REG - Hikma Pharmaceutical - Half-year Report <Origin Href="QuoteRef">HIK.L</Origin> - Part 3
17/08/2017 07:06
- Part 3: For the preceding part double click ID:nRSQ2208Ob
months to 30 June 2017, with comparative figures for the six
months to 30 June 2016, are unaudited and do not constitute statutory accounts. However, the auditors,
PricewaterhouseCoopers LLP, have carried out a review of the consolidated interim financial statements and their report is
set out in the Independent review report.
2. Accounting policies
The unaudited consolidated interim financial statements for the six months ended 30 June 2017 has been prepared using the
same accounting policies and on a basis, consistent with the audited financial statements of Hikma Pharmaceuticals PLC (the
'Group') for the year ended 31 December 2016.
Basis of preparation
The currency used in the preparation of the accompanying consolidated interim financial statements is the US Dollar ($) as
the majority of the Group's business is conducted in US Dollars.
These consolidated interim financial statements for the six months ended 30 June 2017 have been prepared in accordance with
the Disclosure and Transparency Rules of the Financial Conduct Authority and with IAS 34, "Interim financial reporting", as
adopted by the European Union and as issued by the International Accounting Standards Board (IASB). The consolidated
interim financial statements should be read in conjunction with the annual financial statements for the year ended 31
December 2016, which have been prepared in accordance with IFRSs issued by the International Accounting Standards Board
(IASB) and the IFRSs adopted by the European Union.
Taxes on income for interim periods are accrued using the effective tax rate that would be applicable to expected total
annual earnings. Discrete items are taxed within the period in which they are expected to arise, at the applicable tax
rate.
The same accounting policies, presentation and method of computation are followed in the consolidated interim financial
statements as were applied in the Group's latest annual audited financial statements. There have been no changes to the
accounting standards in the current year that have materially impacted the Group financial statements.
Adoption of new and revised standards
The following new and revised Standards and Interpretations have been adopted in the current year. Their adoption has not
had any significant impact on the amounts reported in these financial statements, however, may impact the accounting for
future transactions and arrangements.
IAS 7 (Amendments) Statement of cash flows on disclosure initiative
The following Standards and Interpretations have not been applied in these interim financial statements because while in
issue, are not yet effective (and in some cases had not yet been adopted by the EU):
IFRS 9 Financial Instruments
IFRS 15 Revenue from contracts with customers
IFRS 15 (Amendments) Revenue from contracts with customers
IFRS 40 (Amendments) Investment Property
IFRS 4 (Amendments) Insurance contracts
IFRS 16 Leases
IFRS 2 (Amendments) Share based payments
IFRIC 22 Foreign currency transactions and advance considerations
IFRIC 23 Uncertainty over income tax treatments
IFRS 17 Insurance contracts
Annual improvements 2014-2016
IFRS 9 will impact both the measurement and disclosure of financial instruments, IFRS 15 may have an impact on revenue
recognition and related disclosure, and IFRS 16 will impact leased assets and financial liabilities and related
disclosures.
During H1 2017, the Group started the process of assessing the impact of the first-time application of IFRS 9 (Financial
instruments) and IFRS 15 (Revenue from contracts with customers). As of the reporting date, the process is still ongoing;
until the detailed review is completed, the Directors could not provide a reasonable estimate of a definite effect of these
standards on the financial statements of the Group in future periods.
Accounting estimates
The preparation of the interim financial statements requires management to make judgments, estimates and assumptions that
affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense.
Actual results may differ from these estimates.
In preparing these consolidated interim financial statements, the significant judgments made by management in applying the
Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the
consolidated financial statements for the year ended 31 December 2016.
Going concern
The Directors have considered the going concern position of the Company during the period and at the period end as they
have in previous years. The Directors believe that the Group is well diversified due to its geographic spread, product
diversity and large customer and supplier base. The Group operates in the relatively defensive generic pharmaceuticals
industry, which the Directors expect to be less affected by economic downturns compared to other industries.
