REG - Indivior PLC - Full Year Financial Results <Origin Href="QuoteRef">INDV.L</Origin> - Part 2
22/02/2017 07:06
- Part 2: For the preceding part double click ID:nRSV4858Xa
interim financial statements.
Consolidated statement of changes in equity
Sharecapital Sharepremium Otherreserve ForeignCurrencyTranslationreserve Retainedearnings Total equity
Audited $m $m $m $m $m $m
At January 1, 2015 1,437 - (1,295) (16) (601) (475)
Comprehensive income
Net income - - - - 228 228
Other comprehensive income - - - (7) (7) (14)
Total comprehensive income - - - (7) 221 214
Transactions recognised directly in equity
Share-based plans - - - - 8 8
Deferred taxation on share-based plans - - - - (3) (3)
Dividends paid - - - - (23) (23)
Capital reduction (1,365) - - - 1,365 -
Total transactions recognised directly in equity (1,365) - - - 1,347 (18)
Balance at December 31, 2015 72 - (1,295) (23) 967 (279)
At January 1, 2016 72 - (1,295) (23) 967 (279)
Comprehensive income
Net (loss)/income - - - - 35 35
Other comprehensive income - - - 1 - 1
Total comprehensive income - - - 1 35 36
Transactions recognised directly in equity
Share-based plans - - - - 10 10
Deferred taxation on share-based plans - - - - 7 7
Dividends paid - - - - (69) (69)
Total transactions recognised directly in equity - - - - (52) (52)
Balance at December 31, 2016 72 - (1,295) (22) 950 (295)
The notes on pages 19 to 25 are an integral part of these condensed
consolidated interim financial statements.
Consolidated cash flow statement
Unaudited Audited
2016 2015
For the year ended December 31 $m $m
CASH FLOWS FROM OPERATING ACTIVITIES
Operating Profit 149 346
Depreciation and amortization 14 40
Share-based payments 10 5
Impact from foreign exchange movements 1 -
(Increase)/decrease in trade and other receivables (27) (9)
Decrease/(increase) in inventories 4 (9)
Increase in trade and other payables 142 145
Increase in provisions 219 -
Cash generated from operations 512 518
Net financing costs (42) (44)
Transaction costs related to loan - (23)
Taxes paid (63) (131)
Net cash inflow from operating activities 407 320
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment (20) (27)
Purchase of intangible assets (15) (4)
Net cash (outflow) from investing activities (35) (31)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash movements on overdraft - (9)
Cash movements in borrowings (78) (112)
Dividends paid (69) (23)
Net cash (outflow) from financing activities (147) (144)
Net increase in cash and cash equivalents 225 145
Cash and cash equivalents at beginning of the period 467 331
Exchange differences - (9)
Cash and cash equivalents at end of the period 692 467
The notes on pages 19 to 25 are an integral part of these condensed
consolidated interim financial statements.
Notes to the consolidated Financial Statements
1. BASIS OF PREPARATION AND ACCOUNTING POLICIES
Indivior PLC (the 'Company') is a public limited company incorporated and
domiciled in the United Kingdom on September 26, 2014. In these condensed
consolidated financial statements ('Interim Financial Statements'), reference
to the 'Group' means the Company and all its subsidiaries.
The financial information herein has been prepared on the basis of the
accounting policies set out in the annual accounts of the Group for the year
ended December 31, 2015 and should be read in conjunction with those annual
accounts. The Group prepares its annual accounts in accordance with
International Financial Reporting Standards (IFRS) and IFRS Interpretations
Committee (IFRS IC) interpretations as adopted by the European Union and the
Companies Act 2006 (the Act) applicable to companies reporting under IFRS. In
preparing these condensed consolidated 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 December 31, 2015,
with the exception of changes in estimates that are required in determining
the provision for income taxes.
The consolidated financial statements do not include all the information and
disclosures required in the annual financial statements, and should be read in
conjunction with the Group's annual financial statements as at December 31,
2015. These condensed consolidated financial statements have been reviewed
and not audited. These consolidated financial statements have been authorized
for issue as at February 21, 2017.
