REG - Indivior PLC - Half Yearly Financial Results <Origin Href="QuoteRef">BATS.L</Origin> <Origin Href="QuoteRef">INDV.L</Origin> - Part 2

IndiviorAnnouncement

29/07/2015 07:02

- Part 2: For the preceding part double click  ID:nRSc3690Ua 

General of the State of New York
commenced non-public investigations of RB, RBP and various other entities in
the RB Group focusing on business practices relating to Suboxone Film,
Suboxone Tablet and Subutex Tablet, including alleged involvement in a scheme
to delay FDA approval of generic versions of Suboxone Tablet. RBP has
responded to both the FTC and to the Attorney General of the State of New York
by producing documents and other information. The investigations are ongoing,
and as yet no decision has been made by either agency on whether to pursue any
legal action for enforcement. 
 
In December 2013, the USAO-VAW executed a search warrant on RBP's headquarters
in Richmond and conducted searches of the homes of four field-based employees.
The USAO-VAW has since served a number of subpoenas relating to Suboxone Film,
Suboxone Tablet, Subutex Tablet, buprenorphine and any real or potential
competitor, among other issues. The investigation is ongoing and RBP is in the
process of responding to the USAO-VAW by producing documents and other
information. 
 
Given the limited information available to the Indivior Group regarding the
foregoing civil and criminal investigations, it is not possible at this time
to predict with any certainty if there will be a liability associated with
these investigations nor, if one were to occur, is there an ability to
quantify the potential impact on the financial statements of the Indivior
Group. 
 
8.  TRADE AND OTHER PAYABLES 
 
                                           June 302015$m  December 312014$m  
 Sales returns and rebates                 289            273                
 Trade payables                            70             29                 
 Other tax and social security payables    10             7                  
 Accruals                                  103            74                 
 Total                                     472            383                
 
 
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, 2015         718,577,618             $2.00        1,437            
 Nominal value reduction    -                       ($1.90)      (1,365)          
 At June 30, 2015           718,577,618             $0.10        72               
 
 
                                   Equity Ordinary Shares  Issue price  Nominal value$m  
 Issued and fully paid                                                                   
 At January 1, 2014 (pro forma)    718,577,618             $2.00        1,437            
 At June 30, 2014 (pro forma)      718,577,618             $2.00        1,437            
 
 
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 which 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. 
 
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, also sits on the Indivior PLC Board of Directors.
The amount included within administrative expenses in respect of these
services is $6m. 
 
11.  POST BALANCE SHEET EVENTS 
 
There have been no material post balance sheet events. 
 
DIRECTORS' RESPONSIBILITY STATEMENT 
 
The Directors declare that, to the best of their knowledge: 
 
·     This condensed set of interim financial statements, which have been
prepared in accordance with IAS 34 "Interim Financial Reporting"  as adopted
by the European Union, gives a true and fair view of the assets, liabilities,
financial position, and profit or loss of Indivior; and 
 
·     The interim management report gives a fair review of the information
required pursuant to regulations 4.2.7 and 4.2.8 of the Disclosure and
Transparency Rules (DTR) 
 
Indivior's Directors are listed in the Annual Report and Accounts for 2014. 
 
Details of all current Directors are available on our website at
www.indivior.com 
 
By order of the Board 
 
Shaun Thaxter                                                                
Cary J. Claiborne 
 
Chef Executive Officer                                                Chief
Financial Officer 
 
July 28, 2015 
 
Independent review report to Indivior PLC 
 
Report on the condensed consolidated interim financial statements 
 
Our conclusion 
 
We have reviewed the condensed consolidated interim financial statements,
defined below, in the half-yearly financial report of Indivior PLC for the
three and six months ended 30 June 2015. Based on our review, nothing has come
to our attention that causes us to believe that the condensed consolidated
interim financial statements are not prepared, in all material respects, in
accordance with International Accounting Standard 34 as adopted by the
European Union and the Disclosure and Transparency Rules of the United
Kingdom's Financial Conduct Authority. 
 
This conclusion is to be read in the context of what we say in the remainder
of this report. 
 
What we have reviewed 
 
The condensed consolidated interim financial statements, which are prepared by
Indivior PLC, comprise: 
 
·      the condensed consolidated statement of financial position as at 30
June 2015; 
 
·      the condensed consolidated income statement and statement of
comprehensive income for the three and six month periods then ended; 
 
·      the condensed consolidated statement of cash flows for the three and
six months periods then ended; 
 
·      the condensed consolidated statement of changes in equity for the
period then ended; and 
 
·      the explanatory notes to the condensed consolidated interim financial
statements. 
 
As disclosed in note 1, the financial reporting framework that has been
applied in the preparation of the full annual financial statements of the
group is applicable law and International Financial Reporting Standards
(IFRSs) as adopted by the European Union. 
 
The condensed consolidated interim financial statements included in the
half-yearly financial report have been prepared in accordance with
International Accounting Standard 34, 'Interim Financial Reporting', as
adopted by the European Union and the Disclosure and Transparency Rules of the
United Kingdom's Financial Conduct Authority. 
 
What a review of condensed consolidated financial statements involves 
 
We conducted our review in accordance with International Standard on Review
Engagements (UK and Ireland) 2410, 'Review of Interim Financial Information
Performed by the Independent Auditor of the Entity' issued by the Auditing
Practices Board for use in the United Kingdom. A review of interim financial
information consists of making enquiries, primarily of persons responsible for
financial and accounting matters, and applying analytical and other review
procedures. 
 
A review is substantially less in scope than an audit conducted in accordance
with International Standards on Auditing (UK and Ireland) and, consequently,
does not enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit. Accordingly, we do
not express an audit opinion. 
 
We have read the other information contained in the half-yearly financial
report and considered whether it contains any apparent misstatements or
material inconsistencies with the information in the condensed consolidated
interim financial statements. 
 
Responsibilities for the condensed consolidated interim financial statements
and the review 
 
Our responsibilities and those of the directors 
 
The half-yearly financial report, including the condensed consolidated interim
financial statements, is the responsibility of, and has been approved by, the
directors. The directors are responsible for preparing the half-yearly
financial report in accordance with the Disclosure and Transparency Rules of
the United Kingdom's Financial Conduct Authority. 
 
Our responsibility is to express to the company a conclusion on the condensed
consolidated interim financial statements in the half-yearly financial report
based on our review. This report, including the conclusion, has been prepared
for and only for the company for the purpose of complying with the Disclosure
and Transparency Rules of the Financial Conduct Authority and for no other
purpose. We do not, in giving this conclusion, accept or assume responsibility
for any other purpose or to any other person to whom this report is shown or
into whose hands it may come save where expressly agreed by our prior consent
in writing. 
 
PricewaterhouseCoopers LLP 
 
Chartered Accountants 
 
28 July 2015 
 
London 
 
Notes: 
 
a)    The maintenance and integrity of the Indivior PLC website is the
responsibility of the directors; the work carried out by the auditors does not
involve consideration of these matters and, accordingly, the auditors accept
no responsibility for any changes that may have occurred to the financial
statements since they were initially presented on the website. 
 
b)    Legislation in the United Kingdom governing the preparation and
dissemination of financial statements may differ from legislation in other
jurisdictions. 
 
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