The Group's overall net debt position was $633 million (30 June 2016: $819 million and 31 December 2016: $697 million). Net
cash from operating activities in H1 2017 was $225 million (H1 2016: $99 million and FY 2016: $293 million). The Group has
$1,067 million (30 June 2016: $1,015 million and 31 December 2016: $1,109 million) of undrawn short term and long term
banking facilities, in addition to $217 million (30 June 2016: $173 million and 31 December 2016: $180 million) of
unutilised import and export financing limits. These facilities are well diversified across the subsidiaries of the Group
and are with a number of financial institutions. The Group's forecasts, taking into account reasonable possible changes in
trading performance, facility renewal sensitivities, maturities of long-term debt and the purchase of West-Ward Columbus,
show that the Group should be able to operate well within the levels of its facilities and their related covenants.
After making enquiries, the Directors believe that the Group is adequately placed to manage its business and financing
risks successfully despite the current uncertain economic and political outlook. Having reassessed the principal risks, the
Directors considered it appropriate to adopt the going concern basis of accounting in preparing the interim financial
information.
3. Business and geographical segments
For management purposes, the Group is organised into three principal operating divisions - Injectables, Generics and
Branded. These divisions are the basis on which the Group reports its segmental information.
Operating profit, defined as segment result, is the principal measure used in the decision-making and resource allocation
process of the chief operating decision maker, who is the Group's Chief Executive Officer.
Information regarding the Group's operating segments is reported below.
The following is an analysis of the Group's revenue and results by reportable segment:
H1 H1 H1 H1 H1 H1 FY FY FY
2017 2017 2017 2016 2016 2016 2016 2016 2016
Core results (Unaudited) Exceptional items and other adjustments (note 4) (Unaudited) Reported results (Unaudited) Core results (Unaudited) Exceptional items and other adjustments (note 4) (Unaudited) Reported results (Unaudited) Core results (Audited) Exceptional items and other adjustments (note 4) (Audited) Reported results (Audited)
Injectables
$m $m $m $m $m $m $m $m $m
Revenue 362 - 362 357 - 357 781 - 781
Cost of sales (134) - (134) (132) - (132) (276) - (276)
Gross profit 228 - 228 225 - 225 505 - 505
Total operating expenses (84) (10) (94) (79) (2) (81) (165) (28) (193)
Segment result 144 (10) 134 146 (2) 144 340 (28) 312
H1 H1 H1 H1 H1 H1 FY FY FY
2017 2017 2017 2016 2016 2016 2016 2016 2016
Core results (Unaudited) Exceptional items and other adjustments (note 4) (Unaudited) Reported results (Unaudited) Core results (Unaudited) Exceptional items and other adjustments (note 4) (Unaudited) Reported results (Unaudited) Core results (Audited) Exceptional items and other adjustments (note 4) (Audited) Reported results (Audited)
Generics
$m $m $m $m $m $m $m $m $m
Revenue 305 - 305 257 - 257 604 - 604
Cost of sales (184) (2) (186) (168) (24) (192) (376) (32) (408)
Gross profit 121 (2) 119 89 (24) 65 228 (32) 196
Total operating expenses (100) (47) (147) (81) 7 (74) (193) (17) (210)
Segment result 21 (49) (28) 8 (17) (9) 35 (49) (14)
The Generics segment includes the results of the West-Ward Columbus business.