As disclosed in Note 7 relating to the Department of Justice and Federal Trade
Commission investigations and antitrust litigation an amount of $220m has been
established as a reserve for all of these matters. The final amount may be
materially higher than this reserve. This could impact the Group's ability to
operate, which would be further adversely impacted should revenues decline and
pipeline products fail to obtain regulatory approval, all of which could mean
the Group cannot continue in business without taking necessary measures to
reduce its cost base and improve its cash flow. As such, this indicates a
material uncertainty that may cast significant doubt on the Group's ability to
continue as a going concern. However, the Directors believe they have the
ability to carry out the necessary measures and that the Group can continue as
a going concern for the foreseeable future. Accordingly, the Directors
continue to adopt the going concern basis for accounting in preparing these
financial statements, which do not include any adjustments that might result
from the outcome of this uncertainty.
The financial information contained in this document does not constitute
statutory accounts as defined in section 434 and 435 of the Companies Act
2006. The auditors issued an unqualified opinion and did not contain a
statement under section 498 of the Companies Act 2006 on the Group's statutory
financial statements for the year ended December 31, 2015. The Group's
statutory financial statements for the year ended December 31, 2015 were
approved by the Board of Directors on March 8, 2016 and has been delivered to
the Registrar of Companies. For the Group's financial statements for the year
ended 31 December 2016, the auditors expect to issue a modified auditors
report with Emphasis of Matter paragraphs dealing with the Department of
Justice and Federal Trade Commission investigations and antitrust litigation
and ANDA litigation details of which are included above and in note 7
respectively.
2. SEGMENT INFORMATION
Operating segments are reported in a manner consistent with the internal
reporting provided to the chief operating decision-maker. The chief operating
decision-maker (CODM), who is responsible for allocating resources and
assessing performance of the operating segments, has been identified as the
Chief Executive Officer (CEO).
As the Indivior Group is engaged in a single business activity, which is the
development, manufacture and sale of prescription drugs that are based on
Buprenorphine for treatment of opioid dependence, the CEO reviews financial
information presented on a combined basis for evaluating financial performance
and allocating resources. Accordingly, the company reports as a single
reporting segment.
Revenues
Revenues are attributed to countries based on the country where the sale
originates. The following table represents revenue from continuing operations
attributed to countries based on the country where the sale originates and
non-current assets, net of accumulated depreciation and amortisation, by
country. Non-current assets for this purpose consist of property, plant and
equipment and intangible assets. Revenues for the three and twelve months to
December 31, 2016 and 2015 were as follows:
Revenues from sale of goods:
Q42016$m Q42015$m 2016$m 2015$m
United States 206 194 857 807
ROW 53 54 201 207
Total 259 248 1,058 1,014
Non-current assets:
2016$m 2015$m
United States 64 80
ROW 46 14
Total 110 94
3. OPERATING COSTS AND EXPENSES
The table below sets out selected operating costs and expenses information:
Q42016$m Q42015$m 2016$m 2015$m
Research and development expenses (32) (58) (119) (148)
Marketing, selling and distribution expenses (42) (44) (144) (166)
Administrative expenses (81) (75) (520) (227)
Depreciation and amortization (2) (6) (14) (24)
Operating lease rentals (2) (2) (5) (6)
Total (127) (127) (683) (423)
Exceptional Items
Q42016$m Q42015$m 2016$m 2015$m
Cost of Sales - - (11) -
Reconfiguration and separation costs - (8) - (15)
Impairment and write-offs - (16) - (16)
Consulting costs (1) - (7) -
Legal provision - - (220) -
Total Exceptional items (1) (24) (238 ) (31)
$238m (2015: $31m) of exceptional items include legal provisions, write-offs
of manufacturing costs and legal and advisory costs related to the exploration
of strategic initiatives for the event of a potential negative ANDA ruling.
The Company has recorded a charge of $220m in the third quarter of 2016 for
the investigative and antitrust litigation matters set out in note 7 below.
Because these matters are in various stages, the Company cannot predict with
any certainty the ultimate resolution or cost of all of the matters, and may
in the future take additional charges. These exceptional items have been
included within operating expenses and Costs of Sales.
