RNS Number:8012U
Alltracel Pharmaceuticals Plc
13 April 2007
Alltracel Pharmaceuticals plc
Alltracel Releases 2006 Full Year Preliminary Results
Friday, April 13th 2007: Dublin, Ireland and London, UK, Alltracel
Pharmaceuticals Plc., ("Alltracel", or "the Company"), (AIM:AP.L), the medical
technology company focused on the Woundcare, Oralcare and Cardiovascular Health
markets, today announces its preliminary results for the year ended 31 December
2006.
-- Turnaround in profitability with a first time full year positive EBITDA of
Euro1.2M versus a loss of Euro1.1M in 2005 --
-- Significant growth in gross margin percentage up 4 points to 39% driven by
the commencement of first technology license revenue in the final quarter --
-- Continued strong oral care trade performance with business wins in all major
markets and advanced discussions on potential M&A activity --
-- Successful development and commercialisation of patented Nanofibre technology
and securing of first license revenue via Nanopeutics(TM) subsidiary --
-- Significant technological and commercial progress on proprietary PAGA
science leading to new market entry in CVH and Cosmeceuticals markets in 2007 --
Financial Highlights:
* First year of positive EBITDA achieved, operating profit increased and
continued revenue growth with margin improvement:
* 2006 EBITDA of Euro1.2M positive versus EBITDA loss of Euro1.1M in 2005
* 2006 Operating profit of Euro315k versus operating loss of Euro1.7M in 2005
* 2006 GM% of 39% versus 35% in 2005
* 2006 revenue of Euro20.1M versus Euro19.2M in 2005
* 2006 closing cash balance of Euro3.0M
Operating Highlights:
* Significant scientific breakthroughs in nanofibre technology for both
proprietary PAGA and other technologies, the establishment of the
Nanopeutics(TM) subsidiary and securing of first revenues:
* Following successful nanofibre trials and development work with
technology partners Elmarco and the University of Liberec;
Nanopeutics(TM) - a specialist subsidiary dedicated to the
commercialisation of Nanospider(TM) technology for the global woundcare
and subsequently specialist healthcare markets - was established.
* Nanopeutics(TM) consequently agreed a license bearing exclusive
nanotechnology development partnership with a global leader in
professional woundcare. This concept development project is ahead of
schedule and the successful conclusion to the development work is
expected to lead to an exclusive global royalty bearing license and
supply agreement for Nanospider(TM) based technology and specialist
products and related services for the professional sector.
* Commercial negotiations with this global leader have now commenced and
an announcement will be made to the market should these negotiations
successfully conclude.
* Nanopeutics(TM) has also signed an exclusive technology and product
concept development agreement with HemCon Medical Technologies Inc., the
haemorrhage control market leaders in military markets.
* Other partnership negotiations on similar exclusive concept
development agreements are ongoing with existing companies in the global
consumer woundcare and the global blood filtration markets.
* Technological breakthroughs in anti-microbial and healing properties
leading to the 2007 launch of Phytopeutics(TM) Dermal Health Technology for
the personal care cosmeceuticals market:
* Following earlier preclinical trials confirming wound and dermal
healing properties in a number of finalised product delivery systems and
a subsequent range of successful specialist dermal technology tests
Alltracel is developing a specialist dermal healing technology for the
cosmeceutical market. This proprietary technology covers a full range of
dermal health solutions for non traumatised skin; from anti-microbial
for younger skin to collagen expression for older skin and will be
marketed under the Phytopeutics(TM) technology brand name.
* Alltracel has already been in partnership discussions with a number of
specialist skin care and cosmeceutical suppliers and customers
internationally. The Company is currently in late stage negotiations
with a global leader in the specialist personal care market for an
exclusive global technology and business development alliance for
Phytopeutics(TM) which is expected to be formalised this quarter.
* Completed successful CVH combination trials and development of a highly
soluble variant and initiation of alliance discussions with North American
trial partner:
* Successful combination trials were completed with both sterol and
statin bio-actives, as was the successful development of a highly
soluble derivative of Alltracel's patented cardiovascular health
benefiting bioactive.
* Subsequent commercialisation negotiations are now in the final stages
with one of the sterol combination trial partners, a North American
based CVH specialist, for the establishment of a technology and business
development alliance to enter the global nutrition market with a range
of patented CVH functional food and bio-active technologies.
* A separate announcement will be made to the market in due course.
* Continued strong organic growth at Westone, the specialist Oral Care
division.
Tony Richardson, Chief Executive Officer, commented:
"2006 has been a watershed year in terms of financial performance, technology
breakthroughs and significant commercial developments. Our 2006 focus was on
delivering first time full year profitability through improved margins and cost
controls, developing our proprietary technology to secure revenue through
licensing to large scale global partners in our chosen markets and driving
continued growth in Westone, our specialist oral care subsidiary. We are
pleased to have delivered on these three objectives.