H1 H1 H1 H1 H1 H1 FY FY FY
2017 2017 2017 2016 2016 2016 2016 2016 2016
Core results (Unaudited) Exceptional items and other adjustments (note 4) (Unaudited) Reported results (Unaudited) Core results (Unaudited) Exceptional items and other adjustments (note 4) (Unaudited) Reported results (Unaudited) Core results (Audited) Exceptional items and other adjustments (note 4) (Audited) Reported results (Audited)
Branded
$m $m $m $m $m $m $m $m $m
Revenue 223 - 223 264 - 264 556 - 556
Cost of sales (118) - (118) (130) - (130) (274) - (274)
Gross profit 105 - 105 134 - 134 282 - 282
Total operating expenses (64) (4) (68) (79) (4) (83) (170) (8) (178)
Segment result 41 (4) 37 55 (4) 51 112 (8) 104
H1 H1 H1 H1 H1 H1 FY FY FY
2017 2017 2017 2016 2016 2016 2016 2016 2016
Core results (Unaudited) Exceptional items and other adjustments (note 4) (Unaudited) Reported results (Unaudited) Core results (Unaudited) Exceptional items and other adjustments (note 4) (Unaudited) Reported results (Unaudited) Core results (Audited) Exceptional items and other adjustments (note 4) (Audited) Reported results (Audited)
Others
$m $m $m $m $m $m $m $m $m
Revenue 5 - 5 4 - 4 9 - 9
Cost of sales (3) - (3) (3) - (3) (6) - (6)
Gross profit 2 - 2 1 - 1 3 - 3
Total operating expenses (3) - (3) (1) - (1) (5) - (5)
Segment result (1) - (1) - - - (2) - (2)
'Others' mainly comprise Arab Medical Containers LLC, International Pharmaceutical Research Center LLC, Hikma Emerging
Markets and Asia Pacific FZ LLC, and the chemicals division of Hikma Pharmaceuticals LLC (Jordan).
H1 H1 H1 H1 H1 H1 FY FY FY
2017 2017 2017 2016 2016 2016 2016 2016 2016
Core results (Unaudited) Exceptional items and other adjustments (note 4) (Unaudited) Reported results (Unaudited) Core results (Unaudited) Exceptional items and other adjustments (note 4) (Unaudited) Reported results (Unaudited) Core results (Audited) Exceptional items and other adjustments (note 4) (Audited) Reported results (Audited)
Group
$m $m $m $m $m $m $m $m $m
Segment result 205 (63) 142 210 (24) 186 485 (85) 400
Unallocated expenses (29) - (29) (34) (31) (65) (66) (32) (98)
Operating profit 176 (63) 113 176 (55) 121 419 (117) 302
Finance income 2 29 31 2 - 2 3 9 12
Finance expense (30) (14) (44) (31) (9) (40) (63) (41) (104)
Profit before tax 148 (48) 100 147 (64) 83 359 (149) 210
Tax (38) 8 (30) (37) 13 (24) (80) 28 (52)
Profit for the period/year 110 (40) 70 110 (51) 59 279 (121) 158
Attributable to:
Non-controlling interests 1 - 1 1 - 1 3 - 3
Equity holders of the parent 109 (40) 69 109 (51) 58 276 (121) 155
110 (40) 70 110 (51) 59 279 (121) 158
Unallocated corporate expenses mainly comprise employee costs, third party professional fees, travel expenses and donations
(H1 2016 and FY 2016 comprise of employee costs, third party professional fees, travel expenses, donations, and
acquisition-related expenses).
The following table provides an analysis of the Group's sales by geographical market, irrespective of the origin of the
goods/services:
H1 2017 H1 2016 FY 2016
$m $m $m
(Unaudited) (Unaudited) (Audited)
United States 586 529 1,211
Middle East and North Africa 256 304 641
Europe and Rest of the World 51 47 95
United Kingdom 2 2 3
895 882 1,950
The top selling markets were as below:
H1 2017 H1 2016 FY 2016
$m $m $m
(Unaudited) (Unaudited) (Audited)
United States 586 529 1,211
Saudi Arabia 57 64 143
Algeria 40 57 115
683 650 1,469
Included in revenue arising from the Generics and Injectables segments is revenue of approximately $127 million (H1 2016:
$123 million and FY 2016: $253 million) which arose from the Group's largest customer which is located in the United
States.
4. Exceptional items and other adjustments
Exceptional items are disclosed separately in the consolidated income statement to assist in the understanding of the
Group's core performance.