4. TAXATION
In the year to December 2016, tax on total profits amounted to $63m and
represented a full year effective tax rate of 64% (2015: 20%); $19m of these
relate to the tax effect on the movement of assets within the Group and
additional provisions for unresolved tax matters and prior year adjustments,
and are considered to be exceptional. $6m relate to the tax effect of
exceptional items within SD&A and Cost of Sales. The company is filing a
claim for "Patent Box" regime benefits in the UK that provide a total benefit
of $37m, of which $32m is considered exceptional as it relates to prior
periods. The company also benefited by $5m for Research credits in both the
US and the UK. No deferred tax has been recognized on the litigation charge in
the period as it is uncertain whether the charge will be available for tax
relief. Adjustments will be made once a final determination of the litigation
charges has been made. Excluding the impact of exceptional items the effective
tax rate for the year ended December 31, 2016 is 25% (2015: 22%).
The Group's balance sheet at December 31, 2016 included a tax payable
liability of $52m, corporate tax receivable of $30m, and deferred tax assets
of $109m.
5. EARNINGS PER SHARE
Q42016cents Q42015cents 2016cents 2015 cents
Basic earnings per share 11 5 5 32
Diluted earnings per share 10 5 5 31
Adjusted basic earnings per share 7 7 35 34
Adjusted diluted earnings per share 7 7 34 34
Basic
Basic earnings per share ("EPS") is calculated by dividing profit/(loss) for
the period attributable to owners of the Company by the weighted average
number of ordinary shares in issue during the period. 720,597,566 shares were
in issue at the reporting date.
Diluted
Diluted earnings per share is calculated by adjusting the weighted average
number of ordinary shares outstanding to assume conversion of all dilutive
potential ordinary shares. The Company has dilutive potential ordinary shares
in the form of awards. The weighted average number of shares is adjusted for
the number of shares granted assuming the vesting of the awards.
2016Average number of shares 2015Average number of shares
On a basic basis 719,874,634 718,577,618
Dilution for Long Term Incentive Plan (LTIP) 22,499,534 14,507,535
Employee Sharesave Scheme 846,147 -
Adjusted diluted shares 743,220,315 733,085,153
Adjusted Earnings
The Directors believe that diluted earnings per share, adjusted for the impact
of exceptional items after the appropriate tax amount, provides additional
useful information on underlying trends to shareholders in respect of earnings
per ordinary share.
A reconciliation of net income to adjusted net income is as follows:
Q42016$m Q42015$m 2016$m 2015$m
Net income 78 37 35 228
Exceptional items 1 24 238 31
Tax effect of exceptional items (1) - (6) -
Exceptional items within taxation (29) (11) (13) (13)
Adjusted net income 49 50 254 246
6. FINANCIAL LIABILITIES - BORROWINGS
Current 2016$m 2015$m
Bank loans (101) (34)
(101) (34)
Non-current 2016$m 2015$m
Bank loans (434) (571)
(434) (571)
Analysis of net debt 2016$m 2015$m
Cash and cash equivalents 692 467
Borrowings* (561) (641)
131 (174)
*Borrowings reflects the outstanding principal amount drawn, before debt
issuance costs
Reconciliation of net debt 2016$m 2015$m
The movements in the period were as follows:
Net debt at beginning of period (174) (428)
Increase in cash and cash equivalents 225 136
Net repayment of borrowings and overdraft 78 121
Exchange adjustment 2 (3)
Net debt at end of period 131 (174)
The carrying value less impairment provision of current borrowings and cash at
bank, as well as trade receivables and trade payables, are assumed to
approximate their fair values.
On March 16, 2015, the Company completed syndication of its $750 million debt
facility. As a result of the syndication the new terms of the loan on March
16, 2015 were as follows:
Currency Nominal interest margin Maturity Scheduled repayments* Issuance cost$m Face value$m Carrying amount $m
Unsecured bank loan USD Libor (1%) + 6% 5 years 5% 40 644 644
Unsecured bank loan EUR Libor (1%) + 6% 5 years 5% 6 106 106
*For years 1 and 2 only; 10% thereafter
Also included within the terms of the loan were:
• A financial covenant to maintain a leverage covenant (Net debt to Adjusted
EBITDA ratio) of 3.25x with step down to 3.00x on June 30, 2016.
• An additional covenant requiring minimum liquidity of $150 million (defined
as cash on hand plus the undrawn amount available under the Company's $50
million revolving credit facility).
