the co-development with a third party of two specific products that includes
payments for milestones and royalties dependent on the net sales (see note
13). These contingent liabilities were recorded as opening balance sheet
liabilities based on a probability weighted present value amount at the time
of the acquisition.
Subsequent to the acquisition, $10 million of such milestones were paid. In
addition, concurrent with the acquisition, Hikma entered into supply and
manufacturing contracts with Boehringer.
f. As part of the acquisition of West-Ward Columbus, Hikma agreed to pay
Boehringer contingent consideration of $220 million representing a probability
weighted present value of potential liabilities related to two specific
products subject to the achievement of certain US FDA approval milestones,
royalties for each calendar quarter in the first year that certain conditions
exist. Additionally, there was also $4 million contingent consideration in
relation to retention bonus and special advance payments. Subsequent to the
acquisition, $23 million were paid of such milestones and special payments.
g. A purchase price adjustment of $118 million reflecting further working
capital adjustments as well amounts receivable from Boehringer in respect of
milestones and other conditions.
Goodwill recognised is expected to be non-deductible for income tax purposes.
The revenue and core operating profit of West-Ward Columbus from the date of
the acquisition, included in the Group's consolidated statement of
comprehensive income for the year amounted to $477 million and $34 million,
respectively. These numbers exclude acquisition, integration, and other costs
amounting to $41 million, the amortisation of the fair value uplift of the
inventory of $27 million, and the intangible amortisation of $ 15 million.
EUP
On 8 September 2015 Hikma announced that it had agreed to acquire 97.73% of
the share capital of EUP from a consortium of shareholders. EUP is a
pharmaceutical manufacturing company specialising in oncology products. The
acquisition of EUP will strengthen Hikma's position in the large and fast
growing Egyptian market, add an attractive portfolio and pipeline in the key
strategic areas of oncology and injectables, add a manufacturing facility in
Egypt, with both oral and injectable lines, and leverage Hikma's established
market position in Egypt and strong sales and marketing team.
On closing the transaction on Feb 17th 2016, the total fair value of the
consideration is deemed to be $38 million. $34 million is cash consideration
and the balance of $4 million has been treated as a financial liability and
deemed consideration in accordance with IAS 32 Financial Instruments:
Presentation and IFRS 3 revised (2008): Business Combinations.
The goodwill arising represents the synergies that will be obtained by
integrating EUP into the existing business.
The net assets acquired in the transaction and the goodwill arising have been
valued by a third party expert as set out below.
Fair value
Net assets acquired $m
Cash and cash equivalents 1
Inventories 1
Intangible Assets 21 a
Property, plant and equipment 11 b
Financial debt (1)
Income tax provision (1)
Other current liabilities (2)
Deferred tax liability (6)
Net assets acquired 24
Non-controlling interest 1
Goodwill 13
Total consideration 38
Discharged by:
Cash 34
Deferred consideration 4
38
Cash consideration 34
Cash and cash equivalents acquired (1)
Net cash outflow arising on acquisition 33
a. Product rights relating to product licenses and approvals have been valued
based on the type of rights acquired. A discounted cash flow approach has been
taken based on excess earnings by product group, applying a discount rate
applicable for any market participant. The product rights have been valued
using a model that reflects a market participant point of view, where
assumptions were built based on the expected market performance for these
products irrespective of the acquirer's identity.
b. The property, plant and equipment acquired have been valued by a third
party expert at current market value.
The non-controlling interests have been recognised as a proportion of net
assets acquired.
Goodwill recognised is expected to be non-deductible for income tax purposes.
The revenue and core operating loss of EUP from the date of the acquisition
that is included in the Group's consolidated statement of comprehensive income
for the year amounted to $4 million and $3 million, respectively.
Full period impact on acquisitions
If the acquisition of West-Ward Columbus and EUP had been completed on the
first day of the financial year, the Group's revenues for the period would
have been approximately $2,057 million and the Group's profit attributable to
equity holders of the parent would have been approximately $154 million. The
appropriate additional contribution by entity for the period from the
beginning of the year up to the acquisition date is illustrated in the table
below:
Effect on Group's revenues Effect on Group's profit/(loss)
$m $m
West-Ward Columbus 107 1
EUP - (2)
107 (1)
18. Foreign exchange currencies
Period-end rates Average rates
2016 2015 2016 2015
USD/EUR 0.9500 0.9168 0.9053 0.9006
USD/Sudanese Pound 15.9490 9.6600 12.0919 9.6600
USD/Algerian Dinar 110.5274 107.1317 109.4432 100.4033
USD/Saudi Riyal 3.7495 3.7495 3.7495 3.7495
USD/British Pound 0.8077 0.6754 0.7432 0.6540
USD/Jordanian Dinar 0.7090 0.7090 0.7090 0.7090
USD/Egyptian Pound 18.2482 7.8309 10.1112 7.7160
USD/Japanese Yen 116.8907 120.3800 116.8907 121.0700
USD/Moroccan Dirham 10.0699 9.8476 9.7920 9.8008
USD/Tunisian Dinar 2.3386 2.0321 2.1482 1.9623
The Jordanian Dinar and Saudi Riyal have no impact on the consolidated income
statement as those currencies are currently pegged to the US Dollar.
This information is provided by RNS
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