H1 2017 H1 2016 FY 2016
$m $m $m
(Unaudited) (Unaudited) (Audited)
Exceptional items
Acquisition, integration and other costs (4) (39) (41)
Gain from sale of assets, net - 18 18
Inventory-related adjustments - (20) (27)
Release of contingent liability - 4 4
Impairment of property plant and equipment - - (10)
Impairment of product-related intangible assets (35) - (6)
Write- down of product-related intangible assets - - (18)
Exceptional items included in operating profit (39) (37) (80)
Other adjustments
Intangible amortisation other than software (24) (18) (37)
Remeasurement of contingent consideration, financial liability and assets, net 15 (9) (32)
- Finance expense (14) (9) (41)
- Finance income 29 - 9
Exceptional items and other adjustments (48) (64) (149)
Tax effect 8 13 28
Impact on profit for the period/year (40) (51) (121)
Exceptional items
· Acquisition, integration and other related costs primarily comprise of severance costs in relation to the West-Ward
Columbus acquisition. These costs are included within the overhead, general and administrative, sales and marketing, and
research and development expenses.
· Impairment of product-related intangible assets is mainly related to acquired products at West-Ward Columbus and is
included within other operating expenses.
During H1 2017, certain triggering events had occurred and required the Group to perform tests for impairment. Such events
included continued pricing pressure, and increased competition on a number of products (including delays in product
launches) resulting in a reduced forecast of future net cash inflows compared to previous forecasts. The Group recorded
impairment charges using a value in use model in the income statement for the six months ended 30 June 2017.
The calculation of the recoverable amount was determined using discounted cash flow projections based on financial
forecasts. The significant impairment charges recorded during the first half of 2017 and the resulting carrying values
subsequent to the impairment charges were as follows:
Impairment Carrying value as at 30 June 2017
$m $m
(Unaudited) (Unaudited)
Product Pipeline 32 49
Key assumptions of the model are as follows:
- Discount rate: 14.5%
- Operational cost savings, based on actual costs through 30 June 2017 in comparison to forecast; and
- Estimated future product cash flows, including price and volume assumptions.
Changes in any of the key assumptions would result in changes to the impairment charge booked by the Group.
In previous periods, exceptional items were related to the following:
· Acquisition, integration and other related costs were incurred in relation to the acquisition of West-Ward Columbus
which was completed on 29 February 2016. Acquisition-related expenses were included within unallocated corporate expenses,
while integration and other expenses were included within general and administrative expense and cost of sales
respectively.
· Acquisition-related expenses mainly comprised third party consulting services, legal and professional fees, and
other costs represent severance and retention payments paid.
· Gain from sale of assets related to the divestiture of certain products and was included within other operating
income.
· Inventory-related adjustments reflected the amortisation of the fair value uplift of the inventory acquired as part
of the West-Ward Columbus acquisition and were included within cost of sales.
· Release of contingent liability was due to not achieving certain performance-related milestones in respect of a
previous acquisition and was included within other operating income.
· Impairment of property, plant and equipment related to the write-off of machinery and equipment as a result of a
previous acquisition and was included within other operating expenses.
· Impairment of product-related intangible assets was included within research and development expenses.
· Write-down of product-related intangible assets related to the write-down of certain R&D elements associated with
the co-development agreements entered into with third parties since 2011 and was included within research and development
expenses.
Other adjustments:
Remeasurement of contingent consideration, financial liabilities and assets represents the net difference resulting from
the revaluation of the liabilities and assets associated with the future contingent payments and receivables in respect of
the West-Ward Columbus acquisition, and of the financial liability in relation to the co-development earnout payment
agreement. The remeasurement is included in finance expense/income.
5. Tax
H1 H1 H1 H1 H1 H1 FY FY FY
2017 2017 2017 2016 2016 2016 2016 2016 2016
Core results Exceptional items and other adjustments (note 4) Reported results 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 $m $m $m
(Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Unaudited) (Audited) (Audited) (Audited)
Current tax
Foreign tax 42 (2) 40 47 (13) 34 143 (28) 115
Adjustments to prior year 1 - 1 2 - 2 2 - 2
Deferred tax
Current year (5) (6) (11) (12) - (12) (57) - (57)
Adjustments to prior year - - - - - - (8) - (8)
38 (8) 30 37 (13) 24 80 (28) 52
The Group incurred a tax expense of $30 million (H1 2016: $24 million; FY 2016: $52 million). The reported effective tax
rate for the period is 30.0% (H1 2016: 28.9%; FY 2016: 24.8%). The increase in the reported effective tax rate is due to
the geographic profit mix during the period.