7. CONTINGENT LIABILITIES
The Indivior Group is currently subject to other legal proceedings and
investigations, including through subpoenas and other information requests, by
various governmental authorities. It is not possible at this time to predict
with any certainty the potential impact of these matters on the Company, or to
quantify the ultimate cost of a resolution of these matters. The Company has
recorded a charge of $220m in the third quarter of 2016 for the investigative
and antitrust litigation matters noted below. The Company continues in
discussions with the Department of Justice about a possible resolution to its
investigation. The Company cannot predict with any certainty whether we will
be able to reach ultimate resolution with the Department of Justice or any or
all of the other parties, or the ultimate cost of resolving all of the
matters. The final cost may be materially higher than this reserve.
The Indivior business (previously Reckitt Benckiser Pharmaceuticals (RBP)) was
demerged from Reckitt Benckiser Group plc (RB) on December 23rd 2014 and
Indivior PLC became the new ultimate holding company of the group.
Department of Justice Investigation
• A federal criminal grand jury investigation of Indivior initiated in
December 2013 is continuing, and includes marketing and promotion practices,
pediatric safety claims, and overprescribing of medication by certain
physicians. The U.S. Attorney's Office for the Western District of Virginia
has served a number of subpoenas relating to SUBOXONE Film, SUBOXONE Tablet,
SUBUTEX Tablet, buprenorphine and our competitors, among other issues. We are
in discussions with the Department of Justice about a possible resolution of
the investigation. It is not possible at this time to predict with any
certainty the potential impact of this investigation on us or to quantify the
ultimate cost of a resolution. We are cooperating fully with the relevant
agencies and prosecutors and will continue to do so.
State Subpoenas
• On October 12th, 2016, the Company was served with a subpoena for
records from the state of Connecticut Office of the Attorney General under its
Connecticut civil false claims act authority. The subpoena requests documents
related to the Company's marketing and promotion of SUBOXONE products and its
interactions with a non-profit third party organization. On November 16th,
2016, the Company was served with a subpoena for records from the state of
California Department of Insurance under its California insurance code
authority. The subpoena requests documents related to SUBOXONE Film, SUBOXONE
Tablet, and SUBUTEX Tablet. The Company is cooperating in these
investigations.
FTC investigation and Antitrust Litigation
• The Judge overseeing the legal privilege dispute in the FTC
investigation has appointed a Special Master (an independent external lawyer)
to investigate the claims of legal privilege and provide a recommendation to
the Court on how the documents at issue should be treated. An initial report
and recommendation relating to the first tranche of privileged documents
reviewed by the Special Master was finalized in April 2016 and adopted by the
Court on August 1st, 2016. Pursuant to this report and the Court's order,
Indivior produced certain additional documents. In response to the Judge's
instruction the Special Master also has issued, on February 3rd, 2017, a
subsequent report and recommendation providing findings on the adequacy of
Indivior's descriptions of these documents in its privilege log. The parties
must file any responses to the Special Master's findings by February 24, 2017.
At that time the Court will consider whether and to what extent to adopt the
Special Master's report and then will issue any rulings relating thereto.
Finally, a second tranche of documents remains under review by the Special
Master. Following that review, the Court's decision then may be subject to
appeal by either party.
• Fact discovery is continuing in the antitrust class action litigation
described in the Group' annual report for the 2015 financial year ("Class
Action Litigation"). Plaintiffs allege, among other things, that Indivior
violated federal and state antitrust laws in attempting to delay generic entry
of alternatives to SUBOXONE tablets, and plaintiffs further allege that
Indivior unlawfully acted to lower the market share of these products.
• Amneal Pharmaceuticals LLC, a manufacturer of generic buprenorphine /
naloxone tablets, filed a complaint against the Company in December 2015. This
case has been coordinated with the Class Action litigation. Amneal's complaint
contains antitrust allegations similar in nature to those set out in the class
action complaints, and Amneal has also alleged violations of the Lanham Act.
Amneal served an amended complaint on February 3, 2017.
• On September 22nd, 2016, 35 states and the District of Columbia filed a
complaint against the Company in the same district where the Class Action and
Amneal litigation is pending. The States' complaint is similar to the other
pending complaints, and alleges violations of state and federal antitrust and
consumer protection laws. On October 25th, 2016, the Company was informed
that the States plan to amend their complaint to add six additional states as
plaintiffs. This lawsuit relates to the investigation conducted by various
states, as discussed in previous filings. On November 16th, 2016 the States
served an amended complaint, adding six additional states as plaintiffs. This
lawsuit relates to the investigation conducted by various states, as discussed
in previous filings. Discovery has been coordinated with the Class Action
Litigation and Amneal cases, subject to certain stays.