The business reached full year profitability in 2006 for the first time, in
terms of both EDITDA achieving a positive Euro1.2M versus a loss of Euro1.1M in 2005;
as well as in operating profit where the Euro0.3M profit compared to a loss of
Euro1.7M in 2005. This Euro2.0M positive operating profit swing is a result of both a
move to a higher margin license model in woundcare as well as continued overhead
reduction across the business. Gross margin percentage has grown to 39% for the
year versus 35% in 2005 and we will continue to focus on the development of more
profitable revenue streams for our technology.
Our oral care business, Westone, continues to perform well and we have continued
to build on our strong share of the European private label sector with numerous
new business wins from both current and new customers in all our main markets.
We remain strongly committed to this business and are looking at a number of M&A
opportunities in this area.
We had major scientific breakthroughs during 2006 on our proprietary PAGA
technology across all the relevant markets and on a number of technological
platforms including thin film and nanofibre. In particular, the establishment
and immediate performance of our nanofibre specialist subsidiary Nanopeutics(TM)
has been encouraging with our first license revenue deal secured in professional
woundcare and exciting prospects for significant subsequent revenue flows in
professional and in a number of other woundcare sectors. Securing these type of
large scale partnership deals with global market leaders remains a priority for
Nanopeutics(TM) for 2007.
In CVH the successful combination trials and development of the soluble variant
of our bio-active has led to advanced commercial negotiations with a North
American based nutritionals company to establish a specialist alliance to enter
the global nutrition market with a range of patented CVH functional food and
bio-active technologies. We are excited by the potential here and expect to see
Alltracel's first revenue flows in the CVH market in late 2007.
The ongoing technology development work in woundcare, particularly around the
anti-microbial and healing capabilities of m.doc(TM) and its variants, has
produced a major new market opportunity in the growing and profitable
cosmeceutical marketplace. Cosmeceutical efficacy testing and ongoing
discussions with potential suppliers and partners over the past six months has
led to the development of the Phytopeutics(TM) dermal health technology brand
which are now moving to commercialise in 2007. A further announcement is
expected on this move later this quarter. Finally we strengthened our overall
scientific resources and capability through the appointment of Dr. Pat Fottrell
to the Board in May.
Overall it has been a busy year for Alltracel, and we believe the Company is
well positioned with first class patented technologies, products, partners and
people. We have evolved the business model in the past year to reflect our
current stronger proof points on the base technologies, our highly developed
network of research, development and manufacturing partners as well as our more
profitable and collaborative partnership route to market.
2007 has begun strongly for Alltracel and we expect to continue the momentum
throughout the year through these evolving capabilities as well as our
innovative approach to both science and commercialisation.
We remain confident of continued growth as we continue the transition to focus
on a licence and technology transfer business model rather than one focused on
product revenue alone."
Cautionary Statement Regarding Forward-Looking Statements
This announcement contains forward-looking statements. We have based these
forward-looking statements on our current plans, expectations and projections
about future events. Words like; "intend", "expect", "seek", "will", "plan",
"could", "may", and similar expressions often identify forward-looking
statements but are not the only ways of doing so. Forward-looking statements
involve inherent risks and uncertainties arising from factors outside of our
control, such as; financial conditions, regulatory developments, technological
developments, activities of our competitors and other factors. We caution you
that such factors may cause actual results to materially differ from those
contained in forward-looking statements. The forward-looking statements are
made only as of the date of this announcement and we do not intend, except as
required by law, to update any forward-looking statements to reflect new
information or subsequent events or circumstances.