The application of tax law and practice is subject to some uncertainty and amounts are provided where the likelihood of a
cash outflow is probable.
6. Dividends
H1 2017 H1 2016 FY 2016
$m $m $m
(Unaudited) (Unaudited) (Audited)
Amounts recognised as distributions to equity holders in the period/years:
Final dividend for the year ended 31 December 2016 of 22.0 cents (2015: 21.0 cents) per share 53 50 51
Interim dividend for the year ended 31 December 2016 of 11.0 cents per share - - 26
53 50 77
The proposed interim dividend for the period ended 30 June 2017 is 11.0 cents (30 June 2016: 11.0 cents and 31 December
2016 final dividend: 22.0 cents) per share.
The proposed interim dividend will be paid on 22 September 2017 to eligible shareholders on the register at the close of
business on 25 August 2017. The ex-dividend date is 24 August 2017 and the final date for currency elections is 8 September
2017.
Based on the number of shares in issue at 30 June 2017 of (240,647,229), the unrecognised liability is $26 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:
H1 H1 H1 H1 H1 H1 FY FY FY
2017 2017 2017 2016 2016 2016 2016 2016 2016
Core results (Unaudited) Exceptional items and other adjustments (note 4) (Unaudited) Reported results (Unaudited) Core results (Unaudited) Exceptional items and other adjustments (note 4) (Unaudited) Reported results (Unaudited) Core results (Audited) Exceptional items and other adjustments (note 4) (Audited) Reported results (Audited)
$m $m $m $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 parent 109 (40) 69 109 (51) 58 276 (121) 155
Number Number Number
Number of shares 'm 'm 'm
Weighted average number of ordinary shares for the purposes of basic earnings per share 240 226 233
Effect of dilutive potential ordinary shares:
Share-based awards 1 2 1
Weighted average number of ordinary shares for the purposes of diluted earnings per share 241 228 234
H1 H1 H1 H1 FY FY
2017 2017 2016 2016 2016 2016
Core earnings per share Reported earnings per share Core earnings per share Reported earnings per share Core earnings per share Reported earnings per share
Cents Cents Cents Cents Cents Cents
Basic 45.4 28.8 48.2 25.7 118.5 66.5
Diluted 45.2 28.6 47.8 25.4 117.9 66.2
8. Financial and other non-current assets
30 June 30 June 31 December
2017 2016 2016
$m $m $m
(Unaudited) (Unaudited) (Audited)
Price adjustment receivable 22 6 3
Available-for-sale investments 9 1 7
Other non-current assets 37 53 38
68 60 48
Price adjustment receivable represents the non-current portion of the contingent receivable in relation to the West-Ward
Columbus acquisition whereby as part of the acquisition, the Group will be reimbursed for certain contingent payments in
respect of milestones and other conditions based on future events.
During the period, the Group received $1 million reimbursement (H1 2016: $nil and FY 2016: $82 million) in cash. As at 30
June 2017, the balance was adjusted to reflect the present value of the expected receivables balance and the difference is
presented as a finance income.
Available-for-sale investments include investments of $8 million in three venture capital companies through the Group's
venture capital arm "Hikma International Ventures Developments LLC".
Other non-current assets mainly represent advance payments made to acquire inventory from a third party. As of 30 June
2016, the balance included payments related to both inventory and product-related technologies whereby any payments related
to product-related technologies have been reclassified to intangible assets, while any payments related to inventory
received were reclassified to inventory.
9. Inventories
30 June 30 June 31 December
2017 2016 2016
$m $m $m
(Unaudited) (Unaudited) (Audited)
Finished goods 154 158 120
Work-in-progress 74 63 73
Raw and packing materials 244 238 229
Goods in transit 14 19 18
Spare parts 21 18 19
507 496 459
10. Trade and other receivables
30 June 30 June 31 December
2017 2016 2016
$m $m $m
(Unaudited) (Unaudited) (Audited)
Trade receivables 579 590 699
Prepayments 52 55 40
Other receivables 24 13 4
VAT and sales tax recoverable 11 10 14
Employee advances 3 3 2
669 671 759
The fair values of receivables are estimated to be equal to the carrying amounts.