ANDA Litigation and Inter Partes Review
• The ruling after trial against Actavis and Par in the lawsuit
involving the Orange Book-listed patents for SUBOXONE Film issued on June 3rd,
2016. The ruling found the asserted claims of the '514 patent valid and
infringed; the asserted claims of the '150 patent valid but not infringed; and
the asserted claims of the '832 patent invalid, but found that certain claims
would be infringed if they were valid.
• Based on the ruling as to the '514 patent, Actavis and Par are
currently enjoined from launching a generic product. Par has appealed and
Actavis is expected to appeal this ruling. The generics have also moved to
reopen the judgment based on a more stringent claim construction in the Dr.
Reddy's case. In light of the motions to reopen, Par's appeal has been
deactivated until the District Court rules on the motions, and the deadline
for Actavis to file a notice of appeal has been postponed.
• Trial against Dr. Reddy's, Actavis and Par in the lawsuits involving
the process patent (US Patent No. 8,900,497) took place on November 16th and
21st-23rd, 2016.
• Trial against Dr. Reddy's in the lawsuit involving the Orange
Book-listed patents for SUBOXONE Film took place on November 7th, 16th, and
21st--23rd, 2016, with Dr. Reddy's 30-month stay of FDA approval on ANDA No.
20-5806 expiring April 17th, 2017. Indivior believes Dr. Reddy's 30-month stay
of FDA approval on ANDA No. 20-5299 also expires on April 17th, 2017, however,
Dr Reddy's disputes the applicability of the stay to this ANDA.
• Trial against Alvogen in the lawsuit involving the Orange Book-listed
patents and the '497 process patent for SUBOXONE Film has been postponed and
will be rescheduled, with Alvogen's 30-month stay of FDA approval expiring
October 29th, 2017.
• By a Court order dated August 22nd, 2016, Indivior's SUBOXONE Film
patent litigation against Sandoz has been dismissed without prejudice because
Sandoz is no longer pursuing Paragraph IV certifications for its proposed
generic formulations of SUBOXONE film.
• Trial against Mylan in the lawsuit involving the Orange Book-listed
patents and the '497 process patent for SUBOXONE Film is scheduled for
September 25th, 2017, with Mylan's stay expiring March 24th, 2018. On January
12th, 2017, the District Court issued a claim construction decision in the
Mylan action that clarified its earlier construction of certain terms in the
'514 patent in the Dr. Reddy's case.
• Indivior received a Paragraph IV notification from Teva, dated
February 8th, 2016, indicating that Teva had filed a 505(b)(2) New Drug
Application (NDA) for a 16mg/4mg strength of Buprenorphine/naloxone sublingual
film. The parties have agreed that infringement by Teva's 16 mg/4 mg dosage
strength will be governed by the infringement ruling on the accused 8 mg/2 mg
dosage strength in the ANDA now owned by Dr. Reddy's that was the subject of
the trial in November 2016.
• The USPTO declined to institute Teva's petitions for inter partes
review of the three Orange Book-listed patents on procedural grounds.
Dr. Reddy's filed an inter partes review petition on each of the three Orange
Book Patents. These petitions are substantively similar to those filed by
Teva. The USPTO denied the petitions, finding Dr. Reddy's had failed to
establish a reasonable likelihood of showing the challenged claims are
unpatentable as obvious. Dr. Reddy's has requested rehearing of the denials.
Mylan has filed a petition seeking an inter partes review of the '514 patent.
A decision by the USPTO on whether to institute IPR proceedings is expected in
May 2017.
Certain claims of the '832 patent were found invalid in an IPR proceeding
brought by BioDelivery Sciences International (BDSI), a decision that has been
affirmed by the Court of Appeals for the Federal Circuit.
• In the event of a ruling in these matters that none of the claims of
the asserted patents are valid and infringed by the ANDA-filers, and should
there be FDA approval of one or more of the ANDAs and subsequent commercial
launch of generic SUBOXONE film, and pipeline products fail to obtain
regulatory approval, there is the likelihood that revenues and operating
profits of the Company will significantly decline. In these circumstances the
Directors believe they would be able to take the required steps to reduce the
cost base, however this would result in a significant change to the structure
of the business.