Alltracel Pharmaceuticals PLC
Consolidated Profit & Loss Account
Unaudited Audited
FOR THE YEAR ENDED 31 DECEMBER 2006
2006 2005
Euro Euro
Turnover including share of associate turnover 20,054,717 19,244,673
Share of associate turnover (168,263) 0
Group turnover excluding share of associate turnover 19,886,454 19,244,673
Cost of sales (12,109,070) (12,547,970)
Gross profit 7,777,384 6,696,703
Selling & Distribution Costs (2,705,743) (3,827,509)
Administrative Expenses (4,756,364) (4,552,546)
Operating Profit/ (Loss) - continuing operations 315,277 (1,683,352)
Share of Loss in Associate undertaking (12,190) -
(Loss) / profit on disposal of financial assets (17) (148,216)
Interest receivable 62,034 81,727
Interest payable (485,880) (346,646)
(Loss) on ordinary activities before taxation (120,776) (2,096,487)
Taxation (519,734) (122,082)
Minority Interests (968,072) (751,147)
Loss for the financial period attributable to ordinary (1,608,582) (2,969,716)
shareholders
Loss brought forward at the beginning of period (19,452,487) (16,543,327)
Translation 86,551 60,556
Loss carried forward at end of period (20,974,518) (19,452,487)
Loss per ordinary share (cent) - basic (1.36) (2.76)
Weighted average number of shares used in computing loss 118,017,325 107,444,635
per ordinary share - basic
Statement of Total Recognised Gains and Losses
Unaudited Audited
FOR THE YEAR ENDED 31 DECEMBER 2006
2006 2005
Euro Euro
Loss for the financial period (1,608,582) (2,969,716)
Translation differences 86,551 60,556
Total Recognised Gains and Losses for the financial (1,522,031) (2,909,160)
period
Consolidated Balance Sheet
AT 31 DECEMBER 2006 Unaudited Audited
2006 2005
Euro Euro
Fixed Assets
Intangible assets 5,320,146 5,094,644
Tangible assets 1,094,237 1,044,336
Financial Assets 1,018,302 917,341
7,432,685 7,056,321
Current Assets
Stocks 3,949,456 3,836,664
Debtors 5,376,047 5,184,047
Cash at bank and in hand 3,004,437 2,047,679
12,329,940 11,068,390
Creditors (amounts falling due within one year) (6,679,244) (7,118,574)
Net Current Assets 5,650,696 3,949,816
Total Assets Less Current Liabilities 13,083,381 11,006,137
Creditors (amounts falling due after more than one year) (2,536,782) (2,418,897)
10,546,599 8,587,240
Financed By
Capital and Reserves
Called up share capital 1,619,745 1,347,904
Share premium account 28,673,822 25,805,353
Capital conversion reserve fund 6,736 6,736
Other reserve 40,350 32,350
Profit and Loss account - deficit (20,974,518) (19,452,487)
Foreign Exchange Reserve 19,533 (15,730)
Shareholders' equity - all equity interests 9,385,668 7,724,126
Minority Interest 1,160,931 863,114
10,546,599 8,587,240
Consolidated Cash Flow
FOR THE YEAR ENDED 31 DECEMBER 2006 Unaudited Audited
2006 2005
Euro Euro
Net Cash Inflow/ (Outflow) From Operating Activities (12,389) (2,206,708)
Returns on Investments and Servicing of Finance
Interest received 62,034 81,727
Interest paid (485,880) (314,296)
Paid to minority interest (716,852) (751,147)
(1,140,698) (983,716)
Taxation
Taxation Paid (102,142) (362,687)
Capital Expenditure and Financial Investments
Payments to acquire tangible fixed assets (360,985) (534,702)
Sale of tangible fixed assets 3,815 39,812
Payments to acquire intangible fixed assets (445,862) (591,903)
(803,032) (1,086,793)
Acquisations and disposals
Purchase of subsidiary undertaking (1,553,216) (4,469,703)
Cash acquired with subsidiary 0 2,583,454
Net cash outflow for acquisation (1,553,216) (1,886,249)
Cash Outflow Before Management of Liquid Resources and Financing (3,611,477) (6,526,153)
Management of Liquid Resources
Disposal of current asset investments 0 539,858
Financing
Issue of shares 3,343,983 58,034
Share issue expenses (203,673) (770)
New secured Loans 2,789,766 4,232,321
Repayment of Loans (1,201,191) (600,895)
Capital element of finance lease repaid (160,650) (38,530)
4,568,235 3,650,160
Increase/ (Decrease) in cash 956,758 (2,336,135)
1. Called Up Share Capital Unaudited Audited
2006 2005
Euro Euro
Authorised:
50,000,000,000 ordinary shares of Euro0.125 each 625,000,000 625,000,000
Issued:
As at 31 December 2005
129,579,598 shares of Euro0.125 each 1,619,745
As at 31 December 2005
107,832,325 shares of Euro0.125 each 1,347,904
2. Share Premium Unaudited Audited
2006 2005
Euro Euro
Balance at beginning of period 25,805,353 23,899,356
Premium on shares issued during the period 3,072,142 1,947,801
Share issue expenses (203,673) (41,804)
Balance at end of period 28,673,822 25,805,353
3. Reconciliation of Movement in Shareholders' Funds Unaudited Audited
2006 2005
Group Euro Euro
Shareholders' funds at beginning of period 7,724,126 8,631,665
Loss for the year (1,608,582) (2,969,716)
Transfer to Other reserves 43,263 32,350
Translation 86,551 44,826
Net proceeds from issue of share capital 3,140,310 1,985,001
Shareholders' funds at end of period 9,385,668 7,724,126