11. Other current assets
30 June 30 June 31 December
2017 2016 2016
$m $m $m
(Unaudited) (Unaudited) (Audited)
Price adjustment receivable 16 113 34
Investment designated at fair value 21 21 20
Others 4 5 12
41 139 66
Price adjustment receivable: In respect to note 8, this represents the current portion of the contingent receivable in
relation to the West-Ward Columbus acquisition.
Investment designated at fair value: represents the agreement the Group entered into with an asset management firm in 2015
to manage a $20 million portfolio of underlying debt instruments. The investment comprises a portfolio of assets that are
managed by an asset manager and is measured at fair value; any changes in fair value go through other comprehensive income.
This asset is classified as level 1 as it uses quoted prices in active markets.
12. Trade and other payables
30 June 30 June 31 December
2017 2016 2016
$m $m $m
(Unaudited) (Unaudited) (Audited)
Trade payables 191 180 172
Accrued expenses 124 127 157
Other payables 12 15 14
327 322 343
The fair values of payables are estimated to be equal to the carrying amounts.
Other payables principally comprise of employees' provident fund liability of $4 million (30 June 2016: $6 million, 31
December 2016: $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.
13. Other current liabilities
30 June 30 June 31 December
2017 2016 2016
$m $m $m
(Unaudited) (Unaudited) (Audited)
Deferred revenue 7 13 13
Return and free goods provision 130 112 109
Co-development and earnout payment 4 8 4
Contingent consideration and liability - 66 123
Finance lease obligation 1 1 1
Others 76 72 69
218 272 319
Return and free goods provision: The Group allows customers to return products within a specified period prior to and
subsequent to the expiration date.
Free goods are issued to customers as sale incentives, reimbursement of agreed upon expenses incurred by the customer or as
compensation for expired or returned goods.
Co-development and earnout payment agreement: This liability mainly relates to the present value of future payments on a
co-development and earnout agreement. As part of this agreement, milestone payments dependent on successful clinical
development of defined products are received by the Group. In return of receiving such milestone payments, the Group has
agreed to pay the contracting party a certain percentage of future sales of those products. As at 30 June 2017, the
liability associated with these earnout payments was adjusted to reflect the present value of the expected future cash
outflows and the difference is presented as a finance expense/income. The current portion of the balance is $4 million (30
June 2016: $8 million and 31 December 2016: $4 million).
Contingent consideration and liability: This liability represents the current portion of the Group's contractual contingent
consideration and liabilities in relation to the West-Ward Columbus acquisition, whereby as part of the acquisition the
Group has contractual liabilities to make payments to a third party in the form of milestone payments that are dependent on
the achievement of certain US FDA approval milestones; and royalty payments based on future sales of certain products that
are currently under development.
During the period, the Group paid a total of $nil (H1 2016: $nil and FY 2016: $20 million) in respect to the contingent
consideration and of $nil (H1 2016: $nil and FY 2016: $10 million) for the contingent liability.
The current portion of the balance is $nil (30 June 2016: $54 million and 31 December 2016: $93 million) related to the
contingent consideration and $nil (30 June 2016: $12 million and 31 December 2016: $30 million) related to the acquired
opening balance sheet contingent liability whereby the majority of the balance was reclassified to the non-current
liabilities following a delay in certain product launches.
Others: These mainly include indirect rebate liabilities across the Group.
14. Current and non-current financial debts
Short-term financial debts
30 June 30 June 31 December
2017 2016 2016
$m $m $m
(Unaudited) (Unaudited) (Audited)
Bank overdrafts 14 15 10
Import and export financing 62 83 63
Short-term loans - 5 -
Current portion of long-term loans 35 55 44
111 158 117
Import and export financing represents short-term financing for the ordinary trading activities of the Group.
Long-term financial debts
30 June 30 June 31 December
2017 2016 2016
$m $m $m
(Unaudited) (Unaudited) (Audited)
Long-term loans 286 452 270
Long-term borrowings (Eurobond) 496 495 495
Less: current portion of long-term loans (35) (55) (44)
Long-term financial loans 747 892 721
Breakdown by maturity:
Within one year 35 55 44
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