IRS Notice on Manufacturing Deductions
• In August 2015 the IRS issued notices of a proposed adjustment for the
disallowance of certain manufacturing deductions claimed by the Company
following its audit of 2011 and 2012 income tax years. During the 4th quarter
of 2015, the Company was notified by the IRS of their intention to audit 2013
and 2014 income tax years and have since been notified that the IRS intend to
disallow these claims in 2013 and 2014 audit cycle. The Company will appeal
the proposed disallowance. The Company has evaluated its positions with
respect to these claims and has provided $22m tax reserve for amounts claimed
on all open periods as its best estimate of its expected settlement position
for this issue.
8. TRADE AND OTHER PAYABLES
2016$m 2015$m*
Sales returns and rebates (402) (287)
Trade payables (33) (27)
Accruals (212) (202)
Other tax and social security payables (11) (12)
Total (658) (528)
*The December 31 2015 balances have been adjusted to correct a prior period
classification between Trade payables and Accruals.
Customer return and rebate accruals, primarily in the US, are provided for by
the Group at the point of sale in respect of the estimated rebates, discounts
or allowances payable to customers. Accruals are made at the time of sale but
the actual amounts paid are based on claims made some time after the initial
recognition of the sale. As the amounts are estimated they may not fully
reflect the final outcome and are subject to change dependent upon, amongst
other things, the channel (e.g. Medicaid, Medicare, Managed Care, etc) and
product mix. The level of accrual is reviewed and adjusted quarterly in the
light of historical experience of actual rebates, discounts or allowances
given and returns made and any changes in arrangements. Future events could
cause the assumptions on which the accruals are based to change, which could
affect the future results of the Group.
9. SHARE CAPITAL
Equity Ordinary Shares Issue price Nominal value$m
Issued and fully paid
At January 1, 2016 718,577,618 $0.10 72
Allotments 2,019,948 $0.10 -
At December 31, 2016 720,597,566 $0.10 72
Equity Ordinary Shares Issue price Nominal value$m
Issued and fully paid
At January 1, 2015 718,577,618 $2.00 1,437
Nominal value reduction - ($1.90) (1,365)
At December 31, 2015 718,577,618 $0.10 72
The holders of ordinary shares (par value $0.10) are entitled to receive
dividends as declared from time to time and are entitled to one vote per share
at general meetings of Indivior PLC.
The initial shareholders resolved, by a special resolution, passed on October
30, 2014, to reduce Indivior PLC's share capital by decreasing the nominal
value of each Indivior Ordinary Share from $2.00 to $0.10. This created
distributable reserves on the balance sheet that will provide Indivior with,
among other things, capacity for the payment of future dividends.
As required under section 645 of the Companies Act 2006, the High Court of
Justice has confirmed the reduction of the Company's share capital. Following
the registration of the Order of the Court with the Companies House, the
Capital Reduction became effective on January 21, 2015.
Allotment of ordinary shares
During the year, 2,019,948 ordinary shares (2015: nil) were allotted to
satisfy vestings/exercises under the Group's Long Term Incentive Plan.
10. RELATED PARTIES
Subsequent to the demerger from former parent, RB, on December 23, 2014,
Indivior continues to receive certain services like office space rental and
other operational services on commercial terms and on an arm's length basis.
Adrian Hennah, the RB CFO, served on the Indivior PLC Board of Directors until
the AGM on May 11th, 2016. The amount included within SD&A in respect of these
services is $4m.
11. POST BALANCE SHEET EVENTS
There have been no material post balance sheet events.
Consolidated income statement (Adjusted)
Unaudited Unaudited Unaudited Unaudited
Q4 Q4
2016 2015 2016 2015
ADJUSTED Notes $m $m $m $m
Net Revenues 2 259 248 1,058 1,014
Cost of Sales (29) (25) (96) (97)
Gross Profit 230 223 962 917
Selling, distribution and administrative expenses 3 (126) (119) (456) (408)
Research and development expenses 3 (32) (42) (119) (132)
Operating Profit 72 62 387 377
Finance expense (12) (14) (51) (61)
Net finance expense (12) (14) (51) (61)
Profit before taxation 60 48 336 316
Taxation 4 (11) 2 (82) (70)
Net income 49 50 254 246
This information is provided by RNS
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