4. Reconcilation of operating profit to net cash flow from operating activities
Unaudited Audited
2006 2005
Euro Euro
Operating Profit / (Loss) 315,277 (1,683,352)
Depreciation 498,181 404,369
Amortisation of Intangibles 124,860 127,029
Amortisation of Goodwill 232,921 188,000
Share in Loss of Associate 12,190 -
Gain on sale of fixed asset (17) (19,132)
Increase in stocks (112,792) (1,216,817)
Increase/ (Decrease) in debtors (191,998) 1,254,537
(Decrease)/ Increase in creditors (1,068,105) (1,261,342)
Movement in provisions 177,095 -
Net cash outflow from operating activities (12,389) (2,206,708)
5. Analysis of Net Funds
01/01/2006 Cashflow Non Cash 31/12/2006
movement
Cash 2,047,679 956,758 3,004,437
Total 2,047,679 956,758 0 3,004,437
Bank & third party loans (3,631,426) (1,588,626) (5,220,052)
Finance Leases (326,066) 160,649 (317,084) (482,501)
(1,909,813) (471,219) (317,084) (2,698,116)
Comments
1. The results for the year ended 31 December 2006 are extracted from the
Company's Draft statutory financial statements which will be sent to
shareholders upon finalisation. The above preliminary announcement constitutes
abbreviated group accounts under regulation 40 of the European Communities Group
Accounts Regulations 1992. The abbreviated accounts do not constitute group
accounts, copies of which are required by law to be annexed to the annual return
of the company. Full accounts for the year ended 31 December 2006, upon which
the auditors have not yet issued their opinion, have accordingly not yet been
filed with the Registrar of Companies. Full accounts for the year ended 31
December 2005 containing an unqualified opinion have been delivered to the
Registrar of Companies.
2. These financial statements have been prepared under Irish GAAP on the basis
of the policies as set out in the financial statements for the year ended 31
December 2005 published in Alltracel's 2005 annual report.
3. Earnings per ordinary share is computed by dividing the loss on ordinary
activities after taxation of Euro1,608,582 (2005: Euro2,969,716) for the financial
year by the weighted average number of ordinary shares in issue of 118,017,235
(2005: 107,444,635). Diluted earnings per share are not disclosed as it is
anti-dilutive.
The results announcement was approved by the Board of Directors of Alltracel plc
on 12 April 2007.
Ends
For Further Information Contact:
Dublin: Denise Cronin Alltracel: +353 1 235 2162
press@alltracel.com
London: Deborah Scott Financial Dynamics: +44 0207 831 3113
New York: Sean Leous Financial Dynamics: +1 212 850 5626
Notes to Editors
Alltracel, (AIM: AP.L) (www.alltracel.com) the Healthcare Innovation group is
focused on taking proprietary technology from research right through to
commercialisation in the global healthcare market.
Alltracel Pharmaceuticals Plc., ("Alltracel") was founded in 1996 and is a
public company which listed on London's Alternative Investment Market in July
2001.
With corporate headquarters in Dublin, Ireland; Alltracel has a commercial
office in London, England; R&D subsidiary in the Czech Republic and
manufacturing facilities in Shenzhen, China. Alltracel also has a wide network
of research, development and manufacturing partners in Europe, Asia and North
America.
Alltracel operates via two main divisions Alltracel Healthcare Group and
Alltracel Healthcare Technologies:
Alltracel Healthcare Technologies is focused on the commercialisation effort
behind proven innovation technologies and services for the global healthcare
market. Alltracel Healthcare Group has a range of stake holdings, joint ventures
and wholly owned business units operating in a variety of healthcare categories
including Wound Care, Oral Care, Cardiovascular Health.
* Alltracel's specialist Oralcare subsidiary Westone (www.westone.com) is
headquartered in London, England and is the leading contract supply and
manufacturing partner for the European private label inter-dental market.
Westone also partners with a number of leading oral care brands
internationally.
* Alltracel's specialist Nanotechnology subsidiary Nanopeutics(TM)
(www.nanopeutics.net) is headquartered in Liberec in the Czech Republic and
is dedicated to the commercialisation of Nanospider(TM) technology for the
global healthcare market.
Alltracel Healthcare Technologies specialises in innovation, research,
development and the deployment of proprietary technology in the global
healthcare market. Alltracel Healthcare Technologies has established a
substantial intellectual property portfolio with patents in a number of
healthcare applications areas.
m*doc(TM) is a trademark of Alltracel Pharmaceuticals PLC.
Nanospider(TM) and Nanopeutics(TM) are trademarks controlled by Nanopeutics s.r.o.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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